Bonita Equipment Co. closes its books regularly on December 31, but at the end of 2020 it held its cash book open so that a more favorable balance sheet could be prepared for credit purposes. Cash receipts and disbursements for the first 10 days of January were recorded as December transactions. The information is given below.
1. January cash receipts recorded in the December cash book consisting of:
Cash sales $28,000
Collections on account, for which $360 of cash discounts were given 17,640
$45,640
2. January cash disbursements recorded in the December check
register liquidated accounts $22,450
Discounts taken 250
3. The ledger has not been closed for 2017.
4. The amount shown as inventory was determined by physical count on December 31, 2017.
The company uses the periodic method of inventory.
Instructions
(A) Prepare any entries you consider necessary to correct Francis’s accounts at December 31.
(B) To what extent was Francis Equipment Co. able to show a more favorable balance sheet at December 31 by holding its cash book open? Assume that the balance sheet that was prepared by the company showed the following amounts:
Debit Credit
Cash $39,000
Accounts receivable 42,000
Inventory 67,000
Accounts payable $45,000
Other current liabilities 14,200

Answers

Answer 1

Answer:

Bonita Equipment Co.

A. Entries to correct Bonita's accounts at December 31:

Debit Sales revenue $28,000

Credit Cash $28,000

To reverse the cash sales of January recorded in December.

Debit Accounts Receivable $18,000

Credit Cash $17,640

Credit Cash Discounts $360

To reverse the cash receipts of January recorded in December.

Debit Cash $22,450

Debit Cash Discounts $250

Credit Accounts Payable $22,700

To reverse the cash payment of January recorded in December.

B. To some extent, Bonita was able to show a more favorable balance sheet at December 31 by holding its cash book open.  This becomes more pronounced when the working capital elements of the balance sheet are analyzed with ratios.

For example, the current and quick ratios before the above adjustments shows 2.4 and 1.4 respectively.  After the adjustments, the current and quick ratios reduced to 1.74 and 0.92 respectively.

Explanation:

a) Data and Analysis:

Cash Sales $28,000

Collections on account $17,640

Total $45,640

Cash Discounts on collections = $360

Total collections on account $18,000

Cash Disbursements:

Check for payment on account = $22,450

Discounts $250

Total disbursement $22,700

Sales revenue $28,000

Cash $28,000

Accounts Receivable $18,000

Cash $17,640

Cash Discounts $360

Cash $22,450

Cash Discounts $250

Accounts Payable $22,700

                             Before Adjustments  After Adjustments

                                   Debit     Credit    Debit     Credit

Cash                        $39,000                 $15,450($39,000 - $28,000 - $18,000 + $22,450)

Accounts receivable 42,000                  60,000 ($42,000 + $18,000)

Inventory                   67,000                   67,000

Accounts payable                  $45,000                 $67,450 ($45,000 + $22,450)

Other current liabilities             14,200                   14,200

Total                     $148,000  $59,200 $142,450 $81,650

Working capital ratios:

 Before Adjustments                            After Adjustments

Current ratio = $148,000/$59,200      $142,450/$81,650

=                                2.5                             1.74

Quick ratio = $81,000/$59,200            $75,450/$81,650

=                                1.4                              0.92


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If Rich repays the loan after 25 years, the origination fee that the lender should impose is around $20,000.

If Rich repays the loan after 10 years, the origination cost that the lender should impose is around $6,600.

Statistics and computations:

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Rich can get a loan from the bank for $95,000.

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Using a financial calculator online:

PMT equals $10,465.97 at a 10% interest rate.

Total recurring payments equal: -261,649.17 dollars

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Total periodic payments come to $241,789.84.

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Interest at 10% is a predicted origination fee of $166,649.17.

Interest is $146,789.84 at 9%.

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This amounts to $20,000.

10 years later, payment:

At a 10% interest rate, the total periodic payments would be $146,608 if the PMT was $15,460.81.

$19,608 in total interest.

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Total periodic payments equal -148 029 dollars.

