Answer:
You may use identification documents that are expired or appear fraudulent in the processing of financial product applications.
b. False
Explanation:
Using expired or fraudulent documents to process applications for financial products is a financial crime or fraud. It is a form of theft or larceny. It is also morally reprehensible for one to misrepresent or misstate data for the purpose of obtaining a financial advantage. When such a crime is perpetrated, it means that the other party had been defrauded of their financial resources. The law does not pity the party that intentionally engages in misrepresentation or misstatement of records.
Presently, Stock A pays a dividend of $1.00 a share, and you expect the dividend to grow rapidly for the next four years at 20 percent. Thus, the dividend payments will be Year Dividend 1 $1.20 2 1.44 3 1.73 4 2.07 After this initial period of super growth, the rate of increase in the dividend should decline to 2 percent. If you want to earn 6 percent on investments in common stock, what is the maximum you should pay for this stock?
Answer:
We should pay $46.50 for this stock.
Explanation:
The stock value is the present value of all the future dividends associated with the stock.
Following is the working to calculate the stock value.
Dividend
Year Dividend
_1 ____$1.20
_2 ___ $1.44
_3 ___ $1.73
_4 ___ $2.07
Use following formula to calculate the present value of all the dividends
Present value of Dividend = Dividend value x ( 1 + Expected interest rate )^numbers of years
Now calculate the present value of al the dividends
Year __Working ___________________________ Present values
_1 ____$1.20 x ( 1 + 6% )^-1 ____________________ $1.132
_2 ___ $1.44 x ( 1 + 6% )^-2 ____________________ $1.282
_3 ___ $1.73 x ( 1 + 6% )^-3 ____________________ $1.453
_4 ___ $2.07 x ( 1 + 6% )^-4____________________ $1.640
_5 to onward ___ [$2.07 / ( 6% - 2% )] x ( 1 + 6% )^-4 _ $40.991
Total _____________________________________$46.498
We should pay $46.50 for this stock.
On December 31, 2018, Wellstone Company reported net income of $73,000 and sales of $202,000. The company also reported beginning and ending accounts receivable at $16,500 and $27,500, respectively. Wellstone will report cash collected from customers in its 2018 statement of cash flows (direct method) in the amount of:
Answer:
$191,000.00
Explanation:
The cash amount of cash collected from customers is the amount of sales revenue in the year 2018 adjusted for changes in accounts receivable balances as shown by the formula below:
cash collected from customers=sales revenue+begining accounts receivable-ending accounts receivable
sales revenue=$202,000
the begining accounts receivable=$16,500
the ending accounts receivable=$27,500
It is expected that cash received would be sales less the increase in accounts receivable
cash collected from customers=$202,000+$16,500-$27,500
cash collected from customers=$191,000.00
Initially, a reduction in export subsidies decreases net exports at any given real exchange rate, causing the demand for dollars in the foreign exchange market to decrease. This leads to a decrease in the real exchange rate, which, in turn, decreases imports to negate any decrease in exports, leaving the equilibrium quantity of net exports and the trade deficit unchanged at this point.
However, the reduction in expenditure on export subsidies _________the fiscal deficit, thereby _______public saving.
Answer:
Decreases; increasing
Explanation:
However, the reduction in expenditure on export subsidies decreases the fiscal deficit, thereby increasing public saving.
National savings refers to the sum of public and private savings. Public savings is the government budget balance. An increase in the balance or decrease in deficit implies the public savings increase and also increase in national savings. Then, the decrease in subsidy spending decreases government deficit and increases national savings and supply of loanable funds, so the loanable funds shift to the right.
please pasagot ang
hirap kasi
Answer:
1)32/100×10000
=3200
2)13/100×10000
=1300
3)15/100×10000
=1500
4)3/100×10000
=300
5)4/100×10000
=400
6)12/100×10000
=1200
7)5/100×10000
=500
8)2/100×10000
=200
9)14/100×10000
=1400
the total amount is 3200+1300+1500×300+400+1200+500+200+1400
=10000
is this the way...I am sorry if it is wrong...was just giving it a try..
