Susan Mitchell Law Firm purchases $1,000 worth of office equipment on account. This causes: A. Cash and Mitchell, Capital to decrease by $1,000 B. Office Equipment and Accounts Payable to increase by $1,000 C. Office Equipment to decrease and Accounts Payable to increase by $1,000 D. Accounts Payable to increase and Mitchell, Capital to decrease by $1,000
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- Financial update as of June 15 • Your existing business generates $135,000 in EBIT. • The corporate tax rate applicable to your business is 25%. • The depreciation expense reported in the financial statements is $25,714. • You don’t need to spend any money for new equipment in your existing cafés; however, you do need $20,250 of additional cash. • You also need to purchase $10,800 in additional supplies—such as tableclothes and napkins, and more formal tableware—on credit. • It is also estimated that your accruals, including taxes and wages payable, will increase by $6,750. Based on your evaluation you have______in free cash flow.Which of the following transactions is capital expenditure and which revenue expenditure? Tick the correct box. Capital Revenue (a) A bookseller buys a car for its director for $9,000. (b) In the first year, the car is depreciated by $900. (c) The business buys books for $1,500. (d) The business builds an extension for $7,600. (e) The original building is repainted, a job costing $1,200. (f) A new sales assistant is taken on and his salary in the first year is $10,000.a. Received $60,000 cash from the investors who organized Down, Incorporated b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered equipment costing $16,000. d. Purchased $9,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (c), paid for half of it, and put the rest on account. 3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero. Current Assets Cash Total Current Assets Equipment Total Assets Assets DOWN.INCORPORATED Balance Sheet At May 31 $ 70,000 70,000 25,000 Liabilities Current Liabilities Common Stock Notes Payable (long-term) $ 95,000 $ $ 60,000 20,000 80,000 80,000 0 80,000
- The Chief Financial Officer of Company X decides to purchase 1000 units of a key component for the company’s core Widget line for $1.0 million in cash. The purchase is recorded as the final entry at the close of business on the last working day of Fiscal Year 2019. As a result.... The Gross Margin declines. The Payables Turnover ratio increases. The Return on Equity increases. The Cash Flow Margin declines.Green Valley Ltd. is a company that specializes in reforestation. The company has cash assets of $80,000 and liabilities of $30,000. Green Valley Ltd. pays off the $30,000 of debt. Green Valley Ltd. borrows another $30,000 and uses the money to buy baby trees. At this point the equity is A. $50,000.00 B. $80,000.00 C. The answer is not available from this list of choices D. $60,000.00 E. $90,000.00ABC Corporation sells $150,000 of accounts receivable to a factor, who charges a 4% service fee. Which of the following will not result from this transaction? O a. ABC's operating expenses will Increase by $6,000. O b. ABC's cash balance will increase by $144,000. O c. ABC's net revenues will decrease by $6,000. O d. ABC's net accounts receivable will decrease by $150,000. « » A Moving to another question will save this response. 12:01 PM pe here to search 5/5/2021 DELL F1 F2 F3 F4 F5 F6 FZ F8 F9 F10 F11 F12 PrtScr Insert Delete 188 @ $ & ) 2 3 4 5 7 8 9. Backspa W E R Y U
- Give the Journal EntryOct 1: Owner contributes 80,000 cash. 5: Buy machine for 15,000 on account. 8: Buy supplies for 3,500 cash 12: Pay 13,300 towards the machine purchase 15: Perform services of 14,000 on account 20: Collect 6,000 of the 14,000 21: Receive telephone bill of 350 (will pay next month) 24: Machine depreciates by 4,700 28: Supplies of 850 get used up 30: Owner withdraws 12,000 cash Prepare three financial statements: Income Statement Owner’s Equity Statement Balance SheetTutor solve this pro