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Assignment 2 (20 points) Assignment 2: Costs and Profit Instructions
Save this file in your course folder, and name it with Assignment, the section number, and your first initial and last name. For example, Jessie Robinson's assignment for Section 1 would be named Assignment1JRobinson.
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Costs and Profit Assignment
Hca 220 syllabus.
|Assignment |Complete the Chapter 2 Quiz located on the Materials page of your student website. | |30 |
Answer the questions below. When you are finished, turn in your assignment for grading. Use complete sentences and answer each part of the assignment.
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Assignment 2: Costs and Profit
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On October 1, 2017, Arden Farm Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash payment Valco Brothers Farm gave Arden a 2-year, $120,000, 8% note (a realistic rate of interest for a note of this type). The note required interest to be paid annually on October 1. Arden’s financial statements are prepared on a calendar-year basis.
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On November 1 1 1 of the current year, Rhea Quade established a business to manage rental property. She completed the following transactions during November:
a. Opened a business bank account with a deposit of $ 30 , 000 \$30,000 $30 , 000 from personal funds. b. Purchased supplies (pens, file folders, and copy paper) on account, $ 1 , 750 \$1,750 $1 , 750 . c. Received cash from fees earned for managing rental property, $ 3 , 600 \$3,600 $3 , 600 . d. Paid rent on office and equipment for the month, $ 1 , 300 \$1,300 $1 , 300 . e. Paid creditors on account, $ 500 \$500 $500 . f. Billed customers for fees earned for managing rental property, $ 4 , 800 \$4,800 $4 , 800 . g. Paid automobile expenses (including rental charges) for month, $ 500 \$500 $500 , and miscellaneous expenses, $ 200 \$200 $200 . h. Paid office salaries, $ 1 , 000 \$1,000 $1 , 000 . i. Determined that the cost of supplies on hand was $ 800 \$800 $800 ; therefore, the cost of supplies used was $ 950 \$950 $950 . j. Withdrew cash for personal use, $ 2 , 000 \$2,000 $2 , 000 .
Instructions \textsf{\textcolor{#4257b2}{Instructions}} Instructions 1 1 1 . Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:
Assets Accounts Cash + Receivable + Supplies = = Liabilities + Owner’s Equity Rhea Rhea Accounts Quade, Quade, Fees Rent Salaries Supplies Auto Misc. Payable + Capital − Drawing + Earned − Expense − Expense − Expense − Expense − Expense \begin{array}{ccc} \begin{array}{ccccc} &&\textbf{Assets}\\ \hline\\ && \text{Accounts}\\ \text{Cash} & + & \text{Receivable} & + & \text{Supplies} \end{array} \begin{array}{c} \bm=\\ \\ = \end{array} \begin{array}{ccccccccccccccccc} \textbf{Liabilities} & \bm+ &&&&&&& \textbf{Owner’s Equity}\\ \hline && \text{Rhea} && \text{Rhea}\\ \text{Accounts} && \text{Quade,} && \text{Quade,} && \text{Fees} && \text{Rent} && \text{Salaries} && \text{Supplies} && \text{Auto} && \text{Misc.}\\ \text{Payable} & + & \text{Capital} & - & \text{Drawing} & + & \text{Earned} & - & \text{Expense} & - & \text{Expense} & - & \text{Expense} & - & \text{Expense} & - & \text{Expense} \end{array} \end{array} Cash + Assets Accounts Receivable + Supplies = = Liabilities Accounts Payable + + Rhea Quade, Capital − Rhea Quade, Drawing + Fees Earned − Owner’s Equity Rent Expense − Salaries Expense − Supplies Expense − Auto Expense − Misc. Expense
2 2 2 . ▶ \blacktriangleright ▶ Briefly explain why the owner’s investment and revenues increased owner’s equity, while withdrawals and expenses decreased owner’s equity.
For the following sentence, identify any error in the use of adjective and adverb. Then write the correct form in the space provided. The sentence given below contains one error.
Although it is a honorary position, the chairmanship is important. _____________
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In Section 2, you learned about costs and profit. Now, you'll apply what you learned. ... gas, the yarn, and staff wages for how much time each sweater takes.
assignment (20 points) assignment costs and profit instructions save this file in your course folder, and name it with assignment, the section number
Save this file in your course folder, and name it with Assignment, the section number, and your first initial and last name. For example, Jessie Robinson's
assignment 2 - Assignment 2: Costs and Profit Instructions... ; 4. · (1-4 sentences. 2.0 points) · You could train staff so they are able to work quicker and
View Homework Help - Assignment 2 - EL5732.pdf from ONLINE 658 at Jenks High School. Assignment 2 (20 points) Assignment 2: Costs and Profit Instructions
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Assignment 2: Costs and Profit Instructions. 2. See answers. heyyyyyyyyyyyy1 heyyyyyyyyyyyy1. I'm sorry, I don't know what you mean.
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