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Interest at 10% equals a predicted origination fee of $59,608.

9% interest on 13 equals $53,029.

($59,608.13 - $53,029.09) Required origination charge = $6,579.04 or $6,600.

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A. I, II, and III
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A new tariff on steel imports in the US will cause the price of steel for US consumers to rise, and the US producers of steel will sell more.

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Answers

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1. Salaries Payable - CREDIT Balance Account

2. Common Stock - DEBIT Balance Account

3. Prepaid Rent - DEBIT Balance Account

4. Buildings - DEBIT Balance Account

5. Utilities Expense - DEBIT Balance Account

6. Equipment - DEBIT Balance Account

7. Rent Expense - DEBIT Balance Account

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10. Insurance Expense -  DEBIT Balance Account

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12. Service Revenue - CREDIT Balance Account

What do you mean by account?

The debits and credits account of a business illustrate where money is coming in and going out. They must be equal in order to keep a company's books balanced. Debits increase the value of accounts for assets, expenses, and losses. Credits raise the worth of the liability, equity, revenue, and gain accounts.

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Jeep Patriot 16,780
Chevrolet Camaro 26,305
Ford F-150 Pickup 27,690
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The Ford F-150 Pickup

Answers

The maximum amount that Brian can afford to pay for his new car is $20967.62, and the most expensive car that he can afford to purchase, without stretching his budget, is the Jeep Patriot.

Give a brief account on budget.

A budget can be regarded as a spending plan that is based on income and expenses. In other words, it's a projection of how much money you will make and spend over a given period of time, such as a month or a year.

The goal of budgeting is to gain control over your finances, not to deprive yourself. The process of creating a budget shouldn't feel punishing. It's a plan for all of your money, so don't forget to budget for fun things as well. It's not necessary to have a rigorous budget. In truth, it ought to alter as your situation does — for instance, when you obtain a raise or become a homeowner. The goal is to personalize your budget as much as you can while yet allowing for flexibility.

To solve the question :

1. = PV (6% /12 , 12 × 4, -375) + 5000

   = 20967.61917

The Jeep Patriot will be the most expensive car that Brian can afford to purchase without stretching his budget.

2.  the following activities would allow upgrade :

Take a better-paying job or another, or part-time, job that would give him the additional income to support a larger monthly paymentPurchase a more advanced vehicle with fewer, more affordable options.

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The complete question is mentioned below :

Brian, is trying to decide between the following car models:

Brand and Model                 Cost

Kia Rio                             $12,295

Jeep Patriot                      16,780

Chevrolet Camaro              26,305

Ford F-150 Pickup               27,690

He’s currently accumulated a down payment of $5,000 and he has determined that he can afford maximum payments of $375 per month. His initial research on the current cost of auto loans has found that his lowest cost loan would be made by a credit union and would require an interest rate of 6% for four years.

Given this information, the maximum amount that Brian can afford to pay for his new car is , and the most expensive car that he can afford to purchase, without stretching his budget, is:

The Kia Rio

The Jeep Patriot

The Chevrolet Camaro

The Ford F-150 Pickup

However, he could upgrade to a more expensive model by undertaking several activities. Which of the following activities would allow this upgrade? Check all that apply.

*Take a better-paying job or another, or part-time, job that would give him the additional income to support a larger monthly payment

*Purchase an upgraded vehicle with fewer and less expensive options

*Go ahead and purchase the more expensive car; he deserves to be happy

Purchase the more expensive car now and then ask his boss for a raise next week

A manager can assign tasks to a subordinate, and a subordinate who refuses to do them can be reprimanded or even fired. This is an example of _____ power.
A) legitimate
B) informal
C) referent
D) expert
E) coercive

Answers

A manager assigns tasks to subordinate, and subordinate who refuses to do them can be reprimanded or fired. This is example of the coercive power.

What is coercive power?

