when creating pro forma statements, the changes in the liabilities and owners' equity sections depend primarily on the firm's dividend and financing policies.
In accounting, a company's liabilities include its outstanding debts, such as the cash it owes to its creditors, suppliers, and employees, as well as any loans it still owes. The term "liability" can refer to both your responsibility for something as well as a debt you have to another party for goods or services. The amount of property taxes a homeowner owes to the city or the amount of income tax he must pay to the federal government are two examples of his tax obligations. In terms of finance, the main distinction between equity and liabilities is that, whereas liabilities are the debts or obligations a firm owes to other parties, equity reflects the ownership position that shareholders have in a corporation. Liabilities are taken out and assets are used to compute equity.
the complete question is:
When creating a pro Forma statement, the changes in the liabilities and owners equity sections depend primarily on the firms?
Financing policies
Interest rates and financing policies
Dividend and financing policies
Retained earnings policy
Rate of sales growth
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in exhibit 15-1, the production possibilities curves of wheat and corn for nabia and pada are presented. if these two nations trade, nabia should specialize in the production of:
If these two nations trade, Nubia should specialize in the production of: wheat.
What is production possibilities curves?A production-possibility frontier (PPF), production possibility curve (PPC), production possibility boundary (PPB), or transformation curve/boundary/frontier is a curve that depicts different combinations of the quantities of two goods that can be produced using the available resources and technology. It is a graphical representation of all the possible options of output for two products that can be produced using all factors of production, where the available resources are fully utilized. Numerous economic principles are illustrated by a PPF, including allocative efficiency, economies of scale, opportunity cost (or marginal rate of transformation), productive efficiency, and resource scarcity (the fundamental economic problem that all societies face).
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locations that draw in guests for the natural areas around it and are comprised of multiple hospitality businesses are referred to as:
Locations that draw in guests for the natural areas around it and are comprised of multiple hospitality businesses are referred to as hospitality industry.
What are the different sectors of the hospitality industry?
In light of this, your company may choose to concentrate on a certain sector or pursue all areas of the hospitality industry.
The multi-billion-dollar hotel business is primarily reliant on the availability of disposable cash and free time.
The effectiveness of the hospitality staff and the business strategy are two key factors in determining a company's success in the hospitality industry.
Consequently, it is possible to venture into any sector of the hotel industry.
Costs and difficulties will be undoubtedly increase, but managing or owning various hospitality businesses might be present an opportunity to reap longer-term of financial benefits.
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the statement of cash flows summarizes the sources and uses of cash, though which of the following is true of the statement?
On a cash flow statement, a business's inflows and outflows of cash and cash equivalents are shown. The CFS demonstrates a company's methods of cash management.
What does "business" mean to you?
Creating products or providing services with the intention of turning a profit is a form of business. Definition in the Commercial A business is any unaffiliated, nonprofit organization or corporation that engages in commercial activities. They may be industrial, commercial, or some other type.
Businesses are said to engage in good business practices when they have expanded their definition of success to include the effects that the organization has on all of its stakeholders, including their communities.
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The demand for neon hair dye slopes downward. Which of the following will happen if the price of neon hair dye increases?
Demand will increase.
Demand will decrease.
Quantity demanded will increase.
Quantity demanded will decrease.
Assuming the cost of neon hair color diminishes, the quantity demanded will increase.
What are the ramifications of a descending demand curve?
At the point when the expense of a ware diminishes, new buyers enter the market and start getting it. This is because they couldn't get it when the expenses were high anyway as of now they can bear its expense. In like manner, as the expense falls, the interest rises and the interest twist slants descend.
Assuming the cost builds, the amount requested diminishes, and if the cost diminishes, the amount requested increments.
From the law of interest, when the expense of a thing fabricates, its advantage lessens. When the expense of a thing reduces its advantage increases.
Hence option (C) is correct.
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the san francisco health department keeps track of health inspections at restaurants and makes the data publicly available. each row in the inspections data set contains these details:
These details are contained in each row of the inspections data set. Restaurant name, address, inspection date, inspection score (0-100), violation description, risk severity.
