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DochEvi [55]
2 years ago
7

Exercise 2.2 Preparing a Balance Sheet (LO2-4)

Business
1 answer:
solmaris [256]2 years ago
3 0

Answer:

Explanation:

The corrected sheet is given below

WILLIS TRANSPORTATION SERVICE

Balance sheet

Feb-28

Assets

Cash 74000

Accounts Receivable 72000

Supplies 14000

Land 70000

Buildings 90000

Automobiles 175000

Total 495000

Liabilities & Owners' Equity

Liabilities:

Notes payable 281000

Accounts Payable 58000

Total Liabilities 339000

Owners Equity:

Capital Stock 94000

Retained earnings 62000

Total 495000

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Answer:

e. $225,000.

Explanation:

Since Bob Shockey pays interest as in accrues, the amount the  beneficiary will receive if he dies before the debt is repaid will be the cash value of his life insurance policy minus amount borrowed to send his daughter to private college. This can be calculated as follows:

Amount to receive by beneficiary = $250,000 - $25,000 = $225,000

Therefore, his beneficiary will receive $225,000.

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You mow your​ neighbor's yard and he pays you​ $25. Which function of money does this BEST​ represent?
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You mow your​ neighbor's yard and he pays you​ $25. Which function of money does this BEST​ represent? Medium of exchange. The function of money, medium of exchange, is the exchange of money for a good or service. They are facilitating the transaction by paying the neighbor for the lawn cutting service. 


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3 years ago
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Discuss what a small business owner should consider when deciding upon the location for their business
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Answer:

depending on the place you can consider the number of people who go to it and on that side, the fame it would have for its service, and greater economic progress.

Explanation:

4 0
3 years ago
During June, Buttrey Corporation incurred $84,000 of direct labor costs and $24,000 of indirect labor costs. The journal entry t
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Answer:

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Explanation:

Preparation of The journal entry to record the accrual of these wages

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(To record the accrual of wages)

Therefore The journal entry to record the accrual of these wages would include a: debit to work in process of $84,000

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What activities might require you to provide your social security number?
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The following activity might require you to provide your social security number:   Starting a new job.  Correct answer: A


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