Answer:
journal entries to record the December transactions
1-Dec
Cash $10500 (debit)
Common Stock $10500 (credit)
1-Dec
Rent Expense $950 (debit)
Cash $950 (credit)
1-Dec
Prepaid Insurance $600 (debit)
Cash $600 (credit)
1-Dec
Equipment $3600 (debit)
Cash $3600 (credit)
5-Dec
Supplies Expense $300 (debit)
Accounts Payable $300 (credit)
15-Dec
Cash $7200 (debit)
Service Revenue $7200 (credit)
16-Dec
Accounts Receivable $5200 (debit)
Service Revenue $5200 (credit)
21-Dec
Cash $2400 (debit)
Accounts Receivable $2400 (credit)
23-Dec
Accounts Payable $170 (debit)
Cash $170 (credit)
28-Dec
Wages Expense $4480 (debit)
Cash $4480 (credit)
30-Dec
Dividends $200 (debit)
Cash $200 (credit)
Explanation:
The General Journal consists of Entries of Expenses, Capital Expenditures and Receipts and Payments in Cash.
Answer:
909.09
Explanation:
Breakeven quantity are the number of units produced and sold at which net income is zero
Breakeven quantity = fixed cost / price – variable cost per unit
$20,000 / 58 - 36 = 909.09
The debt ratio is calculated by dividing the Total Liabilities by Total Assets. We are asked to calculate the debt ratio at the end of the year, hence we need to take year-end values for Total Liabilities and Total Assets.
We are given the Total Liabilities at the beginning of the year $175,000 and there is no change in the liabilities given, hence we can say that Total liabilities at the end of the year shall remain same = $175,000
We are given Total Assets at the end of the year are $260,000
Debt ratio = Total Liabilities / Total Assets = 175000/260000 = 0.673
Hence debt ratio at the end of the current year shall be <u>0.673</u>
The correct answer to this open question is "the lost-horse forecasting."
In 2019, a marketing manager for New Balance’s Fresh Foam Zante shoe needs to forecast sales through 2021. She begins with the known totals for 2018 and adjusts for positive factors like acceptance of new high-tech designs and great publicity, and for negative factors like higher inflation and predicted moves by the competition. This type of forecast is referred to as <u>lost-horse forecasting.</u>
In this kind of forecast, you first take into consideration the last known value of the article that is going to be forecasted, writing all the factors that might affect it in the forecast. Then you have to evaluate if that would have a positive or negative influence or impact in the article. Finally, you project a feasible situation.
This is an example of<u> "deductive reasoning".</u>
Deductive reasoning is a coherent procedure in which a conclusion depends on the concordance of numerous premises that are commonly thought to be valid.
Deductive reasoning is sometimes alluded to as top-down logic. Its partner, inductive thinking, is some of the time alluded to as base up rationale. Where deductive thinking continues from general premises to an explicit end, inductive thinking continues from explicit premises to a general end.
