The preparation of the December 31 balance sheet for Ernst Consulting is as follows:
Ernst Consulting
Balance SheetAs of December 31
Assets:Cash $ 7,010
Accounts receivable 18,350
Office supplies 4,480
Office equipment 19,360
Land 46,040
Total assets $95,240
Liabilities and Equity:Accounts payable 9,740
Common stock 85,360
Retained earnings 140
Total liabilities and
Equity $95,240
What is the balance sheet?The balance sheet is a financial statement that shows that an entity's assets are equal to its liabilities and equity.
The first step in preparing Ernst Consulting's balance sheet is to conclude the Income Statement, showing the net income and retained earnings, as below.
Data and Calculations:Cash $ 7,010
Accounts receivable 18,350
Office supplies 4,480
Office equipment 19,360
Land 46,040
Consulting revenue 18,350
Rent expense 4,820
Salaries expense 8,370
Telephone expense 910
Miscellaneous expenses 720
Cash dividends $ 3,390
Accounts payable 9,740
Common stock 85,360
Ernst Consulting
Income StatementFor the year ended December 31
Consulting revenue $18,350
Rent expense 4,820
Salaries expense 8,370
Telephone expense 910
Miscellaneous expenses 720
Net income $3,530
Cash dividends 3,390
Retained earnings $140
Thus, the December 31 balance sheet for Ernst Consulting has been prepared as shown above.
Learn more about preparing the balance sheet at https://brainly.com/question/13473878
#SPJ1
Requirements for a good code of ethics grade 11
Answer:
Don't be bad, help others.
Explanation:
Find the GDP data of a country within five years, and analyze the reasons for its growth and decline
The GDP of the United States shows sustained growth which translates into economic development. However, in 2020 it decreased due to the pandemic.
What is GDP?The gross domestic product (GDP) is a term used in economics to refer to the macroeconomic magnitude that expresses the monetary value of the production of final demand goods and services of a country or region during a given period, usually one year.
Let's analyze the GDP of the United States2016 - 18.6 billion dollars.2017 - 19.5 billion dollars.2018 - 20.6 billion dollars.2019 - 21.4 billion dollars.2020 - 20.9 billion dollars.According to the above information, it can be inferred that the United States has a high GDP as a result of its high industrialization and economic strength, however, in 2020 there was a decrease as a result of the pandemic.
Learn more about GDP in: https://brainly.com/question/15899184
#SPJ1
3. Which pair of fields must contain unique values for every name entry?
a. CUSTOMER TYPE and COMPANY NAME.
b. VENDOR TYPE and FULL NAME.
C. CUSTOMER NAME and VENDOR NAME.
d. COMPANY NAME and FULL NAME.
CUSTOMER NAME and VENDOR NAME must contain unique values for the entry of name in the data sheet.
Who is a customer?Someone who buys or purchases a commodity from a seller with an intention to consume or resell such product to someone else at a given price or quantity is known as a customer.
Every consumer is a customer, but every customer is not a consumer. A vendor, on the other hand, is an individual who deals in commodities to be sold to their customers at a given price or quantity.
Hence, option C holds true regarding a customer.
Learn more about a customer here:
https://brainly.com/question/13472502
#SPJ1
list four factor you should consider when selecting a financial institution
Answer:
▪︎Products and Services That Fit Your Needs.
▪︎Security for Your Money.
▪︎Convenient Access to Your Cash.
▪︎Minimal Fees.
Explanation:
18
Select the correct text in the passage.
Which phrases explain the smart Investment made by Lu Shing and her husband?
Lu Shing is a teacher in a primary school, while her husband works in a huge bookstore. They have two kids and are concerned about their
future. Lu's husband has Invested in a few blue chip stocks listed on the NASDAQ stock exchange and earns good profits from them. Lu, on the
other hand, has invested in some safe Security bonds and fixed return annultles. They also receive monthly rent from an old penthouse in the
suburbs. Lu is also taking up violin lessons so that she can teach violin to students in her free time and pursue her passion. Her husband is a
semi-professional lawn tennis player.
Reset
Next.
The phrases that explain the smart Investment made by Lu Shing and her husband are:
"smart""sensible""low-risk"This refers to the buying of stocks or other property in hopes that it would appreciate in value over a period of time.
Hence, we can see that based on the smart investment made by the family of Lu Shing who both have stable jobs and bought stocks that are low-risk, the correct phrases to describe them are listed above.
Read more about investments here:
https://brainly.com/question/25300925
#SPJ1
Answer:
Invested in a few blue chip stocks, and has invested in some safe security bonds and fixed return annuities
Explanation:
Receiving a fixed income from an investment is a great method.
