How do quits and layoffs help improve labor market efficiency?

Nature of Transactions Kristoff Walker operates his own catering service. Summary financial data for February are presented in e

vichka [17]

Answer:

A. Description for :

Transaction 1 - Provided catering service for cash

Transaction 2 - Purchase of land for cash

Transaction 3 - Payment of cash for expenses

Transaction 4 - Purchase of supplies on account

Transaction 5 - Withdrawal of cash by owner

Transaction 6 - Payment of cash to creditors

Transaction 7 - Recognition of cost of supplies used

B. The amount of the net decrease in cash during the month = 13,900

C. The amount of the net increase in owner's equity during the month = 3700

D. The amount of the net income for the month = 5500

E. The net income for the month was retained in the business = 3700

Explanation:

a)

Description for :

Transaction 1 - Provided catering service for cash

Transaction 2 - Purchase of land for cash

Transaction 3 - Payment of cash for expenses

Transaction 4 - Purchase of supplies on account

Transaction 5 - Withdrawal of cash by owner

Transaction 6 - Payment of cash to creditors

Transaction 7 - Recognition of cost of supplies used

b.)

Net decrease = Closing Balance - opening Balance

= 27,600 - 13,700

= 13,900

⇒The amount of the net decrease in cash during the month = 13,900

c.)

Net increase in owner's equity = ( Opening capital balance - Drawing + Income earned during the year - Expenses incurred during the year ) - Opening capital

⇒Net increase = ( 92,700 - 1800 + 32,300 - 26,800 ) - 92,700

= 96,400 - 92,700 = 3700

⇒The amount of the net increase in owner's equity during the month = 3700

d.)

Amount of the net income for the month = Total Income - Expenses

= 32,300 - 26,800

= 5500

⇒Amount of the net income for the month = 5500

e.)

Net income for the month was retained in the business = Net Income - Drawings

⇒Net income was retained in the business = 5500 - 1800

= 3700

⇒Net income for the month was retained in the business = 3700

7 0

2 years ago

High Step Shoes had annual revenues of $202,000, expenses of $112,200, and dividends of $24,800 during the current year. The ret

wel

Answer and Explanation:

The journal entry required to close the income summary account is given below:

Income summary Dr ($202,000 - $112,200) $89,800

To retained earnings $89,800

(Being the closing of the income summary is recorded)

The above entry should be passed for closing out the income summary account

The same is to be considered

5 0

2 years ago

What is the advantage of having only one inbox? a. You can take it with you wherever you go b. You never have to wonder if you a

horsena [70]

You never have to wonder if you are forgetting something

4 0

3 years ago

Imagine that you are the manager of valley skateboard shop. the accountant for the business has delivered the news that sales ar

Gekata [30.6K]

Answer:

what I think is that it should decrease by 50%

Explanation:

why do I think that I think that because every one needs a discount

8 0

3 years ago

A factory machine was purchased for $216000 on January 1, 2022. It was estimated that it would have a $40000 salvage value at th

Gelneren [198K]

Answer:

b. $17600

Explanation:

The computation of the amount of depreciation expense for the year 2022 is shown below:

But before that first we have to find out the per hour rate which is

Units-of-production method:

= (Original cost - residual value) ÷ (estimated production)

= ($216,000 - $40,000) ÷ (55,000 hours)

= ($176,000) ÷ (55,000 hours)

= $3.2 per hour

Now for the 2022 year, it would be

= Machine runs in 2022 year × depreciation per hour

= 5,500 hours × $3.2

= $17,600

5 0

3 years ago