You are giving your pitch and state that you'll get 30% of this new 1.3 billion market in 2 years. A member of the audience laughs. What did you just say your year two revenue would be? Yeah
Answer:390,000,000
Explanation: 30% of 1.3 billion
In the given situation, when it says 30% of 1.3 billion then it just say year of two revenue would be $ 390,000,000.
What do you understand by the revenue?Revenue, which is determined by multiplying the average sales price by the quantity of units sold, is the money made from regular business operations.
While income or profit includes the costs incurred in generating revenue and reports net (not gross) results, revenue simply refers to the proceeds from sales.
Revenue (from the sale of goods or services) less operational expenses equals operating income.
Non-operating income is irregular or irregular money that comes from other sources (e.g., lawsuit proceeds).
Therefore, in the given situation, when it says 30% of 1.3 billion then it just say year of two revenue would be $ 390,000,000.
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Write an long letter to your friend requesting her to visit Nepal.
Answer:
Dear sarah
I am glad and excited as I knew that you want to visit some Asian countries in your upcoming holiday period. I humbly request you and your family to visit my country Nepal.
Explanation:
As you probably know, Nepal is small landlocked yet naturally beautiful country which is abode of the highest peak in the Earth, Mt. Everest, including other seven highest mountains. As spring season has just started, it is best time to capture glimpse of its natural amenities. I am telling you, you should not forget to visit Patan Durbar Square, which makes you spellbound at its historic and artistic hand made sculpture, statue and temples. Moreover, capital city Kathmandu is best known as City of Temples in the world with many famous world heritage sites such as Pashupatinath and Swoyambhunath. Last but not the least, in any attempt you should enjoy Sauraha Jungle Safari with exciting and memorable Elephant Polo.
Climate nowadays is ostensibly fairly good so if possible try to bring loose garments. But if you wish to go for trekking and climb mountains bring thick wind proof warm clothes with high rise sole shoes. Furthermore, if you are sick of high altitudes and low pressure bring doctor prescribed medicines as well. A big map of Nepal will be helpful for guiding you without rambling.
Convey my warm greetings to your family.
Should you have any queries do not hesitate to write to me.
yours
lean
Sandhill Co. received proceeds of $583500 on 10-year, 8% bonds issued on January 1, 2019. The bonds had a face value of $550000, pay interest annually on December 31, and have a call price of 102. Sandhill uses the straight-line method of amortization. Sandhill Co. decided to call the bonds on January 1, 2021. What amount of gain or loss would Sandhill report on their 2021 income statement?
Answer:
$15,800 gain
Explanation:
Calculation for the amount of gain or loss would Sandhill report on their 2021 income statement
First step is to calculate Annual Amortization
Annual Amortization=($583,500 - $550000) ÷ 10 Annual Amortization= $3,350
Now let calculate the amount of gain or loss
Gain or loss= ($550,000 × 1.02) - [$583,500 - ($3350 × 2)]
Gain or loss= $561,000-($583,500-$6,700)
Gain or loss=$561,000-$576,800
Gain or loss=$15,800 Gain
Therefore the amount of gain or loss would Sandhill report on their 2021 income statement will be $15,800 Gain
George Clausen (age 48) is employed by Kline Company and is paid a salary of $43,004. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen:______.
a. What is the maximum that he can contribute into this retirement fund?
b. What would be the company's contribution? Round your answer to the nearest cent.
c. What would be his weekly take-home pay if he contributes the maximum allowed retirement contribution (married, 2 allowances, wage-bracket method, and a 2.3% state income tax on total wages)? Round your calculations and answer to the nearest cent.
d. What would be his weekly take-home pay without the retirement contribution deduction? Round your calculations and answer to the nearest cent.
