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3 years ago

8

LeVon Fashions specializes in imported clothing. During March, LeVon completed a series of transactions. For each of the followi

ng items, give an example of a transaction that has the described effect on the accounting equation of LeVon Fashions.

1 answer:

nadezda [96]3 years ago

8 0

Answer: Increase an asset , increase a liability.

Purchasing asset on account and getting long term Loan

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Easton Co. deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of busines

goblinko [34]

Answer:

ADJUSTED BOOK BALANCE

Bank balance $59,549 Book balance $61,709

+ Deposit in transit $4,250 Interest earned $33

- Outstanding checks <u>$2,075</u> Bank service fees <u>$18</u>

Adjusted book <u>$61,724</u> <u>$61,724</u>

balance

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3 years ago

A major obstacle to developing good human relations skills is that A. few persons have common interests. B. people fear taking r

dalvyx [7]

The answer will be A. Drive because people need to learn how to drive at the age of either 15 or 18. that's what I think I hope this helps :)

6 0

3 years ago

What return do you expect earn if you buy the 3 years ,10% coupon bond today and sell it in exactly 1 year( if current price is

IrinaK [193]

Answer:

8.02%

Explanation:

Since corporate bonds pay coupons semiannually, it would be important to first all determine the semiannual yield to maturity of this bond using a financial calculator as shown below:

We need to set the calculator to its end mode before making the following inputs:

N=6(number of semiannual coupons in 3 years=3*2=6)

PMT=50(semiannual coupon=face value*coupon rate/2=1000*10%/2=50)

PV=-1051.45 (current price)

FV=1000(bond's face value)

CPT

I/Y=4.02%

After one year, there would 4 semiannual coupons left, we can compute the bond price as shown thus:

N=4

PMT=50

I/Y=4.02(without % sign)

FV=1000

CPT

PV=1,035.56

The expected rate of return over one year is computed thus:

N=2(number of semiannual coupons in 1 year holding period)

PMT=50(the amount of each semiannual coupon)

PV= -1051.45

FV=1,035.56(selling price after one year)

CPT=4.01%(on a semiannual basis)

annual rate of return=4.01%*2=8.02%

7 0

3 years ago

A cash-basis sole proprietor had the following cash receipts and disbursement for the year: Net sales - $80,000 Cost of goods so

DIA [1.3K]

Answer:

Net Income is $17,000

Explanation:

A sole proprietor is not taxed as a business entity but all the income and expenses should be reported on the income tax return. On schedule C all the details of profit and loss should be submitted with Form 1040.

Net profit calculation to report on Schedule C is as follow:

Net sales - $80,000

Cost of goods sold <u>($40,000)</u>

Gross Income $40,000

Operating expenses <u>($20,000)</u>

Operating Income $20,000

Employee payroll taxes <u>($3,000)</u>

Net Income <u> $17,000 </u>

3 0

4 years ago

If opportunity cost were to suddenly increase, total cost would a) decrease and net benefit would increase. b) decrease and net

Allushta [10]

Answer:

The correct answer is option d.

Explanation:

The total economic costs include both explicit as well as implicit costs. The explicit costs are the direct costs incurred and the implicit costs are opportunity costs.

An increase in the opportunity cost will cause the total economic costs to increase. The net benefit is the difference between the total revenue earned and the total cost incurred. An increase in the opportunity cost will cause a net benefit to decrease as total costs will increase.

4 0

3 years ago