10:53 FOD! 72% ال. اا، چ f Assignment01 Assignment #01 Ahmed Imran opened Legacy Maids Cleaning Service on July 1, 2017. During July, the company completed the following transactions.
July 1 Shareholders invested £15,000 cash in the business in exchange for ordinary
shares.
1 Purchased a used truck for £10,000, paying £3,000 cash and the balance on
account.
3 Purchased cleaning supplies for £1,700 on account.
5 Paid £1,800 on a one-year insurance policy, effective July 1.
12 Billed customers £4,200 for cleaning services performed.
18 Paid £1,000 of amount owed on truck, and £400 of amount owed on cleaning
supplies.
20 Paid £1,900 for employee salaries.
21 Collected £2,400 from customers billed on July 12.
25 Billed customers £2,100 for cleaning services performed.
31 Paid gasoline for the month on the truck, £400.
31 Declared and paid a £500 cash dividend.
Answers
The given information outlines the transactions completed by Legacy Maids Cleaning Service in July 2017. The company started its operations by receiving £15,000 cash from shareholders in exchange for ordinary shares.
They used £3,000 of this cash to purchase a used truck worth £10,000, and the remaining £7,000 was recorded as an accounts payable liability. Additionally, the company purchased cleaning supplies for £1,700 on account.
The company paid £1,800 for a one-year insurance policy effective from July 1. Later, on July 12, the company billed customers £4,200 for cleaning services performed. On July 18, the company paid £1,000 and £400 towards the truck and cleaning supplies accounts payable balance, respectively.
On July 20, the company paid £1,900 for employee salaries. On July 21, the company collected £2,400 from customers billed on July 12. On July 25, the company billed customers £2,100 for cleaning services performed. Finally, on July 31, the company paid £400 for gasoline and declared and paid a £500 cash dividend.
This information constitutes Assignment #01 for the accounting course, and the transaction analysis, as well as journal entries, can be completed based on the given data.
To know more about transactions visit:
brainly.com/question/24730931
#SPJ11
Related Questions
Cost of goods sold is determined only at the end of the accounting period in.
Answers
The Cost of goods sold is known only at the end of the accounting period in the periodic inventory system.
What is an inventory System?Inventory systems is one that has a periodic and perpetual inventory systems. The inventory systems is known to be the way of recording and evaluating the value of inventories in a timeframe.
In the periodic inventory system, cost of goods sold is known by only at the end of a specific accounting period.
Learn more about periodic inventory system from
https://brainly.com/question/25887081
what is the definition of inventory stock
Answers
Answer:
they are goods and materials that a business holds for the ultimate goal of resale or repair
seattle adventures, incorporated, is trying to decide between the following two alternatives to finance its new $17 million gaming center: issue $17 million, 6% note. issue 1 million shares of common stock for $17 per share with expected annual dividends of $1.02 per share.
Answers
1) The completion of the income statement for Seattle Adventures, Incorporated for the year is as follows:
Seattle Adventures, Incorporated
Income Statement (completion)For the year
Issue Note Issue Shares
Operating income $9,200,000 $9,200,000
Interest expense (on the issued note) 1,020,000 0
Income before tax $8,180,000 $9,200,000
Income tax (30%) 2,454,000 2,760,000
Net income $5,726,000 $6,440,000
Number of shares 2,200,000 3,200,000
Earnings per share (net income/number) $2.60 $2.01
2a) Interest expense will be higher by $1,020,000 with the note issuance.
2b) Dividends will be higher by $1,020,000 with the stock issuance.
2c) The issuance of the notes results in higher earnings per share than the issuance of the stock.
How the earnings per share are computed:Notes Payable = $17 million
The annual interest rate on the notes payable = 6%
Total annual interest expense = $1,020,000 ($17 million x 6%)
Earnings per share = Net Income/Number of Common Stock outstanding
= $2.60 ($5,726,000/2,200,000)
Common stock = $17 million (1 million x $17)
Annual dividend per share = $1.02
Total annual dividends = $17,340,000 (17 million x $1.02)
Earnings per share = $2.01 ($6,440,000/3,200,000)
Thus, based on the earnings per share results, Seattle Adventures, Incorporated should issue the notes instead of issuing stock.