Answer:
a. As per the relevant provisions of IRS, the maximum amount of contribution that can be made to Simple Retirement Account (IRA form) for the year 2016 by an employee is $12,500
b. The maximum amount of contribution that can be made to the Simple Retirement Account according to the provisions of IRS (2016) by the company is 3% of total compensation earned by the employee. So the total amount of company's contribution would be $1290.12 ($43,004*3%).
c. Weekly Pay (43,004/52) 827
Less: Weekly Retirement Contribution 240.38 (12,500/52)
Weekly Wages 586.62
Less
FICA Tax (827*6.2% + 827*1.45%) 63.2655
Federal Income Tax (Refer to Weekly 58
Wage Table for Married Persons, Column
for 2 Allowances)
State Income Tax (827*2.3%) 19.021
Weekly Take Home Pay $446.33
d. Weekly Pay (43,004/52) 827
Less: FICA Tax (827*6.2% + 827*1.45%) 63.2655
Federal Income Tax (Refer to Weekly 58
Wage Table for Married Persons,
Column for 2 Allowances)
State Income Tax (827*2.3%) 19.021
Weekly Take Home Pay $686.71
Nicholas wants a new cell phone. Rather than waiting until payday, he decides to get a payday loan of $200. He promises to repay the loan on payday plus a $20 fee. The loan company explains that if he is unable to pay the loan by this date, they will give him an extension and only charge an additional $20. The day before he is to repay the loan, a pipe in his bathroom breaks. Since he had to pay for the plumbing repair he cannot repay the loan. It takes Nicholas 8 weeks to repay the original $200 he borrowed. His total repayment was $280. How could Nicholas have avoided the high fees he was now required to pay?
It's my first night out with you
So treat me and buy me shoes
I wanna be your fantasy prey for me
I wanna be your girl wanna be your girl (wanna be your) just give me some time ill be ready
At the beginning of 2018, Artichoke Academy reported a balance in common stock of $168,000 and a balance in retained earnings of $68,000. During the year, the company issued additional shares of stock for $58,000, earned net income of $48,000, and paid dividends of $11,800. In addition, the company reported balances for the following assets and liabilities on December 31.
Assets Liabilities
Cash $ 54,400 Accounts payable $ 15,600
Supplies 12,700 Utilities payable 6,000
Prepaid rent 33,000 Salaries payable 5,300
Land 290,000 Notes payable 33,000
Required:
1. Prepare a statement of stockholders’ equity.
2. Prepare a balance sheet.
Answer:
increase in retained earnings = $48,000 - $11,800 = $36,200
increase in common stock = $58,000
Balance sheetAssets:
Assets
Cash $54,400
Supplies $12,700
Prepaid rent $33,000
Land $290,000
Total assets $390,100
Liabilities
Accounts payable $15,600
Utilities payable $6,000
Salaries payable $5,300
Notes payable $33,000
Total liabilities $59,900
Equity
Common stock $226,000
Retained earnings $104,200
Total equity $330,200
Total liabilities + equity $390,100
Statement of stockholders' equityCommon stock balance Jan. 2018 $168,000
Retained earnings balance Jan. 2018 $68,000
Net income $58,000
Sub-total $294,000
Common stocks issued $58,000
Distributed dividends ($11,800)
Subtotal $330,200
Common stock balance Dec. 2018 $226,000
Retained earnings balance Dec. 2018 $104,200
Which attribute of a photographer will a portfolio convey?
A.diplomacy
B.versatility
c.generosity
D.sincerity
Answer:
The answer is B. versatility.
Explanation:
I took the test on Edmentum and got it right.
A company's written promise to pay (in the form of a promissory note) a future amount is a(n):
Multiple Choice
Unearned revenue.
Prepaid expense
Credit account
Note payable.
Account receivable.
Based on accounting principles, a company's written promise to pay a future amount is known as "Note payable."
This is because a Note Payable is a term that describes a financing tool or tender used by one party to depict his promises in writing to pay a specific amount of money to the other.
A note payable is often written with a defined date, which may be determined by the receiver of the debt payment on agreed terms.
Hence, in this case, it is concluded the correct answer is option D. "note payable."
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The following information describes a company’s usage of direct labor in a recent period. The total direct labor cost variance is:
Actual hours used 45,000
Actual rate per hour $15.00
Standard rate per hour $14.50
Standard hours for units produced 47,000
a. $22,500 unfavorable.
b. $22,500 favorable.
c. $6,500 favorable.
d. $29,000 favorable.
e. $6,500 unfavorable.
