Determine John's average monthly investment balance for the year when he; invested $11,500 in a business on January 1, withdrew $700 on March 1, reinvested $1800 on August 1, and withdrew $500 on September 1.
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- Farmer Brown paid $200,000 in cash expenses during the year. At the beginning of the year, there was $5,000 worth of seed on hand. At the end of the year, there was $10,000 worth of seed on hand. What would be the accrual adjustment on the income statement? Round your answer to the nearest dollar.Amy opened an RRSP account and deposited $1,000 into it. She then deposited $600 at the end of the 1st year and $625 at the end of the 2nd year, into the account. The RRSP was earning 2.20% compounded quarterly.a. What is the accumulated value of the investments at the end of the 2nd year?rounded to two decimal placesb. What is the accumulated value of the investment at the end of 8 years? small telecommunications company invested its 2010 net income of $561,400 in a savings account for 4 years and 4 months. Money was earning interest at a rate of 7.25% compounded monthly.a. Calculate the amount it would have in this account at the end of the period.rounded to two decimal placesb. Calculate the interest earned.rounded to two decimal placesBased on the following information what was Simmond’s profit for the year? During the year Simmond’s drawings were £6,000 and she introduced a further £2,000 capital 1 January 2021 31 December 2021 Assets £87,500 £106,200 Liabilities £65,300 £76,200 a) £7,800 b) £20,000c) £18,700 d) £11,800
- Give typing answer with explanation and conclusion to all parts Scott opened an RRSP account and deposited $1,500 into it. She then deposited $1,000 at the end of the 1st year and $775 at the end of the 2nd year, into the account. The RRSP was earning 2.30% compounded quarterly. a. What is the accumulated value of the investments at the end of the 2nd year? Round to the nearest cent b. What is the accumulated value of the investment at the end of 6 years? Round to the nearest centOn December 1, 2018, elsa started his business with a borrowed capital amounting to P 40,000 at a monthly interest rate of 1%. During the month, he spent 5,000 for operating expenses. The remaining balance of the capital was used to buy inventories for resale. At the end of the year, inventory amounts to P 10,000 including the mark up of 60%. How much is the return on capital?The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $45,730 and $70,240, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Grecco invested an additional $7,700. During the year, Grecco and Rosenfeld withdrew $32,920 and $38,850, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. a. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts on December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. Prepare a statement of partnership equity for the current year for the partnership of Grecco and Rosenfeld. Be sure to…
- The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $78,000 and $55,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Grecco invested an additional $8,000. During the year, Grecco and Rosenfeld withdrew $41,000 and $33,000, respectively, and net income for the year was $104,000. Revenues were $525,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. Question Content Area a. Journalize the entry to close the revenues and expenses. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - -…Maria invests a total of $29,500 in two accounts paying 15% and 14% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $4,330.00On December 1, 2018, Mario started his business with a borrowed capital amounting to P 40,000 at a monthly interest rate of 1%. During the month, he spent 5,000 for operating expenses. The remaining balance of the capital was used to buy inventories for resale. At the end of the year, inventory amounts to P 10,000 including the mark up of 60%. How much is the return on capital?
- For the current year, santos has wages of $80,000 and the following property transactions: Stock investment sales— Long-term capital gain $ 9,000 Short-term capital loss (12,000) Loss on sale of camper (purchased four years ago and used for family vacations) (2,000) What is David's AGI for the current year? a.$76,000. b.$78,000. c.$89,000. d.$77,000.The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $44,880 and $71,910, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Grecco invested an additional $7,750. During the year, Grecco and Rosenfeld withdrew $30,730 and $38,870, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. Required: a. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts on December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. Prepare a statement of partnership equity for the current year for the partnership of Grecco and Rosenfeld. Be…Calvin invests $3,200 at an APR of 5.3% compounded monthly. Hobbes invests $3,150 at an APR of 6% compounded quarterly.A. Who has the higher accumulated balance after 2 years? B. Who has the higher accumulated balance after 4 years?