Answers
The deductible amount is $10,000 since Sunita owns one-third of the company Bikes-R-Us, a S business that suffered a $45,000 loss this year (year 1).
What is a Corporation?The corporation, not really the shareholders, is in charge of the business affairs and monetary stability of the company. Operations and financial stability of the business are at the control of the corporation, not really the shareholders. A group of people or a company which has been given by the state the legal status of a single entity and is used for particular legal purposes is known as a corporation. Early corporations were created with a charter. Currently, the majority of nations allow the creation of new corporations.
What are the kinds of corporation and what was it is purpose?Corporations fall into one of four broad categories: nonprofit, municipal, professional, or business. Publicly traded and closely held firms are the two categories that make up business corporations.
Nowadays, the typical argument is that a business exists to benefit its owners. This is known as that of the "shareholder primacy norm" in academia, and many refer to business managers' objectives as shareholder wealth maximization. Even purportedly charitable business actions, such as gifts, are acceptable.
Briefing:Jessica allocated a loss of $15,000 ($45,000 divided by 1/3). Because her stock basis is only $10,000, she can only deduct that amount from her allocation.
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The complete question is:sunita is a one-third owner in Bikes-R-Us, an S corporation that experienced a $45,000 loss this year (year 1).
If her stock basis is $10,000 at the beginning of the year, how much of this loss clears the hurdle for deductibility (assume the at-risk limitation equals the tax-basis limitation)?
Related Questions
7. The Moroccan monetary authority is using a heavily-managed float to keep the dirham at U.S. $0.12 per dirham. Under current foreign exchange market conditions, nonofficial supply and demand would clear at U.S. $0.15 per dirham.
a. Using official intervention, what does the official Moroccan monetary authority have to do to keep the exchange rate at U.S. $0.12 per dirham?
b. If the monetary authority believes that this is a temporary disequilibrium, what does the authority expect to happen soon?
c. If private investors and speculators believe that this is a fundamental disequilibrium, what actions are they likely to take?
Answers
Based on the information given, the thing that should be done to keep the exchange rate at $0.12 per dirham is to sell foreign currencies to get more dirham.
It should be noted that since the non-official supply and demand of dirham is pegged at $0.15/ Dirham and the actual rate is $0.12/dirham, it implies that the Dirham is devaluated.
The authority will believe that due to devaluation, net export will rise and this will increase the income of the country.
Lastly, the private investors and speculators will not invest because the currency has lost its value compared to the dollars.
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Which of the following is a policy controlled by the federal reserve in the US or the central bank in any other country
Answers
Answer:
determining the discount rate
Explanation:
when you do this it helps to read the textbook and the answers are right there and it tells you . 120-345 would help
Which three statements help define a Market/Fit Hypothesis? (Choose three)
Answers
There are the three statements was the based on the defines a market/fit hypothesis are:
Who is the target audience?
Products are the fit to the market.
Product is the satisfy the needs and the wants.
What is Hypothesis?
A hypothesis is the investigation of two independent variables. Furthermore, it is evaluated and tested in an analytical phenomenon. A research hypothesis is a proclamation of expectation or prediction that will be tested through research.
According to the hypothesis, there are the three statement was the based on the market/fit. The product and solution fit to the market problems. Product are the fit to the target audience. Product is the satisfy the needs and the wants.
As a result, the three statements was the based on the defines a market/fit hypothesis.
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100 POINTS AND BRAINLYEST TO WHOEVER ANSWERS IT
Task 1: Economic Concepts
Perform online or offline research to learn more about basic economic concepts and write short reports on each of the following topics:
• three basic questions answered by the economy
• key differences between needs and wants
• importance of the factors of production
Task 2: State of the World Economy
Perform online research and write a short essay on the state of the world’s economy. Be sure to include the following points in your essay:
• comparison of the US economic system with other economic systems
• the ways in which Asian economies have changed the global trade scenario in the last ten years
Answers
Answer:
Explanation:
I put the screenshots for what I put for these answers, because it wouldn't let me upload the whole thing but if there's anything I can fix lmk
Also sorry for the late answer :(
Four key economic concepts—scarcity, supply, and demand, costs and benefits, and incentives—can help explain many decisions that humans make.
