GL0202 (No Analysis Tab) - Based on Exercise 2-9 LO A1
Prepare journal entries for each transaction and identify the financial statement impact of each entry.
The financial statements are automatically generated based on the journal entries recorded.
Jan. 1 Debbie Hall, owner, invested $142,750 cash in the company.
Jan. 2 The company purchased office supplies for $2,650 cash.
Jan. 3 The company purchased $14,050 of office equipment on credit.
Jan. 4 The company received $18,300 cash as fees for services provided to a customer.
Jan. 5 The company paid $14,050 cash to settle the payable for the office equipment purchased on January 3.
Jan. 6 The company billed a customer $4,100 as fees for services provided.
Jan. 7 The company paid $2,625 cash for the monthly rent.
Jan. 8 The company collected $2,175 cash as partial payment for the account receivable created on January 6.
Jan. 9 Debbie Hall withdrew $11,700 cash from the company for personal use.
1. The preparation of the journal entries for each transaction is as follows:
Journal EntriesJan. 1 Debit Cash $142,750
Credit Owner's Equity $142,750
Jan. 2 Debit Office Supplies $2,650
Credit Cash $2,650
Jan. 3 Debit Office Equipment $14,050
Credit Accounts Payable $14,050
Jan. 4 Debit Cash $18,300
Credit Service Revenue $18,300
Jan. 5 Debit Accounts Payable $14,050
Credit Cash $14,050
Jan. 6 Debit Accounts Receivable $4,100
Credit Service Revenue $4,100
Jan. 7 Debit Rent Expenses $2,625
Credit Cash$2,625
Jan. 8 Debit Cash $2,175
Credit Account Receivable $2,175
Jan. 9 Debit Withdrawals $11,700
Credit Cash $11,700
2. The identification of the financial statement impact of each entry is as follows:
Jan. 1 Increase in Assets (Cash $142,750) and Owner's Equity ($142,750)
Jan. 2 Increase in Assets (Office supplies $2,650) Decrease in Assets (Cash $2,650)
Jan. 3 Increase in Assets (Office Equipment $14,050) and Liabilities (Accounts Payable $14,050)
Jan. 4 Increase in Assets (Cash $18,300) and Equity (Service Revenue $18,300)
Jan. 5 Decrease in Liabilities (Accounts Payable $14,050) and Assets (Cash $14,050)
Jan. 6 Increase in Assets (Accounts Receivable $4,100) and Equity (Service Revenue $4,100)
Jan. 7 Decrease in Equity (Rent Expenses $2,625) and Assets (Cash$2,625)
Jan. 8 Increase in Assets (Cash $2,175) and decrease in Assets (Account Receivable $2,175)
Jan. 9 Decrease in Equity (Withdrawals $11,700) and decrease in Assets (Cash $11,700)
Transaction Analysis:
Jan. 1 Cash $142,750 Owner's Equity $142,750
Jan. 2 Office supplies $2,650 Cash $2,650
Jan. 3 Office Equipment $14,050 Accounts Payable $14,050
Jan. 4 Cash $18,300 Service Revenue $18,300
Jan. 5 Accounts Payable $14,050 Cash $14,050
Jan. 6 Accounts Receivable $4,100 Service Revenue $4,100
Jan. 7 Rent Expenses $2,625 Cash$2,625
Jan. 8 Cash $2,175 Account Receivable $2,175
Jan. 9 Withdrawals $11,700 Cash $11,700
Thus, the journal entries show the accounts debited and the accounts credited for each transaction.
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Requirements:
You are to complete, in good form, a Statement of Cash Flows for DuLang Industries for the Year Ended December 31, 2019, using Excel.
Good form means the statement must use proper headings, titles, and dates. Underlines, dollar signs, and double underlines where appropriate, please.
Use Excel to do the math for you. When you can use either cell references or formulas. Typing in numbers when you are able to use cell references or formulas will result in a loss of points.
In the worksheet, I have added a "Difference Column" which serves as a starting point for your assignment.
Answer:
i don't know
Explanation:
i need this profile requirement to go away
Whilst you have been away on annual leave the Principal of the agency has exchanged contracts to personally purchase one of your listings. You do not believe that your vendor is aware of the fact that it is your employer as it has been purchased in a company name and there is no declaration on the file or on the copy of the contract in the file. A) What skills will you need to employ? B) What do you do and explain why quoting any relevant bodies, legislation, forms and penalties?
(A) The skills required to deal with the issue is to computer and research skills and communication skills.
(B) One should resolve the complaints by using the Complaint Register.
What is the meaning of contract?Contract refers to the agreement between the two people or more under the eyes of the law. The agreement made should have the legal consideration and should be enforceable by the laws.
