Top of the World, Inc. provides rock climbing sessions to customers. The following is a list of transactions that occurred in 2017. For each transaction, describe the dual effect of the transaction on the accounting equation. For example, in transaction a): 1) assets increase $4,000 and 2) SHE increases $4,000.
a. 1/20/17: Issued 400 shares of common stock for $10 per share. Assets increase $4,000;SHE increases $4,000.
b. 1/30/17: Signed a note payable for $14,900 in cash.9
c. 2/11/17: Purchased a building for $2,040 in cash.
d. 2/19/17: Purchased supplies on account from creditors for $1,030.
e. 3/10/17: Paid creditors $600 in cash. f. 4/30/17: Paid $9,100 in cash for employee wages for the current period.
Answers
Answer:
a. Assets increase $4,000; SHE increases $4,000.
b. Assets increase $14,900; Liabilities increase $14,900.
c. Assets increase $2,040; Assets decrease $2,040.
d. Assets increase $1,030; Liabilities increase $1,030.
e. Assets decrease $600; Liabilities decrease $600.
f. Assets decrease $9,100; Liabilities decrease $9,100.
Explanation:
Accounting equation is given as follows:
Assets = Liabilities + Shareholders' equity (SHE)
Therefore, we have the following:
a. 1/20/17: Issued 400 shares of common stock for $10 per share.
Assets increase $4,000; Shareholders' equity (SHE) increases $4,000.
When common stock is issued, cash is received by the company. Since cash is type of assets, current asset to be specific, the first effect on the accounting equation is therefore an increase in assets.
Common stock can be described as a security that represents ownership in a company. Since common stock is one of the component of SHE, any issue of common stock will therefore lead to an increase in SHE in the accounting equation.
b. 1/30/17: Signed a note payable for $14,900 in cash.
Assets increase $14,900; Liabilities increase $14,900.
Note payable is a type of liability which is a written promise by a borrower to repay a lender the amount of cash received/borrowed in return. Since the cash received is a type of asset, the first effect on the accounting equation is an increase. Since note signed is a type of liability, the second effect on the accounting is an increase in liabilities.
c. 2/11/17: Purchased a building for $2,040 in cash.
Assets increase $2,040; Assets decrease $2,040.
The building purchased is a type of asset, a fixed asset to be specific; while cash that is used to pay for it is also an asset, current asset to be specific. The dual effect of this transaction are therefore an increase in asset (fixed asset) by $2,040 and a decrease in assets (Current Asset, i.e cash) by $2,040.
d. 2/19/17: Purchased supplies on account from creditors for $1,030.
d. Assets increase $1,030; Liabilities increase $1,030.
Supplies is a type of asset, current asset to specific; while purchase on account creates a liablity to pay creditors, a current liability to be specific. Therefoe, the dual effect of this transaction on the accounting equation are Assets increase by $1,030 and Liabilities increase by $1,030.
e. 3/10/17: Paid creditors $600 in cash.
Assets decrease $600; Liabilities decrease $600.
A payment to creditors reduces cash which is an asset and also reduces creditors which are part of the liabilities. Therefoe, the dual effect of this transaction on the accounting equation are Assets decrease by $600 and Liabilities decrease by $600.
f. 4/30/17: Paid $9,100 in cash for employee wages for the current period.
Assets decrease $9,100; Liabilities decrease $9,100.
A payment of employess reduces cash which is an asset and also reduces wages payable which is a part of the liabilities. Therefoe, the dual effect of this transaction on the accounting equation are Assets decrease by $9,100 and Liabilities decrease by $9,100.
Related Questions
Arnold is a CEO at Gamma LLC. He has control over the corporate funds of the company. Arnold has often used funds from the company to pay for his travel and hotel expenses. The funds could otherwise have increased stockholder returns. Which of the following concepts is illustrated in this scenario?
a. On-the-job consumption
b. Information manipulation
c. Information asymmetry
d. Corporate governance
e. Greenmail
Answers
The concept that is illustrated in this scenario is On-the-job consumption. This is because Arnold, the CEO of Gamma LLC, is using corporate funds to pay for his personal expenses, such as travel and hotel expenses.
This is a form of on-the-job consumption, as Arnold is using company resources for his personal benefit. As a result, the stockholder returns are reduced, since the funds that Arnold is using could have otherwise been used to increase the returns for the stockholders. Therefore, the correct answer is option (a) On-the-job consumption.
