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sweet [91]
3 years ago
8

The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account fo

r $39,000. Receive cash of $31,000 from customers in (a) above. Purchase bike equipment by signing a note with the bank for $24,000. Pay utilities of $3,900 for the current month. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. (Decreases to account classifications should be entered as a negative.)
Business
1 answer:
Zinaida [17]3 years ago
4 0

Answer:

Accounting equation is stated as follows:

Assets = Liabilities + Stockholder's Equity

Transaction 1

Providing services will increase revenue, which will increase stockholder's equity. And since it is on account it will increase assets by the same amount = $39,000

Transaction 2

Cash received will increase cash in assets and will decrease accounts receivables in assets. Net effect = 0

Transaction 3

Purchase of equipment will increase equipment that is asset by $24,000 and further it is purchased through a note payable, it will increase liability with the same amount.

Transaction 4

This will decrease cash as paid in cash which will decrease assets, and further this will be expense for the period which will decrease the revenue and will decrease the stockholder's equity.

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8 0
3 years ago
Read 2 more answers
A proposed project has an initial cost of $38,000 and cash inflows of $12,300, $24,200, and $16,100 for years 1 through 3, respe
In-s [12.5K]

Answer:

IRR is greater than required return by 17.38 - 16.8 % = 0.58 %

so project will accept

Explanation:

given data

initial cost = $38,000

cash inflows year 1 =  $12,300

cash inflows year 2= $24,200

cash inflows year 3 = $16,100

rate of return = 16.8 %

solution

we consider here IRR is = x so

present value of inflows is equal to present value of outflows   .............1

we can say that it as

initial cost = present value

3800 = \frac{12300}{1*x} +\frac{24200}{(1*x)^2} +\frac{16100}{(1*x)^3}

solve it we get

x = 17.38%

here IRR is greater than required return by 17.38 - 16.8 % = 0.58 %

so project will accept

4 0
3 years ago
"The Carla Vista Boat Company's bank statement for the month of November showed a balance per bank of $8,500. The company's Cash
DaniilM [7]

Answer:

Explanation:

                                    The Carla Boat Company

                                     Bank Reconciliation Statement

                                     as at 30th November

Balance as per bank balance                                          $8,500

Add:  Uncredited payment                                              $6,480

Add:   Bank Charges                                                         $50

Add:  Returned Chq                                                           $700

Less:  Outstanding Chqs                                                  ($6,260)

Less:   Note received                                                         ($3,880)

Less: transposition error on payment                             ($54)

Balance as per cash book                                                 $5,536

Journal entries for transactions:

1. Debit : Bank Charges Expenses                         $50

  Credit: Bank Account                                            $50

Being bank charges expenses for the month of Nov

2. Debit: Cash in bank                                           $54

    Credit: Account Payable                                   $54

Being transposition error on Check No 138

3. Debit: Account payable                                      $700

   Credit: Bank Account                                           $700

Being NSF check returned

4. Debit: Bank Account                                           $3,880

   Credit: Notes Receivable                                   $3,748

    Credit: Interest on investment                          $132

Being note receivable and accrued int

4 0
3 years ago
A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense is a(n)________.
ozzi

Answer:

d. account This answer is correct

Explanation:

There are various types of accounts that are reported in the financial statements. The financial statement comprises of the income statement, balance sheet, statement of stockholder equity and the cash flow statement.

The recording of the increase in the specific asset, liability, revenue, expense, etc is called as an account

Just in net income, the revenue and expense account is reported. The asset, liability, stockholder equity which is reported in the balance sheet. The change in the values of the item is reported in the respective amount

7 0
3 years ago
In recent times, the value of "currency" as well as "checkable deposits" was about $___________ billion each.
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Answer:

As of December 2019, the total amount of currency in the US economy was $1,700 billion, while total checkable deposits as of December 2019 was $2,300 billion.

Explanation:

Total M1 money supply in the US economy as of December 2019 was $4 trillion (as stated by the federal reserve)

M1 money supply includes checkable deposits, paper bills and coins (currency) and travelers' checks.

6 0
3 years ago
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