The skills needed to be employed are as follows:-
Knowledge of computers and research techniques to locate relevant legislation for your problems; Effective communication abilities to speak with the vendors and your employer.Complaint resolution processes (using the Complaint Register).This is something the principle should think about:
The Property and Stock Agents Act of 2002 considers it a violation of trust;Non-disclosure in order to receive a benefit; Form 49 and Section 55 MUST be completed;The vendor should not suffer as a result of working with your company; Up to two years in prison and a fine of $29,313 can be imposed as penalties for violating Section 55.The estate agent may also be ordered by a court to repay any commission they received from the vendor.
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Supply and Demand Equilibrium A graph titled Supply and Demand equilibrium has quantity on the x-axis and price on the y-axis. Line A has a positive slope and line B has a negative slope. The 2 lines intersect at point C. Match each term with the correct part of the graph. Demand curve Supply curve Equilibrium point
C is the point in the graph refers to the equilibrium price. Because the equilibrium demand and supply have produced this point, it is known as the equilibrium price.
What is equilibrium?Economic equilibrium is the set of economic variables that drives the economy, such as supply and demand. The term "economic equilibrium" can be used to a variety of variables, including interest rates and total consumer expenditure.
C point refers as equilibrium price produced by the demand and supply mention on X and Y axis respectively.
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Answer:
c
Explanation:
An analyst evaluating securities has obtained the following information. The real rate of interest is 2.8% and is expected to remain constant for the next 5 years. Inflation is expected to be 2.6% next year, 3.6% the following year, 4.6% the third year, and 5.6% every year thereafter. The maturity risk premium is estimated to be 0.1 × (t – 1)%, where t = number of years to maturity. The liquidity premium on relevant 5-year securities is 0.5% and the default risk premium on relevant 5-year securities is 1%.
a. What is the yield on a 1-year T-bill? Round your answer to one decimal place.
b. What is the yield on a 5-year T-bond? Round your answer to one decimal place.
c. What is the yield on a 5-year corporate bond? Round your answer to one decimal place.
An analyst evaluating securities has obtained the following information, which is mathematically given as
Y1= 4.30%Y5= 6.50%Y5'= 8%What are the yield on a 1-year T-bill, the yield on a 1-year T-bill, and the yield on a 5-year corporate bond?Generally, the equation for Yield on Corporate Bond is mathematically given as
Y= r* + IP + MRP + DRP + LP
Hence
a) For the yield on a 1-year T-bill
Y1== 2.2% + 2.1%
Y1= 4.30%
b) For the yield on a 5-year T-bond
Where
IP= (2.1% + 3.1% + 4.1% + 5.1% + 5.1%)/5 = 3.90%
And
MRP = 0.1*(5-1)
MRP= 0.4%
Y5= 2.2% + 3.90% + 0.4%
Y5= 6.50%
c) For the yield on a 5-year corporate bond
IP = (2.1% + 3.1% + 4.1% + 5.1% + 5.1%)/5
IP= 3.90%
MRP = 0.4%
DRP = 1%
LP = 0.5%
Therefore
Y5= 2.2% + 3.90% + .4% + 1% + .5%
Y5'= 8%
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Please identify a firm using the various variables used in SCM and OHS&S as per legal requirements.
Canadian Tire Corporation is an example of Canadian firm involved in global operations and SCM.
How the company makes use of SCM and OHSThe company makes use of occupational safety and health and also supply chain management to ensure that the key operations in the firm are being carried out.
The company has over 1700 stores in the Canadian nation. They have workers that are about 100000. This form is one of the biggest retail shops in the nation.
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what is responsible supply
What does it mean to have a negative savings rate?
A) Saving for something that is a want instead of a need
B) Having a fully funded emergency fund
C) Having no savings at all
D) Spending more money than you make and acquiring debt
Answer:
D). Spending more money than you make and acquiring debt
Determine the contribution margin per machine hour for each model.
2. How many units of each model should the company produce? How much total
contribution margin does this mix produce per month?
3. Assume the maximum demand for the Standard model is 180 units (not 550 units).
How many units of each model should the company produce? How much total
contribution margin does this mix produce per month?
Based the selling price per unit and the contribution margin, the contribution margin per machine per hour is $105 for Standard and $42 for Delux.
The total number of units to be produced are 162 units for Standard and 0 units for Deluxe. This will lead to a contribution margin of $17,010.
What is the contribution margin per machine per hour for Edge Company?The contribution margin per machine per hour for Standard is:
= Contribution margin per unit / Number of machine hours per unit
= 105 / 1
= $105
For Deluxe is:
= 84 / 2
= $42
What is the ideal mix for Edge Company?Producing Standard gives a higher Contribution Margin so the company should focus on this alone.
