Homework Answers
1- All of the above is the right answer because pharmasict bill should follow all the above options to find out whether new business idea is successful or not.
2- each transaction will affect two account because in double entry system at least one debit and one credit for each transaction is there.
3- Most business in a society could not exist without generating profits, because profit is the key of every business without profit business will get shut down.
4- Balance sheet use Net income= revenue- expenses is correct regarding balance sheet.
5- To increase ROI, a business should increase the amount of inventory on hand because, higher inventory turnover leads to increase in ROI.
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Pharmacist Bill, of Bill's Pills Pharmacy, has a business idea that will revolutionize the world of...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned...
The following equation shows the transactions of Cotton Cleaning
Service during May. The business is owned by Taylor Cotton.
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Assets Accts. Rec + Supp. + Equip. - 3,200 + 6,000 + 34,000 = Liab. + Owner's Equity Accts. T. Cotton, Pay. + Capital + Rev. 7, 200 + 51,200 + 0 - Exp. 0 + 860 860 3,200.+ 6,000 + 34,000...
to forms of business EL.3 (LO 2) C Listed below are several statements regarding different forms...
to forms of business EL.3 (LO 2) C Listed below are several statements regarding different forms of business organization. Instructions For each statement, indicate if that statement is true or false for each of the forms of business organization by placing a Tor an F in each column. Publicly Traded Corporation Proprietorship Partnership a. Owners have limited liability. b. Records of the business are combined with the personal records of the owner or owners. c. Required to follow IFRS. d....
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and...
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
1. Calculate the 12 ratios for Bluffton pharmacy for this year. 2. How do the ratios...
1. Calculate the 12 ratios for Bluffton pharmacy for this
year.
2. How do the ratios you calculated for this year compare to
those for the pharmacy last year?
Case 6 Bluffton Pharmacy wo New Pharmacy Owners Learn valuable Lessons About Financial statements and Analysis has been a little more than two years since Angela Craw- and and Martin Rodriguez purchased the Bluffton Pharmacy from Frank White, the previous owner and founder, who had started the pharmacy in 1969. The...
Carlos Ramirez and Camila Garza organized New World Book Store as a corporation, each contributed $80,000...
Carlos Ramirez and Camila Garza organized New World Book Store as a corporation, each contributed $80,000 cash to start the business and received 4,000 shares of common stock. The store completed its first year of operations on December 3. Current year on that date, the following financial items for the year were determine; December 31, current year, cash on hand and in bank, $75,600, December 31, current year, amounts due from customers from sales of books, $39,000, unused portion of...
AGEC 3423 HW2 Spring 2020 1. True or false? Assets + Liabilities = Owner's Equity. Why?...
AGEC 3423 HW2 Spring 2020 1. True or false? Assets + Liabilities = Owner's Equity. Why? (1 pt) 2. True or false? If the debt/equity ratio increases, the debt/asset ratio will also increase Why? (3pts) 3. True or false? A business with a higher working capital will also have a higher current ratio. Why? (3pts) 4. Use your knowledge of balance sheets and ratio analysis to complete the following abbreviated balance sheet. The current ratio = 2.0, and the debt/equity...
Transactions On June 1 of the current year, Pamela Schatz established a business to manage rental...
Transactions
On June 1 of the current year, Pamela Schatz established a
business to manage rental property. She completed the following
transactions during June:
Opened a business bank account with a deposit of $55,000 from
personal funds.
Purchased office supplies on account, $3,300.
Received cash from fees earned for managing rental property,
$18,300.
Paid rent on office and equipment for the month, $8,300.
Paid creditors on account, $2,290.
Billed customers for fees earned for managing rental property,
$30,800.
Paid automobile...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Liab.+ Accts. T.Cotton, Assets Owner's Equity Accts. Cash + Rec. + Supp. +Equip. = Pay. + Capital + Rev. - Exp. Balances, May1 Paid for utilities New balances Sold services for cash New balances Paid a creditor New balances Sold services on credit New balances Paid salaries New balances Paid telephone bill New balances 15, 700 3, 700 6,500 34,500 7,...
Check my world Charlie's Furniture Store has been in business for several years. The firm's owners...
