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3 years ago

On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:

Business

1 answer:

amm18123 years ago

6 0

Answer:

January 2 Purchase rental space for one year in advance, $6,300 ($525/month).

Dr Prepaid expense 6,300

Cr Cash 6,300

January 9 Purchase additional supplies on account, $3,600.

Dr Supplies 3,600

Cr Accounts payable 3,600

January 13 Provide services to customers on account, $25,600.

Dr Accounts receivable 25,600

Cr Service revenue 25,600

January 17 Receive cash in advance from customers for services to be provided in the future, $3,800.

Dr Cash 3,800

Cr Unearned revenue 3,800

January 20 Pay cash for salaries, $11,600.

Dr Wages expense 11,600

Cr Cash 11,600

January 22 Receive cash on accounts receivable, $24,200.

Dr Cash 24,200

Cr Accounts receivable 24,200

January 29 Pay cash on accounts payable, $4,100.

Dr Accounts payable 4,100

Cr Cash 4,100

<u>adjusting entries:</u>

Rent for the month of January has expired.

Dr Rent expense 525

Cr Prepaid rent 525

Supplies remaining at the end of January total $3,500.

Dr Supplies expense 3,300

Cr Supplies 3,300

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Suppose a riskless project requires an initial investment of $10 and will generate a one-time cash inflow of $30 two years later

Evgesh-ka [11]

Answer:

D. The payback period is less than 2 years.

Explanation:

Discount rate 5%

0 1 2

intital investment -10

cash flow 0 30

Total cash flow -10 0 30

NPV 17.21

IRR 73%

Therefore, The NPV is 17.21 and is positive, the statement is True.

IRR > 50%, Therefore the statement made is True

Accounting rate of return = {[(30 - 10)/10]^(1/2)} - 1

= 41% > 0

Therefore, The statement made is true.

Payback period = 2 years, Therefore the statement made is NOT true.

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3 years ago

Margie received her store order on 12 3 16 at 4:00 a.M. She just opened one of the fountain bibs today 12 7 16 at 12:00 p.M. The

Kruka [31]

Answer and Explanation:

The correct way for putting this on expiration paper is as follows

Expiration date: 1/17/2017

Exp time: 4:00 AM

Preparation date: 12/3/2016

Preparation time: 4:00 AM

The above represents the correct way i.e to be putted on an expiration paper

Therefore we applied the given information to arrive at an answer

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4 years ago

Cindy invests $3000 in a bond trust that pays 8% interest compounded semiannually. Her friend, Jimmy, invests $3000 in a certifi

Elanso [62]

Answer:

Cindy has more amount than Jimmy.

Explanation:

Amount invested by Cindy P = $3000

Annual rate of interest = 8%

As the amount is compounded semiannually

So rate of interest $=\frac{8}{2}=4%$ %

Time = 20 year

So time period n = 20×2 = 40

So amount own by Cindy $A=P(1+\frac{r}{100})^n$

$A=3000(1+\frac{4}{100})^{40}=14403.06$ $

Amount deposit by jimmy P = $3000

Annual rate of interest = 7.75 %

As the amount is compounded monthly

So rate of interest $r=\frac{7.75}{12}=0.322$ %

Time period = 20×12 = 240

So amount own by Jimmy $A=P(1+\frac{r}{100})^n$

$A=3000(1+\frac{0.322}{100})^{240}=6503.650$ $

From the calculation we can see that Cindy has more amount than Jimmy.

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3 years ago

Which of the following are acceptable to use as references on a resume/job application? A. Past employers B. Teachers C. Family

Kaylis [27]

The correct option is D.
When writing a resume or an application letter, the only kind of people that one can use as referees are teachers and employers. These people are considered suitable as referees because they will be able to give honest account of one's capacity and intelligence.

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3 years ago

Read 2 more answers

Porter Incorporated issued $210,000 of 6 percent, 10-year, callable bonds on January 1, Year 1. The bonds were issued at their f

pshichka [43]

Answer:

Jan. 1

Dr Cash $210,000

Cr Bonds Payable $210,000

Dec. 31

Dr Loss on Bond Redemption $4,200

Bonds Payable $210,000

Cr Cash $214,200

Explanation:

Porter Incorporated Journal entries

Jan. 1

Dr Cash $210,000

Cr Bonds Payable $210,000

Dec. 31

Dr Loss on Bond Redemption $4,200

Bonds Payable $210,000

Cr Cash $214,200

(102%×$210,000=$214,200)

7 0

3 years ago