Following are the accounts and balances from the adjusted trial balance of Stark Company.
Notes payable$29,000 Accumulated depreciation-Buildings$33,000 Prepaid insurance 4,300 Accounts receivable 7,600 Interest expense 860 Utilities expense 3,100 Accounts payable 10,500 Interest payable 820 Wages payable 2,200 Unearned revenue 1,700 Cash 46,000 Supplies expense 560 Wages expense 9,300 Buildings 220,000 Insurance expense 3,600 Stark, Withdrawals 12,000 Stark, Capital 132,800 Depreciation expense-Buildings 11,000 Services revenue 110,000 Supplies 1,700
Prepare the (1) income statement and (2) statement of owner's equity for the year ended December 31, and (3) balance sheet at December 31. The Stark, Capital account balance was $132,800 on December 31 of the prior year.
Answers
Income Statement: Net Income = $81,580. Statement of Owner's Equity: Stark, Capital (Ending balance) = $202,380. Balance Sheet: Total Assets = $246,600, Total Liabilities = $44,220, Stark, Capital = $202,380.
Income Statement:
Services Revenue: $110,000
Less: Supplies Expense: $560
Less: Insurance Expense: $3,600
Less: Utilities Expense: $3,100
Less: Wages Expense: $9,300
Less: Depreciation Expense - Buildings: $11,000
Less: Interest Expense: $860
Net Income: $81,580
Statement of Owner's Equity:
Stark, Capital (Beginning balance): $132,800
Add: Net Income: $81,580
Less: Stark, Withdrawals: $12,000
Stark, Capital (Ending balance): $202,380
Balance Sheet (December 31):
Assets:
Cash: $46,000
Accounts Receivable: $7,600
Prepaid Insurance: $4,300
Supplies: $1,700
Buildings: $220,000
Accumulated Depreciation - Buildings: $33,000
Total Assets: $246,600
Liabilities:
Notes Payable: $29,000
Accounts Payable: $10,500
Interest Payable: $820
Wages Payable: $2,200
Unearned Revenue: $1,700
Total Liabilities: $44,220
Owner's Equity:
Stark, Capital: $202,380
Total Liabilities and Owner's Equity: $246,600
The income statement shows the revenues, expenses, and net income for the year ended December 31. The statement of owner's equity presents the changes in the owner's capital account during the year, considering net income and withdrawals. The balance sheet provides a snapshot of the company's assets, liabilities, and owner's equity at December 31.
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Related Questions
Describe an example of an equity investment that can also produce income. (1-3 sentences)
Answers
The most prevalent sort of equity income investing is stocks. Companies typically pay dividends to reward shareholders, attract investor money, and boost share prices when they have limited investment alternatives and extra cash.
which cleanliness practice should an employee carry out at work? a. eat at their workstation b. avoid washing their hands every time they visit the restroom c. keep all stationery and supplies on their desk instead of in the desk drawers d. wear clean, ironed clothes to work
Answers
The cleanliness practice which an employee should carry out at work would be to wear clean, ironed clothes to work.
Practicing cleanliness in the workplace not only creates a healthier environment for the employees but also help companies or organization to become more efficient and productive.
Whereas leftover food, cluttered desks, and waste paper are just some of the most common items that contribute towards a messy workspace. Thus, a research shows that the poor standards of hygiene in workplaces tend to reduce the employees ability to focus on their work, and trigger a negative mindset.
Hence, option D is correct.
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From the supply-side perspective, the economy may fail to reach full employment because of A. Taxes that are too high B. Declining costs C. Production incentives D. Lack of government regulation
Answers
From the supply-side perspective, the economy may fail to reach full employment because of Taxes that are too high.(A)
High taxes can discourage businesses from investing in new projects and hiring more workers. This results in lower production levels and a decrease in job opportunities, preventing the economy from reaching full employment.
In addition, high taxes can reduce disposable income for consumers, leading to lower consumer spending and demand for goods and services. This further reduces the incentive for businesses to expand and hire more employees.
Moreover, high taxes can lead to businesses relocating to other countries with lower tax rates, further reducing employment opportunities in the domestic economy. Overall, high taxes can negatively impact the supply-side of the economy, making it difficult for the economy to achieve full employment.
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g The recent appreciation of US$ against major currencies in the such as Euro, Yen, Renmenbi (Chinese Yuan), British Pound, the balance of trade deficit for the US economy is expected to ________
Answers
Based on the recent appreciation of US$ against major currencies in the such as Euro, Yen, Renmenbi (Chinese Yuan), British Pound, the balance of trade deficit for the US economy is expected to widen.
