Assignment 6 BGaspard
.pdf
keyboard_arrow_up
School
Scott High School *
*We aren’t endorsed by this school
Course
101
Subject
Finance
Date
May 1, 2024
Type
Pages
2
Uploaded by BarristerDragonPerson682 on coursehero.com
Assignment 6 BGaspard
(20 points)
Assignment 6: Business Finance
Instructions
Save this file in your course folder, and name it with Assignment, the section number, and your
first initial and last name. For example, Jessie Robinson's assignment for Section 1 would be
named Assignment1JRobinson.
Type the answers to the assignment questions below. Use complete sentences unless the
question says otherwise. You will have more than one day to complete an assignment. At the
end of each day, be sure to save your progress.
Review Lesson 4 of the Course Overview for instructions about turning in your assignments.
Assignment Questions
In Section 6, you learned about business finance. Now, you'll apply what you learned.
1. For this assignment, choose a type of company that you could imagine yourself starting.
Describe the type of company. (1-4 sentences. 1.0 points)
I could imagine myself starting a technology start up that would focus on developing mobile
applications. The application would cater to the increasing demand for mobile solutions across
various industries by creating innovative apps for productivity, entertainment, education, or other
activities.
2. Describe at least two sources you would use for funding your company. (1-2 sentences. 2.0
points)
Two sources I would consider for funding my company are venture capital firms and loans from
the bank. Venture capital firms can provide substantial funding in exchange for equity, while a
loan from the bank could fund my project, and I would pay the bank back over a period of time.
3. Would you rather fund your company using mostly debt funding, or mostly equity funding?
Why? (1-5 sentences. 3.0 points)
I would most likely fund my company mostly through equity funding. Equity funding involves
selling a portion of ownership in the company in exchange for capital. This method can help
reduce the financial burden of debt repayment, especially in the early stages of a startup when
cash flow may be limited. This would make me feel safer in the business
4. Make a list of at least 3 startup costs this company would have. (Complete sentences are not
necessary. 3.0 points)
app development and design
marketing/ advertising campaigns
Equipment
office space
employee salaries
Legal fees
Insurance
5. Will your company use cash-basis or accrual-basis accounting? Explain why. (1-3 sentences.
2.0 points)
For my company I would use accrual basis accounting. This type of accounting recognizes
revenue when it is earned and expenses when they are used. providing a more accurate
representation of the company's financial position and performance over time.
6. Will you use single-entry bookkeeping or double-entry bookkeeping? Explain why. (1-3
sentences. 3.0 points)
I would choose double-entry bookkeeping for my company. This is because it provides a more
accurate representation of financial transactions by recording both the debit and credit sides of
each transaction. I feel like using double-entry bookkeeping helps identify errors, tracking
financial performance, and ensuring accurate financial reporting.
7. List at least 3 risks your company will face, and explain how you will manage those risks. (1-6
sentences. 6.0 points)
Risks my company may face include technological changes impacting app relevance,
competition from established companies, and cybersecurity threats. To manage these risks, I
would focus on continuous innovation and market research to stay ahead, build strong branding
and customer loyalty, invest in good cybersecurity measures, and have contingency plans in
place for potential disruptions. Money might be a risk as well. If my business doest take off i
would risk going into debt and having no revenue to repay the bank who gave me a loan.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
myOpenMath
Course Messages Forums Calendar | Gradebook
Home > Math 173-4 Spring 2024> Assessment
Quiz 2 (Sec. 1.5-1.7)
54 points possible 5/12 answered
Question 6
The graph of the function
y = f(x - 39)
can be obtained from the graph of
y = f(x)
by one of the following actions:
> Next Question
Home | My
Oshifting the graph of f(x) to the right 39 units
shifting the graph of f(x) to the left 39 units
shifting the graph of f(x) upwards 39 units
shifting the graph of f(x) downwards 39 units
arrow_forward
Assignment 6.1: Session 6 Comprehensive Problem (Chapter 8)
Instructions
In this session, we have a 6-part comprehensive problem. Download the Session 6 Comprehensive Problem Templates below to complete the 6 required parts of the problem. You will need your Bergevin and MacQueen book for reference.
