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Y_Kistochka [10]
3 years ago
12

3–1. Liability to Business Invitees. Kim went to Ling’s Market to pick up a few items for dinner. It was a stormy day, and the w

ind had blown water through the market’s door each time it opened. As Kim entered through the door, she slipped and fell in the rainwater that had accumulated on the floor. The manager knew of the weather conditions but had not posted any sign to warn customers of the water hazard. Kim injured her back as a result of the fall and sued Ling’s for damages. Can Ling’s be held liable for negligence? Discuss. (See Unintentional Torts—Negligence.)
Business
1 answer:
Natalija [7]3 years ago
8 0

Answer: yes

Explanation: although the manager was aware of the weather condition, his negligence hampered him from posting a sign to caution incoming customers. This negligence had incurred a damage to his account and he is liable to compensate Kim for negligence

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Thoro Clean, a firm providing house-cleaning services, began business on April 1. The following accounts in its general ledger a
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Answer:

Thoro Clean

a. Using the accounting equation, record each of the transactions in columnar format:

April 1    

Cash $11,500 + Accounts Receivable + Supplies + Prepaid Van Lease  + Equipment = Accounts Payable + Notes Payable + Common Stock $11,500 + Retained Earnings

April 2

Cash $11,500 - $2,850+ Accounts Receivable + Supplies + Prepaid Van Lease $2,850 + Equipment = Accounts Payable + Notes Payable + Common Stock $11,500 + Retained Earnings

April 3

Cash $11,500 - $2,850 + $10,000 + Accounts Receivable + Supplies + Prepaid Van Lease $2,850 + Equipment = Accounts Payable + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings

April 3

Cash $11,500 - $2,850 + $10,000 - $3,500 + Accounts Receivable + Supplies + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings

April 4

Cash $11,500 - $2,850 + $10,000 - $3,500 - $4,300 + Accounts Receivable + Supplies $4,300 + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings

April 7

Cash $11,500 - $2,850 + $10,000 - $3,500 - $4,300 - $350 + Accounts Receivable + Supplies $4,300 + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings - Advertising Expense $350

April 21

Cash $11,500 - $2,850 + $10,000 - $3,500 - $4,300 - $350 + Accounts Receivable $3,500 + Supplies $4,300 + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings - Advertising Expense $350 + Cleaning Fees Earned $3,500

April 23

Cash $11,500 - $2,850 + $10,000 - $3,500 - $4,300 - $350 - $1,500 + Accounts Receivable $3,500 + Supplies $4,300 + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 - $1,500 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings - Advertising Expense $350 + Cleaning Fees Earned $3,500

April 28

Cash $11,500 - $2,850 + $10,000 - $3,500 - $4,300 - $350 - $1,500 + $2,300 + Accounts Receivable $3,500 - $2,300 + Supplies $4,300 + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 - $1,500 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings - Advertising Expense $350 + Cleaning Fees Earned $3,500

April 29

Cash $11,500 - $2,850 + $10,000 - $3,500 - $4,300 - $350 - $1,500 + $2,300 + $1,000 + Accounts Receivable $3,500 - $2,300 + Supplies $4,300 + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 - $1,500 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings - Advertising Expense $350 + Cleaning Fees Earned $3,500 + Dividends $1,000

April 30

Cash $11,500 - $2,850 + $10,000 - $3,500 - $4,300 - $350 - $1,500 + $2,300 - $1,750  - $255 + Accounts Receivable $3,500 - $2,300 + Supplies $4,300 + Prepaid Van Lease $2,850 + Equipment $5,500 = Accounts Payable $2,000 - $1,500 + Notes Payable $10,000 + Common Stock $11,500 + Retained Earnings - Advertising Expense $350 + Cleaning Fees Earned $3,500 + Dividends $1,000 - Wages $1,750 - Gasoline $255

b. Use Journal entries to record the transactions:

DATE    DESCRIPTION                 DEBIT     CREDIT

April 1    Cash Account                $11,500

             Common Stock                              $11,500

To record Randy Storm's investment of cash

April 2  Prepaid Van Lease        $2,850

            Cash Account                                $2,850

To record payment for six months' lease on a van.

April 3  Cash Account             $10,000

            Notes Payable                              $10,000

To record the borrowing of $10,000 from a bank.

April 3   Cleaning Equipment  $5,500

             Cash Account                              $3,500

             Accounts Payable                       $2,000

To record purchase of cleaning equipment.

April 4  Cleaning Supplies      $4,300

            Cash Account                              $4,300

To record the purchase of cleaning supplies.

April 7  Advertising Expense    $350

            Cash Account                                $350

To record the payment for advertisements.

April 21 Accounts Receivable      $3,500

            Cleaning Fee Earned                     $3,500

To record the cleaning fees earned.

April 23 Accounts Payable        $1,500

             Cash Account                               $1,500

To record the payment on account.

April 28 Cash Account           $2,300

              Accounts Receivable                 $2,300

To record the receipt from customers on account.

April 29 Cash Account         $1,000

             Dividends                                   $1,000

To record the receipt of dividends.

April 30 Wages Expense        $1,750

             Cash Account                            $1,750

To record the payment of wages for April.

April 30 Gasoline Expense    $255

              Cash Account                         $255

To record the payment for gasoline used during April.

Explanation:

The accounting equation is given as Assets = Liabilities + Equity.  This equation is always in balance with each transaction affecting at least one or two accounts in either side of the equation.  This equation explains that the assets owned by a company are made up of either owings to creditors or owners of the business.

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In an international transaction involving a bank as a third party, the exporter ships the product after:
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Answer: the bank promises to pay on the importer’s behalf

Explanation:

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On January 1, 2018, Jacob Inc. purchased a commercial truck for $48,000 and uses the straight-line depreciation method. The truc
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Answer:

The amount of loss should Jacob Inc. record on December 31, 2019 is $38,000

Explanation:

Truck Value =  $48,000

Annual depreciation =   ( $48,000 -   $8,000) / 8 = $40,000 / 8= $5,000

First year (2018) = $40,000 - $5,000 =  $35,000

Second year (2019) = $35,000 - $5,000 =  $30,000

Loss  = Truck Value (actual) + estimated residual value=  $30,000 + $8,000 = $38,000

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