Answer:
Direct labor rate variance= $22,500 unfavorable
Explanation:
Giving the following information:
Actual hours used 45,000
Actual rate per hour $15.00
Standard rate per hour $14.50
To calculate the direct labor cost (rate) variance, we need to use the following formula:
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (14.5 - 15)*45,000
Direct labor rate variance= $22,500 unfavorable
Please help me with this accounting question
How can a business entity have controlling interest of another business entity when it does not own over 50% of the parent company ordinary share capital?
Answer:
Shareholders that have a controlling interest often are able to direct the course of at least 50% of the outstanding shares of a given company plus one person or group owns a significant portion of it's voting shares, as not every deal that continues to give them majority voting power over the new entity.
Explanation:
I majored in Business
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 330,000 Permanent difference (15,800 ) 314,200 Temporary difference-depreciation (20,900 ) Taxable income $ 293,300 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations?
Answer:
$5,225
Explanation:
Calculation for What should Tringali report as its deferred income tax liability as of the end of its first year of operations
Using this formula
Deferred income tax liability=Temporary difference-depreciation*Tringali's tax rate
Let plug in the formula
Deferred income tax liability= $20,900 * 25%.
Deferred income tax liability=$5,225
Therefore What Tringali should report as its deferred income tax liability as of the end of its first year of operations is $5,225
When your local Internet service provider increased its monthly charge from $40 to $50, the number of subscribers fell from 2,000 to 1,800. Demand will:_________
Answer: Inelastic
Explanation:
Based on the information given, we would calculate the elasticity of demand which would be:
= (Change in Quantity / Change in Price) (Initial Price/ Initial Quantity)
Change in Quantity = 1800 - 2000 = -200
Change in Price = 50 - 40 = 10
Initial Price = 40
Initial Quantity = 2000
Elasticity of demand would then be:
= (-200/10)(40/2000)
= (-20)(0.02)
= -0.4
Since elasticity of demand is less than 1, it is an inelastic demand.
The Treasury department issued a 10-year bond on January 1, 2015. The par value is $1,000 and the annual coupon rate is 10%. The bond pays two coupons every year, one at the end of June and one at the end of December. The required annual yield is 8%. An investor bought the bond on March 31, 2015. What is the price that he should pay for the bond
Answer:
$1,135.90
Explanation:
The bond price formula is given below, the formula implies that the price of the bond is the present value of future cash flows which are the semiannual coupons and the face value
Bond price=face value/(1+r)^n+semiannual coupon*(1-(1+r)^-n/r
face value=$1,000
r= semiannual yield to maturity=8%*6/12=4%
n=number of semiannual coupons in 10 years=10*2=20
semiannual coupon=face value*coupon rate*6/12=$1,000*10%*6/12=$50
bond price=$1,000/(1+4%)^20+$50*(1-(1+4%)^-20/4%
bond price=$1000/(1.04)^20+$50*(1-(1.04)^-20/0.04
bond price=$1000/2.191123143 +$50*(1-0.456386946 )/0.04
bond price=$1000/2.191123143 +$50*0.543613054/0.04
bond price= $456.38 +$679.52
= $1,135.90
Concord Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.
Feb. 1 Issued 52,500 shares for cash at $53 per share.
July 1 Issued 70,000 shares for cash at $59 per share.
Required:
Journalize the transactions.
Answer:
FEB 1
Dr Cash $2,782,500
Cr Preferred stock $2,625,000
Cr APIC $157,500
JUL 1
Dr Cash $3,710,000
Cr Preferred stock $3,500,000
Cr APIC $210,000
Explanation:
Preparation of the journal entries
FEB 1
Dr Cash $2,782,500
(52,500 shares* $53 per shares)
Cr Preferred stock $2,625,000
(52,500 shares*$50per shares)
Cr APIC $157,500
($2,782,500-$2,625,000)
JUL 1
Dr Cash $3,710,000
(70,000 shares* $53 per shares)
Cr Preferred stock $3,500,000
(70,000 shares*$50per shares)
Cr APIC $210,000
($3,710,000-$3,500,000)
Using the earliest due date (EDD) rule, the average flow time for the five jobs is _____.
a. more than 10 but less than or equal to 20 days
b. more than 20 but less than or equal to 30 days
c. more than 30 but less than or equal to 40 days
d. more than 40 days
Answer:
a. more than 10 but less than or equal to 20 days
Explanation:
The earliest due date is most popularly known as the EDD rule in the industry. It is defined as the rule that gives the job with an earliest due date which is based on the assigned due dates to the highest priority. These rules are applied by the workers who specializes in the low volume production to medium volume production. It also utilizes batch processes or job processes.
