Answer:
Leach Inc. experienced the following events for the first two years of its operations: 2016:
1. Issued $10,000 of common stock for cash.
2. Provided $78,000 of services on account.
3. Provided $36,000 of services and received cash.
4. Collected $69,000 cash from accounts receivable.
5. Paid $38,000 of salaries expense for the year.
6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.
2017:
1. Wrote off an uncollectible account for $650.
2. Provided $88,000 of services on account.
3. Provided $32,000 of services and collected cash.
4. Collected $81,000 cash from accounts receivable.
5. Paid $65,000 of salaries expense for the year.
6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.
Required
a. Record the 2016 and 2017 events in general journal form and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
b. Prepare the income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for 2016 and 2017. (Statement of Cash Flows and Balance Sheet only: Items to be deducted must be indicated with a minus sign.)
c. What is the net realizable value of the accounts receivable at December 31, 2016 and Dec. 31. 2017?
Felicia has sent a memo to her employee, Ben, to schedule Ben's performance review. Which choice best
describes Felicia in this communication scenario?
O a barrier to the message
O a paraphraser of the message
o the receiver of the message
the sender of the message
Answer:
Option no. 3
This is the answer
Answer:
3. the sender of the message
Explanation:
edge 2021
When the cost of most goods and services rise over time, this has the effect of a dollar being able to buy less over time. This is called _____.
deflation
inflation
supply and demand
exchange value
Blossom Company expects to have a cash balance of $78,200 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022
1. Collections from customers: January $120,700, February $248,200.
2. Payments to suppliers: January $68,000, February $127,500.
3. Wages: January $51,000, February $68,000. Wages are paid in the month they are incurred.
4. Administrative expenses: January $35,700, February $40,800. These costs include depreciation of $1,700 per month. All other costs are paid as 4. incurred.
5. Selling expenses: January $25,500, February $34,000. These costs are exclusive of depreciation. They are paid as incurred.
6. Sales of short-term investments in January are expected to realize $20,400 in cash. Blossom Company has a line of credit at a local bank that enables it to borrow up to $42,500. The company wants to maintain a minimum monthly cash balance of $34,000.
Prepare a cash budget for January and February.
Answer:
Blossom Company expects to have a cash balance of $78,200 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022 Collections from customers: January $120,700, February $248,200. 1. Payments to suppliers: January $68,000, February $127,500. 2. Wages: January $51,000, February $68,000. Wages are paid in the month they are incurred. 3. Administrative expenses: January $35,700, February $40,800. These costs include depreciation of $1,700 per month. All other costs are paid as 4. incurred. Selling expenses: January $25,500, February $34,000. These costs are exclusive of depreciation. They are paid as incurred. 5. Sales of short-term investments in January are expected to realize $20,400 in cash. Blossom Company has a line of credit at a local bank that enables it to borrow up to $42,500. The company wants to maintain a minimum monthly cash balance of $34,000. 6. Prepare a cash budget for January and February. (List items that increase cash balance first.)
BLOSSOM COMPANY Cash Budget January February $ $ tA TA
$ $
Explanation:
what term is used to describe the process of reducing foreign exchange risks
Answer:
business transactions are denominated in foreign currencies. In international accounting, a "hedge" is: ... a business transaction made to reduce the exposure of foreign exchange risk.
A manufacturer has two manufacturing departments, Assembly and Painting. The company uses the FIFO method and it reports the following data. Units completed in the Assembly department are transferred to the Painting department. Units Direct materials Percent Complete Conversion Percent Complete Beginning work in process inventory 75,000 60% 40% Units started this period 900,000 Units completed and transferred out 885,000 Ending work in process inventory 90,000 80% 30% Production cost information for the Assembly department follows. Beginning work in process Direct materials $ 134,400 Conversion 45,900 $ 180,300 Costs added this period Direct materials $ 3,693,600 Conversion 2,690,100 $ 6,383,700 Calculate the number of units started and completed this period for the Assembly department.
The number of units that the manufacturer started and completed this period for the Assembly Department is 810,000 units.
