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itsyourgirll
24.03.2021 •
Business
Madame Shira began a fortune telling business on May 1. The following transactions occurred:
1. Owner Madame Shira invested $5,000 cash in the business.
2. Purchased $2,000 of furniture with a down payment of $500; the rest by issuing an account payable to be paid in three monthly installments.
3. Paid $700 rent.4.Purchased a crystal ball for $300.
5. Paid $1,700 for a 12-month insurance policy.
6. During the first month received $2,500 from cash customers.
7. Sent billings of $2,000 for services rendered to credit customers.
8. Paid assistant $1,500 wages for the month.
9. Received $600 in payments from credit customers.
10. Borrowed $3,200 by signing a note.
11. Made a $500 payment on the furniture bill (from transaction 2).
12. Owner withdrew $300 cash for personal use.
13. Paid bills for advertising $60, utilities $39, and repairs $52.
Required:
a. Prepare an income statement for Madame Shira for the month of May. 3.
b. Prepare a statement of owner's equity for the month of May.
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Ответ:
Statement of owners equity
Investments in Business $5,000
Withdrawals $300
Net profit $1,307
Equity at end $6,007
Explanation:
Income Statement
Revenue $5,100
Cost of Sales $1,300
Gross profit $3,800
Other expenses:
Rent expense $700
Insurance Expense $142
Wages Expense $1,500
Advertising expense $60
Utilities $39
Repairs $52
Net profit $1,307
Ответ:
10.51%
Explanation:
The computation of the bond equivalent yield is shown below:
Given that
Par value at redemption = $10,000
Bond price = $9,720
Number of days of maturity = 100 days
Now
Profit of holding this bond = Par value at redemption - Bond purchase price
= $10,000 - $9,720
= $280
Now yield from the 100 days
= profit from holding the bond ÷ Purchase price of the bond
= $280÷ $9,720 × 100
= 2.88
Now the yield annualized is
= 2.88 × 365 days ÷ 100 days
= 10.51%