Metlock, Inc. had the following transactions.
1. Borrowed $5,740 from the bank by signing a note.
2. Paid $2,870 cash for a computer.
3. Purchased $517 of supplies on account.
Journalize each transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent
manu
Answers
Cash 5,740
Notes Payable 5,740
Computer 2,870
Cash 2,870
Supplies 517
Accounts Payable 517
The first transaction involves borrowing money from the bank, which results in an increase in cash and a corresponding increase in notes payable. The journal entry records the increase in both accounts, with cash and notes payable being debited and credited, respectively.
The second transaction involves the purchase of a computer for $2,870 in cash. The journal entry records the increase in the computer asset and the corresponding decrease in cash, with the computer account being debited and the cash account being credited.
The third transaction involves the purchase of supplies on account, which results in an increase in supplies and a corresponding increase in accounts payable.
The journal entry records the increase in both accounts, with the supplies account being debited and the accounts payable account being credited.
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Related Questions
You are advising Aramco in Saudi Arabia. The firm is in high-growth stage and is looking at the optimal way to finance it. Looking at petroleum companies in the U.S, it concludes that a significant proportion of capital should come from debt. Is this conclusion justified? Why and why not?
Answers
Answer:
No the conclusion is not justified
Explanation:
The decision is not justified and this because , Aramco stage in business ( High-growth stage ) will most likely be different from that of the petroleum firms in the US. This might be due to tax advantage of debt for firms in US which might be absent in Saudi Arabia. also the cost of finding Oil in the US might be higher when compared to the cost of finding Oil in Saudi Arabia
Hence the decision is not justified
kelly smith left her computer for 15 min and somebody went in her office, read her sensitive office memos and sent offensive e-mails to her co workers. how can ms smith avoid this in future?
Answers
Kelly smith left her computer for 15 min, and somebody went in her office, read her sensitive office memos and sent offensive e-mails to her coworkers. how can MS smith avoid this in future Use Authentication, Use Encryption, Use Biometrics.
This case is an instance of violation of privacy of Kelly Smith. Confidential information from her computer was compromised and also offensive mails were sent. To prevent such mishaps, she must use proper authentication techniques with encryption. Also, ensuring biometrics will also secure her work and prevent such happenings.
Known for his mumble-styled vocals and prolific output, Future is taken into consideration a pioneer of the usage of melody and auto-music in present day entice music. Due to the sustained modern-day recognition of his musical style, he's usually appeared as one of the maximum influential rappers of his generation.
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You
decide to buy 1 000 of two year CD (certificate of
deposit) University Credit Union offers 7 interest per year
Mercantile Bank says that you can get 1 180 after two years
Who offers a better deal?
You can compare the future value or the interest rate
Answers
Comparing the future values of both CDs, we see that Mercantile Bank CD offers a better deal as it has a future value of $2180, which is higher than University Credit Union CD's future value of $1149.16.
To compare the better deal between two-year CD (certificate of deposit) University Credit Union and Mercantile Bank that offers 7% interest per year, we need to compare their future values after two years.
The formula to calculate the future value of a CD with compounded interest is given by: FV = P × (1 + r/n)\(x^{2}\)(n*t)
Where, FV is the future value of the CD,
P is the principal amount invested,
r is the annual interest rate in decimal,
n is the number of times the interest is compounded in a year,
t is the number of years of investment in this case, we have invested $1000 in both University Credit Union and Mercantile Bank CDs, and both have a two-year investment term. So, t = 2 years.
Calculating the future value of University Credit Union CD: FV = P × (1 + r/n)\(x^{2}\)(n*t)FV = 1000 × (1 + 0.07/1)\(x^{2}\)(1*2)FV = $1149.16
Calculating the future value of Mercantile Bank CD: FV = P × (1 + r/n)^(n*t)FV = 1000 + 1180 = $2180
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Setting the research objectives and identifying possible marketing actions are things that would be completed in which step in the marketing research approach?
Answers
Setting the research objectives and identifying possible marketing actions are both part of which step in Define the problem of marketing research approach
For better understanding let's explain what define the problem mean
Define the problem is the first step in the marketing research processThis is the step where one set research objectives to help achieving organization goal and list out all the various market actionsFrom the above we can therefore say that the answer Setting the research objectives and identifying possible marketing actions are both part of which step in Define the problem of marketing research approach
is correct
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Which exit strategy can you use when you are unable to locate a buyer for your business?
