Delivered five rebuilt pianos to customers who paid $14,500 in cash. record the transaction.

Answers

Answer 1

Answer:

Recording the sales transaction:

It is given that the company delivered five rebuilt pianos to customers who paid $14,500 in cash. It means the company had made cash sales to the customer. To record the cash sales, Cash account is debited and Sales Revenue account is credited. Hence, the journal entry for the sales shall be as follows:

Cash Debit $14,500

Sales Revenue Credit $14,500

(Being goods sold for cash)

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Boilermaker House Painting Company1. Sep 3 Paint houses in the current month for $20,000 on account.2. Sep 8 Purchase painting equipment for $21,000 cash.3. Sep 12 Purchase office supplies on account for $3,500.4. Sep 15 Pay employee salaries of $4,200 for the current month.5. Sept 19 Purchase advertising to appear in the current month for $1,000 cash.6. Sep 22 Pay office rent of $5,400 for the current month.7. Sep 26 Receive $15,000 from customers in (1) above.8. Sep 30 Receive cash of $6,000 in advance from a customer who plans to have his house painted in the following month.a) Record each transaction. The company uses the following accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Deferred Revenue, Common Stock, Retained Earnings, Service Revenue, Salaries Expense, Advertising Expense, Rent Expense.
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The price of a stock is $64. A trader buys 1 put option contract on the stock with a strike price of $60 when the option price is $10. The trader makes a profit when the stock price is below _______________

Answers

Answer:

stock price is below $50

Explanation:

given data

price of a stock = $64

strike price = $60

option price = $10

solution

we know here that stock sell for $60 and pay for $10

so that here price of stock is

stock price = $60 - $ 10

stock price = $50

and net profit will be

net profit = $10 - $10

net profit = 0

so that we can say stock price is less than $50 for trader for making profit 0 or greater than 0.

so price will be below than $50

The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $)
Assets 2016
Cash and securities $2,145
Accounts receivable 8,970
Inventories 12,480
Total current assets $23,595
Net plant and equipment $15,405
Total assets $39,000
Liabilities and Equity Accounts payable $7,410
Accruals 4,290
Notes payable 5,460
Total current liabilities $17,160
Long-term bonds $7,800
Total liabilities $24,960
Common stock $5,460
Retained earnings 8,580
Total common equity $14,040
Total liabilities and equity $39,000
Income Statement (Millions of $) 2016
Net sales $58,500
Operating costs except depreciation 54,698
Depreciation 1,024
Earnings before interest and taxes (EBIT) $2,779
Less interest 829
Earnings before taxes (EBT) $1,950
Taxes 683
Net income $1,268
Other data: Shares outstanding (millions) 500.00
Common dividends (millions of $) $443.63
Int rate on notes payable & L-T bonds 6.25%Federal plus state income tax rate 35%Year-end stock price $23.77A. What is the firm's current ratio?B. What is the firm's quick ratio?C. What is the firm's days sales outstanding? Assume a 365-day year for this calculation.D. What is the firm's total assets turnover?E. What is the firm's inventory turnover ratio?F. What is the firm's TIE?G. What is the firm's debt/assets ratio?H. What is the firm's ROA?I. What is the firm's ROE?

Answers

Answer:

A. 1.375

B. 0.648

C. 77.87 days

D. 1.5 times

E. 4.69 times

F. 3.35 times

G. 34 %

H. 4.63 %

I. 23.22%

Explanation:

A. What is the firm's current ratio

current ratio = current assets / current liabilities

= $23,595 / $17,160

= 1.375

B. What is the firm's quick ratio

quick ratio = (current assets - inventory) / current liabilities

= ($23,595 - $12,480) / $17,160

= 0.648

C. What is the firm's days sales outstanding Assume a 365-day year for this calculation.

days sales outstanding = Inventory / (Sales / 365)

= $12,480 / ($58,500 /365)

= 77.87 days

D. What is the firm's total assets turnover

total assets turnover = Sales / Total Assets

= $58,500 / $39,000

= 1.5 times

E. What is the firm's inventory turnover ratio?

inventory turnover ratio = Sales / Inventory

= $58,500 / $12,480

= 4.69 times

F. What is the firm's TIE?

Total Interest Expense (TIE) = Earnings before interest and taxes (EBIT) / Total Interest Expense

= $2,779 / $829

= 3.35 times

G. What is the firm's debt/assets ratio?

debt/assets ratio = Total Debt / Total Assets × 100

= ($5,460 + $ $7,800) / $39,000 × 100

= 34 %

H. What is the firm's ROA?

Return on Assets (ROA) = Earnings Before Interest After Tax (EBIAT) / Total Assets × 100

= ($1,268 + ($829 × 65%)) / $39,000 × 100

= 4.63 %

I. What is the firm's ROE?

Return on Equity (ROE) = Net Income / Total Shareholders Funds

= $1,268 / $5,460 × 100

= 23.22%

Final answer:

The current ratio is 1.37, the quick ratio is 0.65, and the days sales outstanding is 56.15.