Data and Calculations:
Units Direct materials Conversion
Percent Complete Percent Complete
Beginning WIP inventory 75,000 60% 40%
Units started this period 900,000
Units completed and
transferred out 885,000
Ending WIP inventory 90,000 80% 30%
Units started and completed this period = Units completed and transferred out - Beginning work in progress inventory
= 810,000 units (885,000 - 75,000)
Thus, it is also equal to Units started in the Assembly Department during the period minus Ending work in progress inventory
= 810,000 units (900,000 - 90,000)
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What part of wildlife management involves trapping animals in areas where they are abundant and releasing them in areas of suitable habitat where they are not abundant?
habitat improvement
artificial stocking
predator control
hunting regulations
What part of wildlife management involves trapping animals in areas where they are abundant and releasing them in areas of suitable habitat where they are not abundant?
habitat improvement
artificial stocking
predator control
hunting regulations
The part of wildlife management that overseas the trapping animals in areas where they are much and get them release to where they are not abundant is : D Hunting regulations
Hunting regulations can be regarded as the measures that are put in place to save the life of wildlife from going into extinction.This body usually trap animals in areas they are much they released them to areas they are not much.The body dictate the hunting seasons that the hunter should hunt, and not to hunt.It gives the bag limits as well as poaching laws on the hunting procesTherefore, the correct option is D
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Who can check your credit score?
Current or potential creditors — like credit card issuers, auto lenders, and mortgage lenders — can pull your credit score and report to determine creditworthiness as well. Credit history is a major factor in determining (a) whether to give you a loan or credit card, and (b) the terms of that loan or credit card.
Hope this helps you!
The December 31, 2021, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2021) follows. Number Account Title Debit Credit 101 Cash $ 48,372 106 Accounts receivable 5,668 126 Computer supplies 580 128 Prepaid insurance 1,665 131 Prepaid rent 825 163 Office equipment 8,000 164 Accumulated depreciation—Office equipment $ 400 167 Computer equipment 20,000 168 Accumulated depreciation—Computer equipment 1,250 201 Accounts payable 1,100 210 Wages payable 500 236 Unearned computer services revenue 1,500 301 S. Rey, Capital 73,000 302 S. Rey, Withdrawals 7,100 403 Computer services revenue 31,284 612 Depreciation expense—Office equipment 400 613 Depreciation expense—Computer equipment 1,250 623 Wages expense 3,875 637 Insurance expense 555 640 Rent expense 2,475 652 Computer supplies expense 3,065 655 Advertising expense 2,753 676 Mileage expense 896 677 Miscellaneous expenses 250 684 Repairs expense—Computer 1,305 901 Income summary 0 Totals $ 109,034 $ 109,034 Required: 1. Prepare an income statement for the three months ended December 31, 2021. 2. Prepare a statement of owner's equity for the three months ended December 31, 2021. Hint: The S. Rey, Capital account balance was $0 on October 1, and owner investments were $73,000 this period. 3. Prepare a classified balance sheet as of December 31, 2021. 4. Record the closing entries as of December 31, 2021. 5. Prepare a post-closing trial balance as of December 31, 2021.
The income statement, statement of owner's equity for the three months, classified balance sheet, record of the closing entries, and the post-closing trial balance have all been prepared for Business Solution, as shown in the images attached below, as of Dec. 31, 2021. (See attachment).
1. Question 1 is the income statement of Business Solution for the period of three month ended Dec. 31st, 2021 prepared to determine the net income which is equal to $14,460.
The net income is arrived at as follows:
Net income = Total Revenue less Revenue Expenses2. Question number two deals with the owners equity, as at Dec. 21st, 2021, which is equal to $80,360.
Owner's Equity is arrived at as follows:
Capital + Net Income - Withdrawal3. Question 3 refers to the Balance Sheet of Business Solution as at Dec. 31st, 2021.
The Balance Sheet is statement of affairs, that shows the financial positions of a business.
The Balance Sheet has 2 parts, the assets and the liabilities.
The assets refers to what the business owns, financed by the liabilities.
