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8090 [49]
3 years ago
7

Required:

Business
1 answer:
IgorC [24]3 years ago
8 0

Answer:

Jenna Aracel, the owner, invested $205,000 cash, office equipment with a value of $8,200, and $70,000 of drafting equipment to launch the company in exchange for common stock.

Dr Cash 205,000

Dr Office equipment 8,200

Dr Drafting equipment 70,000

    Cr Common stock 283,200

The company purchased land worth $56,000 for an office by paying $9,800 cash and signing a long-term note payable for $46,200.

Dr Land 56,000

    Cr Cash 9,800

    Cr Notes payable 46,200

The company purchased a portable building with $58,000 cash and moved it onto the land acquired in b.

Dr Building 58,000

    Cr Cash 58,000

The company paid $4,200 cash for the premium on an 18-month insurance policy.

Dr Prepaid insurance 4,200

    Cr Cash 4,200

The company completed and delivered a set of plans for a client and collected $7,600 cash.

Dr Cash 7,600

    Cr Engineering fees 7,600

The company purchased $34,000 of additional drafting equipment by paying $10,400 cash and signing a long-term note payable for $23,600.

Dr Drafting equipment 34,000

    Cr Cash 10,400

    Cr Notes payable 23,600

The company completed $16,000 of engineering services for a client. This amount is to be received in 30 days.

Dr Accounts receivable 16,000

    Cr Engineering fees 16,000

The company purchased $1,950 of additional office equipment on credit.

Dr Office equipment 1,950

    Cr Accounts payable 1,950

The company completed engineering services for $27,000 on credit.

Dr Accounts receivable 27,000

    Cr Engineering fees 27,000

The company received a bill for rent of equipment that was used on a recently completed job. The $1,591 rent cost must be paid within 30 days.

Dr Equipment rental expense

    Cr Accounts payable 1,591

The company collected $9,000 cash in partial payment from the client described in transaction g.

Dr Cash 9,000

    Cr Accounts receivable 9,000

The company paid $1,100 cash for wages to a drafting assistant.

Dr Wages expense 1,100

    Cr Cash 1,100

The company paid $1,950 cash to settle the account payable created in transaction h.

Dr Accounts payable 1,950

    Cr Cash 1,950

The company paid $1,110 cash for minor maintenance of its drafting equipment.

Dr Repairs expense 1,110

    Cr Cash 1,110

The company paid $9,880 cash in dividends.

Dr Dividends 9,880

    Cr Cash 9,880

The company paid $2,000 cash for wages to a drafting assistant.

Dr Wages expense 2,000

    Cr Cash 2,000

The company paid $4,300 cash for advertisements on the Web during June.

Dr Advertising expense 4,300

    Cr Cash 4,300

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On January 1, 2020, Levy Company issues 100 x 5% bonds with a face value of $1500, The bonds mature on December 31, 2030 and pay
JulsSmile [24]

Answer:

$150,000

Explanation:

Calculation for the amount of Cash raised for the Levy Company

Using this formula

Cash raised for Levy Company = Number of Bonds * Face value of the Bond

Let plug in the formula

Cash raised for Levy Company = 100 * $1,500

Cash raised for Levy Company = $150,000

Therefore the amount of Cash raised for the Levy Company will be $150,000

8 0
3 years ago
A record of payroll infornation including computation of gross and net pay, for each employee for the pay period is called a:___
suter [353]

A record of payroll infornation including computation of gross and net pay, for each employee for the pay period, is called a payroll register

A payroll register is a tool that records each employee's payroll information (gross pay, deductions, withholding tax, net pay, and other payroll-related information) for each pay period and pay date.

TERMS USED IN THIS SENTENCE (33) Accounts Payable Clerk checks payroll for accuracy and produces cash receipts for payroll amounts. Employee checks are drawn from this account and are used only for payroll purposes. Before you can cash your paycheck, you must transfer funds from your general cash account.

A payroll book is a printed or electronic spreadsheet that records key employee payroll information for a specific payroll period. Extension definition. A payroll book helps employers conveniently track employee payroll information.

Learn more about net pay here: brainly.com/question/4356180

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5 0
1 year ago
Use the information below to answer the following questions. Currency per U.S. $ Australia dollar 1.2377 6-months forward 1.2356
NikAS [45]

Answer:

Missing word <em>"a. What must the six-month risk-free rate be in Japan"</em>

<em />

a. Spot rate = 1 US $ = 1.2377 Aus.dollar

Forward rate = 1 US $ = 1.2356 Aus.dollar

<u>1.2356</u> = <u>(1 + i Ad)</u>

1.2377     (1 + 0.05)

0.9983 * (1.05) = 1 + i.Ad

1.048215 = 1 + i.Ad

i.Ad = 1.048215 - 1

i.Ad = 0.048215

i.Ad = 4.82%

b. Spot rate = 1 US $ = 100.3300 Japan Yen

Forward rate = 1 US $ = 100.0500 Japan Yen

<u>100.0500</u> = <u>(1 + i Ad)</u>

100.3300     (1 + 0.05)

0.9972 * (1.05) = 1 + i.Ad

1.04706 = 1 + i.Ad

i.Ad = 1.04706 - 1

i.Ad = 0.04706

i.Ad = 4.71%

4 0
2 years ago
An investment adviser representative who prepares financial plans for customers is also a registered life insurance agent in tha
Alex777 [14]

Answer:

D. Recommendation to buy life insurance does not make the investment advice any less objective.

Explanation:

investment adviser representative are also regarded as financial planner are advisers that gives advice in term of financial service to firms or individual or his/ her customer

In the situation described in the question whereby, the agent recommends that a customer sell a mutual fund holding and use the proceeds to buy life insurance, then these information are needed to be disclosed to the customer

✓. Sale of the mutual fund mayor is alt in a taxable event to the customer

✓Recommendation to purchase life insurance is in no way connected to the services offered by the advisory firm

✓Agent will earn a commission on the life insurance purchased by the customer

6 0
3 years ago
Debbie Brooks and Martha Tingstrom lived together. Tingstrom handled their finances. For five years, Brooks did not look at any
GaryK [48]

Answer:

Forgery refers to the crime pertaining to, alternation of legal obligation or rights in writing of another person. It is the production of the spurious work which is being considered to be genuine such as a painting, and coin. It is the action underlying imitation or forging a copy of the document, banknote, work of art and signature.

In the case, Debbie Brooks is solely responsible for the loss caused to her by the forged transaction. The fraud took place due to the recklessness of Debbie Brooks as she allowed Martha Tingstrom to handle her financial resources and accounts which in itself is a mistake. She failed to notice the transaction details promptly issued to her periodically  by her bank and provided the details of such transaction to the bank within a period of 30 days. The bank is not liable as it has perform its obligation to the fullest. Therefore, it is ascertained that Debbie Brooks is solely responsible for the loss caused to her by the forged transaction made by Martha Tingstrom.

Explanation:

4 0
3 years ago
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