FindArena > Find Arena > Money

 
Thread Tools Display Modes
  #1 ()
wrimiIniviamy : Basically i have had a website setup for about 3weeks now, i have made 24 video tutorials myself but need some more people to help. I have had about 215 Unique visit's over 3 weeks, but need some help.

My site is: http://www.programming-pirate.co.cc/

If you think you can help me then go to our forum by following the links of visit:

http://programmingpirate.byethost5.com/forum/



Sign up, and get in contact.
  Reply With Quote
  #2 ()
dsyez007 : Miller Design Studio's July 31, 2011 trial balance is presented here:

Miller Design Studio
Post-Closing Trial Balance
July 31, 2011
Cash $22,480
Accounts Receivable 5,000
Office Supplies 3,660
Prepaid Rent 1,600
Office Equipment 16,320
Accumulated Depreciation?Office Equipment $ 300
Accounts Payable 6,280
Unearned Design Revenue 600
Wages Payable 720
J. Miller, Capital 41,160

During August, the studio engaged in these transactions:

1 Received an additional investment of cash from J. Miller, $20,000.
2 Purchased additional office equipment with cash, $4,700.
7 Purchased additional office supplies for cash, $540.
8 Completed the series of designs that began on July 31 and billed for the total design services performed, including the accrued revenues of $800 that had been recognized in an adjusting entry in July, $1,400.
12 Paid the amount due for the office equipment purchased last month, $3,000.
13 Accepted an advance in cash for design work to be done, $2,400.
15 Performed design services and received a cash fee, $2,900.
16 Received payment on account for design services performed last month, $2,800.
19 Made a partial payment on the utilities bill that was received and recorded at the end of July, $140.
20 Performed design services for Rave Department Stores and agreed to accept payment next month, $3,200.
21 Performed design services for cash, $1,160.
22 Received and paid the utilities bill for August, $900.
23 Paid the assistant for four weeks' wages, $4,800.
26 Paid the rent for September in advance, $1,600.
30 Paid cash to J. Miller as a withdrawal for personal expenses, $2,800.

Required
1. Record entries in journal form and post to the ledger accounts the optional reversing entries on August 1 for Wages Payable and Accounts Receivable (see adjustment for unrecorded wages on page 116 and adjustment for design revenue on page 119). (Begin the general journal on page 5.)
2. Record the transactions for August in journal form.
3. Post the August transactions to the ledger accounts.
4. Prepare the Trial Balance columns of a work sheet.
5. Prepare adjusting entries and complete the work sheet using the information below.
a. One month's prepaid rent has expired, $1,600.
b. An inventory of supplies reveals $2,020 still on hand on August 31.
c. Depreciation on equipment for August is calculated to be $300.
d. Services performed for which payment had been received in advance totaled $1,300.
e. Services performed that will not be billed until September totaled $580.
£ Wages accrued by the end of August, $720.
6. From the work sheet, prepare an income statement, a statement of owner's equity, and a balance sheet for August 31, 2011.
7. Record the adjusting entries on August 31, 2011, in journal form, and post them to the ledger accounts.
8. Record the closing entries on August 31, 2011, in journal form, and post them to the ledger accounts.
9. Prepare a post-closing trial balance at August 31, 2011.
  Reply With Quote
more..
  #3 ()
Miztiessy : The bank my mortgage is through won't finance single wide mobile homes. I bought a 1988 single wide on land 5 years ago in Washington. I want to do a streamline but can't find a lender who does this.
I've looked online and read that a law had passed that ended up classifying mortgages on mobile homes as high risk and predatory and lenders don't want the liability. So maybe I'm just stuck.
Any insight is appreciated.
  Reply With Quote
  #4 ()
hyloadlodiact : unfortunately u are.
mobile (trailer) homes are only
financed by mobil home companies now.

Plus the age of your place puts it out
of most lenders numbers.

time now to build cash and pay it off.
  Reply With Quote
  #5 ()
Jamesgos : So okay. I've been working like a server and a cash register at this frozen yogurt place. I've been used to like cash and credit card transactions until this one set of customers decide to use their debit card. So I swipe like a credit card and I guess I used up all he have it was like seven dollars something and the remaining he has to pay was like three dollars something. I was confused at first and I swiped at the other register and so I think that didn't go through since I used up. They asked to use 2 cards before their pay. So then I decide to use the other card and swipe to around the same amount with the remaining three dollars something. So I had them pay the remaining in cash but I'm not sure if it was exactly the remaining..Anyway it was all confusing since it was my first using a debit card and I they left but I get to hand back their change. I don't know if I exactly did the right transaction or messed up. I feel like I made a mistake and I talked to my parents about it. They said its ok and don't worry about it. My manager's a nice guy but I probably would get yelled for fessing up now. It's been bothering me. Would those customers know the errors of their transactions about their debit card?
  Reply With Quote
  #6 ()
phapticiets : Powell Corporation is trying to determine the initial investment required to replace an old machine with a new, more sophisticated model. The proposed machine’s purchase price is $380,000, and an additional $20,000 will be necessary to install it. It will be depreciated under MACRS using a 5-year recovery period. The present (old) machine was purchased 3 years ago at a cost of $240,000 and was being depreciated under MACRS using a 5-year recovery period. The firm has found a buyer willing to pay $280,000 for the present machine and to remove it at the buyer’s expense. The firm expects that a $35,000 increase in current assets and an $18,000 increase in current liabilities will accompany the replacement. The firm pays taxes at a rate of 40%.

So, according to my powerpoint slides, its
($380,000 Purchase of new machine +$ 20,000 Installation Costs)
- ($280,000 Proceeds from sale of present machine +
$ 84,160 Tax on sale of present machine)
= $195,840

+$17,000 (Change in net working capital) for a total of $221,160.

I don't understand the last part. I get that purchasing the new equipment creates a cash outflow, and selling the old machine creates a cash inflow. Sure, assets increase, but why would this suddenly add to cash outflow? Why wouldn't cash outflow only come from selling the new equipment??? Thanks
not $195,840, i meant $204,160
  Reply With Quote