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iVinArrow [24]
3 years ago
9

At the beginning of the year, long-term debt of a firm is $308 and total debt is $339. At the end of the year, long-term debt is

$269 and total debt is $349. The interest paid is $35. What is the amount of the cash flow to creditors
Business
1 answer:
Gnoma [55]3 years ago
4 0

Answer:

The amount of the cash flow to creditors is $74

Explanation:

Beginning of the year:

Long-term debt = $308

Total debt = $339

At the end of the year:

Long-term debt = $269

Total debt = $349.

Interest = $35

Net new borrowing = Ending Long-term debt - Beginning Long-term debt

= $269 - $308

= ($39)

Cash flow to creditors = Interest paid - Net new borrowing

= $35 - ($39) = $ 74

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3 years ago
April 2 Invested $34,620 cash and equipment valued at $15,500 in the business.
Tems11 [23]

Answer:

General Journal:

April 2:

Debit Cash $34,620

Debit Equipment $15,500

Credit Common Stock $50,120

To record the investment of capital in the business.

April 2: N/A

April 3:

Debit Supplies $771

Credit Accounts Payable $771

To record the purchase of supplies on account.

April 7:

Debit Rent Expense $663

Credit Cash $663

To record the payment of rent for the month.

April 11:

Debit Accounts Receivable $1,202

Credit Service Revenue $1,202

To record services rendered to a client.

April 12:

Debit Cash $2,679

Credit Unearned Service Revenue $2,679

To record the receipt in advance for management consulting.

April 17:

Debit Cash $2,580

Credit Service Revenue $2,580

To record the services rendered to Ferengi Co.

April 21:

Debit Insurance Expense $118

Credit Cash $118

To record the payment of insurance expense.

April 30:

Debit Salaries $1,196

Credit Cash $1,196

To record the payment of salaries for the month.

April 30:

Debit Supplies Expense $131

Credit Supplies $131

To record supplies used.

April 30:

Debit Office Computer $6,293

Credit Common Stock $6,293

To record the purchase of a new computer for office use with personal funds.

Explanation:

General journals are used to record all kinds of business transactions as they occur on a daily basis.  They show the accounts to be debited and the ones to be credited.  They are used to initially record transactions before they are posted to the general ledger.

8 0
3 years ago
A business owner makes 1,000 items a day. Each day she contributes eight hours to produce those items. If hired, elsewhere she c
Olin [163]

Answer:

Accounting profit=$300,000

Explanation:

<em>Accounting profit is the difference between revenue from from production or service activities and the expenditures incurred.  </em>

<em>It is the difference between the total revenue and the</em><em> total explicit costs</em><em>. Explicit costs are those transaction cost incurred to generate revenue . E.g the cost of the material , labour, expenses e.tc.</em>

On the other hand, economic profit includes accounting profit plus opportunity cost. Opportunity cost is the value of the benefits sacrificed in favour of a decision.  

Accounting profit = Sales revenue - Explicit cost

Sales revenue = Price × units sold= $15× 1000× 30 = $450,000 1

Explicit cost = $150,00

Accounting profit = $450,000- 150,000 = $300,000

Accounting profit=$300,000

Note we ignore the amount she could have earned because it is an implicit cost

4 0
3 years ago
The Ritz-Carlton hotel offers restaurants with the finest service, elevators that run smoothly, and a front desk that processes
Ksju [112]

Answer:

The correct answer is C

Explanation:

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4 0
3 years ago
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