A.
file for tax returns
B.
venture into a new business
C.
repay your loans
D.
liquidate the business
Answers
hope this helps !!
Consider Australian football, cricket, and field hockey. Of the three, list which of those sports you find the most interesting, why it interests you, and a few rules of the game.
Answers
Answer:
Basic Rules Of Cricket
Cricket is played between two teams each made up of eleven players. ...
Games comprise of at least one innings where each team will take turns in batting and fielding/bowling.
The fielding team will have a bowler bowl the ball to the batsman who tries to hit the ball with their bat.
Explanation:
hope this helps
Sample Response: Students should select one of the listed sports and be able to describe some unique features of the sport highlighted in the test. Their interest in the sport can be pretty much anything including their relative obscurity in the US mainstream, past experience playing with family, or because they seem uniquely challenging.
You have just received the following e-mail from Ben, a friend of yours who works at Building Together Pty (Ltd), a construction company based in Woodstock. You are required to answer questions asked by Ben in the mail. Hi Tshego. The construction manager that I report to has asked for feedback on a number of issues relating to the treatment of PPE for the year ended 31 July 2013. I really need your help as I am a little uncertain where to start with answering her questions. So here goes......
1. On 1 August 2012, Machine A was delivered to the premises of Building Together Pty (Ltd). On this date the machine was recognised at an amount of R1 800 000. On 31 July 2013, the business paid the supplier R2 070 000. The payment period was longer than normal credit terms. Please explain why the business recognised Machine A at a different amount to the amount paid to the supplier on 31 July 2013
2. Building Together Pty (Ltd) ordered Machine B from a supplier in Gauteng on 2 July 2013. The purchase price of Machine B amounted to R765 000. The contract indicated that the machine would be sent by truck, FOB shipping point, on 28 July 2013 and would be paid for in full on the date of delivery. The machine is expected to be delivered to our business premises on 21 August 2013. The bookkeeper has already recognised the machine and the amount of R765 000 is already sitting in the PPE: Machinery account. How can this be? It is not physically on the business premises AND it has not been paid for! Please provide the general journal entry/ies that would be processed on the dates underlined. If no journal entry is required, please provide a reason for this.
Answers
1. The business recognized Machine A at a different amount than the amount paid to the supplier on 31 July 2013 because the recognition of the machine's cost is based on the accounting principle of historical cost.
2. The recognition of Machine B and the amount of R765,000 in the PPE: Machinery account before its physical delivery and full payment can be explained by the accounting principle of accruals.
1. The business recognized Machine A at a different amount than the amount paid to the supplier on 31 July 2013 because the recognition of the machine's cost is based on the accounting principle of historical cost. According to the historical cost principle, assets are initially recorded at their original cost. In this case, on 1 August 2012, Machine A was recognized at its cost of R1,800,000, which represents the original cost of acquiring the machine.
The payment made on 31 July 2013 for R2,070,000 includes not only the cost of the machine but also any additional amounts such as interest, penalties, or other financial charges related to the longer payment period than normal credit terms. The difference between the recognized amount and the payment made represents the additional financial charges associated with the extended credit terms.
2. The recognition of Machine B and the amount of R765,000 in the PPE: Machinery account before its physical delivery and full payment can be explained by the accounting principle of accruals. According to the accrual accounting principle, revenues and expenses are recognized when earned or incurred, regardless of the cash inflow or outflow.
In this case, although Machine B is not physically present on the business premises, the contract with the supplier indicates that the ownership and risks associated with the machine will transfer to Building Together Pty (Ltd) once it is sent by truck, FOB (Free on Board) shipping point, on 28 July 2013. Therefore, the company can recognize the machine as an asset and record its cost of R765,000 in the PPE: Machinery account.
Regarding the journal entry, assuming no other charges or costs are involved, the entry on 28 July 2013 would be:
PPE: Machinery Dr. R765,000
Accounts Payable Cr. R765,000
This entry records the increase in the PPE: Machinery account and the corresponding liability to the supplier in the Accounts Payable account, reflecting the expected delivery and obligation to pay for the machine.
