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ohaa [14]
3 years ago
15

Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will make 16 d

ishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. Jerry has a comparative advantage in______
Business
1 answer:
nekit [7.7K]3 years ago
8 0

Answer:

Jerry has a comparative advantage in fences

Explanation:

Comparative advantage is a concept in economics that states the product in which a person / company/ country has relative advantages or may produce more in comparison to competition.

Jerry produces 7 fences but Tom only 4 so Jerry, if he concentrated only in fences would be more competitive or productive than Tom. Tom instead, as he can produce 16 dishes. two more than Jerry has comparative advantages in the production of dishes.

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Cecil Jameson, Attorney-at-Law, is a proprietorship owned and operated by Cecil Jameson. On July 1, 2007, Cecil Jameson, Attorne
Kisachek [45]

Answer:

1. Determine the amount of owner’s equity (Cecil Jameson’s capital) as of July 1, 2007.

equity = assets - liabilities = $15,050 - $1,530 = $13,520

2. State the assets, liabilities, and owner’s equity as of July 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate the increases and decreases resulting from each transaction and the new balances after each transaction.

since there is not enough room here, I used an excel spreadsheet

   

3. Prepare an income statement for July, a statement of owner’s equity for July, and a balance sheet as of July 31, 2007.

Cecil Jameson, Attorney-at-Law

Income Statement

For the month ended July 31, 2007

Service revenue                                                       $5,953

Expenses:

  • Paralegal services $1,635
  • Wages expense $850
  • Rent $1,200
  • Answering service expense $250
  • Utilities expense $325
  • Supplies expense $115
  • Miscellaneous expense $75                           <u>$4,450</u>

Operating income                                                     $1,503

Cecil Jameson, Attorney-at-Law

Balance Sheet

For the month ended July 31, 2007

Assets:

Cash $6,873

Accounts receivables $2,225

Supplies $980

Land $10,000

Total assets $20,078

Liabilities:

Accounts payable $720

Paralegal fees payable $1,635

Total liabilities $2,355

Equity:

Jameson, Cecil, capital $18,723

Jameson, Cecil, drawings -$1,000

Total equity $17,723

Liabilities + Equity = $20,078

Cecil Jameson, Attorney-at-Law

Statement of Owner’s Equity

For the month ended July 31, 2007

Jameson, Cecil, capital balance July 1, 2007       $13,520

Investment during the month                                  $3,700

Net income                                                                <u>$1,503</u>

Subtotal                                                                    $18,723

Drawings                                                                  <u>($1,000)</u>

Jameson, Cecil, capital balance July 31, 2007     $17,723

4. (Optional). Prepare a statement of cash flows for July.

Cecil Jameson, Attorney-at-Law

Statement of Cash Flows

For the month ended July 31, 2007

Cash flows from operating activities  

Net income                                                                  $1,503

Adjustments to net income:

  • Decrease in accounts receivables $975
  • Decrease in accounts payables ($810)
  • Increase in supplies inventory ($130)
  • Increase in paralegal fees payable $1,635       <u>$1,670</u>

Net increase in cash from operating activities          $3,173

Cash flows from investing activities                                $0

Cash flows from financing activities  

Additional paid in capital                                           $3,700

Drawings                                                                    <u>($1,000)</u>

Net increase in cash from financing activities         $2,700

Net increase in cash                                                  $5,873

Cash balance July 1, 2007                                        <u>$1,000</u>

Cash balance July 31, 2007                                      $6,873

Download pdf
5 0
3 years ago
On December 31, 2020, Blossom Inc. has a machine with a book value of $1,034,000. The original cost and related accumulated depr
dangina [55]

Answer:

A)

Loss on Fire          280,720 debit

Acc depreciation 506,000 debit

Cash                     643,280 debit

      Equipment                     1,430,000 credit

B)

Acc depreciation 526,000 debit

Cash                   1,555,480 debit

      Equipment                     1,430,000 credit

     Gain at disposal                608,480 credit

C)

charitable contribution     1,645,600 debit

accumulated depreciation 500,500 debit

       equipment                                1,430,000 credit

       gain on disposal                          716,100  credit

<u>Questions</u>

A Fire completely destroys the machine on August 31, 2021. An insurance settlement of $643,280 was received for this casualty. Assume the settlement was received immediately.

B On April 1, 2021, Tritt sold the machine for $1,555,840 to Dwight Yoakam Company.

C On July 31, 2021, the company donated this machine to the Mountain King City Council. The fair value of the machine at the time of the donation was estimated to be $1,645,600.

Explanation:

In all cases, the company will write-off the equipment and acc depreciation

A.-

complete depreciation for 2020: 66,000

depreciation until August 31th: 66,000 x 8/12 = 44,000

Total depreciation 104,000

book value 1,034,000 - 104,000 = 924,000

loss: 924,000 - 643,280 = 280,72‬0

b)

complete depreciation for 2020:                   66,000

depreciation until April 31th: 66,000 x 4/12 = 22,000

Total depreciation     88,000

book value 1,034,000 - 88,000 = 946,000

1,555,480 - 946,000  = 608,480

c)

complete depreciation for 2020:                  66,000

depreciation until July 31th: 66,000 x 7/12 = 38,500

Total depreciation                                          104,500

book value 1,034,000 - 104,500 =   929,500

gain: 1,645,600 - 929,500 = 716.100

3 0
3 years ago
When a third party knows that an agent is acting on behalf of a principal, but does not know the identity of the principal, the
Amanda [17]
Partially disclosed or unidentified
5 0
3 years ago
Patents are an example of which of the following?
Kitty [74]

Answer: Option (B) is correct.

Explanation:

Correct option:  limited-life intangible assets.

Patents are considered as a intangible assets. Patents are the intellectual property that a owner can use to exclude others from making, selling and coping technology but for a limited number of years.

In most of the nations patent rights fall under the civil law and if a person wants to take benefit of their patent right then he have to sue someone for infringing the patent to enforce his right.

6 0
3 years ago
Rune Co.’s checkbook balance on December 31 was $10,000. On that date, Rune held the following items in its safe: $4,000 check p
jarptica [38.1K]

Answer:

$13,000

Explanation:

<em>Rune Co.'s</em>

<em>As of December 31</em>

Balance as per Bank Statement $10,000

(+) Bank credits and collections $4,000

(-) Bank errors overstate book balance $1,000

Correct Cash Balance $13,000

6 0
3 years ago
Read 2 more answers
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