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gtnhenbr [62]
3 years ago
14

A non-governmental, not-for-profit organization held the following investments: Investment Cost Fair value (beginning of the yea

r) Fair value (end of the year) Stock A (100 shares) $50 per share $45 $51 Stock B (200 shares) $40 per share $41 $49
What amount should be the total value of investments reported in the year-end statement of financial position?
a. $22,900
b. $24,800
c. $24,850
d. $23,800
Business
1 answer:
zysi [14]3 years ago
5 0

Answer:

c. $24,850

Explanation:

A non-governmental, not-for-profit organization held the following investments: Investment Cost Fair value (beginning of the year) Fair value (end of the year) Stock A (100 shares) $50 per share $45 $51 Stock B (200 shares) $40 per share $41 $49 ; Bonds Cost $9,000 Fair value (beginning of the year) Fair value (end of the year)$10,000 $9,950

The amount that should be the total value of investments reported in the year-end statement of financial position? will be the fair value of the investments at the end of the year becaue investments by financial reporting standards are carried at fair values unlike physical assets carried at costs

Stock A = 100 Shares x fair value end of year of $51 = 5,100

Stock B = 200 Shares x fair value end of year of $49 = 9,800

Bond @ Fair value end of year...........................................= 9,950

Total............................................................................................$24,850

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3 years ago
The unadjusted trial balance of PS Music as of July 31, 2016, along with the adjustment data for the two months ended July 31, 2
Masja [62]

Answer:

PS Music

1. End of Period Spreadsheet

13 Income Summary (Temporary accounts)

14 Fees Earned                      21,200.00

15 Wages Expense                 2,940.00

16 Office Rent Expense         2,550.00

17 Equipment Rent  Expense  1,375.00

18 Utilities Expense                 1,215.00

19 Music Expense                  3,610.00

20 Advertising Expense       1,500.00

21 Supplies Expense               925.00

22 Insurance Expense           225.00

23 Depreciation Expense        50.00

24 Miscellaneous Expense 1,855.00

Statement of Retained Earnings (Temporary accounts)

11 Retained Earnings

12 Dividends                       1,750.00

Balance Sheet (Permanent accounts)

1 Cash                                       9,945.00

2 Accounts Receivable            4,150.00

3 Supplies                                   275.00

4 Prepaid Insurance                2,475.00

5 Office Equipment                 7,500.00

6 Accumulated Depreciation

-Office Equipment                                          50.00

7 Accounts Payable                                  8,350.00

8 Wages Payable                                          140.00

9 Unearned Revenue                              3,600.00

10 Common Stock                                   9,000.00

11 Retained Earnings

2. PS Music

Income Statement for the year ended July 31, 2016

14 Fees Earned                                        $21,200.00

15 Wages Expense               $2,940.00

16 Office Rent Expense         2,550.00

17 Equipment Rent  Expense  1,375.00

18 Utilities Expense                 1,215.00

19 Music Expense                  3,610.00

20 Advertising Expense       1,500.00

21 Supplies Expense               925.00

22 Insurance Expense           225.00

23 Depreciation Expense        50.00

24 Miscellaneous Expense 1,855.00   $16,245.00

Net income                                             $4,955.00

Statement of Retained Earnings for the year ended July 31, 2016

11 Retained Earnings

Net income                      $4,955.00

12 Dividends                       1,750.00

Retained Earnings          $3,205.00

Balance Sheet as of July 31, 2016

1 Cash                                       9,945.00

2 Accounts Receivable            4,150.00

3 Supplies                                   275.00

4 Prepaid Insurance                2,475.00

Current assets                                            $16,845.00

5 Office Equipment                 7,500.00

6 Accumulated Depreciation       (50.00)    $7,450.00

Total assets                                               $24,295.00

Liabilities

7 Accounts Payable                8,350.00

8 Wages Payable                        140.00

9 Unearned Revenue            3,600.00   $12,090.00

10 Common Stock                 9,000.00

11 Retained Earnings             3,205.00    $12,275.00

Total liabilities and equity                       $24,295.00

3. A. Closing Journal Entries:

14 Debit Fees Earned $21,200.00

13 Credit Income Summary $21,200.00

To close the Fees Earned to Income Summary.

