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Shtirlitz [24]
3 years ago
5

Pharoah Company was started on May 1. A summary of May transactions is presented as follows. 1. Stockholders invested $24,500 ca

sh in the business in exchange for common stock. 2. Purchased equipment for $4,500 cash. 3. Paid $200 cash for May office rent. 4. Paid $600 cash for supplies. 5. Incurred $350 of advertising costs in the Beacon News on account. 6. Received $4,900 in cash from customers for repair service. 7. Declared and paid a $1,000 cash dividend.
Business
1 answer:
hodyreva [135]3 years ago
6 0

Answer:

1. Stockholders invested $24,500 cash in the business in exchange for common stock.

Dr Cash 24,500

    Cr Common stock 24,500

2. Purchased equipment for $4,500 cash.

Dr Equipment 4,500

    Cr Cash 4,500

3. Paid $200 cash for May office rent.

Dr Rent expense 200

    Cr Cash 200

4. Paid $600 cash for supplies.

Dr Supplies 600

    Cr Cash 600

5. Incurred $350 of advertising costs in the Beacon News on account.

Dr Advertising expense 350

    Cr Accounts payable 350

6. Received $4,900 in cash from customers for repair service.

Dr Cash 4,900

    Cr Service revenue 4,900

7. Declared and paid a $1,000 cash dividend.

Dr Dividends 1,000

    Cr Cash 1,000

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Alex Ar [27]

Answer:

You anticipate that you will have $432,522 in the account on your 65th birthday, following your final contribution.

Explanation:

To calculate this, we use the formula for calculating the future value (FV) and FV of ordinary annuity as appropriate as given below:

FVd = D * (1 + r)^n ......................................................................... (1)

FVo = P * {[(1 + r)^n - 1] ÷ r} ...................... (2)

Where,

FVd = Future value of initial deposit or balance amount as the case may be = ?

FVo = FV of ordinary annuity starting from a particular year = ?

D = Initial deposit = $5,000

P = Annual deposit =s $500

r = Average annual return = 12%, or 0.12

n = number years = to be determined as necessary

a) FV in five years from now

n = 5 for FVd

n = 4 for FVo

Substituting the values into equations (1) and (2), we have:

FVd = $5,000 * (1 + 0.12)^5 = $8,812

FVo = $500 * {[(1 + 0.12)^4 - 1] ÷ 0.12} = $2,390

FV5 = Total FV five years from now = $8,812 + $2,390 = $11,201

FVB5 = Balance after $5,000 withdrawal  in year 5 = $11,201 - $5,000 = $6,201.

b) FV in 10 years from now

n = 10 - 5 = 5 for both FVd and FVo

Using equations (1) and (2), we have:

FV of FVB5 = $6,201 * (1 + 0.12)^5 = $10,928

FVo = $500 * {[(1 + 0.12)^5 - 1] ÷ 0.12} = $3,176

FV10 = Total FV 10 years from now = $10,928 + $3,176 = $14,104

FVB10 = Balance after $10,000 withdrawal  in year 10 = $14,104 - $10,000 = $4,104

c) FV in 45 years from now

n = 45 - 10 = 35 for both FVd and FVo

Using equations (1) and (2), we have:

FV of FVB10 = $4,104 * (1 + 0.12)^35 = $216,690

FVo = $500 * {[(1 + 0.12)^35 - 1] ÷ 0.12} = $215,832

FV45 = Total FV 45 years from now = $216,690 + $215,832 = $432,522

Conclusion

Therefore, you anticipate that you will have $432,522 in the account on your 65th birthday, following your final contribution.

5 0
3 years ago
When someone owns an asset (such as a share of stock) that rises in value, he has an "accrued" capital gain. If he sells the ass
puteri [66]

Answer:

Please check the answer below

Explanation:

a. One issue is the "locking-in" of assets. If I hold shares of Corporation X, then I can delay paying taxes as long as I don't sell. Effectively, I get to keep all of the interest/dividend payments on my tax liability. However, if I discover that X is really a poor investment and Corporation Y is better, then selling X and buying Y means that I have to pay taxes. This might discourage me from making a switch to a more profitable/efficient investment decision. This is the "locking-in" effect.

b. A short-run cut might cause many people to sell stocks that they had felt "locked-in" with. The penalty for switching is smaller, so more people will do it -- resulting in a great deal of cap gains tax revenue collected.

c. Taxing realized gains, even when the stock is not sold, rather than just accrued gains would eliminate this locking-in effect. Investors would not be penalized for switching to a better investment, and long-term capital gains revenue (as well as efficiency) would rise.

6 0
3 years ago
Im still having trouble picking some clubs. <br> what would you suggest
natali 33 [55]
Um we’ll depends on we’re you live. You can probably search up best clubs near me on google!
6 0
3 years ago
Read 2 more answers
How can you assist the ProServices team in serving Pro customers in your
horrorfan [7]

Answer:

<h2>ProServices Team and Pro Customers</h2>

Assisting the ProServices Team in serving Pro customers in my department.  Here I have assumed that my department manages and coordinates the relationship with Pro customers:

A. Pull orders for Pro customers in advance and have them ready to pick-up

B. Call Pro customers to maintain relationships and proactively seek out business

C. Monitor inventory levels to make sure key Pro items are in-stock

D. Price match other retailers to give Pro the best price

E. Identify pro customers and introduce them to the ProServices team​.

Explanation:

“Pro” customers are a group of independent contractors, repair remodelers, specialty tradesmen, property management, and facility maintenance professionals who are afflicted to an organization offering ProServices.  They are not the end customers.  Between my organization and the customers, they are middlemen and women who are organized by my ProServices organization to offer specialty services to the general public in a professional manner that  guarantees customer satisfaction and payment to the professionals for services rendered.  In doing this, the ProService organization charges the Pro customers a fixed fee, which is deducted from the payments made by the end-customers.

8 0
2 years ago
To pay for your​ education, you've taken out ​$29,000 in student loans. If you make monthly payments over 10 years at 7 percent
Scrat [10]

Answer:

$169.07

Explanation:

Data provided in the question:

Loan amount = $29,000

Time  = 10 years

Interest rate = 7% compounded monthly

Therefore,

Interest rate per period, r = 7% ÷ 12 = 0.583% = 0.00583

number of periods, n = 10 × 12 = 120 months

Now,

Loan amount = Monthly payments × [ { 1 - (1 + r )⁻ⁿ } ÷ r]

on substituting the respective values, we get

$29,000 = Monthly payments × [ { 1 - (1 + 0.00583 )⁻¹²⁰ } ÷ 0.00583]

or

$29,000 = Monthly payments × 171.53

or

Monthly payments = $169.07

7 0
3 years ago
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