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4 years ago

Following are the transactions of Sustain Company.

Business

1 answer:

Dennis_Churaev [7]4 years ago

5 0

Answer:

Sustain Company

General Journal

June 1

Cash $18,000 (debit)

Common Stock $18,000 (credit)

Cash Received in Exchange of Common Stock

June 2

Furniture $11,000 (debit)

Accounts Receivable $11,000 (credit)

Furniture purchased on credit

June 3

Prepaid Insurance $2,000 (debit)

Cash $2,000 (credit)

Insurance paid in advance

June 4

Accounts Receivable $10,000 (debit)

Service Revenue $10,000 (credit)

Service rendered on credit

June 12

Accounts Payable $11,000 (debit)

Cash $11,000 (credit)

Payment made to suppliers

June 20

Cash $10,000 (debit)

Accounts Receivable $10,000 (credit)

Cash payment received from Accounts

June 21

Cash $17,000 (debit)

Common Stock $17,000 (credit)

Cash Received in Exchange for Common Stock

June 30

Cash $12,000 (debit)

Deferred Revenue $12,000 (credit)

Cash Received for the Services to be Rendered

Explanation:

See the journal Entries and Narrations that i have prepared above.

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To determine whether accounts payable are complete, an auditor performs a test to verify that all merchandise received is record

Leto [7]

To determine whether accounts payable are complete, an auditor performs a test to verify that all merchandise received is recorded. The population of documents for this test consists of all receiving reports.

<h3>What are receiving reports?</h3>

Receiving reposts is a kind of tool that is used to list, document or note all the transaction details of the businesses. It is generally updated and maintained by those employees of the staff who are responsible for receiving or accepting the delivery of goods.

Thus, an auditor runs a test to ensure that every item received is recorded in order to evaluate whether accounts payable are complete. The receiving reports are the population of documents for this test.

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2 years ago

Lindsey’s college will cost her a total of $6,000 a year for the next 3 years. She is also foregoing making $26,000 a year at th

Alex_Xolod [135]

Answer: Lindsey's total investment in education is $18,000.

Since Lindsey's college will cost a total of $6000 per year for the next three years, her total investment in education will be $6000*3 = 18,000$ .

The $26000 per year that's given in the question is the value of Lindsey's earnings if she chose to work at the local mall. This is the gain Lindsey foregoes in each of the three years in order to learn, and represents her opportunity cost or alternate costs.

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3 years ago

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A firm evaluates all of its projects by applying the IRR rule. A project under consideration has the following cash flows: Year

Anna71 [15]

Answer:

18.49%

Explanation:

The internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested.

The IRR can be calculated using a financial calculator:

Cash flow in year 0 = –$28,500

Cash flow in year 1 = $12,500

Cash flow in year 2 = 15,500

Cash flow for year 3 = $11,500

IRR = 18.49%

To find the IRR 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 IRR button and then press the compute button.

I hope my answer helps you

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4 years ago

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It is estimated that it could take up to ____ for your liver to get rid of the alcohol in one standard drink. ✗

stellarik [79]

It is estimated that it could take up to 1 hour for your liver to get rid of the alcohol in one standard drink.

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4 years ago

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The February contribution format income statement of XYZ Corporation appears below: Sales $ 169,500 Variable expenses 96,000 Con

Liono4ka [1.6K]

Answer:

degree of operating leverage= 4.742

Explanation:

Giving the following information:

Contribution margin 73,500

Net operating income $ 15,500

To calculate the degree of operational leverage, we need to use the following formula:

degree of operating leverage= Total contribution margin / operating income

degree of operating leverage= 73,500 / 15,500

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3 years ago