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4 years ago

Windsor, Inc. was started on May 1. A summary of May transactions is presented below.

Business

1 answer:

Natalka [10]4 years ago

3 0

Answer: See explanation

Explanation:

The tabular analysis of the transactions had been prepared and attached. The tabular analysis consist of heading such as cash, account receivable, supplies, equipment, account payable, common stock, revenue, expense and dividends.

Check the attachment for the solution.

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Banks are concerned mainly either the function of_____<br>

Jlenok [28]

The answer is Economy

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3 years ago

Read 2 more answers

In 2020, the Merkel Company had revenues of $2,650,000 and costs of $2,150,000. During 2021, Merkel will be introducing a new pr

Neporo4naja [7]

Answer:

$92.000

Explanation:

<h2>1. The first step is to calculte the operating profits for the year 2020, following the next formula </h2>

(Revenues - costs) = Operating Profits.

Revenues 2.650.000

Costs 2.150.000

--------

Operating profits 500.000

<h2>2. Same indications for the next year.</h2>

Revenues 2.915.000

Costs 2.323.000

--------

Operating profits 592.000

<h2>3. Calculate the diference between 2021 and 2020. </h2>

8 0

3 years ago

Blossom Company, a computer services company, entered into these transactions during May 2017, its first month of operations.

Rashid [163]

Answer:

1. Debit Cash $30,000

Credit Common stock $30,00

2. Debit Equipment $25,000

Credit Accounts payable $25,000

3. Debit Rent expense $2,000

Credit Cash $2,000

4. Debit Accounts receivable $15,000

Credit Service revenue $15,000

5. Debit Cash $3,000

Credit Service revenue $3,000

6. Debit Utilities expense $6,000

Credit Cash $6,000

7. Debit Accounts payable $25,000

Credit Cash $25,000

8. Debit Advertising expense $1,500

Credit Accrued expenses $1,500

9. Debit Cash $10,000

Credit Accounts receivable $10,000

Explanation:

1. An investment made by the stockholder will result to a debit in cash and credit to common stocks issued in the amount of $30,000.

2. An acquisition on account of equipment will result to a debit in equipment and credit to accounts payable account in the amount of $25,000

3. We recognize the rent expense by debiting it and credit cash that the company parted with in the amount of $2,000

4. We recognize the service rendered whether paid or not by debiting accounts receivable and credit to service revenue in the amount of $15,000

5. We debit cash for the amount we receive in lieu of the service rendered and then credit service revenue in the amount of $3,000

6. Utilities expense is debited in such transaction and credit cash for the amount we paid

7. We debit the accounts payable we recognize in the number 4 and credit cash for the amount we paid in the amount of $6,000

8. We recognize the advertising expense at the time it incurred whether paid or not.

9. We debit cash for the consideration we received and credit accounts receivable in the amount $10,000

3 0

3 years ago

Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry 1. Calculate the amount of taxable e

ss7ja [257]

Answer:

Cumulative Pay Current Earnings

Jordahl, Stephanie $6,780 $1,170

Keesling, Emily $6,060 $1,060

Palmer, Stefan $55,170 $2,370

Soltis, Robin $54,160 $2,300

Stout, Hannah $29,200 $2,010

Xia, Xu $108,480 $10,920

1) taxable earnings for unemployment = $220 + $940 = $1,160

FUTA taxes = $1,160 x 0.6% = $6.96

SUTA taxes = $1,160 x 5.4% = $62.64

taxable earnings for social security = $1,170 + $1,060 + $2,370 + $2,300 + $2,010 + $10,020 = $18,930 x 6.2% = $1,173.66

taxable earnings for medicare = $1,170 + $1,060 + $2,370 + $2,300 + $2,010 + $10,920 = $19,830 x 1.45% = $287.54

2) employer's payroll taxes:

Dr FICA tax (OASDI) expense 1,173.66

Dr FICA tax (Medicare) expense 287.54

Dr FUTA tax expense 6.96

Dr SUTA tax expense 62.64

Cr FICA tax (OASDI) payable 1,173.66

Cr FICA tax (Medicare) payable 287.54

Cr FUTA tax payable 6.96

Cr SUTA tax payable 62.64

4 0

3 years ago

Assets Liabilities and Net Worth

KiRa [710]

Answer:

The correct answer is $30 billions.

Explanation:

The checkable deposits are given as $140 billions.

The total reserves are $51 billions.

The required reserve rate is 30%.

The required reserves will be

=30% of $140 billions

= $0.3 \times 140$

=$42 billions

The excess reserves will be

=total reserves-required reserves

=$51-$42

=$9 billions

Maximum expansion by lending will be

= $\frac{excess reserves}{required \ reserve\ rate}$

= $\frac{9}{0.3}$

=$30 billions

So, the money supply can be expanded by a maximum amount of $30 billions.

5 0

3 years ago