All categories

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

You might be interested in

Suppose that, with free trade, the world price of the product is $15. what is the value of consumer surplus?

shtirl [24]

Suppose that, with free trade, the world price of the product is $15. The value of consumer surplus will be $697.50

<h3>What is Free Trade?</h3>

Governments impose no tariffs, taxes, or duties on imports or export quotas under free trade. In this sense, free trade is the polar opposite of protectionism, a defensive trade policy aimed at preventing foreign competition.

In practice, governments with generally free-trade policies still impose some controls on imports and exports.

Most industrialized nations, including the United States, negotiate "free trade agreements," or FTAs, with other countries that determine the tariffs, duties, and subsidies that countries can impose on their imports and exports.

Local trade gets the right to see the cutting-edge technologies developed by multinational partners, as well as human expertise.

The aim of business is to maximize profits, whereas the goal of government is to protect its citizens.

Neither unrestricted free trade nor total protectionism can achieve both goals. The best solution has evolved from a combination of the two, as implemented by multinational free trade agreements.

To learn more about Free Trade, visit:

brainly.com/question/10473895

#SPJ4

7 0

2 years ago

Identify the four major requirements necessary for a free-market system to operate.

g100num [7]

The free market is defined as the system in which the price of goods is agreed upon by consent between sellers and consumers, through the laws of supply and demand. Their requirements are the existence of free competition, (which in turn requires that among the participants of a commercial transaction there is no coercion, no fraud, or more generally, that all transactions are voluntary), complete universal information about the products and their prices, a free medium of exchange with a common currency, reasonable transaction costs, set of sellers and a set of buyers.

7 0

3 years ago

Smart Solutions Inc. is evaluating a capital project for expansion. The project costs $10,000, and it is expected to generate $5

Likurg_2 [28]

Answer:

d) $16,550

Explanation:

First, The multiple options to the question

a)$12,500

b) $11,550

c) $14,050

d) $16,550

e) $15,000

Question: To determine the terminal value of the project

What do we know:

The Cash flow from the project is $5,000 per year and the rate is 10%

To determine the future value per year is as follows

Year 1 = (1+r)∧2= (1+0.1)∧2= 1.21

Year 2 = (1+r)∧1= (1+0.1)∧1= 1.1

Year 3 = (1+r)∧0= (1+0.1)∧0= 1

Based on these determinations, we determine the yearly value as follows

Year 1= 5,000 (1.21) = $6,050

Year 2 = 5,000 (1.1)= $5,500

Year 3= 5,000 (1) -= $5000

The terminal value = The total of the three years

= $6,050 + $5,500 + $5,000

= $16,550

4 0

3 years ago

An example of a free rider is a. someone who benefits from clean air without paying for it. b. someone who adds value to a netwo

Anna71 [15]

is a person who benefits from something without expending effort or paying for it.

3 0

3 years ago

Isamu owns I Pity the Foot, a retail shoe store. Isamu carefully controls costs by ordering in bulk, limiting labor costs, and r

olasank [31]

Since Isamu carefully controls costs by ordering in bulk, limiting labor costs, and renting the additional space in his building to another business, then he is an example of an efficient manager.

An efficient manager refers to a manager that uses limited resources in order to do a particular job in a professional manner.

It should be noted that an efficient manager identifies his or her priorities and develop structures to accomplish the objectives. In this case, Isamu carefully manages the available resources, therefore, he's an efficient manager.

Read related link on:

brainly.com/question/25383149

4 0

3 years ago