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3 years ago

For each transaction,

Business

1 answer:

Misha Larkins [42]3 years ago

3 0

Answer:

1) I used an excel spreadsheet

2) a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $7,000 in cash along with equipment having a $3,000 value.

Dr Cash 7,000

Dr Equipment 3,000

Cr DeShawn Tyler, capital 10,000

b. On May 21, Elegant Lawns purchases office supplies on credit for $500.

Dr Office supplies 500

Cr Accounts payable 500

c. On May 25, Elegant Lawns receives $4,000 cash for performing landscaping services.

Dr Cash 4,000

Cr Landscaping Revenue 4,000

d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.

Dr Cash 1,000

Cr Unearned Landscaping Revenue 1,000

Cash (101)

debit credit

7,000

4,000

1,000

12,000

Office Supplies (124)

debit credit

500

Equipment (167)

debit credit

3,000

Accounts Payable (201)

debit credit

500

Unearned Landscaping Revenue (236)

debit credit

1,000

D. Tyler, Capital (301)

debit credit

10,000

Landscaping Revenue (403)

debit credit

4,000

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Fill in the blanks

ELEN [110]

Answer:

Management
Owners
External stakeholders

Explanation:

Management of the business is responsible for taking care of the performance of the business and comparing the present status of the business with the previous status, and sometimes with its competitors.
Owners of the business are the persons who are responsible for creating budgets and make various business-related decisions. These are done with the use of accounting information.
External stakeholders or shareholders are interested in buying shares of the company. They make their investment decisions by analyzing the various positions of the company after going through accounting information.

7 0

2 years ago

A family spends $56,000 a year for living

vovangra [49]

If a family spends $56,000 a year for living expenses. If prices increase 5 percent a year for the next four years, the amount that the family need for their annual living expenses after four years is $68,068.35.

<h3>Annual living expenses</h3>

Using this formula

Amount=Amount spent× (1+ rate)^ Number of years

Let plug in the formula

Amount=$56,000× (1+0.05)^4

Amount=$56,000× (1.05)^4

Amount=$68,068.35

Therefore If a family spends $56,000 a year for living expenses. If prices increase 5 percent a year for the next four years, the amount that the family need for their annual living expenses after four years is $68,068.35.

Learn more about Annual living expenses here:brainly.com/question/26383826

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8 0

1 year ago

Rufus Inc. and Hardy Company are negotiating a nontaxable exchange of business properties. Rufus’s property has a $50,000 tax ba

Norma-Jean [14]

Answer:

Which party to the exchange must pay boot to make the exchange work?

Rufus must pay boot since the FMV of its property is less than the FMV of Hardy's property.

How much boot must be paid?

$90,000 - $77,500 = $12,500

Assuming the boot payment is made, how much gain or loss will Rufus realize and recognize on the exchange, and what tax basis will Rufus take in the property acquired?

Rufus doesn't have any gain, and the tax basis for the new asset will be $50,000 + $12,500 = $62,500

Assuming the boot payment is made, how much gain or loss will Hardy realize and recognize on the exchange and what tax basis will Hardy take in the property acquired?

Since Hardy's property basis is $60,000 and it would be receiving $50,000 (Rufus's property) + $12,500 = $62,500, then it must recognize a $2,500 gain. The basis of Hardy's new property will be $62,500.

8 0

3 years ago

Trevorrow Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets

a_sh-v [17]

Answer:

Activity Variance for net operating Income = $ 10598 Unfavorable

Explanation:

Activity Variance for net operating Income = $ 10598 Unfavorable

Actual Budgeted

6600 Units 6600 Units

Revenue $194,472 $ 185,460

Direct labor $16,145 $ 16500

Direct materials $67,059 $ 68640

Manufacturing overhead $45,587 $ 45620

Selling and

Administrative expenses $25,363 $ 24980

Total Expenses $ 154154 155740

Net Op. Income $ 40,318 $ 29,720

The activity variance for net operating income = Actual- budget=

= $ 40,318 - $ 29,720

= $ 10598 Unfavorable

3 0

3 years ago

If estimated annual factory overhead is $480,000; overhead is applied using direct labor hours; estimated annual direct labor ho

VashaNatasha [74]

Answer:

Undeapplied overhead= $200

Explanation:

First, we need to calculate the predetermined overhead rate:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 480,000 / 200,000

Predetermined manufacturing overhead rate= $2.4 per DLH

Now, we can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 2.4*17,000

Allocated MOH= $40,800

Finally, the over/under allocation:

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead= 41,000 - 40,800

Undeapplied overhead= $200

4 0

2 years ago