Coercive power refers to a management or leader's use of force or threat to persuade a worker, subordinate, or team member to comply with a directive or order. It is the power of the position of authority, not a power that belongs to the individual. It is derived from the term compel, which is defined as using force in a dictionary. How coercive power operates depends on managers' propensity to use threats of various forms of punishment to coerce staff into complying with instructions. It simply refers to someone attempting to influence someone else by threatening punishment. An aspect of leadership is what this is. One way a person might affect those around them is by using this technique.

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the national debt hit a forty-seven-year low just as reagan was taking office. identify the statements that describe the policies and outcomes of reaganomics.

Answers

Experiencing the worst recession since the Great Depression while running a significant deficit during peacetime.

Which recession was the worst in history?

The worst economic downturn in history was known as the Great Depression, which lasted from 1929 to 1939. The majority of American banks failed, 20,000 businesses went out of business, and 15 million Americans were unemployed by 1933.

What year started the most exceedingly awful financial downturn since the Economic crisis of the early 20s?

2007 The term "Great Recession" refers to the economic downturn that occurred between 2007 and 2009 as a result of the global financial crisis and the burst of the U.S. housing bubble. The Great Recession in the United States was the most severe economic downturn since the 1930s' Great Depression.

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embezzlement is distinguished from larceny because the embezzler does not take the property from another and is already in possession of the property. true or false

Answers

Embezzlement is distinguished from larceny because the embezzler does not take the property from another and is already in possession of the property is true.

An illustration of embezzlement

Embezzlers could fabricate invoices and receipts for transactions that never happened, then spend the money on themselves. Embezzlement takes the form of Ponzi scams. Others include stealing money from the business or erasing personnel records. Each year, theft costs businesses about $400 billion.

What exactly is embezzlement a crime?

A person who has been trusted with personal property commits embezzlement when they fraudulently take it. The majority of the time, it is connected to financial theft. Whether the defendant retains the personal property or gives it to a third party, embezzlement can nonetheless take place.

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At times a buyers voices opinions or concerns more to vent frustration than anything else

Answers

When this occurs, best marketing strategy to use would be acknowledge method.

What is marketing?

In order to meet the needs of a target market for goods and services, marketing entails discovering, creating, and distributing value. Additionally, selecting a target market, deciding which traits or themes to highlight in advertising, launching marketing campaigns, attending trade shows and open forums, creating products and packaging that appeal to consumers, and establishing the terms of the sale, such as the purchase price, discounts, warranties, and return policies, are all possible. It is a cornerstone of business management and trade. Directly addressing consumers or other businesses are two options available to marketers. No matter who the target audience is, a number of factors, such as the marketers' viewpoint, are important. Market orientations are the approaches that marketers take during the marketing planning phase.

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Complete Question:

At times a buyers voices opinions or concerns more to vent frustration than anything else. When this occurs, the best strategy to use would be the _____ method.

What do insurance sales agents do??

Answers

Insurance sales agents sell insurance policies.

What is a sales agent for insurance?

By reaching out to potential clients and selling one or more forms of insurance, insurance sales representatives assist insurance companies in gaining new clients. They assist clients in selecting suitable insurance plans, such as property and casualty, life, health, and long-term care, by explaining the various insurance policies available.

Some insurance sales agents work directly for a single insurance firm, however the majority work for insurance brokerages selling the policies of various companies. Many agents invest a lot of effort in marketing their products and establishing a clientele.

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Insurance sales agents sell insurance policies.

What does an insurance sales agent do?

Insurance sales professionals help insurance businesses attract new customers by reaching out to potential customers and offering one or more types of insurance. By outlining the many insurance policies available, they help clients choose the right insurance plans, such as property and casualty, life, health, and long-term care.

A sales agent is a specialist that your business employs to sell goods or services and serve as a representative for your brand. Sales representatives are frequently independent contractors who receive commissions based on the volume of goods they sell. Some salespeople work for firms that subcontract their employees.

While the majority of insurance sales agents work for insurance brokerages selling the policies of numerous firms, others work directly for one particular insurance company. A lot of brokers put a lot of work into promoting their services and building a clientele.

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