Theg3eu3guyrgufgrgifrggiygiyrgirgigv

On January 1, 2021, Red Flash Photography had the following balances: Cash, $19,000; Supplies, $8,700; Land, $67,000; Deferred R

ira [324]

Answer:

Red Flash Photography

Balance Sheet as at January 1, 2018,

Assets

Cash,............... $26,000

Supplies,........... $9,400

Land, ........ .......$74,000

Total..................109, 400

Capital and Liabilities

Deferred Revenue... $6,400

Common Stock..... ..$64,000

Retained Earnings...$39,000.

Total............................109,400

Red Flash Photography

Balance Sheet as at 31st December 2018

Revised Balance Sheet on 31st December 2018

Assets

Cash..........................................42,600

Account Receivable............ 44,000

Supplies....................................15,800

Land..........................................74,000

Prepaid Rent............................19,500

Total........................................... 195,900

Capital & Liabilities

Common Stock ......................98,000

Retained Earnings.................56,500

Accrued Wages........................5,400

Accounts Payable...................36,000

Total........................................... 195,900

Explanation:

1. February 15 Issue additional shares of common stock, $34,000.

ADD 34,000 TO EQUITY, AND TO CASH

2. May 20 Provide services to customers for cash, $49,000, and on account, $44,000.

LESS 49,000 FROM CASH AND ADD TO RETAINED EARNINGS AS INCOME, ADD 44,000 AS ACCOUNT RECEIVABLES AND ADD TO INCOME IN RETAINED EARNINGS

3. August 31 Pay salaries to employees for work in 2018, $37,000.

LESS 37,000 FROM CASH AND FROM RETAINED EARNINGS

4. October 1 Purchase rental space for one year, $26,000.

LESS FROM CASH AND FROM RETAINED EARNINGS

5. November 17 Purchase supplies on account, $36,000.

ADD TO STOCK, ADD TO ACCOUNTS PAYABLES

6. December 30 Pay dividends, $3,400.

LESS FROM CASH AND FROM RETAINED EARNINGS

The following information is available on December 31, 2018:

1. Employees are owed an additional $5,400 in salaries.

ADD TO ACCRUED SALARIES,LESS FROM RETAINED EARNINGS AS EXPENSES INCURRED IN THE PERIOD

2. Three months of the rental space has expired.

CREATE PREPAID RENT FOR 3/4 OF RENT (19,500) AND LESS 6500 FROM RETAINED EARNINGS AS EXPENSE FOR THE PERIOD

3. Supplies of $6,400 remain on hand.

LESS 19600 (26,000-6400) FROM SUPPLIES AND FROM RETAINED EARNINGS AS EXPENSE FOR THE PERIOD

4. All of the services associated with the beginning deferred revenue have been performed.

DELETE DEFERRED REVENUE OF 6,400 AND ADD SAME AMOUNT TO RETAINED EARNINGS AS INCOME EARNED

7 0

3 years ago

The 2018 income statement of Adrian Express reports sales of $20,510,000, cost of goods sold of $12,550,000, and net income of $

In-s [12.5K]

Answer:

1. Gross profit ratio= Gross Profit/ Sales *100

-Sales $ 20510,000

-Gross Profit = Sales - Cost of Goods Sold =20,510,000 - 12,550,000 = 7,960,000

Gross Profit Ratio= 7,960,000 / 20,510,000 * 100

= 38.81%

2.Return on Assets= Net income after tax / Average Total assets

Where Average Total assets= (9,800,000+8,160,000) / 2= 8,980,000

Where Net income after tax= 1,940,000

Return on Assets = 1,940,000 / 8,980,000 * 100 = 21.60%

3.Profit Margin= Net income/ Sales *100

=1,940,000 /20,510,000 *100

= 9.46%

4. Total Assets turnover= Sales / Average assets

=20,510,000 / 8,980,000

=2.28 times

5 Return on Equity: Net income after tax/ Average stockholder's equity

Where Average Stockholder's equity: (2,050,000 +3,190,000 + 1990000 + 1766000) / 2 = $4498,000

Return on Equity: 1940000/4498,000 *100

= 43.13%

7 0

3 years ago

Which results are more likely for someone without personal finance skills? Select three options.

KiRa [710]

Answer:

larger long-term credit or loan costs

less preparation for emergencies

increased long-term challenges

Explanation:

Personal finance involves planning and managing individual or family financial activities such as income generation, saving, spending, insurance, and investments. The process of managing personal finance is through budgeting and the development of a financial plan.

Personal finance can be done by oneself or with the help of a personal financial manager. The objective is to help one meet both their short term and long term financial goals. Personal finance planning assists one meet expected future expenditures such as retirement while preparing them for unforeseen emergencies.

4 0

3 years ago

Read 2 more answers

Briefly describe the trauma that is associated with GBV

SVETLANKA909090 [29]

Explanation:

<h3>Mental health impacts for survivors of gender-based violence include Post Traumatic Stress Disorder (PTSD), depression, anxiety, substance misuse, self-harm and suicidal behaviour, and sleep disturbances. In addition, a survivor of GBV may also face stigma and rejection from her community and family.</h3>

7 0

3 years ago

Which of the following describes the effect of the business cycle on the inflation rate and the unemployment rate? A. The unempl

Pani-rosa [81]

Answer:

The correct answer are option D for both questions.

Explanation:

Recessions is characterized with decrease in consumer and investment spending. During recessions there is a decline in inflation rate and the unemployment rate increases.

While during expansion, there is a boost in economy. So, with increase in investment and production, the unemployment rate falls. There is a rise in inflation rate as well.

Though even in the stages of recovery, the unemployment rate continues to increase because some firms are pessimistic and are operating below their capacity. Also, the rate of growth of labor force is higher than rate of employment growth, which leads to increase in unemployment.

7 0

3 years ago

Read 2 more answers