| | 6 | Purchased dry cleaning equipment for $36,000. Paid $14,000 in cash, the remainder to be paid in two weeks. | | 10 | Hired a worker, to be paid $550 per week. | | 17 | Paid the worker's weekly wage. | | 17 | Recorded cash received for services rendered during the week, $5,000.
Name:_______________ Part I Open-ended question (10 points; 20% of exam) ID:____________ For Quick Start the first month in business has ended. In the last days of December 2005, they already received contributed capital of € 6,000 and they obtained a five-year bank loan of € 24,000 at an annual rate of interest of 10 percent. Interest has to be paid each year on October 31. On December 31, 2005 various store equipment was purchased at a total cost of € 12,000, paid in cash. It is expected that the equipment has to be replaced after five years.
Acct Unit 1 Homework Assignment 06/12/15 Question 1: Brady Brothers, a partnership, has total assets of $350,000 and $100,000 of owners’ equity. What are the partnership’s total liabilities? $350,000 – Liabilities = $100,000 $350,000 - $100,000 = $100,000 - $100,000 Answer: $250,000 = Liabilities Question 2: During the first month of operation, Brady Brothers made sales to customers totaling $12,000 but received only $6,000 from customers in cash. Brady Brothers incurred $8,000 for operating expense but only paid $5,000 in cash for those expenses. What was Brady Brothers cash basis income?
3 Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month, 12% note payable. 4 Paid $1,200 for a one-year accident insurance policy. 10 Received a bill from the Daily News for advertising the opening of the Laundromat $200. 20 Bob withdrew $700 cash for personal use. 30 The company determined that cash receipts for laundry services for the month
Joe meets with the loan officer at his bank where the process of buying a home is started. The loan officer provides Joe with a great deal of information, leaving him excited and apprehensive at the same time. What you know: The purchase price of the house is $75,000. Joe has $10,000 in savings. Joe makes $15 per hour and works 40 hours per week.
The business required £30,000 cash for working capital. The company gets a loan of £450,000 which was transfer into the business bank account in January as shown in appendix 6. The cash budget shows a balance of £3,918 in January and £16,335 February. The loan calculation is shown in appendix 8. This is expected to be paid back within 8 years by monthly paid instalments of £5.718.41 which was calculated on a 5.1% interest rate.
The bank charged the company account for nonsufficient check totaling $950. The credit manager concluded that customer intentionally closed its account and the owner left the city. The check was turned over to collection agency. 7. A note for $7,500, plus interest was paid directly to the bank under an agreement singed five month ago.
We estimated how many customers we need to breakeven each year. Cash flow Projection for five years Cash Flow Analysis Year 1 Beginning Balance $0 Capital $10,000 Revenue (10 Clients) 59,700 $66,700 Disposables Purchases 49,700 Administrative $7,400 (Advertising 200, Other costs 200, Airlines 1,000, Office 6000) Wages $4,000 (2,000 each for Benny and Janet) $61,100 Ending Balance $5,600 Year 2 Beginning Balance $5,600 Revenue (15 Clients) $89,550 $93,150
True False The job cost sheet is used in both job-order and process costing. True False Byklea Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 200 units. The costs and percentage completion of these units in beginning inventory were: A total of 7,000 units were started and 6,700 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: The ending inventory was 90% complete with respect to materials and 45% complete with respect to conversion costs.
• begins when the firm uses its cash to purchase raw materials and ends when the firm collects cash payments on its credit sales. • shows how long the firm keeps its inventory before selling it. Click here to download STR 581 Week 4 Capstone 2 19. Ajax Corp. is expecting the following cash flows - $79,000, $112,000, $164,000, $84,000, and $242,000 – over the next five years. If the company’s opportunity cost is 15 percent, what is the present value of these cash flows?