BUSINESS COLLEGE

Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example.Cash Net Income
A. Purchased $100 of supplies for cash. –$100 $0
B. Recorded an adjusting entry to record
use of $30 of the above supplies.
C. Made sales of $1,250, all on account. 1297 1164
D. Received $850 from customers in payment
of their accounts. 865 299
E. Purchased equipment for cash, $2,600. 2528 2229
F. Recorded depreciation of building for period
used, $650. 610 2839

Answers

Answer 1
Answer:

Answer:

                                                                  Item  cash      Net income  

a  Purchase of Supplies of cash                 -$100                   -

b  Adjusting entry for use of supplies            -                     -$30

c  Made sales on account                               -                   $1,250

                                             Or

   Made sales on account                               -                   $1,297

d Received cash from customer on acct     $850                  -

                                           Or

   Received cash from customer on acct     $865                  -

e  Purchased equipment for cash               -$2,600              -

                                            Or

   Purchased equipment for cash               -$2,528                -

f   Depreciation of building to be recorded      -                  -$650

                                         Or

   Depreciation of building to be recorded       -                 -$610

Related Questions

Assume the carrying capacity of the earth is 13 billion. Use the 1960s peak annual growth rate of 2.1​% and population of 3 billion to predict the base growth rate and current growth rate with a logistic model. Assume a current population of 6.8 billion. How does the predicted growth rate compare to the actual growth rate of about 1.2​% per​ year?
LO 6.5Under absorption costing, a unit of product includes which costs?direct material, direct labor, and manufacturing overheaddirect material, direct labor, and variable manufacturing overheaddirect material, direct labor, and fixed manufacturing overheaddirect material, direct labor, and all variable manufacturing overhead
A widely used activity base for developing factory overhead rates in highly automated settings is a.machine hours b.direct materials c.direct labor hours d.direct labor dollars
The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31:Sales $ 1,350,000Selling price per pair of skis $ 450Variable selling expense per pair of skis $ 46Variable administrative expense per pair of skis $ 19Total fixed selling expense $ 140,000Total fixed administrative expense $ 115,000Beginning merchandise inventory $ 75,000Ending merchandise inventory $ 120,000Merchandise purchases $ 315,0001. Prepare a traditional income statement for the quarter ended March 31.2. Prepare a contribution format income statement for the quarter ended March 31.3. What was the contribution margin per unit?
McCoy Brothers manufactures and sells two products, A and Z in the ratio of 5:2. Product A sells for $75; Z sells for $95. Variable costs for product A are $35; for Z $40. Fixed costs are $418,500. Compute the contribution margin per composite unit

A company purchased a building for $850,000 on January 1, 2010. As of December 31, 2014, $200,000 of accumulated depreciation had been recorded related to this building. The building was sold to another party for $1,250,000 on January 1, 2015. On the sale of this building, the company should recognize:

Answers

Answer: Gain of $600,000

Explanation: As we know that :-

Gain / loss = Sales value - Cost of building

Now, we can compute cost of building on date of sale as follows :-

cost = purchase date cost - accumulated depreciation

        = $850,000 - $ 200,000

        = $650,000

putting the values into initial equation we get :-

Gain = $1,250,000 - $650,000

        = $600,000

jongeward corporation is the process of preparing its annual budget. the following beginning and ending inventory levels are planned for the year. the number of units the company would have to manufacture during the year would be

Answers

Answer:

$750,000 units

Explanation:

Calculation to determine the number of units the company would have to manufacture during the year

PRODUCTION BUDGET

Budgeted unit sales 700,000

Add desired ending finished goods inventory 73,000

Total $773,000)

(700,00+73,000

Less beginning finished goods inventory $23,000

Units to manufacture 750,000

Therefore number of units the company would have to manufacture during the year would be: $750,000

if viewed from a flow standpoint, the stage of configuration management that has provision for variable routing to the next step, depending on outcome at this stage, is:

Answers

If viewed from a flow standpoint, the stage of configuration management that has provision for variable routing to the next step, depending on outcome at this stage, configuration control.