13 Debit Income Summary $16,245.00

Credit:

15 Wages Expense                 2,940.00

16 Office Rent Expense         2,550.00

17 Equipment Rent  Expense  1,375.00

18 Utilities Expense                 1,215.00

19 Music Expense                  3,610.00

20 Advertising Expense       1,500.00

21 Supplies Expense               925.00

22 Insurance Expense           225.00

23 Depreciation Expense        50.00

24 Miscellaneous Expense 1,855.00

To close the expenses to the Income Summary.

13 Debit Income Summary $4,955.00

11 Credit Retained Earnings $4,955.00

To close the net income to retained earnings.

11 Debit Retained Earnings $1,750.00

12 Credit Dividends $1,750.00

To close the dividends to retained earnings.

B. Posting the closing entries:

14 Fees Earned

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                                    21,200.00

Income Summary                 21,200.00

15 Wages Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   2,940.00

Income Summary                                       2,940.00

16 Office Rent Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   2,550.00

Income Summary                                       2,550.00

17 Equipment Rent  Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   1,375.00

Income Summary                                       1,375.00

18 Utilities Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   1,215.00

Income Summary                                       1,215.00

19 Music Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   3,610.00

Income Summary                                       3,610.00

20 Advertising Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   1,500.00

Income Summary                                       1,500.00

21 Supplies Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                       925.00

Income Summary                                        925.00

22 Insurance Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                      225.00

Income Summary                                       225.00

23 Depreciation Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                         50.00

Income Summary                                       50.00

24 Miscellaneous Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                     1,855.00

Income Summary                                      1,855.00

11 Retained Earnings

ACCOUNT TITLE                         DEBIT    CREDIT

Income Summary                                    4,955.00

Dividends                                 1,750.00

Balance                                   3,205.00

12 Dividends

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   1,750.00

11 Retained Earnings                               1,750.00

4. Post-Closing Trial Balance

August 1, 2016

ACCOUNT TITLE                         DEBIT    CREDIT

1 Cash                                       9,945.00

2 Accounts Receivable            4,150.00

3 Supplies                                   275.00

4 Prepaid Insurance                2,475.00

5 Office Equipment                 7,500.00

6 Accumulated Depreciation

-Office Equipment                                          50.00

7 Accounts Payable                                  8,350.00

8 Wages Payable                                          140.00

9 Unearned Revenue                              3,600.00

10 Common Stock                                   9,000.00

11 Retained Earnings                               3,205.00

Total                                    24,345.00 24,345.00

Explanation:

a) Data and Calculations:

PS Music

ADJUSTED TRIAL BALANCE

July 31, 2016

ACCOUNT TITLE                         DEBIT    CREDIT

1 Cash                                       9,945.00

2 Accounts Receivable            4,150.00

3 Supplies                                   275.00

4 Prepaid Insurance                2,475.00

5 Office Equipment                 7,500.00

6 Accumulated Depreciation

-Office Equipment                                          50.00

7 Accounts Payable                                  8,350.00

8 Wages Payable                                          140.00

9 Unearned Revenue                              3,600.00

10 Common Stock                                   9,000.00

11 Retained Earnings

12 Dividends                            1,750.00

13 Income Summary

14 Fees Earned                                     21,200.00

15 Wages Expense                 2,940.00

16 Office Rent Expense         2,550.00

17 Equipment Rent  Expense  1,375.00

18 Utilities Expense                 1,215.00

19 Music Expense                  3,610.00

20 Advertising Expense       1,500.00

21 Supplies Expense              925.00

22 Insurance Expense           225.00

23 Depreciation Expense        50.00

24 Miscellaneous Expense 1,855.00

25 Totals                           42,340.00 42,340.00

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3 years ago
A credit-card company hires telemarketers to call customers to try to entice them to sign up for a new credit card. The telemark
Morgarella [4.7K]

Answer:

The answer is option A) This is an example of continuous reinforcement schedule

Explanation:

A schedule of reinforcement is basically a rule stating which instances of behavior will be reinforced. In some cases, a behavior might be reinforced every time it occurs. Sometimes, a behavior might not be reinforced at all.

continuous reinforcement schedule occurs when reinforcement is delivered after every single target behavior. This is clearly illustrated with the bonus paid to the telemarketers for every fourth application the company receives.

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3 years ago
True or false. the consumer sector is the largest part of the macroeconomy.
antiseptic1488 [7]
The consumer sector is the largest part of the macroeconomy

TRUE
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Prime Corp. has an ending balance in the accounts receivable account of $100,000. Prime recorded bed debt expense of $3000. Prim
Lelu [443]

Answer:

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