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JulsSmile [24]
2 years ago
7

During Year 1, Hardy Merchandising Company purchased $20,000 of inventory on account. Hardy sold inventory on account that cost

$15,000 for $22,500. Cash payments on accounts payable were $12,500. There was $20,000 cash collected from accounts receivable. Hardy also paid $4,000 cash for operating expenses. Assume that Hardy started the accounting period with $18,000 in both cash and common stock.
Required:
a. Record the events in a horizontal statement model.
b. What is the balance of accounts recelvable at the end of 2018?
c. What is the balance of accounts payable at the end of 2018?
d. What are the amounts of gross margin and net income for 2018?
Business
1 answer:
mel-nik [20]2 years ago
3 0

Answer:

[b] = $ 2500

[c] = $ 7500

[d] =  Gross margin = 22500 – 15000 = $ 7500

   Net Income = 7500 – 4000 = $ 3500

[e] = $ 3500

Explanation:

Here the solution is given as follows,

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Blue Spruce University sells 6,800 season basketball tickets at $45 each for its 10-game home schedule. Prepare a tabular summar
JulsSmile [24]

Answer: Blue spruce university Basketball games

Explanation: The Sale of Season tickets = $45 *10= $450

while the total revenue accrued after the first game=6800*450=$3,060,000

4 0
3 years ago
Ralph’s Hardware updated its accounting system and agreed to purchase a computer system from a manufacturer, Bits and Bytes (BB)
Andrej [43]
Given:
<span>Fact 1: During contract negotiations, BB’s sales representative promised that the system was “A-1” and “perfect.”
</span><span>Fact 2: The written contract, which the parties later signed, disclaimed all warranties, express and implied. 
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The express warranty is given in Fact 1 where the Sales Rep promised that the system was "A-1" and "perfect". There is a breach in express warranty here IF the written contract also expresses the same promises. 

However, the written contract </span>disclaimed all warranties, express and implied. AND BOTH PARTIES SIGNED THIS CONTRACT. It implies that the buyer has read through the contract and has agreed with what is written in the contract. Thus, they can't file a suit against BB for breaching an express warranty since the written and signed contract has already disclaimed all warranties. 

4 0
3 years ago
The manufacturing units of phoenix autos inc. uses a facility layout in which the workers remain in one location and the automob
CaHeK987 [17]
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3 0
3 years ago
West Company paid cash for dividend. With respect to this event, indicate whether the following statement is______________.
Alinara [238K]

Answer:

True

Explanation:

A public limited company can pay cash dividends to its shareholders for their contribution to the company. Therefore, the statement "West Company paid cash for dividend" is correct.

No other form of organization cannot pay dividends. They can pay a share of profit or extra benefits. Only in the corporation, especially in public limited, shareholders are given a cash dividend by its management body.

8 0
3 years ago
Omni Insurance Company violates a state licensing statute when selling an insurance policy to Petra, in whose state Omni is not
sineoko [7]

Answer:

b. enforce the policy or recover the amount of the premiums paid.

Explanation:

Petra being a a member of the class of persons protected by the statute is a big advantage. This translates to lesser or no punishments at all for defaulting the set rules and protocols of insurance in his/her state.

This means Petra can either enforce the law as a top person or recover the amount of premiums paid.

7 0
3 years ago
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