What is the meaning of Supply and demand?Supply and demand is indeed an economic theory that describes how prices are set in a market in microeconomics. In a market where prices are competitive, it is hypothesized that the unit price for a certain good will remain constant.
In economics, the relationship between the quantity of a good or service that producers want to sell at different prices and the quantity that consumers want to buy is known as supply and demand. It serves as the primary model for determining prices in economic theory.
The link between the price of a given thing or product and the desire of consumers to either buy or sell it is defined by the law of supply and demand. In general, as a good's price rises, more people are prepared to offer it than want it.
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Read the articles, the interview, and listen to the podcast then answer the following questions-
1. What is the main takeaway for you in each of them?
2. How can you incorporate what you learned in each of them into your final social media marketing plan?
"How to Create a Social Media Content Strategy"
"How to Integrate Your Digital Marketing and Social Media Plan for Online Success"
"The Journey of a Social Media Marketer: Q&A with SMT Influencer Rachel Strella"
Answers
Main takeaway: Creating a great social media content strategy is imperative for marketing and engaging your audience.
2a. I'll focus on a content strategy that meets our goals and audience needs.
2b. We'll regularly analyze content metrics to keep our strategy effective and flexible.
2c. I'll align our digital marketing with social media for a consistent brand experience. By merging plans, we can enhance our online presence and boost success.
2d. I'll apply the influencer's experiences to our marketing plan. I'll explore social media marketing challenges and strategies to adapt for success.
What is the Social MediaIntegrating Digital Marketing and Social Media for Online Success: Learn how aligning strategies can enhance brand experience and boost results.
Define your goals for content creation to increase brand awareness, website traffic, lead generation, or customer engagement. Identify target audience: demographics, interests, preferences. Use this info to personalize your content. Choose social media platforms that fit your audience and goals.
Analyze competitors' social media presence for successful tactics, content types, and engagement strategies. Get industry insights on what works well.
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9. After taking a bath, Myra used her cotton towel in dying her hair and body. The towel
absorbed the water and make them dry easily. Which of the following statement is
true?
A. Cotton towel is not an example of porous material.
B. The softness of the towel made her hair and body dry.
C. Some materials such as towels cannot absorb liquid enough.
D. The towel is a porous material that has plenty of spaces inside that
absorbs liquid.
Answers
Answer:
D. The towel is a porous material that has plenty of spaces inside that absorbs liquid.
Explanation:
I think that's it
Aperol Industries started their business on January 1st. On the first day of operations, they purchased three machines. These machines all had varying costs, useful lives, and residual values. They are forecasting their fixed asset book values and depreciation expense. They have provided the dashboard below. The first line chart demonstrates the book value of each asset as of the end of each year, while the second line chart demonstrates the total depreciation expense expected to be recorded in the income statement each year. Aperol Industries employs straight-line depreciation on all of their assets.
Answers
Depreciation expense of Machine A =$ 80,000, Depreciation expense of Machine B = $50,000, Depreciation expense of Machine C = $30,00, Total depreciation for first year = $160,000, Total depreciation for Second year = $160,000, Total depreciation for Third year = $80,000, Total depreciation for fourth year = $50,000.
What is the solution of the question?The values provided in the question are as follows :
Machine A = $170,000
Machine B = $250,000
Machine C = $ 90,000
According to the first line chart,
The useful life of these three machine are as follows:
Machine A = 4 years
Machine B = 2 years.
Machine C = 3 years.
Residual value :
Machine A = 450,000
Machine B = $10,000
Machine C = $ 0
Calculation of depreciation expenses as follows:
The formula to calculate annual deprecation is as follows:
Annual depreciation ( Macine A)=( Cost of machine − Residual value ) / Expexcted useful life.=$170,000−$10,0002=$80,000
Annual depreciation (Machine B ) =( Cost of machine − Residual value ) / Expected useful life.=$250,000−$50,0004=$50,000
Annual depreciation (Machine C)=(Cost of machine − Residual value )/ Expected useful life.=$90,000−$03=$30,000
Dr Depreciation Expense - $50,000
Cr Accumulated Depreciation - $50,000
(To record depreciation expense of Machine B )
Thus, the depreciation of all the years is written above.