Rancho Cucamonga Inc. began business on January 1, 2020. The firm earned $100 from sales in its first year of business. Rancho Cucamonga collected $90 of revenue earned in cash during 2020 and reported a $10 account receivable on its 2020 balance sheet. The firm paid $70 cash for operating expenses in 2020 and reported a $5 account payable for unpaid operating expenses on its 2020 balance sheet. Income tax laws only recognize cash collected from sales and cash paid for expenses as taxable items in the year collected or paid.
Rancho Cucamonga also reported a $10 fine, paid in cash, to the federal government for unfair business practices. Generally accepted accounting principles allow firms…
arrow_forward
8:36
Chegg Home Expert Q&A
Chapter Summary Assignment #3 (Ch 5 & 6) D2L quiz questions will be asked in
class based on your completion of this preparation guide. Example in class question: What is
the debit account in Question 2? You will not have time to complete this guide in class! You
are required to handwrite your answers to this assignment.
My answers
Part 1: Prepare Bluth Co.'s journal entries for each of the following transactions. Assume that
a perpetual inventory method is used.
Recording Purchases of Merchandise
1. Bluth Co. purchases $75,000 of inventory on account, terms 2/10 net
30 from Sitwell Enterprise.
2. Bluth Co. returns $5,000 of inventory to Sitwell Enterprise from the
initial purchase.
3
3. Bluth Co. pays the balance owed to Sitwell Enterprise, taking the
discount.
Recording Sales of Merchandise (new scenario)
4. Bluth Co. sells merchandise on account for $29,000 (terms 3/10 net
30) to Franklin Inc. The merchandise had cost Bluth Co. $15,500.
Show Transcribed…
arrow_forward
Font
Paragraph
Styles
Editing
Dictate
Editor
Paste
Undo
Clipboard
Styles
Voice
Editor
a) Will credit cards help? The average undergraduate student leaves college with a diploma and
around $2750 in credit card debt (graduate students; $4800). Suppose you have a credit card with a
balance of $2750 and an interest rate of 19.8% APR. The minimum payment is $45.00. The amount
of interest due each month is figured as current balance
where r is the rate (decimal form) and n is
12. Fill in the table, making minimum payments.
Current
balance
Month
Interest
Payment
Amount applied to principal
1
$2750.00
$45.38
$45.00
-$0.38
$2750.38
$45.00
$45.00
4
$45.00
$45.00
$45.00
$45.00
8.
$45.00
9.
$45.00
10
$45.00
11
$45.00
12
$45.00
Page 4 of 6
1011 words
DFocus
80%
P Type here to search
立
arrow_forward
1. Journal all transactions in Part One 2. Using the chart of accounts, open ledger accounts and post journals to the ledger account. 3. Prepare a trial balance 4. Prepare the following statements: 1. Income Statement 2. Retained Earnings Statements 3. Balance Sheet You need to use Microsoft Excel. Do not use Google Docs or Apple’s numbers. Place your submission in the appropriate journal labeled final project in the learning modules tab in Blackboard. The project is due in Module 15. Three points extra credit to final grade if submitted during Module 14. Part One A. The following transaction occurred for Scrooge Inc. for the month of December 31, 1820. B. Ebenezer Scrooge invested $50,000 cash along in the company in exchange for common stock. C. The company prepaid $500 for 12 month’s rent. D. The company purchased $100 in office supplies. Payment due withing 10 days E. Scrooge Inc. completed services for a client and immediately received $2,000. F. The company completed $1,500…
arrow_forward
Insert
Draw
Page Layout
Formulas
Data
Review
View
Tell me
Calibri (Body)
v A A
11
Wrap Text v
В I
U
Merge & Centem
fx
B
E
F
CLR
Question
Lesson
Objective #
Ma
Q4: Solve the following 2 problems related to employee compensation
CLR 1-Obj. 4
L2
a. Jon is employed at annual salary of $41995. His regular work week is 38 hours and he is paid
semi-monthly
i.
