Business

Henry is the sole proprietor of a travel agency. During the year, she withdrew $3,750 from his business. How will the business account f or this withdrawal. a. debit the distribution account b. credit the drawings account c. debit the capital account d. credit the capital account e. credit the profit account

Henry is the sole proprietor of a travel agency. During the year, she withdrew $3,750 from his business. How will the business account f or this withdrawal. a. debit the distribution account b. credit the drawings account c. debit the capital account d. credit the capital account e. credit the profit account EXPERT ANSWER Multiple …

Henry is the sole proprietor of a travel agency. During the year, she withdrew $3,750 from his business. How will the business account f or this withdrawal. a. debit the distribution account b. credit the drawings account c. debit the capital account d. credit the capital account e. credit the profit account Read More »

Professional Labor Cost Budget for a Service Company Rollins and Cohen, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending December 31, 20Y8: Billable Hours Audit Department: Staff 36,000 Partners 5,400 Tax Department: Staff 26,600 Partners 3,300 Small Business Accounting Department: Staff 5,000 Partners 700 Based on the data provided above and assuming that the average compensation per hour for staff is $65 and for partners is $160, prepare a professional labor cost budget for each department for Rollins and Cohen, CPAs, for the year ending December 31, 20Y8. Rollins and Cohen, CPAs Professional Labor Cost Budget For the Year Ending December 31, 20Y8 Staff Partners Audit Department hours Tax Department hours Small Business Accounting Department hours Total hours Average compensation per hour x $ x $ Total professional labor cost $ $

Professional Labor Cost Budget for a Service Company Rollins and Cohen, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending December 31, 20Y8: Billable Hours Audit Department: Staff 36,000 Partners 5,400 Tax Department: …

Professional Labor Cost Budget for a Service Company Rollins and Cohen, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending December 31, 20Y8: Billable Hours Audit Department: Staff 36,000 Partners 5,400 Tax Department: Staff 26,600 Partners 3,300 Small Business Accounting Department: Staff 5,000 Partners 700 Based on the data provided above and assuming that the average compensation per hour for staff is $65 and for partners is $160, prepare a professional labor cost budget for each department for Rollins and Cohen, CPAs, for the year ending December 31, 20Y8. Rollins and Cohen, CPAs Professional Labor Cost Budget For the Year Ending December 31, 20Y8 Staff Partners Audit Department hours Tax Department hours Small Business Accounting Department hours Total hours Average compensation per hour x $ x $ Total professional labor cost $ $ Read More »

On July 1, June Juniper collected $900 cash from a customer in advance for future services to be performed. June Juniper is in the business of small business accounting consulting. Record the journal entry.

On July 1, June Juniper collected $900 cash from a customer in advance for future services to be performed. June Juniper is in the business of small business accounting consulting. Record the journal entry. EXPERT ANSWER Journal entry is: Date Account title & explanation Debit ($) Credit ($) July 1 Cash 900 Unearned revenue (Deferred …

On July 1, June Juniper collected $900 cash from a customer in advance for future services to be performed. June Juniper is in the business of small business accounting consulting. Record the journal entry. Read More »

When two approaches to managing transactions, are generally not recommended a. Always try using cash for any business transactions and only save receipts if they are for equipment b. Deposit cash into your personal account immediately and then post a record transaction as you would any other transaction. c. Do not commingle your cash between your personal and business funds, but when you must, deduct it from your business account d. Do not commingle your cash between your personal and business accounts and avoid cash as much as possible.

When two approaches to managing transactions, are generally not recommended a. Always try using cash for any business transactions and only save receipts if they are for equipment b. Deposit cash into your personal account immediately and then post a record transaction as you would any other transaction. c. Do not commingle your cash between …

When two approaches to managing transactions, are generally not recommended a. Always try using cash for any business transactions and only save receipts if they are for equipment b. Deposit cash into your personal account immediately and then post a record transaction as you would any other transaction. c. Do not commingle your cash between your personal and business funds, but when you must, deduct it from your business account d. Do not commingle your cash between your personal and business accounts and avoid cash as much as possible. Read More »

Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases! • She uses her business account to pay employee wages: • She quit another job to run the business and decided not alary to save on expenses: explicit cost She uses her own savings to finance her business expen implicit cost borrowing money and paying interest to the bank: not a cost She uses her own car to travel to clients. She receives a l… ve from the business account for that use: • She likes drinking Starbucks coffee every day. She uses her own funds to buy Starbucks coffee during work hours: Check Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases: She uses her business account to pay employee wages: She quit another job to run the business and decided not to pay herself a salary to save on expenses: . She uses her own say r business expenditures to avoid borrowing money and the bank explicit cost • She uses her own car She receives a monthly payment from not a cost the business account implicit cost She likes drinking Stal www. ..y day. She uses her own funds to buy Starbucks coffee during work hours: Check Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases: • She uses her business account to pay employee wages: • She quit another job to run the business and decided not to pay herself a salary to save on expenses She uses her own savings to finance her business expenditures to avoid borrowing money and paying interest to the bank She uses her own car to travel to clients. She rece yment from the business account for that use: explicit cost She likes drinking Starbucks coffee every day. She ids to buy not a cost Starbucks coffee during work hours: implicit cost Check Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases: She uses her business account to pay employee wages: She quit another job to run the business and decided not to pay herself a salary to save on expenses: • She uses her own savings to finance her business expenditures to avoid borrowing money and paying interest to the bank: • She uses her own car to travel to clients. She receives a monthly payment from the business account for that use: ses her own funds to buy She likes drinking Starbucks coffee Starbucks coffee during work hour implicit cost not a cost Check explicit cost Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases: • She uses her business account to pay employee wages: • She quit another job to run the business and decided not to pay herself a salary to save on expenses: She uses her own savings to finance her business expenditures to avoid borrowing money and paying interest to the bank: • She uses her own car to travel to clients. She receives a monthly payment from the business account for that use: • She likes drinking Starbucks coffee every day. She uses her own funds to buy Starbucks coffee during work hours: Check not a cost implicit cost explicit cost Next page The table below provides some information on various cost measures of a business. Use the available information to calculate the missing numbers: Q FC VC TC M C AFC AVC ATC 130 150 5040 Check

EXPERT ANSWER 1. a. Explicit cost, wages are explicit cost b. Implicit cost, forgone salary from previous job is implicit cost c. Implicit cost, forgone interest on savings is implicit cost d. Explicit cost, traveling expenses are explicit cost e. Not a cost. She uses her own funds, so not a cost to business 2. …

Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases! • She uses her business account to pay employee wages: • She quit another job to run the business and decided not alary to save on expenses: explicit cost She uses her own savings to finance her business expen implicit cost borrowing money and paying interest to the bank: not a cost She uses her own car to travel to clients. She receives a l… ve from the business account for that use: • She likes drinking Starbucks coffee every day. She uses her own funds to buy Starbucks coffee during work hours: Check Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases: She uses her business account to pay employee wages: She quit another job to run the business and decided not to pay herself a salary to save on expenses: . She uses her own say r business expenditures to avoid borrowing money and the bank explicit cost • She uses her own car She receives a monthly payment from not a cost the business account implicit cost She likes drinking Stal www. ..y day. She uses her own funds to buy Starbucks coffee during work hours: Check Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases: • She uses her business account to pay employee wages: • She quit another job to run the business and decided not to pay herself a salary to save on expenses She uses her own savings to finance her business expenditures to avoid borrowing money and paying interest to the bank She uses her own car to travel to clients. She rece yment from the business account for that use: explicit cost She likes drinking Starbucks coffee every day. She ids to buy not a cost Starbucks coffee during work hours: implicit cost Check Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases: She uses her business account to pay employee wages: She quit another job to run the business and decided not to pay herself a salary to save on expenses: • She uses her own savings to finance her business expenditures to avoid borrowing money and paying interest to the bank: • She uses her own car to travel to clients. She receives a monthly payment from the business account for that use: ses her own funds to buy She likes drinking Starbucks coffee Starbucks coffee during work hour implicit cost not a cost Check explicit cost Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases: • She uses her business account to pay employee wages: • She quit another job to run the business and decided not to pay herself a salary to save on expenses: She uses her own savings to finance her business expenditures to avoid borrowing money and paying interest to the bank: • She uses her own car to travel to clients. She receives a monthly payment from the business account for that use: • She likes drinking Starbucks coffee every day. She uses her own funds to buy Starbucks coffee during work hours: Check not a cost implicit cost explicit cost Next page The table below provides some information on various cost measures of a business. Use the available information to calculate the missing numbers: Q FC VC TC M C AFC AVC ATC 130 150 5040 Check Read More »

