These items are taken from the financial statements of Sean McCann, CPA for 2019. Sean McCann, capital 1/1/19 $106,000 Sean McCann, Drawing 10,000 Equipment 130,000 Accumulated depreciation (equip) 32,000 Accounts payable 10,600 Cash 33,800 Supplies 7,000 Salaries payable 6,000 Fees earned 136,000 Salaries expense 66,000 Rent expense 14,200 Supplies expense 1,600 Depreciation expense 4,000 Utilities expense 2,400 Accounts receivable 28,000 Mortgage payable (due 12/31/35) 6,400 Instructions: 1. Prepare the journal entries to close your temporary accounts. (Hint: The temporary accounts are revenues, expenses and the drawing account) Date Description Debit Credit 2. Prepare an income statement and a statement of owner’s equity for the year ended December 31, 2019 and a classified balance sheet as of December 31, 2019. Sean McCann, CPA Income Statement For year ended 12/30/19 Sean McCann, CPA Statement of Owner’s Equity For Period Ended 12/31/19 Sean McCann, CPA Balance Sheet For Period Ended 12/30/19

Answers

Answer 1

Answer:

1. Prepare the journal entries to close your temporary accounts.

the journal entries required to close the temporary accounts are:

December 31, 2019, closing of temporary revenue accounts

Dr Fees earned 136,000

    Cr Income summary 136,000

December 31, 2019, closing of temporary expense accounts

Dr Income summary 88,200

    Cr Salaries expense 66,000

    Cr Rent expense 14,200

    Cr Supplies expense 1,600

    Cr Depreciation expense 4,000

    Cr Utilities expense 2,400

December 31, 2019, closing of temporary income summary account

Dr Income summary 88,200

    Cr Retained earnings 88,200

December 31, 2019, closing of drawings account

Dr Retained earnings 10,000

    Cr Sean McCann, Drawing 10,000

2. Prepare an income statement and a statement of owner’s equity for the year ended December 31, 2019 and a classified balance sheet as of December 31, 2019.

          Sean McCann, CPA

            Income Statement

For the Year Ended December 31, 2019

Fees earned                                 $136,000

Salaries expense                         ($66,000)

Rent expense                               ($14,200)

Supplies expense                          ($1,600)

Depreciation expense                  ($4,000)

Utilities expense                           ($2,400)

Net income                                   $47,800

retained earnings = net income - drawings = $47,800 - $10,000 = $37,800

                     Sean McCann, CPA

                          Balance Sheet

         For the Year Ended December 31, 2019

Assets

Current assets:

Cash                                    $33,800

Accounts receivable          $28,000

Supplies                                $7,000

Total current assets                       $68,800

Non-current assets:

Equipment                         $130,000

Accumulated dep. (equip)-$32,000

Total non-current assets               $98,000

Total assets                                                    $166,800

Liabilities and equity

Current liabilities:

Accounts payable             $10,600

Salaries payable                $6,000

Total current liabilities                    $16,600

Long term liabilities:

Mortgage payable            $6,400

Total long term liabilities:                $6,400

Equity

Sean McCann, capital    $106,000

Retained earnings           $37,800

Total equity                                   $143,800

Total liabilities and equity                            $166,800

            Sean McCann, CPA

      Statement of Owner’s Equity

For the Year Ended December 31, 2019

Sean McCann, capital 1/1/19         $106,000

Net income                                     $47,800

Subtotal                                         $153,800

Drawings during the year             -$10,000

Sean McCann, capital 1/1/19         $143,800


Related Questions

The histogram to the right represents the weights​ (in pounds) of members of a certain​ high-school debate team. What is the class​ width? What are the approximate lower and upper class limits of the first​ class? The class width is_______.

Answers

Answer:

Class width = 20

Approximate lower class limit of the first class = 110

Approximate Upper class limit of the first class = 119

Step-by-step Explanation:

The class width of the histogram attached below can be gotten by finding the difference between successive lower class limits.

Thus, class width = 130 - 110 = 20

The approximate lower class limit of the first class is the lowest score we have in the first class = 110

The approximate upper class limit of the first class is the closest highest score that fall within the first class and is below the lower limit of the second class. Thus approximate upper class limit of the first class = 129

Amar wants to make lemonade for a birthday party. He wants to mix 12 tablespoons of sugar in water. He only has a teaspoon which needs to be used 4 times to be equivalent to one tablespoon. At this rate, how many teaspoons of sugar will Amar need to make the lemonade?