What is configuration control?

Process for regulating hardware, software, firmware, and documentation alterations to safeguard the information system from unauthorised alterations before, during, and after system deployment. In military and technology development environments, configuration control is frequently employed. By making sure that any changes are thoroughly tested before being incorporated into the finished product, it can lower the likelihood of failure or malfunction.

What does the configuration serve?

The process of configuration management involves keeping software, servers, and computer systems in a consistent, desirable condition. It's a method of ensuring that a system functions as expected as modifications are made to it over time.

To know more about configuration control, click here- brainly.com/question/29736870

#SPJ4

Suppose that you are obtaining a personal loan from your uncle in the amount of $30,000 (now) to be repaid in three years to cover some of your college expenses. If your uncle usually earns 9% interest (annually) on his money, which is invested in various sources, what minimum lump-sum payment three years from now would make your uncle satisfied with his investment?

Answers

Answer:

$38,851 approx

Explanation:

As per the information provided in the question, the minimum annual rate of return would be at-least equal to the usual rate of return the investor (here uncle) earns. Here it is 9% per annum.

Anything earned below this rate of return will not satisfy the investor since this represents the minimum required rate of return.

A= P(1 + r)^(n)

Where A= Amount

           P= Principal

           r= Annual Rate Of Interest

           n= period of loan

Therefore, A= 30,000(1 + .09)^(3)

                  A= $38,850.87 or $38,851 approx.

Telfer, Inc. reported net income of $2.3 million in 2020. Depreciation for the year was $157,100, accounts receivable decreased $329,900, and accounts payable decreased $302,000. Compute net cash provided by operating activities using the indirect method.

Answers

Answer:

$2,479,600

Explanation:

The computation of the operating activities via indirect method is shown below:

Cash flow from operating activities

Net income = $2,300,000

Add : Depreciation for the year $157,100

Add: Decrease in account receivable $329,900

Less: Decrease in account payable -$302,000

Net cash flow provided by operating activities $2,479,600

Messersmith Company is constructing a building. Construction began in 2017 and the building was completed 12/31/17. Messersmith made payments to the construction company of $3,000,000 on 7/1, $6,300,000 on 9/1, and $6,000,000 on 12/31. Weightedaverage accumulated expenditures werea. $3,075,000.

b. $3,600,000.

c. $9,300,000.

d. $15,300,000.

Answers

Answer:

b. $3,600,000.

Explanation:

The weighted average accumulated expenditure is given by the sum of each expenditure weighted by the distance between payment and the conclusion of the construction:

WAAE = \$3,000,000(12-6)/(12)+ \$6,300,000(12-8)/(12)+ \$6,000,000(12-12)/(12) \nWAAE = \$3,600,000

Weighted average accumulated expenditures were $3,600,000.
Other Questions
Five years ago, a company made a $5 million investment in a new high-temperature material. the product was not well accepted after the first year on the market. however, when it was reintroduced 4 years later, it did sell well during the year. major research funding to broaden the applications has cost $15 million in year 5. using a net present worth balancing equation and a manual iteration process, find the rate of return for the cash flows listed below.
Paula, a human resource executive, is setting up a mentoring program at her company. Which action will best help the program succeed
According to Duffy-Deno (2003), when the price of broadband access capacity (the amount of information one can send over an Internet connection) increases 10%, commercial customers buy about 3.8% less capacity. What is the elasticity of demand for broadband access capacity for firms? Is demand at the current price inelastic?
During 2019, Ocean Consulting had the following transactions with it clients (customers): On February 1, 2019, the company received cash of $5,500 from clients in payment of their account balances as of December 31, 2018. On November 1, 2019, the company received $2,500 cash as payments in advance for services to be performed in 2020. The company received a total of $15,500 in cash for services that were performed during 2019. The company sent bills totaling $4,500 to clients for services performed during 2019; this amount was unpaid as December 31, 2019.As a result of these transactions during 2019, the firm's stockholders' equity will:__________