Learn more about comparing debts and equity at https://brainly.com/question/17257513
#SPJ1
Question Completion:Required: 1. Assuming the note or shores of stock are issued at the beginning of the year, complete the income statement for each alternative.
Outstanding number of common stock shares = 2,200,000
Operating income = $9,200,000
Income tax rate = 30%
2. Answer the following questions for the current year, (a) How much are interest payments higher if issuing the note? (b) How much are dividend payments higher by issuing stock? (c) Which alternative results in higher earnings per share?
The process of determining the present value of future cash flows in order to know their worth today is referred to as:______.
Answers
Calculating the present value of a cash flow or series of cash flows that will be received in the future is the process of discounting.
A value obtained in the future is converted to an equivalent value received right away through the process of discounting. Discounting determines this relative value, so a dollar received in 50 years may be worth less than a dollar received today. Using the aforementioned method, the discounting process assists an investor in estimating the investment's value in current dollars at the investor's desired rate of return. Due to the opportunity cost of spending money now and the desire to enjoy advantages now rather than in the future, discounting makes current costs and benefits more valuable than those that will occur in the future. A discount factor in financial modeling is a decimal number multiplied by a cash flow value to reduce it to its present value. As the effect of compounding the discount rate accumulates over time, the factor grows (i.e., the decimal value shrinks).
Know more about discounting:
https://brainly.com/question/15060398
#SPJ4
Explain the pricing factor of company profitability what is possibility and how is it calculated
Answers
The pricing factor plays a crucial role in determining a company's profitability. Essentially, the pricing factor refers to the amount of revenue generated by a company's products or services relative to the costs incurred in producing or providing them. The goal is to set prices that allow for the company to earn a profit, while also remaining competitive within the market.
One way to calculate the pricing factor is through the use of a pricing formula. This formula takes into account various costs, including materials, labor, overhead, and any other expenses related to production or service provision. From there, the company can determine a price point that allows for a desired profit margin.
Of course, the pricing factor is influenced by many factors beyond just the costs of production. For example, companies must also consider the pricing strategies of their competitors, market demand, and any external economic factors that could impact their business.
To maximize profitability, companies must find the right balance between setting prices that are competitive but also allow for sufficient profits. This often requires ongoing analysis and adjustments to pricing strategies based on changing market conditions and other factors.
Ultimately, the pricing factor is a critical component of a company's profitability. By understanding the costs of production, market demand, and pricing strategies, businesses can set prices that allow them to thrive in a competitive marketplace.
Know more about the "pricing factor".
https://brainly.com/question/17552787
#SPJ11
Which of the following are key recommended resources For subcontracting compliance management (select to that apply). A) DOD office of small business programs(OSBP) Website B) small business administration (SBA) Website C) defense information systems agency ( DISA) website D) Congressional budget office website
Answers
A) The key recommended resources for subcontracting compliance management include the DOD Office of Small Business Programs (OSBP) Website and the Small Business Administration (SBA) Website.
What are some essential resources for subcontracting compliance management?These resources provide valuable information and guidance for subcontracting compliance management. The DOD OSBP Website offers insights specific to small businesses in the defense industry, providing relevant regulations, policies, and assistance programs. It serves as a comprehensive source for understanding compliance requirements and accessing support for subcontracting activities.
On the other hand, the SBA Website offers a wealth of resources and tools to help businesses navigate subcontracting regulations, understand compliance obligations, and find opportunities for subcontracting with government agencies. By utilizing these resources, businesses can enhance their understanding of compliance management and effectively engage in subcontracting practices.
Learn more about compliance management
brainly.com/question/14795139
#SPJ11
Mining Companies have a major role to play in facilitating and promoting the culture of equality and therefore eliminating Gender based violence from the workplace and communities that host/ border mining project developments. a) What are some of the reasons that you believe gender based violence has become so prevalent on mining sites and in surrounding communities. (5 marks) b) During the screening phase of an EIA project in Guyana concerns were raised by villagers in the area about "Increased incidences of sexual exploitation of indigenous women and young girls by people who have come into the communities to work for the company."
Answers
Gender-based violence has become prevalent on mining sites and in surrounding communities due to a combination of factors such as male-dominated work environments, social and economic inequalities, lack of awareness and education, limited access to support services, and a culture of impunity.
