What is a reasonable estimate for the volume of a number cube:

Cody Mountain Sports is an outdoor sporting goods guiding service located in northern Wyoming. Cody Mountain Sports (CMS) primar

saveliy_v [14]

Answer:

Cody Mountain Sports (CMS)

T-accounts:

Cash

Date Account Titles Debit Credit

Mar. 1 Common Stock $100,000

Mar. 1 Prepaid Insurance $1,200

Mar. 4 Service Revenue 20,000

Mar. 19 Vehicle Expenses 1,000

Mar. 22 Accounts Receivable 3,000

Mar. 24 Rent Expense 4,000

Mar. 27 Salaries Payable 1,000

Mar. 31 Cash dividends 2,500

Accounts Receivable

Date Account Titles Debit Credit

Mar. 15 Service Revenue $3,000

Mar. 22 Cash $3,000

Prepaid Insurance

Date Account Titles Debit Credit

Mar. 1 Cash $1,200

Salaries Payable

Date Account Titles Debit Credit

Mar. 18 Salaries Expense $10,000

Mar. 27 Cash $1,000

Common Stock

Date Account Titles Debit Credit

Mar. 1 Cash $100,000

Service Revenue

Date Account Titles Debit Credit

Mar. 4 Cash $20,000

Mar. 15 Accounts Receivable 3,000

Salaries Expense

Date Account Titles Debit Credit

Mar. 18 Salaries Payable $10,000

Vehicle Expense

Date Account Titles Debit Credit

Mar. 19 Cash $1,000

Rent Expense

Date Account Titles Debit Credit

Mar. 24 Cash $4,000

Cash Dividends

Date Account Titles Debit Credit

Mar. 31 Cash $2,500

Explanation:

a) Data and Analysis:

Mar. 1 Cash $100,000 Common Stock $100,000

Mar. 1 Prepaid Insurance $1,200 Cash $1,200

Mar. 4 Cash $20,000 Service Revenue $20,000

Mar. 15 Accounts Receivable $3,000 Service Revenue $3,000

Mar. 18 Salaries Expense $10,000 Salaries Payable $10,000

Mar. 19 Vehicle Expenses $1,000 Cash $1,000

Mar. 22 Cash $3,000 Accounts Receivable $3,000

Mar. 24 Rent Expense $4,000 Cash $4,000

Mar. 27 Salaries Payable $1,000 Cash $1,000

Mar. 31 Cash dividends $2,500 Cash $2,500

6 0

3 years ago

Creditors often include several requirements in a mortgage contract in order to protect their interests. In order to ensure that

muminat

Answer:

prepayment penalty, maintain, insurance, mortgage

Explanation:

Prepayment penalty clause relates to the situation that the borrower shall not prepay the borrowed amount as to the creditor it will be loss in the form of interest, thus, it do not want that the borrower shall collect from any other source.

The property should not loose its value, or the value shall not be degraded as that will result in loss, as when the borrower fails to repay the loan, creditor has the right to sell it, if it will not be maintained the value will degrade.

Insurance is required so that same as in above mentioned point that the value is not lost, and then the value of loan is fully recoverable.

If the value of loan exceeds 80% of value of property there shall be mortgage as the lender ensures his payment and no failure shall be there.

5 0

3 years ago

A credit sale is made on July 10 for $900, terms 1/15, n/30. On July 12, the purchaser returns $100 of goods for credit. Give th

balu736 [363]

Answer:

Dr. Cr.

July 19

Cash $792

Discount expense $8

Account Receivable $800

Explanation:

The term 1/15, n/30 mean there is a discount of 1% is available on the sales value, if payment is made within 15 days of sale with credit term of 30 days.

The sale of $900 was made on July 10 and discount period is until July 25.

On July 12 goods amounting $100 was returned and now the amount due from the customer is $800 ( $900 - $100 ).

The payment made on July 19 is actually in the discount period and it is eligible for the discount as it is made before July 25.

Discount = Amount due x Discount rate

Discount = $800 x 1% = $8

$792 Cash received against the sale made on July 10 and discount $8 is expensed. Total of $800 is credited from the account receivable account to eliminate it.

5 0

3 years ago

The price of coffee rose sharply last month, while the quantity sold remained the same. five people suggest various explanations

Virty [35]

The price of coffee rose sharply last month, while the quantity sold remained the same can be a result of several situations and therefor there are several explanations that are possible:
Demand increased, but supply was perfectly inelastic.
Demand increased, but supply decreased at the same time.
Supply decreased, but demand was perfectly inelastic.

5 0

3 years ago

Read 2 more answers

When the market rate is 10%, a company issues $60,000 of 12%, 10-year bonds dated January 1, 2017, that mature on December 31, 2

Shkiper50 [21]

Answer:

Credit, $60,000

Explanation:

Given,

Market rate = 10%

Face value $60,000 = Principal value.

When the bonds mature, the issuer records its payment of principal with credit to cash in the amount of principal value that is $60,000 because the bondholder will pay the principal with interest.

Therefore,

Bondholder will pay the $60,000 issued amount as principal because there is an additional interest amount needs to be paid.

It is credit because it is matured on the date of cash payment.

8 0

3 years ago