What exactly is a data set?A data set is a collection of figures or values related to a single topic. A data set could be the test results for each student in a particular class. The amount of fish consumed by each dolphin in an aquarium is a data set.
A data set is a collection of data. A data set is equivalent to one or more database tables when dealing with tabular data, each of which corresponds to a specific record of the respective data set each of whose rows and columns represent different variables.
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select the correct responses to the following question. which of the following are common reasons that new ventures succeed? check all that apply. the entrepreneur postpones establishment of control systems until the company is well established. the entrepreneur knows a great deal about business management. the entrepreneur plans for the business to be immediately profitable. the entrepreneur is highly driven and dedicated.
From the following, the common reasons that new ventures tend to succeed are that, the entrepreneur knows a great deal about the business management.
The entrepreneur knowing a great deal about business management is one of the common reasons that new ventures tend to succeed. Other reasons include having an innovative idea, having the right resources and talent, and also having the right infrastructure.
However, this further tend to include having a clear strategy, and having organizational controls that spur performance thus without stifling employees’ initiative. Thus, the business management is said to be the coordination and organization of business activities.
Hence, option B is correct.
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ritz-carlton service value reliability features aesthetics serviceability i understand my role in achieving the key success factors, embracing community footprints and creating the ritz-carlton mystique. i own and immediately resolve guest problems. i am proud of my professional appearance, language, and behavior.
Ritz-carlton service value reliability features understanding roe is aesthetics, resolving guest problem report under serviceability, being proud of professional appearance, language, and behavior is a feature.
Operating the upscale hotel chain known as The Ritz-Carlton is the American multinational firm The Ritz-Carlton Hotel Company, LLC. In addition to 108 luxury hotels and resorts with more than 29,000 rooms in more than thirty countries and territories, the company also has 45–46 hotels with close to 9,000 spaces scheduled for the future. When the old occupants sold the Ritz-Carlton name and the Ritz-Carlton hotel in Boston, Mass, the new business was established in 1983. Later, the trademark was introduced in additional regions. A division of Marriott International, the business.
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all of the following are exempt transactions under the uniform securities act except non-issuer transactions in stocks listed on the: a american stock exchange (nyse american) b tokyo stock exchange c pacific stock exchange d nasdaq stock market
Exempt securities are government securities, bank securities, high-quality debt instruments, non-profit securities, and insurance contracts.
Which of the following transactions are exempt under the Uniform Securities Act?
Transactions between an issuer and an underwriter or between an issuer and a non-issuer of a security registered under the Investment Company Act would both be regarded as exempt transactions.
Unsolicited transactions that are carried out through a broker-dealer are also exempt. The sale to a specific client is not an exempt transaction even though the bonds are an exempt security. Unsolicited transactions, sales to institutions, and sales by fiduciaries are all exempt.
The SEC considers certain securities and transactions to be exempt from registration requirements. Government securities, bank securities, high-quality debt instruments, non-profit securities, and insurance contracts are typical examples of exempt securities.
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income statement items are recognized in the period they are earned or incurred regardless of when cash is exchanged!
The statement is true in regard of accrual accounting that income statement items are recognized in the period they are earned or incurred regardless of when cash is exchanged.
Accrual accounting refers to the method in which revenues earned (income statement) are recorded in the list in the way they occur and it does not take into consideration the monetary exchange which takes place in the form of cash. It is based on the principle of expense recognition which states that both income and revenue should be accounted in same financial period. In accrual accounting, generally a invoice is generated to keep the records. Accrued revenue is generated when the services are provided but the payment is not done in cash.
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. What Happens When there is a Shift in Demand and Supply?
Less demand for the good or service results from this. When there is a recession, it occurs when buyer incomes decline. Even though everything is priced the same, they will purchase less of everything. Take the following supply and demand chart for a product as an illustration.