Gender-based violence on mining sites and in surrounding communities can be attributed to several reasons. Firstly, the mining industry is historically male-dominated, with a significant gender imbalance in the workforce. This power dynamic can perpetuate harmful attitudes and behaviors towards women, leading to increased incidents of violence.
Secondly, mining projects often bring rapid social and economic changes to communities, resulting in unequal power dynamics and social tensions. These changes can disrupt traditional gender roles and exacerbate existing gender inequalities, making women and girls more vulnerable to violence.
Thirdly, the lack of awareness and education about gender issues and violence prevention contributes to the prevalence of gender-based violence. Limited knowledge about consent, healthy relationships, and gender equality can perpetuate harmful norms and behaviors.
Furthermore, the remote locations of many mining sites can limit access to support services and justice systems. This lack of resources and infrastructure can prevent survivors from seeking help and perpetrators from being held accountable, perpetuating a culture of impunity.
Lastly, the overall culture and norms within the mining industry and surrounding communities play a significant role. If there is a lack of commitment from mining companies to prioritize gender equality, enforce policies against violence, and promote a safe and inclusive work environment, it can contribute to the prevalence of gender-based violence.
In conclusion, gender-based violence on mining sites and in surrounding communities is a complex issue influenced by multiple factors. Addressing this problem requires a comprehensive approach that involves creating gender-inclusive work environments, promoting education and awareness, strengthening support services, and holding perpetrators accountable. By actively working towards equality and addressing the root causes of violence, mining companies can play a crucial role in eliminating gender-based violence from their workplaces and the communities they operate in.
Learn more about Gender-based
brainly.com/question/28740947
#SPJ11
what is the term for the idea that some goods will be overused and depleted if not regulated?
Answers
The term exhausted is used for the idea that some goods will be overused and depleted if not regulated.
What is exhausted?Fatigue is a lingering tiredness that is constant and limiting. With fatigue, you have unexplained, persistent, and relapsing exhaustion. It's similar to how you feel when you have the flu or have missed a lot of sleep.
If you have chronic fatigue, or systemic exertion intolerance disease (SEID), you may wake in the morning feeling as though you've not slept. Or you may be unable to function at work or be productive at home.
Chronic fatigue is frequently brought on by allergic rhinitis. However, allergic rhinitis is frequently treatable and self-managed. Your doctor will evaluate your symptoms in order to make a diagnosis.
Therefore, The term exhausted is used for the idea that some goods will be overused and depleted if not regulated.
To learn more about exhausted, refer to the link:
https://brainly.com/question/1404047
#SPJ2
Write a short report on ethical business dilemmas, and give examples of ethical dilemmas faced by businesses.
Answers
this is the edmentum answer and ill put my answer as well
Explanation:
edmentum: Ethical dilemmas are very common in the workplace. The employees of an organization are under pressure to deliver an expected level of performance. They need to perform to meet the organization’s goals without compromising on quality or giving in to temptation, such as opportunities to share confidential company data. When an organization provides training and guidance to its employees, it helps them to make appropriate ethical decisions.
The cultures of organizations vary. Some businesses do not look beyond their own profits, and their leaders often ignore their own standards of ethics. Employees who do not agree to certain practices may hesitate to protest because they don’t want to risk losing their jobs or for management to single them out as untrustworthy.
Ethical dilemmas are common in business processes; for example, when employees manipulate work reports to obtain recognition and appreciation, or when employees fudge financial statements to depict false increases in sales.
Another example of an ethical business dilemma would be an employee finding out that a senior manager is misusing company resources for personal gain. The employee may receive an offer from the manager to share in the unethical gains.
my answer: Ethical business dilemmas are growing more important over the years now that people have realized businesses should be treating their employees as human beings. Applying for a job you should be aware of common ethical dilemmas business faces and how well they handle them. Some common dilemmas are health and safety, diversity and discrimination policies, employee privacy, unethical pricing, and sadly sexual harassment.
What decision did a London Court Reach In this case?
Answers
Answer:
A.
Explanation:
I did B from the person above and got it wrong and it said that A was the answer :)
Answer:
A. The writing of The Da Vinci Code did not violate copyright law.
Explanation:
Right on ED2021, goodluck!
Choose the option that best matches the description given.