Using the EDD or earliest due date rule, an average flow time for 5 jobs should be more than ten days but it should be less than twenty days or equal to twenty days.
Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: Estimated revenues: Taxes $ 15,000,000 Intergovernmental revenues 1,000,000 Licenses and permits 400,000 Fines and forfeits 150,000 Miscellaneous revenues 100,000 Total estimated revenues $ 16,650,000 Appropriations: General government $ 8,000,000 Public safety 6,000,000 Public works 1,550,000 Health and welfare 950,000 Miscellaneous 100,000 Total appropriations $ 16,600,000 Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year.
Answer and Explanation:
a-1 The journal entry is given below:
Estimated revenue Dr $16,650,000
To Budgetary fund balance $50,000
To Appropriations $16,600,000
(Being estimated revenue is recorded)
Here the estimated revenue is debited while on the other hand, the budgetary fund and appropriation is credited
The company's adjusted trial balance includes the following account balances cash is 15000 equipment is 85000 accumulated depreciation is 25,000 accounts payable is 10,000 retained earnings is 59,000 dividends is 2,000 fees earned is 56000 depreciation expense is $25,000 in salaries expenses 23,000 all accounts have normal balances
Answer and Explanation:
The closing entries for the following accounts are:
1. Fees earned A/c Dr $56,000
To Income Summary $56,000
(To record the closing of the revenue account)
2. Income summary A/c Dr $48,000
To Depreciation Expense $25,000
To Salaries Expense $23,000
(To record the closing of the expenses accounts)
3. Income summary A/c Dr $8,000 ($56,000 - $48,000)
To Retained earning $8,000
(To record the difference i.e. credited to retained earning)
4. Retained earnings A/c Dr $2,000
To Dividend A/c $2,000
(To record the closing of the dividend account)
Waterway Industries purchased land as a factory site for $1330000. Waterway paid $112000 to tear down two buildings on the land. Salvage was sold for $8000. Legal fees of $5140 were paid for title investigation and making the purchase. Architect's fees were $46900. Title insurance cost $3900, and liability insurance during construction cost $4200. Excavation cost $15760. The contractor was paid $4200000. An assessment made by the city for pavement was $9700. Interest costs during construction were $251000.
a. The cost of the land that should be recorded by Wilson Co. is:_________
b. The cost of the building should be recorded by Wilson Co. is:______
Answer:
A. $1,487,840
B. $4,517,860
Explanation:
a. Calculation for The cost of the land that should be recorded by Wilson Co
Cost of Land=$1,330,000+$112,000-$8,000+$5,140+$39,00+$9,700
Cost of land=$1,487,840
Therefore The cost of the land that should be recorded by Wilson Co. is:$1,487,840
b. Calculation for The cost of the building should be recorded by Wilson Co
Cost of building=$46,900 + $4,200 + $15,760 + $4,200,000 + $251,000
Cost of building=$4,517,860
Therefore The cost of the building should be recorded by Wilson Co. is: $4,517,860
Which of the following is the most effective means of assessing and validating policies, plans, procedures, training, equipment, assumptions, and interagency agreements?
a. emergency planning
b. plan review
c. interagency communication
d. exercises
Answer:
The most effective means of assessing and validating policies, plans, procedures, training, equipment, assumptions, and interagency agreements is:
b. plan review
Explanation:
A plan review, which is a project control measure, ensures that a project or an undertaking complies fully with the ground norms, rules, regulations, and initial agreements between contracting parties. When the plan review is complete, the particular project can proceed for implementation. Plan review also ensures that there are no unforeseen circumstances that could derail the implementation stage of the project. It is at this important stage that the resources to be used are clearly and positively earmarked. A plan review also offers the opportunity to ensure that the intended benefits will be realized after the project goes alive.