What is the effect of shift of demand and supply on price?Reduced demand will result in a drop in the equilibrium price and a reduction in supply. With everything else remaining constant, an increase in supply will result in a decrease in the equilibrium price and an increase in the amount required. The equilibrium price will increase as the supply declines, while the quantity needed will go down.
A basic tenet of economics is that when there is more supply than demand for an item or service, prices decline. Prices typically increase when demand outpaces supply. When demand is constant, there is an inverse relationship between supply and prices of products and services.
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When choosing a theory to guide administrative practice, consider the fit between the components of the conceptual model or theory and the demands of the situation.
A. True
B. False
When choosing a theory to guide administrative practice, consider the fit between the components of the conceptual model or theory and the demands of the situation. This statement is true.
What are the various administrative theories?The book analyses the many administrative philosophies and principles. There was a discussion of classical, neoclassical, and modern administration and management theories. We also looked at theories of leadership, decision-making, and motivation.
A taxonomy is a list of words that may eventually be used in conjunction with a conceptual model. Think about how the elements of the conceptual model or theory align with the demands of the circumstance before selecting one to guide administrative practice.
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jim is planning on attending a football game. he paid $40 for the ticket. he will have to take the day off losing 8 hours of work. his hourly wage is $10. he estimates it will cost him around $20 for gas and parking at the game. jim's accounting (out of pocket) cost of attending the game equals $80 $40 $60 $140
jim is planning on attending a football game. he paid $40 for the ticket. he will have to take the day off losing 8 hours of work. his hourly wage is $10. he estimates it will cost him around $20 for gas and parking at the game. jim's accounting (out of pocket) cost of attending the game equals $60
The reporting and analysis of a company's cost structure is done through cost accounting. A company's products, services, and any other activities that involve the company are all considered to be cost objects in the process of cost accounting.
Cost accounting is useful because it can show how much money a business makes, where it spends it, and where it loses it. Internal cost controls and efficiency are intended to be reported on, examined, and improved through the use of cost accounting. In a nutshell, cost accounting is a system for management operational analysis.
Accounting cost is the explicit costs or the direct costs. Cost of ticket $40 + Cost of parking and gas $20= $60
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which of the following indicates that peter cruddas created a product that allowed him to gain the first-mover advantage? cruddas created an innovative product that lowered the cost of a service in the financial industry. cmc markets is a global company experiencing rapid growth. it took cruddas less than 10 years to start his company and develop an innovative product.
Out of the given statements, ''it took cruddas less than 10 years to start his company and develop an innovative product,'' is the one that indicated Peter Cruddas created a product that allowed him to gain the first-mover advantage. Therefore, the option C holds true.
The first-mover advantage can be understood as a concept wherein the individual holds such position when he or she absorbs maximum benefits for creating a product, which is one-of-its-kind, and has a unique feature which is non-existent in the market.
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Which accounts normally have debit balances?
A) Assets, expenses, and revenues
B) Assets, dividends, and expenses
C) Assets, liabilities, and dividends
D) Assets, expenses, and retained earnings
Assets, dividends, and expenses accounts normally have debit balances. It encompasses anything that has the potential to generate gains in the economy.
Physical and intangible objects, including as raw materials, inventories, machinery, and real estate, are all considered assets. Intellectual property, such as patents and royalties, is also a form of asset. An economic resource having economic worth that is owned or under the control of a person, a company, or a government with the intention that it would someday be useful is referred to as an asset. An organization's balance sheet lists its assets. They can be divided into four categories: current, fixed, financial, and intangible. Items that a company owns and will eventually be useful to it are called assets. Things that a firm owes money for are called liabilities. consequences of depreciation Depreciation is a characteristic of assets. Assets are any resources that a company or other economic entity owns or has control over in financial accounting.
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which of the following are examples of short-run fixed costs? multiple select question. rent bond interest wages to labors material costs
Rental charges are an example of short-run fixed costs.
What kinds of costs are fixed in the short term?No matter how much output is produced, the company must pay these costs in the short term. Even if the company temporarily stops operating, it still has to pay these fees. Rent, insurance premiums, maintenance fees, taxes, and other costs are typically included in fixed costs.
