<span>Money is not the only measure of success and not everything is transactional. A producer may choose to produce for many reasons. Among them, working with exceptional talent as well as gaining experience and getting street creds.</span>
Answer:
Explanation:
Journal entries:
Oct 1
Dr Cash 41,000
Cr Common stock 41,000
Oct 2
No entry
Oct 3
Dr Equipment 4,400
Cr Accounts payable 4,400
Oct 6
Dr Accounts receivable 13,000
Cr Sales 13,000
Oct 10
Dr Cash 170
Cr Service revenue 170
Oct 27
Dr Accounts Payable 880
Cr Cash 880
Oct 30
Dr Salaries expense 2,500
Cr Cash 2,500
Answer:
A.
Explanation:
An orchard can be described as a tree garden where plants are sown intentionally. The term 'orchard' is derived from an Old English word 'orceard', meaning 'fruit garden.'
Orchards is a fruit farm where trees or shrubs are intentionally sown with the purpose of food production. Some examples include apple orchards, orange orchards, etc.
Therefore, option A is the correct answer.
Answer:
The correct cash balance that should be reported in Mooner Sooner's balance sheet at the end of the year is $5,800.
Explanation:
For adjusting the bank statement balance do not consider note collected by the bank, service fee and NSF check returned. Note collected by the banks are already recorded in the bank passbook, so there is no adjustments are needed in the bank statement. Service charge is deducted by the bank, so service charge also recorded in bank passbook; hence no adjustments are required in the bank statement balance. In the case of NSF check returned no adjustments are needed in the bank statement balance.
correct bank balance = Bank balance + Deposits outstanding - Checks outstanding
= $9,000 + $4,600 - $7,800
= $5,800
MAKE SURE YOU AVOID THIS:
For calculating correct cash balance only checks outstanding and deposits outstanding are adjusted with bank balance. For getting correct cash balances add deposit outstanding to the balance as per the bank and minus outstanding checks. Deposit in transit amount must be added to the bank side of the bank reconciliation statement and outstanding check must be deducted from the bank side of the bank reconciliation statement. Here, bank balance is $9,000, checks outstanding are $7,800 and deposits outstanding is $4,600, hence correct cash balance is $5,800.
Therefore, The correct cash balance that should be reported in Mooner Sooner's balance sheet at the end of the year is $5,800.
Answer:
The cash disbursements for selling and administrative expenses should be $45,520
Explanation:
The selling and administrative (S&A) expenses have two parts: a variable one and a fixed one.
- The variable part depends on how many units have been sold. So, if the variable S&A expense per unit is $4.1, and 3,600 units are planned to be sold, the total variable S&A expense should be
- The fixed part does not depend on the units sold. It remains the same no matter how many units have been sold. Yet, it includes depreciation of $5,100. The depreciation does not represent an exit of money. It isn't part of the cash flow. So, the total fixed S&A expenses should be
- Finally, the total S&A expenses should be