Santoro co produced a draft statement of the financial position at the year end which showed the owners equity of 4,50,000. It was later discovered however that the following transactions which all occurred on the last day of the financial year had not been taken into account. 1) Property which cost 3,26,000 had been revalued to 3,86,000 2) Inventories which cost 26,000 had been sold on credit for 31,000 3) The owner withdrew 22,000 in cash. 4) The trade receivable paid the amount owing of 23000 in full what will be the revised figure for owners equity after the above transactions are taken into account?
Based on the revisions to the statement for Santoro Co., the revised figure for the owner's equity would be $493,000.
What is the new figure for owner's equity?The revised figure can be found as:
= Beginning owner's equity + (Property readjustment) + Inventory readjustment - Withdrawals
Solving gives:
= 450,000 + (386,000 - 326,000) + (31,000 - 26,000) - 22,000
= $493,000
Find out more on account readjustment at https://brainly.com/question/4555544.
#SPJ1
Q.12 The owner’s equity balance of LL-company showed an increase in Br. 900,000 for the year 2018. You are provided with the following additional information: Additional investments made during the year Br. 480,000 Withdrawals during the year amounted to 35% of investment Expenses incurred during the year: Salaries Expenses 74,500 Advertising Expenses 42,000 Utilities expenses 50,000 Depreciation Expenses 80,000 Transportation Expenses 35,000 Required: (a) Calculate the revenues generated in 2018. (b) Calculate the net income or net loss for the year 2018.
a) The revenues generated in 2018 were Br. 800,025.
b) The net income for the year 2018 was Br. 518,525.
What is the increase in owner's equity?The owner's equity increases with the following factors:
Increased capital contribution.Higher profitsIncreased salesDecreased expenses.Data and Calculations:Increase in Owner's Equity = Br. 900,000
Additional investments = Br. 480,000
Withdrawals = 35% of investment expenses
= Br. 98,525 (35% x Br. 281,500)
Salaries Expenses 74,500
Advertising Expenses 42,000
Utilities expenses 50,000
Depreciation Expenses 80,000
Transportation Expenses 35,000
Total investment expenses = Br. 281,500
Net income (loss) = Br. 518,525 (Br. 900,000 -480,000 + 98,525)
Revenues = Br. 800,025 (Br. 518,525 + 281,500)
Thus, while the revenues generated in 2018 were Br. 800,025, the net income for the year 2018 was Br. 518,525.
Learn more about changes in owners' equity at https://brainly.com/question/16929993
#SPJ1
Alpha Software Inc. made an advance rent payment of $6,000 for its warehouse. The accounting period for which the company paid the rent was from January to June 2014. The accountant recorded a rent payment of $1,000 in the month of January, 2014. Which accounting principle guides this action? A. accounting periodicity B. matching principle C. historical cost D. business entity
Based on the fact that the accountant recorded the rent payment for the month of January, the principle here is the B. matching principle.
What is the matching principle?The matching principle calls for apportioning expenses to the period they were incurred so that they can be matched with the revenue in that period.
The accountant recorded $1,000 for rent in January $1,000 would be apportioned per month based on the total rent paid for 6 months.
Find out more on the matching principle at https://brainly.com/question/15700799.
#SPJ1
An opportunity cost is best described as:
Answer :
You can describe it in relation to a particular activity which is the loss of value or benefit that would be incurred (the cost) by engaging in that activity, relative to engaging in an alternative activity offering a higher return in value or benefit.
hope this helps..
Answer:
The Alternative Forgone
Explanation:
The opportunity cost simply tells us what you have to give up in other to get something else. For instance, if you have $100 to get either a phone or a console. If you eventually get the console, the opportunity cost is the phone that you have forgone.
Assuming a country's economy maintains an 8% rate of growth, young adults starting at age 20 would see the average standard of living in their country more than double by the time they had reached age
Answer:
A) 30
Explanation:
to determine in how many years the economy will double with an 8% growth rate, we can use the rule of 72. The rule of 72 basically works by dividing 72 by the compounding growth rate to determine the number of years it will take an investment to double.
The rule of 72 works well when growth rate is between 6-10%, at 8% it is quite exact. For lower growth rates you should use the rule of 70 which is basically the same but instead of using 72, you use 70. For growth rates over 10% you should use 69.3.
the number of years for the economy to double = 72/8 = 9 years, so 9 plus 20 = 29 years. Since the question asks at what age the economy should have more than doubled, it would be a little over 29, and in this case it is 30.
You can always check which number is more exact calculating 1.08⁹ = 1.999
What do researchers mean by "secondary data"?
A. Information from research already conducted for another
purpose
B. Data collected after any research to gather primary data
C. Data collected specifically for the researcher's own study
D. Data considered less important than primary data-
Answer:
A.
Explanation:
Your answer should be A.
I hope it helps! Have a great day!
bren~
Answer:
A. Information from research already conducted for another purpose.
Explanation:
I hope it helps! Have a great day!