The term "fixed costs" refers to expenses that, at least temporarily, are unaffected by the level of production. The fixed costs remain the same regardless of the amount of output. Rent for industrial or retail premises is one illustration.
In the short term, are there fixed costs?Because businesses must deal with both variable and fixed costs in the short term, it follows that output, wages, and prices are constrained in their ability to reach a new equilibrium. The idea of the short run and the long run is predicated on this fundamental premise. When opposing forces are in balance, an area of equilibrium exists.
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A convertible corporate bond with a conversion price of $20 is trading at 115. The parity price of the common stock is:
A convertible bond with a conversion price of $20 is trading at $115. Parity prices for common stock is $23 equivalent price.
A conversion price of $20 means a conversion ratio of 50 (i.e. each bond can be converted into 50 shares of common stock). $1,150/$50 = $23 equivalent price.
Conversion parity refers to the break-even price of a convertible security. This is the amount paid per share if the option on the convertible security is exercised. Convertible securities, such as convertible bonds, are so called because of the characteristic that the securities can be converted into shares of the issuing company. The converted price is the price actually paid by the investor.
Conversion parity is the effective price paid by an investor for the opportunity to convert a bond into equity.
This price is important to investors as there is little value in trying to convert a security into equity until the stock reaches this price.
Companies that issue convertible securities monitor this price closely. This is because there may be conversion requests from investors holding such securities. The conversion price is calculated by dividing the present value of the convertible security by the conversion ratio, which is the number of shares to which the convertible security can be converted.
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1. You need to determine what is necessary for securing funds from an investor so:
a. A demonstration of product/market fit (True or False)
b. Financial data about profits, expenses, and financial projections (True or
False)
c. A good explanation of your team's knowledge, skills, and abilities. (True
or False)
d. A plan detailing how you will use the funds to grow or improve your
business (True or False)
The focus of this guide will include the following five topics. • Business Legal Structure. • Business Physical Operations. • Business Regulations
What is the purpose of business regulations?The U.S. government has set many business regulations in place to protect employees' rights, protect the environment and hold corporations accountable for the amount of power they have in a very business-driven society.
What are the four regulations?These core regulatory components—regulator, target, command, and consequences—affect the incentives and flexibility that a regulation provides. Regulated businesses will have maximal flexibility when the regulator is the industry itself.
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in which of economic sectors are raw materials turned into finished products? question 1 options: primary tertiary secondary quaternary
Option b: Secondary sector. economic sectors are raw materials turned into finished products in secondary sector.
In macroeconomics, the secondary economic sector is the economic sector in the three-sector theory that explains the role of manufacturing.
This includes industries that produce finished, usable products or that involve construction.
This sector generally receives the output of the primary sector (i.e. raw materials) and manufactures finished products suitable for sale and export (via distribution through the tertiary sector) to domestic businesses or consumers.
Many of these industries consume large amounts of energy, require factories, and use machinery. Because of these quantities, they are often categorized as light or heavy.
They also produce waste and waste heat that cause environmental problems and pollution (see negative externalities). Examples include textile production, automobile manufacturing, and handicrafts.
Manufacturing is an important activity that drives economic growth and development.
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classify each of the following as prevention (p), appraisal or inspection (ai), internal failure (if), or external failure (ef) costs.
Preventative costs. Due to equipment failure, production was lost. Expense of internal failure. arriving raw materials were inspected. Assessment price. warranties repairs.
What does preventive cost mean?A portion of the cost of quality is the cost of prevention, which is expended to avoid product faults. Training employees and certifying suppliers typically comes at a cost for prevention. Generally speaking, preventing defects is what leads to the biggest increases in product quality. Any expenses made with the goal of reducing the amount of defects in goods and services are referred to as preventive costs. To make sure that the people operating its production gear are aware of the proper methods for producing parts, a corporation can, for instance, invest in training programmes.
