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labwork [276]
3 years ago
10

Indicate the effect of each transaction during the month of October 2016 and the balances for the accounting equation after all

transactions have been recorded. No beginning balances exist in the accounts. An accounting equation has been provided.
a. Opened a business bank account for Jones, Inc., with an initial deposit of $45,000 in exchange for capital stock.
b. Paid rent on the office building for the month, $2,000.
c. Received cash for fees earned of $5,000.
d. Purchased equipment, $7,000.
e. Borrowed $20,000 by issuing a note payable.
f. Paid salaries for the month, $1,000.
g. Received cash for fees earned of $8,000.
h. Paid dividends, $3,000.
i. Paid interest on the note, $100.
Assets = Liabilities + Stockholders’ Equity
Cash Equipment Notes Payable Capital Stock Retained Earnings
a.
b.
c.
d.
e.
f.
g.
h.
i.
Bal.
Using the information above, prepare (1) an Income Statement, (2) a Statement of Retained Earnings, (3) a Balance Sheet, and (4) a Statement of Cash Flow for the month of October. Pay special attention to proper formatting for each statement.
Business
1 answer:
Nikolay [14]3 years ago
5 0

Answer:

Test answer

Explanation:

Please delete that answer

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An economist will consider the sunk cost of a product line before recommending an improvement to the product. True or false
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false

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Pepsi Cola has entered into a long-term contract with a South African beverage business. The contract calls for the South Africa
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<u>Licensing </u> is the correct answer.

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3 years ago
Measuring employment, unemployment, and labor force participation
ch4aika [34]

Answer and Explanation:

The classification is as follows

a. The Dmirti is considered to be employed as she is working part-time

b.France is considered to be unemployed as currently he hasn't had a job he is still looking for a job

c. Jake is not in the labor force as he is so discouraged and due to which he gave up for job search

d. Rosa is considered to be unemployed as currently she has not have any job and currently she is looking for a job

e. Nick is to be considered as an employed as he is currently working

f. Latasha is to be considered in not in the adult population as she is just 12 year old student

7 0
3 years ago
East Publishing Company is doing an analysis of a proposed new finance text. Using the following data, answer Parts a through e.
Alik [6]

Answer:

a. Determine the company’s breakeven volume for this book. •i. In units ii. In dollar sales

total fixed costs = $70,000

variable costs per unit = $16

sales price = $30

contribution margin = $30 - $16 = $14

break even point in units = $70,000 / $14 = 5,000 textbooks

break even point in $ = 5,000 x $30 = $150,000

b. Develop a breakeven chart for the text.

units fixed costs variable costs      total costs     total sales

0         70000                     0                  70000           0

1000 70000          16000          86000      30000

2000 70000         32000         102000      60000

3000 70000         48000          118000      90000

4000 70000         64000         134000     120000

<u>5000 70000         80000         150000       150000 </u>

6000 70000         96000       166000     180000

 

I attached the graph that corresponds to this break even chart.

             

c. Determine the number of copies East must sell in order to earn an (operating) profit of $21,000 on this text.

($70,000 + $21,000) / $14 = 6,500 units

total sales = 6,500 x 30 = $195,000

d. Determine total (operating) profits at the following sales levels: i. 3,000 units •ii. 5,000 units iii. 10,000 units

i. $28,000 loss

ii. no gain/loss, break even point

iii. $70,000 gain

       

e. Suppose East feels that $30.00 is too high a price to charge for the new finance text. It has examined the competitive market and determined that $24.00 would be a better selling price. What would the break even volume be at this new selling price?

new contribution margin = $24 - $16 = $8

new break even point in units = $70,000 / $8 = 8,750 textbooks

3 0
3 years ago
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