Pan~
Question 7 of 10
An example of an expenses that is not an allowable tax deductions is:
A. A hospital bill
OB. A donation to a charity
OC. An all inclusive vacation
OD. Home mortgage interest
All-inclusive vacations are not an example of expenses that are not allowable tax deductions.
What are the tax deductions allowed?They correspond to a form of exemption and credit in taxation, such as interest on a home mortgage, unreimbursed healthcare costs and charitable donations.
Therefore, tax deductions contribute to a reduction in taxable income and in the amount of taxable tax.
Find out more about taxes here:
https://brainly.com/question/25783927
#SPJ1
Answer:
the answer is C.
Explanation:
6) For which of the following should you save?
A) Purchases
C) Emergency fund
B) Wealth building
D) All of the above
Answer:
D). All of the above
2. You now have Birr 2,000,000 in the bank earning interest of .5 percent per month. You need Birr 3,000,000 to make a down payment on a house. You can save an additional Birr 10,000 per month. How long will it take me to accumulate the Birr 3,000,000?
The number of months that it would take me to accumulate the Birr 3,000,000 is 50 months.
How many months would it take to accumulate 3,000,000?The equation that represents the total amount saved :
Total amount =amount invested + total interest earned + total amount earned
Total interest earned = amount invested x time x interest rate
2,000,000 x 0.005 x m = 10,000m
Total amount earned = savings per month x total number of months
10,000m
3,000,000 = 2,000,000 + 10,000m + 10,000m
3,000,000 - 2,000,000 = 20,000m
1,000,000 = 20,000m
m = 50 months
To learn more about interest, please check: https://brainly.com/question/26164549
#SPJ1
Commercial banks hold deposits and ______ a. charge account holders interest b. pay account holders interest c. charge savers interest d. issue currency e. pay borrowers interest
A commercial bank holds deposits and pays account holders' interests at regular intervals. Hence, the correct choice is option B.
What is a commercial bank?A commercial bank is an institution that is established as a profit financial organization that accepts deposits, gives loans, and presents different financial services to its customers.
Commercial banks assist satisfy the medium- and short-time period monetary necessities of businesses.
Hence, A commercial bank holds deposits and pays account holders' interests at regular intervals. the correct choice is option B.
Learn more about commercial banks:
https://brainly.com/question/4423138
#SPJ1
Here are simplified financial statements for Watervan Corporation:
1.) Calculate Watervan’s economic value added (EVA).
Note: Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.
2.) What is the company’s return on capital? (Use start-of-year rather than average capital.)
Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.
3.) What is its return on equity? (Use start-of-year rather than average equity.)
Note: Enter your answer as a percent rounded to 2 decimal places.
Based on the financial statements given for Watervan Corporation, the Economic Value Added is $54.501 million.
What is the Economic Value Added?This can be found by the formula:
= (EBIT x (1 - Tax rate)) - (Cost of capital x Capital)
Tax rate is:
= 20 / 97 x 100
= 20.6%
Capital invested:
= Equity + Long term debt
= 256 + 121
= $377 million
Economic value added is:
= (109 x (1 - 20.6%)) - (8.5% x 377)
= $54.501 million
Find out more on economic value added at https://brainly.com/question/15469792.
#SPJ1
A consumer protection agency that protects students who take out student
loans is the
O A. Consumer Financial Protection Bureau
OB. Food and Drug Administration
OC. Better Business Bureau
OD. Federal Trade Commission
Which of the following is the best example of a law?
OA. You can't spend more money that you earn.
O B. You should not make promises you can't keep.
C. Teachers must retire at age 65.
D. You may not ask an interviewee if he or she is married or has
children.
The best example of a law is that C. Teachers must retire at age 65.
What is law?It should be noted that law simply means the system of rules that guide or govern a group of people.
In this case, the best example of a law is that the teachers must retire at age 65. This guides them.
Learn more about law on:
brainly.com/question/820417
#SPJ1
What can a producer gain by specializing?
Answer:
Absolute advantage.
Explanation:
A producer are gain an absolute advantage from specializing.
[Correct Me If I'm Not Correct]
"Keep Safe"
"Hope's It's Help"
Answer:
Absolute advantage.
Explanation:
A producer are gain an absolute advantage from specializing.
[Correct Me If I'm Not Correct]
Rank order the vendors keeping the seasonal products team’s needs in mind
The vendor that can change the seasonal demand of the product is Vendor V.
What is the meaning of Seasonal Product?
Seasonal Product refers to the product whose requirement occurs that the time of the season. For Example:- Requirement of the woolen clothes at the time of the winner season.
The complete question is attached below.
The team behind the seasonal product should think about using or taking Vendor V. This is due to their performance as per the diagram attached below.
It can be noticed that their performance is superior in every parameter listed in the table. Vendor V is enhancing the performance of all four elements in every parameter and is able to quickly adapt to seasonal variations.
