Why does the amount of interest you owe decrease every month?

Trinity College sold season tickets for the 2019 football season for $400,000. A total of 8 games will be played during Septembe

Softa [21]

Answer:

Trinity College sold 8 Games of ticket in $400,000

Till October 31 the game sorted out = 5 for example (2+3)

Measure of unmerited income on October 31

Unearned ticket revenue = (Amount received in advance × remaining month) / total month

Unearned ticket revenue = ($400,000 × 3) / 8

Unearned ticket revenue = $150,000

Adjusting Journal entry on October 31:

Debit: Unearned revenue = $250,000

Credit: Revenue = $250,000

(To record transfer of unearned revenue, to revenue account)

3 0

3 years ago

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Marcie frequently requests meetings between her team and counterparts in portland. she often spots issues that will affect both

Lesechka [4]

<span>Marcie is being a leader, but is playing a task role for her team. She is concentrating on what the team needs to get the job or tasks completed. Her behavior is a proactive approach to keep this process running smoothly with no surprises.</span>

6 0

3 years ago

Andrea, an enterprising individual, wants to open a store in her town. She wants her store to be of the same type as a popular c

uysha [10]

Answer:

D. Franchisee

Explanation:

A franchisee can be defined as an individual who is a small business owner who operates a franchise. A franchisee is given license by the franchisor to run a business under the franchisor's trade mark, trade name and method of operations. A franchise is a business in which the owners sell the rights to their business trade mark, trade name, logo and method of operations to a third party outlet or individuals owned separately by who we refer to as the franchisee. In this case, Andrea wants to become a franchisee by opening the same type of popular coffee chain in her town that is found in a nearby town.

6 0

3 years ago

Roberto Designers was organized on January 1, 2018. The firm was authorized to issue 140,000 shares of $5 par value common stock

Phoenix [80]

Answer:

The total stockholder's equity at the end of the year will be $352,000.

Explanation:

The issue of common stock at $7/share= 14,000*$7=$98,000

The issue of common stock at $8/share= 28,000*$8=$224,000

The net income is $140,000.

The dividends paid= $70,000.

Purchase of treasury stock= 4000*$10=$40,000

The total stockholder's equity

=The issue of common stock at $7/share+The issue of common stock at $8/share+The net income-The dividends paid-Purchase of treasury stock

=$98,000+$224,000+$140,000- $70,000-$40,000

=$352,000.

7 0

3 years ago

Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1 Inventory 26 units at

Mila [183]

Answer:

a. $26,400

b. $20,520

c. $24,140.64

Explanation:

a. The computation of inventory cost by the first-in, first-out method is shown below:-

Inventory cost under first-in, first-out method = Number of units × Unit cost of 3rd purchase

= 48 × $550

= $26,400

b. The computation of inventory cost by the last-in, first-out method is shown below:-

Inventory cost by Last in first out method = (Jan 1 units × Jan 1 Inventory per unit) + (Number of units - Jan 1 units) × Feb. 19 Inventory per unit

= (26 × $400) + (48 - 26) × $460

= $10,400 + $10,120

= $20,520

c. The computation of inventory cost by the average cost method is shown below:-

Average cost per unit = (26 × $400) + (57 × $460) + (62 × $540) + (60 × $550)

= $10,400 + $26,220 + $33,480 + $33,000

= $103,100

Per unit cost = Inventory cost ÷ Total number of units

= $103,100 ÷ (26 + 57 + 62 + 60)

= $103,100 ÷ 205

= $502.93

Inventory cost under average cost method = Per unit cost × Number of units

= 48 × $502.93

= $24,140.64

Therefore we have applied the formulas.

4 0

3 years ago