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Dennis_Churaev [7]
3 years ago
9

Skysong Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following e

vents and transactions occurred.
April 2 Invested $27,070 cash and equipment valued at $12,900 in the business.

2 Hired an administrative assistant at a salary of $255 per week payable monthly.

3 Purchased supplies on account $833. (Debit an asset account.)

7 Paid office rent of $546 for the month.

11 Completed a tax assignment and billed client $1,160 for services rendered. (Use Service Revenue account.)

12 Received $2,589 advance on a management consulting engagement.

17 Received cash of $2,201 for services completed for Ferengi Co.

21 Paid insurance expense $100. 30 Paid administrative assistant $1,020 for the month.

30 A count of supplies indicated that $122 of supplies had been used.

30 Purchased a new computer for $5,266 with personal funds. (The computer will be used exclusively for business purposes.)

Journalize the transactions in the general journal.
Business
1 answer:
liubo4ka [24]3 years ago
8 0

Answer:

Explanation:

First of all, to make it easy, "Debit" will be written as "Dr" and "Credit" as "Cr"                  

                                       General journal

April 2

Dr Cash $27 070  

Dr Equipment $12 900

   Cr Owner's Capital      $39 970

April 2 No transaction has occurred

April 3

Dr Supplies $833  

   Cr Accounts Payable $833

April 7

Dr Rent Expense $546  

    Cr Cash          $546

April 11

Dr Accounts Receivable $1160

   Cr Revenue             $1160

April 12

Dr Cash $2,589

    Cr Unearned Revenue $2,589

April 17

Dr Cash $2,201  

    Cr Revenue  $2,201

April 21

Dr Insurance Expense $100.30

     Cr Cash                $100.30

April 30

Dr Salaries Expense $1,020

     Cr Cash                $1,020

April 30

Dr Supplies Expense $122

     Cr Supplies         $122

April 30

Dr Equipment $5,266

    Cr Capital  $5,266

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$26 per share is the current price for Foster Farms' stock. The dividend is projected to increase at a constant rate of 7.00% pe
ladessa [460]

Answer:

33.94%

Explanation:

The computation of stock's expected price 5 years is shown below:-

Stock price = $26

Required return = 12%

Growth rate = 7%

Current dividend per share = Stock price × (Required return - Growth rate) ÷ (1 + Growth rate)

= $26 × (12% - 7%) ÷ (1 + 7%)

= $26 × 5% ÷ 1.07

= $1.21

Stock price in 5 years = Expected dividend ÷ (required return - Growth rate)

Expected dividend = $1.21 × (1 + 7%)^5

= $1.21 × 1.402551731

= $1.697

Stock price in 5 years = $1.697 ÷ (12% - 7%)

= $1.697 ÷ 5%

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8 0
3 years ago
Sneed Corporation reported balances in the following accounts for the current year: Beginning Ending Income tax payable $ 50 $ 3
RUDIKE [14]

Answer:

Amount of taxes payable is $210.

Explanation:

<u>Calculating the Income tax amount: </u>

Income tax = Closing balance - opening balance + income tax expenses

Income tax = 30 - 50 + 230  

Income tax = - 20 + 230

Income tax = $210

7 0
3 years ago
The number one reason for failure of new business is
Ipatiy [6.2K]
The number one reason for failure of a new business is poor management.


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4 0
3 years ago
What is the maximum amount a firm should pay for a project that will return $15,000 annually for 5 years if the opportunity cost
vampirchik [111]

Answer:

The firm should pay $46907.57 for the given project.

Explanation:

Given information:

Return = $15000 annually

Time = 5 years

Opportunity cost = 18%

The formula for payment is

PV=R(\frac{1}{OC}-\frac{1}{OC(1+OC)^t})

where, R is return, OC is opportunity cost, t is time in years.

Substitute R=15000, t=5 and OC=0.18 in the above formula.

PV=15000(\frac{1}{0.18}-\frac{1}{0.18(1+0.18)^5})

PV=46907.5653141

PV\approx 46907.57

Therefore the firm should pay $46907.57 for the given project.

8 0
2 years ago
Phips Co. purchases 100 percent of Sips Company on January 1, 20X2, when Phips' retained earnings balance is $320,000 and Sips'
Taya2010 [7]

Answer:

Phips' post-closing retained earnings balance on December 31, 20X2 = $577,000

Explanation:

Note: When 100% shares of a company is acquired it is treated as subsidiary and for its accounting equity method is used.

In that case all balances of subsidiary are added to balances of Parent company.

But if any dividend is received then such value is deducted from carrying value of investment, and any share in profit will be added to carrying value.

All the retained earnings balance is accumulated together of both companies.

Therefore closing balance shall be

Retained earnings balance of Sips at year end

= $120,000 + $20,000 - $8,000 = $132,000

Year end balance of Phips Alone

= $320,000 + 125,000 = $445,000

Total Retained Earnings at year end = $132,000 + $445,000 = $577,000

3 0
3 years ago
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