Number of units of Standard would be:
= Machine capacity per month / Number of hours required for Standard
= 162 / 1
= 162 units
The contribution margin would be:
= 162 x x Contribution Margin per unit
= 162 x 105
= $17,010
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Which of the following is most likely missing from your financial plan if you are not prepared for an emergency?
A. financing
b. a budget
C. investments
d. savings
Please select the best answer from the choices provided
Over which of the following factors affecting profits does a business have the most control:
Your answer:
Expenses
Economy
Chance
Demand
The factor that affecting profits to a business that have the most control is the expenses.
How expenses affect profit?The expenses play the major role to affect the profit of business organizations, as it is clear that if the firm incurred more expenses in various things that are not related to the business, then ultimately the profit level decreases, and vice-versa.
Therefore, option A is correct.
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Question 6 of 20
A product with a high level of elasticity of demand has which feature?
A. Demand for the product consistently falls over time.
B. Demand for the product rises and falls depending on
circumstances.
C. Demand for the prodt consistently rises over time.
D. Demand for the product is limited to a very small group of
A product with a high level of elasticity of demand has the feature of the B. Demand for the product rises and falls depending on circumstances.
What is Elasticity of Demand?This refers to the extent to which there is a price change that causes a product to have a change in demand.
Hence, we can see that when there is a high elasticity of demand, it is usually because there is a variable change in the quantity demanded in relation to its price and this means that B. Demand for the product rises and falls depending on circumstances.
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1. Which of the following is true about finding the present value of cash flows?
A. Finding the present value of cash flows tells you how much you need to invest today so that it grows to a given future amount at a specified rate of return.
B. Finding the present value of cash flows tells you what a cash flow will be worth in future years at a specified rate of return.
2. Which of the following investments that pay will $18,000 in 4 years will have a lower price today?
A. The security that earns an interest rate of 4.00%
B. The security that earns an interest rate of 6.00%.
3. Eric wants to invest in government securities that promise to pay $1,000 at maturity. The opportunity cost (interest rate) of holding the security is 4.00%. Assuming that both investments have equal risk and Eric’s investment time horizon is flexible, which of the following investment options will exhibit the lower price?
A. An investment that matures in four years
B. An investment that matures in five years
4. Which of the following is true about present value calculations?
A. Other things remaining equal, the present value of a future cash flow increases if the discount rate increases.
B. Other things remaining equal, the present value of a future cash flow decreases if the discount rate increases.
Based on present value calculations, the following are true:
A. Finding the present value of cash flows tells you how much you need to invest today so that it grows to a given future amount at a specified rate of return.B. The security that earns an interest rate of 6.00%.B. An investment that matures in five years.B. Other things remaining equal, the present value of a future cash flow decreases if the discount rate increases.What is true of present value calculations?Present value relies on the interest rate and the number of periods that an investment. The longer the investment period, the lower the present value.
The higher the interest rate, the lower the present value as well, For this reason, the 6% investment will be worth less today and the five year investment will have a lower price today.
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Which of the following could be identified as a simile? (2 points)
The light shone brightly through the window at dawn.
I ran to my classroom as fast a cheetah on the hunt.
The young boy shivered with fear when the lights went out.
He is one of the greatest and most prolific writers in history.
Answer:
He is one of the greatest and most prolific writers in history.
Which of the following is not part of the OSHA training requirements for construction workers?
A. Employers must teach employees to recognize and avoid unsafe conditions.
B. Employers must train employees required to handle or use poisons to handle and use them safely.
C. Employers must teach employees required to handle or use flammable liquids how to safely handle and use them.
D. Employers must teach employees how to clock in and clock out for payment purposes.
Answer:
B.
Explanation:
most construction workers dont handle poisons
how to calculate a trial balance
Answer:
Here is the answer
hope it helps u
Please mark As Brainliest
( ^_^ ) BTS ARMY GIRL ( 방탄소년단 )2
3
4 5
6
7
which of the following is a type of liability?
A revenue stream
A liquid asset
Accounts payable
Accounts receivable
lease select the best answer from the choices provided
DA
OB
O C
In the given list accounts payable is a current liability. Thus, the correct answer is C.
What is liability?The legal debts incurred by a firm to third-party stakeholders are referred to as liabilities. Accounts payable, notes payable, and bank debt are examples of these types of liabilities.
Accounts payable is used to indicate the money owing to suppliers for products or services that were purchased on credit.
Therefore, option C accounts payable is the correct answer.
