The difference between the small business owner and the entrepreneur is that the entrepreneur:_________ a) assumes the risk of the business manages
b) the business is responsible for the profits of the business
c) is accurately described by all of the above files taxes for the business

Answers

Answer 1

Answer:

Answer:

Option A

Explanation:

The difference between the small business owner and the entrepreneur is that the entrepreneur "assumes the risk of the business manages" or option A. A entrepreneur is a person who manages and runs a business or businesses taking on more risks as the financial advisor so if we are talking differences of a business owner and a entrepreneur, a entrepreneur understands and takes on the risk of managing the business or businesses while a business owner manages one business not knowing the risk of managing one.

Hope this helps.

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Fund to Retire Bonds At the beginning of 2019, Shanklin Company issued 10-year bonds with a face value of $1,000,000 due on December 31, 2028. Shanklin wants to accumulate a fund to retire these bonds at maturity by making annual deposits beginning on December 31, 2019. Required: How much must Shanklin deposit each year, assuming that the fund will earn 12% interest a year compounded annually

Answers

Answer:

$56,984

Explanation:

We can find the Annuity value by using the annuity formula which is as under:

Future Value = Annuity Value * Annuity Factor

Here

Future Value given is $1,000,000

Annuity Factor at 12% for 10 year bond = [1 - (1 + 12%)^10] / 12% = 17.548735

By putting values in the formula given above, we have:

$1,000,000 / 17.548735 = Annuity Value

Annuity Value = $56,984

Evergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2021, the following transactions related to receivables occurred:Feb. 28 Sold merchandise to Lennox, Inc., for $10,000 and accepted a 10%, 7-month note. 10% is an appropriate rate for this type of note.
Mar. 31 Sold merchandise to Maddox Co. that had a fair value of $7,200, and accepted a noninterest-bearing note for which $8,000 payment is due on March 31, 2022.
Apr. 3 Sold merchandise to Carr Co. for $7,000 with terms 2/10, n/30. Evergreen uses the gross method to account for cash discounts.
11 Collected the entire amount due from Carr Co.
17 A customer returned merchandise costing $3,200. Evergreen reduced the customer’s receivable balance by $5,000, the sales price of the merchandise. Sales returns are recorded by the company as they occur.
30 Transferred receivables of $50,000 to a factor without recourse. The factor charged Evergreen a 1% finance charge on the receivables transferred. The sale criteria are met.
June 30 Discounted the Lennox, Inc., note at the bank. The bank’s discount rate is 12%. The note was discounted without recourse.
Sep. 30 Lennox, Inc., paid the note amount plus interest to the bank.

Required:
1. Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold.
2. Prepare any necessary adjusting entries at December 31, 2021. Adjusting entries are only recorded at year-end.
3. Prepare a schedule showing the effect of the journal entries on 2021 income before taxes

Answers

Final answer:

The answer provides the necessary journal entries for Evergreen, including transactions, adjusting entries, and the effect on income before taxes.

Explanation:

1. Journal Entries:

Feb. 28: Debit Notes Receivable-$10,000; Credit Sales-$10,000
Mar. 31: Debit Notes Receivable-$7,200; Credit Sales-$7,200
Apr. 3: Debit Accounts Receivable-$7,000; Credit Sales-$7,000
Apr. 11: Debit Cash-$6,860; Debit Sales Discounts-$140; Credit Accounts Receivable-$7,000
Apr. 17: Debit Sales Returns-$0; Debit Accounts Receivable-$5,000; Credit Cost of Goods Sold-$3,200; Credit Sales-$5,000
Apr. 30: Debit Cash-$49,500; Debit Finance Charge Expense-$500; Credit Transfer of Receivables-$50,000
June 30: Debit Cash-$9,105; Debit Loss on Discount of Note Receivable-$895; Credit Notes Receivable-$10,000
Sep. 30: Debit Cash-$10,560; Credit Notes Receivable-$10,000; Credit Interest Income-$560

2. Adjusting Entries:

Dec. 31: Debit Interest Receivable-$340; Credit Interest Income-$340 (to recognize accrued interest on the Lennox note)

3. Income Before Taxes:

The journal entries will impact the 2021 income before taxes as follows:
- Sales of merchandise will increase the income
- Sales returns and discounts will decrease the income
- Interest income and finance charge expense will affect the income

Learn more about Accounting here:

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Calculate the present value of the following: a-1. Annual payment of $800 for 10 years at 5% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a-2. Annual payment of $600 for 15 years at 5% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a-3. Which option would you prefer? b-1. Annual payment of $800 for 10 years at 20% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.) b-2. Annual payment of $600 for 15 years at 20% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.) b-3. Which option would you prefer?