I handle the basic management of our employees and am the face you see in the media.
a)shareholder
b)officer
c)board of directors
Answers
Answer:
I think c. board of directors
OFFICERRRRRRRRRRRRRRR
Many experts maintain that U.S. agricultural policy encourages farmers to focus on ________ and related byproducts rather than on fruits and vegetables.
Answers
Based on research analysis, many experts maintain that U.S. agricultural policy encourages farmers to focus on corn and related byproducts rather than on fruits and vegetables.
This is because corn farming has been found to have excellent investment value.
Corn farming is known to yield bountifully when compared to other crops such as fruits and vegetables.
Also, corn farming in the United States can be grown anywhere and easily researched, including breeding and promotion.
Hence, in this case, it is concluded that the correct answer is "Corn."
Learn more about the U.S Corn farm here: https://brainly.com/question/2655306
A college graduate expects to earn a salary of $60,000 during the first year after graduation and receive a 4% raise every year after that. What is the total income he will have received after ten years?
a. $720,366. 43
b. $634,967. 72
c. $624,000. 00
d. $809,181. 8
Answers
The total income the college graduate will have received after ten years is $809,181.80.
To calculate the total income over ten years, we need to consider the salary for each year and the 4% annual raise. In the first year, the salary is $60,000. From the second year onwards, the salary increases by 4% compared to the previous year. Using this information, we can calculate the salary for each year and sum them up to find the total income after ten years.
Year 1: $60,000
Year 2: $60,000 + (4% of $60,000)
Year 3: $60,000 + (4% of $60,000) + (4% of previous year's salary)
...
Year 10: $60,000 + (4% of $60,000) + (4% of previous year's salary) + ... + (4% of previous year's salary)
After calculating the salary for each year and summing them up, the total income after ten years is $809,181.80.
To know more about total income here: brainly.com/question/30418401
#SPJ11
supply relationship management personnel routinely communicate with:
Answers
Supply relationship management personnel routinely communicate with suppliers and vendors to maintain a positive and productive relationship.
They also communicate with other internal departments, such as procurement, logistics, and quality assurance, to ensure that the supply chain runs smoothly and efficiently. Effective communication is critical for supply relationship management personnel to build trust and rapport with their suppliers, negotiate contracts, manage risks, resolve issues, and identify opportunities for improvement. They also need to communicate regularly with senior management to provide updates on performance metrics, strategic initiatives, and potential risks and opportunities. Ultimately, supply relationship management is about building and maintaining long-term, mutually beneficial relationships with suppliers to ensure a reliable and sustainable supply of goods and services.
To know more about Supply relationship management visit:
https://brainly.com/question/30452100
#SPJ11
A street vendor sells two types of newspapers, one for $0. 25 and the other for $0. 40. If she sold 100 newspapers for $28. 00, how many newspapers did she sell at $0. 25?.
Answers
The correct answer using linear equation formula will be, that she sold 80 newspapers at $ 0.25.
Let a be the no. of newspapers at $ 0.25,
and b be the no. of newspaper at $0.40
According to question, the linear equation which will be formed is,
a+b = 100 (i)
0.25 a + 0.40 b = 28
25 a + 40 b = 2800
25 a + 25 b = 2500
15 b = 300
b = 20, with equation 1, a= 80
Therefore, she sold 80 newspapers at $ 0.25.
Linear equation: It is an equation of the type Ax + B = 0, where the A and B are a type of real numbers whereas, x is a variable which is unknown and since it involves only one variable means it will have only one solution .
Learn more about Linear equation
https://brainly.com/question/11897796
#SPJ4
mention one Islamic song and recitation
Answers
Answer:
islamic song: SURAH AL IMRAN HOLY QURAN, BEAUTIFUL HOLY QURAN
I hope it helps you
Select the correct answer.
Which of these is an informal group?
A. command group
B. self-managed work group
C. task group
D. virtual group
E. interest group
Answers
Answer:
B
Explanation:
hope this helps
your friend has limited funds and considers saving options that would match the expectations of diversified portfolio and access to money management services. which of the following options would you recommend? question 6 options: buy stock in apple open a savings account in bank of america purchase shares in a mutual fund purchase a municipal bond
Answers
Given the friend's limited funds and desire for access to money management services, the most appropriate recommendation would be to purchase shares in a mutual fund. Correct option is C.