Federally chartered banks and credit unions are run like businesses that make a profit.
True
False
Answer:
False.
Explanation:
A bank is said to be federally chartered when it is appropriately authorized and regulated by the federal government of a country with recourse to statutory laws but not the state government. Some examples of federally chartered banks are Wells Fargo Bank, Bank of England, Swiss National Bank, Citizen National Bank, Bank of Japan, PNC Bank, First National Bank, U.S. Bank, Reserve Bank of Australia, etc.
A credit union can be defined as a non-profit making financial cooperative that is typically controlled by its members (employees, church groups, labour unions etc) and it is saddled with the responsibility of providing financial services like the traditional banks.
Generally, the profit made from the amount of money that is being deposited by the members of a credit union are usually returned to the members as a form of better interest rates. Some examples of credit unions are SchoolsFirst Credit Union, New York University Federal Credit Union, Consumers Credit Union, etc.
Hence, federally chartered banks and credit unions are not run like businesses that are a profit i.e they are a non-profit business.
Integrating management theories (Lead)
Management at Work
You are the proud owner of a small vintage clothing store. Your store, Fantastic 40s, specializes in clothing from the 1940s. You have four great employees, Rebecca, Rachel, Roberto, and Rafael. At first, business was good, but, recently, you have noticed that sales are sleeping. Puzzle, your turn to your management textbook for some ideas on how to turn things around.
Identify each management strategy in the following table with a management theory.
Classical Humanistic Management Contingency
Management Management Science Theory
Strategy Theory Theory
You measure sales over time and
realize that the months of July, August,
and September are particularly slow.
As a result, you ask two of your sales
clerks if they would be willing to work
part-time during those months.
You make sure that when you hire new
people, you get input from each of the
existing team members. If they are happy
with the new hire, they are more likely to
make that person part of the team, and
the team will sell more.
You notice that when customers have too
many choices, they are less likely to make
a decision about what to buy, so you tell all
of your employees to bring out only three
things at one time. In addition, you start to
pay your employees a commission for every
item that they sell.
A customer survey shows that the men who
come into the store would prefer to be left alone
while they shop, but the women who come into
the store want to be asked if they need assistance.
You tell your employees to leave men alone and ask
women if they want help.
Answer:
Identifying each Management Strategy with a Management Theory:
Management Strategies: Management Strategy
1. You measure sales over time and 4. Contingency Theory
realize that the months of July, August,
and September are particularly slow.
As a result, you ask two of your sales
clerks if they would be willing to work
part-time during those months.
2. You make sure that when you hire new 3. Management Science
people, you get input from each of the
existing team members. If they are happy
with the new hire, they are more likely to
make that person part of the team, and
the team will sell more.
3. You notice that when customers have too 2. Humanistic
many choices, they are less likely to make Management Theory
a decision about what to buy, so you tell all
of your employees to bring out only three
things at one time. In addition, you start to
pay your employees a commission for
every item that they sell.
4. A customer survey shows that the men who 1. Classical Management
come into the store would prefer to be left alone Theory
while they shop, but the women who come into
the store want to be asked if they need assistance.
You tell your employees to leave men alone
and ask women if they want help.
Explanation:
Management Theories:
1. Classical Management Theory concentrates on specialization of labor, centralized leadership and decision-making, and profit maximization.
2. Humanistic Management Theory is a people-based management that seeks profits for human ends and not for the sake of profit as an end in itself.
3. Management Science concentrates on problem solving and decision making in human organizations.
4. Contingency Theory is a situational management practice without set rules, but depends on the prevailing moment.
How do marginal costs
and benefits relate to trade-offs?
Answer:
A trade-off is the actual alternative option that is given up, while the value of this alternative option is the opportunity cost. ... Marginal cost is the cost of using one more unit of a good or service, and marginal benefit is the benefit or satisfaction received from using one more unit of a good or service.