The recent appreciation of the US dollar against major currencies such as the Euro, Yen, Renminbi (Chinese Yuan), and British Pound is likely to lead to a widening of the balance of trade deficit for the US economy. This is because an appreciation of the US dollar makes US exports more expensive for foreign buyers, which may reduce demand for these exports.
At the same time, imports to the US become cheaper due to the stronger dollar, increasing the demand for foreign goods and services. As a result, the value of imports may rise, while the value of exports may decrease, leading to a larger trade deficit.
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3. If GDP is $10 million, consumer spending is $5million, Government is $3 milion, net exports is 1 million, how much is investment? A. $ 0 million B. $ 1 million C. $ 2 million D. $ 3 million
Answers
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.
The above figure shows the market for buckets of golf balls at the driving range. A new leisure time tax is placed on suppliers in this market, shifting the supply curve from S0 to S1. The amount of this tax is ________ per bucket of golf balls.
Question options:
$1
$3
$4
$2.50
$2
Answers
A new leisure time tax is placed on suppliers in this market, shifting the supply curve from S0 to S1. The amount of this tax is $3 per bucket of
Thus option 2 is correct
The point where S1 & D intersect is the new market equilibrium. The equilibrium quantity is 400 while the equilibrium price is $14. At the same quantity of 400 units, the price on old supply curve (So) is $11. The tax is distance between these two prices.
Hence the tax = $14-$11 = $3 per unit
The optimal age to start driving is when?By providing advice, oversight, support, and practise, parents have the largest impact on their teen drivers. At the age of 18, youth are also ready to move out and live independently in their own apartments, whether they decide to do so for educational purposes. The best age for teens to start taking driving lessons is thus 16, according to research.
Among the many active participants in the healthcare process who influence quality are patients and families, government rules, accreditation organisations, professional groups, facility leadership, and payors.
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what is the third step in the differentiation and positioning task?
Answers
The third step in the differentiation and positioning task is to develop a positioning strategy that effectively communicates the unique benefits and attributes of the product or service to the target market.
This involves identifying the key attributes and benefits that set the product apart from competitors and creating a positioning statement that clearly communicates this differentiation.
The positioning strategy should be consistent across all marketing efforts and should be based on a thorough understanding of the target market and their needs and preferences.
This third and final step is contained in what's known as the segmenting, targeting, and positioning model, the STP model.
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what effect will a sudden increase in the volatility of gold prices have on interest rates?
Answers
The increased volatility of gold prices makes bonds relatively less risky relative to gold and causes the demand for bonds to increase and interest rates fall.
Supply and demand, interest rates (and expectations for interest rates), and investor behavior with regard to risk all influence the price of gold. Although it sounds straightforward, the way those elements interact is occasionally perplexing. For instance, a lot of investors view gold as a hedge against inflation.
Given that paper money loses value as more is issued but gold's supply remains fairly stable, this has some element of realism. The link between gold and inflation is, however, at best tenuous. The short-term performance of gold is much better predicted by interest rates and overall market volatility.
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how does technology help business become more efficient
Answers
Answer:
We use tech. in everything today. It helps keeps files organized vs. using papers, keeps data forever - can't get lost.
Explanation:
When making decisions, managers often must decide between doing what is beneficial for the firm in the short term, and what is beneficial for both the firm and society in the long term. To address this conflict, a firm must
Answers
When making decisions, managers are often faced with a conflict between what is beneficial for the firm in the short-term and what is beneficial for both the firm and society in the long-term.
This conflict arises because the actions that benefit the firm in the short-term may not necessarily align with the interests of society as a whole, which can lead to negative consequences for both the company and society in the long-term.
To address this conflict, a firm must adopt a long-term orientation and consider the broader social and environmental impacts of its decisions. This means looking beyond immediate financial gains and recognizing that actions taken today can have far-reaching implications for the company's reputation, customer loyalty, employee morale, and overall sustainability.
Firms that prioritize social responsibility and sustainable business practices are more likely to build strong relationships with stakeholders, including customers, employees, investors, and regulators. They are also better equipped to weather economic downturns and other disruptions, as they have diversified their risk and invested in building resilient supply chains and communities.
Ultimately, the key to addressing the conflict between short-term gains and long-term benefits is a commitment to corporate social responsibility (CSR) and sustainable business practices. By prioritizing the needs of society and the environment alongside those of shareholders, firms can create value for all stakeholders over the long-term, ensuring their continued success and impact.
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Berthold's Sporting Goods just purchased $375 worth of tennis gear from one
of its vendors to restock its inventory. What accounts would be debited and
credited in this transaction?
