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
Lera25 [3.4K]
3 years ago
5

Sheridan Company, a computer services company, entered into these transactions during May 2017, its first month of operations.

Business
1 answer:
andreyandreev [35.5K]3 years ago
5 0

Answer:

                  Sheridan Company

NUMBER    ASSET     LIABILITY      EQUITY   EXPLANATION

                       $                   $                  $

1                  35,000                              35,000           The issue of stock for cash would involve increase in asset and an increase in equity component of the company.

2                 32,900           32,900                                 The purchase of equipment on credit would increase the asset of the company and also increase the liability as it was purchased on account.

3                   -3600                                     -3600             Payment of rent which is an expense would involve an outflow of cash thus reducing the cash component in asset and reduce the retained earnings of the company that would be recorded under stockholders' equity

4                    18100                                       18100              The inflow from computer services is a revenue to the company and under asset would increase the account receivable while on the equity side it would also increase the retained earnings of the company

5                    5900                                       5900              The inflow from computer services is a revenue to the company and under asset would increase the cash component since cash was paid while on the equity side it would also increase the retained earnings of the company

6                   -7100                                        -7100             Payment for energy which is an expense would involve an outflow of cash thus reducing the cash component in asset and reduce the retained earnings of the company that would be recorded under stockholders' equity

7                  -32,900          -32,900                                 The payment for the equipment would reduce the cash component and also reduce the liability component as the debt would have cleared off

8                                           3600               -3600             Advertising rent incurred on account would increase the liability component and also reduce the retained earnings under shareholders equity  

9                   11900            -11900                                       Being increase in cash from payment of services and reducing the liability owed    

Explanation:

Assets = Cash, Equipment, Account receivable

Liability = Account payable

Stockholders' equity = common stock, retained earnings (revenue, expenses)

You might be interested in
Property rights are
Vlad1618 [11]

Property rights are: b. The right that individuals or firms have to buy or sell their property, and the exclusive use of their property

These properties can either be owned by the government, an organization or an individual. The right to property has four properties or rights:

Good’s usage

Make money from the goods

Sell the good to others

Property rights administration

7 0
3 years ago
An export subsidy is a. a fee that is charged to a country that ships goods to the U.S. b. a limit on the quantity of a good or
aleksandrvk [35]

Answer:

c. a payment to a firm or individual that ships a good abroad

Explanation:

Export subsidy is a payment to a firm or individual that ships a good abroad. The aim of export subsidy is to encourage export. Thus, it increases the amount of goods and services that can be sold abroad.

I hope my answer helps you

8 0
3 years ago
Read 2 more answers
Notes or accounts receivables that result from sales transactions are often called A. non-trade receivables.B. trade receivables
oksian1 [2.3K]

Answer:

B. trade receivables

Explanation:

Trade receivables are amounts billed by a company to its clients when it delivers goods or services to them in the ordinary course of business, not been collected at the sale moment, but in the future. This may or may not include interest.

Instead, non-trade receivables are amounts owed to the company that falls outside of the normal course of business, such as employee advances or insurance reimbursements.

7 0
3 years ago
The total assets of brandon co. are $900,000 and its liabilities are equal to one-fourth of its total assets. what is the amount
yuradex [85]
900,000 / 1/4 = liabilities
900,000 - liabilities - stockholder's equity

900,000/4 = 225,000
900,000 - 225,000 = 675,000
5 0
3 years ago
Read 2 more answers
Can a broker arbitrarily penalize an independent contractor based on varying factors, such as the sales agent's difficulty in cl
Irina18 [472]

Answer:

No

Explanation:

An independent contractor is a business person or entity who works for an employer based on an agreed-upon contract which affords him the flexibility of choosing how and when he accomplishes a task. The employer has the right to control the results of his work but has little or no say on how and when the job is done.

An independent contractor is not bound to work specific hours dictated by an employer. When the sale's agent finds it difficult to close a deal or is unable to produce paperwork in a timely fashion, he cannot just be arbitrarily penalized by the broker. The broker could terminate the contract if the agent does not meet up to his requirements.

8 0
2 years ago
Other questions:
  • 01:42:59 Scott really enjoys working with money, including making it grow. He is also a natural leader and would enjoy working w
    11·2 answers
  • Vera Ernst is a licensed dentist. During the first month of the operation of her business, the following events and transactions
    11·1 answer
  • An important quantity in number theory referred to as __________ is defined as the number of positive integers less than n and r
    8·1 answer
  • "marketing personnel and product designers must work closely with operations to successfully develop and produce new products be
    15·1 answer
  • Cathy uses, on her new recording drive by, the melody of a song written by earl, without earl's permission. this is
    8·1 answer
  • In part, a transaction affects the accounting equation by decreasing an asset. There is no effect on liabilities. Which of the f
    14·1 answer
  • PRICE/EARNINGS RATIO A company has an EPS of $2.40, a book value per share of $21.84, and a market/book ratio of 2.73. What is i
    7·1 answer
  • Why does the tape measure hook move?​
    5·1 answer
  • The law of demand says that as the price of a good decreases, the quantity demanded of the good __________.
    13·1 answer
  • Practices that reduce competition without actual documented agreements between firms to raise price are commonly referred to as
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!