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Pavlova-9 [17]
4 years ago
13

Analyzing and Reporting Financial Statement Effects of Transactions M.E. Carter launched Carter Company, a professional services

firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month), Carter executed the following transactions. Enter the transactions, a through g, into the financial statement effects template below. a. Carter (owner) invested in the company $200,000 cash and $40,000 in property and equipment. The company issued common stock to Carter. b. The company paid $6,400 cash for rent of office furnishings and facilities for March. c. The company performed services for clients and immediately received $8,000 cash earned. d. The company performed services for clients and sent a bill for $48,000 with payment due within 60 days. e. The company compensated an office employee with $9,600 cash as salary for March. f. The company received $20,000 cash as partial payment on the amount owed from clients in transaction d. g. The company paid $1,870 cash in dividends to Carter (owner).

Business
1 answer:
valentinak56 [21]4 years ago
7 0

Answer:

See explanation section

Explanation:

See the image below to get the answer:

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Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed pe
SOVA2 [1]

Answer:

Life income with certain period annuity

Explanation:

This type of policy guarantees a certain amount of money during the remaining life of the insured. It also guarantees that during a minimum specified time, the certain period, the payments will be carried out even if the insured dies. In this case the benefits will be paid to his/her beneficiary. The insured determines the certain period when choosing the life insurance plan, and the certain period can vary from 5 to 30 years.

8 0
3 years ago
Video Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universal remote, and on-site installation
skelet666 [1.2K]

Answer:

1. The stand-alone price for installation service using adjusted market assessment is $180

2. The stand-alone price for installation service using expected cost plus margin is $182

3. The stand-alone price for installation service using residual is $182

Explanation:

1. According to the given data the market price at which similar vendors charge installation service should be taken as the stand-alone price which is $180

Therefore, The stand-alone price for installation service using adjusted market assessment is $180

2. The stand-alone price of the installation service using expected cost plus margin would be a follows:

Stan−alone price=Estimated Cost+Estimated margin

=$130+(40%×$130)

=$182

Therefore, The stand-alone price for installation service using expected cost plus margin is $182

3. The stand-alone price of the installation service using residual would be a follows:

Stand−alone price=Total transaction price−Stand−alone price for T.V−

−Stand−alone price for compensation and other costs

=$2,020−$1,810−$130

=$80

Therefore, The stand-alone price for installation service using residual is $182

8 0
3 years ago
a company earned $3,000 in net income for october. its net sales for october were $10,000. its profit margin is
kari74 [83]

Answer:

30%

Explanation:

The computation of the profit margin is shown below:

Given that

Net income earned for the month of October = $3,000

And, the net sales for the month of October is $10,000

Based on the above information, the profit margin is

= Net income ÷ Net sales

= $3,000 ÷ $10,000

= 30%

By dividing the net income from the net sales we can get the profit margin and the same is to be considered

6 0
3 years ago
When goods are produced privately, but the cost of their purchase is paid for by the taxpayer or some other third party, a. cons
Gre4nikov [31]

Answer:

b. private producers of such goods will have little incentive to control costs and provide them at low prices

Explanation:

Externality is a situation where the production activities of market participants (either producers or consumers) have an effect on third parties not involved in production.

Externality is a form of market inefficiency.

Negative externality is when goods are produced privately, but the cost of their purchase is paid for by the taxpayer or some other third party.

When negative externality occurs, producers have little incentive to reduce cost because they don't bear the total brunt of their activities. This is why activities that generate negative externality are over produced.

Government needs to step in to control this problem. They can either impose tax on producers or regulate their activities.

Pollution is an example of negative externality.

I hope my answer helps you

3 0
3 years ago
Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is
elena-s [515]

Answer: $‭46,950‬

Explanation:

a. All sources of income should be included including illegal ones.

b. Gain = 1,000 (32 - 31)

= $1,000

c. Gain = Amount received - Amount paid apportioned per year

=  25,000 - (210,000/20)

= 25,000 - 10,500

= $14,500

d. Not included as disability benefits are not included.

e. The $300 is deductible but the $200 that went towards car payment is not.

f. Taxation principles require that the person taxed should be the person earning the income so Ken will not be charged on the $1,100

g. The relevant figure here is the tax benefit before the $610 refund.

Ken claimed $6,250 in itemized deduction but the standard deduction is $6,200. Ken gained;

= 6,250 - 6,2000

= $50

h. The $30,000 is included as Ken earned it.

Gross Income = 1,200 + 1,000 + 14,500 + 200 + 50 + 30,000

= $‭46,950‬

3 0
3 years ago
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