Check my world Charlie's Furniture Store has been in business for several years. The firm's owners have described the store as a "high-price, high- service operation that provides lots of assistance to its customers. Margin has averaged a relatively high 32% per year for several years, but turnover has been a relatively low 0.4 based on average total assets of $400,000. A discount furniture Store is about to open in the area served by Charlie's, and management is considering lowering...
C1010: Accountng PART C. Comparing balance sheet (7 marks) ABC company and XVZ company conduct the same type of business. Both are recently formed entitles, the balance sheets of the two c...
C1010: Accountng PART C. Comparing balance sheet (7 marks) ABC company and XVZ company conduct the same type of business. Both are recently formed entitles, the balance sheets of the two companies as at 30 June 2020 are as follows: ABC Company Balance sheet Asat 30 June 2020 Assets Current assets Cash at bank 2 400 Accounts recelvable 4 800 Total current assets 7 200 Noncurrent Assets Office equipment land 6 000 18 000 building Total non-current assets 30 000...
The following equation shows the transactions of Cotton Cleaning
Service during May. The business is owned by Taylor Cotton.
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Assets Accts. Rec + Supp. + Equip. - 3,200 + 6,000 + 34,000 = Liab. + Owner's Equity Accts. T. Cotton, Pay. + Capital + Rev. 7, 200 + 51,200 + 0 - Exp. 0 + 860 860 3,200.+ 6,000 + 34,000...
to forms of business EL.3 (LO 2) C Listed below are several statements regarding different forms of business organization. Instructions For each statement, indicate if that statement is true or false for each of the forms of business organization by placing a Tor an F in each column. Publicly Traded Corporation Proprietorship Partnership a. Owners have limited liability. b. Records of the business are combined with the personal records of the owner or owners. c. Required to follow IFRS. d....
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
1. Calculate the 12 ratios for Bluffton pharmacy for this
year.
2. How do the ratios you calculated for this year compare to
those for the pharmacy last year?
Case 6 Bluffton Pharmacy wo New Pharmacy Owners Learn valuable Lessons About Financial statements and Analysis has been a little more than two years since Angela Craw- and and Martin Rodriguez purchased the Bluffton Pharmacy from Frank White, the previous owner and founder, who had started the pharmacy in 1969. The...
AGEC 3423 HW2 Spring 2020 1. True or false? Assets + Liabilities = Owner's Equity. Why? (1 pt) 2. True or false? If the debt/equity ratio increases, the debt/asset ratio will also increase Why? (3pts) 3. True or false? A business with a higher working capital will also have a higher current ratio. Why? (3pts) 4. Use your knowledge of balance sheets and ratio analysis to complete the following abbreviated balance sheet. The current ratio = 2.0, and the debt/equity...
Transactions
On June 1 of the current year, Pamela Schatz established a
business to manage rental property. She completed the following
transactions during June:
Opened a business bank account with a deposit of $55,000 from
personal funds.
Purchased office supplies on account, $3,300.
Received cash from fees earned for managing rental property,
$18,300.
Paid rent on office and equipment for the month, $8,300.
Paid creditors on account, $2,290.
Billed customers for fees earned for managing rental property,
$30,800.
Paid automobile...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Liab.+ Accts. T.Cotton, Assets Owner's Equity Accts. Cash + Rec. + Supp. +Equip. = Pay. + Capital + Rev. - Exp. Balances, May1 Paid for utilities New balances Sold services for cash New balances Paid a creditor New balances Sold services on credit New balances Paid salaries New balances Paid telephone bill New balances 15, 700 3, 700 6,500 34,500 7,...
Check my world Charlie's Furniture Store has been in business for several years. The firm's owners have described the store as a "high-price, high- service operation that provides lots of assistance to its customers. Margin has averaged a relatively high 32% per year for several years, but turnover has been a relatively low 0.4 based on average total assets of $400,000. A discount furniture Store is about to open in the area served by Charlie's, and management is considering lowering...
C1010: Accountng PART C. Comparing balance sheet (7 marks) ABC company and XVZ company conduct the same type of business. Both are recently formed entitles, the balance sheets of the two companies as at 30 June 2020 are as follows: ABC Company Balance sheet Asat 30 June 2020 Assets Current assets Cash at bank 2 400 Accounts recelvable 4 800 Total current assets 7 200 Noncurrent Assets Office equipment land 6 000 18 000 building Total non-current assets 30 000...
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