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Ethics in PR therefore remains an important issue to consider. Discuss any five of the six values in codes of ethics proposed by Taylor and Yang (2014:549).
Answers
Taylor and Yang has given six values in codes of ethics for public relations practitioners. Five of them are- Honesty, Fairness, Responsibility, Respect and Transparency.
Here five of them are discussed-
Honesty: PR professionals are anticipated, to be honest and direct in their communication with the open. Trustworthiness is vital to building belief with partners and keeping up the validity of both the organization and the specialist. Fairness: This esteem involves treating all partners with fair-mindedness, not appearing favouritism or separation towards any gather or person. Specialists ought to endeavour to be evenhanded in their communication and decision-making forms. Responsibility: PR specialists have a obligation to act within the best intrigued of their organization and its partners. They ought to take duty for the results of their activities and guarantee that they are in compliance with important laws and moral benchmarks. Respect: Respect is almost recognizing the nobility and worth of all partners, notwithstanding their foundations or convictions. Professionals ought to communicate in a way that's conscious, chivalrous, and touchy to social contrasts. Transparency: This esteem alludes to the openness and revelation of information by PR specialists. Straightforwardness is imperative for building belief and validity with partners, and it makes a difference to anticipate mistaken assumptions and miscommunication.To learn more about Ethics,
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Taylor and Yang proposed six core values in their codes of ethics for public relations practitioners
The codes of ethics can be noted as -
Honesty: PR professionals should communicate in a genuine, accurate manner without misleading or deceiving the public.Loyalty: PR professionals should be honest and open in their communication, as well as loyal to the businesses, causes, or organisations they represent.Integrity: PR professionals ought to uphold high moral standards, operate honourably, and steer clear of conflicts of interest.Respect: PR professionals should show respect for the diversity of viewpoints and refrain from prejudice towards any group.Accountability: PR professionals should be accountable to the public, their clients, and stakeholders for their activities and even communications.Fairness: PR professionals should make sure that communication is accurate and balanced, and should abstain from sensationalising, exaggerating, or twisting the truth.Read more about codes of ethics on:
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Principles of Investment
Assignment Active
Monetary Policy and Investments
Juan is always researching different investment options.
A few weeks ago he noticed some nice homes for sale in
his neighborhood. The listed prices were below market
value. Today on the news he heard that the Federal
Reserve lowered interest rates for banks and that banks
have lowered interest rates for home mortgages in turn.
As a result, there has been a huge boom in the number of
people purchasing homes.
What is most likely to happen as a result of the
change in interest rates?
O Housing prices will go up and down due to
changing fiscal policy.
O The market will experience more demand and the
price of houses will go up.
O The price of houses will go down in response to the
decreased demand.
O The prices for homes in that area will be stable due
to the new monetary policy.
4
Answers
As a result of the decrease in interest rates, Option B. The market will experience more demand, and the price of houses will go up.
The demand for houses will go up and housing prices will increase, causing individuals who were on the fence about buying a house to act swiftly before prices rise too much. As a result, housing sales are expected to surge. Lower interest rates, on the other hand, are often linked to increased borrowing and spending in the economy. Because borrowing money is now less expensive, more people are more willing to do so and the money supply in circulation rises.
The decrease in interest rates could cause more individuals to be more willing to purchase a home due to lower interest rates and more affordable mortgage payments. Lowering interest rates for banks and home mortgages, as well as lowering the cost of borrowing, encourages more people to buy houses, resulting in a greater demand for homes and, in turn, driving up the prices of homes.
As a result, option B is correct: the market will experience more demand, and the price of houses will go up. Therefore, the correct option is B.