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A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. Record the journal entries for the amount of gain or loss on disposal of the fixed asset. Be sure to show your work!
Answers
Answer:
Book value on date of sale = Cost - Accumulated depreciation
Book value on date of sale = $30,000 - $28,500
Book value on date of sale = $1,500
Gain on disposal = Sales amount - Book value on date of sale
Gain on disposal = $3,500 - $1,500
Gain on disposal = $2,000
Journal entries
Date Account Titles Debit Credit
Cash A/C $3,500
Accumulated depreciation A/C $28,500
To fixed asset $30,000
To gain on disposal $2,000.
When individuals sell their labor for wages, in which market in the circular flow
model are they interacting?
the open maket
the product market
the individual market
the factor market
Answers
When individuals sell their labor for wages, the market in the circular flow model they are interacting with is the factor market (fourth option).
What is the circular flow model ?The circular flow model is a model that is used to explain the flow of resources or money in an economy. In the circular flow model, it is assumed that there are only two actors in the economy - the household and businesses or corporations.
The circular flow model is a simplified model of the economy. This is because in an actual economy there are more than two actors operating in it.
The household own the factors of production and they sell it to businesses or corporations to earn dividends or wages. The factors of production can include labor, labor or capital. The factors of production are exchanged for wages in the factor market.
The businesses use the factors of production provided by the household to produce goods and services for consumption. The goods and services that are produced are sold in the product market. Households pay for the goods and services purchased using part of the income earned from renting out their factors of production.
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The gross domestic product of the United States is defined as the market value of all final goods and services produced within the United States in a given period of time.
Based on this definition indicate which of the following transactions will be included in the GDP of the United States, in 2021
Included or excluded:
1. An accountant starts a clients 2021 tax return on April 14, 2020 to finishing it just before midnight on April 15, 2022
2. Lane motors, a Japanese automobile company, produces a self driving car at a plant in Arizona on December 9, 2021 a family buys the self driving car on December 24
3. Thickburger a US fast food company produces a double cheeseburger at one of its many locations throughout the Midwest on January 14, 2021 is sells a double cheeseburger to a customer that same day
4. Cleancutters, or US number company, produces what are the plant in Oregon on September 25, 2021. It says the word to buildt and partners, a developer, for use in the production of a new house. I will be built in the United States in 2021.
(Note: focus exclusively on whether production of the word increases GDP directly, and ignore the effect of production of the new house on GDP)
5. Gamewear, a US electronics company, produce a VR headset auto plant in South Korea on March 27 2021. Gamewear imports, the VR headset into the United States on May 18, 2021.
Answers
Indicating the transactions that will be included in the GDP of the United States, in 2021
1. Excluded
2. Included
3. Included
4. Included
5. Excluded
What are the transactions that will be included in the GDP?The transactions that involve the production of goods and services within the United States will be included in the GDP, while transactions that involve the production of goods and services outside the United States will be excluded.
Using this criteria:
The accountant's work on the tax return is a service and was performed over multiple years, so it would not be included in the 2021 GDP.The production of the self-driving car by the Japanese company in Arizona and its sale to the family would be included in the 2021 GDP, as the production of the car took place within the United States in 2021.The production and sale of the double cheeseburger by the US fast food company would be included in the 2021 GDP, as the production and sale of the burger took place within the United States in 2021.The production of the word by the US company and its sale to the developer for use in the construction of a new house would be included in the 2021 GDP, as the production of the word took place within the United States in 2021.The production of the VR headset by the US electronics company in South Korea and its import into the United States would be excluded from the 2021 GDP, as the production of the headset took place outside the United States.Learn more about GDP here:https://brainly.com/question/1383956
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Word processing software
Businesses of all sizes experience various degrees of risk in the course of their regular operation, but small businesses are particularly vulnerable to it, because they often lack resources (such as cash reserves or lines of credit) to keep them operating during hard times. In this activity, go online to find a company that you think is particularly susceptible to risk. Then, develop a risk profile that describes the nature of those risks.
Step 1: Research a Small Business
Conduct an online search for a small business to study. Note that small businesses typically have fewer than 500 employees. If you already have a small business in mind, you can skip to the next step.
Review the company’s websites, sales literature, competition, and any other online information that you think may be relevant to understanding their risks.
Consider these questions:
Are the risks to the business mostly external, internal, or both?
