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3 years ago

Jameson Corporation was organized on May 1. The following events occurred during the first month.

Business

1 answer:

olya-2409 [2.1K]3 years ago

7 0

Answer:

Date General Journal Debit Credit

a. Cash $70,000

Common stock $5,000

(5*100 shares * $10)

Additional paid - in - capital $65,000

b. No journal entry required - -

c. Cash $18,000

Notes payable (long term) $18,000

d. Equipment $11,000

Cash $1,500

Notes payable (Short term) $9,500

e. Notes receivable $2,000

Cash $2,000

f. Store fixtures $15,000

Cash $15,000

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Amy currently volunteers at her local hospital. She would like to one day

Lyrx [107]

Answer:

Explanation:

C focuses on health care careers it makes the most sense if she wants to be a doctor.

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2 years ago

Read 2 more answers

Neon Light Company of Kansas City ships lamps and lighting appliances throughout the country. Ms. Neon has determined that throu

FromTheMoon [43]

Answer:

A. $7,275,000

B. $436,500

C. YES

Explanation:

A. Calculation for how many dollars will the cash management system free up

First step is to calculate for Additional collections

Using this formula

Additional collections=Daily collections× Numbers of days to speed up

Let plug in the formula

Additional collections= $2,250,000 million per day × 3 days speed up

Additional collections=$6,750,000

Second step is to calculate for delayed disbursements using this formula

Delayed disbursements= Daily disbursement × Numbers of Days for slow down

Let plug in the formula

Delayed disbursements= $1,050,000 million per day ×0.5

Delayed disbursements= 525,000

Last step is to calculate for the freed up fund using this formula

Freed up fund=Additional collections+Delayed disbursements

Let plug in the formula

Freed up fund=$6,750,000 + 525,000

Freed up fund=$7,275,000

Therefore the amount of dollars that the cash management system will free up is $7,275,000

B. Calculation for how much will the income be using this formula

Income =Freed up fund× Interest rate

Let plug in the formula

Income=$7,275,000×6%

Income=$436,500

Therefore the income amount will be $436,500

C. YES it should be implemented reason be that the income amount of $436,500 is $36,500 ($435,600- $400,000) higher than New system total cost of the amount of $400,000

3 0

2 years ago

Keith and Dena Diem have personal property coverage with a $250 limit on currency, a $1,000 limit on jewelry, and a $2,500

netineya [11]

Answer:

Total Claim = $2416

Explanation:

The coverage on the currency = $250

The coverage on the jewelry = $1000

The limit on the gold, pewter, and silver = $2500

The amount that is stolen:

The amount of cash = $270

The worth of jewelry = $1734

Pewterware = $1666

The miximum coverage = 250 + 1000 + 2500 = $3750

Actual loss = 270 + 1734 + 1666 = $3670

Reimbursement amount = 250 + 1000 + 1666 = $2916

Total Claim = Total Amount Covered – Deductible

Total Claim = $2916 - $500 = $2416

4 0

3 years ago

Bartosiewicz Clinic uses client-visits as its measure of activity. During January, the clinic budgeted for 3,100 client-visits,

Degger [83]

Answer:

$354 Favorable

Explanation:

Net Operating Income in Planned budget = Revenue - Total Expense

Net Operating Income in Planned budget = (3,100*$35.10) - (3,100*$17.40 + $44,400)

Net Operating Income in Planned budget = $108,810 - $98,340

Net Operating Income in Planned budget = $10,470

Net Operating Income in Flexible budget = Revenue - Total Expense

Net Operating Income in Flexible budget = (3,080*$35.10) - (3,080*$17.40 + $44,400)

Net Operating Income in Flexible budget = $108,108 - $97,992

Net Operating Income in Flexible budget = $10,116

Activity variance for net operating income = Net Operating Income in Planned budget - Net Operating Income in Flexible budget

Activity variance for net operating income = $10,470 - $10,116

Activity variance for net operating income = $354 Favorable

7 0

3 years ago

Tim Company had sales of $30,000, increase in accounts payable of $5,000, decrease in accounts receivable of $1,000, increase in

ipn [44]

Answer:

$31,000

Explanation:

decrease in accounts receivable = $1,000

Sales = $30,000

Cash collected from customers = Sales plus decrease in accounts receivables

= $30,000 + $1000

= $31,000

The decrease in account receivables represents the collection of cash from a customer. If sales amount to $30,000, all must have been collected in cash hence no amount was outstanding to increase receivables. Hence the addition of the two items gives the cash collected from customers.

5 0

3 years ago