The total assets of Business Solution, as at Dec. 31st, 2021 equals $83,460.Owner's equity + Liabilities = total assets, i.e. $83,460.4. Question 4 gives summary of the closing entries of Business Solution as at Dec. 31st, 2021.
The closing entries shows the balances remaining in the books of accounts after all adjustments have been made.
5. Question 5 shows the post trial balance of Business Solution as at Dec. 31st, 2021.
The post-trial balance is the least of all balances remaining in the books of accounts extracted on Dec. 31st 2021 after all adjustments have been made.
The totals, that is debit and credit of the trial balance equals $105,964.In summary, the income statement, statement of owner's equity for the three months, classified balance sheet, record of the closing entries, and the post-closing trial balance have all been prepared for Business Solution, as shown in the images attached below, as of Dec. 31, 2021. (See attachment).
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What is the recovery period and depreciation method of a residential rental property located in a foreign country which was placed in service after December 31, 2017?
Answer: For residential rental property, the recovery period using GDS is 27.5 years. 2 If you use ADS, the recovery period for the same type of property is 30 years if it was placed in service after December 31, 2017, or 40 years if it was placed in service before that date.
Explanation: Is the good enough???
What leadership styles would you use to describe Carlos Slim Helu?
Answer: autocratic
Explanation:
Carlos Slim's leadership style is autocratic since he centralizes the high level decisions, pedantically oversees his investments, and assumes responsibilities for his actions. . His style mechanics differentiate from most CEO's due the number of companies he runs and the variety of industries
Answer:
the leadership style is autocratic
Explanation:
since he incorporates high-level decisions, meticulously supervises his businesses, and accepts responsibility for his actions.
A company purchased $4,400 worth of merchandise. Transportation
costs were an additional $385. The company returned $305 worth of
merchandise and then paid the invoice within the 2% cash discount
period. The total cost of this merchandise is:
Answer:
If I did get it right it should be 4,569.6
Jarrett Baker is the founder of an enterprise software company. By looking at his income statements over the past three years, you see that its working capital has declined from $42,400 in 2015 to $17,900 in 2016 to $3,100 in 2017.
Explanation:
do not know what you are looking for
Describe What You Will Use The Money For:
Answer: buy or rent our home, pay for tuition, travel, and communicate using our mobile phones.
Explanation: Those are some things
What is yall favorite sport to play? And why?
Ishmail is figuring out whether his products will be used by the end consumer or be purchased by businesses to create other products. This decision will determine whether he creates industrial or consumer goods. He decides to make a chart comparing and contrasting these two types of goods. What should he include for each type of “good” on this chart?
Ishmail can produce either industrial goods or consumer goods. They have different characteristics as shown below:
Industrial goods:
Either raw materials or goods that have not been processed into their final form. Bought by other businesses in order to process them into finished goods Used in the production of goods and services e.g. machinery Are generally more expensive than consumer goods Purchased in large quantitiesConsumer goods:
Final products that are meant for consumers Can be durable or non-durable Usually bought in small quantities Cheaper than industrial goods.In conclusion, industrial goods and consumer goods are generally different in terms of buyers, price and volume of purchase.
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You don’t have to notify employees that a lockout/tagout is about to begin.
True
False
False. Employees must be notified by the supervisor about the beginning of a lockout/tagout procedure.
Lockout and tagout are work procedures that ensure that safety is maintained for employees, especially during equipment repairs or maintenance.Lockout involves ensuring that the operation of a machine or process is in a safe mode by isolating energy from the system.Tagout is a labeling that ensures that warnings are issued to employees during a lockout so that a machine or process is not re-energized until the repair or maintenance is complete.
Thus, it is FALSE that employees will not be notified that a lockout/tagout is about to commence.