Answers

Answer:48

Step-by-step explanation:

Given

Amar wants 12 tablespoons of sugar in water.

Amar has teaspoon whose four times is equivalent to 1 tablespoon

i.e. [tex]4\ \text{teaspoon}\equiv 1\ \text{tablespoon}[/tex]

therefore

[tex]12 tablespoon is 4\times 12[/tex]

[tex]\Rightarrow 4\times 12[/tex]

[tex]\Rightarrow 48\ \text{teaspoons}[/tex]

So, amar need to add [tex]48\ \text{teaspoons}[/tex] for lemonade

Answer:6328565394729

Step-by-step explanation:213

sorry

Convert decimal +61 and +27 to binary using the signed 2’s complement representation and enough digits to accommodate the numbers. Then perform the binary equivalent of (27) + (-61), (-27) + (+61), and (-27) + (-61). Convert then answers back to decimal and verify that they are correct.

Answers

Answer:

  the sum is 01011000₂ = 88

Step-by-step explanation:

For numbers of magnitude less than 128, it is convenient to use an 8-bit representation. I find it works will to convert back and forth through the octal (base-8) representation, as each base-8 digit converts nicely to three (3) base-2 bits.

  61 = 8·7 +5 = 075₈ = 00 111 101₂

  27 = 8·3 +3 = 033₈ = 00 011 011₂

Then ...

  [tex]\begin{array}{cc|ccc}&61&&00111101\\+&27&+&00011011\\ &\overline{88}&&\overline{01011000}\end{array}[/tex]

__

Starting from the right, we can convert the binary back to octal, then to decimal by considering 3 bits at a time:

  01 011 000₂ = 130₈ = 1·8² +3·8 +0 = 64 +24 = 88

The binary sum is the same as the decimal sum.

What is the surface area of a hemisphere with a radius 10

Answers

Answer:

Maths keeps one mentally active. The total surface of a hemisphere = 3(pi)r^2. So if the radius = 10 cm, then the TSA = 3(pi)r^2 = 300(pi) = 942.8571429 sq cm.

Step-by-step explanation:

hope this helps you :)

Answer:

The total surface of a hemisphere = 3(pi)r^2.

So if the radius = 10 cm, then the TSA = 3(pi)r^2 = 300(pi) = 942.8571429 sq cm.

Alex is paid $30/hr at full rate, and $20/hr at a reduced rate. The hours of work are paid at a ratio of 2:1, full rate : reduced rate. For example, if he worked 3 hours, he would be paid 2 hours at full rate and 1 hour at reduced rate. Calculate his pay for 4 hours of work

Answers

Answer:

His pay for 4 hours of work is $106.67.

Step-by-step explanation:

2:1, full rate : reduced rate.

This means that for each 2+1 = 3 hours that he works, 2 he has full pay and 1 he has reduced pay.

4 hours

How much are full pay?

For each 3, 2 are full pay. For four?

3 hours - 2 full pay

4 hours - x full pay

[tex]3x = 8[/tex]

[tex]x = \frac{8}{3}[/tex]

So for [tex]\frac{8}{3}[/tex] hours he makes the full pay($30) and for [tex]4 - \frac{8}{3} = \frac{12}{3} - \frac{8}{3} = \frac{4}{3}[/tex] he makes reduced pay($20).

Calculate his pay for 4 hours of work

[tex]30*\frac{8}{3} + 20*\frac{4}{3} = 106.67[/tex]

His pay for 4 hours of work is $106.67.

Here's a graph of a linear function. Write the
equation that describes that function.
Express it in slope-intercept form.
Enter the correct answer.

Answers

Answer:

Step-by-step explanation:

The formula is y = mx + b

m being the slope, rise over run. And b being the y-intercept. Right off the bat we can visually see the y-intercept is -4.

To find slope, we need to take two sets of coords and apply the slope fomula. The slope fomula is change in y divided by the change in x. The function itself is straight, so that means the slope will be the exact same no matter which points you choose.

(4, -1) and (8, 2) are coords on the line. Do 2 - (-1) to get 3. then do 8 - 4 to get 4. Finally, we just gotta do 3/4 which is simply [tex]\frac{3}{4}[/tex].

We have the slope of 3/4 and we have the y-intercept of -4. Just plug it in the standard formula of y = mx + b to get:

[tex]y=\frac{3}{4} x-4[/tex]

How do you find arc length???

Answers

Answer:

π

Step-by-step explanation:

For a circle, arc length is equal to the radius times the angle.

s = rθ

s = (1) (π − 0)

s = π

PLEASE HELP !!