Explanation:
The following transactions were completed by the company.
A. The company completed consulting work for a client and immediately collected $6,200 cash earned.
B. The company completed commission work for a client and sent a bill for $4,700 to be received within 30 days.
C. The company paid an assistant $1,750 cash as wages for the period.
D. The company collected $2,350 cash as a partial payment for the amount owed by the client in transaction b.
E. The company paid $840 cash for this period's cleaning services.
Required:
Enter the impact of each transaction on individual items of the accounting equation.
Answer:
The impact of each transaction on individual items of the accounting equation:
A. The company completed consulting work for a client and immediately collected $6,200 cash earned.
Assets (Cash + $6,200) = Liabilities + Equity (Retained Earnings + $6,200)
B. The company completed commission work for a client and sent a bill for $4,700 to be received within 30 days.
Assets (Accounts Receivable + $4,700) = Liabilities + Equity (Retained Earnings + $4,700)
C. The company paid an assistant $1,750 cash as wages for the period.
Assets (Cash -$1,750) = Liabilities + Equity (Retained Earnings -$1,750)
D. The company collected $2,350 cash as a partial payment for the amount owed by the client in transaction b.
Assets (Cash +$2,350 and Accounts Receivable -$2,350) = Liabilities + Equity
E. The company paid $840 cash for this period's cleaning services.
Assets (Cash -$840) = Liabilities + Equity (Retained Earnings -$840)
Explanation:
The accounting equation is that assets are always equal to liabilities and equity before and after every business transaction. It is an important principle of accounting and the fulcrum of the double-entry system of accounting. It establishes the two sides to every transaction. It can be used to show the impact of daily business transactions on the assets, liabilities, and stockholders' equity.
The following accounting equation will be used for every transaction Total Assets = Total Liabilities + (Stockholders Equity + Retained earnings)
The balance in each account after analyzing the effect of the transaction on the accounting equation is shown below
Assets = Liabilities + Owners Equity
Contr. Capital + Retained Earnings
Cash+Accounts = Accounts +Common Dividends+Revenue-Expense
Receivable payable Stock
A. $6,200 $6,200
B. $4,700 $4,700
Bal $6,200 $4,700 $0 $0 $10,900
C. -$1,750 -$1,750
Bal $4,450 $4,700 $0 $0 $10,900 -$1,750
D. $2,350 -$2,350
Bal $6,800 $2,350 $0 $0 $10,900 -$1,750
E. -$840 -$840
Bal $5,960 $2,350 $0 $0 $0 $10,900 -$2,590
For better understanding, an image of the table is attached below:
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which of the following is an appropriate solution to an overspending allowance?
A. Keep spending money until it is appropriate to write a new budget at the beginning of the month.
B. Borrow money.
C. Find other places in the budget where money can be re-purposed.
D. Remember that over the course of a year everything will balance out.
Answer:
a
Explanation:
An internal control system is used to do which of the following:
a. Protect assets
b. Prevent all losses
c. Ensure reliable accounting
d. Control the entire operation
Answer:
a. Protect assets
b. Ensure reliable accounting
Explanation:
One of the major purpose of internal control is the safeguarding of an organization's assets. This means that any institutions or organization that has what is called internal control system, such must ensure the safe keeping and protection of the company's assets from theft, obsolesce, wear and tear etc.
Also, a strong internal control system create a process whereby, the accounting system an organization becomes reliable. This means that where an internal control is well carried out, such implies that the accounting system of such organization could be relied upon.
Beaverton Lumber purchased milling equipment for $43,000. In addition to the purchase price, Beaverton made the following expenditures: freight, $2,300; installation, $3,800; testing, $2,800; personal property tax on the equipment for the first year, $900. What is the initial cost of the equipment
Answer:
the initial cost of the equipment is $51,900
Explanation:
The computation of the initial cost of the equipment is as follows:
= Purchase price + freight + installation + testing
= $43,000 + $2,300 + $3,800 + $2,800
= $51,900
Hence, the initial cost of the equipment is $51,900
By applying the above formula we can easily calculate it