It's important to note that specific circumstances and additional information may require adjustments to the journal entry, so consulting with the company's bookkeeper or accountant is advisable to ensure accuracy in the accounting treatment.
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Assume the steps you applied in question two do not work and employees have still chosen to leave the organisation. The CEO of the organisation has entrusted you as a senior manager to ensure that no more skilled professionals resign, and the organisation has the ability to attract new human talent, Use the SMART principle to determine the success of the CEO’s goal for the organisation.
Answers
Using the SMART principle, we can set measurable objectives to retain and attract talent. This involves specific, measurable, achievable, relevant, and time-bound goals centered around employee satisfaction, development, and recruitment.
The SMART principle is a goal-setting framework that stands for Specific, Measurable, Achievable, Relevant, and Time-bound. Specific means the goal is clear and well-defined. Measurable means there's a way to track progress and determine when the goal has been met. Achievable refers to the goal being realistic and attainable within resources and constraints. Relevant ensures the goal aligns with broader business objectives or personal ambitions. Lastly, Time-bound means the goal has a defined timeline for completion to create a sense of urgency. This systematic approach increases the likelihood of achieving set goals by making them clear and actionable.
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What is antonio's marginal utility from consuming the fifth beer? a) 4 utils b) 13.6 utils c) 69 ut
Answers
The marginal utility from consuming the fifth beer a) 4 utils
Marginal utility from fifth beer
= total utility from fifth beer - total utility from 4th beer
= 69 - 65
= 4 utils
Marginal utility is the enjoyment a consumer gains from each additional unit they eat. It calculates utility past the first product fed on (the marginal quantity). For example, you may buy an iced doughnut. On the flip, you acquire a positive degree of utility or delight from it.
In economics, the software is the delight or gain derived by way of ingesting a product. The marginal utility of an excellent service describes how much pride or satisfaction is won or lost by means of clients because of the increase or decrease in intake via one unit. There are 3 types of marginal software.
Application is the pride someone derives from the intake of a great or carrier. General software is the full delight acquired from eating a given overall amount of terrific service, while the marginal utility is the satisfaction won from eating a further amount of that object.
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Scenario 3: Your first semester of college, you take out a small loan to help pay for books. Despite being busy, you get a part time job. Although you don't have to pay your loan back until you graduate, you've saved enough by the end of the semester and you will pay off the loan in full. Does your credit score go up or down? Why does it go up or down? If your score goes down, how can you fix it?
Answers
A credit score rating is based on a credit score report, statistics usually sourced from credit score bureaus.
What is a credit score?A credit score rating is a numerical expression primarily based totally on a degree evaluation of a person's credit score files, to symbolize the creditworthiness of an individual.
As per the information,
1. The loan taken here is an unsecured loan, therefore, the early payment of the loan will increase the credit card score.
2. In this case, the credit card score will go up as pre-payment of small and unsecured will have a positive impact on the credit card score. The score goes up and down based on your credit card purchase behavior.
3. If the credit card score goes down, it can be fixed by maintaining a healthy credit card utilization ratio.
hence, in this way, the credit card score issues can be resolved.
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Arrange the following revenues in the federal government, from greatest to
least.
Drag each item to put them in the correct order.
(2 points)
= excise taxes
= Social Security and Medicare taxes
= corporate income taxes
= individual income taxes
= customs duties
= miscellaneous revenue
Answers
Social Security and Medicare taxes
Corporate income taxes
Excise taxes
Custom duties
miscellaneous revenue
How can you create an effective climate when discussing matters
of importance with coworkers, clients, vendors, superiors, and
employees.?
What factors should be considered when creating that
climate?
Answers
To create an effective climate when discussing matters of importance with coworkers, clients, vendors, superiors, and employees, it's important to maintain a positive and respectful attitude, listen actively, and be clear and concise in communication.
Some factors to consider when creating such a climate include the purpose of the discussion, the relationship between the parties involved, the timing and location of the discussion, and the tone and language used.
It's also important to consider the cultural and individual differences of those involved and be willing to adjust one's communication style accordingly.
Ultimately, creating an effective climate requires a willingness to be open-minded, empathetic, and collaborative in approach.
