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3 years ago

[The following information applies to the questions displayed below.]

Business

1 answer:

Orlov [11]3 years ago

8 0

Answer:

Pose-for-Pics

Effects on the accounting equation:

Assets = Liabilities + Equity

Aug 1 Cash +$9,000 Equipment +$38,700 = M. Harris, Capital +$47,700

Aug 2 Cash -$2,300 Prepaid Insurance +$2,300

Aug 5 Cash -$1,710 Supplies +$1,710

Aug 20 Cash +$2,650 = Revenue +$2,650

Aug 31 Cash -$870 = Utilities Expense -870

Total assets $49,480 = Total equity $49,480

Explanation:

a) Data and Analysis based on the accounting equation:

August 1 Cash $9,000 Equipment $38,700 M. Harris, Capital $47,700

August 2 Prepaid Insurance $2,300 Cash ($2,300)

August 5 Supplies $1,710 Cash ($1,710)

August 20 Cash $2,650 Service Revenue $2,650

August 31 Utilities ($870) Cash ($870)

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You have been asked to review the December 31, 2021, balance sheet for Champion Cleaning. After completing your review, you list

yarga [219]

Answer:

Champion Cleaning

Appropriate Classifications:

Long-term assets:

Investment of $30,000

Current liabilities:

Short-term note payable $10,000

Short-term deferred revenue $40,000

Long-term liabilities:

Long-term note payable $90,000

Long-term deferred revenue $20,000

Explanation:

a) Data and Analysis:

Investment of $30,000 = long-term asset

Note payable:

Short-term note payable = $10,000 ($100,000/10)

Long-term note payable = $90,000 ($100,000/10 * 9)

Deferred Revenue:

Short-term deferred revenue = $40,000 ($60,000 * 2/3)

Long-term deferred revenue = $20,000 ($60,000 * 1/3)

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3 years ago

Kansas Enterprises purchased equipment for $73,500 on January 1, 2021. The equipment is expected to have a five-year service lif

saveliy_v [14]

Answer:

The answer is $17,640

Explanation:

Equipment was bought on Jan. 1, 2022 for $73,500. This is the historical cost of the asset.

Residual value is $6,450. This is the amount the equipment is being expected to sell for at the end of its useful life.

Useful life is 5 years.

To know the percentage to be used for the depreciation, we have:

100percent / 5 years

= 20 percent

Double-declining is 40 percent(20 percent x 2)

Depreciation for 2021 is

$73,500 x 40 percent

= $29,400.

Carrying amount at the end of 2021 which will also be for the beginning of 2022 is $44,100 ($73,500 - $29,400)

Depreciation for 2022:

$44,100 x 40 percent

$17,640.

Therefore, the depreciation for 2022 is $17,640.

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3 years ago

Kalani is an account executive with a medical device company that sells sophisticated camera equipment used in surgical procedur

Nadya [2.5K]

Answer:

The key difference throughout the particular circumstance is defined throughout the subsection following.

Explanation:

Fewer clients than consumer businesses have been composed of corporate sectors.
Since consumers throughout the business community are only found throughout hospitals for treatment, they have become less frequent, whereas consumers mostly in the commercial market include customers across the world, unlike pharmacies where there would be some very buyers.

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3 years ago

Can work managers not allow employee to have 15 min breaks? Is anything like that a law or what?

Nataly_w [17]

Hello,

Answer It really depends on what state you live in I live in Texas and Texas has a Law that says Managers MUST allow 15 min breaks.

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HumanSpider

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3 years ago

Read 2 more answers

When a company issues 39,000 shares of $3 par value common stock for $30 per share, the journal entry for this issuance would in

geniusboy [140]

The journal entry for this issuance would include is $ 10,53,000.00.

A magazine entry consists of the acquisition of machinery with the aid of the country wherein the equipment account could be debited, and the coins account may be credited.

A magazine access is a report of the enterprise transactions inside the accounting books of a enterprise. A well documented magazine entry consists of the best date, amounts to be debited and credited, description of the transaction and a completely unique reference wide variety. A magazine access is the first step within the accounting cycle.

Debit Credit

Number of shares = $ 39,000

cost of per shares = $3

total cash of shares = $ 117000 117000

Common stock ( 39000 * 3 ) 117000.00

Paid in capital ( 39000 shares * 27) 10,53,000.00

(To record the issuance of shares at a premium of $ 27)

Learn more about journal entry here:- brainly.com/question/14279491

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1 year ago