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3 years ago

Below are the transactions for Ute Sewing Shop for March, the first month of operations.

Business

1 answer:

balandron [24]3 years ago

7 0

Answer:

Explanation:

March 1

Cash 1700

Share Capital 1700

To record the issuance of shares

March 3

Equipment 1400

Cash 1400

To record the purchase of equipment on cash

March 5

Rent Expense 470

Cash 470

To record the rent expense

March 7

No entry neither cash nor serves are provided.

March 12

Purchase 117

Cash 117

To record the purchases

March 15

Cash 670

Income 670

To record the services Income.

March 19

Advance 570

Payable 570

To record the advance cash receipt for services not yet provided thus advance is our liability.

March 25

Payable 228 570/25*10

Income 228

To record the services income against advance given.

March 30

Utilities Expense 82

Cash 82

To record the monthly utilities expense

March 31

Dividend Pay 85

Cash 85

To record the payment of dividend.

Share Capital Account

Opening = 0

Cash 1700

Closing=1700

Cash Account

Opening = 0

share capital 1700 Equipment 1400

Rent 470

Purchase 117

Income 670

Adv. Pay 570

Utilities 82

Dividend 85

Closing balance- 786

Equipment

Opening = 0

Cash 1400

Closing-1400

Rent Expense

Opening = 0

Cash 470

Closing-470

Purchase Expense

Opening = 0

Cash 117

Closing-117

Income Account

Opening = 0

Cash 670

Payable 228

Closing- 898

Payable Account

Opening = 0

Cash 570

Income 282

Closing-342

Utilities Expense

Opening = 0

Cash 82

Closing-82

Dividend

Opening = 0

Cash 85

Closing-85

3) Trail Balance

Head Of Account Debit Credir

Cash 786

Share Capital 1700

Equipment 1400

Rent Expense 470

Purchases 117

Income 898

Payable 342

Utilities 82

Dividend 85

Total 2940 2940

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A corporate bond currently yields 8.5%. Municipal bonds with the same risk, maturity, and liquidity currently yield 5.5%. At wha

max2010maxim [7]

Answer: 35.29%

Explanation:

Municipal Bonds are attractive in that they give the tax benefit of being tax exempt whereas a corporate bond is liable for taxation. The tax rate that will therefore make an investor indifferent between the two bonds is the one that will equate the Corporate bond's yield net of tax to the yield on the Municipal bond.

5.5% = 8.5% * ( 1 - x)

5.5% = 8.5% - 0.085x

0.085x = 8.5% - 5.5%

0.085x = 3%

x = 35.29%

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3 years ago

A(n) is a request by an account holder to the bank not to pay a specific payment.

Rasek [7]

the answer is stop payment!

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3 years ago

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Prepare the journal entries to record these transactions on blossom company's books using a periodic inventory system. (if no en

Mariana [72]

Since the company is following a periodic inventory system, it has to use temporary accounts to record sales and purchases.

Transaction A

Purchases – Dr 860500

Accounts payable 860500

Transaction B

Accounts payable - Dr $111,600

Purchase returns $111,600

Transaction C

Accounts payable - Dr 748900

Discount received 14,978

Cash 733,922

6 0

3 years ago

You just received an offer in the mail to transfer your $5,000 balance from your current credit card, which charges an annual ra

NARA [144]

Answer:

number of payment is 3.05 payment

so correct option is b 3.05 payments

Explanation:

balance = $5000

annual rate r1 = 18.7 % = $\frac{0.187}{12}$ = 0.01558

credit card charging r2 = 5.9% = $\frac{0.059}{12}$ = 0.004917

payments P = $250 month

to find out

How many fewer payments will you have to make to pay off this debt if you transfer the balance to the new card

solution

we first find time t both rate by total balance formula that is

balance = $P * \frac{1-(1+r)^{-t}}{r}$ ...........................1

here P is payment and t is time and r is rate

put here all value and find t for r1

balance = $P * \frac{1-(1+r)^{-t}}{r}$

5000 = $250 * \frac{1-(1+0.01558)^{-t}}{0.01558}$

take log both side

log 0.6884 = log 1 - log $(1+0.01558)^{t}$

t = 24.1519 .................2

and now put here all value and find t for r2

balance = $P * \frac{1-(1+r)^{-t}}{r}$

5000 = $250 * \frac{1-(1+0.00492)^{-t}}{0.00492}$

take log both side

log 0.9016 = log 1 - log $(1+0.00492)^{t}$

t = 21.1055 .....................3

so by equation 2 and 3

so no of payment will be 24.1519 - 21.1055

so number of payment is 3.05 payment

so correct option is b 3.05 payments

7 0

3 years ago

Juanita receives her paycheck and knows that her gross pay and federal tax are correct. Using the fact that Social Security tax

tensa zangetsu [6.8K]

Answer:

a. The net pay is correct.

Explanation:

Suppose the missing part of the question which is the gross pay and the federal tax is 1020.00 and 107.00 respectively.

Then, Social Security tax 6.2% of the gross pay = $\dfrac{6.2}{100}\times 1020$

Social Security tax 6.2% of the gross pay = 0.062 × 1020

Social Security tax 6.2% of the gross pay = $63.24

the Medicare tax is 1.45% of gross pay = $\dfrac{1.45}{100} \times 1020$

the Medicare tax is 1.45% of gross pay = 0.0145 × 1020

the Medicare tax is 1.45% of gross pay = $14.79

the state tax is 19% of federal tax = $\dfrac{19}{100} \times 107$

the state tax is 19% of federal tax = 0.19 × 107

the state tax is 19% of federal tax = $20.33

Hence, to determine if Juanita's net pay is correct, we have the summation of all our estimated figures minus the gross pay.

i.e

Juanita's net pay = $1020 - $(107 + 63.24 + 14.79 + 20.33)

Juanita's net pay = $1020 - 205.36

Juanita's net pay = $814.64

3 0

2 years ago