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Fiesta28 [93]
3 years ago
6

During the month of September, the Texas Go-Kart Company had the following business activities: a. On September 1, paid rent on

the track facility for six months at a total cost of $7,200. b. On September 1, received $45,600 for season tickets for 12-month admission to the race track. On September 1, booked the race track for a private organization that will use the track one day per month for $1,700 each time, to be paid in the following month. The organization uses the track on September 30. d. On September 1, hired a new manager at a monthly salary of $2,300, to be paid the first Monday following the end of the month. Required: 1. Prepare the journal entry, if any, required to record each of the initial business activities on September 1 2. Prepare the adjusting journal entries, if any, required on September 30
Business
1 answer:
KiRa [710]3 years ago
6 0

Answer:

Explanation:

a)

Sept.1

Dr Prepaid rent 7200

   Cr Cash 7200

Sept.30

Dr Rent expense (7200/6) 1200

    Cr Prepaid rent 1200

b)

Sept.1

Dr Cash 45,600

   Cr Unearned revenue 45,600

Sept.30

Dr Unearned revenue (45,600/12) 3800

   Cr Ticket revenue 3800

d)

Sept.1 - no journal entry

Sept.30

Dr Salary expense 2300

    Cr Salaries payable 2300

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Answer:

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5 0
2 years ago
Getting merchandise floor-ready entails:
Gre4nikov [31]

Answer:

The correct answer is option B

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3 0
3 years ago
Brown Street Grocers has a cost of equity of 11.8 percent, a pre-tax cost of debt of 6.9 percent, and a tax rate of 35 percent.
motikmotik

Answer:

The correct answer to the following question is option E) 9.06% .

Explanation:

Here the cost of equity given is  - 11.8%

Pre tax cost of debt- 6.9%

Tax rate- 35%

So the after tax cost of debt - 6.9% x 65%

= 4.485%

The debt to equity ratio - .6

So the weight of debt - .6 / ( 1 + .06 )

= .375

Weight of equity - 1 / ( 1 + .06 )

= .625

Weighted average cost of capital =

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= 1.681875 + 7.735

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5 0
3 years ago
The next dividend payment by Dizzle, Inc., will be $2.48 per share. The dividends are anticipated to maintain a growth rate of 4
Juliette [100K]

Answer:

Cost of equity   = 10.7%

Explanation:

<em>According to the dividend valuation, the value of a stock is the present value of expected future dividends discounted at the required rate of return.</em>

<em>The model can me modified to determined the cost of equity as follows:</em>

Cost of equity = D/P  + g

d- dividend payable next period, p- price of stock ,, - g- growth rate

D- 4.5%, p- $2.48 , g -4.5%

Cost of equity = (2.48 /39.85) + 0.045

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6 0
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Gerald believes that most of his subordinates dislike work and would avoid it if possible. he also believes that his employees h
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7 0
3 years ago
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