Answer:
Present value (P) = $4,000
Interest rate (r) = 6% = 0.06
Number of years (n) = 5 years
FV = P(1 + r)n
FV = $4,000(1 + 0.06)5
FV = $4,000(1.06)5
FV = $4,000 x 1.338225578
FV = $5,353
Explanation:
The future value of the investment is a function of present value multiplied by 1 + interest rate raised to power number of years.
Breon's gross pay for the week is $273.5
Hourly rate for the company = $6.50
Number of hours in the human resource department = 31 hours
Hourly rate at her regular job = $6.5
hours at the front desk = 9 hours
hours at the front desk = 9 hours
rate at the front desk = $1.50
The gross pay =
$6.5 * 31 + 6.5*9 + 9*1.5
= 273.5 dollars
Breon's gross pay is therefore 273.5 dollars
This is the total amount of money that an employee of a company would receive as payment before their taxes and other deductions are removed.
Read more on gross pay here:
Magnificent Magazines received $16,800 on December 31, 2015, for subscription services related to magazines that will be published and distributed in January through December 2016.
b.
Walker Window Washing paid $1,680 cash for supplies on December 31, 2015. As of January 31, 2016, $280 of these supplies had been used up.
c.
Indoor Raceway received $4,200 on December 31, 2015, from race participants for providing services for three races. One race is held in January 31, 2016, and the other two will be held in March 2016.
1. Record the receipt of $16,800 on December 31, 2015, for subscription services related to magazines that will be published and distributed from January through December 2016.
2. Record the January 31, 2016 adjusting entry for the December 31, 2015 receipt of $16,800 for magazine subscriptions to be published January through December 2016.
3. Record the payment of $1,680 cash for supplies by Walker Window Washing on December 31, 2015. As of January 31, 2016, $280 of these supplies had been used up.
4. Record the January 31, 2016 adjusting entry for the December 31, 2015 cash payment of $1,680 for supplies. As of January 31, 2016, $280 of these supplies had been used up.
5. Record the receipt by Indoor Raceway of $4,200 on December 31, 2015, from race participants for providing services for three races. One race is held on January 31, 2016, and the other two will be held in March 2016.
6. Record the January 31, 2016 adjusting entry for the December 31, 2015 receipt of $4,200 from race participants for providing services for three races. One race is held on January 31, 2016 and the other two will be held in March 2016.
Answer:
Journal Entries
a1) Magnificent Magazines
Date Details Dr Cr
$ $
December 31, 2015 Cash 16,800
Deferred Revenue-subscription 16,800
Being recognition of prepaid subscription service for the year 2016
a2) Magnificent Magazines
Date Details Dr Cr
$ $
January 31, 2016 Deferred Revenue-subscription 1,400
Revenue 1,400
Being revenue for the month of January 2016
b1) Walker Window Washing
Date Details Dr Cr
$ $
December 31, 2015 Prepaid expense-Supplies 1680
Cash 1680
Being recognition of advance payment for supplies
b2) Walker Window Washing
Date Details Dr Cr
$ $
January 31, 2016 Expense - supplies 280
Prepaid expense-Supplies 280
Being supply expense for the month of January
c1) Indoor Raceway
Date Details Dr Cr
$ $
December 31, 2015 Cash 4,200
Deferred Revenue 4,200
Being recognition of race income paid in advance
c2) Indoor Raceway
Date Details Dr Cr
$ $
January 31, 2016 Deferred Revenue 1,400
Revenue 1,400
Being revenue for the month of January 2016
Explanation:
a) For Magnificent Magazines, the total amount paid $16800 is given as an advance for services not yet rendered. This amount which is for 12 months is then recognized as revenue when the services as provided on a monthly basis = 16800/12 = 1400
b) Walker windows paid in advance for supplies amounting to $1680, this is an asset to the company (prepayment) and as at January 2016, only $280 had been utilized. The utilized $280 is therefore expensed to the income statement
c) For Indoor Raceway, the $4200 is a liability as the services have not been provided yet, hence deferred revenue and the revenue is recognized after the service has been rendered in the income statement. For January, being 4200/3 = 1400
Answer:
$21,000
Explanation:
Preparation of income statement
Income statement of Pink Arrangements for the year ended December 31, 2018.
REVENUE:
Service Revenue 84,000
Less EXPENSE:
Insurance Expense (2,500)
Utilities Expense (1,500)
Rent Expense (12,000)
Salaries Expense (47,000)
NET INCOME 21,000
Therefore the Income statement of Pink Arrangements for the year ended December 31, 2018 will be shows the amount of $21,000
The income statement of Pink Arrangements for the fiscal year ending 2018 is prepared by subtracting the total operating expenses (Insurance Expense, Utilities Expense, Rent Expense, and Salaries Expense) from the Service Revenue. The result is an Operating Profit of $21,000.
To prepare the income statement of Pink Arrangements for the year ended December 31, 2018, you start by calculating the Gross Revenue. In this case, the Service Revenue of $84,000 is the Gross Revenue since the company is a service company.
From the Gross Revenue, we deduct the operating expenses - Insurance Expense, Utilities Expense, Rent Expense, and Salaries Expense. This gives us the Operating Profit or Loss. The calculations are as follows:
With this, you can conclude that the Operating Profit of Pink Arrangements for the fiscal year ending December 31, 2018 is $21,000.
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Answer:
A lot of information is missing, so I looked for similar questions:
since 1,064 is the perimeter and we have a rectangle, we can write the perimeter equation as: 2L + 2W = 1,064
area = L · W
2W = 1,064 - 2L
W = 532 - L
now we replace in the area equation:
area = (532 - L) · L = -W² + 532W (quadratic equation format)
the value of L as our X coordinate:
L = 532 / 2 = 266
W = 532 - 266 = 266
area = -(266)² + (532 x 266) = -70,756 + 141,512 = 70,756 sq yards
or
area = 266 · 266 = 70,756 sq yards
When you have a rectangle, the largest possible area is a square, where both sides have the same length.
Answer:
Horizontal expansion model
Explanation:
Renovation in Horizontal expansion model is one in which current business is upgraded with some new features to add value and another branch is opened to serve its customers. The customers needs are kept in mind before going for a renovation process.
i. the classic look of traditional wingtips
ii. the savings that would come from buying the wingtips the money
iii. the no-lace convenience of slip-ons
iv. the pride that comes with wearing the more expensive shoes
Opportunity Cost refers to potential gain given up by choosing one option over others. For Sean, this includes the vintage look of wingtips and the saved $50 if he chooses slip-ons instead of wingtips. The convenience and pride Sean gets from the slip-ons don't count as Opportunity Cost since they are benefits, not losses.
The concept of Opportunity Cost in economics and business refers to the loss of potential gain from other options when one option is chosen. In Sean's case, the Opportunity Cost of buying the more expensive slip-ons shoes includes:
However, the last two points: 'the no-lace convenience of slip-ons' and 'the pride that comes with wearing the more expensive shoes' do not fit into the Opportunity Cost. They instead are perceived benefits of the chosen slip-ons and not what is given up when he chooses that option.
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