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DochEvi [55]
3 years ago
7

Exercise 2.2 Preparing a Balance Sheet (LO2-4)

Business
1 answer:
solmaris [256]3 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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Machine Malfunction. Bruno, the president of a corporation operating work out facilities, convinced the board of directors to ap
andrew-mc [135]

Answer:

The correct answer is letter "C": The Business Judgment Rule.

Explanation:

The Business Judgment Rule is a law that protects a company's Board of Directors (BoD) from inconsistent allegations from shareholders stating that the BoD is acting against the stakeholders' interest. The law presumes that members of the BoD act in "<em>good faith</em>" and that they do not always make the best decisions.  

The Business Judgment Rule helps managers, in such a way, to avoid laws where there is no substantial proof that they had intentions to go against the investors' will.

8 0
4 years ago
Suppose on January 1 Andrew​'s Tavern prepaid rent of $ 16 comma 800 for the full year. At November 30​, how much rent expense s
zalisa [80]

Answer:

The rent expense to be recorded on November 30 will be $15400.

Explanation:

The accrual principle in the accounting states that the revenues and expenses for a period should be matched and recorded in their respective periods. Following the principle, we should record the expenses in the period to which they belong. Thus, the rent that is paid in advance is an asset and it will be expensed out as it is consumed.

The rent of $16800 is paid for the period from January to December.

The rent to be recorded as rent expense on 30 November will be for 11 months from January to November.

Rent expense = 16800 * 11/12 = $15400

6 0
4 years ago
Cherries on Top, a national ice cream shop, is struggling financially to keep up with the bigger chains. The top executives have
marin [14]

Answer:

The correct answer is letter "B": utilitarian approach.

Explanation:

The utilitarian approach is a corporate practice by which managers make benefit/costs decision attempting to maximize the benefits by minimizing the costs. This approach is implemented to safeguard stakeholders' investments which represents one of the main sources of income for the company to keep their operations up.

8 0
3 years ago
3M Co. reports beginning raw materials inventory of $902 million and ending raw materials inventory of $855 million. 3M purchase
Greeley [361]

Answer:

$3693 million

Explanation: The materials used in the primary stage of production is called

raw materials. These are the basic materials used for production.

.

Raw material used is the amount of raw materials consumed by the entity

in a specific period , generally a year .

.

Raw materials used = begining invetory + purchased inventory - ending invetory

therefore,

Raw materials used = $902 million + $3646 million - $855 million

                                  = $3693 million

5 0
4 years ago
Supply and Demand: Tutorial
Ilia_Sergeevich [38]

Answer:

see below

Explanation:

There exists a direct relationship between the price of a commodity and the quantity supplied. Producers find it more profitable to increase supplier when the prices are high. As businesses are motivated by profits, high prices are likely to generate more profits. High prices are a motivation to supply large quantities.

If the price of necklaces goes up, Rachel will supply more to the markets. She will take advantage of the high prices to sell more and make bigger profits. Low prices lead to reduced profits or even losses. At low prices, Rachael will supply a few necklaces in the market.

3 0
3 years ago
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