If a product is targeted to a risk-seeking individual who is college educated,

During the fiscal year ended December 31, 2020, the City of Johnstown issued 5% general obligation serial bonds in the amount of

Fofino [41]

Answer:

C) As an other financing source in the debt service fund and as an other financing use in the capital projects fund.

Explanation:

The options are missing:

A) As a revenue in the debt service fund and as an expenditure in the capital projects fund.
B) As an other financing source in the capital projects fund and as an other financing use in the debt service fund.
C) As an other financing source in the debt service fund and as an other financing use in the capital projects fund.
D) As a special item in both the debt service and capital project funds.

Other financing sources is an account used by governments to record non-operating revenues and expenditures. The debt service fund is the money that the government has set aside to pay for its outstanding bonds. The capital projects fund is the account used by the government to record expenses related to certain projects.

4 0

2 years ago

Cecil Jameson, Attorney-at-Law, is a proprietorship owned and operated by Cecil Jameson. On July 1, 2007, Cecil Jameson, Attorne

Kisachek [45]

Answer:

1. Determine the amount of owner’s equity (Cecil Jameson’s capital) as of July 1, 2007.

equity = assets - liabilities = $15,050 - $1,530 = $13,520

2. State the assets, liabilities, and owner’s equity as of July 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate the increases and decreases resulting from each transaction and the new balances after each transaction.

since there is not enough room here, I used an excel spreadsheet

3. Prepare an income statement for July, a statement of owner’s equity for July, and a balance sheet as of July 31, 2007.

Cecil Jameson, Attorney-at-Law

Income Statement

For the month ended July 31, 2007

Service revenue $5,953

Expenses:

Paralegal services $1,635
Wages expense $850
Rent $1,200
Answering service expense $250
Utilities expense $325
Supplies expense $115
Miscellaneous expense $75 $4,450

Operating income $1,503

Cecil Jameson, Attorney-at-Law

Balance Sheet

For the month ended July 31, 2007

Assets:

Cash $6,873

Accounts receivables $2,225

Supplies $980

Land $10,000

Total assets $20,078

Liabilities:

Accounts payable $720

Paralegal fees payable $1,635

Total liabilities $2,355

Equity:

Jameson, Cecil, capital $18,723

Jameson, Cecil, drawings -$1,000

Total equity $17,723

Liabilities + Equity = $20,078

Cecil Jameson, Attorney-at-Law

Statement of Owner’s Equity

For the month ended July 31, 2007

Jameson, Cecil, capital balance July 1, 2007 $13,520

Investment during the month $3,700

Net income $1,503

Subtotal $18,723

Drawings ($1,000)

Jameson, Cecil, capital balance July 31, 2007 $17,723

4. (Optional). Prepare a statement of cash flows for July.

Cecil Jameson, Attorney-at-Law

Statement of Cash Flows

For the month ended July 31, 2007

Cash flows from operating activities

Net income $1,503

Adjustments to net income:

Decrease in accounts receivables $975
Decrease in accounts payables ($810)
Increase in supplies inventory ($130)
Increase in paralegal fees payable $1,635 $1,670

Net increase in cash from operating activities $3,173

Cash flows from investing activities $0

Cash flows from financing activities

Additional paid in capital $3,700

Drawings ($1,000)

Net increase in cash from financing activities $2,700

Net increase in cash $5,873

Cash balance July 1, 2007 $1,000

Cash balance July 31, 2007 $6,873

Download pdf

5 0

2 years ago

Highly Suspect Corp. has current liabilities of $401,000, a quick ratio of 1.50, inventory turnover of 3.70, and a current ratio

Scrat [10]

Answer:

$3,115,770

Explanation:

Given:

Current ratio = 3.60

Current liabilities = $401, 000

Quick ratio = 1.50

Inventory turnover = 3.70

Current ratio is calculated by dividing your current assets by your current liabilities.

$Current\ ratio = \frac{Current\ Assets}{Current\ Liabilities}$

$3.60 = \frac{Current\ Assets}{401, 000}$

Current Assets = 3.60 × 401,000

= $1,443,600

$Quick\ ratio = \frac{(Current\ Assets\ -\ Inventory)}{Current Liabilities}$

$1.50 = \frac{1,443,600\ -\ Inventory}{401,000}$

1.50 × 401,000 = 1,443,600 - Inventory

601,500 = 1,443,600 - Inventory

Inventory = 1,443,600 - 601,500

= $842,100

$Inventory\ Turnover = \frac{Cost\ of\ Goods\ Sold}{Inventory}$

$3.70 = \frac{Cost\ of\ Goods\ Sold}{842,100}$

Cost of Goods Sold = 3.70 × 842,100

= $3,115,770

8 0

2 years ago

Pizza Heaven is a small specialty pizza shop that just opened its doors in the downtown area this year. They serve only menu ite

Sergeu [11.5K]

Answer:

The answer is: B) concentrated/niche marketing

Explanation:

Niche (or concentrated) marketing concentrates all of its actions and promotions on small but very specific and well defined segments of the population. A niche marketing strategy focuses on becoming a big fish on a small pond, and usually charging a higher price for the niche product. The specific needs and requirements of those "niche customers" are usually not well addressed by mass marketing actions.

6 0

2 years ago

At the end of the prior year, Durney's Outdoor Outfitters reported the following information.

Vaselesa [24]

Answer:

Please find the detailed answer and explanation below.

Explanation:

1a

Accounts Receivables

Particulars Amount($) Particulars Amount($)

Beginning Bal. 48,271 Collections on accounts 290,700

Sales on account 306,548 Bad debts written off 7,054

Balance c/d 57,065

Total 354,819 354,819

Ending Balance 57,065

Allowance for Doubtful accounts

Particulars Amount($) Particular Amount($)

Bad debt written off 7,054 Beginning Balance 8,469

Balance c/d 6,185 Bad debt expense 4,770

Total 13,239 13,239

Ending Balance 6,185

1b

Durney's Outdoor Outfitters

Income Statement (Partial)

For the year ended December 31

Operating Expense:

Bad debt Expense $4,770

Durney's Outdoor Outfitters

Balance Sheet (Partial)

For the year ended December 31

Current asset:

Accounts receivable $57,065

Allowance for Doubtful Accounts ($6,185)

Accounts receivables(Net) $50,880

5 0

2 years ago