Answer and Explanation:
The preparation of the balance sheet is presented below:
<u> </u><u> Keisha King </u>
<u> Balance sheet</u>
Assets
Current Assets
Cash $2,000
Accounts receivable $17,000
Office supplies $4,250
Total current assets $23,250
Land $36,000
Office equipment $28,000
Total fixed assets $64,000
Total assets $87,250
Liabilities
Current liabilities
Accounts payable $7,500
Total current liabilities $7,500
Total liabilities $7,500
Equity
Common stock $76,470
Retained earning $3,280 (Working note)
Total equity $79,750
Total liabilities and owners equity $87,250
Working note:
As we know that
Retained earning = Sales - rent expense - salary expense - telephone expense - miscellaneous expense - dividend paid
= $19,000 - $3,420 - $7,600 - $660 - $680 - $3,360
= $3,280
Answer:
Annual Interest will be $1,103.21
Explanation:
Reinvesting on 1% per working will enable a fund manager to compound the earning to 250 trading days per year.
Use following formula to calculate the the amount investment after compounding 250 days.
F = P ( 1 + r/n )^n
n is the number of period in a year. and r/n is the interest per day which 1%.
F = 100 ( 1 + 0.01 )^250
F = $1,203.22
Return = $1,203.22 - $100 = $1,103.21
Another way:
Effective Annual rate = ( 1 + 0.01)^250 - 1
Effective Annual rate = ( 1.01)^250 - 1
Effective Annual rate = 11.0321 = 1,103.21%
F = 100 x 1103.21% = $1103.21
Answer:
The correct answer is Finance American involvement in the First World War.
Explanation:
Apart from war bonds, there was another source of financing for the First World War which consisted of borrowing very high amounts in order to be paid in a relatively short period of time. With the bonds, a series of obligations of the states are acquired that must be fulfilled in a period of time and at a determined interest rate.
Answer:
From a legal point of view this policy and the contracts that it includes are legal since the students are adults and can legally sign voluntary agreements.
Even though this policy is legal, I really doubt that it is ethical. My biggest concerns are not with the firm, but rather with the students that receive money in exchange for future employment. The accounting firm is well respected, so $2,000 will not be a lot of money for them even if they hand them out to several students. Students also probably need the money, but as accountants they will need to make sensitive judgements that will affect their clients and many stakeholders. Remember that this bonus is given to students that haven't yet decided what to study, and if they accept it and become accountants, their only motivation will be the money they can earn.
That is where our problem lies, is the company being irresponsible for hiring people whose main motivation is solely making money? As CPAs, that might be very complex and dangerous in the future.