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2 years ago

Describe the effect of each transaction on assets, liabilities, and stockholders' equity.

Business

1 answer:

Aliun [14]2 years ago

8 0

Answer:

Issued Common Stock to Investors in exchange for Cash received from investors

Stockholders Equity = Increase

Assets = Increase

Liabilities = No Effect

Paid Monthly Rent

Assets = Decrease

Stockholders equity = Decrease

Liabilities = No Effect

Received cash from customers when service is performed

Assets = Increase

Stockholders Equity = Increase

Liabilities = No Effect

Billed Customers when service is performed

Assets = Increase

Liabilities = No Effect

Stockholders Equity = Increase

Explanation:

Issued Common Stock to Investors in exchange for Cash received from investors

Stockholders Equity increase due to increase in issue of additional common stock.

Assets increase due to inflow of asset of Cash resulting from the issue.

Paid Monthly Rent

Stockholders equity decrease due to increase in an expense item (Rent) which decreases profits attributable to stockholders.

Assets decrease due to outflow of economic benefits in form of cash.

Received cash from customers when service is performed

Shareholders Equity increase increase due to inflow of economic benefits in form of revenue, which would consequently increase profit attributable to shareholders.

Assets are increasing due to inflow of economic benefits in form of cash.

Billed Customers when service is performed

Assets are increasing due to increase of future economic benefit in form of Accounts Receivable.

Shareholders Equity increase increase due to inflow of economic benefits in form of revenue, which would consequently increase profit attributable to shareholders.

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You are planting seeds in a vegetable garden. According to the instructions on the seed packet, the seeds should be placed 12"

Leokris [45]

Answer:

A) the range of variation

Explanation:

In statistics, the range is a measure of variation which includes the highest value and the lowest value, in other words, the extreme points.

In this case, the range of variation represents the extreme points at which it is OK to plant our seeds. If we plant seeds more than 13" apart then we aren't doing it correctly, the same if we pant them less than 11" apart.

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3 years ago

On January 2, 20X1, Schneider Company issues $100,000 of 6% bonds. Interest of $3,000 is payable semi-annually on June 30 and De

____ [38]

Answer:

Effective interest recognized on June 30, 20X1, will be equal to $3,354

Explanation:

Data provided from the question,

Amount of bond issued on January 2, 20X1 = $100,000 of 6% bonds

Interest = $3000

Payable semi-annually on June 30 and December 31

Number of years to mature = 5 years

The bond issued for $95,842 with an effective interest rate of 7%

Therefore, the Effective interest recognized on June 30, 20X1 =

bond issued × effective interest rate × semiannually(1/2)

= $95,842 x 0.07 x 0.5

= $3,354

3 0

3 years ago

Discrimination lawsuits that go to court are very expensive, averaging over $200,000, so a well-crafted ________ can save an emp

frozen [14]

Answer:

Job description.

Explanation:

A job description is an internal document that a firm draws up to describe the responsiblities of a position, the required skill, and job requirements to perform a particular job role.

When a job description is well crafted it shows clearly what is required to hire a person for a job. This will reduce discrimination lawsuits because it will show clearly why a particular candidate was disqualified from the hiring process.

For example if a candidate was disqualified for not having a bachelor's degree, it should be well stated in the job description to avoid discrimination claims.

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3 years ago

Ken's Car Repair uses a 35.00% material loading charge and a labor rate of $23.00 per hour. How much will be charged on a job th

Art [367]

Answer:

the amount charged on a job is $401.50

Explanation:

The computation of the amount charged on the job is shown below:

The Amount to be charged is

= Material Loading Charge + Labor Charge + Materials Cost

= 35% × $110 + $23 Per Hour × 11 Hours + $110

= $38.50 + $253 + $110

= $401.50

Hence, the amount charged on a job is $401.50

We simply applied the above formula so that the correct value could come

And, the same is to be considered

4 0

3 years ago

Using accrual accounting, expenses are recorded and reported only: _A. when they are incurred and paid at the same time. B. if t

sleet_krkn [62]

Answer:

C. when they are incurred, whether or not cash is paid.

Explanation:

In accrual accounting, expenses are recorded in the moment they are incurred, even if they have not been paid for.

In fact, the term "accrued expense" means an expense that has been incurred, but not yet paid.

One common example of an accrued expense is accrued wages:

Suppose that a firm hires a worker on March 1, for a wage of $1,000 dollars per month, that is due to be paid at the end of the month (March 31). This worker is earning $33 per day. By March 4, the firm should have recorded accrued wages for $132 ($33 x 4 days) even if no payments will be made until March 31.

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3 years ago