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
mafiozo [28]
3 years ago
12

For each activity, select the impact on the accounting equation. After doing all transactions, ensure that the accounting equati

on remains in balance. The first item is provided as an example. (Decreases to accounts should be entered as a negative.)
Transaction Assets Liabilities + Stockholders' Equity

1.Issue common stock in exchange for cash, $15,000. 15,000 0 15,000

2.Obtain a loan from the bank for $9,000.

3.Receive cash of $1,200 in advance from customers.

4.Purchase supplies on account, $2,400.

5.Pay one year of rent in advance, $12,000.

6.Provide services to customers on account, $3,000.

7.Repay $4,000 of the loan in (2) above.

8.Pay the full amount for supplies purchased in (4) above.

9.Provide services to customers in (3) above.

10.Pay cash dividends of $1,000 to stockholders.

Totals
Business
1 answer:
soldi70 [24.7K]3 years ago
5 0

Answer:

<u>                                      Assets       =         Liabilities     +       Equity             </u>

1)                                  15,000                          0                       15,000

2)                                  9,000                      9,000                      0

3)                                   1,200                        1,200                     0

4)                                  2,400                        2,400                     0

5)                                 (12,000)                         0                         0

                                     12,000                         0                         0

6)                                   3,000                           0                      3,000    

7)                                   (4,000)                      (4,000)                   0

8)                                   (2,400)                      (2,400)                   0

9)                                        0                           (1,200)                  1,200

10)                                  (1,000)                            0                     (1,000)

TOTALS                       23,200                       5,000                  18,200

You might be interested in
A labor shortage that is seen to be temporary, yet approaching quickly, would be handled best by
Charra [1.4K]
<span>An upcoming labor shortage that is expected to be temporary can be met and alleviated by using temporary labor solutions shush as offering overtime or other incentives for increased productivity from established workers, hiring from temporary labor pools, or cross training existing workers to be productive in other areas of labor as needed.</span>
3 0
3 years ago
True or false: unlike the economic system of a country, the legal system is not influenced by the prevailing political system.
tigry1 [53]

The statement is False. Unlike the economic system of a country, the legal system is not influenced by the prevailing political system.

Free market, command, and mixed economies are the three primary types. The chart that follows contrasts command and free-market economies; mixed economies combine the two. Both people and corporations are free to choose their own economic course.

A common law system has the advantage of allowing you to be certain of the outcome of your case if a similar case has already been heard. The disadvantage is that if you have a unique circumstance, a court might easily create a new law and apply it to your situation.

To learn more on economic system

brainly.com/question/27630988

#SPJ4

7 0
1 year ago
Reasons for lack of customer care in many organization​
Lady bird [3.3K]

Answer:

1) Not hiring the right people. Generally speaking, the quality of the customer service you provide largely depends on the quality of the people you hire. ...

2) Lack of training. ...

3) Lack of belief in the product or the company. ...

4) Lack of respect for the customer. ...

5) Lack of empathy.

Explanation:

7 0
3 years ago
Madrid Company has provided the following data (ignore income taxes):
Romashka [77]

Answer:

C.Retained earnings increased $33,900 during 2014.

Explanation:

Total expenses during the year=Revenue- net income

                                                   =77,500-33,900

                                                   =$43,600

Therefore, option A. is correct

Total Liabilities=Total assets-total equity

                        =217,000-123,000

                       =$94,000

Therefore, option B. is correct

The formula for calculating  Retained earnings is given as follows:

Retained earnings at year end=Opening retained earnings+net income-dividend paid.

83,000=opening retained earnings+33,900-5,700

opening retained earnings=83,000-33,900+5,700

                                           =54,800

Change in retained earnings=closing retained earnings-opening retained earnings

Change in retained earnings=83,000-54,800=28,200

Therefore, Option C. is not correct

Common stock at December 31, 2014=total equity-total retained earnings

                                                              =123,000-83,000

                                                              =$40,000

Therefore, Option D. is correct

Based on the above discussion the answer is C.Retained earnings increased $33,900 during 2014.

8 0
3 years ago
Read 2 more answers
Make a list of at least three items that are important to double check before submitting a loan application to underwriting. Lis
xxMikexx [17]

Answer:

Please see answers below.

Explanation:

A. Three important Items to double check before submitting a loan application to underwriting.

• Completeness of data : One has to be sure that all important details are captured hence none is left out. It means that there are no missing information on the application.

• Calculations performed accurately: This means that calculations such as borrower's income, qualifying ratios are calculated accurately and also double checked for the purpose of the loan underwriting.

• Documentations required by the loan programme. All Documentations required by the loan programme must be double checked before submitting a loan application to underwriting.

B. List at least two things you would be sure to tell a borrower in preparation for closing

• I will seek clarity in terms of the money borrower would be bringing to the closing table.

• The date,time,venue of closing are essential for the closing hence will be communicated to the borrower. Also, there are no right or wrong answers that may be asked or given by the borrower during the closing.

C. List at least three calculations that are typically used during the course of mortgage loan transaction.

• Income calculation

• Front end and back end ratio (DTI ratio)

• Monthly payment.

3 0
3 years ago
Other questions:
  • Abbott Landscaping purchased a tractor at a cost of $30,000 and sold it three years later for $16,200. Abbott recorded depreciat
    15·1 answer
  • Janelle manages a small pharmacy in Dallas, Texas. Recently, she started an initiative to help give low-income individuals steep
    9·1 answer
  • What is the sky i mean you look at it every day what is it made out of?
    11·1 answer
  • The process that individuals or groups go through to select, purchase, use, and dispose of goods, services, ideas, or experience
    12·1 answer
  • Colorado Corporation's financial statements include the following information:
    5·1 answer
  • "Cookie jar reserves" can best be described as:_______.A) Buying a lot of chocolate chip cookies, storing them for when you have
    15·1 answer
  • Dave gets a job at a grocery store, which pays him an hourly wage in
    5·2 answers
  • The relationships between inventory and throughput, and inventory and operating expense are defined as follows: As everyone is s
    14·1 answer
  • Khi nào bán hết 1 tỷ gói mè
    5·1 answer
  • A. An analysis of WTI's insurance policies shows that $2,674 of coverage has expired.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!