Problem:
Find P(3).

Answers:
1/6
1/8
3/6
1

Answers

Answer:

The probability of spinning a 3 out of the 6 options is 1/6.

Answer: 1/6

Step-by-step explanation:

Im assuming the p stands for probability. There is a total of 6 slices, the 3rd slice takes up 1/6th of the circle

— 3х + 7 < 19 ?
Help plz

Answers

Answer:

x > -4

Step-by-step explanation:

— 3х + 7 < 19

Subtract 7 from each side

— 3х + 7-7 < 19-7

-3x < 12

Divide each side by -3, remembering to flip the inequality

-3x/-3 > 12/-3

x > -4

-3x + 7 < 19

Just like any of your two-step equations, in this inequality,

start by isolating the x term which in this case is -3x by

subtracting 7 from both sides.

This gives us -3x < 12.

Solving from here, we divide both sides by -3.

However, when solving inequalities, you need to watch out.

When you divide both sides of an inequality by a negative number, you must switch the direction of the inequality sign.

Please give this idea your full attention. Even the most advanced algebra students will sometimes forget to switch the direction of the inequality sign when dividing both sides of an inequality by a negative.

So we end up with x > -4.

Please answer this correctly

Answers

Answer:

d = 2

Step-by-step explanation:

Using the formula

A=pq/2

Dont forget to click THANKS

what is the solution set for the equation (x+3)(x-8)=0

Answers

Answer:

x= -3    x=8

Step-by-step explanation:

(x+3)(x-8)=0

We can use the zero product property to solve

x+3 =0   x-8 =0

x= -3    x=8

Answer:

x=8

Step-by-step explanation:

A start-up news company is looking to expand their audience and is interested in studying the how many adults regularly use social media as a source of news. According to the Pew Research Center, 62% of adults get their news from social media, but researchers want to determine of this proportion is actually greater than 62% in region they plan on advertising on.
They take a random sample of 200 adults in the region they are interested in advertising in and what they use to typically get their news. A total of 137 adults reported regularly getting their news from social media.
The point estimate for this problem is: (report your answer to 3 decimal places)
Checking Conditions: We are told that the sample was randomly selected. Are the other conditions met to perform a hypothesis test for p?
A) Yes, the sample size is greater than 30.
B) Yes, there are at least 10 adults saying they get their news from social media and at least 10 that do not.
C) Yes, the population standard deviation is known.
D) No, the population mean is unknown.

Answers

Answer:

Step-by-step explanation:

The point estimate is the sample proportion.

Considering the sample,

Sample proportion, p = x/n

Where

x = number of success = 137

n = number of samples = 200

p = 137/200 = 0.685

From the information given,

Population proportion = 62% = 62/100 = 0.62

The correct options are

A) Yes, the sample size is greater than 30.

B) Yes, there are at least 10 adults saying they get their news from social media and at least 10 that do not.

3. Bob the Builder wants to earn an annual rate of 10% on his investments,

how much (to the
nearest cent) should he pay for a note that will be worth $3,000 in 9 months?

Answers

Answer:

He should pay $2,790.7.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

[tex]E = P*I*t[/tex]

In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time, in years.

After t years, the total amount of money is:

[tex]T = E + P[/tex]

In this question:

Rate of 10%, so I = 0.1.

9 months, so [tex]t = \frac{9}{12} = 0.75[/tex]

How much should he pay for a note that will be worth $3,000 in 9 months?

We have to find P for which T = 3000. So

[tex]T = E + P[/tex]

[tex]3000 = E + P[/tex]

[tex]E = 3000 - P[/tex]

Then

[tex]E = P*I*t[/tex]

[tex]3000 - P = P*0.1*0.75[/tex]

[tex]1.075P = 3000[/tex]

[tex]P = \frac{3000}{1.075}[/tex]

[tex]P = 2790.7[/tex]

He should pay $2,790.7.

find the slope of the line through points 8,2 and -1,-4

Answers

Answer:

2/3

Step-by-step explanation:

We can find the slope by using the slope formula

m= (y2-y1)/(x2-x1)

  = (-4-2)/(-1-8)

  = -6/ -9

  = 2/3

Suppose I claim that the average monthly income of all students at college is at least $2000. Express H0 and H1 using mathematical notation, and clearly identify the claim and type of testing.

