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OlgaM077 [116]
3 years ago
13

The December 31, 2018, unadjusted trial balance for Demon Deacons Corporation is presented below.

Business
1 answer:
notka56 [123]3 years ago
8 0

Answer:

Demon Deacons Corporation

1. Adjusting entries:

a. Debit Rent Expense $2,400

Credit Prepaid Rent $2,400

To record Rent Expense for 2 months.

b. Debit Deferred Revenue $3,000

Credit Service Revenue $3,000

To record service revenue earned.

c. Debit Salaries Expense $700

Credit Salaries Payable $700

To accrue salaries expense.

d. Debit Supplies Expense $3,200

Credit Supplies $3,200

To record supplies expense.

2. Adjusted Trial Balance

as of December 31, 2018

Accounts                       Debit     Credit

Cash                            10,000

Accounts Receivable 15,000

Prepaid Rent                4,800

Supplies                          800

Rent Expense             2,400

Supplies Expense      3,200

Deferred Revenue                   2,250

Common Stock                        11,000

Retained Earnings                   6,000

Service Revenue                    51,950

Salaries Expense    35,700

Salaries Payable                         700

                                 71,900   71,900

Explanation:

a) Data and Calculations:

Unadjusted Trial Balance

Accounts                       Debit     Credit

Cash                            10,000

Accounts Receivable 15,000

Prepaid Rent                7,200

Supplies                       4,000

Deferred Revenue                   3,000

Common Stock                        11,000

Retained Earnings                   6,000

Service Revenue                    51,200

Salaries Expense    35,000

                                 71,200   71,200

a. Rent Expenses = $2,400

Prepaid Rent = $4,800

b. Deferred Revenue = $3,000 - 750 = 2,250

   Service Revenue = 51,200 + 750 = 51,950

c. Salaries Expense    35,000  + 700 = 35,700

Salaries Payable = 700

d. Supplies Account = $4,000 - 3,200 = $800

Supplies Expense = $3,200

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navik [9.2K]

The correct answer to this open question is the following.

Although there are no options attached, we can answer the following.

The term in strategic management theory related to managerial motive defines a manager's actions when those actions shape the firm's strategies to serve the manager's interests rather than to maximize long-term shareholder value is: "Egotism."

Egotism is one of the terrible mistakes a manager can make in the corporation. When a manager is egotistic, he/she is first and foremost interested in his own benefits, and this is an action contrary to the mission, vision, and philosophy or the organization,

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3 years ago
Novak Corp. has 6000 shares of 5%, $100 par value, cumulative preferred stock and 12000 shares of $1 par value common stock outs
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Answer:

See below

Explanation:

Given the above data,

Preferred shares = 6,000 shares × $100 = $600,000

Dividend on preference shares = $600,000 × 5% = $30,000 per year

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= $55,800

Preferred dividend in 2019 = $30,000 × 2 = $60,000

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How did the appreciation of the U.S. dollar and depreciation of the yuan affect the timing andmagnitude of the Asian currency cr
UkoKoshka [18]

Answer:

1) Export Competitiveness

2) Moral hazard means lack of incentive to guard against risk where one is protected from its consequences.

3) Government guarantees

Explanation:

1) The appreciation of the U.S. dollar and depreciation of the yuan worked as a catalyst to speed up the Asian currency crisis as the exports were slowed down causing a decline in growth which also gives the motivation to the central bank to devalue their currency more in order to achieve export competitiveness to boost up the exports and economy.

2) The moral hazard in this case was the government guarantees, both implicit and explicit.

3) The moral hazard of government guarantees motivates the investors to invest taking risky adventures since regulations were also lenient, and finance was available. We see over investments backed by the inflated land prices. After that it was the final nail in the coffin when the local investors dump their local currencies in order to buy foreign currencies whereas foreign loans were no longer competitive.  

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3 years ago
The Spanish and Portuguese focused colonization in North America.<br><br><br> True<br> False
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5 0
3 years ago
you plan to deposit $1,500 quarterly for 35 years at 7% interest, compounded monthly. how much will you have in the account in 3
VikaD [51]

After 35 years, you will have $911,053.82 in the account.

This is based on a quarterly deposit of $1,500 per year for a period of 35 years at 7% interest, monthly compounded.

Data and Calculations:

Quarterly Deposit = $1,500

Number of years = 35 years

N (# of periods) = 140 (35 x 4)

I/Y (Interest per year) = 7% (0.583% per month)

PV (Present Value)  = 0

Quarterly PMT (Periodic Payment) =  1500

P/Y (# of periods per year) = 4

C/Y (# of times interest compound per year) = 12

PMT made at the of each period

Results:

Future Value = $911,053.82

Sum of all periodic payments = $210,000.00 ($1,500 x 140)

Total Interest = $701,053.82 ($911,053.82 - $210,000)

Thus, after 35 years, the account will have a balance of $911,053.82.

Learn more: brainly.com/question/17028320

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