Does the business operate in a naturally hazardous or heavily regulated industry?
Does the location of the business make it vulnerable?
Do aspects of the business’s operations make it susceptible to people risks?
Does the business operate in a way that leaves it open to technology risks?
Step 2: Create a Risk Profile
The risk profile should identify five risks in priority order. Make a list and number it 1-5.
Next to each number add a title for each risk. For example, if the company has risk associated with a long sales cycles and the problems it creates with cash flow, your title might be: “1. Risk: Long Sales Cycles.” Make sure your risks are numbered in priority order.
Add bullet points beneath each risk that describes the category of the risk, and whether it is internal or external, controllable or not.
Add a last bullet to describes a realistic way of managing the risk.
Answers
Note that this prompt is on creating a risk profile. Here is how to do one.
How to create a risk profileCreating a risk profile entails evaluating probable hazards capable of causing damage to a company's operations. Begin by classifying these vulnerabilities according to types- financial, operational, strategic, compliance or reputational hazards before determining their significance in order typically from highest or lowest.
For each threat identified during this classification exercise establish whether it's an internal or external one based on its source but most importantly ascertain whether it's within control or not.
To remain resilient in the midst of evolving business environments, it is imperative for small businesses to conduct periodic reviews and revisions of their risk profiles. By engaging in consistent risk monitoring activities, enterprises can take proactive measures to evade potential hazards and bolster their defences against risks.
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Which part of the citation below refers to the publisher?
“Projections Overview.” Occupational Outlook Handbook. Bureau of Labor Statistics, 29 March 2012. Web. 1 May 2013.
a)Bureau of Labor Statistics
b)Occupational Outlook Handbook
c)Projections Overview
d)Web
Answers
Answer:
A
Explanation:
the bureau of labor statistics is the company publishing the book, the occupational outlook handbook is what they published, projection overview is the specific chapter or part of the handbook. and web is just stating what form the citation is in
Bureau of Labor Statistics of the citation below refers to the publisher. “Projections Overview.” Occupational Outlook Handbook. Bureau of Labor Statistics, 29 March 2012. Web. 1 May 2013. The correct option is a.
What is the Bureau of Labor Statistics?The U.S. Bureau of Labor Statistics gathers, examines, and disseminates trustworthy data on a variety of aspects of our economy and society. We track changes in employment, pay, worker security, output, and prices.
The Bureau of Labor Statistics (BLS) is a United States government agency that collects, analyzes, and disseminates statistical data on the American labor market and economy. The BLS is responsible for producing a wide range of economic and employment data, including the monthly Employment Situation Report, which provides the latest information on employment, unemployment, and wages in the United States.
Other key data produced by the BLS include the Consumer Price Index (CPI), which tracks changes in the prices of goods and services over time, and the Producer Price Index (PPI), which measures changes in the prices of goods and services purchased by businesses.
Thus, the ideal selection is option a.
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Selective attention can cause employees not to recognize when a change in a rule or procedure has been instituted, and therefore, they continue the previous behaviors, rather than implementing the proposed changes. a. True b. False
Answers
The statement given above with respect to selective attention is completely true.
A selective attention can be referred to or considered as the form of attention wherein the focus of an individual is completely only and only on one particular input for the purpose of processing information within the organizational environment.
Moreover, it can also be said that the selective attentions seeks to eliminate irrelevant and unnecessary information. In addition to this, selective attention may cause the employees to ignore a change in a rule or a procedure within the organization.
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Discuss the various system for internal administration for financial organisation.
Answers
The various system for the internal administration of financial organizations includes accounting systems, budgeting systems, internal controls, performance management systems, risk management systems, and compliance management systems.
Internal administration systems for financial organizations are systems that oversee the internal functioning of the financial organizations and their staff. They enable businesses to establish and follow specific procedures that ensure their operations are stable, transparent, and responsible.
Here are some of the various systems for internal administration for financial organizations:
1. Accounting systems: Accounting systems are essential to ensure the accuracy of financial transactions and the reliability of financial statements. The accounting system should provide information about the current financial status of the organization and account for all income and expenses.
2. Budgeting systems: Financial organizations use budgeting systems to allocate resources and plan expenditures. This system can be used to control the financial performance of a department, project, or organization.
3. Internal controls: Internal controls are the procedures, policies, and activities that help an organization to maintain the integrity of its operations and prevent fraud. The effectiveness of these controls depends on how well they are implemented.