The question was incomplete, Find the full content below:
Juan is always researching different investment options. A few weeks ago he noticed some nice homes for sale in his neighborhood. The listed prices were below market value. Today on the news he heard that the Federal Reserve lowered interest rates for banks and that banks have lowered interest rates for home mortgages in turn. As a result, there has been a huge boom in the number of people purchasing homes. What is most likely to happen as a result of the change in interest rates?
A. Housing prices will go up and down due to changing fiscal policy.
B. The market will experience more demand and the price of houses will go up.
C. The price of houses will go down in response to the decreased demand.
D. The prices for homes in that area will be stable due to the new monetary policy.
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Deep discount bonds reflect questionable quality. True False
Answers
Answer:
I think "False" but I'm not sure.
Explanation:
I'm sorry if it's wrong.
ASAP PLEASE SOMEONE
An honor system under which you pay your taxes is called_____
A.compliance
B.voluntary
C.mandatory
D.individual
E.corporate
Answers
Answer:
c. compliance
Explanation:
The answer cannot be another but compliance...
Hope it helps
Are the following statements true or false?
(a) Perfect competition has an identical good.
(b) A monopolistically competitive firm makes zero economic profit in the long run.
(c) The defining feature of oligopoly is a large number of firms.
(d) A natural monopoly arises because of the existence of economies of scale.
Answers
(a) The given statement, "Perfect competition has an identical good" is true.
(b) The given statement, "A monopolistically competitive firm makes zero economic profit in the long run" is false.
(c) The given statement, "The defining feature of oligopoly is a large number of firms" is false.
(d) The given statement, "The defining feature of oligopoly is a large number of firms" is true.
(a) In perfect competition, all firms produce identical goods, which means that consumers cannot differentiate between them based on the product. Therefore, firms have to compete based on price and quality of their product.
(b) In monopolistic competition, firms can earn economic profit in the short run but may not be able to sustain it in the long run. This is because other firms can enter the market and offer similar products, which reduces the demand for the original firm's product and lowers its price, eventually resulting in zero economic profit.
(c) The defining feature of oligopoly is a small number of large firms that dominate the market. These firms have significant market power and can influence the market's price and quantity. Oligopolies can lead to collusion between firms, creating barriers to entry and limiting competition.
(d) A natural monopoly arises when a single firm can produce the entire output of the market at a lower cost than any combination of two or more smaller firms. This is due to economies of scale, where the average cost of producing a good decreases as the quantity produced increases.
Therefore, it is more efficient to have one firm producing the entire output rather than multiple smaller firms. However, natural monopolies can lead to market failure, and regulation may be necessary to prevent abuse of market power.
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Suppose for the year 2015, Speedy Chef, a fast food restaurant, had a Gross Profit of $1,281,648. Speedy Chef had the following expenses:
Cost of Goods Sold $1,251,167
Selling Expense $70,578
Rent Expense $156,941
Utilities Expense $73,994
Insurance Expense $35,148
Wages $505,245
General & Administrative $24,358
Miscellaneous $32,968
Interest Expense $4,059
Income Tax Expense $60,596
What would Speedy Chef's Income Before Taxes be for 2015?
Answers
The Speedy Chef's Income Before Taxes for 2015 is -$873,406.
The following are the operating expenses for Speedy Chef for the year 2015:Cost of Goods Sold $1,251,167Selling Expense $70,578Rent Expense $156,941 Utilities Expense $73,994Insurance Expense $35,148Wages $505,245General & Administrative $24,358Miscellaneous $32,968Interest Expense $4,059Income Tax Expense $60,596.
The formula to determine the Income Before Taxes (IBT) of Speedy Chef for 2015 is given below:Income Before Taxes (IBT) = Gross Profit - Total Operating ExpensesTotal Operating Expenses = Cost of Goods Sold + Selling Expense + Rent Expense + Utilities Expense + Insurance Expense + Wages + General & Administrative + Miscellaneous + Interest Expense + Income Tax Expense.Substitute the given values,Income Before Taxes (IBT) = Gross Profit - Total Operating Expenses = $1,281,648 - $2,155,054 = -$873,406.
