BUSINESS COLLEGE

Larry Bar opened a frame shop and completed these transactions: Larry started the shop by investing $41,100 cash and equipment valued at $19,100 in exchange for common stock. Purchased $180 of office supplies on credit. Paid $2,300 cash for the receptionist's salary. Sold a custom frame service and collected $5,600 cash on the sale. Completed framing services and billed the client $310. What was the balance of the cash account after these transactions were posted?

Answers

Answer 1
Answer:

Answer:

$44,400

Explanation:

The computation of the balance of the cash account after posting of these transactions are shown below:

= Invested cash amount - cash paid for receptionist's salary + cash collection from sale of frame service

= $41,100 - $2,300 + $5,600

= $44,400

The other items do not involved any cash transactions. Therefore they are not relevant and thus they not considered in the computation part

Related Questions

Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance Theodore McMahon opened a law office on April 1, 2018. During the first month of operations, the business completed the following transactions: Requirements 1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid insurance; Land; Building; Furniture; Accounts Payable; Utilities Payable; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required. 2. Open the following four-column accounts including account numbers: Cash, 101; Accounts Receivable, 111; Office Supplies, 121; Prepaid Insurance, 131; Land, 141; Building, 151; Furniture, 161; Accounts Payable, 201; Utilities Payable, 211; Notes Payable, 221; Common Stock, 301; Dividends, 311; Service Revenue, 411; Salaries Expense, 511; Rent Expense, 521; and Utilities Expense, 531. 3. Post the journal entries to four-column accounts in the ledger, using dates, account numbers, journal references, and posting references. Assume the journal entries were recorded on page 1 of the journal. 4. Prepare the trial balance of Theodore McMahon, Attorney, at April 30, 2018.
Thirty-five percent of the sales on account are collected in the month of sale, 45% in the month following sale, and the remainder are collected in the second month following sale. The following are budgeted sales data for the company: January February March April Total sales $50,000 $60,000 $40,000 $30,000 What is the amount of cash that should be collected in March
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Writing a check on an account with insufficient funds is allowed under certain conditions.
Describe the main differences for revenue spending between ""for profit"" companies and ""not for profit"" companies. Describe how the main financial documents of Goodwill are similar to those companies that are ""for profit"". Describe how the main financial documents of Goodwill are difference to those companies that are ""for profit"".

If the master budget prepared at a volume level of 10,000 units includes direct materials of $40,000, a flexible budget based on a volume of 12,000 units would include direct materials of $48,000.a. True
b. False

Answers

The answer would be true if you really think about it because if 10,000 units is $40,000 then 12,000 units would estimate up to about $48,000

Each of the following are classified as a noncash investing or financing activity except: a. retirement of debt by issuing stock
b. reissuing treasury stock
c. purchase of long-term assets by issuing bonds
d. purchase of noncash assets by issuing equity

Answers

Answer: b. reissuing treasury stock

Explanation:

Investing Activities in the Cashflow Statement refer to transactions that have to do with the buying and selling of Capital Goods such as Fixed Assets. It also refers to investments in other company bonds and stock.

Financing has to do with how the firm finances it's operations. These include long term debt and stock related transactions.

When these transactions are non-cash, it means quite rightly that no cash was exchanged and instead something else for exchanged instead of cash. For example, A non-cash Investing and Financing activity would be the purchase of long-term assets by issuing bonds.

In this question, option B being the reissuance of Treasury Stock is not a non-cash transaction. Treasury Stock is the company's own stock that it required from the market. By reissuing it, they will be doing so with cash involved. That is, people will buy the reissued shares and pay cash for them thus making it a Cash Financing Activity.

Under sec rules establashed by nsmia, an individual that files a registration application will be denied if the applicant has:

Answers

Answer:

The correct answer is:  served one (1) year or more in jail.

Explanation:

The National Securities Markets Improvement Act (NSMIA) is a U.S. securities regulation law. It aims to give more regulatory power to the federal government. Under this law, people who would like to apply to become securities brokers must not have a prison history as inmates for more than one (1) year. Otherwise, their application will be denied.

The common stock of Flavorful Teas has an expected return of 19.65 percent. The return on the market is 14.5 percent and the risk-free rate of return is 4.2 percent. What is the beta of this stock?

Answers

Answer:

beta= 1.5

Explanation:

The common stock of flavorful tea has an expected return of 19.65%

The return on the market is 14.5%

The risk-free rate is 4.2%

Therefore, the beta of the stock can be calculated as follows

Required return= Risk free rate+beta(market rate-risk free rate)

19.65%= 4.2%+beta(14.5%-4.2%)

19.65%= 4.2% + 14.5beta-4.2beta

19.65%= 4.2% + 10.3beta

19.65%-4.2%= 10.3beta

15.45%= 10.3beta

beta= 15.45/10.3

beta= 1.5

Hence the beta of this stock is 1.5

Final answer:

The beta of Flavorful Teas' common stock can be determined using the Capital Asset Pricing Model (CAPM). The beta, which measures a stock's volatility in comparison to the market, is calculated using the expected return of the stock, the return of the market, and the risk-free rate.

Explanation:

The beta of a stock is a measure of its volatility in comparison to the market as a whole, represented here by the return on the market. Beta is calculated using the Capital Asset Pricing Model (CAPM), which describes the relationship between the expected return of a security and its risk. We can calculate beta using the formula: Beta = (Expected Return of the Stock - Risk-Free Rate of Return) / (Market Rate of Return - Risk-Free Rate of Return).

So in this case, the expected return on Flavorful Teas is 19.65 percent, the market return is 14.5 percent, and the risk-free rate is 4.2 percent. Plugging these values into the formula gives: Beta = (19.65 - 4.2) / (14.5 - 4.2). That will provide the value for the beta of Flavorful Teas' common stock.

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Look carefully at the following list. a. The coins in your pocket. b. The funds in your checking account. c. The funds in your savings account. d. The​ traveler's check that you have left over from a trip. e. Your Citibank Platinum MasterCard. Which of the things above are NOT included in the M1LOADING... definition of the money​ supply?

Answers

Answer:

C and E.

Explanation:

Money supply: Amount of money currently circulating within a system.

  • Your saving accounts funds are at hold, not circulating, and same goes for the MasterCard the money won't start circulating till it's used.

Noma plans to save $3,400 per year for the next 35 years. If she can earn an annual interest rate of 9.2 percent, how much will she have in 35 years? a) $716,300.24 b) $119,000.00c) $767,464.54 d) $83807128 e) $734,09652

Answers

Answer:

c) $767,464.54

Explanation:

The computation of the future value of an annuity is shown below:

As we know that

Future value of annuity F =  Payment made × ((1 + rate of interest)^t - 1) ÷ rate of interest

= $3,400 × (1.092^35 - 1) ÷ 0.092

= $3,400 × 225.7249

= $767,464.54

Hence, the future value of an annuity is $767,464.54

Therefore the correct option is c.

Final answer:

Noma will have $767,464.54 in 35 years.

Explanation:

To calculate the future value of Noma's savings, we can use the formula for compound interest: FV = P(1 + r)^t, where FV is the future value, P is the principal amount, r is the interest rate, and t is the number of years. In this case, Noma plans to save $3,400 per year for 35 years with an annual interest rate of 9.2 percent. Plugging these values into the formula:

FV = 3400 * (1 + 0.092)^35

Calculating this expression, Noma will have a future value of $767,464.54 in 35 years.

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