1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Dafna1 [17]
3 years ago
6

Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company’s recor

ds show the following accounts and amounts for the month of August. Cash $ 25,310 C. Camry, Withdrawals $ 5,950 Accounts receivable 22,320 Consulting fees earned 26,960 Office supplies 5,200 Rent expense 9,500 Land 43,970 Salaries expense 5,560 Office equipment 19,960 Telephone expense 820 Accounts payable 10,700 Miscellaneous expenses 470 rev: 09_05_2018_QC_CS-135673 Use the above information to prepare an August statement of owner’s equity for Help Today. The owner’s capital account balance at July 31 was $0, and the owner invested $101,400 cash in the company on August 1.
Business
2 answers:
ahrayia [7]3 years ago
7 0

Answer:

Equity at August 1st                                       0

adds: Carmen Camry Investment    101,4000

Net Income                                               5,410

Subtotal                                                106,810

Withdrawals                                           -5,950

Carmen Camry capital account at the end of August 31th  100,860

Explanation:

We have to calculae the net income

Fees earned                            26,960

office                           5,200

rent expense                   9,500

salaries expense           5,560

telephone expense      820

miscellaneous expenses    470

Total Expenses         21,550

Net Income                            5,410

Then we do the equity stamtent:

beginning + investment + net income - withdrawals = ending

Equity at August 1st                                       0

adds: Carmen Camry Investment    101,4000

Net Income                                               5,410

Subtotal                                                106,810

Withdrawals                                           -5,950

Carmen Camry capital account at the end of August 31th  100,860

Anastaziya [24]3 years ago
3 0

Answer:

                                            HELP TODAY

                            STATEMENT OF OWNER'S EQUITY

                        FOR THE YEAR ENDED 31 AUGUST xxxx

                                                                   <u>$</u>

Camry: Opening Balance                                  0

  Add : Investment contribution            101, 400

            Net income                                  10, 610

  Less: Drawings                                  <u>    (5,950)</u>

Camry: Closing Balance                      <u> 106, 060</u>

Explanation:

The statement of owner's equity shows changes that occurred in the capital account in a business classified as a sole proprietorship (a business owned and managed by one person). This statement comprises of any contributions by the owner plus any operating income generated less operating costs and drawings made by the owner. In order to arrive at the above valuation, net income should be calculated. This is done by subtracting all expenses ($16350) from the consulting fees revenue ($26,960) that was generated during August. The net income generated was $10, 610 ($26,960 - ($9500 + $5560 + 820 + 470)). The drawings amount and initial contribution were both given in the question.

Note: The office supplies are considered to be an asset in Help Today. However, if the office supplies were to be treated as an expense, then the net income would be reduced by $5200.

You might be interested in
This information relates to Sunland Company for the year 2017. Retained earnings, January 1, 2017 $83,080 Advertising expense 2,
babymother [125]

Answer:

Net Income : $16.616

Retained Earnings: $92.256

Please see details below:

Explanation:

Income Statement 2017

Sales  $71.920  

Advertising Expenses -$2.232  

Miscellaneous Expenses -$50.096  

Utilities Expenses -$2.976  

Net Income $16.616  

Retained Earnings Report  

Opening retained earnings $ 83.080

Add: Net Income $ 16.616

Subtotal $ 99.696

Less: Dividens -$ 7.440

Total $ 92.256

8 0
3 years ago
why might a company decide to outsource (i.e., buy) a product that they currently make in their company-owned operations?
mestny [16]

Companies outsource to save costs or improve the value of their goods. There are several options when deciding whether to outsource a business' operations or production.

The use of outsourcing has increased as a way for businesses to cut expenses and concentrate on what they do best. A business precise known as outsourcing involves a corporation hiring a third party to carry out duties, manage operations, or offer services on their behalf.

Reduce and manage operating expenses. Enhance the company's focus. liberate internal resources for fresh endeavors. Increase output for some time-consuming tasks for which the organization may lack the resources.

The finest examples of outsourcing include website creation, office and warehouse cleaning, and advertising.

To learn more about outsourcing

brainly.com/question/14202035

#SPJ4

3 0
1 year ago
Which of the following is not correct?
kari74 [83]

The correct answer is option B. Frictional unemployment is the result of worker skills not matching the jobs available. This type of unemployment normally occurs as a result of workers and employers not having enough or the proper information when looking for a new job, or looking for a new employee. Sometimes the worker is not being successful in finding the right company that is looking for someone with skills that the person possesses. Or sometimes is the company that believes that they should not hire someone, waiting to fins a better candidate.

Read more on Brainly.com - brainly.com/question/11481076#readmore

5 0
3 years ago
DW has an ending Retained Earnings balance of $51,100. If during the year DW paid dividends of $4,300 and had net income of $22,
ANEK [815]

Answer:

C. $32,900

Explanation:

The computation of the beginning retained earning balance is shown below"

As we know that

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

$51,100 = Beginning retained earning balance + $22,500 - $4,300

$51,100 = Beginning retained earning balance + $18,200

So, the beginning retained earning balance would be

= $51,100 - $18,200

= $32,900

8 0
3 years ago
One seller strategy for building value is to
dusya [7]
C) create an effective marketing plan for customers
7 0
3 years ago
Other questions:
  • "An adolescent is to receive radioactive iodine for Graves' disease. Which statement by the client reflects the need for more te
    5·1 answer
  • One unit of a peso in a Latin American country was defined as equivalent to 12 grains of "fine" (pure) gold, while one unit of i
    9·1 answer
  • The product of sports marketing at the university of alabama are seats at the home games.
    12·1 answer
  • The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:
    6·1 answer
  • Short Term Inc. has issued zero-coupon bonds that mature in one year. The returns from holding these bonds have a beta of 0.25.
    8·1 answer
  • Fred purchases a bond, newly issued by the Big Time Corporation, for $10,000. The bond pays $400 to its holder at the end of the
    9·1 answer
  • Which of the following represents an opportunity for generating a new product?
    5·1 answer
  • Talia’s Tutus bought a new sewing machine for $55,000 that will be depreciated over 5 years using double-declining-balance depre
    10·1 answer
  • Negative Impact of crime on a business​
    5·1 answer
  • an activity-based costing system blank . multiple select question. uses numerous overhead cost pools is used for external report
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!