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3 years ago

June 1: Byte of Accounting, Inc. Acquired $78,200 in cash from lauren and issued 3,400 shares of its common stock.

Business

1 answer:

Paha777 [63]3 years ago

8 0

Answer:

Question requires that a journal entry is done;

Date Account Title Debit Credit

June 1 Cash $78,200

Common Stock $78,200

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During the year, Sheldon Company had net credit sales of $ 47 comma 000. At the end of the year, before adjusting entries, th

Maru [420]

Answer:

The balance of allowance for doubtful accounts is $ 1,880

Explanation:

Computation of balance in Allowance for Bad Debts

Total credit sales $ 47 comma 000

Estimated bad debts as a % of sales 4 %

Balance of Allowance for Doubtful accounts $ 1,880

The balance is based on a % to credit sales basis. The bad debts expense for the year considers the balance in the allowance for doubtful accounts and the accounting entry is an adjustment amount.

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4 years ago

post-closing trial balance is a list of ____________ accounts and their balances ____________ all _________- entries have been j

BigorU [14]

Post-closing trial balance is a list of permanent accounts and their balances ledger all closing- entries have been journalized and posted.

The post-closing trial balance is a balance sheet report that is made after the closing journal in order to ensure that the total balance in the general ledger is balanced or in accordance with the balance. This method is made in order to convince every accountant or businessman who makes closing journals so that they do not have an error in the calculation difference.

Generally, this balance sheet is able to produce real accounts, namely capital, assets and debt. However, nominal accounts, such as income and expenses, are closed by closing entries. Thus, the next step in making good financial statements is to present a statement of financial position, profit and loss, and capital so that later there will be no calculation errors.

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4 0

1 year ago

The best time to begin a self improvement plan is when ______.

Advocard [28]

Answer:

D. when you think you need to improve to meet a career goal

Explanation:

6 0

3 years ago

A firm wants a sustainable growth rate of 2.55 percent while maintaining a dividend payout ratio of 35 percent and a profit marg

serg [7]

Answer:

Debt to equity ratio = 0.92

Explanation:

In order to determine the required debt to equity ratio, we must first determine the equity multiplier. And to be able to determine the equity multiplier, we first need the return on equity (ROE).

Debt to equity ratio = total liabilities / equity
Equity multiplier (EM) = 1 + Debt to equity ratio

First we must determine the return on equity (ROE)

0.0255 = {ROE x (1-.35)} / {1-[ROE x (1-.35)]}

0.0255 = 0.65ROE / (1 - 0.65ROE)

0.0255(1 - 0.65ROE) = 0.65 ROE

0.0255 - 0.016575ROE = 0.65ROE

0.0255 = 0.666575ROE

ROE = 0.0255/0.666575

ROE = 0.0383

0.0383 = 0.04 x (1 / 2) x EM

0.0383 = 0.02EM

EM = 0.0383 / 0.02 = 1.92

1.92 = 1 + Debt to Equity ratio

Debt to equity ratio = 1.92 - 1 = 0.92

5 0

3 years ago

Rodriguez, Inc., is preparing its direct labor budget for 2017 from the following production budget based on a calendar year. Qu

sergejj [24]

Answer and Explanation:

Rodriguez, Inc

Direct Labour Budget

Unit to produce × labour hours for each units = Total hours

Unit 1 $20,440 × 1.80 hours =$36,792

Unit 2 $25,370× 1.80 hours =$45,666

Unit 3 $35,420 ×1.80 hours =$63,756

Unit 4 $30,200×1.80 hours =$54,360

Total hours × Wages rate

Unit 1$36,792 ×$18=$662,256

Unit 2 $45,666×$18=$821,988

Units 3 $63,756 ×$20=$1,275,120

Unit 4 $54,360×$20=$1,087,200

8 0

3 years ago