What is Jon's Gross pay per period?
ii.
What is hourly rate of pay?
iii.
What is his gross pay for a period in which work 12 hours of overtime and he is paid overtime at time and a half of
What is a salesperson's commission on net sales of $17800 if the commission is paid on a
sliding scale of 7%% on the first $7000, 8%% on the next $8000 and 12.5% on sales over $15000?
b.
CLR 1- Obj. 5
L2
Mark
Q5: Solve the following 3 problems related to GST, HST, PST,
公 四
arrow_forward
Comprehensive Problem 1Part 5: Work Sheet
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2, 3, 4 before completing part 5.
Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data.
Insurance expired during May is $275.
Supplies on hand on May 31 are $715.
Depreciation of office equipment for May is $330.
Accrued receptionist salary on May 31 is $325.
Rent expired during May is $1,600.
Unearned fees on May 31 are $3,210.
If an amount box does not require an entry, leave it blank or enter "0".
Kelly ConsultingEnd-of-Period Spreadsheet (Work Sheet)For the Month Ended May 31, 20Y8
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit…
arrow_forward
10:04
Assignment Details
ATG-110-20A01: Financial Accounting (Session II Summer 2021)
7474 unread replies.7575 replies.
Please read and respond to TIF 12-2 on page 623. Review
the rubric to ensure you receive full points for this
discussion.
Discussion Rubric- 25 points(1)_(3).docx
*After you have posted your answers, please reply to three
other students' posts. This discussion board was set up so
that you will not be able to see others replies until you post
your own.
Search entries or author Filter replies by unreadUnread
Collapse replies
TIF 12-2
Issuing Stock
1.
ETHICS Lou Hoskins and Shirley Crothers are
organizing Red Lodge Metals Unlimited Inc. to
undertake a high-risk gold mining venture in Canada.
Lou and Shirley tentatively plan to request
authorization for 400,000,000 shares of common
stock to be sold to the general public. Lou and Shirley
have decided to establish par of $0.03 per share in
order to appeal to a wide variety of potential
investors. Lou and Shirley believe…
arrow_forward
File
Home Insert Draw Design Layout References Mailings Review View Help Table De
Paste
Font
Paragraph
Styles
Editing
Dictate
Editor
Undo
Clipboard
Styles
Voice
Editor
d) Suppose you begin making a monthly payment of $75.00. Fill in the table.
Current
Month
balance
Interest
Рayment
Amount applied to principal
$2750.00
$45.38
$75.00
$29.62
$75.00
3.
$75.00
4.
$75.00
$75.00
$75.00
$75.00
8.
$75.00
9.
$75.00
10
$75.00
$75.00
11
12
$75.00
e) Will you ever be out of debt? Explain.
Calculation:
Page 5 of 6
1043 words
D Focus
80%
Type here to search
立
目
arrow_forward
e edugen.wileyplus.com
43
...
WileyPLUS: My
WileyPLUS
Weygandt, Financial and Managerial, 3e
INTRODUCTION
lome
Read, Study & Practice
Assignment
Gradebook
ORION
Downloadable eTextbook
Assignment > Open Assignment
CALCULATOR
MESSAGE MY INSTRUCTOR
FULL SCREEN
SSIGNMENT RESOURCES
Brief Exercise 10-02
Chapter 10 Homework
Brief Exercise 10-01
Brief Exercise 10-02
Brief Exercise 10-3 a1-
a2
Sandhill Co. borrows $65,600 on July 1 from the bank by signing a $65,600, 8%, one-y
(a) Prepare the journal entry to record the proceeds of the note.
Brief Exercise 10-04
Brief Exercise 10-05
Brief Exercise 10-06
(b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting
at the end of the year.
