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Nona Curry started her own consulting firm, Curry Consulting Inc., on May 1, 2017. The following transactions occurred during th

Yuliya22 [10]

Answer:

Curry Consulting Inc.

Showing the effects of transactions on the accounting equation:

Assets = Liabilities + Equity

May 1:

Assets (Cash + $15,000) = Liabilities + Equity (Common Stock + $15,000)

May 2:

Assets (Cash - $600) = Liabilities + Equity (Retained Earnings - $600)

May 3:

Assets (Supplies +$500) = Liabilities (Accounts Payable +$500) + Equity

May 5:

Assets (Cash - $150) = Liabilities + Equity (Retained Earnings - $150)

May 9:

Assets (Cash + $1,400) = Liabilities + Equity (Retained Earnings + $1,400)

May 12:

Assets (Cash - $200) = Liabilities + Equity (Retained Earnings - $200)

May 15:

Assets (Accounts Receivable +$4,200) = Liabilities + Equity (Retained Earnings +$4,200)

May 17:

Assets (Cash - $2,500) = Liabilities + Equity (Retained Earnings - $2,500)

May 20:

Assets (Cash -$500) = Liabilities (Accounts Payable -$500) + Equity

May 23:

Assets (Cash +$1,200 Accounts Receivable -$1,200) = Liabilities + Equity

May 26:

Assets (Cash +$5,000) = Liabilities (Notes Payable +$5,000) + Equity

May 29:

Assets (Cash -$200 Equipment +$2,000) = Liabilities (Accounts Payable +$1,800) + Equity

May 30:

Assets (Cash - $180) = Liabilities + Equity (Retained Earnings - $180)

Explanation:

The accounting equation shows that Assets = Liabilities + Equity. This equation is the basis of the double-system of accounting. It is always in balance when each transaction is correctly posted. The implication is that every business transaction affects, in two ways, either the assets side or the liabilities and equity side or both.

4 0

3 years ago

Gable Inc. is a provider of home furnishings. The company uses the FIFO inventory method. The following information was taken fr

Alexus [3.1K]

Answer:

a. LIFO is the last method of accounting for inventory by recording the most recently produced or purchases item as the item sold first . If there is an increase in the cost of the item , this would mean higher cost of goods as you would have to record the item with the higher cost as the sold item

b. 1. Income before taxes = 110,000

2. Income tax expense = 44,000

3. Net income = 66,000

4. Net cash provided by operating activities = 116,750

Explanation:

Cost of goods sold with FIFO = $1,850,000

Cost of goods sold with LIFO = $1,865,000

Extra cost using LIFO= 1,865,000 - 1,850,000 - 15,000

Income before taxes using LIFO = 125,000(FIFO amount)- 15,000 = 110,000

Income tax expense = 40% X 110,000 = 44,000

Net income = 110,000 - 44,000 = 66,000

Net cash provided by operating activities = 123,250(fifo amount ) - 15000(extra cost of goods) + 8,500 (tax savings) = 116,750

3 0

3 years ago

In a large city, two taxi companies own all the licenses that the city will grant to operate taxis. consumers don't care which c

liberstina [14]

Answer:

this situation can be classified as an duopoly

Explanation:

An duopoly is similar to a monopoly but instead of only supplier there are two suppliers that share total market power and control. Both companies also offer basically the same product or service. Competition exists between the companies but it is not significant, both companies decide to coexist. Customers are forced to choose between one company or the other.

In this case, there are only two taxi companies and the customers really don't care what company they use since they both offer similar services. None of the companies even bothers to offer a better service to try to gain a larger market share.

7 0

3 years ago

Newly issued securities are sold to investors in which one of the following markets?A. ProxyB. InsideC. SecondaryD. Primary

Harrizon [31]

Answer:

D. Primary

Explanation:

The newly issued securities are first sold to the investors of the primary market .

The primary market id responsible for issuing the securities for the exchange of the company , or other groups .

The primary market are run by the underwriting groups which includes the investment banks .

Hence , from the information of the question , the correct term is ( d. ) Primary market .

7 0

3 years ago

2. What kind of good is it? Determine whether each of the following goods is a private good, a public good, a common resource, o

erastovalidia [21]

Answer:

1- A cabana along a beach that is open to the public --- Common resource

2- A new drum set for you to play in your friend's band --- Private good

3- A large, beautiful statue in a town square --- Public good

Explanation:

1- Common resources are goods that are not excluded, but are rival. Not excluded means that no restrictions can be imposed on the use, such as paying a price, for example because there is no personnel or technical provision available to enforce this.

2- Private goods are defined as goods that are excluded and rival. Private goods are the opposite of public goods.

Excluded means that some consumers can be excluded from the use of this good. For example: Someone has bought a good and decides who uses the good.

In turn, rival means that, if used properly, it cannot be consumed again or simultaneously by others.

3- A public good is a commodity or service characterized by two basic characteristics: non-rivalry and non-excludability.

Non-rivalry means that a person's consumption of a commodity does not affect the quantity or quality of the same commodity that another person can consume.

Non-excludability means that it is impossible to exclude anyone from the consumption of an item (for example, because it did not pay for the item). Goods that hold only one of the properties are called semicollective goods, while the goods that possess both properties are called genuine collective goods.

5 0

3 years ago