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alisha [4.7K]
3 years ago
5

The following transactions occur for Cardinal Music Academy during the month of October: Provide music lessons to students for $

7,500 cash. Purchase prepaid insurance to protect musical equipment over the next year for $3,060 cash. Purchase musical equipment for $10,500 cash. Obtain a loan from a bank by signing a note for $11,000.
Record the transactions. The company uses the following accounts:
Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue.
Business
1 answer:
Nataly_w [17]3 years ago
4 0

Answer and Explanation:

The journal entries are shown below:

cash Dr $7,500

     To Service revenue $7,500

(being cash receipts is recorded)

Prepaid insurance $3,060

    To cash $3,060

(being cash paid is recorded)

Musical equipment Dr $10,500

   To cash $10,500

(being cash paid is recorded)

Cash Dr $11,000

     To note payable $11,000

(being receipt of the loan is recorded)

These four journal entries are need to be recorded

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In a _______ organization lower-level managers are empowered to make decisions which can ________ motivation and job satisfactio
cupoosta [38]

Answer:

The correct answer is B

Explanation:

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So, in a organization or company which is decentralized where lower level managers are empowered for taking a decision leads to increase in the motivation as well as the job satisfaction of the employees.

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3 years ago
The U.S. service economy: a. is easily distinguishable from manufacturing firms. b. accounts for a significant portion of the U.
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Answer:

b. accounts for a significant portion of the U.S.'s economic output

Explanation:

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5 0
3 years ago
The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds cash of $20,000 but no other as
Rashid [163]

Answer:

a. Contribution from Berry = $6,000

b-1. Contribution from Hammond = $22,556

b-2. Disbursement shall be:

Anderson = $8,889

Berry = $3,667

c. Amount to be received by Anderson on Liquidation = $11,500

Explanation:

As for the provided information we have,

Capital balances

Anderson     40%       $20,000

Berry             30%      $12,000

Hammond     20%      $17,000 (Deficit)

Winwood       10%       $25,000 (Deficit)

a. Total deficit in this case will be = Share of Hammond + Winwood = $17,000 + $25,000 = $42,000

Berry's share = \frac{30}{30+40} \times 42,000 = 18,000

Since Berry's current balance = $12,000

Contribution required = $18,000 - $12,000 = $6,000

b-1. Total deficit of Winwood = $25,000

Hammond share = \frac{20}{20+30+40} \times 25,000 = 5,556

Hammond's current balance = - $17,000

Thus, contribution from Hammond = $5,556 + $17,000 = $22,556

b-2. Total deficit balance = $17,000 + $25,000 = $42,000

Total sufficient balance = $20,000 + $12,000 = $32,000

Net deficit balance = $42,000 - $32,000 = $10,000

Anderson share in Deficit of Winwood = 25,000 \times \frac{40}{40 + 30 +20} = 11,111

Thus, net capital of Anderson = $20,000 - $11,111 = $8,889

Berry's share in deficit of Winwood = 25,000 \times \frac{30}{40+30+20} = 8,333

Thus, net capital from Berry = $12,000 - $8,333 = $3,667

c. Total deficit from Hammond = $17,000

Anderson share = 17,000 \times \frac{40}{40+30+10} = 8,500

Anderson's current balance = $20,000

Amount extra contributed by Anderson = $20,000 - $8,500 = $11,500

Thus, Anderson will receive $11,500 on liquidation.

Final Answer

a. Contribution from Berry = $6,000

b-1. Contribution from Hammond = $22,556

b-2. Disbursement shall be:

Anderson = $8,889

Berry = $3,667

c. Amount to be received by Anderson on Liquidation = $11,500

3 0
3 years ago
Marigold Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is avai
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Answer:

Marigold Company

Cost of goods sold = $9,119

Ending inventory = $7,461

Explanation:

a) Data and Calculations:

                            Units    Unit Cost    Total Cost

April 1 inventory    250         $14            $ 3,500

April 15 purchase  420           17                 7,140

April 23 purchase 330           18                5,940

Total                    1,000                           $16,580

Weighted-average costs   $16.58

Sales                     550

Cost of goods sold = 550 * $16.58 = $9,119

Ending inventory = 450 * $16.58 = $7,461

b) The first computation is for the total cost of goods available, which is then divided by the total units available for sale.  This gives the weighted-average cost per unit.  This unit cost is then multiplied with the units of ending inventory and sales to obtain the cost of the ending inventory and the cost of goods sold, respectively.

8 0
3 years ago
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