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DerKrebs [107]
3 years ago
12

Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During Jun

e, Ming Chen (the owner) completed these transactions. ok ht inces
a. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock.
b. The company paid $2,700 cash forfrent of office space for the month.
c. The company purchased $14,000 of additional equipment on credit (payment due within 30 days).
d. The company completed work for a client and immediately collected the $2,600 cash earned.
e. The company completed work for a client and sent a bill for $7,700 to be received within 30 days.
f. The company purchased additional equipment for $5,100 cash.
g. The company paid an assistant $4,000 cash as wages for the month.
h. The company collected $4,300 cash as a partial payment for the amount owed by the client in transaction e.
i. The company paid $14,000 cash to settle the liability created in transaction c.
j. The company paid $1,100 cash in dividends to the owner (sole shareholder). ad time
Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)
Business
1 answer:
stepan [7]3 years ago
7 0

Answer:

I used an excel spreadsheet because there is not enough room here.    

Explanation:

Download pdf
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An entrepreneur purchased an existing bicycle shop that had between $120,000 and $150,000 worth of sales annually for the past t
stepan [7]

Answer:

Forecasted sales: 25% maximum reduction.

Recommendations: try new ways to increase sales during the months left, or reduce its own cost.

Explanation:

  • If sales usually increase between March 1 and June 30, and this period accounts for 50% of annual revenue, if revenue is proportional to sales, a reduction in sales will reduce revenues.
  • Between March 1 and June 30 there are 4 months.
  • If sales usually pick up in March and this year they were low until the beggining of May, it means that  only 2 of the 4 most productive months were higly productive.
  • If 50% of sales are concentrated in this 4 months, and this year 2 of the 4 months were not really productive, a maximum 25% of sales (and hence of revenues) may have lost.
  • Therefore, revenues may lower by 25% this year.
  • To avoid losses, it is advisable to try new ways to increase sales during the months left, that can consist on doing some advertisement and promotions (related to health care linked to exersice for example), that helps increasing sales in the months left, to compensate the looses of the 2 months. If sales cannot be increased, it is advisable to reduce cost to avoid further looses.
6 0
3 years ago
In a growing number of jurisdictions, when a tenant moves out of leased premises before the term of the lease expires, the landl
Travka [436]

Answer:

To mitigate damages

Explanation:

When a a tenant breaches the terms of a real estate agreement, the landlord must come in to get another tenant to occupy the space.

He is avoiding a situation where the property is to be left unoccupied for a period of time.

Mitigating damages is a way of reducing further loss when one party breaches a contract.

In the given scenario if a tenant moves out of leased premises before the term of the lease expires, the landlord is required to make a reasonable attempt to lease the property to another party.

5 0
3 years ago
In the components of a business plan, what section contains a detailed description of the company, the problem/opportunity, prop
dimaraw [331]

In the components of a business plan, the section which contains a detailed description of the company, the problem/opportunity, proposed solution to be offered, and your competitive advantage is "Financial Projections section"

<h3>What is Financial Projections?</h3>

Financial predictions forecast your company's future revenues and expenses using existing and estimated financial data.

They frequently contain many scenarios so you may see how adjustments to one part of your finances (for example, increased sales or reduced operational expenses) may affect your profitability.

Financial predictions are an important tool for business planning for a variety of reasons.

  • Financial predictions assist you in setting your beginning budget, determine when you may anticipate the business to be become profitable, or set benchmarks for meeting financial goals if you're starting a business.
  • If you currently have a firm, making annual financial projections can assist you in setting goals and keep on target.
  • Both startups and current firms will require financial estimates when seeking outside finance to convince investors and lenders of the business's development potential.

To know more about the financial projections, here

brainly.com/question/21773027

#SPJ4

5 0
2 years ago
Categorize each statements as a component of Gross Domestic Product (GDP): consumption, investment, government, or net exports.
Viefleur [7K]

Answer:

'Government Expenditure' not 'Government' is a component of GD[

Explanation:

GDP is the total value of goods & services produced in an economy during an year.

As per Expenditure method :

  • It is calculated as 'expenditure' done by all sectors of economy as "<em>one person expenditure is other person income</em>". 
  • 4 sectors are : households , firms, government ,rest of the world.
  • Their respective demand expenditures are : Private Final Consumption Expenditure , Government Final Consumption Expenditure, Investment (Gross domestic Capital Formation) , Net Exports.

4 0
3 years ago
To cater to the growing demand for luxury automobiles, Italy agrees to buy 5,000 cars from Comfort Cars Inc. in exchange for 5,0
kupik [55]

Answer: barter

Explanation:

Barter is an exchange system whereby money isn't used as the medium of exchange but rather, there's a direct exchange of goods or services.

From the question, we are given the information that Italy agrees to buy 5,000 cars from Comfort Cars Inc. in exchange for 5,000 barrels of oil. This shows that a barter system took place.

7 0
3 years ago
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