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Portraits. Belinda, a famous portrait painter, agreed to paint Harry's portrait for $5,000. She also agreed to paint the portraits of Michelle's two Welsh Corgi dogs, Baby and Bree. Michelle agreed to pay Belinda $12,000 for the portraits. Belinda charged Michelle more because dogs annoyed her. Belinda met the spoiled dogs, and they really got on her nerves. Plus, she was behind on finishing Harry's portrait. Belinda, therefore, proceeded to assign the right to receive the money for the dog portraits and the duty to paint the dog portraits to her assistant, Fred. He eagerly accepted and painted the portraits. As payment for amounts she owed him for various duties, Belinda also assigned to Fred the right to receive payment from Harry. Neither the contract Belinda had with Harry nor the contract she had with Michelle expressly prohibited assignment or delegation of contractual rights and duties. Belinda finished the portrait of Harry and called him to come and pick it up. Meanwhile, a disgruntled secretary who disliked Belinda told both Michelle and Harry about the agreements with Fred. Michelle was furious and refused to pick up the portrait or pay anyone. Harry likewise refused to pay for his portrait claiming that the right to payment could not be assigned. What would be the most likely result if Fred sues Harry for the $12,000 payment?
A. Fred will lose unless Fred can prove that he was ignorant of the fact that Harry did not want the benefits assigned.
B. Harry will win because the portrait was personal in nature and could not be assigned.
C. Harry will win because he did not expressly agree to the assignment.
D. Fred will win because the right to receive payment could be validly assigned.
E. Fred will win unless Harry can prove that Fred knew that Harry did not want the benefits assigned.
The most likely result if Fred sues Harry for the $12,000 payment is D. Fred will win because the right to receive payment could be validly assigned.
It should be noted that every contract creates its own rights and duties. Based on the information given, the obligee is Belinda.
The obligee in this case transfers the right to receive payments to a third-party who is Fred. Also, from the information, Belinda gave Fred the right to receive the payment from Harry.
Therefore, based on the above information, Fred has the right to receive payment. Therefore, if Fred sues Harry for the $12,000 payment, he'll win.
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5. If an office makes equipment available in all offices and to all departments, then the firm is
practicing centralization of office equipment.
True
False
True.......
plz mark me as brain list
what are two examples of ways an electronic record may be disturbuted to others?
Answer:
Way 1. Email, Way 2. Publish on Internet
Explain what options there are for student loans.
Answer:
federal student loans and private loans.
Explanation:
An analyst predicted last year that the stock of Logistics, Inc., would offer a total return of at least 10% in the coming year. At the beginning of the year, the firm had a total stock market capitalization of $10 million. At the end of the year, its market cap was $12 million even though it experienced a loss, or negative net income, of $2.5 million. Did the analyst's prediction prove corrct? Explain using the values for total annual return.
The total rate of return for the firm is %. (Round to two decimal places.)
Did the analyst's prediction prove correct? (Select the best answer below.)
A. Yes, the analyst's prediction is correct because the firm's total rate of return is even higher than the predicted one regardless of the negative net income.
B. No, the analyst's prediction is incorrect because the firm had a negative net income even though its total rate of return is higher the predicted one
C. Yes, the analyst's prediction is correct because the firm's negative net income was fully recovered by the positive annual rate of return.
D. No, the analyst's prediction is incorrect because the firm had a lower total rate of return than the one the analyst predicted.
The analyst's prediction was correct because the total return from the market capitalization of Logistics, Inc. increased to 20% from 10%.
A. Yes, the analyst's prediction is correct because the firm's total rate of return is even higher than the predicted one regardless of the negative net income.
Data and Calculations:
Total return predicted by analyst = >10%
Total stock market capitalization at beginning = $10 million
Total stock market capitalization at ending = $12 million
Increase in market capitalization witnessed during the year = $2 million ($12 - $10 million)
Return for the year based on market capitalization = 20% ($2/$10 x 100)
Net loss for the year = $2.5 million
Thus, the analyst's prediction was correct because the total returns recorded at the end of the year was 20%, which was more than 10%.
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Del Gato Clinic's cash account shows a $14,298 debit balance and its bank statement shows $14,156 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $2,872. The June 30 bank statement lists a $60 bank service charge. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. The June 30 cash receipts of $2,963 were placed in the bank night depository after banking hours and were not recorded on the June 30 bank statement.
Required:
Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation.
