Sylvester Motors Inc. has the following balances at the end of the accounting period:

An international children’s charity collects donations, which are used to buy clothing and toys for children in need. The charit

MatroZZZ [7]

Answer:

Required 1

General Journal

Cash $8,500 (debit)

Donations Revenue $8,500 (credit)

Cash and Checks received as Donation Revenue

Wages Expenses $3,000 (debit)

Cash $3,000 (credit)

Wages to employee paid

Note Payable $3,420 (debit)

Cash $3,420 (credit)

Repayment of Short Term Loan

Supplies $4,920 (debit)

Cash $2,080 (credit)

Note Payable $2,840 (credit)

Purchase of Toys on cash and on credit

Supplies $4,020 (debit)

Donations Revenue $4,020 (credit)

Donations revenue received in form of Toy Supplies

Required 2

Net Income is $9,520

Explanation:

Calculation of Charity’s preliminary net income.

Donations Revenue ($8,500 + $4,020) $12,520

Less Expenses :

Wages ($3,000)

Net Income/ (Loss) $9,520

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3 years ago

Which of the following is not the process of financial management? A Evaluating financial status B Setting goals C Record monthl

Phantasy [73]

Answer:

C) Record monthly expenses

Explanation:

4 0

3 years ago

Suppose Brian is in the market for a used textbook and the campus bookstore is having a sale. If the initial price of the used b

Misha Larkins [42]

Answer:Percentage change in the book price =7.17%

Explanation:

Initial Price of the used book = $73.25

Discounted price = $68.00

Percentage change in the book price = Initial Price - Discounted price/ Initial Price) x 100

($73.25 - $68.00) /$73.25 =5.25 /$73.25 =0.07167

=7.17%

4 0

3 years ago

Can someone please help me? Why are subordinate bonds and preferred stock more risky than long-term senior bonds?

MA_775_DIABLO [31]

Answer:

Subordinated bonds, also known as subordinated debts, is an unsecured loan or bond that ranks below other, more senior loans or securities with the respect to claims on assets or earnings. Generally, subordinated bonds are debts that can be added to preferred stocks. Preferred stocks can be viewed as long- term investments, but are generally more risky because they are more sensitive to interest- rate risk if the rates rise. If they rise, then the price of the preferred stocks may fall and can fall lower than the price of short- term bonds. The difference between subordinated bonds and senior bonds is the priority in which the debt claims are paid. If one has to file bankruptcy or face liquidation, senior debts is paid back before the subordinate debt. Once the senior debt is completely paid back, then the subordinate debt starts being repaid.

Explanation:

7 0

3 years ago

Read 2 more answers

In today's business environment, companies have to find ways to remain profitable by coping with increased competition and rapid

eimsori [14]

Answer:

Greater

Explanation:

However, as the organizations come in different types of divisions of levels in organizations like the First middle and top level of management. thus the managers are classified as hierarchical structures, like a matrix of structure like the horizontal, vertical and diagonal.

When we eliminate the levels in the management the action usually results in the centralized structure of the organization functioning and hence it further leads to the attainment of greater control over the organization. As the elimination of the middle man and the elimination of various bottlenecks takes place.

7 0

3 years ago