BUSINESS COLLEGE

Ultra Day Spa provided $94,850 of services during Year 1. All customers paid for the services with credit cards. Ultra submitted the credit card receipts to the credit card company immediately. The credit card company paid Ultra cash in the amount of face value less a 1 percent service charge. Required a. Show the credit card sales (Event 1) and the subsequent collection of accounts receivable (Event 2) in a horizontal statements model like the one shown next. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). (Enter any decreases to account balances with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input - leave cells blank if there is no corresponding input needed.)

Answers

Answer 1
Answer:

Answer and Explanation :

The presentation is shown below:

As per the data given in the question,

Assets =  Liabilities   +   Equity    Revenue -  Expenditure = Net income Cash flow

Cash + Acc. Rev.

NA      $94,850  NA       $94,850 $94,850        NA                $94,850      NA

$93,901.5 -$94,850 NA    -$948.5   NA           -$948.5          -$948.5   $93,901.5

We simply present the transactions on the financial statements

Related Questions

Westfall Watches has two product​ lines: Luxury watches and Sporty watches. Income statement data for the most recent year​ follow: Total Luxury Sporty Sales revenue $ 490 comma 000 $ 360 comma 000 ​$130,000 Variable expenses 355 comma 000 235 comma 000 ​120,000 Contribution margin 135 comma 000 125 comma 000 ​10,000 Fixed expenses 78 comma 000 39 comma 000 39 comma 000 Operating income​ (loss) $ 57 comma 000 $ 86 comma 000 ​$(29 comma 000​) If $ 23 comma 000 of fixed costs will be eliminated by discontinuing the Sporty​ line, how will operating income be​ affected?
Rogue Drafting has debt with a market value of​ $450,000, preferred stock with a market value of​ $150,000, and common stock with a market value of​ $350,000. If debt has a cost of​ 8%, preferred stock a cost of​ 10%, common stock a cost of​ 12%, and the firm has a tax rate of​ 30%, what is the​ WACC?
The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31. MOTO HOTEL Trial Balance May 31, 2017 Debit Credit Cash $2,523 Supplies 2,600 Prepaid Insurance 1,800Land 15,023 Buildings 67,600 Equipment 16,800 Accounts Payable $4,723Unearned Rent Revenue 3,300 Mortgage Payable 33,600 Common Stock 60,023 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $110,646 $110,646 Other data: 1. Insurance expires at the rate of $450 per month. 2. A count of supplies shows $1,140 of unused supplies on May 31. 3. (a) Annual depreciation is $2,880 on the building. (b) Annual depreciation is $2,280 on equipment. 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,510 has been earned. 6. Salaries of $880 are accrued and unpaid at May 31.Required:Journalize the adjusting entries on May 31.
Suppose the Treasury sells $10 billion worth of securities to the Social Security Administration and $15 billion to the general public. This sale added ________ billion to gross public debt and ________ billion to the debt held by the public.
Production estimates for August for Jay Company are as follows: Estimated inventory (units), August 1 12,000 Desired inventory (units), August 31 9,000 Expected sales volume (units), August 75,000 For each unit produced, the direct materials requirements are as follows: Material A ($5 per lb.) 3.0 lbs. Material B ($18 per lb.) 0.5 lb. The total direct materials purchases (assuming no beginning or ending inventory of material) of Materials A and B required for August production is ______.a.$1,170,000 for A; $702,000 for B b.$1,080,000 for A; $1,296,000 for B c.$1,080,000 for A; $648,000 for B d.$1,125,000 for A; $675,000 for B

Stark Company's most recent balance sheet reported total assets of $1.82 million, total liabilities of $0.84 million, and total equity of $0.98 million. Its Debt to equity ratio is:

Answers

Answer:

Debt to Equity Ratio = 0.86

Explanation:

Debt to Equity Ratio = Total Liabilities / Stockholder's Equity

Total Liabilities = $0.84 million

Stockholder's Equity = $0.98 million

Debt to Equity Ratio = $0.84 million / $0.98 million

Debt to Equity Ratio = 0.857143

Debt to Equity Ratio = 0.86

If both fixed expenses and the selling price per unit increase while variable costs per unit are​ unchanged, which of the following statements is true​? A. Breakeven point in units could​ increase, decrease, or remain the same. B. Breakeven point in units remains unchanged. C. Breakeven point in units decreases. D. Breakeven point in units increases.

