Business, 18.06.2021 01:30 BEEFYTACO

Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value. The company paid $2,700 cash for rent of office space for the month. The company purchased $14,000 of additional equipment on credit (payment due within 30 days). The company completed work for a client and immediately collected the $2,600 cash earned. The company completed work for a client and sent a bill for $7,700 to be received within 30 days. The company purchased additional equipment for $5,100 cash. The company paid an assistant $4,000 cash as wages for the month. The company collected $4,300 cash as a partial payment for the amount owed by the client in transaction e. The company paid $14,000 cash to settle the liability created in transaction c. Owner withdrew $1,100 cash from the company for personal use. Required:

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 03:00

What is the relationship between marginal external cost, marginal social cost, and marginal private cost? a. marginal social cost equals marginal private cost plus marginal external cost. b. marginal private cost plus marginal social cost equals marginal external cost. c. marginal social cost plus marginal external cost equals marginal private cost. d. marginal external cost equals marginal private cost minus marginal social cost. marginal external cost a. is expressed in dollars, so it is not an opportunity cost b. is an opportunity cost borne by someone other than the producer c. is equal to two times the marginal private cost d. is a convenient economics concept that is not real

Answers: 3

Answer

Business, 22.06.2019 19:00

Adrawback of short-term contracting as an alternative to making a component in-house is thata. it is the most-integrated alternative to performing an activity so the principal company has no control over the agent. b. the supplying firm has no incentive to make any transaction-specific investments to increase performance or quality. c. it fails to allow a long planning period that individual market transactions provide. d. the buying firm cannot demand lower prices due to the lack of a competitive bidding process.

Answers: 2

Answer

Business, 22.06.2019 21:40

Inventory by three methods; cost of goods sold the units of an item available for sale during the year were as follows: jan. 1 inventory 20 units at $1,800 may 15 purchase 31 units at $1,950 aug. 7 purchase 13 units at $2,040 nov. 20 purchase 16 units at $2,100 there are 18 units of the item in the physical inventory at december 31. determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: round your final answers to the nearest dollar. cost inventory method ending inventory cost of goods sold a. first-in, first-out method $ $ b. last-in, first-out method $ $ c. weighted average cost method $ $

Answers: 3

Answer

Business, 22.06.2019 22:30

Which of the following situations is most likely to change a buyer's market into a seller's market? a. a natural disaster that drives away a lot of the population. b. the price of building materials suddenly going up. c. the government buys up a lot of houses to build a new freeway. d. a factory laying off a lot of workers in the area.

Answers: 1

Answer

You know the right answer?

Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the e...

Questions