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Leadership is different from management. All leaders are managers, but the opposite is not true. Which one of the following differences is applicable in management?
1- The leader needs to be courageous and generous, while the manager does not.
2- The manager articulates and emphasis
the team more than the leader does.
3-The manager tells the team what to do,
and the leader does not.
4- The leader micromanage the team while the manager does not.
Answers
Leadership is different from management in many ways. All leaders are managers, but the opposite is not true. Managers' primary task is to maintain the status quo, while leaders' primary task is to bring about change. The following difference is applicable in management:
3- The manager tells the team what to do, and the leader does not.
Manages has the primary task of maintaining the status quo, and their job is to plan, organize, and direct the organization's activities. They set goals and objectives and monitor progress towards those goals. They establish policies and procedures and allocate resources.
While all leaders are managers, not all managers are leaders. The main difference between them is that managers maintain the status quo, while leaders bring about change. Managers tell their team what to do, while leaders provide guidance and support.
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Can anybody help me please? :)
According to O*NET, what is the most common level of education required for Nursery and Greenhouse Managers?
master’s degree
bachelor’s degree
associate degree
high school diploma or equivalent
Answers
Answer:
bachleor's degree
Explanation:
hope this helped
it’s B
i hope it helps
ж I NEED HELP!
Read the whole question Before answering!
Q. Imagine you are a fashion designer. Research on how to start your own fashion clothing brand.
Write down the process you need to follow to start your own fashion clothing brand.
Think about the conditions one has to meet to ensure the quality of the clothes (manufacturing and the cost of clothes).
If possible draw the flow chart to describe the steps, which will be taken by the fashion designer (or you) in making a decision.
I might give Brainliest to the one who answers correctly along with the flow chart.
Answers
The process you need to to start a fashion clothing brand.
Fist step is to recognized the fashion need in the market. Create your business plan. Know your specific audience. Start drawing and then designing the clothlook for a good clothing makerChoose and Make a brand name, logo, etc.Set a target price and start marketing/distribution process..What is Clothing Brand?This is known to be that key Identification that pertains to a given Manufacturer and it is one that is only used in the line of business such as manufacturing, distributing, etc., of clothes.
Note that by flowing the steps above, one can make a great fashion brand in the long run.
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Who gets scarce resources in a market economy?
O the government
O whoever the goverment decides gets them
O whoever wants them
O whoever is willing and able to pay the price
Answers
Scarce resources in a market economy are whoever is willing and able to pay the price.
Scarce resources are distributed proficiently in a market through the collaboration of interest and supply. The interest bend addresses the eagerness to pay for the asset. Along these lines, any individual who is willing and ready to pay for that asset will get that asset.
A market economy is where the settlement of labor and products is directed by the correspondence between associations and individuals. Scarce resources in the financial framework are restricted in supply, so this administration concludes who will get them. Market economies are not constrained by a focal power (like an administration) and are rather founded on intentional trade.
Hence option (D) is correct.
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Choose or create any international company/business and give a brief summary of the company, including key figures such as their ratios, information relative to cost, their number of employees, the company revenue and cost of manufacturing.
for the company chosen above discuss the costing methods and internal system that they used to account for cost.
Discuss the various cost centers they have internally and Discuss how the cost information is used or/and how it can be used within the company.
Answers
The international company chosen for the following assignment is Apple Inc. It is an American multinational technology company that is headquartered in Cupertino, California.
The company designs, develops, and sells consumer electronics, computer software, and online services. Key figures regarding the company include 116,000 employees (as of 2020), $274.5 billion in revenue (as of 2020), and a net income of $57.4 billion (as of 2020).
Costing methods and internal systems used by Apple Inc.
Apple Inc. uses activity-based costing (ABC) as their costing method. The internal system used by Apple Inc. is known as SAP, a German-based software company that develops software to manage business operations and customer relations. SAP helps Apple Inc. to monitor and analyze costs effectively.
Cost centers of Apple Inc.
Apple Inc. has different cost centers, which include research and development, marketing and sales, and administration. Research and development are considered as the most significant cost center within the company as Apple Inc. invests heavily in research and development (R&D) for their products.
Marketing and sales are the second-largest cost center, which is responsible for the promotion and advertising of Apple Inc. products.
Finally, the administration cost center includes all the costs associated with the management of the company.
