Answer:
A bank run occurs when a large number of customers of a bank or other financial institution withdraw their deposits simultaneously over concerns of the bank's solvency. As more people withdraw their funds, the probability of default increases, prompting more people to withdraw their deposits.
Answer:
Trial Income Statement:
Service revenue $17,000
Rent expense ($3,500)
Insurance expense ($350)
<u>Wages expense ($10,500)</u>
Net income $2,650
*We need to adjust other expenses like supplies or utilities. I assumed the salaries paid were for a 10 days period since no one pays salaries in advance.
Trial Balance Sheet
Assets:
Cash $62,200
Supplies $1,000
Prepaid insurance $3,850
<u>Equipment $10,000 </u>
Total Assets $77,050
Liabilities and Equity:
Accounts payable $8,000
Wages payable $7,000
Common Stock $60,000
<u>Retained earnings $2,050 </u>
Total Liabilities and Equity $77,050
Explanation:
July 1
Dr Cash 60,000
Cr Common stock 60,000 (6,000 stocks $10 par value)
July 3
<u>Rent expense 3,500</u>
Cr Cash 3,500
July 5
Dr Prepaid insurance 4,200
Cr Cash 4,200
Adjusting entry July 31
Dr Insurance expense 350
Cr Prepaid insurance 350
July 7
Dr Supplies 1,000
Cr Accounts payable 1,000
July 10
Dr Wages expense 3,500
Cr Cash 3,500
Adjusting entry July 31
Dr Wages expense 7,000 ($3,500 x 2 10 day periods)
Cr Wages payable 7,000
July 14
Dr Equipment 10,000
Cr Cash 2,500
Cr Accounts payable 7,500
July 15
Dr Cash 8,000
Cr Service revenue 8,000
July 19
Dr Accounts payable 500
Cr Cash 500
July 31
Dr Cash 9,000
Cr Service revenue 9,000
Dr Retained earnings 600
Cr Dividends payable 600
Dr Dividends payable 600
Cr Cash 600
Answer:
C. limited growth opportunities in their domestic market.
Explanation:
U.S. cola companies entered the global market because of limited growth opportunities in their domestic market.
Answer:
compromising
Explanation:
Compromising—when you compromise or “split the difference” in a conflict which is the political equivalent of "win some, lose some" and is possible in a long-term relationship where there is time for give-and-take exchange.
Answer:
C. $215,000
Explanation:
The statement indicates that on the first $50,000 the auction house charges 15%, which means that for the first $50,000 the house charged:
$50,000*0,15%= $7,500
From the total commission of $24,000, $7,500 were for the first $50,000.
$24,000-$7,500= $16,500
Now, you have to determine the amount in excess of $50,000 from which the house charged the remaining $16,500. So, you have that an x amount multiplied for 10% or 0,10 is equal to $16,500:
x*0,10= 16,500
x= 16,500/0,10= 165,000
You have determined that the house charged $7,500 on the first $50,000 and $16,500 on $165,000 which means that the price of the painting is:
$50,000+$165,000= $215,000
