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Likurg_2 [28]
3 years ago
6

During the month of July, the company had the following activities: Issued 4,500 shares of common stock for $450,000 cash. Borro

wed $38,500 cash from a local bank, payable in two years. Bought a building for $201,500; paid $53,500 in cash and signed a three-year note for the balance. Paid cash for equipment that cost $247,000. Purchased supplies for $10,600 on account. Prepare a classified balance sheet at July 31.
Business
1 answer:
stellarik [79]3 years ago
7 0

Answer:

<u>classified balance sheet at July 31.</u>

Assets

Non-Current Assets

Building                                                                                  $201,500

Equipment                                                                             $247,000

Total Non-Current Assets                                                    $448,500

Current Assets

Supplies                                                                                  $10,600

Cash ($450,000 + $38,500 - $53,500 - $247,000)          $188,000

Total Current Assets                                                            $198,600

Total Assets                                                                          $647,100

Equity and Liabilities

<u>Equity</u>

Common Stock                                                                   $450,000

Total Equity                                                                         $450,000

<u>Liabilities</u>

<u>Current Liabilities</u>

Account Payable                                                                   $10,600

Total Non Current Liabilities                                                $10,600

<u>Non-Current Liabilities</u>

Note Payable ($38,500 + $148,000)                                 $186,500

Total Non Current Liabilities                                              $186,500

Total Liabilities                                                                     $197,100

Total Equity and Liabilities                                                 $647,100

Explanation:

A Balance Sheet is a Financial Statement report that shows the Assets, Liability and Equity balances as at the end of the Reporting period.

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attashe74 [19]

Answer: A Limited liability company

Explanation:

The best option for Emily would be to form a limited liability company, the limited liability company would: still give her a larger control of the business, have little liability on the investors and there would be no double taxing on her.

A limited liability company is a form of business owned by one or more individuals, where there is limited liability, no double taxing therefore no taxing on the company but the owner is taxed by income, income must not necessarily be shared equally among business owners.

7 0
3 years ago
What role does competition play in business and global trade?
Darya [45]

Answer:

Its always a competition

Explanation:

People use to complete on how the world gets and receives items same in business, companies compeate all the time trying to get the most money, visitors, and promotions.

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2 years ago
A manufacturing company that produces a single product has provided the following data concerning its most recent month of opera
quester [9]

Answer:

$61,200

Explanation:

The computation of the total period cost for the month under absorption costing is shown below:

= Fixed selling and administrative expense +  Variable selling and administrative expense rate × number of units sold

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= $34,000 + $27,200

= $61,200

As we know that the period cost includes the major part of the selling expenses and we applied the same for the above computation

5 0
3 years ago
Cincinnati Exporters wants to raise $40 million to expand its business. To accomplish this, it plans to sell 22-year, $1,000 fac
IrinaVladis [17]

Answer:

Minimum number of units to be issued = 45,791.4 units

Explanation:

The units of the bonds to be sold to raise the money equals to the price of the bonds divided by the sum to be raised

The price of a bond is the present value (PV) of the future cash inflows expected from the bond discounted using the yield to maturity.

These cash flows include interest payment and redemption value

The price of the bond can be calculated as follows:

Step 1

PV of interest payment

Semi-annual coupon rate = 5.72/2 = 2.86 %

Semi-annual Interest payment =( 2.86 %×$1000)= $28.6

Semi annual yield = 6.85%/2 = 3.42%

PV of interest payment  

= A ×(1- (1+r)^(-n))/r

A- interest payment, r- yield -3.42%, n- no of periods- 2 × 22 = 44 periods

= 28.6× (1-(1.0342)^(-44)/0.0342)= 645.82

 

Step 2  

PV of redemption value (RV)

PV = RV × (1+r)^(-n)

RV - redemption value- $1000, n- 7, r- 4.5%  

= 1,000 × (1+0.0342)^(-2×22)

= 1000 × 1.0342^(-44)= 227.7

Step 3

Price of bond = PV of interest payment + PV of RV

645.82 + 227.7= 873.525

Minimum number of units to be issued = $40 million/873.5= 45,791.4 units

 

Minimum number of units to be issued = 45,791.4 units

7 0
2 years ago
A lawyer believes that the probability is .3 that she can win a discrimination suit. if she wins the case she will make $40,000,
yaroslaw [1]
Her expected gain is $7,000 based on the information shown on the question above. This problem can be solved by using the expected value formula which stated as EV = W*Pw-L*Pw where EV is the expected value, W is the win value, Pw is the probability of winning, L is the lost value and Pl is the probability of losing<span>. Calculation: 7,000 = (40,000-5,000)*0.3 - 5,000*(1-0.3)</span>
4 0
2 years ago
Read 2 more answers
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