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3 years ago

6

William uses his bank credit card frequently; however, he always pays off the total balance on the card each month. what feature

s should william especially look for in a credit card?

1 answer:

Fiesta28 [93]3 years ago

4 0

William should look for a credit card with no annual fees and long grace period

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Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $10.

Crank

Answer:

Vanishing Games Corporation (VGC)

1. Analysis of the effect of transactions on the accounting equation:

Assets = Liabilities + Equity

Assets (Cash) increases +$52,500 and Assets (Accounts Receivable) decreases -$52,500 = Liabilities + Equity.

b. Assets (Cash) increases +$235,000 = Liabilities + Equity (Retained Earnings) increase + $235,000.

c. Assets (Equipment) increases +41,900; Cash decreases -$12,000 = Liabilities (Notes Payable) increase +$29,900 + Equity.

d. Assets (Cash) decreases -$15,600 = Liabilities + Equity (Retained Earnings) decrease - $15,600.

e. Assets (Cash) increases + $50,500 and (Accounts Receivable) increases + $50,500 = Liabilities + Equity (Retained Earnings) increase + $101,000.

f. Assets = Liabilities (Accounts Payable) increase +$5,900 + Equity (Retained Earnings) decrease -$5,900.

g. Assets (Cash) decreases - $310,000 = Liabilities + Equity (Retained Earnings) decreases - $310,000.

h. Assets (Supplies) increase + $5,100 = Liabilities (Accounts Payable) increase +$5,100 + Equity.

i. Assets (Cash) decreases - $5,100 = Liabilities (Accounts Payable) decrease - $5,100 + Equity.

2. Journal Entries:

a. Debit Cash Account $52,500

Credit Accounts Receivable $52,500

To record cash from customers.

b. Debit Cash Account $235,000

Credit Service Revenue $235,000

To record cash for service revenue.

c. Debit Equipment $41,900

Credit Cash Account $12,000

Credit Notes Payable $29,900

To record purchase of 10 new computer services

d. Debit Advertising Expense $15,600

Credit Cash Account $15,600

To record payment for advertising.

e. Debit Cash Account $50,500

Debit Accounts Receivable $50,500

Credit Service Revenue $101,000

To record subscriptions for services sold.

f. Debit Utilities Expense $5,900

Credit Utilities Payable $5,900

To record utilities expense.

g. Debit Wages & Salaries Expense $310,000

Credit Cash Account $310,000

To record wages paid.

h. Debit Supplies Account $5,100

Credit Accounts Payable $5,100

To record purchase of supplies on account.

i. Debit Accounts Payable $5,100

Credit Cash Account $5,100

To record payment on account.