Brief Exercise 10-07
Brief Exercise 10-08
Brief Exercise 10-09
(Credit account titles are automatically indented when amount is entered. Do n
Brief Exercise 10-10 a-c
arrow_forward
Sub : EconomicsPls answer with in 15 mins.Please type the answer.I ll upvote. Thank You
arrow_forward
rd / My courses/ BAMA1101 / Worksheets Home PraiWotkst
äö pio
Moving Forward
An invoice for OMR 600 dated March 10th with the terms 5/15 EOM is recerved. The bill is paid on April Sth.
Find the net payment.
ut of
Select one:
O a. 570
O b. 30
Oc 510
O d. 90
Clear my choice
inus nane
Type here to search
arrow_forward
You are considering the following two projects and can take only one. Your cost of capital is
10.7%. The cash flows for the two projects are as follows ($ million):
a. What is the IRR of each project?
b. What is the NPV of each project at your cost of capital?
c. At what cost of capital are you indifferent between the two projects?
d. What should you do?
a. What is the IRR of each project?
The IRR for project A is%. (Round to one decimal place.)
arrow_forward
about:blank
Blackboard Learn
sc.edu/webapps/assessment/take/launch isp?course assessment_id=_114
Remaining Time: 1 hour, 23 minutes, 35 seconds.
Question Completion Status:
A Moving to the next question prevents changes to this answer.
Question 1
What is the Payback Period for the following investment?
Year
1
2
3
4
5
O a. 3.77
Ob. 3.73
Oc. 3.89
Od. 3.96
Cash Out
$ (1,600,000)
(710,000)
Cash In
550,000
580,000
610,000
640,000
670,000
A Moving to the next question prevents changes to this answer.
000
900
F2
F3
F4
MacBook
arrow_forward
pokmarks
Window Help
A edu
Exam 1
WP NWP Assessment Player UI Application
Question 21 of 42
View Policies
Current Attempt in Progress
A compound journal entry involves
four or more accounts.
three accounts only.
two accounts.
three or more accounts.
Save for Later
arrow_forward
Unit VI Assignment Instructions: This assignment involves answering a series of questions, and each question provides you with an opportunity to accomplish the following course learning outcome: 8. Critique interview techniques. Be sure to answer each question, save all of your work in this template, and submit it in Blackboard for grading. 1. After answering the last question, Jason said thank you and the interview was over. Briefly describe one or more techniques that Jason could have used to improve the conclusion of his interview. Your response should be at least 75 words. 2. Danielle was interviewing for a position, and the interviewer asked for her salary requirements. As Danielle was not expecting to hear that question, she mumbled for a minute before eventually saying $40,000.00, which is low for someone with her experience. Briefly describe one or more techniques…
arrow_forward
Font
Paragraph
Styles
4. Purchased Supplies for RO 150 and paid RO 100. Remaining amount will be paid after
one month
arrow_forward
four email will be recorded when you submit this form
Required
Question
A "balanced transaction" (DR=CR) is a guarantee that a transaction has been
recorded 100% correctly. *
O True
False
Back
Next
Page 6 of 25
Clea
This form
arrow_forward
* CengageNOWv2 | On x
* Cengage Learning
B Milestone Two Guidel
G module 5 problem set x
blem Set: Mod x
now.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogres..
eBook
Show Me How
Proceeds from Notes Payable
On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $48,000. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.
b. Determine the proceeds of the note, assuming the note is discounted at 6%.
Check My Work
The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash on
merchandise.
Previous
Next
Check My Work
1:36 PM
54°F
A O E A 4
11/28/2021
%23
arrow_forward
O Odysseyware
Ô https://sfdr.owschools.com/owsoo/studentAssignment/index?eh=65534403
San Felipe Der RIO CISD- IS
JALYN GARCIA
Odysseyware
LEARN
MESSAGE
HELP
SIGN OUT
Assignment - 1. Credit Scores and Loans
Attempt 1 of 1
ASSIGNMENTS
COURSES
SECTION 3 OF 4
QUESTION 6 OF 8
1
2
4
5
>>
Match the option with the lowest monthly payment to highest monthly payment.
