What does Rashad’s conversation with his father on pages 7-8 reveal a. True b. False

The following account balances were drawn from the financial statements of Grayson Company:Cash: $8,800Accounts Receivable: $3,0

vredina [299]

Answer:

Common Stocks 15,400

Explanation:

cash 8,800 Account Payable 2,500

account receivable 3,000 Common Stock x (B)

Total Current Assets 11,800 Reained Earnings 9,900 (A)

Land 16,000

Total Assets 27,800 Liability + SE 27,800

(A) First we calculate the RE:

beginning RE + net income

net income = revenue - expense

19,000 - 14,500 = 4,500

beginning RE + net income

5,400 + 4,500 = 9,900

(B) We solve for Equity using the accounting equation

Liab + Equity = Assets

2,500 + (Comon Stock + Retained Earnings) = 27,800

Common stock + 9,900 = 27,800 - 2,500

Common stock = 27,800 - 2,500 - 9,900 = 15,400

7 0

3 years ago

List at least 6 things your credit card company must clearly disclose to consumers.

never [62]

It is important to review the credit card disclosure for information on APRs, Penalties, Grace periods, Minimum financing charges, Calculation methodologies, and Fees.

An explanation of all the fees, charges, interest rates, and conditions that a consumer can encounter when using the credit card is contained in a credit card disclosure. The legislation requires disclosure of this information by organizations that provide credit cards. The disclosures on credit cards offer clear information about costs and charges. They also encourage rivalry. To allow consumers to evaluate credit cards more effectively, it is legally necessary of all credit card companies to give the same price information. They can pick the one that better serves their tastes in terms of price.

The interest rate that a client will pay on outstanding balances is the most obvious example of a cost listed on a credit card disclosure. Basic elements like the monthly payment deadlines will also be covered in the disclosure.

Learn more about Credit Card here:

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8 0

1 year ago

Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the

BlackZzzverrR [31]

Answer:

a. Inventory is sold for $600,000.

gain on sale of inventory = $600,000 - $537,200 = $62,800

allocation of gain:

Kendra 1/2 x $62,800 = $31,400

Cogley 1/3 x $62,800 = $20,933

Mei 1/6 x $62,800 = $10,467

Dr Cash 600,000

Cr Inventory 537,200

Cr Gain on sale of inventory 62,800

Dr Gain on sale of inventory 62,800

Cr Kendra, capital 31,400

Cr Cogley, capital 20,933

Cr Mei, capital 10,467

Dr Accounts payable 245,500

Cr Cash 245,500

Dr Kendra, capital 124,400

Dr Cogley, capital 233,433

Dr Mei, capital 177,467

Cr Cash 535,300

b. Inventory is sold for $500,000.

loss on sale of inventory = $500,000 - $537,200 = -$37,200

allocation of loss:

Kendra 1/2 x $37,200 = $18,600

Cogley 1/3 x $37,200 = $12,400

Mei 1/6 x $37,200 = $6,200

Dr Cash 500,000

Dr Loss on sale of inventory 37,200

Cr Inventory 537,200

Dr Kendra, capital 18,600

Dr Cogley, capital 12,400

Dr Mei, capital 6,200

Dr Loss on sale of inventory 37,200

Dr Accounts payable 245,500

Cr Cash 245,500

Dr Kendra, capital 74,400

Dr Cogley, capital 200,100

Dr Mei, capital 160,800

Cr Cash 435,300

c. Inventory is sold for $320,000 and any partners with capital deficits pay in the amount of their deficits.

loss on sale of inventory = $320,000 - $537,200 = -$217,200

allocation of loss:

Kendra 1/2 x $217,200 = $108,600

Cogley 1/3 x $217,200 = $72,400

Mei 1/6 x $217,200 = $36,200

Dr Cash 320,000

Dr Loss on sale of inventory 217,200

Cr Inventory 537,200

Dr Kendra, capital 108,600

Dr Cogley, capital 72,400

Dr Mei, capital 36,200

Dr Loss on sale of inventory 217,200

Dr Cash 15,600

Cr Kendra, capital 15,600

Dr Accounts payable 245,500

Cr Cash 245,500

Dr Cogley, capital 140,100

Dr Mei, capital 130,800

Cr Cash 270,900

6 0

3 years ago

Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its

kvv77 [185]

Answer:

Warranty liability at 12/31/13 = $2 million.

This means that the balance in the deferred tax asset should be $700,000

(35% x $2,000,000) = $700,000

Before adjustment, the balance in the deferred tax asset is $737,500.

Therefore, the deferred tax asset needs to be reduced (credited) by $37,500.

($700,000 - 737,500) = -37,500

Date Account Title Dr Cr

12-31-13 Tax expense 14,037,500

Deferred tax asset 37,500

Taxes payable (.35 x 40,000,000) 14,000,000

8 0

3 years ago

Decision making can be a difficult process if managers are not well-versed in recognizing and addressing various hindrances they

kompoz [17]

Answer

Some of the hindrances of rational decision maker by managers are;

• Cognitive biases

• Time pressure

• Group conflict

Explanation

Decision making process is controlled by an individual’s personality and behavioral traits. Objective judgments by managers can be disrupted by subjective biases. Cognitive biases such as halo effect and overconfidence can act as a barrier to rational decision making.

Time pressure can distort the process of making a rational decision thus resulting to less objective individual judgment which is influenced by intuition. Managers with ample time arrive at a more logical and highly crafted decision than those who feel they have insufficient time.

Both interpersonal and group dynamics can create a barrier towards making an effective decision.

6 0

4 years ago