Learn more about Vendor here:
https://brainly.com/question/20505604
#SPJ1
A steam generation system at a biomassfueled power plant uses an electrostatic precipitator (ESP) to clean its gaseous effluents. The power plant has consistently made use of the same type of ESP over the past several years. The installed cost of a new ESP has been relatively constant at $80,000. Records of operation and maintenance expenses indicate the following average expenses per year as a function of the age of the ESP. The MVs of the ESP are also reasonably well known as a function of age. Determine the best time to replace the ESP if the MARR
is 15% per year
A steam generation system at a biomass-fueled power plant uses an electrostatic precipitator (ESP) to clean its gaseous effluents. the best time to replace the ESP is mathematically given as
EUAC3= 46377.48
What is the best time to replace the ESP if the MARR is 15% per year?Generally, the equation for the EUAC for the yrs of operation is mathematically given as
For Year 1
EUAC1 = 85000 * (A/P,9%,1) + 25000 - 63000 * (A/F,9%,1)
EUAC1 = 54650
Solving till year 5
EUAC2= 46525.60
EUAC3= 46377.48
EUAC4= 48730.91
EUAC5= 50730.79
In conclusion, the best time to replace the ESP if the MARR is 15% per year will be at the EUAC3= 46377.48 since EUAC is the lowest at that year.
Read more about EUAC
https://brainly.com/question/20038349
#SPJ1
what is local business
how to solve the time value of money problems
Answer:
The Time Value of Money formula is FV = PV x [ 1 + (i / n) ] (n x t)] where V is the Future value of money, PV is the Present value of money, i is the interest rate, n is the number of impounding periods per year, and t is the number of years.
A key difference between an IRA and keogh plan is:
a) you may withdraw your money early from a keogh plan without penalty, but not from an IRA
b) you may contribute more to a keogh plan than to an IRA
c) self-employed individuals may open an IRA, but not a keogh
A key difference between an IRA and a Keogh plan is you may contribute more to a Keogh account than to an IRA.
What is a Keogh account?An account, the facility of which is granted to self-employed professionals who are involved in sole proprietorship and partnership businesses for the purpose of retirement plans and benefits is known as a Keogh Account.
An IRA, on the other hand, is a facility provided to employed individuals or professionals for the better management of their retirement plans and benefits.
Hence, option B holds true regarding a Keogh Account.
Learn more about a Keogh Account here:
https://brainly.com/question/9683408
#SPJ1
Which one of the following will not cause a change in the demand for labour, illustrated by a shift of the demand curve?
A.
A decrease in the number of employers
B.
A decrease in the wage rate
C.
An increase in the price of the product
D.
A decrease in the productivity of labour
Answer:
B. An increase in the wage rate
Explanation:
what is a resume and why is it important to adopt a you attitude when preparing one?
Answer:
A resume is a form you fill out for your job, giving information on why you would be good at the job and important traits about you.
An agricultural manager requires work
different from that of a normal farmer in
which of the following ways?
A. being able to run farm equipment
B. being able to harvest crops
C. being able to obtain legal information on grant
programs
D. being able to raise livestock.
Answer:
C-Being able to obtain legal informational on grant programs
Explanation:
in your community on the negative impact of strikes as a socio economic issue on businesses
Explanation:
hooliganism
increase in poverty
insufficient revenue
decrease in productivity
On January 1, 2021, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.
Assuming the market interest rate on the issue date is 8%, the bonds will issue at $549,482.
The entries to record the bond issue on January 1, 2021 is: Debit Cash $549,482; Credit Discount On bonds Payable $49,482; Credit Bonds Payable $500,000.
Journal entriesSplash city journal entries
January 1, 2021
Debit Cash $549,482
Credit Discount On bonds Payable $49,482
Credit Bonds Payable $500,000
(To record bond issue)
June 30, 2021
Debit Interest Expense $21,979.28
(8%/2×$549,482)
Debit Discount on Bonds Payable $520.72
($22,500-$21,979.28)
Cash $22,500
(9%/2×$500,000)
(To record semiannual interest payments )
December 31, 2021
Debit Interest Expense $21,979.28
(8%/2×$549,482)
Debit Discount on Bonds Payable $520.72
($22,500-$21,979.28)
Cash $22,500
(9%/2×$500,000)
(To record semiannual interest payments )
Therefore the entries to record the bond issue on January 1, 2021 is: Debit Cash $549,482; Credit Discount On bonds Payable $49,482; Credit Bonds Payable $500,000.
Learn more about journal entries here:https://brainly.com/question/14279491
https://brainly.com/question/15694291
#SPJ1
financial
Question7
A flexible manufacturing system is
Answer:
A flexible manufacturing system (FMS) is a production method that is designed to easily adapt to changes in the type and quantity of the product being manufactured.