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The Equal Employment Opportunity Act of 1972 authorized the ______ to issue guidelines for acceptable employer conduct in administering equal opportunity employment.
Answers
The Equal Employment Opportunity Act of 1972 authorized the EEOC to issue guidelines for acceptable employer conduct in administering equal opportunity employment.
In order to administer and enforce civil rights legislation against employment discrimination, the Civil Rights Act of 1964 created the U.S. Equal Employment Opportunity Commission (EEOC), a federal organization.
The EEOC looks into complaints of discrimination based on a person's race, color, national origin, religion, sex (including sexual orientation, pregnancy, and gender identity), age, disability, genetic information, and retaliation for taking part in a complaint investigation or objecting to a discriminatory practice.
Prior to conducting an inquiry, the commission also mediates and resolves tens of thousands of discrimination claims each year.
Additionally, the EEOC has the authority to decide on discrimination complaints made against federal agencies and to bring civil discrimination lawsuits against employers on behalf of claimed victims. Charlotte Burrows has served as the EEOC's chair since 2021.
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How do you feel when you buy a product that is overpriced?
Answers
Hope this helps :)
_____ is the character and personality of your organization.
[A] Social media
[B] Culture
[C] Career
[D] Atmosphere
Answers
Answer:
B - Culture
Explanation:
An organization's culture defines the proper way to behave within the organization. This culture consists of shared beliefs and values established by leaders and then communicated and reinforced through various methods, ultimately shaping employee perceptions, behaviors and understanding.
9. What pointer appears when pointing to a hyperlink?
A. I-beam
B. Hand
C. Crosshair
D. Double arrow
Please help ASAP
Answers
Answer:
B. Hand
Explanation:
Hand pointer is a specific cursor, the one that looks like a hand, and with the index finger extended, like as it points to something.
The pointer shows the user the exact location of the cursor and helps him input the information.
The name pointer is given as it points the information to the user.
Units consumed Total utility Marginal utility
0 0 1 W 20
2 35 X
3 Y 10
4 40 Z
The value for Y is:
A) 25.
B) 30.
C) 40.
D) 45.
Answers
Using the marginal utility, we know that the value of Y in the given situation is (D) 45.
What is Marginal Utility?Utility in economics refers to the pleasure or advantage obtained from using a thing.
A good or service's marginal utility quantifies how much pleasure or satisfaction consumers experience as a result of increasing or decreasing their usage by one unit.
Three different kinds of marginal utility exist.
They have a marginal utility that is positive, negative, or zero.
For instance, if you enjoy eating pizza, having a second slice makes you feel better than having just one.
It implies that you will have a positive marginal benefit from eating pizza.
So, for the value of Y:
Y = 20 + 15 + 10 = 45 units
Therefore, using the marginal utility, we know that the value of Y in the given situation is (D) 45.
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Consider the following data. 42 45 32 27 38 12 32 The difference between the median and the mode is A. 2 B. 3 C. 1 D. 0
Answers
The difference between the median and the mode is 0. Option D
To find the median, we need to first arrange the data in ascending order: 12, 27, 32, 32, 38, 42, 45. The median is the middle value, which in this case is 32.
To find the mode, we need to identify the value that appears most frequently in the data set. Here, 32 appears twice, which is more than any other value. Therefore, the mode is 32.
The difference between the median and the mode is simply the absolute value of their difference: |32-32| = 0. Therefore, the answer is D) 0.
In summary, to find the difference between the median and the mode, we need to first find the median by arranging the data in ascending order and identifying the middle value. Then, we need to identify the mode, which is the value that appears most frequently in the data set. Finally, we calculate the absolute value of their difference to find the answer. In this case, the difference is 0. Option D.
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2. Joe, a bartender, is typically “over” in his cash drawer by two or three dollars each shift. In the past, you have always thought that it is “better to be over than to be short” and have not worried about it. However, after reviewing chapter 12, you recognize that there might be a problem.
Why could this be a problem? What would you do?
Answers
Answer:
It will add up.
Explanation:
Money adds up very fast.
