Results Of Distinguish between Single Entry System and Double Entry System accounts

On July 4, Blossom's Restaurant accepts a Visa card for a $150 dinner bill. Visa charges a 2% service fee. Prepare the entry on

Tpy6a [65]

Answer:

The journal entry is shown below.

Explanation:

According to the scenario, the journal entry for the given data are as follows:

Journal entry

Jul.4 Cash A/c Dr $147

Card charges A/c Dr. $3

To Sales revenue A/c $150

(Being card transaction is recorded)

Computation:

Cash = $150 - 2% × $150 = $147

Card charges = $150 × 2% = $3

3 0

3 years ago

Sandra Sousa, Registered Dietician Trial Balance July 31, 2018 Balance Account Title Debit Credit Cash 33000 Accounts Receivable

kirza4 [7]

Answer:

Requirement 1. Prepare the income statement for the month ended July 31, 2018.

Sandra Sousa, Registered Dietitian

Income Statement

For the Month Ended July 31, 2018

Service Revenue $11,258

Salaries Expense -$1,500

Rent Expense -$1,200

Utilities Expense -$350

Net income $8,208

Requirement 2. Prepare the statement of owners equity for the month ended July 31, 2018.

Sandra Sousa, Registered Dietitian

Statement of Owner's Equity

For the Month Ended July 31, 2018

Sousa, Capital balance July 1, 2018 $22,000

Investment during month $0

Net income $8,208

subtotal $30,208

Withdrawals during the month -$2,000

Sousa, Capital balance July 31, 2018 $28,208

Requirement 3. Prepare the balance sheet &s of July 31, 2018.

Sandra Sousa, Registered Dietitian

Balance Sheet

For the Month Ended July 31, 2018

Assets:

Cash $33,000

Accounts Receivable $9,600

Office Supplies $2,200

Prepaid Insurance $2,800

Equipment $18,000

Total assets $65,600

Liabilities and equity:

Accounts Payable $3,100

Unearned Revenue $292

Notes Payable $34,000

Sousa, Capital $22,000

Retained earnings $6,208

Total liabilities and equity $65,600

Requirement 4. Calculate the debt ratio as of July 31, 2018.

debt ratio = liabilities / assets = $65,600 / $37,392 = 175.44%

debt to equity ratio = liabilities / equity = $37,392 / $28,208 = 132.56%

7 0

3 years ago

2. A welder and a carpenter decided to get out of the construction industry and build farm trailers instead. From building a few

Firlakuza [10]

Answer:

Answer is explained in the explanation section below.

Explanation:

Data Given:

Material Cost Per Trailer = $500

Material Cost plus Profit Per Trailer (15%) = $500 + 75 = $575

Selling Price = $1000

Labor Cost Remaining Per Trailer = $425

Formula to Calculate the number of Trailers:

X = X1 ( $N^{S}$ )

Where,

N = number of Trailers

S = Slope Parameter

X = $425

X1 = $700

So, First we need to find the slope parameter, in order to calculate the number of trailers to be built.

S = $\frac{log \alpha }{log 2}$

where, α = 0.85 rate of improvement.

Plugging in the values into the formula, we get:

S = $\frac{log (0.85) }{log 2}$

S = -0.234

Now, we can easily find the number of trailers.

X = X1 ( $N^{S}$ )

Plugging in the values,

425 = 700 x ( $N^{-0.234}$ )

Solving For N, we get:

N = 8.4 Trailers

N = 9 Trailers.

Hence, 9 Trailers must be built in order to realize this rate of profit.

8 0

3 years ago

What type of planning is conducted by the organization to prepare for, react to, and recover from events that threaten the secur

sattari [20]

Answer:

Contingency plan.

Explanation:

Contingency plan is a plan conducted by an organization to prepare for , react to and recover from events that threaten the security of information and information assets in the organization , and the subsequent restoration to normal modes of business operations.

It prepares the organization for any potential risk , as response to such risk will be fats and timely , and consequently , loss are minimized.

4 0

3 years ago

Vertical communication occurs when scott, divisional manager of production, discusses business issues with susan, divisional man

liberstina [14]

False. Communication up and down the corporate hierarchy is often called vertical communication. Communication among employees at the same level in the hierarchy, or sideways, is called horizontal communication.

8 0

3 years ago

Results OfDistinguish between Single Entry System and Double Entry System accounts​

Results OfDistinguish between Single Entry System and Double Entry System accounts