$12,000 loan with 1% simple
1.
lowest payment
interest over 7 years
$7,500 loan with 4% simple interest
2. second highest payment
over 5 years
$8,500 loan with 2% simple
3. third highest payment
interest over 6 years
$10,000 loan with 3% simple
4. fourth highest payment
interest over 4 years
9:19 PM
后 ENG
2/4/2021
P Type here to search
R
arrow_forward
Topic 4 Homework
Close Date: Wed, Sep 29, 2021, 11:59 PM
Question 9 of 15
If the margin on an item is 22.00%, calculate the rate of markup of the item.
Round to two decimal places if necessary
SAVE PROGRESS
SUBMITAS
arrow_forward
Cengage Learning
* CengageNOWv2 | Online teachin x
* Cengage Learning
Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false
eBook
Show Me How
Analysis of Receivables Method
At the end of the current year, Accounts Receivable has
balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale
for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000.
a. Determine the amount of the adjusting entry for uncollectible acfounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
Allowance for Doubtful Accounts
Bad Debt Expense
c. Determine the net realizable value of accounts receivable.
Feedback
T Check My Work
The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be
collected.
The…
arrow_forward
CL- Financial forecast case
You are assigned as the financial advisor of the would-be entrepreneur James Udderlie. Write a 100-wordreport of the possibilities of James getting a loan for hisnew business.Type your report below (you may attach tables /appendices / calculations as you see fit). Be mindful ofthe word limit. Do not send PDF document formatreport. You may like to consider some template toframe your answer e.g., 5 "C" (condition / collateral /capacity / character/ capital; 4 Ps (Price / Product /Promotion / Place); or SWOT (Strength / Weakness /Opportunity / Threat).
arrow_forward
Edit View History Bookmarks Profiles Tab Window Help
Question 4 - Proctoring Enable X
2
getproctorio.com/secured#lockdown
octoring Enabled: Chapter 3 Required Homewor... i
W
+
4
You are an auditor and you have been asked to review the December 31, 2024, balance sheet for Locust Point Incorporated. After
four days of hard work, you have completed the review and you meet with your supervisor to discuss the following 3 items:
Determine the appropriate classification of each of these items.
Note: If no entry is required for classification, choose "No entry".
1. Investment
2. Installment note
3. Deferred revenue
→
Items
3
E
с
1. An investment of $34,000 is included in current assets. Management has indicated it has no intention of liquidating the investment
in 2025.
2. A $140,000 note payable is listed as a long-term liability, but you have determined that the note is due in 10 equal annual
installments with the first installment due on March 31, 2025.
3. Deferred revenue of $72,000 is…
arrow_forward
experience during your exam
m. You will be given an additional ten minute submission window to allow you submit your exam to mitigate for any tecce 5sues you m
Click Save and Submit once you have completed the exam.
Itiple
empts
Not allowed. This Test can only be taken once.
rce
mpletion
This Test can be saved and resumed later.
Your answers are saved automatically.
Question Completion Status:
Close Window
A Moving to another question will save this response.
Question 2
«Question 2 of 10
Goremann Corp (GC) has a total market value of $524 million. The market value of equity is $300 million and the company carries debt valued at $224 million. The before-tax cost of debt is 9
percent and the cost of equity is estimated at 14 percent. The statutory company tax rate is 35 percent. What is the weighted-average cost of capital for the company closest to?
O A. 9.34%.
O B. 10.52%.
3 points
Save Answer
O C. 11.63%.
O D. 12.05%.
A Moving to another question will save this response.
Question 2 of…
arrow_forward
E Chapter 5 Homework - FINANCIA X
O NWP Assessment Player UI Appli X
b Answered: The accountant of Lati x
M Inbox - dhyani11141999@gmail. X
b My Questions | bartleby
+
i assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=1d52287e-dfd8-4d2a-80c9-4cbf51a01297#/question/5
E Chapter 5 Homework
Question 6 of 6
>
-/ 1
View Policies
Current Attempt in Progress
The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows.
CONSTANTINE CAVAMANLIS INC.
BALANCE SHEETS
Dec. 31, 2020
Jan. 1, 2020
Inc./Dec.
