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FinnZ [79.3K]
3 years ago
11

Larry Bar opened a frame shop and completed these transactions: Larry started the shop by investing $41,100 cash and equipment v

alued at $19,100 in exchange for common stock. Purchased $180 of office supplies on credit. Paid $2,300 cash for the receptionist's salary. Sold a custom frame service and collected $5,600 cash on the sale. Completed framing services and billed the client $310. What was the balance of the cash account after these transactions were posted?
Business
1 answer:
Andrew [12]3 years ago
4 0

Answer:

$44,400

Explanation:

The computation of the balance of the cash account after posting of these transactions are shown below:

= Invested cash amount - cash paid for receptionist's salary + cash collection from sale of frame service

= $41,100 - $2,300 + $5,600

= $44,400

The other items do not involved any cash transactions. Therefore they are not relevant and thus they not considered in the computation part

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National Art is a new business. During its first year of operations, credit sales were $40,000 and collections were credit sales
zmey [24]

Answer:

The ending balance of Allowance for Bad Debts account is $800

Explanation:

The computation of the ending balance of allowance for bad debt is shown below:

= Credit sales × uncollectible rate

= $40,000 × 2%

= $800

The estimated amount would be considered as an allowance for bad debts i.e $800, So no other amount would be come while computing the ending balance of Allowance for Bad Debts account.

However, the other information which is given in the question is not relevant. Hence, ignored it

6 0
3 years ago
Given below are several ratios. "Select the accounts or amounts that would be used in order to calculate the ratio. You will hav
kirill [66]

Answer:

Dividend yield ratio.

(a) Market price per share

(e) Common dividends per share

Explanation:

The formuls it's

Cash Dividends per Share (Common)

=================================   =   DIVIDEND YIELD

Market Value per Share (Common)

As the outstanding shares are the same, it is only necessary to divide the value of the dividend per share by the market price of the outstanding shares.

4 0
3 years ago
Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a specific year. If the firm sol
Flura [38]

Answer: $200,000 and its economic profits were zero.

Explanation:

First and foremost, we should note that when calculating accounting profit, the implicit cost isn't taken into consideration.

Therefore, the accounting profit will be:

= Revenue - Explicit Cost

= (4000 × 300) - Explicit cost

= 1,200,000 - 1,000,000

= 200,000

Then, Economic Profit will be:

= Accounting profit - Implicit cost

= 200,000 - 200,000

=0

Therefore, its its accounting profits were $200,000 and its economic profits were zero.

5 0
2 years ago
Your opinion is that CSCO has an expected rate of return of 0.15. It has a beta of 1.3. The risk-free rate is 0.04 and the marke
Sav [38]

Answer:

Overpriced

Explanation:

The computation is shown below;

As we know that

Expected rate of return = risk free rate + beta × ( expected market rate of return - risk free rate )

= 0.04 + 1.3 × (0.115 - 0.04)

= 0.1375

As the return of the security is 0.1375  i.e.  more than the expected rate of return i.e. 0.115

Hence, it is overpriced

8 0
3 years ago
Compare characteristics of corporate bonds and stocks. List three to five characteristics.​
Alecsey [184]

Stocks Represent Ownership

Shares of common stocks represent ownership in the company.

Voting Rights

Attached voting privileges are a characteristic of most common stocks.

Common Stock Value

Hypothetically, the value of stocks has no ceiling.

5 0
3 years ago
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