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You have been asked to study the effects of an employee-wide training program, in a company of 500 employees, designed to reduce the amount of customer complaints. Describe how you would carry out the study, including the variable or variables you would collect, how you would measure those variables, and what would indicate success.
The effects of an employee-wide training program, will be done to improve the employee performance via good training programs.
What is the research about?The research method will be a qualitative research. In the work, we are going to analyze and understand and see the theoretical aspect and models linked to employee development via training and development programs, and the influence on employee performance.
The study will give a background about good training effectiveness and how it leads to boasting the employee performance as well as others.
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If a recent ad deterred you from buying the product, describe why. How would you change it? Share a link if you can (please be sure it's appropriate).
Some reasons why an ad deterred a consumer from buying a product could be lack of information or jarring communication.
How to build an effective ad?It is essential that the marketing team develop a strategy to engage your potential consumer. For this, it is necessary to align the language and ideas contained in the ad to have the expected effect on the consumer, in addition to identifying the ideal channel for placement.
Therefore, publicity and advertising are essential to generate value for a brand and reach the consumer.
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QPD Corporation discovered financial information about its prime competitor which it used to its advantage. QPD did not obtain the information from any illegal source or through any illegal means. As discussed by the authors, which of the following disadvantages of having a corporate form of business is responsible for QPD’s knowledge of the details of its competitor’s financial situation?
Corporation is the form of business that responsible for QPD’s knowledge of the details of its competitor’s financial situation.
What is cooperate business?A cooperate business is a business that is owned and manage by group of individuals.
The members also use the product as well as the service.
Coporation gives members access to information which can be divulged to competitors by members.
Therefore, Corporation is the form of business that responsible for QPD’s knowledge of the details of its competitor’s financial situation.
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Customers who purchase an item on account usually do so with a
—
Customers who purchase an item on account usually do so with a credit or debit card or a financial program.
What is a credit card?A credit card is a payment card that allows the cardholder to borrow money up to a certain limit in order to make purchases or withdraw cash. The borrower is then required to pay back the borrowed amount, along with interest, at a later date. Credit cards also typically offer rewards or cash back for purchases made with the card.
Therefore, a customer who purchased an item on account usually do so with a credit, or debit card or any other financial program.
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Several coworkers of yours at the local swimming pool have been taking snacks from the snack bar without paying. This is an example of:
O property deviance.
O production deviance.
O personal aggression.
O political deviance
This is an example of property deviance. Thus the correct option is (B).
What is production deviance?Production deviance is conduct that formally transgresses the established organizational standards on the minimal standard of quantity and quality of work that must be completed in order to perform one's duties.
The coworkers are wasting the resources of the company and as well as polluting the swimming pool by eating snacks. This is an appropriate example of property deviance.
Thus the correct option is (B).
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What are the four core principles in business?
Answer:
Honesty ,Integrity, Promise-Keeping & Trustworthiness, Loyalty
Explanation:
there are many principles related to business. but basic principles of business are Honesty ,Integrity, Promise-Keeping & Trustworthiness, Loyalty. A person must be honest and loyal in his business. A person must fulfill his promises to citizens . A person should lie to his business handlers and users.
Lowering the unemployment rate affects a country by:
Answer:The answer is a
Explanation: did the assignment
Answer:
Increase productivity
Explanation:
Lowering unemployment rate increases productivity and raises the standard of living of citizens in the country.
can i apply for a bank account without a utility bill because i have all the requirements needed except a utility bill
Answer:
You dont need it
a. Some entrepreneurs claim that creating a business plan is not necessary for launching a successful business venture. Do you agree? Explain
Answer:
In my opinion creating a business plan would make your chances of making a successful business higher since you already know what your doing, it can also help with your thought process and help you consider different aspects of your business. Not having a plan also would lead to all your ideas being in your brain which could make it harder to focus. But many entrepreneurs have started businesses without plans and have succeeded but I think its easier to have a plan.
If the effective annual yield on a bond is equal to the bondʹs coupon rate, the bond will have a market value that is
Answer:
The coupon rate is the stated periodic interest payment due to the bondholder at specified times. The bond's yield is the anticipated overall rate of return. If the bond's price changes and is no longer offered at par value, the coupon rate and the yield will no longer be the same as the coupon rate is fixed and yield is a derivative calculation based on the price of the bond.
what is gross income??
Answer:
the amount of money you make before all the taxes and deductions are made.
Explanation:
whay i said for the answer ^
If you had to formulate some goals for cash buil,what would they be
Answer:
I would want them to be a reasonable price. I would also want them to be a reasonable goal.
Explanation:
I would want them to be a reasonable or average goal.
Which of the following is true about goods and services?