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2 years ago

Following are the transactions of a new company called Pose-for-Pics

Business

1 answer:

Assoli18 [71]2 years ago

6 0

Answer:

Pose-for-Pics

1. T-accounts:

Cash

Date Accounts Titles Debit Credit

Aug. 1 Common stock $6,500

Aug. 2 Prepaid Insurance $2,100

Aug. 5 Office supplies 880

Aug. 20 Photography Fees 3,331

Aug. 31 Utilities 675

Aug. 31 Balance $6,176

Common Stock

Date Accounts Titles Debit Credit

Aug. 1 Cash $6,500

Aug. 1 Photography Equipment 33,500

Aug. 31 Balance $40,000

Photography Equipment

Date Accounts Titles Debit Credit

Aug. 1 Common stock $33,500

Prepaid Insurance

Date Accounts Titles Debit Credit

Aug. 2 Cash $2,100

Office Supplies

Date Accounts Titles Debit Credit

Aug. 4 Cash $880

Photography Fees

Date Accounts Titles Debit Credit

Aug. 20 Cash $3,331

Utilities

Date Accounts Titles Debit Credit

Aug. 31 Cash $675

2. Pose-for-Pics

Trial Balance

As of August 31:

Accounts Titles Debit Credit

Cash $6,176

Common stock $40,000

Equipment 33,500

Prepaid Insurance 2,100

Office supplies 880

Photography Fees 3,331

Utilities expense 675

Totals $43,331 $43,331

Explanation:

T-accounts are the general ledger accounts where the transactions of Pose-for-Pics are summarized. From the T-accounts, the Trial Balance can be prepared to show the list of account balances from the general ledger. The Trial Balance forms the first basis for the preparation of financial statements after adjustments have been made for accruals, prepayments, deferred revenue, and depreciation expenses. The Trial Balance may also show that the accounts have been correctly posted with corresponding debit and credit entries.

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Tom takes a loan of $60,000 at 4% annual interest to purchase a property worth $100,000. He earns an annual income of $10,000 af

guajiro [1.7K]

Based on the given data, Tom's leveraged return on the real estate investment is 13.3%.

A leveraged return means an investment return on equity partially financed with debt.

Investment in property = $100,000 - $60,000

Investment in property = $40,000

Interest = $60,000 * 4%

Interest = $2,400

Net income after tax = ($10,000 - $2,400) * (1 - 30%)

Net income after tax = $7,600 * 0.70

Net income after tax = $5,320

Leveraged return = Net income after tax / Investment in property * 100

Leveraged return = $5,320 / $40,000 * 100

Leveraged return = 0.133 * 100

Leveraged return = 13.3%

Hence, Tom's leveraged return on the real estate investment is 13.3%.

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nikitadnepr [17]

Answer:

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Explanation:

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Answer:

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Explanation:

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By increasing the number of payments per year you increase your effective borrowing rate.

When you use a spreadsheet to calculate your interest rates, it uses the periodic interest rate, not the annual percentage rate.

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3 years ago

Omega Custom Cabinets produces and sells custom bathroom vanities. Assume that labor is the only input that varies for the firm.

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Answer:

The answer is option a). For the 11th worker, the marginal profit is $600.

Explanation:

Step 1: Determine the initial profit for the 10 workers as shown;

initial profit=revenue from sales-cost of labor

where;

revenue from sales=sale per unit×number of units

revenue from sales=800×20=$16,000

cost of labor=cost per unit×number of workers

cost of labor=1,000×10=$10,000

replacing;

initial profit=16,000-10,000=$6,000

Step 2: Determine the final profit for the 10 workers as shown;

final profit=revenue from sales-cost of labor

where;

revenue from sales=sale per unit×number of units

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cost of labor=1,000×11=$11,000

replacing;

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Step 3: Determine the marginal profit as shown;

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where;

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replacing;

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