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zmey [24]
3 years ago
7

Use the following information for exercises 15 to 18 LO P2 The following information applies to the questions displayed below] O

n October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. 1,570 12,800 3,110 6,490 850 660 Cash 12,800 Consulting revenue office supplies Land office equipment Accounts payable Common Stock 2,850 Rent expense 45,940 Salaries expense 17,530 Telephone expense 8,110 Miscellaneous expenses 83,540 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Emst Consulting
Business
1 answer:
Mrrafil [7]3 years ago
7 0

Answer:

            Ernst Consulting

             Balance Sheet

For the Month Ended October 31, 202x

Assets:

Cash $12,650

Accounts receivable $12,800

Office supplies $2,850

Office equipment $17,530

Land $45,940

Total assets $91,770

Liabilities and stockholders' equity:

Accounts payable $8,110

Common Stock $83,540

Retained earnings $120

Total liabilities and stockholders' equity $91,770

Explanation:

I ordered the accounts and included a couple that were missing:

  • Cash 12,650
  • Accounts receivable 12,800
  • Consulting revenue 12,800
  • office supplies 2,850
  • Land 45,940
  • office equipment 17,530
  • Accounts payable 8,110
  • Cash dividends 1,570  
  • Common Stock 83,540
  • Rent expense 3,110
  • Salaries expense 6,490
  • Telephone expense 850
  • Miscellaneous expenses 660

First we need to determine net profit for the month:

Consulting revenue 12,800

Salaries expense -6,490

Rent expense -3,110

Telephone expense -850

Miscellaneous expenses -660

net profit = $1,690

retained earnings = net profit - dividends distributed = $1,690 - $1,570 = $120

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Janine buys swimwear for a chain of apparel stores. At a recent trade show, she took the opportunity to meet with a few vendors.
Rama09 [41]

Answer:

B. inform her divisional merchandiser manager of the proposal

Explanation:

Since in the question it is mentioned that the Janine buys from each season also she knows that this thing would become benefiical what European tourists are wearing and applying this in an assortment for the customers that are targeted

So before discussion with the vendor first she reports the divisional merchandiser manager regarding this proposal

3 0
3 years ago
At the beginning of this year, daily consumption of gasoline in the US amounted to 344 million gallons. It is estimated that for
Shkiper50 [21]

Answer:

335.43 million gallons

Explanation:

price elasticity of demand (PED) = % change in quantity demanded / % change in price

PED = -1.9% / 10% = -0.19, very inelastic

expected price increase $0.40

% change in price = ($3.45 - $3.05) / $3.05 = 13.11%

% change in quantity demanded:

-0.19 = D / 13.11%

D = 2.49%

quantity demanded will decrease by 2.49%, from 344 million gallons to 335.43 million gallons

8 0
3 years ago
In​ 1975, interest rates were 7.85 % and the rate of inflation was 12.3 % in the United States. What was the real interest rate
Georgia [21]

Answer:

Since the real rate of interest is negative, this means that the purchasing power of the savings have decreased over the  year.

Explanation:

Data provided:

Interest rates = 7.85 %

The rate of inflation = 12.3 %

Now,

The Real interest rate is calculated as :

Real interest rate = Nominal interest rate - Inflation rate

on substituting the respective values, we get

Real interest rate = 7.85% - 12.3%

Or

The real interest rate = - 4.45%

Here,

Since the real rate of interest is negative, this means that the purchasing power of the savings have decreased over the  year.

4 0
3 years ago
Which is the BEST definition of marginal benefit?
Liono4ka [1.6K]

Answer:

the possible income from producing an additional item.

Explanation:

hope this helps if not let me know

6 0
2 years ago
Fred and Barney started a partnership. Fred invested $20,000 in the business and Barney invested $32,000. The partnership agreem
svet-max [94.6K]

Answer:

The amount of income assigned to the two partners would be $18,100 and $19,900 respectively.

Explanation:

For computing the amount of income assigned to the two partners, we have to do the following calculations which are shown below:

1. Dividend amount for each partner:

For Fred = Invested amount × rate of return

              = $20,000 × 15%

              =$3,000

For Barney =  Invested amount × rate of return

                  = $32,000 × 15%

                  = $4,800

The total dividend amount equals to

= Fred dividend + barney dividend

= $3,000 + $4,800

= $7,800

2. Now compute the remaining amount, and divide it in the sharing ratio

So, the remaining amount would be

= Partnership income - total dividend amount

= $38,000 - $7,800

= $30,200

So the Fred income would be = $30,200 × 50% = $15,100

And, the barney income would be = $30,200 × 50% = $15,100

So, the amount of income:

For Fred = Dividend income + remaining income

              = $3,000 + $15,100

              = $18,100

For Barney = Dividend income + remaining income

                   =$4,800 + $15,100

                   = $19,900

Hence, the amount of income assigned to the two partners would be $18,100 and $19,900 respectively.

8 0
3 years ago
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