Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $34,830 cash and equipment valued at $15,540 in the business.
2 Hired a secretary-receptionist at a salary of $320 per week payable monthly.
3 Purchased supplies on account $830. (Debit an asset account.)
7 Paid office rent of $630 for the month.
11 Completed a tax assignment and billed client $1,360 for services rendered. (Use Service Revenue account.)
12 Received $3,940 advance on a management consulting engagement.
17 Received cash of $2,950 for services completed for Ferengi Co.
21 Paid insurance expense $150.
30 Paid secretary-receptionist $1,280 for the month.
30 A count of supplies indicated that $130 of supplies had been used.
30 Purchased a new computer for $7,000 with personal funds. (The computer will be used exclusively for business purposes.)

Journalize the transactions in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Answers

Answer 1
Answer:

Answer:

Cash          34,830

Equipment 15,540

     Capital Account          50,370

no entry needed

supplies 830

   account payable 830

rent expense 630

     cash                  630

account receivable 1,360

      service revenue          1,360

cash        3,940

    unearned revenue      3,940

cash      2,950

    service revenue     2,950

insurance expense 150

    cash                             150

wages expense   1,280

    cash                               1,280

supplies expense   130

        supplies                 130

Equipment- Computer 7,000

       Capital Account               7,000

Explanation:

We must always o debit = credit

and record the entries to reflect the reality.


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Mrs. Jones offers a reward for the return of her dog Fifi and puts posters advertising the reward all over her neighborhood. Mr. Brown finds and returns Fifi without seeing any of the posters. If Mr. Brown later sees one of the posters and asks Mrs. Jones for the reward money: a. Mrs. Jone will have to pay Mr. Brown the reward money because she made a public offer.
b. Mrs. Jones will have to pay Mr. Brown the reward money because she left the posters up after Fifi had already been returned.
c. Mrs. Jones will not have to pay anyting to Mr. Brown because the offer was not communicated to him before he returned Fifi.
d. Mrs. Jomes will ot need to pay Mr. Brown the reward money because it is a unilateral contract.

Answers

If Mr. Brown later sees one of the posters and asks Mrs. Jones for the reward money: Mrs. Jone will have to pay Mr. Brown the reward money because she made a public offer. Thus the correct option is A.

What is a poster?

A poster is refer to a graphical or pictorial representation of any idea to promote or support something. These posters are utilized for advertisement or to create awareness among citizens regarding any issue or challenges faced in society.

In the given case, it is explained that In her neighborhood, Mrs. Jones posts posters announcing a prize for the safe return of her dog Fifi. Fifi is located and delivered by Mr. Brown, who is unaware of the posters.

The reward is something that is presented or given in exchange for some service or achievement, or that is received in exchange for good or bad. Due to her public offer, Mrs. Jone will be obligated to pay Mr. Brown the reward amount.

Therefore, option A is appropriate.

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A :)

Im 99% sure it’s right, really hope it is!

Illegal multilevel marketing gimmick that promises commissions on one's own sales as well as on the sales of recruits

Answers

Illegal multilevel marketing gimmick that promises commissions on one's own sales as well as on the sales of recruits called Pyramid scheme.

What is pyramid scheme?

A pyramid scam is an unethical and unreliable investment pitch that depends on guaranteeing irrational profits on fictitious investments. The fact that the early investors receive these substantial returns prompts them to endorse the program to others. Returns to investors are paid from fresh capital coming in. When there are no more investors left, the pyramid eventually falls.

These businesses, sometimes known as pyramid schemes, are prohibited in the United States.

What is multi level Marketing?

Distributors profit from the sale of tangible goods and from commissions on the purchases and sales of the distributors they have recruited through Multi-Level Marketing operations (MLMs), which are respectable business schemes.

Although they sometimes pass for MLMs, pyramid schemes are more concerned with the fees from recruiters than the money from product sales.

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Consider the following information: Probability of State Rate of Return if State Occurs
Economy of Economy Stock A Stock B
Recession .20 .010 – .35
Normal .55 .090 .25
Boom .25 .240 .48
a. Calculate the expected return for the two stocks.'

Answers

Answer:

11.15%

Explanation:

The formula to compute the expected rate of return is shown below:

Expected rate of return = (Recession probability× Possible Returns ) + (Normal Probability  × Possible Returns ) + (Boom Probability  × Possible Returns 3)

= (0.20 × 0.010) + (0.55 × 0.090) + (0.25 × 0.240)

= 0.002+ 0.0495 + 0.06

= 11.15%

Simply we multiply the probability with its return so that accurate rate could come.

Which transaction increases​ stockholders' equity? A. payment of operating expenses B. expenses greater than revenues for the period C. dividends that are declared and paid D. sale of common stoc

Answers

Answer:

The correct answer is letter "D": sale of common stock.

Explanation:

Stockholders' equity is the equity held by the shareholders in a company. It is determined by the corporation by subtracting its total liabilities from its total assets. The sale or issue of the common stock increases that amount. The result is listed in the firm's Balance Sheet.

Shown below are selected data from the financial statements of the Supreme Company. (Dollar amounts are in millions, except for the per share data). Income statement data:

$'000
Net sales $1,230
Cost of goods sold $520
Operating expenses $440
Net income $390
Balance sheet data:

$'000
Average total equity $2,400
Average total assets $4,000
Supreme reported earnings per share for the year of $4 and paid cash dividends of $1 per share.

At year-end, the Wall Street Journal listed Supreme's capital stock as trading at $88 per share.

Required:

Compute the following:

a). Gross profit rate

b). Supreme's operating income (in millions)

c). Return on assets

d). Return on equity

e). Price-earning ratio

Answers

Answer:

a. Gross profit rate =   Gross profit / sales

                              = $710,000 * 100

                                       $1,230,000

                              =  57.72%

b. Supreme Operating Income

Gross Profit                           $710,000

Operating expenses             (440,000)

Operating Profit                     270,000

c. Return on Asset  =   Return/  Average Asset

                                =   $390,000 * 100

                                       $4,000,000

                             =   9.75%

d. Return on equity  =   Return / Average equity

                                 =   $390,000 * 100

                                        $2,400,000

                               =      16.25%

e. Price-earnings ratio  =  Market price per share / earnings per share

                                       =   $88/ $4  

                                       =  22

Explanation:

Computation of Gross profit

                                                $'000

Net Sales                                1,230

Cost of goods sold                 (520)

Gross Profit                              710  

Relate systems management theory

Answers

Explanation:

Management theories are concepts surrounding recommended management strategies, which may include tools such as frameworks and guidelines that can be implemented in modern organizations. Generally, professionals will not rely solely on one management theory alone, but instead, introduce several concepts from different management theories that best suit their workforce and company culture.

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