Cost information and its usage within Apple Inc.
Cost information is used by Apple Inc. to determine the cost of each product. By identifying the cost of each product, Apple Inc. can determine the profit margin of each product. This cost information is also used for budgeting purposes, as it helps Apple Inc. to allocate resources more efficiently. Finally, this cost information can be used to make decisions such as pricing strategies, investment opportunities, and cost reductions.
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A business that runs a ski resort sees a sudden spike in demand for lift passes. Is the supply of slopes elastic or inelastic? Why?
Answers
Answer:
The supply of slopes at a ski resort is generally considered to be inelastic. This is because the number of slopes available at a ski resort is usually fixed in the short term and cannot be easily changed in response to changes in demand for lift passes. It takes a significant amount of time and investment to build new slopes or expand existing ones, which means that the supply of slopes cannot be quickly adjusted to match changes in demand.
As a result, when there is a sudden spike in demand for lift passes, the ski resort may not be able to increase the number of slopes available to meet that demand. Instead, they may have to ration lift passes or increase prices to manage demand and prevent overcrowding on the existing slopes. This means that the supply of slopes is relatively unresponsive to changes in demand, making it inelastic.
However, in the longer term, the supply of slopes at a ski resort may become more elastic as the resort invests in new infrastructure and expands its operations to meet growing demand. For example, the resort may build new slopes, invest in snow-making equipment, or expand its facilities to accommodate more skiers and snowboarders. These investments can increase the overall supply of slopes and make the resort more responsive to changes in demand over time.
Users especially rely on this information to predict future operations. Many users view this section as the most important:
Answers
Answer: a. Continuing operations.
Explanation:
When a company prepares its financial statements, it does this assuming the principle of going concern which is that operations will continue in the near future. The information that is therefore shown, unless specified otherwise, is from continuing operations.
Users of financial statements rely on this information from continuing operations to analyze what the company is likely to do in future or how it is likely to perform. It is therefore a very important section as it shows whether stakeholders should remain invested in the company.
Do I have any college students on here willing to help me with a project? It's for my personal finance class. I'm in college but I'm a high schooler. I have to make a report on what the average college student spends. I will not be asking for bank card/account info or anything of that sort. No social security numbers or phone numbers. If you'd be willing to help me out thanks!!
Answers
Explanation: I'm a VERY smart 7th grader. : )
Answer:
i'm not in college but i can help you if you need help
Explanation:
Can someone please help me with this!!!!
Answers
Answer:
Eh easy aall you have to do is pay 4,305 dolllars
Explanation:
Which of the following items best describe a project Work Breakdown Structure (WBS)?
A. An organizational chart depicting who will perform project work.
B. A schedule depicting when project work will be performed.
C. A framework that identifies project deliverable.
D. A list of activities to complete the project work package.
Answers
A schedule depicting when project work will be performed best describes a project Work Breakdown Structure (WBS).
Simply put, a project is a set of tasks that must be completed to achieve a certain result. A project can also be defined as the set of inputs and outputs required to achieve a specific goal. Projects can range from simple to complex and can be managed by 1 or 100 people.
Project, or more commonly Project, is an American English slang term that refers to public housing for low-income residents. It stands for Public Housing Project. plan. [Transitive, usually passive] Planning something to plan future activities, projects, etc. The next edition of the book plans to come out in March. The planned housing development is expected to materialize next year.
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How important is money
Answers
Answer:
very important
Explanation:
money is a global income source for everyone. we all have different types but it is all still money. now say one country got rid of money and had people pay for stuff using other things. if china did that lots of different countries wouldn't be able to get stuff from there unless they had so much of that product they could just give it up.
if nicolai earns an 9 percent after-tax rate of return, $17,000 today would be worth how much to nicolai in five years? use future value of $1. note: round discount factor(s) to four decimal places.
Answers
$17,000 today would be worth $26,179.62 to Nicolai in five years if he earns a 9% after-tax rate of return.
To calculate the future value of $17,000 after 5 years with an after-tax rate of return of 9%, we can use the formula for the future value of a single amount:
FV = PV x (1 + r)^n
where FV is the future value, PV is the present value, r is the after-tax rate of return, and n is the number of periods.
