All categories

3 years ago

This information relates to Monty Real Estate Agency.

Business

1 answer:

kotykmax [81]3 years ago

3 0

Answer:

Journal Entries

Date Account Titles and Explanation Debit Credit

Oct. 1 Cash $34,040

Common Stock $34,040

(To record the cash is invested in the business)

Oct. 2 No Journal Entry $0

Oct. 3 Office Furniture $4,110

Accounts Payable $4,110

(To record the purchase of office furniture on account)

Oct. 6 Accounts Receivable $10,780

Service Revenue $10,780

(To record the services provided but cash is not yet collected)

Oct. 10 Cash $165

Service Revenue $165

(To record the services provided by cash)

Oct. 27 Accounts Payable $690

Cash $690

(To record the payment made on accounts payable

relating to office furniture)

Oct. 30 Salaries Expense $2,740

Cash $2,740

(To record the payment of salaries to the assistant)

You might be interested in

Your younger sister needs $50 to buy a new bike. She has opened a lemonade stand to make the money she needs. She currently is c

AleksandrR [38]

The correct answer is: "I would recommend her not to increase the price, because with an elastic demand function this will cause a great decrease in the quantity demanded by consumers".

The demand function represents the quantity of a certain good or service that consumers are willing to purchase in the market at different price levels. The law of demand states that there is an inverse relationship between price and quantity demanded (ceteris paribus, hence, given that the rest remains equal). <u>Therefore, when the price charged decreases, the amount that consumers are willing to purchase increases. </u>

In turn, the elasticity of the demand function measures the sensitiveness of the quantity demanded by consumers when there is a certain price change. If the demand function is elastic it means that a price variation would generate an even larger variation (in the inverse direction of course!) in the quantity demanded. <u>This is the case of the lemonade stand therefore the girl should not increase prices because this will not help her to reach her objective quicke</u>r, as she would loss a greater proportion of units sold than the size of the price increase that would have allowed her to earn more per unit.

5 0

3 years ago

In March 2018, Daniela Motor Financing (DMF), offered some securities for sale to the public. Under the terms of the deal, DMF p

kiruha [24]

Answer:

The rate of return is 7.20%

Explanation:

a) Assuming you purchased the bond for $880, in order to calculate the rate of return you earn if you held the bond for 25 years until it matured with a value $5,000 we would have to calculate the following formula:

Rate of Return = [FV/PV]1/n - 1

Rate of Return= [$5,000 / $880]1/25 - 1 = [5.6818]0.04 - 1 = 1.0720 - 1 = 0.0720, or 7.20%

Rate of Return= [5.6818]0.04 - 1

Rate of Return= 1.0720 - 1

Rate of Return=0.0720, or 7.20%

The rate of return is 7.20%

5 0

3 years ago

Accounts receivable from sales to customers amounted to $40,000 and $32,000 at the beginning and end of the year, respectively.

natima [27]

Answer:

a. $118,000

Explanation:

When preparing a cash flow statement, using indirect method we add decrease in current assets and we deduct increase in current assets.

Here it is provided that income reported = $110,000

Opening balance of accounts receivables = $40,000

Closing balance of accounts Receivables = $32,000

Change in Accounts receivables = Closing - Opening = $32,000 - $40,000 = - $8,000

Therefore there is decrease in accounts receivables which is a current asset.

Thus Cash Flow from operating activities

Net Income = $110,000

Add: Decrease in current assets = $8,000

Net cash flow from operating activity = $118,000

Correct option is

a. $118,000

6 0

3 years ago

An ad for asian sensations' newest product line of snack foods encourages readers to "thai something new." in this example, the

alina1380 [7]

Is used to persuade the customer

4 0

3 years ago

Scoop Masters Inc. has been charged by Fab Flavors Corp. with stealing Fab Flavors' patented process for making ice cream. After

amm1812

Answer:

No - FALSE

Explanation:

Scoop Masters Inc. has been charged by Fab Flavors Corp. with stealing Fab Flavors' patented process for making ice cream. After the papers are filed, Scoop Masters begins shredding all documents pertaining to its ice cream-making process. Since no motion has been made requesting production of documents, Scoop Masters has done nothing wrong is a false statement. Scoop Masters Inc. has done really wrong. They have stolen someone else's idea of making a product even without their consent and then without mentioning their name and rights and trademarks. Moreover, they shredded all the proof in order not to be caught by the court in law. They have some serious crime which is totally wrong and unacceptable in all cases at all grounds.

8 0

3 years ago