1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
stira [4]
3 years ago
5

The following are the transactions of Spotlighter, Inc., for the month of January. a.Borrowed $3,940 from a local bank on a note

due in six months. b.Received $4,630 cash from investors and issued common stock to them. c.Purchased $1000 in equipment, paying $200 cash and promising the rest on a note due in one year. d.Paid $300 cash for supplies. e.Bought and received $700 of supplies on account. Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero.
Business
1 answer:
natali 33 [55]3 years ago
6 0

Answer:

Explanation:

Cash                                                                          Supplies

Beg. Bal.                                Beg. Bal.  

Notes Payable 3940    Cash         300  

Contributed capital 4630            Accounts Payable 700  

Equipment                200      

Supplies                        300      End. Bal. 1000  

End. Bal.        8070        

                                                                   Accounts Payable

                                                                 

                                                                  Contributed Capital

Equipment                                      Beg. Bal.    

Beg. Bal.                         Supplies                 700  

Cash               200        

Notes Payable     800                              End. Bal.                  700  

End. Bal.            1000  

Notes Payable                                   Beg. Bal.    

Beg. Bal.                             Cash                 4630

Cash                    3940      

Equipment             800      

                                                                    End. Bal.                    4630

End. Bal.                    4740    

Trial Balance      

                                                      Debit             Credit      

Cash                                      8070        

Supplies                                      1000        

Equipment                              1000        

Accounts Payable                                                      700      

Notes Payable                                                      4740      

Contributed Capital                                              4630      

Total                                        10070                      10070    

You might be interested in
On January 1, 2021, Legion Company sold $240,000 of 4% ten-year bonds. Interest is payable semiannually on June 30 and December
slavikrds [6]

Answer:

$7,514

Explanation:

Calculation for how Legion should report bond interest expense for the six months ended June 30, 2021

Using this formula

Bond interest expense=Bonds amount*Priced to yield percentage

Bond interest expense=$150,272*(10%/2)

Bond interest expense=$150,272*5%

Bond interest expense=$7,513.6

Bond interest expense=$7,514 Approximately

Therefore Legion should report bond interest expense for the six months ended June 30, 2021 in the amount of $7,514

6 0
3 years ago
The monopoly demand curve is _____________, while the perfectly competitive firm’s demand curve is _______________. This is beca
Amiraneli [1.4K]

Answer:

Downward sloping; horizontal line; demand; large number of competitors

Explanation:

A monopoly is a market structure where there is only a single firm in the market. This firm is a price maker. It can charge whatever price it wants, but the consumers will demand more at a lower price.  

That is why the demand curve of a monopoly is downward sloping and the same as the market demand curve.  

A perfectly competitive market refers to the market structure where there is a large number of buyers and sellers. These firms are price takers. They face a horizontal line demand curve. This is because of a large number of competitors producing homogenous products. So if a firm raises its prices the consumers will move to the firm at a lower price.  

The market demand curve though is downward sloping.

8 0
3 years ago
A firm expects to sell 25,500 units of its product at $16 per unit. pretax income is predicted to be $60,500. if the variable co
aksik [14]

A firm expects to sell 25,500 units of its product at $16 per unit. pretax income is predicted to be $60,500. If variable costs are $8 per unit, total fixed costs must be $143,500.

Fixed costs are costs that stay constant no matter changes in production volume, implying that irrespective of whether output rises or decreases, total fixed costs remain constant within the relevant range.

Rent, labor, depreciation, insurance, and other fixed costs per unit fluctuate over the relevant range, on the contrary.

Given,

Selling price = $16

Variable cost per unit = $8

Units sold = 25,500

Pretax income = $60,500

Contribution Margin = (Selling Price Per Unit - Variable Cost Per Unit) * Units Sold

Substituting the provided information into the above calculation yields,

Contribution margin = ($16 - $8) * 25,500 units                                

= $204,000

Formula:

Pretax Income = Contribution Margin - Fixed Costs

This symbolizes,

Fixed Costs = Contribution Margin - Pretax Income

Substituting the provided information into the above calculation yields,

Fixed Costs = $204,000 - $60,500                

= $143,500

Hence, the answer is $143,500.

Learn more about fixed cost:

brainly.com/question/14366141

#SPJ4

6 0
2 years ago
As the manager of Margarita Mexican​ Restaurant, you must deal with a variety of business transactions. Provide an explanation f
Shalnov [3]

Answer:

A. Debit Equipment and credit Cash.

  • You purchase equipment and you pay in cash.

B. Debit Dividends and credit Cash.

  • You paid cash dividends.

C. Debit Wages Payable and credit Cash.

  • You paid wages that you owed to your employees. Generally wages are paid at the end of the week and not all months end on a weekend. So you must record wages payable until you actually pay the wages.

D. Debit Equipment and credit Common Stock.

  • You received equipment in exchange for common stock.

E. Debit Cash and credit Unearned Revenue.

  • You received cash in advance for some food that you will deliver in the future.

F. Debit Advertising Expense and credit Cash.

  • You incurred in advertising costs and you paid them in cash.

G. Debit Cash and credit Service Revenue.

  • You sold meals and your clients paid you in cash.

7 0
3 years ago
On a pay stub, what is the difference between "Net Pay" and YTD Net Pay"?
Len [333]
Net pay is how much you made in a year after taxes YTD Net pay is how much you've made from January to the last day of the pay period before taxes
4 0
3 years ago
Other questions:
  • Ncome statement data for Winthrop Company for two recent years ended December 31 are as follows: Current Year Previous Year
    14·1 answer
  • Suppose the yield on short-term government securities (perceived to be risk-free) is about 4%. Suppose also that the expected re
    6·1 answer
  • TB MC Qu. 3-209 Chavez Corporation reported the ... Chavez Corporation reported the following data for the month of July: Invent
    14·1 answer
  • What are expenses that change as conditions change?
    13·2 answers
  • Sampson Company's accounting records show the following at the year ending on December 31, 2010: Purchase Discounts $ 5,600 Frei
    15·1 answer
  • __________ involves defining the firm's marketing mix variables so that target customers have a clear, distinctive, and desirabl
    5·1 answer
  • Kingbird Company has five employees participating in its defined benefit pension plan. Expected years of future service for thes
    15·1 answer
  • Compare the types of team with the characteristics of successful team and affective team
    11·1 answer
  • Following is the information concerning operating activity for Annette County. For the year ended June 30, the net change in tot
    11·1 answer
  • 3. Which type of bank card immediately deducts payment for purchases from the cardholder's
    9·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!