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3 years ago

Consider the following information:

Business

1 answer:

Jobisdone [24]3 years ago

6 0

Answer:

The total for assets, liabilities, and equity are:

b) Total Assets: $26,000

Total Liabilities: $17,000

Total Equity: $9,000

Explanation:

a) Data and Calculations:

Accounts Payable: $4,000

Notes Payable: $10,000

Salaries payable: $1,000

Revenues: $5,000

Accounts Receivable: $5,000

Utilities Expense: $2,000

Cash: $5,000

Office Supplies: $1,000

Equipment: $20,000

Accumulated Depreciation Equipment: $5,000

Unearned Revenue: $2,000

Equity: $22,000

Salaries Expense: $1,000

Total assets:

Accounts Receivable: $5,000

Cash: $5,000

Office Supplies: $1,000

Equipment: $20,000

Accumulated Depreciation

Equipment: ($5,000)

Total assets = $26,000

Total liabilities:

Accounts Payable: $4,000

Notes Payable: $10,000

Salaries payable: $1,000

Unearned Revenue: $2,000

Total liabilities $17,000

Total Equity:

Total assets $26,000

Total liabilities 17,000

Total equity $9,000

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In December 2017, Quebecor Printing received magazine subscriptions for 2018 from a customer, who paid $220 in cash. What would

sergejj [24]

Answer:

Cash Debit $ 220

Subscriptions received in advance Credit $ 220

Explanation:

The most appropriate journal entry would be by debiting cash with $ 220 since cash has been received.

The credit account would be Subscriptions received in advance since the magazines have to be delivered in 2018 and the revenue has not been earned at the time of collections. This would be classified in the balance sheet under current liabilities.

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4 years ago

Three years ago, Sydney remodeled her home. Rather than discarding some shelving units that were in her home, she moved them to

Alisiya [41]

The correct answers are, $1200 and -$200.

Sydney has taken depreciation on the shelves of $300. The amount of basis and the amount of the gain or loss recognized on the sale of the shelves are $1200 and -$200 respectively.

Explanation:

Fair market value at the date of conversion = $1,500

Depreciation on the Shelves = $300

Basis = Fair market value - Depreciation

Basis = $1500 - $300 = $1,200

So Basis = $1,200

Now

Sale Price of Shelves = $1,000

Adjusted Basis = $1,200

Loss would be = Sale price - Adjusted Basis

Loss = $1000 - $1200

Loss = -$200

So, Loss = $200

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3 years ago

Shrink-Wrap Agreements. TracFone Wireless, Inc., sells phones and wireless service. The phones are sold for less than their cost

Alekssandra [29.7K]

Answer: Yes they are

Explanation:

This is a Shrink-Wrap Agreement which means that in order to use a product, one has to accept the conditions that come with it. The term gets its name from the agreement printed on the shrink-wrap (plastic wrap) of a product. Tearing it off and using that product implies that you agree to the terms printed.

Bequator Corp., in buying the phones agreed with TracFone Wireless Inc's condition that the buyer will <em>"not to tamper with or alter the software"</em>. Bequator however went ahead and tampered with the phones they bought such that the phones could now be used on other networks.

This is a clear violation of the condition that TracFone sold it to them under which means that Bequator Corp. is quite liable for breach of contract.

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3 years ago

Give at least two (2) relevance of entrepreneurship to SHS Students, elaborate your answer by giving example that will relate in

stiv31 [10]

Two relevance of entrepreneurship to Students include:

Teaches them life skills.
Gives them options after leaving school

<h3>What is the relevance of entrepreneurship to students?</h3>

Students should be taught entrepreneurship skills because it can teach them some important skills in life such as problem-solving and creative thinking.

It would also give them an extra avenue to earn an income while still in school and when they leave school.

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2 years ago

Determine whether each characteristic describes a general partnership (GP), limited liability company (LLC), both, or neither.

andreev551 [17]

Answer:

Explanation:

A general partnership is formed when two or more individuals come together and agree to share all their profits, assets, and the legal and financial liabilities.

Limited liability Company is a private company whereby the owners will be legally responsible for its debts based on the contribution of the capital thst they invested.

a. Must pay a business (corporate) income tax.

Neither. The above characteristic doesn't describe a general partnership (GP), or a limited liability company. They don't have to pay a corporate tax but will pay personal income tax by the owner.

b. When the business cannot pay its debts, creditors can take the owners' personal assets.

General partnership. When the business cannot pay its debts, creditors can take the owners' personal assets is a characteristics of general partnership.

c. All owners can have management duties.

Limited liability company. The above is a characteristics of limited liability company because all the members have equal status.

d. The owners are often referred to as members.

Limited liability Company. The owners of a limited liability Company are often referred to as members. This is contained in the Article of Organization.

e. Ownership is split among two types of owners: general and limited partners.

Neither. Ownership is split among two types of owners: general and limited partners isn't q characteristics of general partnership or limited liability Company.

f. Owners have limited liability.

Limited liability Company. Here, the owners have limited liability.

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4 years ago