4. Performance management systems: Performance management systems are used to ensure that the goals of an organization are achieved. This system can be used to monitor and evaluate employee performance, provide feedback, and manage employee development.
5. Risk management systems: Risk management systems help financial organizations to identify and manage risks. They can be used to assess the risk associated with various activities and develop strategies to mitigate those risks.
6. Compliance management systems: Compliance management systems help financial organizations ensure that they are following all relevant regulations and laws. They can be used to monitor compliance with internal policies and procedures as well as external regulations.
In conclusion, internal administration systems for financial organizations are essential for ensuring the stability and transparency of financial operations. These systems include accounting systems, budgeting systems, internal controls, performance management systems, risk management systems, and compliance management systems.
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One significant way that blacks were able to enjoy economic independence was by settling in the West on federally provided public land.
a. True
b. False
Answers
On March 1, Incredible Company issued a $600,000, 90-day interest-bearing note to Minions Bank. Interest on the note is 10% and is paid at maturity. Assume an April 30 fiscal year-end and a 360 day year when calculating interest.
Group of answer choices
May 30
May 29
June 1
May 31
Answers
Answer:
I do not know at all
Explanation:
I do not know
If you spend more than your income can support look for ways to:
Answers
If you spend more than your income can support, look for ways to both increase your income and decrease your expenses. The Option E is correct.
What is the solution to spend more one's income?The solution to spending more than one's income is to practice good financial habits such as budgeting, saving, and prioritizing expenses. Creating a budget that tracks income and expenses can help individuals see where their money is going and identify areas where they can cut back.
Prioritizing expenses involves identifying what is most important and necessary, such as housing, food, and transportation, and allocating funds accordingly. It may also be helpful to consider increasing income by pursuing additional education or training, taking on a side job or gig work, or negotiating a raise at one's current job.
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A trader wishes to know the cost of goods sold during the year.
Which financial statment will provide the answer? *
A Balance sheet
B Profit and loss Account
C Trading Account
D Trial Balance
Answers
On October 1, 2018, Mills Company borrowed $131,000 cash on a one-year note that required Mills to pay 5 percent interest and $131,000 principal, both on September 30, 2019. Assuming the note is paid when due in 2019, what is the debit to interest expense when recording the payment of the note?
Answers
Answer:
the amount that debited to interest expense is $4,912.50
Explanation:
The computation of the amount that debited to interest expense is as follows:
Here we calculate it from Jan to Sep 30, the number of months would be 9 months
So, the amount of interest expense is
= $131,000 × 5% × 9 months ÷ 12 months
= $4,912.50
Hence, the amount that debited to interest expense is $4,912.50
For unions to grow in the future, they will have to
Multiple Choice
continue to focus on blue-collar and trade workers.
focus on organizing older workers rather than younger workers.
adapt to a more culturally diverse, white-collar workforce.
take up the fight against continuous improvement and employee involvement.
Answers
For unions to grow in the future, they will have to adapt to a more culturally diverse, white-collar workforce.
What is workforce?The term "workforce" can as ell be regarded as the labor force" which can be described as the group of people who are either employed or unemployed they can be seen as the people in certain organization or sector, but it can also refer to a specific geographic area like a city, state, or nation.
It should be noted that the entire workforce that a corporation has do engage on a project, however the entire number of potential employees The workforce in the nation is expanding quickly.
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PLEASE ANSWER
Compare the major antitrust acts of the United States. Specify the intent and purpose of each, and draw conclusions about their effectiveness.
Answers
Some of the major antitrust acts of the United States are:
the Sherman Act;the Clayton Act; and.the Federal Trade Commission Act (FTCA).What is Antitrust Act?This refers to the federal laws which regulates the conduct of businesses to make sure that they engage in fair practises which helps to avoid monopolies.
With this in mind, we can see that the intent and purpose of the antitrust acts are to avoid monopolies, to ensure balanced competition and to avoid unlawful mergers.
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If the lowest-paid employee earned $15,000 a year, what would the maximum salary be for the highest-paid manager under the 7-to-1 rule?
Answers
Under the 7-to-1 rule, the maximum salary that would be paid to the highest-paid manager is $105,000.
Data and Calculations:
Lowest-paid employee's annual earnings =$15,000
Maximum-Minimum Salary Rule = 7-to-1
The maximum salary paid to the highest-paid manager = $105,000 ($15,000 x 7).
