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3 years ago

Raymond Autobody Shop has the following accounts

Business

1 answer:

Rashid [163]3 years ago

5 0

Answer and Explanation:

The creation of the chart of the account by applying the standard numbering system is presented below:

For the assets it would be started by 100

For the liabilities it would be started by 200

For the owner equity it would be started by 300

For the revenue it would be started by 400

And, for the expenses it would be started by 500

Now the creation is as follows

Balance sheet

Assets Liabilities Stockholder equity

100 Cash 200 Account payable 300 R. capital

110 Automotive supplied 210 unearned revenue 300 R. withdrawal

120 equipment

Income statement

 Revenue Expenses 

  400 service revenue 500 utilities expense

510 advertising expense

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If you notice that you’re spending too much in a certain budget category, what are some things you could do to fix the shortfall

koban [17]

Some of the things which a person can do to adjust his spendings on a budget are:

Reduce spending habits
Make more money to finance the new purchases.

<h3>What is a Budget?</h3>

This refers to a financial plan where a person has made different allocations as to where certain monies would go to to avoid impulse spending.

With this in mind, we can see that if a person is spending too much, in a particular category, then he would have to either reduce spending or make more money.

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2 years ago

The owners' equity section of a firm includes (1) $10,000 of 8%, $100 par cumulative preferred stock, and (2) $40,000 of $5 par

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3 years ago

When calculating the afterminustax weighted average cost of capital (WACC), which of the following costs is adjusted for taxes

sergey [27]

Answer:

The before-tax cost of debt is adjusted for tax in the computation of weighted average cost of capital.

The correct answer is D

Explanation:

In the calculation of weighted average cost of capital, the before tax cost of debt is adjusted for tax so as to obtain the after-tax cost of debt. Cost of equity and cost of preferred stocks will not be adjusted for tax.

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3 years ago

During the year, Walt who is self-employed travels from Seattle to Tokyo, Japan, on business. His time was spent as follows: two

aleksklad [387]

Answer:

d.$5,500.

Explanation:

The computation of the deductible expense is shown below:

= Airfare + lodging + 50% of meals

= $3,000 + $2,000 + 50% of $1,000

= $3,000 + $2,000 + $500

= $5,500

hence, the deductible expense is $5,500

Here we take 100% of airfare & lodging but we took 50% for the meals

hence, the option d is correct

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3 years ago

In a perfectly competitive market, all of the following statements are true except: A. Marginal revenue is the same as price.

Rashid [163]

Answer: Marginal revenue is equal to price times quantity

Explanation:

A perfectly competitive market is a market where there's a large number of both the producers and the consumers have full and symmetric information.

In a perfectly competitive market, the marginal revenue is the same as price and the marginal revenue curve is the same as the demand curve facing sellers.

It should be noted that the statement that the marginal revenue is equal to price times quantity is incorrect. The total revenue is equal to price times quantity.

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3 years ago