A mutual fund is an investment vehicle that pools together money from many investors to purchase a diversified portfolio of stocks, bonds, or other securities. By investing in a mutual fund, the friend can gain access to a diversified portfolio of investments that is managed by a professional money manager, which help to reduce the risk of losses.
On the other hand, buying stock in a single company like Apple may not provide sufficient diversification to manage risk, and the friend's investment may be subject to fluctuations in Apple's stock price.
A savings account in Bank of America may offer lower returns compared to other investment options, and a municipal bond may not provide the desired level of diversification.
In summary, a mutual fund offers a good balance between investment diversification and access to professional money management services, making it a recommended option for the friend's investment needs.
However, it's important to note that before making any investment decision, it's always advisable to conduct thorough research and seek professional financial advice to make an informed decision.
To learn more about funds click on,
https://brainly.com/question/1807829
#SPJ4
Complete question is:
Your friend has limited funds and considers saving options that would match the expectations of diversified portfolio and access to money management services. which of the following options would you recommend?
A. buy stock in apple
B. open a savings account in bank of america
C. purchase shares in a mutual fund
D. purchase a municipal bond
which of the following can cause the relationship shown between msc and mpc? a decrease in financial instability from unlawful investing an increase in investment to support educational funding a decrease in fish population caused by overfishing a lake a decrease in air pollution caused by a nuclear energy plant an increase in research and development funding of a product
Answers
An increase in investment to support educational funding can cause the relationship shown between MSC (Marginal Social Cost) and MPC (Marginal Private Cost).
The relationship between MSC and MPC represents the external costs or benefits associated with an economic activity. When there is an increase in investment to support educational funding, it can lead to positive externalities such as a more educated workforce, improved productivity, and increased innovation. These positive externalities can result in societal benefits that exceed the private costs incurred by individuals or firms.
Consequently, the MSC, which takes into account the total social cost, would be lower than the MPC, which considers only the private cost. This difference signifies the positive impact of educational funding on the broader society and highlights how such investments can influence the relationship between MSC and MPC.
To know more about Marginal Private Cost, click here:
https://brainly.com/question/28319559
#SPJ11
In a relatively new neighborhood with 524 homes, 72 houses were sold. The turnover index in this neighborhood is
Answers
Answer:
Turnover index = 13.74
Explanation:
Given that,
Total no. of homes = 524
Sold homes = 72
We need to find the turnover index in this neighborhood. It is defined as the ratio total number of leavers in a month by your average number of employees in a month multiplied by 100.
In this situation,
\(\text{turnover index}=\dfrac{\text{sold homes}}{\text{Total no. of homes}}\times 100\\\\=\dfrac{72}{524}\times 100\\\\=13.74\)
Hence, the turnover index rate is 13.74.
International businesses have to engage in market __________, or identifying different groups of consumers by their purchasing behavior.
Answers
International businesses have to engage in market Segmentation or identifying different groups of consumers by their purchasing behavior.
What is market SegmentationMarket segmentation refers to the process of dividing a large consumer or business market which usually consists of existing and potential customers, into smaller groups of consumers characterised by their shared consumer behaviour.
For international businesses to survive in a market, there is need to perform Market segmentation in order to make informed decisions.
#SPJ1
Learn more about market segmentation at https://brainly.com/question/14024869
John is putting together an employee handbook. One thing John should NOT include in the handbook is A paragraph that tell employees that as long as performance is satisfactory, they will be retained. A chapter on the history of the company. The work rules of the company. The appeals process for a disciplinary infraction. How to accrue vacation time.
Answers
The answer is a paragraph that tell employees that as long as performance is satisfactory, they will be retained.
1) The skills and knowledge a person has acquired through experience and/or
education.
O Human Capital
O Entrepreneurial talents
O Physical Capital
O Perfect competition
Answers
Answer:
O Human Capital
Explanation:
Human capital is an employee's knowledge, skills, and competencies that a company uses in productivity. It is the attributes of labor that impact production and influence compensation. Human capital is enhanced through education, job training, work experiences, and research.
Human capital is compensated through wages and salaries. Its cost is monetized as labor and is one of the factors of production.
The jobs that support medical imaging require specific types of education. Which field discussed requires the least amount of training? Which field requires the most amount of training?
Answers
The transcriptionist field discussed requires the least amount of training. The radiologists field requires the most amount of training.