Thus, the maximum salary paid to the highest-paid manager under the company's 7-to-1 rule is $105,000.
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A plumber and an industrial building draftsman would belong to which career cluster?
A: Agriculture, Food, and Natural Resources
B: Hospitality and Tourism
C: Architecture and Construction
D: Finance
Answers
Answer:
Architecture and Construction
Explanation:
Other things that would be included in this career cluster would be a plumber, a pipfitter, steamfitter......etc.
Accounting for Financial Management: Free Cash Flow
The focus on traditional financial statements is market data rather than cash flow. However, cash flow is important to investors, managers, and stock analysts. Therefore, decision makers and security analysts need to modify financial statement data provided to them. An important modification is the concept of free cash flow (FCF). Many analysts regard FCF as being the single and most important number that can be developed from the income statements, even more important than net income. The equation for free cash flow is: FCF = = (EBIT(1 - T) + Depreciation and amortization) - [Capital expenditures + delta Net operating working capital]
Free cash flow is the cash flow actually available for payments to all investors (stockholders and debtholders) after the company has made investments in fixed assets, new products, and operating working capital. A negative FCF means that the company does not have sufficient internal funds to finance its investments in fixed assets and working capital, and that it will have to raise new money in the capital markets to pay for these investments. Negative FCF is not always bad. If FCF is negative because after- tax operating income is negative this is bad, because the company is probably experiencing operating problems. Exceptions to this might be startup companies, companies incurring significant expenses to launch a new product line, and high-growth companies-with large capital investments.
Quantitative Problem: Rosnan Industries' 2018 and 2017 balance sheets and income statements are shown below.
Balance Sheets
Assets 2018 2017
Cash and equivalents $100 $85
Accounts receivable 275 300
Inventories 375 250
Total current assets $750 $635
Net plant and equipment 2,300 1,490
Total assets $3,050 $2,125
Liabilities and Equity
Accounts payable $150 85
Accruals 75 50
Notes payable 150 75
Total current liabilities $375 210
Long-term debt 450 290
Total liabilities 825 500
Common stock 1,225 1,225
Retained earnings 1,000 400
Common equity 2,225 1,625
Total liabilities and equity $3,050 $2,125
Income Statements
2018 2017
Sales $3,100 $1,600
Operating costs excluding
depreciation and amortization 1,250 1,000
EBITDA $1,850 $600
Depreciation and amortization 100 75
EBIT $1,750 525
Interest 62 45
EBT $1,688 $480
Taxes (40%) 675 192
Net income $1,013 $288
Dividends paid $53 48
Addition to retained earnings $600 $240
Shares outstanding 100 100
Price $25.00 $22.50
WACC 10.00%
The balance in the firm's cash and equivalents account is needed for operations and is not considered "excess" cash. Using the financial statements given above, what is Rosnan's 2018 free cash flow (FCF)?
Answers
Rosnan's 2018 free cash flow (FCF) is $765
ROSNAN'S 2018 FREE CASH FLOW
First step is to calculate Net operating working capital for 2017
Using this formula
Net operating working capital = Current assets - (Current liabilities - Notes payable)
Let plug in the formula
Net operating working capital 2017 = $635 - ($210 - $75)
Net operating working capital = $635 - $135
Net operating working capital= $500
Second step is to calculate Net operating working capital for 2018
Net operating working capital 2018 = $750 - ($375 - $150)
Net operating working capital 2018= $750 - $225
Net operating working capital 2018= $525
Third step is to calculate the Change in net operating working capital
Change in net operating working capital =$525 -$500
Change in net operating working capital=$25
Fourth step is to calculate Capital expenditure
Using this formula
Capital expenditure = Net fixed assets in 2018 + Depreciation for 2018 - Net fixed assets in 2017
Let plug in the formula
Capital expenditure= $2,300 + $100 - $1,490
Capital expenditure = $910
Now let determine the Free cash flow using this formula
Free cash flow = EBIT * (1-Tax rate) + Depreciation - Capital expenditure - Change in net operating working capital
Let plug in the formula
Free cash flow = $1,750 ×(1 - 0.40) + $100 - $910 - $25
Free cash flow =($1,750×0.60) +$100-$910-$25
Free cash flow =$1,050+600-$910+$25
Free cash flow =$765
Inconclusion Rosnan's 2018 free cash flow (FCF) is $765
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Give a minimum of three reasons why cover letters are important.