A. Both Inventory and Accounts Payable would be credited $375.
B. Inventory would be debited $375. Accounts Payable would be
credited $375.
C. Both Inventory and Accounts Payable would be debited $375.
D. Inventory would be credited $375. Accounts Payable would be
debited $375.
Answers
The amount of $375 would be deducted from inventory. The transaction would credit Accounts Payable $375.
What is Accounts Payable?Accounts payable are amounts owed by a company to its suppliers that are shown as a liability on the balance sheet. It differs from notes payable liabilities, which are debts incurred as a result of formal legal instrument documents.Accounts Payable refers to when a company purchases goods on credit that must be paid back in a short period of time. It is classified as a liability and falls under the category of 'current liabilities'. Accounts Payable is a short-term debt payment that must be made in order to avoid default.Accounts payable is a liability because it is money owed to creditors and is listed on the balance sheet under current liabilities.To learn more about Accounts Payable refer to :
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How did Doug Flute’s Hail Mary pass demonstrate the marketing value of building high-profile sports programs? What are some ways colleges make revenue from their teams? How much money do college sports generate every year? How are college athletes compensated for their work as athletes? What are they NOT allowed to receive? Explain what happened in "Tattoo Gate." What was the punishment in this case? Best-selling author Michael Lewis argues that playing college sports impedes athletes from getting an education. How would you support his argument? The president of the NCAA argues that education combined with access to some of the best coaches in the world is adequate compensation for student athletes. Do you agree? Why or why not? After watching the video, do you think that college athletes should be paid? Why or why not? Do you think the lawsuit against the NCAA would be successful? Why or why not? Should fans of college sports be concerned about the alleged injustices in the NCAA? Why or why not? Do you think it’s fair that college athletes have to sign a contract that states that their images and likeness can be used by the NCAA forever without receiving any compensation? Why or why not?
Answers
Answer:
In order all answered :)
Explanation:
He throw the winning touchdown.
Televising their teams and marketing their university to the world. They make millions.
They are exploited to the tune in almost 15 million. The riches they create and are not given the education they are promised.
Ohio state football players received free tattoos and exchange for memorabilia. The players were suspended and had to repay the cash as well as the value of the tattoos. Unpaid athletes were fined by a billion-dollar organization that's gets paid by sponsors to decorate the athletes in corporate logos.
The Students spend too much time on their sports and not enough time on their school work.
I do not agree since the students have to spend most of their time playing sports instead of doing their school work, and yet the coaches expect them to pass classes and as soon as the players or no longer vital in the game they don’t get there scholarship for the following year, which is highly unfair.
I do believe that college athletes should be paid because they work and play. They can lose their spot so quick they also create the money that the coaches get.
I do believe the lawsuit against NCAA would be successful because there are so many athletes that are standing up. Other political people are noticing things and standing up and most importantly it is a rule that they get paid for the money the create by there name and being on the team.
I do believe fan of college sports should be concerned and I believe this because what it means to be a fan is to feel like you are with the brand and why would you want to associated yourself with injustice. There are also so many fans that can help do something about it.
I do not think it's fair for college athletes to sign a contract stating their likeness and image can be used by the NCAA forever without receiving any compensation. I believe this because it is wrong they create the money that these people get from games they should get a decent amount of it.
Travis has an athletic shoe store and is currently preparing a market summary. To be most effective, the competition section of his market summary should
Answers
Based on the provided information For Travis to be most effective, the competition section of his market summary that he should do is to list both direct and indirect competitors.
What is market summary all about?The concept about market summary lets to know about stock market and how buyers and sellers negotiate prices.
Therefore, Travis list both direct and indirect competitors when making summary.
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A consumer wants 400 keychains in 5 days, is it impossible to make 40 keychains per day with two people. The boss and the employee.
"Please help me!"
Answers
Answer:
Make the keychains day by day and give them to the consumer over time.
Explanation:
Also, offer a small discount for the inconvenience.
To stimulate the economy, the Federal Reserve decides that the amount of money in circulation
needs to increase.
Which of the following actions will they be MOST LIKELY to take?
Answers
Answer:
Lower the reserve requirement ratio
Explanation:
Stimulating the economy requires expansionary monetary policies. These are the actions that increase the money supply in the economy. When there is an increase in the money supply, people and businesses have more money to spend. An increase in spending means a higher demand for goods and services, which motivates increased production.
Reserves requirement is the proposition of customer deposits that commercial banks retain in their custody at all times. A reduction in the reserve requirement ratio implies that banks can loan out a larger proportion of customer deposits. The amount of money available for banks to issue out as loan increases. An increase in lending adds to the money supply in the economy, which, in turn, stimulates economic activities.
