. $20,200 b. $7,700 c. $5,200 d. $7,300
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Sharon Samson starts a plumbing service named Reliable Waterworks. Selected transactions are described as follows:
A) Sharon deposits $7,000 into a new checking account for the business, recording the capital contribution.
B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs.
C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account.
D) Reliable pays $600 rent for the first month.
E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future.
F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash.
G) Sharon takes a cash withdrawal of $2,500.
After all the transactions, what is the amount of total owner's equity?
$20,200
$7,700
$5,200
$7,300
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- Sharon Samson starts a plumbing service named Reliable Waterworks. Selected transactions are described as follows: A) Sharon deposits $7,000 into a new checking account for the business, recording the capital contribution. B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs. C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account. D) Reliable pays $600 rent for the first month. E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future. F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash. G) Sharon takes a cash withdrawal of $2,500. After all the transactions, what is the amount of total assets? a. $24,200 b. $25,700 c. $5,200 d. $20,200Sharon Samson starts a plumbing service named Reliable Waterworks. Selected transactions are described as follows: A) Sharon deposits $7,000 into a new checking account for the business, recording the capital contribution. B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs. C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account. D) Reliable pays $600 rent for the first month. E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future. F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash. G) Sharon takes a cash withdrawal of $2,500. After all of the transactions, what is the amount of total assets? A)25,200 B)5,200 C)24,200 D)20,200IT IS URGENT Sharon Samson starts a plumbing service called Reliable Waterworks. Selected transactions are described as follows: A) Sharon deposits $7,000 into a new checking account for the business, recording the capital contribution. B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs. C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account. D) Reliable pays $600 rent for the first month. E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future. F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash. G) Sharon takes a cash withdrawal of $2,500. After all of the transactions, what is the amount of total liabilities? A)15,000 B)4,000 C)19,000 D)4.400
- June Peters deposits $6400 in a savings account at her bank. When she withdraws the money 8 months later, she receives a check for $6453.33. Assume simple interest and find the rate of interest paid by the bank.Camila Martinez has several credit cards, on which she is carrying a total current balance of $6,500. She is considering transferring this balance to a new card issued by a local bank. The bank advertises that, for a 4 percent fee, she can transfer her balance to a card that charges a 0 percent interest rate on transferred balances for the first 6 months. Calculate the fee that Camila would pay to transfer the balance. $ Describe the benefits and drawbacks of balance transfer cards.Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
- A woman borrowed $3800 from a bank for 3 months. A friend was cosigner of the woman's personal note. The bank collected 512% simple interest on the date of maturity. a) How much did the woman pay for the use of the money? b) Determine the amount she repaid to the bank on the due date of the note.Consider the following transactions occurring during a given fortnight. Remi's wage for his casual job is $600, paid on his bank transaction account (transaction 1); his scholarship allowance for studying is $150, paid on his bank transaction account (transaction 2); he pays a rent of $250 through a bank account transfer (transaction 3); the coupons on his portfolio of bonds pays $70 on his transaction account (transaction 4); he receives $350 in his transaction account for selling shares he had bought at $300 (transaction 5); he buys a TV worth $920 with his debit card (transaction 6). Draw Remi's balance sheet and represent how the six transactions above have affected it. Use one single balance sheet, indicate the value of the variations (sign followed by a number) and use only one name for each item [example: equity name appears only once even if several transactions are under equity] No explanations are required. How much of the funding of the TV comes from current savings…In early December Alice and Bob decided to open Sample Cafe with $15,000 of their own money and $20,000 borrowed from a friend. They have spent $13,000 on equipment and furniture, and they have purchased $3,100 worth of cups for cash which they expect will be used over the next three months. Having put down a $2,300 deposit for a location on Main St., they will pay the first month’s rent when they open their doors on January 1. In the balance sheet template below, fill in the appropriate values as of December 31.
- June Xu is a registered nurse who earns $3,250 per month after taxes. She has been reviewing her savings strategies and current banking arrangements to determine if she should make any changes. June has a regular checking account that charges her a flat fee per month, writes an average of 18 checks a month, and carries an average balance of $795 (although it has fallen below $750 during 3 months of the past year). Her only other account is a money market deposit account with a balance of $4,250. She tries to make regular monthly deposits of $50–$100 into her money market account but has done so only about every other month. Of the many checking accounts June’s bank offers, here are the three that best suit her needs.• Regular checking, per-item plan: Service charge of $3 per month plus 35 cents per check.• Regular checking, flat-fee plan (the one June currently has): Monthly fee of $7 regardless of how many checks written. With either of these regular checking accounts, she can avoid…During the current year, Paul, the vice president of a bank, made gifts in the following amounts: To Sarah (Paul's personal assistant) at Christmas $36 To Darryl (a key client)—$3 was for gift wrapping 53 To Darryl's wife (a homemaker) on her birthday 20 To Veronica (Paul's boss) at Christmas 30 In addition, on professional assistants' day, Paul takes Sarah to lunch at a cost of $82. Presuming that Paul has adequate substantiation and is not reimbursed, how much can he deduct? Do not round intermediate computations. If required, round your final answer to the nearest cent.In early December Alice and Bob decided to open Sample Cafe with $16,000 of their ownmoney and $20,000 borrowed from a friend. They have spent $13,000 on equipment andfurniture, and they have purchased $3,200 worth of cups for cash which they expect will beused over the next three months. Having put down a $2,300 deposit for a location on MainSt., they will pay the first month’s rent when they open their doors on January 1.In the balance sheet template below, fill in the appropriate values as of December 31.