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the market demand function for simple calculators is as follows: where p is the price of a calculator, i is income and f is the price of a battery. if p
From the demand equation we can see that, dQd/dI = 0.40 Therefore, the income elasticity of demand = 0.20.
Income elasticity of demand measures the change in the quantity demanded due to the change in the income.
Income elasticity of demand = dQd/dI (I/Qd)
Given that, Qd = 164 - 3P + .40I - 2F
When P = 1, F = 0.50, I = 100,
Qd = 164 - (3×1) + (0.40 × 100) - (2×0.50)
= 200
From the demand equation we can see that, dQd/dI
= 0.40
Therefore, the income elasticity of demand = 0.40 (100/200)
= 0.20.
Income elasticity of demand = dQd/dI (I/Qd)
Given that, Qd = 164 - 3P + .40I - 2F
When P = 1, F = 0.50, I = 100, Qd = 200
From the demand equation we can see that, dQd/dI = 0.40
Therefore, the income elasticity of demand = 0.20.
What does income elasticity imply?The quantity demanded of a particular product is affected by a variety of other factors, including income, in addition to its own price (see elasticity of demand) and the price of other related products (see cross price elasticity of demand).
How significant is the income elasticity of demand?Firm market strategies are aided by income elasticity of demand; For instance, producers of luxury goods will target individuals with higher incomes because as income rises, people demand more luxury goods.
Incomplete question :
The market demand function for simple calculators is as follows: QD=164−3P+.40I−2F
where P is the price of a calculator, I is income and F is the price of a battery.
If P=$1, F=$0.50 and I=$100 then the income elasticity of demand using the point formula at I=$100 is
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suppose that an innovation reduces a firm's fixed costs and reduces cost from atc to atc . after the innovation reduced the cost, the firm's short-run maximum economic profit is:
After innovation reduced the cost, firm's short-run maximum economic profit is nil.
What is economic profit?The difference between sales income and the direct expenses of producing a company's goods and services, as well as any opportunity costs, is known as an economic profit. Opportunity costs are kind of implicit cost that management determines and that vary depending on various events and viewpoints. Contrarily, economic profit is not obliged to be disclosed to regulators, investors, or financial institutions, nor is it reflected on a company's financial records. In a "what if" study, economic profit can be used. When deciding between options for production levels or other business considerations, businesses and individuals may decide to take economic profit into account. Foregone profit factors can be simulated using economic profit.
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Which of the following options might a business have to consider when entering the international marketplace?
a) When to create an ethical code of content
b) Need for a social responsibility program in the new location
c) Licensing requirements for building in a foreign city
d) Issues with business continuity with current brands
c) Licensing requirements for building in a foreign city, a company must take into account Building permit requirements in a international marketplace.
Any market outside of a company's home nation, which serves as its domestic market, is considered an international market. Mexico and the United States are only two of the numerous overseas markets available to Canadian firms. Marketing goods or services to consumers outside of your brand's home market is known as international marketing. Consider it to be a form of international trade. Brands may build a worldwide audience, raise their profile, and, of course, expand their company by entering international markets. We may recognise the straightforward characteristics of global marketing as follows: Cross-border marketing operations are conducted. It is intended to promote communication between the company and its international clients.
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which one of the following represents what a firm owns at a given point in time? multiple choice question. O its current liabilities O its stockholders' equity O its long-term debt O its assets
The correct option is its stockholder's equity. A balance sheet shows what a company owns in terms of means and what it owes in arrears. A balance sheet is a financial statement that reports a company's means.
Balance sheets are the base for calculating rates of return for investors and assessing a company's capital structure. Equity generally refers to the power of a public company or an asset. An existent might enjoy a house's equity but not the property outright.
Shareholders' equity is the net quantum of a company's total means and arrears as listed on the company's balance distance. An asset represents a profitable resource that is controlled by, for illustration, a company.
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Which of the following statements that might be made by a business executive best expresses the overall philosophy of Total Quality Management?A. "We've achieved Six Sigma. That's good enough."B. "There's always room for improvement."C. "The workers need to work harder to prevent quality problems."D. "We never sell defective products to customers."