Answers
Answer:
1. Cover letters can prove that you're a serious candidate for the job.
2. It can showcase how your unique skills and experience meet the key requirements of the job description.
3. It gives more of a background knowledge of who you are.
Explanation:
Answer:
- Demonstrates professionalism and initiative
- Expands upon the main idea in the résumé
- Goes in-depth about experiences and skills
- Shows employer a glimpse of the applicant’s personality
- Opportunity to show company and industry knowledge
- Provides a sample of written communication skills
Explanation:
got it right on edg22
What should you include on an income statement?
Select all correct answers.
1. income
2. expenses
3. net profit
4. all assets
Answers
All of the factors that have to be included in the income statement are:
1. income2. expenses3. net profitWhat is meant by the income statement?This is the term that is used to refer to the financial statement that would be made to show the revenue, the expenses and the profits that are made by a given company over a period of time. This is also called the earnings statement. It shows the revenue that is made from business.
Hence we can say that All of the factors that have to be included in the income statement are:
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What is Banking sector??
Answers
Answer:
The banking sector is a major segment of the U.S. and world economies. While some might define it more broadly, the U.S. Department of Commerce considers it a subsector of the larger financial services industry, which also includes subsectors focusing on asset management, insurance, venture capital, and private equity.
Explanation:
Which of the following is true if you find a better rate on an external 3rd party channel within 24 hours of making a reservation through one of Marriott's direct channels?
Answers
If you find a better rate on an external 3rd party channel within 24 hours of making a reservation through one of Marriott's direct channels, the Marriott’s Best Rate Guarantee policy comes into effect.
Marriott’s Best Rate Guarantee policy is a commitment to providing the lowest rate possible. If you find a lower rate within 24 hours of booking through one of Marriott’s direct channels, Marriott will match that rate and offer an additional discount of 25%.
This policy applies to any Marriott brand including Ritz-Carlton, St. Regis, Westin, Sheraton, Aloft, and othersYou need to first book your reservation through Marriott’s direct channels like Marriott.com, the Marriott Mobile app, Marriott Bonvoy app, the Marriott Reservation Center, or directly with the hotel.
After that, you should look for lower rates on other third-party websites. If you find a lower rate within 24 hours, contact Marriott’s Customer Care team, and they will match that rate plus an additional discount of 25%.The policy does come with some terms and conditions.
The lower rate you find on the third-party website must be for the same hotel, same room type, same dates, same number of guests, same currency, and with the same booking conditions. It also excludes rates that are only available to members of certain groups or organizations, package rates that include flights, car rentals, and other amenities, and rates that are not available to the general public
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Lennie is the founder of a start-up business that allows homeowners to rent out their properties like hotels. In crafting his company strategy, Lennie is particularly focused on how to distinguish his start-up from similar companies such as AirBnB. Which of the following choices best describes Lennie's strategic focus?
a. How to position the company in the industry.
b. How to achieve the company's performance targets.
c. How to create products or services that attract and please customers
d. How each functional piece of the business will be operated.
Answers
The best choice that describes Lennie's strategic focus is option (a): How to position the company in the industry.
Lennie is focused on how to distinguish his start-up from similar companies such as Airbnb, which indicates that he is concerned with the company's position in the industry. Positioning involves creating a unique image and identity for the company that sets it apart from competitors. By developing a strong market position, Lennie can gain a competitive advantage and attract more customers to his business. This requires a strategic focus on market research, identifying target customers, and creating a unique value proposition that resonates with those customers. Therefore, option (a) is the best choice that describes Lennie's strategic focus.
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The balance sheet of Subsidiary Co. shows assets of $86,400 and liabilities of $15,000. The fair value of the assets is $90,000 and the fair value of its liabilities is $15,000. Parent Co. paid Subsidiary $95,000 to acquire it. Parent should record goodwill on this purchase of:
Answers
Answer: $20,000
Explanation:
The following information can be gotten from the question:
Investment in Subsidiary Co. = $95,000
Less: Net asset value = $71,400
Less: Balance sheet adjustment = $3,600
Goodwill = $95,000 - $71,400 - $3,600
= $20,000
Note that:
Net asset value = Asset with book value - Liability with book value
= $86,400 - $15,000
= $71,400
Balance sheet adjusted = Fair value of asset - book value of asset
= $90,000 - $86,400
= $3,600
Saved
Chapter 1 Assignment: Accounting in Business i
10
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
Part 4 of 4
4 4
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310
exchange for its common stock to launch the business. On December 31, the company's records show the
and amounts.