Answer:
Stimulating the economy requires expansionary monetary policies. These are the actions that increase the money supply in the economy. When there is an increase in the money supply, people and businesses have more money to spend. An increase in spending means a higher demand for goods and services, which motivates increased production.
Reserves requirement is the proposition of customer deposits that commercial banks retain in their custody at all times. A reduction in the reserve requirement ratio implies that banks can loan out a larger proportion of customer deposits. The amount of money available for banks to issue out as loan increases. An increase in lending adds to the money supply in the economy, which, in turn, stimulates economic activities.
Explanation:
According to the video, some workers who work for themselves, such as Actors, Musicians, or Writers, may have what
sort of worker represent them to potential customers?
O an Agent
O a Headhunter
an Employer
a Mentor
Answers
Answer:
an Agent
Explanation:
just answered it and got correct
Answer: Agent
Explanation: just got it right on edge
Can you thinks of ways the private market can solves this problem? how does the option of cable tv alter the situation?
Answers
The private market could also solve the problem by making people watch commercials that are incorporated into the program. The existence of cable TV makes the good excludable, so it would no longer be a public good.
Equity capital is invested in private businesses through private equity. Investors hope that by investing in private businesses, they will be able to sell their stake at a later stage via a trade sale, buyout, recapitalization, or initial public offering (IPO) or list the business on public markets. Most of the time, private debt funds focus on the ownership of credit issued by private businesses that either want more flexible financing terms or are ignored by banks because transactions are so complicated. The majority of investments in private markets are made in private equity. Direct or co-investments are investments made without a middleman in private companies. In this instance, it is critical to have a thorough understanding of the company's industry. Investors can benefit from direct involvement in a company's growth and exit returns as a result of this. In a similar vein, private investment has the potential to significantly reduce the amount of public spending required while simultaneously supporting infrastructure and social projects, generating new jobs, and assisting the government in achieving its Build Back Better, Levelling Up, and Net Zero goals. Private finance is anticipated to provide a significant amount of the required capital, particularly for financing the UK's infrastructure and housing pipeline.
It is essential to keep in mind that an investor's objectives should dictate how an investment is approached. Private markets are another means by which investment managers can assist clients in meeting their investment requirements while also contributing to society and the economy as a whole.
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You borrow $50 for 1 year at 5% interest rate. What is the interest owed?
Answers
Answer:
i think it would be 100 dollars
Explanation:
you mulitpy original by 5 which comes out to 100
suppose that serendipity bank has excess reserves of $12,000 and checkable deposits of $150,000. instructions: enter your answer as a whole number. if the reserve ratio is 10 percent, what is the size of the bank's actual reserves?
Answers
The first step is to calculate the required reserves for the bank.Required reserves = 0.20 × $150,000 = $30,000. The second step is to calculate actual reserves. Actual reserves = required reserves + excess reserves = $30,000 + $8,000 = $38,000.
What are an example of required reserves?
Simply multiplying the amount of cash a bank must keep in reserves by the amount of cash it has on deposit yields the required reserve ratio. For instance, if a bank had to hold $500,000 in reserves along with its $10 million in deposits, the required reserve ratios would be 1/20, or 5%..
What is the required reserve as of 2022?
The Required Reserve Exemption Amount for 2023 was enhanced by the Regulation D Amendments from $32.4 million to $36.1 million, while the Low Reserve Tranche Amount was increased form $640.6 million to $691.7 million.
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Enter text- Apply A text Effect
Answers
What is advertising??
Answers
Answer:
the activity or profession of producing advertisements for commercial products or services.
Explanation:
Answer:
the activity or profession of producing advertisements for commercial products or services.
"movie audiences are receptive to advertising"
advertisements collectively.
"despite being instructed to take the signs down, he says he has no intention of removing the advertising"
Explanation:
dvertising is a means of communication with the users of a product or service. Advertisements are messages paid for by those who send them and are intended to inform or influence people who receive them, as defined by the Advertising Association of the UK.
How do you get cheap airline tickets?
Answers
Or
If you visit a site that to buy the tickets, turn on your incognito mode! Because prices go up if you visit that site more than once!!
Yw
the total cost of an asset less its accumulated depreciation is called
Answers
Answer:
Depreciation is called its net cost or carrying amount.
Name the FIVE documents that must be covered by the auditor's report?
Answers
Answer:
The auditor's report typically covers the following five documents:
1)Financial Statements: The auditor's report provides an opinion on the fairness and accuracy of the financial statements prepared by the company. This includes the balance sheet, income statement, cash flow statement, and statement of changes in equity.