The following statements that might be made by a business executive best expresses the overall philosophy of Total Quality Management "B. "There's always room for improvement.
Total Quality Management (TQM) is simply a management strategy for long-term success that focuses on increasing customer satisfaction, enhancing the customer experience, identifying and eliminating manufacturing errors, streamlining the management of the supply chain, educating employees, etc. with the intention of holding all parties involved in the production process accountable for the overall quality of the product or service. As a result, it is a management philosophy for a set of business practises that emphasises continuous improvement in all operational stages, 100% accuracy in job execution, employee involvement and empowerment at all levels, team-based work design, benchmarking, and complete customer satisfaction.
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____is one in which the extra merchandise is offered at a savings over retail price but at a level that covers the cost of the item.
BOGO means "get one get one," and these arrangements permit clients to buy one item and get one more item free of charge or at a diminished cost. You can likewise utilize this kind of advancement to exchange stock.
Models incorporate challenges, coupons, gifts, misfortune pioneers, places to check out shows, expenses, prizes, item tests, and discounts. Deals advancements can be aimed at either the client, deals staff, or dissemination channel individuals (like retailers).
A discount is a type of purchasing markdown and is a sum paid via decrease, return, or discount that is paid reflectively. It is a sort of deals advancement that advertisers use fundamentally as motivating forces or enhancements to item deals.
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Licensee Gwen and her buyer client Marcus are writing up an offer on Clayton's property. Gwen will need to use an additional provision in the offer. Which of the following reasons for using an additional provision apply?
Marcus is asking for the transfer of all mechanical system and appliance warranties. It can be the reason behind applying a additional provision.
An agreement between a buyer and seller regarding a particular plot of land is known as a land contract. Land parcels are advertised and sold by developers in a manner akin to that of a real estate asset. Land contracts may cover both the land itself and any real estate located there. In a lot of land arrangements, the seller finances the acquisition. Some borrowers who are purchasing land can also decide to use a bank loan to pay for their acquisition.
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Which of the following changes could explain the reason for the shift in output from Y1 to Y2?Increase in income tax ratesDecrease in input pricesIncrease in household spendingDecrease in price levelIncrease in private investment
The changes could explain the reason for the shift in output from Y1 to Y2 is Increase in income tax rates.
What is meant income tax rate?Individuals (or family units) and corporations are subject to income taxes. The basis for calculating individual income tax is the income received. Since the burden is presumably on the individuals who pay it, it is typically categorized as a direct tax. A sort of tax that governments levy on the income produced by people and enterprises under their control is called income tax. Public services, debt obligations, and the provision of products for citizens are all paid for using income tax. If customers opted for direct deposit and there are no additional concerns with their tax return, the IRS anticipates that the majority of these refunds will be accessible in taxpayer bank accounts or debit cards by February 28.To learn more about income tax rate refer to:
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If steak is a normal good, when incomes rise, the equilibrium price will _____, and the equilibrium quantity will _____? a. decrease, increaseb. decrease, decreasec. increase, increased. increase, decrease
If steak is normal good, when incomes rise, equilibrium price will decrease, and equilibrium quantity will increase.
What is an equilibrium?When factors like supply and demand are in balance and other economic variables do not change in the absence of external forces, the economy is said to be in equilibrium. Market equilibrium in this context refers to the circumstance when a market price is established through competition in a manner that ensures that the quantities of goods or services requested by buyers and the quantities of goods or services delivered by sellers are equal. In the absence of changes in supply or demand, this pricing, which is usually referred to as the competitive price or market clearing price, tends to stay constant. It is often referred to as the "competitive quantity" or the "market clearing quantity." The concept of equilibrium in economics, however, also holds true for markets with little rivalry.
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only completely satisfied customers count toward an employee esqi score, which is used to measure employee's potential for promotion. enterprise closes provider by using marketing research. group of answer choices gap 1 gap 2 gap 3 gap 4
Only completely satisfied customers count toward an employee ESQi score, which is used to measure employee's potential for promotion. Enterprise closes provider Gap 1 by using marketing research.