Answers

Answer:

For this case we want to test if the the average monthly income of all students at college is at least $2000. Since the alternative hypothesis can't have an equal sign thne the correct system of hypothesis for this case are:

Null hypothesis (H0): [tex]\mu \geq 2000[/tex]

Alternative hypothesis (H1): [tex]\mu <2000[/tex]

And in order to test this hypothesis we can use a one sample t or z test in order to verify if the true mean is at least 200 or no

Step-by-step explanation:

For this case we want to test if the the average monthly income of all students at college is at least $2000. Since the alternative hypothesis can't have an equal sign thne the correct system of hypothesis for this case are:

Null hypothesis (H0): [tex]\mu \geq 2000[/tex]

Alternative hypothesis (H1): [tex]\mu <2000[/tex]

And in order to test this hypothesis we can use a one sample t or z test in order to verify if the true mean is at least 2000 or no


On a coordinate plane, triangle A B C has points (negative 9, 3), (negative 9, 6), (0, 3) and triangle A double-prime B double-prime C double-prime has points (3, negative 1), (3, negative 2), and (0, negative 1).
Which transformations could be performed to show that △ABC is similar to △A"B"C"?

a reflection over the x-axis, then a dilation by a scale factor of 3
a reflection over the x-axis, then a dilation by a scale factor of One-third
a 180° rotation about the origin, then a dilation by a scale factor of 3
a 180° rotation about the origin, then a dilation by a scale factor of One-third

Answers

Answer: D  180 degrees rotation about the origin.then a dilation by a scale factor of one-third.

Step-by-step explanation:

A( -9,3)    B(-9,6)  C (0,3)  

After a rotation of 180 degrees you will have the new points as

A (9,-3)   B( 9,-6)  C (0, -3)

The you after dilating it by a scale factor of 1/3

you will get the coordinates

A ( 3,-1)  B( 3,-2)   C(0,-1)  

which match is what was given in the question.

Answer:

a 180° rotation about the origin, then a dilation by a scale factor of One-third

Step-by-step explanation:

took the test

Classify the following triangle .check all that apply

Answers

Answer:

acute and scalene

Step-by-step explanation:

Answer:no entiendo esta en ingles

Step-by-step explanation:

What’s the correct answer for this question?

Answers

Answer:

D

Step-by-step explanation:

It would be a cone with a radius of 4 units rotating around y-axis.

There are two fields whose total area is 56 square yards. One field produces grain at the rateof34bushel per square yard; the other field produces grain at the rate of23bushel per squareyard. If the total yield is 40 bushels, what is the size of each field

Answers

Answer:

the first field (rate 3/4) has 32 square yards and the second field (rate 2/3) has 24 square yards.

Step-by-step explanation:

With the statement we can make a system of 2x2 equations, where:

"x" is the area of the first field

"y" is the area of the second field

However,

x + y = 56 => x = 56 - y

3/4 * x + 2/3 * y = 40

replacing we have:

3/4 * (56 - y) + 2/3 * y = 40

42 - 3/4 * y + 2/3 * y = 40

-0.0833 * y = 40 - 42

y = -2 / -0.0833

y = 24

now for x:

 x = 56 - 24

x = 32

This means that the first field (rate 3/4) has 32 square yards and the second field (rate 2/3) has 24 square yards.

Solve the following system of equations using the elimination method. 5x – 5y = 10 6x – 4y = 4

Answers

Answer:

x=-2,y=-4

Step-by-step explanation:

By dividing to lowest terms

5x – 5y = 10= x-y=2.......(1)

6x – 4y = 4=3x-2y=2........(2)

By elimination method

Multiply equation (1) by 3 so as to correspond with equation (2)

3(x-y)=3(2)

3x-3y=6..........(3)

Multiply equation (2) by 1 so as to correspond with equation (1)

1(3x-2y)=1(2)

3x-2y=2..........(4)

Then equation (3)-equation (4)

(3x-3y=6)

-

(3x-2y=2)

__________

-y=4

y=-4

Substitute y=-4 into equation(1)

x-(-4)=2

x+4=2

x=-2

Therefore x=-2,y=-4

algebra parabola question see picture above

Answers

Answer:

see below

Step-by-step explanation:

(-1, -9) is a vertex or minimum.

(-4, 0) is an x-intercept / zero of the function / solution

(2, 0) is also an x-intercept / zero of the function / solution

The parabola has a minimum.

What’s the correct answer for this?

Answers

Answer:

1) Antonio's statement

2) <A = 123

Step-by-step explanation:

1) Antonio's statement is incorrect. This is because the opposite angles of a quadrilateral add up to 180°. Erin was incorrect because the opposite angles of this quadrilateral are unequal.