What studies how cultures vary in valuing and using space?
Answers
The study of proxemics examines how humans unintentionally organize the space around them. The structure changes depending on the culture.
What is proxemics?Proxemics is the study of how people use space and how population density affects how they behave, communicate, and interact with others. Proxemics is one of many nonverbal communication subfields, along with haptics, kinesics, vocalics, & chronemics.
Each cultural structure is different. When interacting with strangers or passing acquaintances, North Americans, for instance, maintain a protective "body bubble" of space around them that is around 2 feet in diameter.
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Create a list of five action verbs you might use on a job application to describe skills and/or work history. Here are some examples: (organized, produced, selected, coordinated, contributed). Find five other than the examples.
Answers
Answer:
Examples:
• accomplished
• designed
• initiated
• supervised
• addressed
• corresponded
• persuaded
• publicized
• reconciled
• executed
• monitored
• operated
• consolidated
• appointed
• delegated
• established
Explanation:
Action verbs: One type of power word is an action verb. This kind of verb shows your ability to succeed. These words demonstrate the skills you have used in previous jobs to achieve success. I added in some more because I'm extra.
Hope this helps. :)
Action verb describes motion, which includes running, jumping, kicking, beating, breaking, crying, smiling, or thinking.
What are Action verbs?Action verbs are additionally referred to as bendy actions, explicit motions whether not bodily or mental. The verb describes what the sentence maker is doing.
So are a few examples of the action verbs are:
planning (you can plan accordingly - for example, your daily life and your plan)Include (such as tasks or other items that can help complete a task on time)Analyze (this will be great, so review the details, analyze the issue to manage it, but also follow the rules)You're ready (good and ready for the start of your shift, or maybe you have the stuff for the next shift that will start after you)Design (this can be followed by several tasks, you have the skills to design / present ideas to the table such as website ideas, sales items to attract sales, pick lines to sell items)
Thus, action verbs are good to include in your resume as well, this makes your skills stand out.
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2. What are the ways of forecasting cost of sales?
a. cost of materials
b. cost of labor
c. cost of overhead
d. all of the choices
Answers
Answer:
d. all of the choices
Explanation:
Cost of Goods sold = Cost of material purchased + Conversion cost
And
Conversion cost hereby includes Direct labor cost and other production overheads directly attributable to the Goods sold.
So, The correct option is - d. all of the choices
If you are offered $400,000 in 13 years and you can earn 16 percent on your money, what is the present value of $400,000?
Answers
Answer: The present value of $400,000 after 13 years is $1,232,000.
Explanation:
Principle, P = $400,000
Time, T (in years) = 13
Rate of Interest, R = 16% = 0.16
Thus, Interest (I) = P*R*T = $832,000
Therefore, Present Value of Principle, or Amount (A) = P + I
= $400,000 + $832,000
= $1,232,000
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Silver Star, a construction company, uses a distinctive seven-pointed star that is part of its brand. This star is an example of a
Answers
A construction company called Silver Star employs a striking seven-pointed star as part of its branding. An illustration of an abstract logo is this star.
What is an abstract logo?Marketing experts claim that businesses employ brand names to help potential buyers remember their names. However, a marketing logos campaign that helps clients recall the companies' names is successful.
A geometrically complex shape that conceptually represents your company instead of an identifiable symbol or image is known as an abstract logo. More crucially, abstract logos can add more meaning to an image, turning yours into a distinctive, lively brand.
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Libby bought 250 stocks of a company named Xylet last year. Xylet’s total earning for the year is $ 4million and it has 1,000,000 outstanding stocks. What is Xylet’s Earning per share (EPS)?
A.
4
B.
0.04
C.
40
D.
400
Answers
Answer:
4
Explanation:
At what percentage of credit card usage, does it start affecting your score in a negative way?
Answers
Answer:
3%
Explanation:
ratio of 80 or 90 percent or more highly negative impact on your credit score.
