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aniked [119]
3 years ago
12

Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During the month, Jones Architects completed the following

transactions: Transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $18,000. Purchased used automobile for $19,500, paying $2,500 cash and giving a note payable for the remainder. Paid April rent for office and workroom, $3,150. Paid cash for supplies, $1,450. Purchased office and computer equipment on account, $6,500. Paid cash for annual insurance policies on automobile and equipment, $2,400. Received cash from a client for plans delivered, $12,000. Paid cash to creditors on account, $1,800. Paid cash for miscellaneous expenses, $375. Received invoice for blueprint service, due in May, $2,500. Recorded fees earned on plans delivered, payment to be received in May, $15,650. Paid salary of assistant, $2,800. Paid cash for miscellaneous expenses, $200. Paid installment due on note payable, $300. Paid gas, oil, and repairs on automobile for April, $550.
Business
1 answer:
Over [174]3 years ago
4 0

Answer:

cash 18,000

    common stock    18,000

to record issuance of stock for cash

car   19,500

  cash             2,500

 note payable  17,000 ( 19,500 - 2,500)

to record purchase of automobile

rent expense 3,150

    cash                       3,150

to record payment of rent

supplies        1,450

       cash                  1,450

to record payment of supplies

office equipment   6,500

        account payable           6,500

to record purchase of equipment

prepaid insurance    2,400

                  cash                       2,400

to record purchase of insurance for the whole year

cash          12,000

service reveue       12,000

to record service earned and collected

account payable   1,800

        cash                          1,800

to record payment of account

miscellaneous expense 375

         cash                                 375

to record miscellaneous expense

blueprint expense   2,500

          blueprint payable       2,500

to record invouce for blueprint

account receivable 15,650

        service revenue            16,650

to record earned services but not collected.

salaries expense 2,800

        cash                           2,800

to record payment of assistant salary

miscellaneous expense 200

         cash                                 200

to record miscellaneous expense

note payable 300

       cash                   300

to record installment of note for car

car maintenance expense 550

          cash                                    550

to record several expense associate with the car

Explanation:

We will post each entry according to the accounting principles:

debit = credit

and to reflect the reality

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Answer:

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Which of the following would be best considered to be an agency conflict problem in the behavior of the following financial​ man
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Answer:

A. Bill chooses to pursue a risky investment for the​ company's funds because his compensation will substantially rise if it succeeds. 

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An agency conflict problem usually arises when the agent (managers) do not act in the best interest of his principals (e.g. shareholders) usually because of selfish interests of the agent (manager).

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3 years ago
A contingent liability which should be disclosed on the balance sheet but does not require footnote disclosure. (true/false)
expeople1 [14]

A responsibility or possible loss that could materialize in the future based on how a particular occurrence plays out is known as a contingent liability.

<h3>What is contingent liability?</h3>

A responsibility or possible loss that could materialize in the future based on how a particular occurrence plays out is known as a contingent liability. Contingent liability can take the form of pending investigations, product warranties, and potential lawsuits. Liabilities that may be incurred by a company dependent on the result of an uncertain future event, such as the result of an ongoing lawsuit, are known as contingent liabilities.

When they are both probable and reasonably estimable as a "contingency" or "worst case" financial consequence, these obligations are not recorded in a company's records and are not displayed on the balance sheet. The kind and size of the contingent liabilities may be described in a footnote to the balance sheet. It is feasible to categories a loss's possibility as remote, improbable, or probable.

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4 0
1 year ago
Premier Sports Inc has a beginning PBO balance of​ $628,000 and a beginning market-related value of plan assets of​ $560,000. Th
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Correct answer is D.

$4375

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= 87500/20

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3 years ago
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Answer: Income statement $100,000

Balance sheet warranty liability $Nill

Explanation:

Since we are at the end of the period and all activities has been concluded with no expectation of claim of repairs. The firm will only record the cost incurred for current period on repairs which is $100,00 ( $100*1000) . The liability will be zero since the company has taken care of all repairs for the period.

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