It is important to organize your time when taking a college course, True False

The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale

bearhunter [10]

The analysis and effect of each transaction on the accounting equation of Wainwright Corporation are as follows:

Transaction Analysis:

1. Cash $300,000 Common Stock $300,000

2. Equipment $40,000 Cash $10,000 Notes Payable $30,000

3. Inventory $90,000 Accounts Payable $90,000

4. Accounts Receivable $120,000 Sales Revenue $120,000

Cost of Goods Sold $70,000 Inventory $70,000

5. Rent Expense $5,000 Cash $5,000

6. Prepaid Insurance $6,000 Cash $6,000

7. Accounts Payable $70,000 Cash $70,000

8. Cash $55,000 Accounts Receivable $55,000

9. Depreciation Expense $1,000 Accumulated Depreciation $1,000

Effect of Each Transaction on the Accounting Equation:

Transaction Accounting Equation

Assets = Liabilities + Stockholders Equity

1. $300,000 = $0 $300,000

2. $40,000 -$10,000 = $30,000 + $0

3. $90,000 = $90,000 + $0

4. $120,000 = $0 + $120,000

4. -$70,000 = $0 + -$70,000

5. -$5,000 = $0 + -$5,000

6. $6,000 - $6,000 = $0 + $0

7. -$70,000 = -$70,000 + $0

8. $55,000 -$55,000 = $0 + $0

9. -$1,000 = $0 + -$1,000

$394,000 = $50,000 + $344,000

Thus, the accounting equation represents the equality of assets with liabilities and equity.

Learn more about the accounting equation at brainly.com/question/23920579

5 0

3 years ago

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In recent years, consumers have protested against starbucks' practice of buying cheap coffee from colombian farmers and then sel

djyliett [7]

It is Raising Awareness.

It is actually changing people’s perspective towards things they have been thinking to be right or wrong.

In this scenario, it is generally thought and has been accepted by people that Starbucks Coffee price is too high, because they have the best quality coffee and for that they are charging high.

But in reality, they get the raw material from farmers of Colombia at a very cheap price. This is what most of the people don’t know about. So the consumers who came to know about it, started to protest against them, thus creating awareness about this to other people.

4 0

3 years ago

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Two students are discussing the use of a trial balance. They wonder whether the following errors, each considered separately, wo

Natali [406]

Answer:

The use of a trial balance:

a) This error will not cause the two sides of the trial balance to disagree. A compensating error has occurred, because the Cash Account should have been credited and the Salaries and Wages Expense debited with $600.

b) This error will cause the two sides of the trial balance to disagree. The amount debited is not the same amount credited. The Accounts Receivable should have been credited with $900, not the Service Revenue.

Explanation:

a) The trial balance ensures that the total values of the debit and credit sides agree. It shows that accounts have been correctly debited and credited in the general ledger, with equal amounts.

b) Compensating errors arise when two accounting errors offset themselves, because the same mistake made on the debit side is made on the credit side

7 0

3 years ago

Hi guys, i need urgently some help with this question

klasskru [66]

Answer:

Accounting rate of return, also known as the Average rate of return, or ARR is a financial ratio used in capital budgeting. The ratio does not take into account the concept of time value of money. ARR calculates the return, generated from net income of the proposed capital investment. The ARR is a percentage return. Say, if ARR = 7%, then it means that the project is expected to earn seven cents out of each dollar invested (yearly). If the ARR is equal to or greater than the required rate of return, the project is acceptable. If it is less than the desired rate, it should be rejected. When comparing investments, the higher the ARR, the more attractive the investment. More than half of large firms calculate ARR when appraising projects.

Explanation:

hope this helps

4 0

2 years ago

A fish population of 250 in a pond has a maximum annual rate of increase of 0. 8. If the carrying capacity of the pond is 1,500

Artyom0805 [142]

Based on the carrying capacity of the pond and the current fish population, the expected population size after one year is 417 fish.

<h3 /><h3>What is the expected population size after one year?</h3>

This can be found as:

= Population + (rate of increase x population x (Carrying capacity - population / carrying capacity)

Solving gives:

= 250 + (0.8 x 250 x ( 1,500 - 250 /1,500))

= 417 fishes

Find out more on expected population size at brainly.com/question/1941526.

4 0

2 years ago

It is important to organize your time when taking a college course, True False​

It is important to organize your time when taking a college course, True False