Answer:
adjusting entries:
1. Cash received from a customer on account was recorded (both debit and credit) as $1,940 instead of $2,210.
Dr Cash 270
Cr Accounts receivable 270
2. The purchase on account of a computer costing $3,080 was recorded as a debit to Office Expense and a credit to Accounts Payable.
Dr Equipment 3,080
Cr Office expense 3,080
3. Services were performed on account for a client, $2,610, for which Accounts Receivable was debited $2,610 and Service Revenue was credited $585.
Dr Accounts receivable 0
Cr Service revenue 2,025
4. A payment of $455 for telephone charges was entered as a debit to Office Expense and a debit to Cash.
Dr Office expense 0
Cr Cash 910
5. The Service Revenue account was totaled at $5,560 instead of $5,640.
Cr Service revenue 80
the adjusted trial balance should be:
Debit Credit
Cash $5,992
Accounts Receivable $5,330
Supplies $3,327
Equipment $9,540
Accounts Payable $7,404
Common Stock $8,360
Retained Earnings $2,360
Service Revenue $7,665
Office Expense <u> $1,600 </u> <u> </u>
Totals $25,789 $25,789
If you set the selling price of each unit at $16, the expected profit per customer is: $6.
<h3>Expected profit</h3>
Using this formula
Expected profit=Lowest amount willing to pay-Marginal cost
Where:
Lowest amount willing to pay=$10
Marginal cost=$4
Let plug in the formula
Expected profit=$10 - $4
Expected profit= $6
Therefore if you set the selling price of each unit at $16, the expected profit per customer is: $6.
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Answer:
It will be a net gain for 6,325.2 after taxes
Explanation:
Bases on the MACRS at the end of the third year. we will have a book value of 7.41% Remember that under MACRS we have a half year convention so we depreciate for half a year on the assets first year. given a total year of useful life + 1
40,000 x 7.41% = 2.964
sales price: 12,000
we will pay taxes for the difference:
12,000 - 2,964 = 9.036
9036 x (1 - 30%) = 6.325,2
Answer:
$11,046
Explanation:
Present value = $10,000
Interest rate = 1%
Years = 11 years annually
Future value = A(1 + i/)^n
Future value = $10,000*(1 + 0.01)^10
Future value = $10,000*(1.01)^10
Future value = $10,000*1.10462212541
Future value = $11046.2212541
Future value = $11,046
So, the future value FV of the investment after 11 years is $11,046
If Mary doesn't use the card in a responsible way, there's a possibility that Mary will spend more than what her parents allowed her to spend. Therefore, giving more payment duties to her parents which could also result to debt if the amount spend is too much.