If on June 30 bank statement lists a $60 bank service charge. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. The adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation will be:
a) No journal entry required
b) Debit Miscellaneous expenses $60
Credit Cash $60
c) Debit Cash $9
Credit Utilities expense $9
Preparation Del Gato Clinic adjusting journal entries
a) No journal entry required
b) Debit Miscellaneous expenses $60
Credit Cash $60
(To record bank service charge)
c) Debit Cash $9
Credit Utilities expense $9
($398-$389)
(To record utilities expense)
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A contract with an illegal object is not voidable
True
False
Answer:false
Explanation:
False
A voidable contract is legal. Its a void contract that is illegal- thus this statement is false
Hope this helped you- have a good day bro cya)
Which scenario best reflects the relationship between production and demand in a recession?
Car dealerships have minimal overstock.
Car dealerships are not restocking.
• Car dealerships cannot sell their stock.
• Car dealerships cannot obtain stock.
Answer:
A car dealership can't sell their stock
Explanation:
In a recessionary economic situation, the scenario that best reflects the relationship between production and demand is a car dealership cannot sell its stock.
What characterizes a recession?It occurs when an economy declines for two consecutive quarters. It is an analysis that is based on the variation of a country's GDP.
Therefore, in a recession situation, consumers would generally choose to spend their money on essentials such as food and medicine. It is then concluded that the sale of vehicles in this period would be reduced and therefore the dealerships would not sell their stock.
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why would you use computer-aided design (cad) software?
Answer:
CAD enables the development, modification, and optimization of the design process. CAD enables the development, modification, and optimization of the design process. Thanks to CAD, engineers can make more accurate representations and modify them easily to improve design quality.
Explanation:
Answer: To re-create the layout of a space before actually moving anything.
Explanation: took the quiz
Starting a small business is a challenging endeavor—what are some important factors that contribute to the success of a small business? What are some of the first steps that should be taken if someone is interested in starting a small business?
Answer:
Business licenses and permits issued by the state and municipal governments.
Equipment.
Legal expenses, particularly if you intend to incorporate.
Insurance for businesses.
Creating a brand and a website.
Market research is essential.
Inventory.
Publicizing.
Explanation:
Describe your business concept and future ambitions in your vision. Describe the sort of business you're starting, how you want it to expand in the coming year, and where you want to be in five years.
Mission: Describe the products and services you want to offer, your target market, and your unique selling proposition (what you will offer that your competitors do not). Take note of if you intend to be a home-based business that sells mostly online or if you intend to have a physical presence.
Pricing Strategy: You must create a competitive rate that will attract consumers while still allowing you to make a profit. This part should also provide a forecast of your company's earnings and costs.
HURRY!!!!! !PERSONAL FINANCE! In the New York Stock Exchange, traders are on the floor verbally submitting their offers. What type of stock market is this considered to be?
A. neutral
B. physical
C. virtual
D. rational
Answer: the ANSWER IS B!!!!!!
Explanation:
Answer: B
Explanation:
If a company exchanges a debt instrument with no ready market for property with an indeterminable fair value, it should not be recorded on
a. the books of either party until the fair value of the property becomes evident.
b. the board of directors of the entity receiving the property should estimate a value for the property that will serve as a basis for the transaction. c. the directors of both entities involved in the transaction should negotiate a value to be assigned to the property.
d. the present value of the debt instrument must be approximated using an imputed interest rate.
Answer:
the present value of the debt instrument must be approximated using an imputed interest rate.
Explanation:
A client has several suppliers they purchase their materials from, and most of the suppliers require part or all payments to be made at the time of order. You advise your client to set up a Prepayments account that can be reconciled each month. How should this account be set up
Analyzing the above scenario, the customer should set up an asset account called prepayment, which is an item described in the balance sheet as a current asset and liability, as this will be a financial resource available for future use.
A prepayment asset account is therefore configured as an expense previously paid, but which has not yet occurred, being this a facility for companies to pay their suppliers at the time of the order in a previously scheduled manner.
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Which employees should be aware of how to turn off power to a shop in an emergency?
Managers
Owners
Contractors
All workers should know how to turn the power off in an emergency.
Answer:
Last one.
Explanation:
All the workers should know how to turn off the power in an emergency. Just in case there isn't one, there is the other.