Explanation:

A. The current ratio is calculated by dividing total current assets by total current liabilities:
Current Ratio = Total Current Assets / Total Current Liabilities
Current Ratio = $23,595 / $17,160
Current Ratio = 1.37

B. The quick ratio, also known as the acid-test ratio, is calculated by dividing quick assets by total current liabilities:
Quick Ratio = (Cash and Securities + Accounts Receivable) / Total Current Liabilities
Quick Ratio = ($2,145 + $8,970) / $17,160
Quick Ratio = 0.65

C. The days sales outstanding measures how long it takes for a company to collect its accounts receivable:
Days Sales Outstanding = Accounts Receivable / (Net Sales / 365)
Days Sales Outstanding = $8,970 / ($58,500 / 365)
Days Sales Outstanding = 56.15

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In what circumstance is a Capital Projects Fund required to be used in governmental accounting? Select one: A. To record the acquisition or construction of all major capital assets, except infrastructure assets B. To record the acquisition or construction of all capital assets C. When capital projects are at least partially financed by general obligation bond proceeds D. To record the acquisition or construction of any capital asset that is not recorded in an Enterprise Fund

Answers

The correct answer is C) When capital projects are at least partially financed by general obligation bond proceeds.

The circumstance when a Capital Projects Fund is required to be used in governmental accounting is "When capital projects are at least partially financed by general obligation bond proceeds."

In governmental accounting, capital project fund serves to trace the financial resources that are used to have a capital asset that is considered major. This capital project has long-time goals and has large costs. The fund does not run forever. When the asset is done, the fund is terminated. You use this king of capital projects fund when there are plans to build public infrastructure that benefits the community such as roads, bridges, dams, or transportation projects.

Reid Company's balance in prepaid insurance at the beginning and end of the year was $1,000 and $1,200, respectively. This will be reported on the statement of cash flows using the indirect method as: Click the answer you think is right. a decrease of $200 which will be added to net income an increase of $200 which will be subtracted from net income an increase of $200 which will be added to net income a decrease of $200 which will be subtracted from net income Read about this Do you know the answer? Think so No idea I know it Unsure

Answers

Given that, Reid Company's balance in prepaid insurance at the beginning and end of the year was $1,000 and $1,200, respectively. Hence, by doing calculations, it is found out that the correct option is-

an increase of $200 which shall be subtracted from net income.

What is an increase in the prepaid expense account?

The gap between the opening and closing balances is reflected in the prepaid expense account as an increase.

What are prepaid expenses?

Prepaid expenses are asset accounts, and an increase implies that cash was spent on attaining the asset, so it is considered an application of cash and hence deducted from net income.

What is the definition of net income?

Net income is the amount of money left over after taxes as well as deductions are deducted from your paycheck. Net income is the money left over after paying operational expenses, administrative expenses, cost of products sold, taxes, insurance, and all other business expenses for a company.

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Assume this process continues, with each successive loan deposited into a checking account and no banks keeping any excess reserves. Under these assumptions, the $500,000 injection into the money supply results in an overall increase of ______ in demand deposits.

Answers

Answer:

$2,500,000

Explanation:

Following the stated assumptions in the question, the money multiplier will be used to calculate the resulting effect of the $500,000 injection into the money supply.

The money multiplier formula is 1/r , where r is the required reserve ratio. So, the resulting change in demand deposits is:

Change in Demand Deposits = Change in Fresh Reserves (that is, the Initial Deposit)×1/r

= $500,000×1/0.20

=$500,000 × 5

= $2,500,000

Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 175 $11.50 5/5 Purchase 200 $10.50 5/10 Sales 300 $25 5/15 Purchase 200 $12.50 5/20 Sales 250 $28 5/25 Purchase 150 $12.50 Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.