1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ainat [17]
1 year ago
13

2008 1 Mar Started business with $1,000 cash.credit or debit​

Business
1 answer:
SSSSS [86.1K]1 year ago
3 0

Answer:

The cash a/c is debited as it is an asset for the business and the capital a/c is credited as it is a liability for the business according to the business entity concept.

You might be interested in
The Horizon Company will invest $60,000 in a temporary project that will generate the following cash inflows for the next three
Sholpan [36]

Answer:

$ -3,163.04

No

Explanation:

The net present value is the present value of after tax cash flows from an investment to the amount invested.

The NPV can be found using a financial calculator:

Cash flow in year 0 = -$60,000

Cash flow in year 1- $ 15,000

Cash flow in year 2- $25,000

Cash flow in year  3- $40,000 - $10,000 = $30,000

I = 10%

NPV = $-3,163.04

The project should not be embarked upon because the cost of the project is greater than the present value of the after tax cash flows. The NPV is negative.

To find the NPV using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

3. Press compute

I hope my answer helps you

3 0
2 years ago
. Tierney Enterprises is constructing its cash budget. Its budgeted monthly sales are $5,000, and they are constant from month t
mel-nik [20]

Answer:

b.$1,150

Explanation:

Sales Collection   $5,000*.98                      $4,900

Payment of purchases  $5,000*50%            ($2,500)

Other payments            $5,000*25%             ($1,250)

Net Cash flow during a typical month             $1,150      

3 0
3 years ago
Luke is an ordained minister. Luke's salary from his employing church last year was $31,000. The church did not designate any of
nirvana33 [79]

Answer

$31,000

Explanation:

(c) $31,000

Explanation:

As per IRS for Earnings of Clergy, A licensed, commissioned, or ordained minister who performs ministerial services as an employee may be able to exclude from gross income the fair rental value of a home provided as part of compensation (a parsonage) or a housing allowance provided as compensation if it is used to rent or otherwise provide a home. In order to be able to exclude the housing allowance from income, the minister's employing organization must officially designate the housing allowance as such before paying it to the minister.The fair rental value of a parsonage or the housing allowance is excludable only for income tax purposes, and not for Self-employment tax purpose.

In the given case, the church did not designate any of Luke's salaries as a housing allowance. Hence it is not deductible from Gross Income for Income Tax Purposes and irrespective of designation or not, it is not deductible for self-employment tax.

Thus, Full salary of Luke i.e $31,000 must be included when figuring net income for self-employment tax.

7 0
3 years ago
Which of the following practices are not considered essential for a comprehensive JIT implementation: Uniform production (also k
bogdanovich [222]

Answer:

False ( "Large lot sizes" is not considered essential for JIT )

Explanation:

Just in time is an arrangement and alignment of raw material supply with the production process of the business. It minimizes the holding cost, lead time required for delivery of raw material, the setup times and sizes of orders.

The Large lot sizes is not a characteristics of JIT because it may requires the storage facility to place the large orders until used in production which might increase the holding cost.

So, Large Lot Sizes are not considered essential for a comprehensive JIT implementation.

4 0
3 years ago
A person starts her own business after quitting a job in which she made $75,000 a year. Expenses include $100,000 for wages and
romanna [79]
Explicit costs are business expenses that are easily identifiable and can be accounted for.

1) Wages and salaries = 100,000
2) Utilities expenses = 15,000
3) Materials and Supplies = 150,000
4) Gasoline expense = 5,000

100,000 + 15,000 + 150,000 + 5,000 = 270,000 answer is C.
5 0
3 years ago
Other questions:
  • . Accounts receivable that cannot be collected. (p. 412) 2. Crediting the estimated value of uncollectible accounts to a contra
    11·1 answer
  • State or federal codes that specifically apply to businesses are called: A. franchise law B. patent law C. business law D. tax l
    14·2 answers
  • Blumen Textiles Corporation began January with a budget for 90,000 hours of production in the Weaving Department. The department
    12·1 answer
  • Joseph runs a skateboard shop. Recently, he's had some employees who
    9·2 answers
  • Based on the following data, what is the quick ratio, rounded to one decimal point? Accounts payable $ 30,000 Accounts receivabl
    7·1 answer
  • harlotte traveled to Annapolis to attend a 3-day business conference. After her meetings concluded, she stayed 2 additional days
    10·1 answer
  • The following data are available relating to the performance of Sooner Stock Fund and the market portfolio: Sooner Market Portfo
    9·1 answer
  • Define the word buffer in entrepreneurship ( business ) form .
    10·1 answer
  • Roman Company is preparing its cash budget for the upcoming month. The budgeted beginning cash balance is expected to be $40,000
    14·1 answer
  • Which situation would most likely take place in a command economy?
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!