Calculate interest amount forR3000<br> 10%p.a paid out every 6months

The December 31, 2018, unadjusted trial balance for Demon Deacons Corporation is presented below.

notka56 [123]

Answer:

Demon Deacons Corporation

1. Adjusting entries:

a. Debit Rent Expense $2,400

Credit Prepaid Rent $2,400

To record Rent Expense for 2 months.

b. Debit Deferred Revenue $3,000

Credit Service Revenue $3,000

To record service revenue earned.

c. Debit Salaries Expense $700

Credit Salaries Payable $700

To accrue salaries expense.

d. Debit Supplies Expense $3,200

Credit Supplies $3,200

To record supplies expense.

2. Adjusted Trial Balance

as of December 31, 2018

Accounts Debit Credit

Cash 10,000

Accounts Receivable 15,000

Prepaid Rent 4,800

Supplies 800

Rent Expense 2,400

Supplies Expense 3,200

Deferred Revenue 2,250

Common Stock 11,000

Retained Earnings 6,000

Service Revenue 51,950

Salaries Expense 35,700

Salaries Payable 700

71,900 71,900

Explanation:

a) Data and Calculations:

Unadjusted Trial Balance

Accounts Debit Credit

Cash 10,000

Accounts Receivable 15,000

Prepaid Rent 7,200

Supplies 4,000

Deferred Revenue 3,000

Common Stock 11,000

Retained Earnings 6,000

Service Revenue 51,200

Salaries Expense 35,000

71,200 71,200

a. Rent Expenses = $2,400

Prepaid Rent = $4,800

b. Deferred Revenue = $3,000 - 750 = 2,250

Service Revenue = 51,200 + 750 = 51,950

c. Salaries Expense 35,000 + 700 = 35,700

Salaries Payable = 700

d. Supplies Account = $4,000 - 3,200 = $800

Supplies Expense = $3,200

8 0

3 years ago

Which statement best describes the circular flow of an economy?

mariarad [96]

Answer:

The exchange of money, goods, and services in an economy is the correct answer.

Explanation:

7 0

3 years ago

Who gains from inflation? multiple choice 3 those with the most skill. no one benefits from inflation. borrowers lenders

stellarik [79]

Borrowers gains from inflation.

Inflation is the rate of growth in costs over a given time frame. Inflation is normally a huge measure, including the general increase in expenses or the boom in the cost of dwelling in a country.

Inflation is the charge of growth in costs over a given time frame. Inflation is typically a huge degree, together with the overall increase in prices or the boom in the cost of living in a country.

At the same time as high inflation is typically considered harmful, some economists trust that a small amount of inflation can help power economic growth. the opposite of inflation is deflation, a state of affairs where costs tend to say no. The Federal Reserve's goal is a 2% inflation fee, based totally on the consumer price Index (CPI).

Learn more about inflation here brainly.com/question/8149429

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4 0

2 years ago

The comparative statements of Wahlberg Company are presented here:Wahlberg CompanyIncome StatementsFor the Years Ended December

denpristay [2]

Answer:(a) 5.4 (b) 0.53, (c) 0.42, (d) 1.9 (e) 32.1 (f) 11.4 (g)17 (h) 21 (i) 3.4 (j) 3.7 (k) 41% (l) 86,000

Explanation:

(a) Earning per share = Total earning after tax / Number of shares

= Number of shares = 290,000 ÷ 5 = 58,000

= 313,400 ÷ 58,000 = 5.4

(b) Return on common stockholders equity

= Earning Available to ordinary equity /Total shareholders equity - preference shares

= 290,000/603,400 - 58,800

= 290,000 ÷ 544,600

= 0.53

(c) Return on Asset = Net income / Average Total Asset

= Average Total Asset = 1,026,900 ÷ 2 = 513,450

=218,000 ÷ 513,450

= 0.42

(d) Current Ratio = CurrentAsset ÷ Current Liabilities

= 377,900 ÷ 203,500

= 1.85

= 1.9 approximately

(e) Account Receivable Turnover = Annual credit sales ÷ Average Account Receivable

Average Account Receivable = 117,800 ÷ 2 = 58,900

= 1,890,540 ÷ 58,900

=32.09

= 32.1 approximately

(f) Average Collection Period = Average Account Receivable ÷ (Annual Sales ÷ 36365days )

=58,900÷ (1,890,540 ÷ 365)

= 58,900÷ 5,179.56

=11.37

= 11.4 approximately

(g) Inventory Turnover = Cost of good sold ÷ Average Inventory

Average inventory = 126,000 ÷ 2 = 63,000

1,058,540 ÷ 63,000 = 16.8

= 17 approximately

(h) Days in Inventory = 365 ÷ inventory turnover

= 365 ÷ 17 = 21.4

= 21

(i) Times interest earned = income before interest & income taxes ÷ interest expense

= 310,000 ÷ 92,000

= 3.36

= 3.4 approximately

(j) Asset Turnover = Net Sales ÷ Average Total Asset

Average Total Asset = 1,026,900 ÷ 2 = 513,450

= 1,890,540 ÷ 513,450

= 3.68

= 3.7 approximately

(k) Debt to Asset Ratio = Total Liabilities ÷ Total Asset × 100%

= 423,500 ÷ 1,026,900 × 100%

= 0.412 × 100

= 41.2%

= 41%

(l) Free cash flow = Cash from operating Activities - Capital Expenditure

=223,000 - 137,000

=86,000

8 0

3 years ago

An improvement in a country's balance of payments means a decrease in its balance of payments deficit, or an increase in its sur

FrozenT [24]

Answer:

Should be D (sometimes harmful).

7 0

3 years ago

Calculate interest amount forR3000 10%p.a paid out every 6months