JI-US ITILUUUCLIUI IU IVICIUCCULTUMC Milany S3 I all 03-F19R / Costs of Production / HW10: Costs of Production Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost and what type of cost) in each of the following cases: • She uses her business account to buy cleaning supplies: • She uses her own car to travel to clients. She does not get any payments for that use from her business: • She uses her business account to buy gas to power the car: • She uses her own money to buy or prepare lunch that she eats during work hours: • She uses a line of credit (.e. borrowed money) at a local bank to finance her business expenditures. Her business pays monthly interest to the bank for the use of the credit line: Check Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases: • She uses her business account to buy cleaning supplies • She uses her own car to travel to clients. She does not not a cost implicit cost for that use from her business: • She uses her business account to buy gas to power the explicit cost . She uses her own money to buy or prepare lunch that she eats during work hours: • She uses a line of credit (.e. borrowed money) at a local bank to finance her business expenditures. Her business pays monthly interest to the bank for the use of the credit line: Check MacBook Pro 120100MM Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases: • She uses her business account to buy cleaning supplies: • She uses her own car to travel to clients. She does not get any payments for that use from her busines! • She uses her business account to buy gas to power the car: explicit cost implicit cost • She uses her own money to buy or prepare lunch that she eats during work hours: not a cost • She uses a line of credit (.e. borrowed money) at a local bank to finance her business expenditures. Her business pays monthly interest to the bank for the use of the credit line: Check الالال Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what t following cases: • She uses her business account to buy cleaning supplies: • She uses her own car to travel to clients. She does not get any payments for that use from her business: • She uses her business account to buy gas to power the car • She uses her own money to buy or prepare lunch that she implicit cost explicit cost • She uses a line of credit (.e. borrowed money) at a local ba not a cost interest to the bank for the use of the credit line: ours: Business expenditures. Her bus Check 9,279 Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of Following cases: • She uses her business account to buy cleaning supplies: • She uses her own car to travel to clients. She does not get any payments for that use from her business: • She uses her business account to buy gas to power the car: • She uses her own money to buy or prepare lunch that she eats during work hours • She uses a line of credit (.e. borrowed money) at a local bank to finance her business interest to the bank for the use of the credit line: Her business pays monthly not a cost implicit cost explicit cost Check

EXPERT ANSWER Explicit cost is the cost incurred for direct and indirect expenses in the production.. Implicit cost is basically the opportunity cost incurred during production. She uses business account to buy cleaning supplies – explicit cost She uses her own car to travel to the clients. she does not receive any payments for that …