3. T-Accounts:

Cash Account

Beginning Balance $2,360,000 c. Equipment 12,000

a. Accounts Receivable 52,250 d. Advertising Expense 15,600

b. Electronic Arts, Inc. 235,000 g. Wages & Salaries 310,000

e. Service Revenue 50,500 i. Accounts Payable 5,100

<u> </u> Balance c/d <u> 2,355,050</u>

<u>2,697,750</u> <u>2,697,750</u>

Balance b/d 2,355,050

Accounts Receivable

Beginning Balance 152,000 a. Cash 52,250

e. Service Revenue <u>50,500</u> Balance c/d <u>150,250</u>

<u>202,500</u> <u>202,500</u>

Balance b/d 150,250

Supplies

Beginning Balance 19,100 Balance c/d 24,200

Accounts Payable <u> 5,100</u> <u> </u>

<u>24,200</u> <u>24,200</u>

Balance b/d 24,200

Equipment

Beginning Balance 948,000 Balance c/d 989,900

c. Cash 12,000

c. Notes Payable <u>29,900</u> <u> </u>

<u>989,900</u> <u>989,900</u>

Balance b/d 989,900

Land

Beginning Balance 1,920,000

Building

Beginning Balance 506,000

Accounts Payable

i. Cash 5,100 Beginning Balance 109,000

Balance c/d <u>109,000</u> h. Supplies <u> 5,100</u>

<u>114,100</u> <u>114,100</u>

Balance b/d 109,000

Unearned Revenue

Beginning Balance 152,000

Advertising Expense

d. Cash 15,600

Utilities Expense

f. Utilities Payable 5,900

Utilities Payable

f. Utilities Expense 5,900

Wages & Salaries Expense

g. Cash 310,000

Service Revenue

b. Cash 235,000

Balance c/d 336,000 e. Cash 50,500

<u> </u> e. Accounts Receivable <u> 50,500</u>

<u>336,000</u> <u>336,000</u>

Balance b/d 336,000

Notes Payable (due 2018)

Balance c/d 109,900 Beginning Balance 80,000

<u> </u> c. Equipment <u>29,900</u>

<u>109,900</u> <u>109,900</u>

Balance b/d 101,000

Common Stock

Beginning Balance 2,200,000

Retained Earnings

Beginning Balance 3,364,100

4. Trial Balance as at January 31:

Debit Credit

Cash $2,355,050

Accounts Receivable 150,250

Supplies 24,200

Equipment 989,900

Land 1,920,000

Building 506,000

Advertising expense 15,600

Utilities Expense 5,900

Utilities Payable $5,900

Wages & Salaries 310,000

Service Revenue 336,000

Notes Payable 109,900

Accounts Payable 109,000

Unearned Revenue 152,000

Common Stock 2,200,000

Retained Earnings <u> </u> <u>3,364,100</u>

Total <u>$6,276,900 </u> <u>$6,276,900</u>

Explanation:

a) Note: the adjustment of the Utilities could have been eliminated to produce the same result, with totals reduced by $5,900.

5 0

3 years ago

You are a risk-averse investor who is considering investing in one of two economies. The expected return and volatility of all

galben [10]

Answer:

It's best to invest in the second economy

Explanation:

The question does not provide information on the hypothetical economic expectations of the two economies, but as a risk-averse investor, it's a better idea to try to "spread" the risk instead of concentrating it.

In the first economy, conditions might or might not be good. If they are good, returns will be extraordinary because all stocks will provide good returns, but if conditions take a turn for the worse, all stocks prices will fall and the financial consequences will be catastrophic.

In the second economy, results might never be as good as in the first economy, but they also will not ever be as bad. The risk is spread between various stocks, and while some may fall in price, others will rise, and viceversa. For a risk-adverse investor, this a far better option.

3 0

2 years ago

Do you think a nation’s output should be distributed according to income or according to some other standard (such as basic huma

melomori [17]

Answer:

i think that income is built for order and human need

Explanation:

if we distributed according to human need that's technically a communist country

8 0

2 years ago

What will you need to change to make the message appropriate for both a subordinate and other subordinates? Make the message eve

bezimeni [28]

Answer: The correct answer is "Focus on congratulating the team using each individual’s name and use a more formal tone.".

Explanation: In order for the message to be more appropriate both for a subordinate and for other subordinates, the team and each individual subject should be congratulated with their own name so that they feel part of it and feel that their work is important for the team always in a formal tone that maintains respect among all.

4 0

2 years ago

Crossfade Corp. has a bond with a par value of $2,000 that sells for $1,902.14. The bond has a coupon rate of 6.48 percent and m

Virty [35]

Answer:

yield to maturity = 7.06%

Explanation:

yield to maturity (YTM) is calculated using the following formula:

YTM = {C + [(FV - PV) / n]} / [(FV + PV) / 2]

FV = $2,000
PV = $1,902.14
C = $2,000 x 6.48% x 1/2 = $64.80
n = 12 x 2 = 24

YTM = {64.80 + [(2,000 - 1,902.14) / 24]} / [(2,000 + 1,902.14) / 2] = (64.80 + 4.0775) / 1,951.07 = 0.0353 or 3.53% semianually or 7.06% annually

Since the bond sells at a discount, its yield to maturity will be higher than the coupon rate.

8 0

3 years ago