Assets
Cash
$ 45,000
$ 13,000
$32,000
Inc.
Accounts receivable
91,000
88,000
3,000
Inc.
Equipment
39,000
22,000
17,000
Inc.
Less: Accumulated Depreciation-Equipment
17,000
11,000
6,000
Inc.
Total
$158,000
$112,000
Liabilities and Stockholders' Equity,
Accounts payable
$ 20,000
$ 15,000
5,000
Inc.
Common stock
100,000
80,000
20,000
Inc.
Retained earnings
38,000
17,000
21,000
Inc.
Total
$158,000
$112,000
Net…
arrow_forward
HRM ASSIGNMENT- MBA I| SEM
POF Entrepreneurship_MBA II Sem.pd x
PDE Financial Management - MBA II X
+
O File | C:/Users/ANIKET%20PATWA/Downloads/Financial%20Management%20-%20MBA%2011%20Sem%20.pdf
(D Page view A Read aloud
V Draw
y Highlight
2
of 2
Erase
5.
A company is expecting EBIT of Rs. 5,00,000 per annum on investment of Rs.
10,00,000. Company is in need of Rs. 8,00,000 for its expansion activities. Company can
raise this amount by either equity shares capital or 12% preference share capital or 10%
debentures. The company is considering the following financing patterns:
a. 10,00,000 through issue of Equity Shares at par;
b. 5,00,000 by issue of Equity Share Capital and remaining 5,00,000 by issue of
Debentures;
c. 5,00,000 through Equity Shares and 2,50,000 through 12% Preference Share Capital
and remaining 2,50,000 through 10% Debentures.;
d. 5,00,000 through Debt and 2,50,000 through Equity Shares and remaining 2,50,000
through 12% Preference Share Capital.
Find out the best…
arrow_forward
A Final Exam - MATH 1330 - Math
b Details | bartleby
E New tab
A https://www.webassign.net/web/Student/Assignment-Responses/submit?dep=254878928tags=autosave#question4023958_1
Sign in
12.
DETAILS
HARMATHAP12 6.2.009.
MYΝΟΤΕS
What are the future value and the interest earned if $4000 is invested for 3 years at 8% compounded quarterly? (Round your answers to the nearest cent.)
future value
24
interest earned
%24
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Essentials Of Investments
Finance
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:9780134897264
Author:KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:Pearson,
Fundamentals of Financial Management (MindTap Cou...
Finance
ISBN:9781337395250
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i...
Finance
ISBN:9780077861759
Author:Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:McGraw-Hill Education
Related Questions
- myOpenMath Course Messages Forums Calendar | Gradebook Home > Math 173-4 Spring 2024> Assessment Quiz 2 (Sec. 1.5-1.7) 54 points possible 5/12 answered Question 6 The graph of the function y = f(x - 39) can be obtained from the graph of y = f(x) by one of the following actions: > Next Question Home | My Oshifting the graph of f(x) to the right 39 units shifting the graph of f(x) to the left 39 units shifting the graph of f(x) upwards 39 units shifting the graph of f(x) downwards 39 unitsarrow_forwardAssignment 6.1: Session 6 Comprehensive Problem (Chapter 8) Instructions In this session, we have a 6-part comprehensive problem. Download the Session 6 Comprehensive Problem Templates below to complete the 6 required parts of the problem. You will need your Bergevin and MacQueen book for reference. Rancho Cucamonga Inc. began business on January 1, 2020. The firm earned $100 from sales in its first year of business. Rancho Cucamonga collected $90 of revenue earned in cash during 2020 and reported a $10 account receivable on its 2020 balance sheet. The firm paid $70 cash for operating expenses in 2020 and reported a $5 account payable for unpaid operating expenses on its 2020 balance sheet. Income tax laws only recognize cash collected from sales and cash paid for expenses as taxable items in the year collected or paid. Rancho Cucamonga also reported a $10 fine, paid in cash, to the federal government for unfair business practices. Generally accepted accounting principles allow firms…arrow_forward8:36 Chegg Home Expert Q&A Chapter Summary Assignment #3 (Ch 5 & 6) D2L quiz questions will be asked in class based on your completion of this preparation guide. Example in class question: What is the debit account in Question 2? You will not have time to complete this guide in class! You are required to handwrite your answers to this assignment. My answers Part 1: Prepare Bluth Co.'s journal entries for each of the following transactions. Assume that a perpetual inventory method is used. Recording Purchases of Merchandise 1. Bluth Co. purchases $75,000 of inventory on account, terms 2/10 net 30 from Sitwell Enterprise. 