JI-US ITILUUUCLIUI IU IVICIUCCULTUMC Milany S3 I all 03-F19R / Costs of Production / HW10: Costs of Production Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost and what type of cost) in each of the following cases: • She uses her business account to buy cleaning supplies: • She uses her own car to travel to clients. She does not get any payments for that use from her business: • She uses her business account to buy gas to power the car: • She uses her own money to buy or prepare lunch that she eats during work hours: • She uses a line of credit (.e. borrowed money) at a local bank to finance her business expenditures. Her business pays monthly interest to the bank for the use of the credit line: Check Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases: • She uses her business account to buy cleaning supplies • She uses her own car to travel to clients. She does not not a cost implicit cost for that use from her business: • She uses her business account to buy gas to power the explicit cost . She uses her own money to buy or prepare lunch that she eats during work hours: • She uses a line of credit (.e. borrowed money) at a local bank to finance her business expenditures. Her business pays monthly interest to the bank for the use of the credit line: Check MacBook Pro 120100MM Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases: • She uses her business account to buy cleaning supplies: • She uses her own car to travel to clients. She does not get any payments for that use from her busines! • She uses her business account to buy gas to power the car: explicit cost implicit cost • She uses her own money to buy or prepare lunch that she eats during work hours: not a cost • She uses a line of credit (.e. borrowed money) at a local bank to finance her business expenditures. Her business pays monthly interest to the bank for the use of the credit line: Check الالال Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what t following cases: • She uses her business account to buy cleaning supplies: • She uses her own car to travel to clients. She does not get any payments for that use from her business: • She uses her business account to buy gas to power the car • She uses her own money to buy or prepare lunch that she implicit cost explicit cost • She uses a line of credit (.e. borrowed money) at a local ba not a cost interest to the bank for the use of the credit line: ours: Business expenditures. Her bus Check 9,279 Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of Following cases: • She uses her business account to buy cleaning supplies: • She uses her own car to travel to clients. She does not get any payments for that use from her business: • She uses her business account to buy gas to power the car: • She uses her own money to buy or prepare lunch that she eats during work hours • She uses a line of credit (.e. borrowed money) at a local bank to finance her business interest to the bank for the use of the credit line: Her business pays monthly not a cost implicit cost explicit cost Check Read More »

Respond to the following in a minimum of 175 words: What are the major differences between government accounting and for-profit business accounting? Be sure to consider accounting standards, statements, and reporting. What are the reasons behind these differences?

Respond to the following in a minimum of 175 words: What are the major differences between government accounting and for-profit business accounting? Be sure to consider accounting standards, statements, and reporting. What are the reasons behind these differences? EXPERT ANSWER The major changes between for-profit and government accounting is provided as follows which is based …

Respond to the following in a minimum of 175 words: What are the major differences between government accounting and for-profit business accounting? Be sure to consider accounting standards, statements, and reporting. What are the reasons behind these differences? Read More »

What are the major differences between government accounting and for-profit business accounting? Be sure to consider accounting standards, statements, and reporting. What are the reasons behind these differences?

What are the major differences between government accounting and for-profit business accounting? Be sure to consider accounting standards, statements, and reporting. What are the reasons behind these differences? EXPERT ANSWER The major differences between government accounting and profit business accounting are : Note: The Classification in the image uploaded is as follows: Particulars Government accounting …

What are the major differences between government accounting and for-profit business accounting? Be sure to consider accounting standards, statements, and reporting. What are the reasons behind these differences? Read More »

In what way, if any does the accounting equation as applied in governmental and not-for-profit accounting differ from that as applied in business accounting? Why is this important?

In what way, if any does the accounting equation as applied in governmental and not-for-profit accounting differ from that as applied in business accounting? Why is this important? EXPERT ANSWER In Business accounting we apply the following equation, assets = liabilities + owner’s equity In government and not for profit entities we use the following equation …

In what way, if any does the accounting equation as applied in governmental and not-for-profit accounting differ from that as applied in business accounting? Why is this important? Read More »

1. Mr. V owns V’s Violins, a company which sells violins. He hires you as an accountant. a) Name 3 people or groups of people who would care about his financial statements. (3K) b) What are 2 reasons Mr. V would care that he has accurate accounting information for his business? (2T) c) Mr. V uses $600 from his personal bank account (instead of the business account) to pay for rent for the business and did not record it in the business’ accounting. Explain why this is wrong and what he should have done. (2T) Type your response here…

EXPERT ANSWER A) The three peoples who would care about his financial statements are : 1) creditors 2) investors 3) His Employees B) The reasons Mr, V would care about his financial statements are 1) To arrive at the exact profit attributable for him after all direct and indirect expenses 2) To detemine the amount …

1. Mr. V owns V’s Violins, a company which sells violins. He hires you as an accountant. a) Name 3 people or groups of people who would care about his financial statements. (3K) b) What are 2 reasons Mr. V would care that he has accurate accounting information for his business? (2T) c) Mr. V uses $600 from his personal bank account (instead of the business account) to pay for rent for the business and did not record it in the business’ accounting. Explain why this is wrong and what he should have done. (2T) Type your response here… Read More »