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
nadezda [96]
3 years ago
5

The following transactions occur for Cardinal Music Academy during the month of October:

Business
1 answer:
tamaranim1 [39]3 years ago
7 0

Answer:

The entries to record the transactions are given below.

a. Provide music lessons to students for $7,000 cash.

Debit Cash Asset                          $ 7000

CreditService Revenue income   $ 7000

b. Purchase prepaid insurance to protect musical equipment over the next year for $3,000 cash.

Debit Prepaid Insurance equipment Asset $ 3000

Credit Cash Asset                                          $ 3000

c. Purchase musical equipment for $10,000 cash.

Debit Equipment Asset    $ 10,000

Credit Cash Asset            $ 10,000

d. Obtain a loan from a bank by signing a note for $10,000

Debit Cash Asset            $ 10,000

Credit Notes payable     $ 10,000

You might be interested in
You currently manage Cody’s investment portfolio. He provided you with the following information for the beginning and the end o
MaRussiya [10]

Answer:

The correct Statement is the return on investments ratio is within the normal range.

Explanation:

Return on IRA = IRA balance - IRA beginning ÷ IRA beginning

= ($82,000 - $75,000) ÷ $75,000

= 9.33%

So, The return on the IRA ratio is 10% is incorrect

Return on Net Worth =(Net worth (end of the year) - Net worth (beginning of the year)) ÷ Net worth (beginning of the year)

= ($970,000 - $1,000,000) ÷ $1,000,000

= -3 %

Here, the second part is also incorrect as net worth ratio is 3.5%. and it come in negative return .

The return on investment, the return on IRA and the return on net worth ratios are all within the usual range is incorrect as Return on Net Worth is Negative.

Therefore, the correct Statement is the return on investments ratio is within the normal range.

Return on IRA = (Investment balance (end of year) - Investment balance (beginning of year) ÷ Investment balance (beginning of year)

= ($115,000 - $100,000) ÷ $100,000

= 15%

8 0
3 years ago
Folsom Fashions sells a line of women's dresses. Folsom's performance report for November is shown below. (CMA adapted)
agasfer [191]

Answer:

(1) $20,000 U

(2) $15,000 U

Explanation:

(1) Effect of the sales quantity variance on the contribution margin for November:

= (Budget dresses sold - Actual dresses sold) × (Budgeted contribution margin ÷ Budgeted dresses sold)

= (6,000 - 5,000) × (120,000 ÷ 6,000)

= $20,000  unfavorable

(2) Sales price variance for November:

= [(Budgeted sales ÷ Budget dresses sold) - (Actual sales ÷ Actual dresses sold)] × Actual dresses sold

= [(300,000 ÷ 6,000) - (235,000 ÷ 5000)] × 5000

= $15,000  unfavorable

3 0
3 years ago
None of the following would be an advantage of self-administered surveys:
My name is Ann [436]

Answer:

B. False

Explanation:

A self-administered survey is one where there is the collection of the necessary data for the survey is carried out through a questionnaire of questions to be answered by the interviewee. Questionnaires can be sent via mail, e-mail, personal interception, hand delivery etc.

The advantages of self-administered surveys are cost reduction, since questionnaires can be sent via email at no cost to both, greater control of the interviewee, since the questions can be developed according to the information you want to collect, greater quick feedback, which reduces the apprehension of the interview evaluation.

3 0
3 years ago
Assume €1 = $1.1364 and $1 = S$1.2408. A new coat costs S$213 in Singapore. How much will the identical coat cost in euros if ab
alexandr402 [8]

Answer:

151.05 euro

Explanation:

The computation is shown below:

Data provided in the question

€1 = $1.1364

$1 = $1.2408

And the new coat cost is $213 in Singapore

So, by considering the above information

The 1 euro = $1.1364 × $1.2408 = $1.4100512

So,

$1 = 1 ÷ $1.4100512 euro = 0.709194

So, the identical coat cost is

= $213 ×  0.709194

= 151.05 euro

5 0
3 years ago
Henry runs moonlight café, a world renowned fast-food restaurant, in his locality. he started the restaurant after getting a lic
svetoff [14.1K]
The answer to this question is <span>franchise
</span><span>franchise refers to a form of business model that give other party the right to use the company's business model.
</span>As a return, that other party have to pay a certain percentage of money periodically based on the sales that they made by using the franchise.
6 0
3 years ago
Other questions:
  • The following labor standards have been established for a particular product: Standard labor-hours per unit of output 10 hours S
    8·1 answer
  • Discuss at least two (2) areas in which these deregulation policies impacted the u.s. economy overall and may have had roles in
    5·1 answer
  • Outward-oriented policiesa. allow countries to take advantage of gains from trade.b. have generally led to high growth for the c
    11·1 answer
  • Big Canyon Enterprises has bonds on the market making annual payments, with 18 years to maturity, a par value of $1,000, and a p
    9·1 answer
  • Felix Mining acquired a copper mine at a total cost of $3,000,000. The mine is expected to produce 6,000,000 tons of copper over
    9·1 answer
  • Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2018. Edison purchased the equipmen
    8·1 answer
  • Wine and Roses, Inc. offers a 6.0 percent coupon bond with semiannual payments and a yield to maturity of 6.91 percent. The bond
    8·1 answer
  • Rayray Records' stock currently sells for $105.00 per share. The dividend is projected to increase at a constant rate of 5.00% p
    5·1 answer
  • purchased decorating machine for $430,000 on January 1, 2020. depreciates machines of this type by the straight-line method over
    12·1 answer
  • Offering a better warranty is an example of competing on:
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!