2. Bluth Co. returns $5,000 of inventory to Sitwell Enterprise from the initial purchase. 3 3. Bluth Co. pays the balance owed to Sitwell Enterprise, taking the discount. Recording Sales of Merchandise (new scenario) 4. Bluth Co. sells merchandise on account for $29,000 (terms 3/10 net 30) to Franklin Inc. The merchandise had cost Bluth Co. $15,500. Show Transcribed…arrow_forward
- Font Paragraph Styles Editing Dictate Editor Paste Undo Clipboard Styles Voice Editor a) Will credit cards help? The average undergraduate student leaves college with a diploma and around $2750 in credit card debt (graduate students; $4800). Suppose you have a credit card with a balance of $2750 and an interest rate of 19.8% APR. The minimum payment is $45.00. The amount of interest due each month is figured as current balance where r is the rate (decimal form) and n is 12. Fill in the table, making minimum payments. Current balance Month Interest Payment Amount applied to principal 1 $2750.00 $45.38 $45.00 -$0.38 $2750.38 $45.00 $45.00 4 $45.00 $45.00 $45.00 $45.00 8. $45.00 9. $45.00 10 $45.00 11 $45.00 12 $45.00 Page 4 of 6 1011 words DFocus 80% P Type here to search 立arrow_forward1. Journal all transactions in Part One 2. Using the chart of accounts, open ledger accounts and post journals to the ledger account. 3. Prepare a trial balance 4. Prepare the following statements: 1. Income Statement 2. Retained Earnings Statements 3. Balance Sheet You need to use Microsoft Excel. Do not use Google Docs or Apple’s numbers. Place your submission in the appropriate journal labeled final project in the learning modules tab in Blackboard. The project is due in Module 15. Three points extra credit to final grade if submitted during Module 14. Part One A. The following transaction occurred for Scrooge Inc. for the month of December 31, 1820. B. Ebenezer Scrooge invested $50,000 cash along in the company in exchange for common stock. C. The company prepaid $500 for 12 month’s rent. D. The company purchased $100 in office supplies. Payment due withing 10 days E. Scrooge Inc. completed services for a client and immediately received $2,000. F. The company completed $1,500…arrow_forwardInsert Draw Page Layout Formulas Data Review View Tell me Calibri (Body) v A A 11 Wrap Text v В I U Merge & Centem fx B E F CLR Question Lesson Objective # Ma Q4: Solve the following 2 problems related to employee compensation CLR 1-Obj. 4 L2 a. Jon is employed at annual salary of $41995. His regular work week is 38 hours and he is paid semi-monthly i. What is Jon's Gross pay per period? ii. What is hourly rate of pay? iii. What is his gross pay for a period in which work 12 hours of overtime and he is paid overtime at time and a half of What is a salesperson's commission on net sales of $17800 if the commission is paid on a sliding scale of 7%% on the first $7000, 8%% on the next $8000 and 12.5% on sales over $15000? b. CLR 1- Obj. 5 L2 Mark Q5: Solve the following 3 problems related to GST, HST, PST, 公 四arrow_forward
