Making a Decision as Chief Financial Officer: Contingent Liabilities

Below are the transactions for Ute Sewing Shop for March, the first month of operations.

balandron [24]

Answer:

Explanation:

March 1

Cash 1700

Share Capital 1700

To record the issuance of shares

March 3

Equipment 1400

Cash 1400

To record the purchase of equipment on cash

March 5

Rent Expense 470

Cash 470

To record the rent expense

March 7

No entry neither cash nor serves are provided.

March 12

Purchase 117

Cash 117

To record the purchases

March 15

Cash 670

Income 670

To record the services Income.

March 19

Advance 570

Payable 570

To record the advance cash receipt for services not yet provided thus advance is our liability.

March 25

Payable 228 570/25*10

Income 228

To record the services income against advance given.

March 30

Utilities Expense 82

Cash 82

To record the monthly utilities expense

March 31

Dividend Pay 85

Cash 85

To record the payment of dividend.

2)

Share Capital Account

Opening = 0

Cash 1700

Closing=1700

Cash Account

Opening = 0

share capital 1700 Equipment 1400

Rent 470

Purchase 117

Income 670

Adv. Pay 570

Utilities 82

Dividend 85

Closing balance- 786

Equipment

Opening = 0

Cash 1400

Closing-1400

Rent Expense

Opening = 0

Cash 470

Closing-470

Purchase Expense

Opening = 0

Cash 117

Closing-117

Income Account

Opening = 0

Cash 670

Payable 228

Closing- 898

Payable Account

Opening = 0

Cash 570

Income 282

Closing-342

Utilities Expense

Opening = 0

Cash 82

Closing-82

Dividend

Opening = 0

Cash 85

Closing-85

3) Trail Balance

Head Of Account Debit Credir

Cash 786

Share Capital 1700

Equipment 1400

Rent Expense 470

Purchases 117

Income 898

Payable 342

Utilities 82

Dividend 85

Total 2940 2940

7 0

3 years ago

Which loan type allows you borrow up to the cost of attendance, minus other aid you have received?.

nikdorinn [45]

A subsidized loan is such a loan where the borrower is allowed to borrow up to the cost of attendance less any other aids received.

<h3>What is a subsidized loan?</h3>

A type of education or student loan where the amount to be borrowed is determined as per the cost of the student's attendance, which is subtracted from other financial benefits received in this regard, is known as a subsidized loan.

Hence, subsidized loan is explained as above.

Learn more about subsidized loans here:

brainly.com/question/2256061

#SPJ1

4 0

2 years ago

U.S. imports are _____ produced in _____ and sold in _____. A. goods and services; any other country; the United States B.

maks197457 [2]

Answer:

The correct answer is option A.

Explanation:

US imports refer to the goods and services that are produced in some countries other than the US. These goods are then sold in the US. The imports for the US are exports for the country that is producing those goods and services.

While the goods and services that are produced in the US and sold in some other country are exports for the US and imports for the purchasing country.

6 0

3 years ago

The master budget of Sheridan Company shows that the planned activity level for next year is expected to be 50000 machine hours.

barxatty [35]

Answer:

$1,350,000

Explanation:

Calculation to determine the total manufacturing overhead costs

First step is to calculate the Variable overhead

Variable overhead= $720,000 + $180,000 +$150,000

Variable overhead=$1,050,000

Second step is to calculate Unitary variable overhead

Unitary variable overhead= $1,050,000/50,000

Unitary variable overhead= 21

Now let calculate the total manufacturing overhead costs

For 60,000 units:

Total Manufacturing Overhead Costs = 21*60,000 + 90,000

Total Manufacturing Overhead Costs= $1,350,000

Therefore the total manufacturing overhead costs is $1,350,000

6 0

2 years ago

U.S. GDPa. includes production of foreigners working in the U.S. but excludes production by U.S. residents working in foreign co

LuckyWell [14K]

Answer:

The correct answer is letter "A": includes production of foreigners working in the U.S. but excludes production by U.S. residents working in foreign countries.

Explanation:

The Gross Domestic Product or GDP represents the overall market value of all the goods and services a country produces. The GDP measures the size of the economy and it is determined by the following formula:

GDP = C+ G + I + NX

Where:

C = Private consumption

G = Government spending

I = Businesses' capital spending

NX = Net exports (exports-imports)

Labor is part of the GDP as well. It could be included in government spending or capital spending. A nation's labor productivity is the sum of all the labor force production within the country regardless of the nationality of the workers. Citizen's productivity working abroad will be included in the GDP of the country where they work.

3 0

2 years ago