10
points
Cash
Accounts receivable
Office supplies
Office equipment
Land
Accounts payable
Common stock
$ 10, 200 Cash dividends
15,200 Consulting revenue
3,550 Rent expense
18,310 Salaries expense
45,990 Telephone expense
8,740 Miscellaneous expenses
84,310
$ 2,340
15,200
3,910
7,350
790
610
eBook
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Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2
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Also assume the following:
a. The owner's initial investment consists of $38,320 cash and $45,990 in land in exchange for its common stoc
b. The company's $18,310 equipment purchase is paid in cash.
c. Cash paid to employees is $2,160. The accounts payable balance of $8,740 consists of the $3,550 office supp
$5,190 in employee salaries yet to be paid.
d. The company's rent expense, telephone expense, and miscellaneous expenses are paid in cash.
e. No cash has yet been collected on the $15,200 consulting revenue earned.
Using the above information prepare a December statement of cash flows for Ernst Consulting. (Cash outflows
by a minus sign.)
ERNST CONSULTING
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The statement of cash flows for Ernst Consulting for the month of December is shown in the attached images below.
The statement of cash flows is a financial statement that provides information about the cash inflows and outflows of a business or entity during a specific period of time. It presents the sources and uses of cash, categorizing them into three main activities: operating activities, investing activities, and financing activities.
The statement of cash flows is an essential component of the financial statements, along with the income statement, balance sheet, and statement of changes in equity. It helps users, such as investors, creditors, and analysts, understand the cash flow dynamics of a company and assess its ability to generate and manage cash.
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what is the difference between need and want?
Answers
answer:
wants are desires for goods and services we would like to have but do not need. needs are a special kind of want, and refer to things we must have to survive, such as food, water, and shelterexplanation:
credits: online researchDiscussion Questions
1. Sharp's Sandwich Shop has two conflicting quality issues-speed and freshness. The
premade sandwich system enhances speed; however, it has the potential of affecting
freshness. What type of system can Dawn implement that will enable her to keep
the process of premade sandwiches, yet guarantee that freshness will be unaffected?
Explain how the system would work and why it can effectively enable her to accomplish
both goals without any concern that one or the other must suffer.
Answers
Dawn will use Kanban to maintain the prefabricated sandwich process and ensure that freshness is not compromised.
Describe Kanban.A well-liked framework for implementing agile and Develops software development is Kanban. It necessitates complete transparency of work and real-time capacity communication. Team members can always observe the status of every piece of work thanks to the visual representation of work items on a Kanban board. Kanban is a process management technology that manages the flow of production from client orders back to the warehouse and visually displays each job's progress on a company's radar.
What makes them a part of lean systems?In its most basic form, Kanban is a method for an organization to visually monitor its work flow. Utilizing Kanban makes it simpler to maintain efficiency and assists in swiftly identifying (and resolving) work flow issues. The fundamental tenet of Kanban is that the flow of work is shown on a sizable board with several columns.
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The Occupational Safety and Health Act does not require employers to abide by the regulations and the safety and health standards created by OSHA.
True
False
Answers
Race is a factor of
a. demographics
b. communication
c. possible customers
d. competition
Answers
Answer:
Race is a factor of a. demographics
Explanation:
Answer:
Competition
Explanation:
Just like a relay, competing to be the first
How long has Alice Spring Tow Truck been in operation, and what services do they offer?
Answers
Based on historical facts and the company's information, the Alice Spring Tow Truck has been in operation for more than 35 years, and they offer services like equipment relocation, freight transport, and vehicle recovery services.
What is Alice Spring Tow Truck?Alice Spring Tow Truck is an Australian transport and logistics company.
The company offers various logistics services around Australia and it is located in Central Australia for over 20 years.
Alice Spring Tow Truck is known to have been in operation for varying services such as:
relocation of heavy equipment freight transport vehicle recovery services. Towing of vehicle, etc.Also, Alice Spring Tow Truck operated majorly in places like
YularaTennant CreekMarlaUluruOther regions in Central AustraliaHence, in this case, it is concluded that Alice Spring Tow Truck is a logistics servicing company.
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