- Comprehensive Problem 1Part 5: Work Sheet The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2, 3, 4 before completing part 5. Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data. Insurance expired during May is $275. Supplies on hand on May 31 are $715. Depreciation of office equipment for May is $330. Accrued receptionist salary on May 31 is $325. Rent expired during May is $1,600. Unearned fees on May 31 are $3,210. If an amount box does not require an entry, leave it blank or enter "0". Kelly ConsultingEnd-of-Period Spreadsheet (Work Sheet)For the Month Ended May 31, 20Y8 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit…arrow_forward10:04 Assignment Details ATG-110-20A01: Financial Accounting (Session II Summer 2021) 7474 unread replies.7575 replies. Please read and respond to TIF 12-2 on page 623. Review the rubric to ensure you receive full points for this discussion. Discussion Rubric- 25 points(1)_(3).docx *After you have posted your answers, please reply to three other students' posts. This discussion board was set up so that you will not be able to see others replies until you post your own. Search entries or author Filter replies by unreadUnread Collapse replies TIF 12-2 Issuing Stock 1. ETHICS Lou Hoskins and Shirley Crothers are organizing Red Lodge Metals Unlimited Inc. to undertake a high-risk gold mining venture in Canada. Lou and Shirley tentatively plan to request authorization for 400,000,000 shares of common stock to be sold to the general public. Lou and Shirley have decided to establish par of $0.03 per share in order to appeal to a wide variety of potential investors. Lou and Shirley believe…arrow_forwardFile Home Insert Draw Design Layout References Mailings Review View Help Table De Paste Font Paragraph Styles Editing Dictate Editor Undo Clipboard Styles Voice Editor d) Suppose you begin making a monthly payment of $75.00. Fill in the table. Current Month balance Interest Рayment Amount applied to principal $2750.00 $45.38 $75.00 $29.62 $75.00 3. $75.00 4. $75.00 $75.00 $75.00 $75.00 8. $75.00 9. $75.00 10 $75.00 $75.00 11 12 $75.00 e) Will you ever be out of debt? Explain. Calculation: Page 5 of 6 1043 words D Focus 80% Type here to search 立 目arrow_forward
- e edugen.wileyplus.com 43 ... WileyPLUS: My WileyPLUS Weygandt, Financial and Managerial, 3e INTRODUCTION lome Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook Assignment > Open Assignment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN SSIGNMENT RESOURCES Brief Exercise 10-02 Chapter 10 Homework Brief Exercise 10-01 Brief Exercise 10-02 Brief Exercise 10-3 a1- a2 Sandhill Co. borrows $65,600 on July 1 from the bank by signing a $65,600, 8%, one-y (a) Prepare the journal entry to record the proceeds of the note. Brief Exercise 10-04 Brief Exercise 10-05 Brief Exercise 10-06 (b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting at the end of the year. Brief Exercise 10-07 Brief Exercise 10-08 Brief Exercise 10-09 (Credit account titles are automatically indented when amount is entered. Do n Brief Exercise 10-10 a-carrow_forwardSub : EconomicsPls answer with in 15 mins.Please type the answer.I ll upvote. Thank Youarrow_forwardrd / My courses/ BAMA1101 / Worksheets Home PraiWotkst äö pio Moving Forward An invoice for OMR 600 dated March 10th with the terms 5/15 EOM is recerved. The bill is paid on April Sth. Find the net payment. ut of Select one: O a. 570 O b. 30 Oc 510 O d. 90 Clear my choice inus nane Type here to searcharrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Essentials Of InvestmentsFinanceISBN:9781260013924Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.Publisher:Mcgraw-hill Education,
- Foundations Of FinanceFinanceISBN:9780134897264Author:KEOWN, Arthur J., Martin, John D., PETTY, J. WilliamPublisher:Pearson,Fundamentals of Financial Management (MindTap Cou...FinanceISBN:9781337395250Author:Eugene F. Brigham, Joel F. HoustonPublisher:Cengage LearningCorporate Finance (The Mcgraw-hill/Irwin Series i...FinanceISBN:9780077861759Author:Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan ProfessorPublisher:McGraw-Hill Education
Essentials Of Investments
Finance
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:9780134897264
Author:KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:Pearson,
Fundamentals of Financial Management (MindTap Cou...
Finance
ISBN:9781337395250
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i...
Finance
ISBN:9780077861759
Author:Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:McGraw-Hill Education