Answers

Answer:

a-1 Present value = 6,177.39

a2- Present Value =6,227.79

a3- Choose the payment stream with the highest present value = a2

b1- Present Value=3,353.98

b2-Present Value=2,805.28

b3-Choose the payment stream with the highest present value = b1

Explanation:

a-1 describes an ordinary annuity whose present value is calculated as follows:

$Present value =PMT*([1-(1+i)^-^n])/(i)$

where PMT=$800; i= 5%, n= 10

$Present value =800*([1-(1+0.05)^-^1^0])/(0.05)$ = 6,177.39

a2- $Present value =600*([1-(1+0.05)^-^1^5])/(0.05)$ = 6,227.79

a3- If I were receiving these payments annually, I would prefer the payment stream with the highest present value ie a2 -Annual payment of $600 for 15 years at 5% interest.

b1- $Present value =800*([1-(1+0.20)^-^1^0])/(0.20)$ = 3,353.98

b2- $Present value =600*([1-(1+0.20)^-^1^5])/(0.20)$ =2,805.28

b3- f I were receiving these payments annually, I would prefer the payment stream with the highest present value ie b1- Annual payment of $800 for 10 years at 20% interest.

The Victor Company sells two products. The following information is provided: Product A Product BUnit selling price$100 $150 Unit variable cost$30 $70 Number of units produced and sold 20,000 60,000 What is the weighted average contribution margin per unit?A. $75.00
B. $80.00
C. $77.50
D. $72.50

Answers

Answer:

Weighted average contribution margin= $77.5

Explanation:

Giving the following information:

Product A Product B

Unit selling price $100 $150

Unit variable cost $30 $70

Number of units produced and sold 20,000 60,000

First, we need to determine the sales proportion:

Product A= 20,000/80,000= 0.25

Product B= 0.75

To calculate the weighted-average contribution margin, we need to use the following formula:

Weighted average contribution margin= (weighted average selling price - weighted average unitary variable cost)

Weighted average contribution margin= (0.25*100 + 0.75*150) - (0.25*30 + 0.75*70)

Weighted average contribution margin= 137.5 - 60

Weighted average contribution margin= $77.5

During 2017 sales on account were $866000 and collections on account were $522000. Also during 2017 the company wrote off $42500 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $329000. The change in the cash realizable value from the balance at 12/31/16 to 12/31/17 was a

Answers

Answer:

There is a change of $27,500 (decrease)

Explanation:

Cash realizable value is the amount of money that the company expects to receive from their accounts receivable after deducting all uncollectible accounts.

First, we must compute the change in gross accounts receivable from the transactions happened during the year.

Sales on account less collections less write-offs = change in Gross accounts receivable.

$866,000 - ($522,000 + $42,500) = $301,500 (increase in gross accounts receivable)

Finally, we can now compute the change in cash realization value by deducting uncollectible accounts to gross accounts receivable.

$301,500 - $329,000 = ($27,500)

Which of the following accounts will usually appear in the post-closing trial balance? a. Accounts Receivable b. Cash c. Depreciation Expense d. Fees Earned e. Doug Woods, Capital f. Doug Woods, Drawing g. Equipment h. Land i. Salaries Payable j. Unearned Rent k. Wages Expense

Answers

Explanation:

While preparing the post closing trial balance, we record the permanent account while the temporary accounts are not records. So, the permanents accounts that are recorded are given below:

a. Accounts Receivable

b. Cash

c. Doug Woods, Capital

d. Equipment

e. Land

f. Salaries Payable

g. Unearned Rent

All other account balances reflects that they are temporary accounts. Hence, ignored it

The post-closing trial balance will typically include Accounts Receivable, Cash, Doug Woods, Capital, Equipment, Land, and Salaries Payable. It doesn't include temporary accounts which are closed at the end of the period.

The post-closing trial balance includes only the permanent or real accounts that have balances after the closing process. In the case of the accounts provided, the post-closing trial balance will usually include a. Accounts Receivable, b. Cash, e. Doug Woods, Capital, g. Equipment, h. Land, and i. Salaries Payable. Temporary or nominal accounts such as c. Depreciation Expense, d. Fees Earned, f. Doug Woods, Drawing, j. Unearned Rent, k. Wages Expense are closed at the end of the period and therefore, don't usually appear in the post-closing trial balance.