Answers

Answer:

A

Explanation:

the sales price increase and because the variable cost are the same the contribution margin will increase, which lead to think the BEP is lower.

But, because the fixed cost also increase we cannot determinate where the new BEP Will be higher or lower. The fixed cost could increase so much that nulifies the increase in the contribution margin or even be higher enought that the BEP goes higher.

So Option A is the only true statment.

Pronghorn Corp has 8,300 shares of common stock outstanding. It declares a $3 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend.

Answers

Answer:

dividends  24,900

   dividen payable    24,900

to record declaration of dividends

dividend payable   24,900

   cash                                  24,900

to recored payment of dividends

Explanation:

amount of dividends:

8,300 shares x $3 per share = 24,900

dividends  24,900

   dividend payable    24,900

to record declaration of dividends

we post the dividends declared and we post the payable

dividend payable   24,900

   cash                                  24,900

to recored payment of dividends

we decrease the cash account and write-off the dividend payable

What is the​ government's policy on collusion in the United​ States? Explain the rationale for this policy. In the United States A. the government makes collusion legal with antitrust laws because monopolies create no deadweight loss.

B. the government makes collusion unnecessary with​ government-imposed barriers to entry because monopolies enhance economic efficiency.

C. the government encourages collusion with subsidies because resulting profits can be used to develop new products.

D. the government promotes collusion with the Federal Trade Commission because perfectly competitive markets enhance economic efficiency.

E. the government makes collusion illegal with antitrust laws because monopolies reduce economic efficiency.

Answers

Answer:

The correct answer is letter "E": the government makes collusion illegal with antitrust laws because monopolies reduce economic efficiency.

Explanation:

Antitrust laws regulate competition between companies. To protect consumers from price manipulation and unfair competition by making sure trade remains unrestrained. When businesses conspire to turn competition to their favor, they violate antitrust laws.

Those regulations prohibit business practices such us monopolies since those types of organizations take control over a certain market, making almost impossible the entry of competitors and consumers have fewer choices and higher prices.

What are the key differences between using a deerskin as money and using a dollar bill as​ money?a. Using a deerskin as money incurs a much larger transactions cost because it is bigger and heavier than paper money.
b. Using a deerskin as money may not be as widely accepted as using paper money.
c. Using a deerskin as money cannot fulfill the key functions of​ money: a medium of​ exchange, a unit of​ account, a store of​ value, and a standard of deferred payment.
d. A and b only.
e. All of the above?

Answers

I guess the correct answers are A and B only

Using a deerskin as money may not be as widely accepted as using paper money.

Using a deerskin as money incurs a much larger transactions cost because it is bigger and heavier than paper money.

A paymеnt systеm is any systеm usеd tο sеttlе financial transactiοns thrοugh thе transfеr οf mοnеtary valuе, and includеs thе institutiοns, instrumеnts, pеοplе, rulеs, prοcеdurеs, standards, and tеchnοlοgiеs that makе such an еxchangе pοssiblе.

Which of the following is something a company could do to foster bonding and affective commitment? Multiple Choice add dental coverage to its health insurance package
offer incentives to the team with the highest sales
offer college reimbursement for business classes
offer free leadership seminars to all employees
hold a weekly "employee appreciation" party

Answers

Answer:

The correct answer is letter "E": hold a weekly "employee appreciation" party.

Explanation:

Organizational commitment plays a key role in employees' performance. The more engaged workers are with the company they work for, the more likely their production is going to be higher. Affective commitment refers to increasing the bonds that link workers within the organization. Casual reunions after every period of time are one of the many activities firms could use to engage employees with their brand.
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