Radiologists are scientific doctors focusing on diagnosing and treating accidents and sicknesses the usage of clinical imaging (radiology) tactics (assessments/tests) including X-rays, computed tomography (CT), magnetic resonance imaging (MRI), nuclear medicinal drug, positron emission tomography (pet), and ultrasound.
Radiologists are medical docs (MDs) or doctors of osteopathic medicinal drugs (DOs) who have completed a 4-year residency in radiology. A radiologist may also act as a consultant to every other physician who's worrying for the patient, or act as the affected person's number one medical doctor in treating a disease.
Learn more about radiologists here: https://brainly.com/question/17129276
#SPJ1
Which rules are part of referential integrity? Check all that apply.
The tables must use a junction table
The primary table must have a primary key
The tables must belong to the same database.
The related fields should have the same data type.
The related fields should be combined as a composite key.
The destination table must be linked through its primary key
Answers
Answer:
B. The primary table must have a primary key.
C. The tables must belong to the same database.
D. The related fields should have the same data type.
Explanation:
The answers are given below.
B. The primary table must have a primary key.C. The tables must belong to the same database.D. The related fields should have the same data type.Which rules are known as entity integrity and referential integrity?Referential integrity is based on entity integrity. Entity integrity requires that each entity have a unique key. For example, if every row in a table represents relationships for a unique entity, the table should have one column or a set of columns that provides a unique identifier for the rows of the table.
What are the rules of referential integrity?A referential integrity rule is a rule defined on a key (a column or set of columns) in one table that guarantees that the values in that key match the values in a key in a related table (the referenced value).
Learn more about referential integrity here https://brainly.com/question/17128955
#SPJ2
external cost of expanding or building airport
Answers
Answer:
External costs may involve or interact and be impacted by the environment, society, or economic travesty, especially ones that were uncalled-for.
External costs depend on many things, including area, time, and space, but will mostly be a few hundred thousand U.S.D.
Logo and website design are
examples of start-up costs.
Answers
True: Logo and website design are examples of start-up costs. Operating costs include payroll. Building improvements should be calculated into start-up costs.
If you were an elected official who wanted to increase tax revenues, which of the following would you prefer to use: individual income, sales, property, corporate income, user fees, VAT or flat? Provide reasons for your decision.
Answers
Answer:
sales tax
Explanation:
It does not choose discriminatory the more you spend the more you pay, from a moral perspective people would rather pay for what they get rather than what they make and then possibly invest or save. They would not want to pay taxes at least 3 times if it is an investment.
1. Which is an example of fiscal policy?
A. preventing unions from going on strike
B. raising taxes in order to cover a budge deficit
C. Restricting the amount of money that banks can lend
D. increasing the level of minimum wage
2. Which is an example of fiscal policy?
A. decreasing the interest rates on loans charged to car companies
B. deploying troops to help citizens cope with natural disaster
C. going into debt to buy a large number of vehicles
D. limiting the number of foreign cars that can be sold in the United Stats
Answers
Answer:
A. decreasing the interest rates on loans charged to car companies
massa machine tools expects total sales of $14,000. the price per unit is $6. the firm estimates an ordering cost of $9.96 per order, with an inventory cost of $0.84 per unit. what is the optimum order size?note: round your answer to the nearest whole number.multiple choice141 units118 units94 units235 units
Answers
Plugging in the values:EOQ = sqrt(2*2334*$9.96/$0.84) = 118 (rounded to nearest whole number)
Therefore, the optimum order size is 118 units. The answer is: 118 units.
The optimum order size can be calculated using the Economic Order Quantity (EOQ) formula:
EOQ = sqrt(2DS/H)
where:
D = total annual demand (in units)
S = ordering cost per order
H = inventory holding cost per unit
Given:
Total sales = $14,000
Price per unit = $6
D = Total sales / Price per unit = 14000/6 = 2333.33 (rounded to nearest whole number = 2334 units)
Ordering cost (S) = $9.96 per order
Inventory holding cost (H) = $0.84 per unit
Plugging in the values:
EOQ = sqrt(2*2334*$9.96/$0.84) = 118 (rounded to nearest whole number)
Therefore, the optimum order size is 118 units.
The answer is: 118 units.
Learn more about optimum order size here:
https://brainly.com/question/18442017
#SPJ11