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Mandarinka [93]
2 years ago
8

Hart Attorney at Law experienced the follwoing transactions in 2016, the first year of operations:

Business
1 answer:
sertanlavr [38]2 years ago
8 0

Answer:

Assets = Liabilities + Stockholders’ Equity = $51,800

Explanation:

Note: See the attached excel file for the the effects of the events on the financial statements.

In the attached excel the following calculations are made:

Event 7: Office supplies = Office supplies used or expense = Office supplies purchased - Office supplies remained on hand = $2,800 - $200 = $2,600

Event 8 = Revenue recognised = (Amount accepted on April 1 / Number of months in year) * Number of months from April 1 to Decembe 31 = ($36,000 / 12) * 9 = $27,000

From the attached excel file, the following can be obtained:

Assets = Total assets = $51,600 + $200 = $51,800

Liabilities = Total liabilities = $400 + $9,000 = $9,400

Stockholders’ Equity = Total Stockholders’ Equity = $42,400

Liabilities + Stockholders’ Equity = $9,400 + $42,400 = $51,800

Therefore, the accounting equation holds as follows:

Assets = Liabilities + Stockholders’ Equity = $51,800

Download xlsx
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Government is lobbied to institute price controls because: Multiple Choice
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Answer:

people care more about their own surplus than they do about total surplus. 

Explanation:

Price control can either be a price ceiling or a price floor.

A price ceiling is when the government or an agency of the government sets the maximum price for a good or service. It is usually set below equilibrium price.

Price ceiling increase consumer surplus and reduce producer surplus.

A price floor is when the government or an agency of the government sets the least price a good or service can be sold. It is usually set above equilibrium price.

Price floor increases producer surplus and reduces consumer surplus.

Producers would be advocating for a price floor because it increases their surplus, while, consumers would advocate for a price ceiling.

Consumer surplus is the difference between the willingness to pay of a consumer and the price of the product.

Producer surplus is the difference between the price of a product and the least price the seller is willing to sell the product.

I hope my answer helps you

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3 years ago
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Which of the following is NOT one of the managerial considerations in determining how to compete successfully? How should a comp
hodyreva [135]

Answer:

 Strategy of company concerns are explained as the action plan management,and organisational objectives.

Explanation:      

A.  A more appealing product needs to be offered to rivals for new product.

B. planning of money.

C.  action plan for management function for achieving superior profitability.

D. The company should pursue, the long-term direction management.

E. conservative defense to project

    The action plan management of the company is taking to:

A.  role out a market position,  to attract and satisfy customers, successfully,

perform the operations, and achieve all objectives.

B. conduct a sustainable competitive method and compete against rivals.

C. make your product offering more different and appealing for buyers.

D. conduct the operations.

Organizational objectives are achieved by the following methods:

A. strategic intent

B. statement of the mission.

C. plan of action.

D. business module.

E. strategic vision.

The objectives requires well groomed management to strive to:

A. match your rival businesses products and quality dimensions.

B. short-term success and build profit.

C. realignment in the market.

D. developing lasting success.

E. re-create the bussiness models.

To improve performance, for different avenues:

A. lowering the operating profit margins than rivals to drive sales

growth.

B. achieving analogous of the products.

C. pursing similar personalized customer service or quality dimensions as rivals.

D. Confination of operations to the markets.

4 0
3 years ago
In ________, salespeople are independent contractors who not only sell the product, but also recruit additional salespeople.
belka [17]

Answer:

Multi-level marketing.

Explanation:

A business organization that is run with multi-level marketing strategy typically has 3 sources of income:

- The amount of money that each person have to pay in order to gain the membership status.

- The amount of money that memberships owners have to pay to be a distributor of their product

- The amount of money that they get from the sales of their product.

Most multi-level marketing companies will provide their members with some sort of 'Reward' if they managed to convert other people into purchasing memberships to organization. So, the more their members convert other people, the more wealthy that members will be. This will create a hierarchy like within an organization where the members who bring the most memberships place at the top of the hierarchy.  

5 0
2 years ago
During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. Apr. 1 R
7nadin3 [17]

Answer:

April 1

DR Treasury Stock <u>$7,800</u>

CR Cash <u>$7,800</u>

(<em>To record purchase of Treasury Stock</em>)

Working

Treasury Stock = 260 shares * $30

= $7,800

June 14

DR Cash <u>$4,550</u>

CR Treasury Stock <u>$ 3,900</u>

CR Additional Paid-in Capital <u>$ 650</u>

(<em>To record sale of Treasury Stock</em>)

Working

When the stock sold is higher or lower than the price it was purchased or issued for, it is credited or debited to the Additional Paid-in Capital account respectively.

As the price it was sold for here was higher than what it was purchased for, the balance is credited.

Cash = 130 shares * $35

= $4,550

Treasury Stock = 130 * $30 (original price)

= $3,900

Additional Paid-in Capital = 4,550 - 3,900

= $650

Sept 1.

DR Cash <u>$3,000</u>

DR Additional Paid-in Capital <u>$600</u>

CR Treasury Stock <u>$3,600</u>

(<em>To record sale of Treasury Stock</em>)

Working

Price stock was sold for is less than the amount it was purchased so the balance will be debited to the Additional Paid-in Capital account.

Cash = 120 * 25

= $3,000

Treasury Stock = 120 * 30

= $3,600

Additional Paid-in Capital = 3,600 - 3,000

= $600

7 0
2 years ago
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