1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
mr_godi [17]
2 years ago
15

Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During Jun

e, Ming Chen (the owner) completed these transactions.a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. The company paid $1,500 cash for rent of office space for the month.c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days).d. The company completed work for a client and immediately collected the $2,500 cash earned.e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days.f. The company purchased additional equipment for $6,000 cash.g. The company paid an assistant $3,000 cash as wages for the month.h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e.i. The company paid $10,000 cash to settle the liability created in transaction c.j. Owner withdrew $1,000 cash from the company for personal use.RequiredCreate the following table similar to the one in Exhibit 1.9.Equity Assets Liabilities + Expenses Cash + Receivable + Equipment = Payable + M. Chen, Capital M. Chen, + Revenues AccoThen use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Show new balances after each transaction.
Business
1 answer:
Leya [2.2K]2 years ago
4 0

Answer:

The accounting equation holds as follows:

Asset = Liabilities + Equity = $80,000

Explanation:

Note: See the attached excel file for the analysis of the Effect of June Transactions on the Accounting Equation

From the last balances in the attached excel file, we have:

Assets = Cash + Receivable + Equipment = $41,000 + $8,000 + $31,000 = $80,000

Liabilities = Payable = $0

Equity = M. Chen, Capital - M. Chen, Withdrawals + Revenue - Expenses = $75,000 - $1,000 + $10,500 - $4,500 = $80,000

Liabilities + Equity = $0 + $80,000 = $80,000

Therefore, the accounting equation holds as follows:

Asset = Liabilities + Equity = $80,000

Download xlsx
You might be interested in
Sue, a resident of the state of New York, is visiting her aunt in Iowa. On her way, her car is hit by Jerry, a resident of the s
IRINA_888 [86]

Answer:

D) Sue can sue Jerry and bring the case to Iowa federal court as this is a case that involves diversity of citizenship.

Explanation:

Diversity of citizenship means that the parties involved in a lawsuit are citizens of different states (within the US) or are citizens of different countries. If a company is involved in a lawsuit, its citizenship is defined as where the company was incorporated or where does it carry its normal business operations.

In this case since Sue is a citizen of the state of New York and Jerry is a citizen of the state of Iowa (diversity of citizenship applies), Sue can choose to sue Jerry in a federal court since the citizens of two different states are involved.

3 0
3 years ago
When you choose a medium, you are deciding how you will decode the message for transmission. select one:
iVinArrow [24]
The answer to this question would be option B: FALSE. When we say medium, this is the mode of how the message would be transmitted from the source to the receiver. This is also known as the channel. An example of this would be television or radio. This statement becomes false because the medium does not have anything to do with how the receiver deciphers or decodes the message that is being sent. The medium only serves as a channel and does not affect on how the receiver would interpret such information.
4 0
3 years ago
How to make flavored soft serve ice cream fresh ingredients?
RSB [31]
Soft Serve ice cream has been around since the 1930's, with a large milk base proteins to achieve the desired soft texture. This style of ice cream is characterized by light flavor and rich creamy texture. To make soft serve ice cream you will need a combination of whole milk, heavy cream, sugar, salt, dry ice and your desired flavorings. You will need to blend the core ingredients together then churn in the crushed dry ice to achieve the desired texture. You can mix in a variety of fresh fruits in the blending process, and you can also juice them prior to the churning process. 
7 0
3 years ago
Read 2 more answers
The company Lucy works for is made of cross-functional teams that focus on the project at hand. The projects they get are extrem
liberstina [14]

Answer:

Small batch and unit production.

Explanation:

Small batch and Unit production -

In this type of production , the primary focus of the organisation , is the satisfaction of the customer and is based on the preference of the customer .

For this type of manufacturing process , skilled labor and planning is very important to customize and prepare any good or service .

sometimes , the complete team focus on the production of the product one at a time , with lot of caution .

Hence , the information given in the question , the type of manufacturing process is best describes as Small batch and unit production .

6 0
3 years ago
Manson Industries incurs unit costs of $8 ($5 variable and $3 fixed) in making an assembly part for its finished product. A supp
bekas [8.4K]

Answer:

Manson will incur a loss of $10,300 by buying the part.

Explanation:

Purchases = 10,300 * $6 = $61,800

Variable cost = 10,300 * $5 = $51,500

Fixed cost = 10,300 * $3 = $30,900

Analysis:

<u>Details               Make ($)           Buy ($)         Net ($) </u>

Purchase                  0                  61,800          61,800

Variable              51,500                   0              51,500

Fixed                  30,900              30,900        <u>     0    </u>

Loss                                                                  <u> 10,300   </u>

Therefore, Manson will incur a loss of $10,300 by buying the part.

6 0
3 years ago
Other questions:
  • Product innovation refers to efforts to create designs and applications of technology to develop new products, while __________
    10·1 answer
  • Most business processes are cross-functional or cross-departmental processes that span the entire organization. Which of the bel
    8·1 answer
  • Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $18,600. The bank reconciliation for the period showe
    6·1 answer
  • When the bicycle manufacturer Trek determined that some consumers use bikes for green transportation whereas others use them for
    8·1 answer
  • Jefferson Cleaning signed an agreement with Willis Company on December 15 to provide cleaning services every Friday. The service
    9·1 answer
  • On January 1, 2021, Kendall Inc. began construction of an automated cattle feeder system. The system was finished and ready for
    5·1 answer
  • For each of the following independent situations, determine whether any of the expenditures qualify as deductible education expe
    14·1 answer
  • In Word Online, misspelled words are underlined in __________ . (2 points)
    15·2 answers
  • The Greek Connection had sales of $32 million in 2009, and a cost of goods sold of $20 million. A simplified balance sheet for t
    15·1 answer
  • In which ways can goals be classified?<br> Goals can be classified as <br> , <br> , or personal.
    9·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!