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Lynna [10]
2 years ago
7

Task 2: Record the listed transactions of Nikea Inc. for the first quarter (January to March) in

Business
1 answer:
gavmur [86]2 years ago
3 0

Answer and Explanation:

The journal entries are shown below:

a. Cash Dr $20,000

     To Capital $20,000

(being the issuance of the capital stock is recorded)

b. Rent Dr $5,000

      To cash $5,000

(being the rent paid is recorded)

c. Supplies dr $1,500

       To Account payable $1,500

(being the supplies purchased on account is recorded)

d. Account payable Dr $1,000

     To cash $1,000

(being the amount paid is recorded)

e. Cash Dr $25,000

       To sales commission $25,000

(being the sales commission earned is recorded)

f. Automobile expense $4,500

     To Cash $4,500

(being cash paid is recorded)

g. Office salaries Dr $8,000

      To cash $8,000

(being cash paid is recorded)

h Supplies expense $1,500

    To supplies  $1,500

(being supplies expense is recorded)

g. Dividend payable $1,500

     To Cash $1,500

(being dividend paid is recorded)

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Orrick Company reported total assets of $4,200,000, total liabilities of $700,000, and total equity of $3,500,000 at the end of
rewona [7]

Answer:

The debt-to-equity ratio of the company is 0.2

Explanation:

The formula to compute the debt to equity ratio is as:

Debt to equity ratio = Debt / Equity

Where

Debt is total liabilities which amounts to $700,000

Equity is total equity which amounts to $3,500,000

Putting the values in the above formula:

= $700,000 / $3,500,000

= 0.2

Debt to equity ratio of the company is 0.2

8 0
3 years ago
What does the reset() command do?
Rom4ik [11]
<span>This command resets the Winsock catalog to the default configuration. This can be useful if a malformed LSP is installed that results in loss of network connectivity. While use of this command can restore network connectivity, it should be used with care because any previously-installed LSPs will need to be re-installed. </span>
3 0
3 years ago
Which of the following statements is false? A. Cash dividends should be recorded as a liability when they are declared by the bo
xenn [34]

Answer:

The answer is: B) FICA taxes withheld from employees' payroll checks should never be recorded as a liability since the employer will eventually remit the amounts withheld to the appropriate taxing authority.

Explanation:

FICA taxes (or payroll taxes) are based on an employee's salary. Both employees and employer pay FICA taxes for Social Security and Medicare. Employers withhold these taxes from their employees' paychecks, and then pays them to the Internal Revenue Service (IRS).

3 0
3 years ago
With relevant examples discuss intangible business property that is protected by law and which an entrepreneur should consider w
ipn [44]

Answer:

Explanation:

Intangible property are useful resources, they are asset that are not physical but they produce much economic benefits to organization , entrepreneur.some of this asset are Goodwill, brand recognition, as well as intellectual property.

Some of these intangible asset are intellectual property and are protected by law from stealing away by those that are not authorized to it.

Examples of intangible business property that is protected by law are:

✓patent

✓copyright

✓ franchises

✓trade mark

✓Goodwill

✓tradenames

✓ trade secret

1)Patent is one of the intangible asset granted by government and protected to an inventor who is entrepreneur that exclude others from selling as well as using the invention for particular period of time. If an entrepreneur comes up with an invention it will be protected for him/ her. it can be categorized as utility, design, and plant. Example of invention that falls under utility is microwave oven. Other invention are light bulb, printing press.

2) copyright is another intangible property, in which the original works of authorship of an entrepreneur is protected, dramatic, musical work as well as computer software, and architecture of an entrepreneur is protected, this will help the entrepreneur to enjoy the benefits of his/her labor and to grow fast in term of finance.

3)trademark is another intangible property that is protected by law which includes design, expresion, sign that identifies the product of a company from another, when an entrepreneur is starting a business , trademark is important because his/her product will be easier to identify by consumer and this helps business to grow faster. Example is the logo that Apple( apple shape with a bite) uses as trademark on all their products, swoosh logo that Nike uses on their products

4)trade secrets is an intangible property as well as intellectual property that is been protected by law it contains processes, design, information with inherent economic values that are not generally known by everyone, this is important to enterprenurer because trade secret helps the individual with the secret to sustain his/her business without been hijacked. Example of trade secret is the

secret formula for Coca-Cola which other soft drinks producer doesn't know.

5 0
2 years ago
Americans' core value of upward mobility (i.e., success will come to anyone who works hard) has greatly influenced the way luxur
Vlad1618 [11]

Answer: Option (C)

Explanation:

Sociological factors are referred to as or known as elements or factors of the society that tends to radiate negative and positive influence which cause a change in function, structure, elements, and orientation. Sociology tends to mostly study society in regards with its elements, structure, and their development which mostly includes numerous factors such as people and the population, ethnicity, age, gender, religion, view , culture, and etc.

8 0
3 years ago
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