Post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances t after each transaction is posted. If an amount box does not require an entry, leave it blank. General Ledger Account: Cash Account No. 11 Balance Date Item Post. Ref. Debit Credit Debit Credit 20Y4, 20Υ4, Oct. 1 х Oct. 4 х Oct. 10 X X Oct. 14 х х х Oct. 15 х х X Oct. 15 X X х х Oct. 21 X X X Oct. 27 х х Oct. 27 X х Oct. 29 х X X Oct. 30 Make up Chp 2 Hmwk Calculator Print Item Oct. 31 Accounts Account: Account No. 12 Receivable Balance Date Item Post. Ref. Debit Credit Debit Credit 20Υ4, Oct. 24 X X Oct. 29 X X X Account: Supplies Account No. 13 Balance Date Item Post. Ref. Debit Credit Debit Credit 20Υ4, Oct. 14 X X Account: Prepaid Insurance Account No. 14 Ratancn Make up Chp 2 Hmwk Calculator Print Item Account: Prepaid Insurance Account No. 14 Balance Date Item Post. Ref. Debit Credit Debit Credit 20Y4, Oct. 15 X х Account: Equipment Account No. 16 Balance Date Item Post. Ref. Debit Credit Debit Credit | 20Y4, Oct. 13 х х X Account: Truck Account No. 18 Balance Date Item Post. Ref. Debit Credit Debit Credit 2014, Oct. 10 х X Balance Date Item Post. Ref. Debit Credit Debit Credit 20Y4, Oct. 10 X X Account: AcCounts Payable Account No. 22 Balance Date Item Post. Ref. Debit Credit Debit Credit 20Y4, Oct. 13 X X X Oct. 21 X X X Oct. 26 X Account: Common Stock Account No. 31 Balance Debit Post. Ref. Credit Date Item Debit Credit 20Y4, Oct. 1 X Account No. 33 Balance Date Item Post. Ref. Debit Credit Debit Credit 20Υ4, Oct. 31 X Account: Fees Earned Account No. 41 Balance Date Item Post. Ref. Debit Credit Debit Credit 20Υ4, Oct. 15 X Oct. 24 X X Account: Wages Expense Account No. 51 Balance Credit Debit Credit Post. Ref. Debit Item Date 20Y4 X X Oct. 30 Account: Rent Expense Account No. 53 Balance Date Item Post. Ref. Debit Credit Debit Credit 20Y4, Oct. 4 X Account: Utilities Expense Account No. 54 Balance Date Item Post. Ref. Debit Credit Debit Credit 20Y4, Oct. 27 X X х Account: Truck Expense Account No. 55 Balance Date Item Post. Ref. Debit Credit Debit Credit 20Y4, Oct. 26 х х X х X X X X X X X X Totals X 4. Determine the excess of revenues over expenses for October $1 X 5. Why the amount determined in above might not be the net income for October? 1. Because the dividends are declared but not paid 2. Because the cash balance is incorrect. 3. Because the closing inventory balance is missing 4. Because necessary adjustment to expenses, hke depreciation has not been made. X On October 1, 20Y4, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the businm Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $17,300. 4. Paid rent for period of October 4 to end of month, $1,680. 10. Purchased a used truck for $14,000, paying $1,000 cash and giving a note payable for the remainder. 13. Purchased equipment on account, $6,750. 14. Purchased supplies for cash, $1,160. 15. Paid annual premiums on property and casualty insurance, $2,600. 15. Received cash for job completed, $7,270. Enter the following transactions on Pape 2 of the two-column journal: 21. Paid creditor a portion of the amount owed for equipment purchased on October 13, $2,400 24. Recorded jobs completed on account and sent invoices to customers, $8,270. 26. Recelved an invoice for truck expenses, to be paid in November, $760. 27. Paid utlities expense, $870 27 Paid miscellaneous expenses, $310 29. Recelved cash from customers on account, $3,460 30. Paid wages of employees, $2.300. 31. Paid dividends, $1,920. General Journal Page Description Credit Date Post. Ref. Debit 20Y4, Cash Oct. 1 17,300 Common Stock 17,300 Oct. 4 Rent Expense 1,680 1,680 Rent Expense 13,000 Oct. 10 Notes Payable Cash 1,000 14,000 Truck Expense 6,750 Accounts Payable Oct. 13 Equipment 6,750 1,160 Cash Oct. 14 1,160 Supplies 2,600 Prepaid Insurance Oct. 15-Insurance 2,600 Cash 7,270 Fees Earned Oct. 15-Fees 7,270 Accounts Recelvable Chp 2 Hmwk Calculator ited. If an amount box does not require an entry, leave it bla Common Stock Cash 31 Dividends Accounts Receivable 33 Fees Earned Supplies 41 Prepaid Insurance 51 Wages Expense Equipment 53 Rent Expense Truck Utilities Expense 54 Notes Payable Truck Expense 55 Miscellaneous Expense Accounts Payable 59 General Journal Description Date Post. Re OY4, Cash ct. 1 Common Stock Oct. 4 Rent Expense Cath Oct. 10 Track
Answers
Below is provided a debit-credit analysis for each transaction. On October 1st, stockholders made a $30,000 investment in return for the company's common shares.
