Please note these will then be put into a general journal.
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Assume you will start your business on the 1st of April 2021. Undertake
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- Mar. 9) The company completed a $10,400 project for a client, who must pay within 30 days. Note: Enter debits before credits. Date Account Title Debit Credit Mar 09What is an estimate in QuickBooks Online? Select an answer: An estimate is a document that outlines a customer's purchase history. An estimate is a document that shows a customer's payment history. An estimate is a document that outlines the expenses a business expects to incur in the future. An estimate is a document that outlines the products or services a business plans to provide to a customer.4. Financial Forecast & Feedback As the manager of A & R Entertainment, you are required to complete the cash flow forecast and provide a feedback to the director. Your cash flow forecast will predict the bank balance at the end of each month for every month of the year. Use the information below to complete this task. a. A & R Entertainment has on its books four (4) major events to run, which will take place in March, May, August, and October. b. The total of $2,850,000.00 in ticket sales will be earned in the months that the events are held. The March event will earn $650,000.00, and the other events in May, August, and October, will earn $700,000, $850,000, and $650,000.00 respectively. c. Expenditure on casual salaries, travel and transport, and venue hire, will occur only in the months in which the four events take place. These expenditures will be the same for each event. d. Salaries and office and administration expenses will occur evenly every month. The company's opening bank…
- Santana Rey has consulted with her local banker and is considering financing an expansion of her business by obtaining a long-term bank loan. Selected account balances at March 31, 2020, for Business Solutions follow. Total assets $121,068 Total liabilities $867 Total equity $120, 201 Required: 1. The bank has offered a long-term secured note to Business Solutions. The bank's loan procedures require that a client's debt-to- equity ratio not exceed 0.88. As of March 31, 2020, what is the maximum amount that Business Solutions could borrow from this bank? (Round your intermediate calculations to the nearest dollar amount.) 2. Assume Business Solutions borrows the maximum amount allowed from the bank. (Round your intermediate dollar values to the nearest whole number and final answers to 1 decimal place.) (a) What percentage of assets would be financed by debt? (b) What percentage of assets would be financed by equity? 1. 2. 2. (b) (a) Maximum amount Percentage of assets financed by debt…6. Before closing the books for a fiscal period, you should print- a. reports that provide sufficient detail to create new company files if necessary b. all the reports available through Sage 50 Accounting C. all the reports in the financials section of the reports menu d. all of the management reports for the business 7. From the supplier aged summary report you can learn – la. the unpaid balance for each invoice b. the total owing to each supplier c. the due date for each outstanding invoice d. which invoices are fully paid 8. Choosing Restore from the home window file menu will - a. restore a compressed backup file to a working data file b. restore the size of the window you are currently working in c. delete the changes from your current work session and restore the data file from your previous session d. restore the classic view home window from an enhanced view module windowRahul
- Help me selecting the right answer. Thank youWally has provided the information below – and asked you to create an Income Statement and Balance Sheet for AndrewCo for the year ended December 31, 2019. Sales were $1,200,000 Gross profit margin was 50% Operating margins were 10% The Bank of Toronto provided a loan on Jan 1, 2019 worth $300,000. The annual interest is 8% and is compounded annually. Interest only payments are needed – until the loan is due in 10 years, where a balloon payment for the full balance must be paid. The combined federal and provincial tax rates is 25% Wally knows that the ending cash balance in his company is 200,000. Accounts Receivables is 12% of sales Inventory is 15% of sales Accounts Payable is 5% of sales Accrued expenses payable is 5.5% of sales Capital equipment purchases were made at the start of the year. These total $50,000. These depreciate at 10% per year The owner will provide all other capital in the form of equity financing Wally has asked you to figure out his Selling General and…Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
- Give the entry in January 2026, when the 37,500-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2025, and that the market price in January 2026 was $3.35 per gallon. Prepare the journal entry for when the materials are received in January 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 2026 Inventory Estimated Liability on Purchase Commitments Accounts Payable Debit 125625 13125 Credit 138750You have been provided with monthly sales projections for year one for Maggie’s Coffee Café. Use these projections to answer the following: Based on the sales projections for Maggie’s Coffee Cafe determine: Sales per day for the first month they are open (January) ______________ Sales per day for the 6th month they are open (June) ______________ Sales per day for the 12th month they are open (December) ______________ (assume the business is open 7 days/week; Jan and Dec have 31 days; June has 30) Which month has the highest sales? Which month has the lowest sales? Why do you think this is so?1. Prepare the general journal entry/ies that would have been processed on 1 January 2021 2. Briefly explain the element you have chosen to debit in the journal entry in (1) above. Your answer should include full explanations and concepts outlined in the Conceptual Framework. 3.Prepare the general journal entry to record the purchase of the factory by Peterson’s Clothing. Your general journal entry must clearly show the date that this transaction should be recognised in the books of the business. If no journal entry is required, briefly motivate why.
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