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2 years ago

The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:

Business

1 answer:

olchik [2.2K]2 years ago

8 0

Answer:

Kindly check attached picture

Explanation:

Given the details below

Accounts Debit Credit

Cash $16,000

Accounts receivable 162,000

Prepaid rent 10,000

Supplies 31,000

Equipment 370,000

Accumulated depreciation $129,000

Accounts payable 11,000

Salaries payable 3,500

Interest payable 1,900

Notes payable (due in two years) 37,000

Common stock 210,000

Retained earnings 176,100

Dividends 27,000

Service revenue 360,000

Salaries expense 150,000

Advertising expense 75,000

Rent expense 18,000

Depreciation expense 32,000

Interest expense 2,500

Utilities expense 35,000

Totals $928,500 $928,500

Prepare an income statement for China Tea Company for the year ended December 31, 2021

Kindly check attached picture

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konstantin123 [22]

As a project manager, Mallory needs to make sure that her geographically dispersed team members can interact and have the same information, templates, and documentation. Which of the following tools should she consider using?

A) Wiki

B) Podcast

C) Blog

D) Video conference software

Answer:

The correct answer is D) Video Conference software

Explanation:

The rise of the Internet and development of collaborative software have instilled a new dimension into project management.

Projects can now be managed virtually through video conferencing tools.

Where geographical proximity, is a challenge, the elected method of communication should provide room for instantaneous two-way communication (that is giving and receiving of information) without giving room for any misunderstanding.

Some video conferencing tools allow for virtual face to face communication as well as exchange of templates and documentation.

Given the options above, Video Conferencing software is the best choice as it allows real time feed, observation of emotional cues, and pretty much a good alternative to face to face communication.

Cheers!

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2 years ago

Read 2 more answers

Suppose that, in Year 1, the price of the U.K. pound is $1.44 = £1. In year 2, the price is $1.48 = £1. An economist would valid

Gnesinka [82]

Answer:

Appreciated; Depreciated

Explanation:

Given that,

In year 1,

Exchange rate between U.K and U.S is as follows:

$1.44 = 1 pound

In year 2,

Exchange rate between U.K and U.S is as follows:

$1.48 = 1 pound

Above exchange rates in the year 1 and 2 indicates that there is an appreciation in the currency of U.K relative to the U.S dollar and there is a depreciation in the currency of U.S relative to the U.K pound.

For example: A resident of U.S wants to purchase a pair of shoes from U.K worth of 10 pounds.

In year 1,

He have to pay in U.S dollars:

= 10 × $1.44

= $14.4

In year 2,

He have to pay in U.S dollars:

= 10 × $1.48

= $14.8

We can see that the amount paid by him from year 1 to year 2 increases, though the price of shoes remains the same. Hence, there is an appreciation in the currency of U.K and depreciation in the currency of U.S.

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2 years ago

Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November 1–14 pay pe

Alexeev081 [22]

Answer:

Journal entries for the following will be shown below:

Explanation:

Journal entries for the wages expense is as follows:

Wages expense A/c.........................Dr $50,000

Income Tax Payable A/c................Cr $7,000

FICA taxes payable A/c...................Cr $2,625

Cash A/c...............................................Cr $40,375

Working Note:

Cash = Wage expense - Income tax payable - FICA taxes payable

= $50,000 - $7,000 - $2,625

= $40,375

Journal entry for the payroll expenses is as follows:

Payroll tax expense A/c............................Dr $2,875

FICA taxes payable A/c............................Cr $2,625

Unemployment taxes payable A/c.........Cr $250

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2 years ago

Since we use GDP to determine a nation’s health, we can only add the market value of the goods and services produced in the Unit

IrinaVladis [17]

Answer:

a. Shampoo is bought and used by a hair stylist in the mall. - F

It is a final product bought by the final consumer (the hair sytlist). It is part of GDP.

b. A family buys some finger paint for their child to use. - F

It is a final product bought by the final consumer (the family). It is part of GDP.

c. A person buys a tire to replace to flat one on their car. - F

It is a final product bought by the final consumer (the person who will replace the flat tire). It is part of GDP.

d. A hotel chain buys a box of pens. - F

It is a final product bought by the final consumer (the hotel). It is part of GDP.

e. Flour is bought and used to bake a cake to be sold at a bakerySomeone buys a steak to grill at home. - I

It is an intermediate product, because the flour will be made into cakes, that will then be sold, taking into account the value of the flour itself. It is not part of GDP.

f. An accounting firm buys calculators for its accountants. - F

It is a final product bought by the final consumer (the firm). It is part of GDP.

g. A person buys shampoo to use at home. - F

It is a final product bought by the final consumer (the person). It is part of GDP.

h. Flour is bought and used to bake a cake for a birthday. - F

It is final good because the flour will be made into a birthday cake, but the cake will be conumed at home. If the birthday cake is later sold, then, the flour is an intermediate good.

i. A student buys a pack of pens to do their homework. - F

It is a final product bought by the final consumer (the student). It is part of GDP.

j. A restaurant prepares a steak for its customers. - F

The steak is a final product, it will be consumed by customers for a value that the restaurant has set. This value is part of GDP.

k. A factory buys tires to place on their cars. -I

The tires are intermediate goods because they will be put in cars that they factory will later sell. The tires are not part of GDP.

l. An artist buys paints for a painting, with the intention of keeping it. - F

The painting is a final good because they customer has bought it to keep it a home. It is part of GDP.

m. A calculator is bought and used for mathematics homework. - F

It is a final product bought by the final consumer (the person doing math work). It is part of GDP.

n. An artist buys paints for a landscape painting, with the intention of selling it. - I

The paints are intermediate because their value will be put into the making of the landscape painting, which will be sold for a price that will take into account the cost of the paints. The paints are not part of GDP.

7 0

2 years ago

Navim Jain sold stock to investors in order to finance Sparkart, LLC, a company that markets software to track how many times mu

guapka [62]

Answer:

Equity financing

Explanation:

Equity financing is the kind of financing, which involves or comprise of a procedure for raising the capital or funds by the sale of the shares. The companies raise the money because they have a short term need in order to pay the bills or might have a objective and needs the funds or money to invest for the purpose of growth.

So, in short, it is a form or kind of financing which comprise of raising the funds or money by selling the shares or stock in a business.

Under this case, the Navim used the equity financing as he sold the stock of the company to investors in order to finance.

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2 years ago