No impact (it is purchase of share already issued on stock exchange). Oct. 2: Hiring of an administrative assistant at a $42,000 yearly wage. No impact (As hiring is not a transaction). Oct. 3: Purchases $4,600 worth of office furniture using credit. Furniture Asset: $4,600 in Debit Oct. 6: Sells a home and lot for M.E. Petty; Petty must pay commissions of $10,800. (Not paid by Petty at this time). $10,800 in Debit Commission Receivable. Credit Commission Earnings of $10,000 Oct. 10: $140 in cash is given to you as commission for helping you rent an apartment. Debit Cash Asset $ 140. Earnings from Credit Rental Commissions: $140. Oct. 27 Pays $700 for the office furniture you bought on October 3 on credit. Payable on Debit Account: $ 700. Seven hundred dollars in credit cash.
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Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.
Date Transactions Units Unit Cost Total Cost
October 1 Beginning inventory 6 $ 790 $ 4,740
October 4 Sale 4
October 10 Purchase 5 800 4,000
October 13 Sale 3
October 20 Purchase 4 810 3,240
October 28 Sale 7
October 30 Purchase 8 820 6,560
$ 18,540
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31
Answers
The cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.
The LIFO method (last-in, first-out) of inventory valuation requires that the most recent purchases of inventory be used first in the cost of products sold and ending inventory calculations. The ending inventory and cost of products sold at the end of October will be calculated using the LIFO method, based on the data given in the table.Based on the data given, the total units sold is 14, and the total units purchased is 17. Here's how to calculate the ending inventory and cost of products sold using the LIFO method:Step 1: The last purchase of 8 units at a cost of $820 each on October 30 is deducted from the inventory count, leaving 9 units.Step 2: The previous purchase of 4 units at a cost of $810 each on October 20 is deducted from the inventory count, leaving 5 units.Step 3: The next purchase of 5 units at a cost of $800 each on October 10 is deducted from the inventory count, leaving 0 units.Step 4: Based on the LIFO method, the cost of the ending inventory is the sum of the cost of the oldest units remaining in stock, which is 4 units at a cost of $790 each on October 1, totaling $3,160.Step 5: Based on the LIFO method, the cost of goods sold (COGS) is calculated by adding the total cost of units sold, which is 14 units at a cost of $820 each on October 30, 4 units at a cost of $810 each on October 20, and 5 units at a cost of $800 each on October 10, totaling $17,260.Therefore, the cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.For more questions on cost of goods sold (COGS)
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How do I dropship and make millions?
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Dropshipping suppliers charge the wholesale price for each item to the seller. Sellers then add this to markup, so they can make a profit from each sale.
How is this possible to make money from dropshipping?Dropshipping is a profitable business for the merchants, it shows that you are not responsible for the shipping and manufacturing.
In this business model, low risk and low cost can make more profit margin with the supplier. This is a legal model but creates some misconceptions, this model depends on the supplier and retailer.
Therefore, dropshipping is a profitable business for merchants.
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