What is marketing research?Market research is a planned endeavor to learn more about target markets and customers, beginning with who they are. It is a key part of corporate strategy and a crucial element in keeping competitiveness. In order to better understand the needs of a market, market research involves collecting data systematically on the people, businesses, and other entities that make up that market. They compile information on the requirements, preferences, and demographics of consumers. They use a range of techniques to gather data and information, including focus groups, interviews, literature reviews, market analysis surveys, public opinion polls, and questionnaires.The employee ESQi score, which gauges an employee's potential for promotion, only considers customers who are 100 percent satisfied. Enterprise uses marketing research to close the provider Gap 1.To learn more about marketing research refer to:
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4) Mr. Arian opened Arian's Carpet Cleaners on March 1, 2021 During March, the following transactions were completed Mar 1: Invested Br. 35,000 cash in a share of a business Mar. 1 Purchased used Truck (equipment) for Br. 6.000, paying, Br. 2,000 cash and the remaining balance on account Mar. 1 Purchased cleaning supplies for Br. 1.500 on account. Mar. St Paid i. 1.200 cash on one year insurance policy effective March Mar. 14. Billed customers Br. 4,800 for cleaning services. Mar. 18 Paid Br. 1.500 cash on amount owed on Truck and Br. 500 on amount owed on cleaning supplies. Mar 20: Paid Br. 7,000 cash for employee salaries, Mar. 21 Collected Br. 3,800 cash from customers billed on Mar. 28: Billed customers Dr. 2,500 for cleaning services, Mar 31: Paid advertising expenses of Br. 2000, Mar. 31: paid a dividend of Br. 3000, Requirements; 1) Journalize the March transactions. 2) Prepare necessary Ledger Accounts, 3) Prepare a Trial Balance at March 31 4) Journalize the following adjustments and prepare an adjusted Trial Balance: 1. 11. Earned but unbilled revenue at March 31 was Br. 1000. Depreciation on equipment for the month was Br. 200. One-twelfth of the insurance expired, An inventory count shows Br. 400 of cleaning supplies on hand Accrued but unpaid employee salaries were Br. 700. iv, V. 5) Prepare the worksheet 6) Prepare an income statement, a statement of owner's equity, and a statement of financial position. 7) Maintain the necessary closing entry.
Answer:
Answer
The required journal entries are as below-
Mar. 1
Cash 35,000
Capital 35,000.
` Truck 6,000
Cash 2,000
Account payable 4,000.
Mar. 3
Cleaning supplies 1,500
Accounts payable 1,500
Mar. 5
Prepaid Insurance 1200
Cash 1,200
Mar. 14
Accounts receivable 4,800
Service revenue 4,800
Mar. 18
Account payable 2,000
Cash 2,000
Mar. 20
Salary Expense 7,000
Cash 7,000
Mar. 21
Cash 3,800
Accounts receivable 3,800
Mar. 28
Accounts receivable 2,500
Service revenue 2,500
Mar. 31
Advertising expense 2,000
Cash 2,000
Mar. 31
Dividends 3,000
Cash 3,000
Explanation:
The income statement is prepared once the adjusted trial balance.
Maintain the necessary closing entry?
The required journal entries are as below-
Mar. 1
Cash 35,000
Capital 35,000.
` Truck 6,000
Cash 2,000
Account payable 4,000.
Mar. 3
Cleaning supplies 1,500
Accounts payable 1,500
Mar. 5
Prepaid Insurance 1200
Cash 1,200
Mar. 14
Accounts receivable 4,800
Service revenue 4,800
Mar. 18
Account payable 2,000
Cash 2,000
Mar. 20
Salary Expense 7,000
Cash 7,000
Mar. 21
Cash 3,800
Accounts receivable 3,800
Mar. 28
Accounts receivable 2,500
Service revenue 2,500
Mar. 31
Advertising expense 2,000
Cash 2,000
Mar. 31
Dividends 3,000
Cash 3,000
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