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3 years ago

The Containers Inc. experienced the following events during its first year of operations,

Business

1 answer:

blsea [12.9K]3 years ago

3 0

Answer:

a. Would the accounts receivable account appear in the assets, liabilities, or stockholders' equity section of the December 31, Year 1, balance sheet?

The accounts receivable account would appear in the assets section, and more specifically, in the current assets section. This is because accounts receivable are considered to be an assset.

b. Determine the balance of the accounts receivable account that would appear on the December 31, Year 1, balance sheet.

The Containeres Inc. first earned $25,000 on account, and by the end of the year, it had collected $22,000, thus, the final balance of the accounts receivable is $3,000.

c. Determine the amount of net income that would appear in the Year 1 income statement.

Net Income = Revenue - Expenses

Net Income = $25,00 - $18,000

= $7,000

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The Nelson Company has $1,312,500 in current assets and $525,000 in current liabilities. Its initial inventory level is $380,000

Sedbober [7]

Answer:

company can value of $190909.1

Explanation:

Given data:

current assets = $1,312,500

current liabilities = $525,000

initial inventory level is $380,000

current ratio = 2.2

current liabilities is calculated as $= \frac{Current/ Assets}{current/ ratio}$

plugging all value in above relation

current liabilities $= \frac{1312500}{2.2}$

current liabilities = $ 596590.90

and we know current liabilities is $525,000. Thus company can value of $190909.1

8 0

2 years ago

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: Beginni

melamori03 [73]

Answer:

City of Buffalo Falls

a. Journal Entries:

Beginning balances:

Jan.1, 2020 :

Description Debit Credit

Cash $93,000

Taxes Receivable $189,500

Accounts Payable $52,250

Fund Balance $230,250

To record opening balances of the General Fund.

Transactions during the year:

Description Debit Credit

Taxes Receivable $1,230,000

Estimated Revenue $1,230,000

To record the estimated revenue for the year.

General Government $1,227,400

Accounts Payable $1,227,400

To record the estimated appropriations for the year.

Property taxes receivable $915,000

Other revenue receivable $315,000

Estimated revenue $1,230,000

Cash Account $1,182,500

Property taxes receivable $885,000

Other revenue receivable $297,500

To record the cash receipts.

Contracts $95,250

Accounts Payable $95,250

To record contracts for services.

Debit General Government $963,500

Credit Accounts Payable $963,500

To record the other expenditures.

Debit Accounts Payable $1,092,500

Credit Cash Account $1,092,500

To record payment on account.

b. Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund:

Estimated Revenue $1,230,000

less Expenditure:

Contracts 95,250

Other expenditures 963,500

Change in fund $171,250

Fund balance b/f 230,250

Fund balance c/f $401,500

c. Balance Sheet for the General Fund:

Cash $183,000

Taxes Receivable 237,000

Total assets $420,000

Accounts Payable $18,750

Fund balance 401,500

Total liabilities + Fund $420,250

Explanation:

a) Cash Account:

Beginning balance $93,000

Property taxes 885,000

Other revenue 297,500

less Accounts payable 1,092,500

Ending balance $183,000

b) Taxes Receivable

Beginning balance $189,500

Estimated Revenue 1,230,000

less Receipts:

Property taxes 885,000

Other revenue 297,500

Ending balance $237,000

c) Accounts Payable

Beginning balance $52,500

Other expenditure 963,500

Contracts 95,250

Less payments 1,092,500

Ending balance $18,750

4 0

3 years ago

Glendale Paving currently has 45,000 shares of stock outstanding that sell for $38 per share. Assume no market imperfections or

Aloiza [94]

Answer:

$31. 15

Explanation:

From the question we are required to find the new stock price considering that no market imperfections or tax effects exist.

stock dividend = 22 percent

Amount per share = $38

At a a stock dividend of 22 percent, new share price would be

= $38(1 / 1.22)

= $31.15

3 0

3 years ago

One reason taco bell raised its prices was the result of an increase in _____.

umka21 [38]

<span>One reason taco bell raised its prices was the result of an increase in costs.</span>

7 0

2 years ago

Read 2 more answers

Consider the market for bagels, which is currently at equilibrium, and where Pbagel and Qbagel denote the price and quantity of

UNO [17]

Answer:

please refer to attachment for more explanation

Explanation:

a. a. Since both goods are complementary goods an increase in the price of cream cheese would cause equilibrium price and quantity of bagel to decrease.

b. If the price of the substitute good croissant decreases then the demand for bagel will fall since croissant is obviously cheaper therefore demand curve will shift downward and price and quantity will fall.

c. Lower income of the consumer would make the demand for the inferior good bagel to rise. Demand curve will shift upwards and price and quantity will rise.

7 0

3 years ago