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Anvisha [2.4K]
3 years ago
9

Report the effects for each of the following independent transactions using the financial statement effects template provided Ba

lance Sheet Noncash Assets Earned Transaction Cash Asset + Liabilities+ Contributed Revenu Capital Capital
(a) Issue stock for $1,500 cash
(b) Purchase inventory for $750 cash
(c) Sell inventory from (b) for $3,000 on credit
(d) Record $750 for cost of inventory sold in (c)
(e) Receive $3,000 cash on receivable from (c) Totals
Business
1 answer:
Marianna [84]3 years ago
3 0

Answer:

since there is not enough room here, I prepared an excel spreadsheet

Explanation:

 

Download pdf
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Cheese Factory Incorporated reported the following information for the fiscal year ended August 31, 2015.
Slav-nsk [51]

Answer:

              CHEESE FACTORY INCORPORATED

                            Income Statement

                For the Year Ended August 31, 2015

Revenues:  

Sales revenue                                                 $1,738,000

Total revenue                                           $1,738,000

Expenses

Salaries and wages expense  $975,000

Office expenses                       $115,000

Utilities expense                       $550,000

Total expenses                                                <u>$1,640,000</u>

Net income                                                      <u>$98,000</u>

                CHEESE FACTORY INCORPORATED

                   Statement of Retained Earnings

              For the Year Ended August 31, 2015

Retained earnings, beginning       $414,000

Add: Net income                            $98,000

Less: Dividends                              <u>$14,000  </u>

Retained earnings, ending           <u>$498,000</u>

6 0
2 years ago
Guiding Question
daser333 [38]

Answer:

C.

Explanation:

C. Unitariy Elastic

Demand

For the building in option C.

7 0
2 years ago
______________ is/are an example of a detective control. a. Physical access controls b. Encryption c. Log analysis d. Emergency
dedylja [7]

Answer:

(C) Log Analysis

Explanation:

  • Detective Control: An accounting term used to find problems within a company's processes

Log Analysis is a computer management system that logs records. This log analysis records everything, so if there is an ongoing problem, it will be recorded. Once its recorded and known, a solution can be provided.

7 0
3 years ago
Mary knits sweaters for sale. Her fixed costs are $100. When she makes 10 sweaters in one month, Mary must spend $15 on wool. To
34kurt

Answer:

$2

Explanation:

Given that

The fixed cost = $100

Cost on wool if 10 sweater are made in a month = $15

Cost on wool if 11 sweater are made in a month = $17

Since it involves no other cost

So, the marginal cost of the eleventh sweater is

= Cost on wool when 11 sweater made in one month - Cost on wool when 10 sweater made in one month

= $17 - $15

= $2

4 0
3 years ago
Laguna Print makes advertising hangers that are placed on doorknobs. It charges $0.04 and estimates its variable cost to be $0.0
tankabanditka [31]

Answer:

Break-even point= 150,000 hangers

Explanation:

Giving the following information:

It charges $0.04 and estimates its variable cost to be $0.01 per hanger. Laguna’s total fixed cost is $4,500 per month.

To calculate the number of hangers we need to use the following formula:

Break-even point= fixed costs/ contribution margin

Break-even point= 4,500 / (0.04 - 0.01)= 150,000 hangers

3 0
2 years ago
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