First, we need to calculate the discount factor using the after-tax rate of return of 9% and the number of periods, which is 5 years. The discount factor can be calculated using the formula:
DF = 1 / (1 + r)^n
DF = 1 / (1 + 0.09)^5
DF = 0.6499
Now we can calculate the future value of $17,000:
FV = $17,000 x (1 + 0.09)^5
FV = $17,000 x 1.5386
FV = $26,179.62
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On Sunday, Dawson's flower shop sold 25 arrangements. The materials needed for 25 arrangements cost $250. If he sold each arrangement for $55, what would the net income?
Answers
Answer:
Net Income = $1125
Explanation:
The net income is the difference between the revenue and the total costs incurred to earn that revenue. It can be calculated as follows,
Net Income = Revenue - Total costs
The revenue in the given question can be calculated by multiplying the selling price per arrangement by the number of arrangements sold.
Revenue = 55 * 25
Revenue = $1375
The total cost for materials needed for 25 arrangements is provided and there are no other costs.
Net Income = 1375 - 250
Net Income = $1125
Post-secondary education is
Answers
DescriptionTertiary education, also referred to as third-level, third-stage or post-secondary education, is the educational level following the completion of secondary education.
10)
How might a mission statement help Donna with her new
business?
Answers
A mission statement can help Donna with her new business by providing clarity and direction for her venture. It serves as a guiding statement that outlines the purpose, values, and goals of the business.
It helps Donna align her decisions, actions, and strategies with the overall mission, facilitating focus and consistency in her business operations. A mission statement is a concise statement that articulates the purpose and core values of a business. It outlines what the business aims to achieve and how it intends to operate. For Donna, having a mission statement for her new business can provide several benefits.
Firstly, it helps Donna define the purpose and direction of her business. It clarifies the reason for starting the business and what it aims to accomplish, providing a sense of focus and clarity.
Secondly, a mission statement helps Donna communicate her business's values and principles to stakeholders, including employees, customers, and investors. It sets the foundation for building a strong company culture and aligning everyone's efforts toward a common goal.
Lastly, a mission statement can serve as a guide for decision-making and strategy development. When faced with choices or challenges, Donna can refer to her mission statement to ensure that her actions align with the overall purpose and values of her business.
A mission statement plays a crucial role in helping Donna with her new business by providing clarity, guiding decision-making, and aligning stakeholders toward a common vision.
In conclusion, a mission statement can significantly benefit Donna in her new business. It provides clarity and direction, communicates values to stakeholders, and guides decision-making and strategy development. By establishing a mission statement, Donna can effectively define her business's purpose and goals, foster a strong company culture, and make informed decisions that align with her business's overall mission. This helps create a solid foundation for success and growth in her new venture.
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Write down two of the four key years mentioned in the brief history of debt and why they were important. from ramsey classroom
Answers
The first Secretary of the Treasury of the United States, Alexander Hamilton, put up a proposal in 1790 to take over the debts of the many states and combine them into a single national debt.
What are three ways the credit card business profits from Dave Ramsey's clients?There are three ways that credit card issuers generate revenue: 1) Fees paid by cardholders; 2) Business transaction fees; and 3) Cardholder interest.
What form of debt does a credit card always represent among the four?Most personal loans and credit cards fall under the category of unsecured debt. Unsecured debt typically carries a higher interest rate than secured debt because it poses a greater risk to the lender.
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an employee can be dismissed if their job surplus to requirements' outline why this state ment is false
Answers
In 1931, President Herbert Hoover was paid a salary of $75,000. Government statistics show a consumer price index of 15.2 for 1931 and 237 for 2015. President Hoover’s 1931 salary was equivalent to a 2015 salary of about: a) $1,057,894. b) $16,080,001. c) $1,169,408. d) $4,965.
Answers
Answer: c) $1,169,408.
Explanation:
Given the following:
Consumer price index(CPI) :
Year 1 = 1931 = 15.2
Year 2 = 2015 = 237
Salary in 1931 = $75,000
Equivalent salary in 2015 Given the details above:
Salary in 1931 × (CPI for year 2(2015)/ CPI for year 1(1931))
$75,000 × ( 237 / 15.2)
= $75,000 × 15.592105
= $1,169,407.8
= $1,169,408