2)Management's Discussion and Analysis (MD&A): MD&A is a section of the annual report where management provides an analysis of the company's financial performance, results of operations, and future prospects. The auditor's report may reference or provide assurance on specific information contained in the MD&A.
3)Notes to the Financial Statements: The notes to the financial statements provide additional information and explanations regarding specific items in the financial statements. The auditor's report may refer to the notes and provide assurance on their presentation and disclosure.
4)Internal Control Report: In some cases, companies are required to provide an internal control report, which outlines management's assessment of the effectiveness of internal controls over financial reporting. The auditor's report may include a reference to the internal control report and provide assurance on its reliability.
5)Other Supplementary Information: The auditor's report may also reference or provide assurance on other supplementary information included in the annual report, such as schedules, disclosures, or additional financial data that accompany the financial statements.
It's important to note that the specific documents covered by the auditor's report may vary depending on the reporting requirements and regulations applicable to the company or organization being audited.
Case 5: Early Warning or False Sense of Security? Concussion Risk and the Case of the Impact-Sensing Football Chinstrap
Answers
"Early Warning or False Sense of Security? Concussion Risk and the Case of the Impact-Sensing Football Chinstrap" is a research paper that explores the effectiveness of impact-sensing football chinstraps in detecting and preventing concussions in football players.
The paper discusses the technology behind the impact-sensing chinstrap, as well as the potential benefits and drawbacks of its use in football. It also examines the limitations and challenges of using this technology to reduce the risk of concussion, and raises questions about the overall efficacy of such devices in addressing the problem of head injuries in football.
The paper highlights the need for further research and evaluation of impact-sensing chinstraps and other concussion prevention measures in order to improve the safety of football players.
-----------The given question is incomplete, the complete question is:
"What is Early Warning or False Sense of Security? Concussion Risk and the Case of the Impact-Sensing Football Chinstrap?"------------
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impact of lockdown on business
Answers
Explanation:
Impact on lockdown on business It has been very tough time for buisness as far as we know buisness hasnt last long enough and there has been very huge losses.
how has smartphones product changed the way business is conducted? What business innovations have occurred as a result of this product being offered?
Answers
Answer: that make business communications more polished than ever before. No longer limited to voice only, we can now send various media through text messages, and other platforms. What business innovations have occurred as a result of this product being offered and it and how it is achieved - include Outcome-Driven Innovation and "Jobs.
Explanation: i know its right. I hope it helps.
Sydnee would like a chart to appear once in her report, but she is having trouble making this occur. She does not understand why the chart is showing multiple times in the report. What is most likely causing the problem?
The chart is placed in the header and footer of a database.
The chart is placed in the field of a database.
The chart is placed in a database with one group.
The chart is placed in a database with five groups.
Answers
Answer:
The chart is placed in a database with five groups.
Hope this helped.
1- one advantage of corporate ownership of Amy's Ice Cream is? a) Increase access to capital. b) Lower income taxes. c) Limited liabilitity in case of legal actions
Answers
According to the question, the correct answer is: a) Increase access to capital.
When a company is structured as a corporation, it has the ability to raise funds by selling shares of stock to investors. This allows the corporation to attract investment capital from a larger pool of potential investors, including individuals, institutions, and even public markets. By issuing stocks, the corporation can raise funds for expansion, research and development, or other business initiatives.
While it is true that corporations also benefit from limited liability in case of legal actions (option c), meaning the owners' personal assets are protected, and they can also take advantage of certain tax benefits (option b), such as deducting certain expenses, the primary advantage in this case is the increased access to capital through the issuance of stocks.
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The advantage of corporate ownership of Amy's Ice Cream is increased access to capital. By becoming a corporation, Amy's Ice Cream can sell shares of stock to investors, allowing them to raise funds to expand their business operations.
These funds can be used to open new stores, purchase equipment, invest in research and development, and hire more employees.
For example, let's say Amy's Ice Cream wants to open a new store in a different city. By being a corporation, they can issue new shares of stock and sell them to investors, who provide the necessary funds for the expansion. This additional capital allows the company to grow and seize new opportunities, increasing their market presence and profitability.
In contrast, if Amy's Ice Cream was not a corporation and instead operated as a sole proprietorship or partnership, they would have limited options for raising capital. They would have to rely on personal savings or loans, which may be insufficient for large-scale expansion.
In conclusion, corporate ownership offers Amy's Ice Cream the advantage of increased access to capital, which enables them to grow and succeed in the competitive ice cream market.
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