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Helen [10]
3 years ago
5

1. Barry Cain invested $38,000 cash to start an appliance repair business. 2. Hired an employee to be paid $500 per week, starti

ng tomorrow. 3. Paid two years' rent in advance, $10,800. 4. Paid the worker's weekly wage. 5. Recorded revenue earned and received for the week, $2,900.
Business
1 answer:
attashe74 [19]3 years ago
8 0

Answer:

No.    Account Titles & Explanation             Debit          Credit

1.

       Cash                                                  $38,000

       Barry Capital Account                                         $38,000

2.

       No Entry Requires as Employee are only Hired there id no financial transaction involved in hiring the employees only.

3.

       Prepaid Rent                                     $10,800

       Cash                                                                     $10,800

4.

       Wages Expense                                $500

       Cash                                                                     $500

5.

       Cash                                                  $2,900

       Revenue                                                               $2,900

Explanation:

1. Cash paid is the capital contribution in the business so cash account will be debited and capital account will be credit as per their nature.

2. Hired an employee does not need any transaction as there is no financial  involvement in just hiring an employee.

3. Prepaid expense is actually an asset for us as we paid expenses in advance which is not incurred yet. It will be recognized as expense with passage of time.

4. Payment to worker is an expenses against a credit to cash as wage is paid in cash.

5. Revenue earned should be recorded and also received so cash will be debited for the receipt from sales and revenue shold be debited due to its nature of account.

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Why did people demand not just banking and stock market reform but also new forms of government after the Great Depression?
Alex787 [66]

Answer:

The Depression affected the confidence that people had on the government.

Explanation:

The Great Depression began in 1929 and continued until 1933 and it caused high unemployment rates, a decrease in output and deflation. During this time, President Hoover was accused of not taking enough measures to stop the crisis and this ended up on him losing the 1932 election as people lost their confidence in the government. Also, the Great Depression resulted in changes on the government and on how it faces economic crisis. Because of that, the answer is that people demanded not just banking and stock market reform but also new forms of government after the Great Depression because it affected the confidence that people had on the government.

6 0
3 years ago
Leroux health insurance is considering changing the options in one of their health care plans (plan a) based on customer feedbac
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The Leroux firm can reduce the costs of regular health care without driving up the price by reduce the co-pay amounts but increase the annual deductible so that the monthly premium can stay the same.

<h3>What is a health care insurance?</h3>

This is a health insurance that provide coverage for expenses arising from health issues.

If the firm want to reduce the costs of regular health care without driving up the price of their health care plan, then, its need to reduce the co-pay amounts but increase the annual deductible so that the monthly premium can stay the same.

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6 0
2 years ago
This problem has been solved!
liubo4ka [24]

Answer:

A Overhead:          180,634

B Production Cost: 214,410

C Period Cost:           71,091

Explanation:

<u>Manufacturing overhead</u>

Factory utilities                                   16,942

Depreciation on factory equipment  13,387

Property taxes on factory building      3,252

Indirect factory labor                          49,656

Repairs to office equipment                 2,179

Indirect materials                               84,468

Factory repairs                                     2,465

Factory manager's salary                    8,285

Total:                                                180.634

<u>Product Cost</u>

Direct labor                         71, 743

Direct materials used        142,667

Total:                                  214,410‬

<u>Period Cost </u>

Sales salaries                                 47, 310

Depreciation on delivery trucks     4,546

Advertising                                     15, 712

Office supplies used                       3,523

Total:                                               71,091

5 0
3 years ago
Farmer Joe is planning to purchase a new hog farm. He anticipates making $20,000 the first year, $25,000 the second year and $30
Pachacha [2.7K]

Answer:

The simple rate of return is 37.5%

Explanation:

Simple rate of return is the percentage of return on investment that takes the net annual return cash flow of an investment and compare with initial capital of the investment. It is calculated with this formula:

<u>Total annual return - Depreciation expense</u>

                Initial capital outlay

For farmer Joe, the simple rate of return is:

<u>$20,000 + $25,000 + $30,0000 -$0</u>     x   100

                    $200,000

=   <u>$75,000</u>  x 100

   $200,000

= 37.5%

Depreciation expense is assumed to be zero.

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