Answer:
The answer is stated below:
Explanation:
A. Received or collected $10,000 in exchange of the common stock:
This transaction will have an impact on the Accounting Equation of the Accounts, which is :
Assets = Liabilities + Equity
As the cash is received, there will be an increase in the assets and under the cash account of the current assets. Though the cash is against the common stock, which increases the common stock account upon the side of the equity.
Therefore, it will be:
Increase in assets (Cash) : Increase in equity (Common Stock)
B. Bought the equipment on account worth $5,000.
This transaction will have an impact on the Accounting Equation as:
As the equipment is purchased will in turn lead to increase in the assets side, under the equipment account and it is purchased on account, which means on credit, that leads to increase in the liability under the Accounts Payable account.
Therefore, it will be:
Increase in assets (Equipment) : Increase in Liability (Accounts Payable)
Answer: Budgeted Raw Material to be consumed in July.
Quantity Price per pound Total
10,200 $6 $61,200
Explanation:
As for the information provided, the material at month end in hand shall be:
20% of upcoming month's sale.
If in June at month end, the inventory in hand = 2,040 pounds of raw material.
Then, this represents 20% of total requirement of July.
Therefore, total requirement in July = 
This basically means:
Total inventory required =
Quantity Price per pound Total
10,200 $6 $61,200
Answer: Your curiosity on whether it tastes like any other candy or not.
Explanation:
Answer:
70.83%
Explanation:
Given that,
Company's assets = $1,200
Equity = $350
Dept = Reported assets - Company's equity
= $1,200 - $350
= $850
Dept ratio = (Debt ÷ Total assets) × 100
= ($850 ÷ $1,200) × 100
= 0.7083 × 100
= 70.83%
Therefore, the Dept ratio of Converse Florists & Co. is 70.83%.
Answer:
Total assets $
Building 102,100
Motor vehicle 19,907
Furniture <u>10.442</u>
Total assets <u>132,449</u>
<u></u>
Total liabilities $
Mortgage loan 58,347
Outstanding loan 2,567
Utility bills unpaid <u>242</u>
Total liabilities <u> 61,156</u>
Debt ratio = Total liabilities x 100
Total assets
Debt ratio = $61,156 x 100
$132,449
Debt ratio = 46.17%
Explanation:
In this case, there is need to calculate the total assets, which is the aggregate of building, motor vehicle and furniture.
We also need to calculate the total liabilities, which is the aggregate of mortgage loan, car loan outstanding and utility bills unpaid.
Debt ratio is obtained by dividing total liabilities by total assets multiplied by 100.
