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
Phoenix [80]
3 years ago
12

On August 31,the balance sheet of La Brava Veterinary Clinic showed cash $9,000,Account receivable$1700,supplies $600,equipments

$6000,account payable $3600,common stock $13,00 and retained earings $700. During september,the following transaction occur
1. paid $2900 cash for accounts payable
2. collected $1,300 of accounts receivable
3. purchased additional equipments for $2100,paying $800 in cash and the balance on account
4. recognized revenue of $7300 of which $1500 is collected in cash and balance due in october
5. declared and paid $400 cash dividend
6. paid salaries $1700 rent for september $900,and advertising expense $200
7. Incurred utilities expense for month on account $170
8. Received $10,000 from capital bank on 6 month note payable
a. prepare a tabular analysis of september transactions begin with august 31 balances.column headings: cash,account receivable,supplies,equipments,account payable,common stock,retain earnings with separate column for revenues,expenses,dividends.Including margin explanation changes in retain earnings. Revenue is called Service Revenueb. prepare an income statements for september,a retained earnings statements for september,and a balance sheet at september 30.

Business
2 answers:
Vladimir79 [104]3 years ago
7 0

Answer:

Brava Veterinary Clinic

a) Tabular Analysis of September Transactions:

see attached.

b1) Income Statement for September:

Service Revenue  $7,300

Expenses:

Salaries      $1,700

Rent               900

Advertising   200

Utilities          170 ($2,970)

Net Income         $4,330

b2) Retained Earnings Statements for September

Net Income                               $4,330

Beginning Retained Earnings    $700

Dividends                                   ($400)

Ending Retained Earnings     $4,630

b3) Balance Sheet at September 30:

Assets:

Cash                                    $14,900

Accounts Receivable             6,200

Supplies                                    600

Equipment                              8,100

Total Assets                     $29,800

Liabilities + Equity:

Accounts Payable              $12,170

Common Stock                   13,000

Retained Earnings               4,630

Total Liabilities + Equity  $29,800

Explanation:

Financial Statements (Income Statement and Balance Sheet) are prepared at the end of a period to show the financial performance (Net Income) and the financial position (Assets = Liabilities + Equity) of a business entity.

A tabular statement of transactions illustrates the changes that have taken place during the period as a result of transactions.  Transactions affect the Assets and Liabilities and Equity equally.  The excess of revenue over expenses gives a net income.

Download xlsx
Julli [10]3 years ago
6 0

Answer:

For a better visualization of the answer the first point was attached as an image.

Income Statement

Sales Revenues       7300

Salaries expense     (1700)

Rent Expense           (900)

Advertising Expense (200)

Utilities expense        (170)

Net Income             4,330

Retained Earnings  

Beginning   700

Income     4,330

Dividends   (400)

Ending      4,630

Balance Sheet

Cash                         14,900

Account Receivables 6,200

Supplies                        600

Current                      21,700

Equipment                   8,100

Total Assets               29,800

Liablities  

Account Payable 2,170

Note Payable     10,000

Total Liabilities   12,170

Equity

Common Stock    13,000

Retained Earnings  4,630

Total Equity           17,630

Total Liabilities + Equity 29,800

Explanation:

The dividends paid are not considered an expense.

We consider revenues and expense using the accrual basis rather than cash basis so we also recognize accrued expense (utilities ) and accrued revenues (sales which weren't paid right away)

For the Balance sheet the equipment is considered long.temr asset as their usefil life exceed a year.

The note payable while it is different from account payable is also a current liaiblity as it is due within the one-uyear window.

You might be interested in
Madison Finance has a total of $20 million earmarked for homeowner loans and auto loans, where x is homeowner loans in millions
Deffense [45]

Answer:

Ans. Car loans must be $4,000,000 and Home loans $16,000,000 in order to use all the conditions in the problem. Return= $2,000,000

Explanation:

Hi, well, you need to make sure to get as many car loans as the conditions of the problem allows you, since it returns 14%.

I used MS Excel solver to find this result, please download the excel spreadsheet attached to this answer.

Best of luck.

Download xlsx
7 0
3 years ago
Suppose the economy goes from a point on its production possibilities frontier (PPF) to a point below that PPF. Assuming that th
qaws [65]

Answer:

The correct answer is: a new law that interferes with economic efficiency.

Explanation:

A production possibilities frontier shows all the points where production is efficient. The resources are being completely employed. The points above the frontier are unattainable. The points below the frontier are attainable but inefficient.

If there is a movement from the frontier to a point below it. This means inefficient allocation of resources. It can happen because of some law interfering in efficient allocation of resources.

3 0
3 years ago
What examples best demonstrate likely tasks for Distribution and Logistics workers? Check all that apply. Stacy supervises worke
hoa [83]

Answer:    

Raisa, Mariah, Calvin

Explanation:

7 0
3 years ago
Read 2 more answers
Prepare the company’s direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted eac
bekas [8.4K]

Answer:

Answer for the question:

Prepare the company’s direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced. (Round "Direct labor time per unit (hours)" and "Direct labor cost per hour" answers to 2 decimal places.)

is explained in the attachment.

Explanation:

Download pdf
7 0
3 years ago
Sherrie Hymes holds a $200,000 portfolio consisting of the following stocks. The portfolio's beta is 0.875. Stock Investment Bet
yuradex [85]

Answer:

The portfolio’s new beta will be 1.125

Explanation:

In this question, we are interested in calculating the portfolio’s new beta given the value of the beta of the stock which is used in replacing it.

We apply a mathematical approach here.

Mathematically;

Portfolio beta=Respective beta * Respective investment weight

=(50,000/200,000*1.5)+(50,000/200,000*0.8)+(50,000/200,000*1)+(50,000/200,000*1.2)

= 0.375 + 0.2 + 0.25 + 0.3 = 1.125

8 0
3 years ago
Other questions:
  • When the Wright brothers designed their aircraft, they built a wind tunnel to model the aerodynamics of different wing designs.
    11·1 answer
  • Which of the following is a reason the government can't completely control the business cycle?
    10·2 answers
  • Select all that apply.
    14·1 answer
  • ​Jim's Handicrafts' main product sells for​ $100 and the cost of goods sold is​ $40. The​ $60 (the difference between the​ two)
    11·1 answer
  • Refining Estimates may be necessary for a number of reasons. For example, a manager getting further into a project and obtaining
    6·1 answer
  • Select the correct answer.
    6·2 answers
  • Cash flows: Hillman Corporation reported current assets of $3,495,055 on December 31, 2017 and current assets of $3,103,839 on D
    15·1 answer
  • Suppose that at the beginning of 2019 Jamaal's basis in his S corporation stock is $0, he has a $0 debt basis associated with a
    13·1 answer
  • What is the role of debt is the pecking order theory of capital structure? How does it differ under the stulz (1990) model?
    12·1 answer
  • A licensed insurance producer that transacts business on behalf of an insurer must be?
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!