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3 years ago

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

Business

1 answer:

sertanlavr [38]3 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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3 years ago

Because of the relatively high interest rates, most consumers attempt to pay off their credit card bills promptly. However, this

telo118 [61]

Answer:

a) Proportion = 41.3%

b) Proportion = 9.18%

c) Proportion = 13.35%

d) Interest payment = $37.28

Explanation:

We have normal distribution with mean = 29 and standard deviation = 9

a) The proportion of the bank’s Visa cardholders pay more than $31 in interest is:

P(X > 31) = $(\frac{X-29}{9}>\frac{31 -29}{9})$ = P (Z > 0.22) = 1 - P (Z ≤ 0.22) =

1 - 0.58706 = 0.41294 = 41.3%

The proportion of the bank's Visa cardholders pay more than 31 dollars in interest is 41.3%.

b) The proportion of the bank’s Visa cardholders pay more than $31 in interest is:

P(X > 41) = $(\frac{X-29}{9}>\frac{41 -29}{9})$ = P (Z > 1.33) = 1 - P (Z ≤ 1.33) =

1 - 0.90824 = 0.09176 = 9.176% ≈ 9.18%

The proportion of the bank's Visa cardholders pay more than 31 dollars in interest is 9.18%.

c) The proportion of the bank’s Visa cardholders pay more than $31 in interest is:

P(X > 19) = $(\frac{X-29}{9}>\frac{19 -29}{9})$ = P (Z < -1.11) = 1 - P(Z ≤ -1.11)) =0.13350 = 13.35%

The proportion of the bank's Visa cardholders that paid less than 19 dollars in interest is 13.35%.

d) Let's suppose this amount of payment is Y:

Therefore P(X > Y) = 0.18

so P(X < Y) = 0.82

Utilizing standard normal approximation

P(X ≤ Y) = $(\frac{X-29}{9}\leq \frac{Y -29}{9})$ = P (Z ≤ $\frac{Y-29}{9}$ ) = 0.82

Form the standard normal table we find that $\frac{Y-29}{9}$ = 0.92

Therefore,

Y - 29 = 9×0.92

Y - 29 = 8.28

Y = 8.28 + 29 = 37.28

Therefore $37.28 of interest payment is exceeded by only 18% of the bank's Visa cardholders.

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