A list of accounts and their balances of O’Neill’s Psychological
Services, at its year end July 31, 2021, is presented
below:
| Supplies | $790 | |
| Unearned Revenue | 1,070 | |
| Supplies Expense | 5,930 | |
| Cash | 6,435 | |
| Accounts Receivable | 7,335 | |
| Accounts Payable | 9,100 | |
| Rent Expense | 10,840 | |
| Notes Payable | 22,750 | |
| Salaries Expense | 45,000 | |
| T. O’Neill, Drawings | 57,300 | |
| Equipment | 58,550 | |
| T. O’Neill, Capital | 65,300 | |
| Service Revenue | 93,960 |
Prepare statement of owner’s equity. (List items that increase owner's equity first.)
In: Accounting
All questions must be answered in details ELASTICITY 4. Jumping Joe’s Night Club has found that when they offer half price admission to the club on Wednesday nights (when business is typically slow), their total revenue rises. (a) Is their demand elastic? Explain. (b) Is it a good idea for them to continue with this promotion? Why? 7. The elasticity of demand for Dave’s Famous is Pizza is 2.6. Dave is considering raising pizza prices by 20%. Is this a good idea? What will happen to his sales? His total revenue? Explain.
In: Economics
All questions must be answered in details ELASTICITY 4. Jumping Joe’s Night Club has found that when they offer half price admission to the club on Wednesday nights (when business is typically slow), their total revenue rises. (a) Is their demand elastic? Explain. (b) Is it a good idea for them to continue with this promotion? Why? 7. The elasticity of demand for Dave’s Famous is Pizza is 2.6. Dave is considering raising pizza prices by 20%. Is this a good idea? What will happen to his sales? His total revenue? Explain.
In: Economics
Cups of coffee and donuts are complements. Both have inelastic demand. A hurricane destroys half the coffee bean crop. Use clearly labeled diagrams to answer the following questions:
a. What happens to the price of coffee?
b. What happens to the price of a cup of coffee? What happens to total revenue for cups of coffee?
c. What happens to the price of donuts? What happens to total revenue for donuts?
In: Economics
How would the payback, internal rate of return, and net present value change if the capital cost for the project was $750,000 and the cost savings and increased revenue were decreased by 25 percent each year? Cost of capital rate is 7%, and tax rate is 40%.
Info for the following years
Increased revenue $50 $75 $100 $115 $130
Cost savings $110 $125 $125 $125 $125
Depreciation expense $150 $125 $100 $75 $50
Operating and maintenance expense $75 $50 $50 $50 $50
In: Finance
ABC Company reports the following comparative income statement:
2017
Revenue $100,000
COGS 42,000
Gross Profit 58,000
SGA Expenses 25,000
Income before tax 33,000
Income tax expense. 11,000
Net Income 22,000
2016
Revenue $70,000
COGS 25,000
Gross Profit 45,000
SGA Expenses 28,000
Income before tax 17,000
Income tax expense. 6,000
Net Income 11,000
Prepare a vertical and horizontal analysis for ABC Company and then calculate the profit margin for ABC Company
In: Accounting
The engineering team at Manuel’s Manufacturing, Inc. is planning
to purchase an Enterprise Resource Planning (ERP) system. The
software and installation from Vendor A costs $360,000 initially
and is expected to increase revenue $120,000 per year every year.
The software and installation from Vendor B costs $260,000 and is
expected to increase revenue $90,000 per year. Manuel’s uses a 4
year planning horizon and a 10% per year MARR. Based on an internal
rate of return analysis which ERP system should Manuel
Purchase?
In: Finance
Sources of Tax Law for Tax Research. What are Primary vs. Secondary authorities? Can you give examples of each? Consider the following sources of tax law: statutes, case law, IRS announcements (i.e., Revenue Rulings, Revenue Procedures, etc.). Which would seem the strongest to you, if any? What about court cases vs. statutes? To what extent does it matter which court the decision comes from, i.e., which courts are more authoritative than others for tax law?
In: Accounting
3. The Chair Trade is an independent furniture store that specializes in selling Amish-style furniture and household items. Until the first of the year, its overall sales revenue was slowly increasing. Since the first of the year, however, sales of small items increased while sales of furniture decreased, leading to declining sales revenue. How could the owner of the store rely on market intelligence to understand the change in consumer buying behavior? Should the owner rely solely on market intelligence? Why or why not?
essay question plz help
In: Operations Management
O’Reilly Auto Parts sells parts to Rick’s Car Repair with a rebate of 2% on purchases up to $60,000 and 3% on purchases above $60,000 if Rick’s purchases for the year exceed $200,000. In the past, Rick’s normally purchases $300,000 in parts during a calendar year.
On January 1, 2018, Rick’s purchased $74,000 of parts. The journal entry by O’Reilly to record the sale includes a
a. debit to Accounts Receivable for $74,000.
b. credit to Sales Revenue for $72,380.
c. debit to Accounts Receivable for $72,800.
d. credit to Sales Revenue for $72,800.
In: Accounting