2) 2x+7+5x-2 = 180° (opposite angles of quadrilateral)

Now

7x+5 = 180

7x = 175

x = 25

<A = 5x-2

= 5(25)-2

= 125-2

= 123

A Cepheid variable star is a star whose brightness alternately increases and decreases. For a certain star, the interval between times of maximum brightness is 4.2 days. The average brightness of this star is 3.0 and its brightness changes by ±0.25. In view of these data, the brightness of the star at time t, where t is measured in days, has been modeled by the function B(t) = 3.0 + 0.25 sin 2πt 4.2 . (a) Find the rate of change of the brightness after t days. dB dt =

Answers

Answer:

a) [tex]\frac{dB}{dt} = \frac{5\pi}{4.2} \cdot \cos \left(2\pi\cdot \frac{t}{4.2} \right)[/tex], b) [tex]\frac{dB}{dt}\approx 5.595[/tex]

Step-by-step explanation:

a) The rate of change of the brightness of the Cepheid can be determined by deriving the function in time:

[tex]\frac{dB}{dt} = \left(\frac{2\pi}{4.2} \right)\cdot 0.25\cdot \cos (2\pi\cdot \frac{t}{4.2})[/tex]

[tex]\frac{dB}{dt} = \frac{5\pi}{4.2} \cdot \cos \left(2\pi\cdot \frac{t}{4.2} \right)[/tex]

b) The rate of increase after one day is:

[tex]\frac{dB}{dt} = \frac{5\pi}{4.2} \cdot \left(2\pi \cdot \frac{1}{4.2} \right)[/tex]

[tex]\frac{dB}{dt}\approx 5.595[/tex]

Solve using
elimination 5y+3x=9 and 4y-3x=32

Answers

Answer:

(x,y)= (-124/27, 41/9)

Step-by-step explanation:

1) Add the equation to eliminate x.

5y+3x=9

4y-3x=32

2) Add 5y and 4y.

5y=9

4y=32 -->  9y=41

3) Get y by itself by dividing 9 on both sides:

y=41/9

4) Substitute Value in the equation 5y+3x=9

5(41/9)+3x=9

5) solve for x

x=-124/27

Step-by-step explanation:

5y + 3x = 9

4y - 3x = 32

using elimination method

subtracting equation 1 from 2 gives

y = -23

substitute to get value of X

5(-23) + 3X = 9

-115 +3x = 9

3x= 124

x = 41.33

An intravenous fluid is infused at the rate shown in the table. What is the missing value?
Minutes
Milliliters
3
ܢܚܪ
2.
?
3
9
4
12
3
6
9
24

Answers

Answer:

the answer is 6!!!!!!

Step-by-step explanation:

The missing value in the table is 5

What is Slope of Line?

The slope of the line is the ratio of the rise to the run, or rise divided by the run. It describes the steepness of line in the coordinate plane.

The slope intercept form of a line is y=mx+b, where m is slope and b is the y intercept.

The slope of line passing through two points (x₁, y₁) and (x₂, y₂) is

m=y₂-y₁/x₂-x₁

An intravenous fluid is infused at the rate shown in the table

Minutes         Milliliters

3                            4

?                             12

2.                            3

?                             6

3                             9

9                             24

Slope=24-9/9-3

=15/3

=5

Now 5=12-4/x-3

5=8/x-3

5x-15=8

5x=23

x=23/5

x=4.6

x=5

The missing number is 5.

Hence, the missing value in the table is 5

To learn more on slope of line click:

https://brainly.com/question/14511992

#SPJ6

Please help! Correct answer only, please! Jason has the following averages in his math class: homework avg: 80 quiz avg: 84 test avg: 74 final exam: 60 if the teacher weights homework at 20%, quizzes at 30%, tests at 40%, and the final exam at 10%, what is jason's class average? A. 74 B. 77 C. 79 D. 82

Answers

Answer:

77

Step-by-step explanation:

80*0.2 + 84*0.3 + 74*0.4 + 60*0.1 = 76.8 = 77

Find the solution to the system of equations.
You can use the interactive graph below to find the solution.
y= -7x+3
y = -x-3

Answers

Answer:  The answer has one solution:

_______________________________

      →  x = 1 ;   y =  -4 ;  or, write as:  [1, -4].

_______________________________

Step-by-step explanation:

_______________________________

Given:

  y  =  - 1x – 3

  y  =   -7x + 3 ;

_______________________________

    -1x – 3  =   -7x + 3  ;  Solve for "x" ;

Add:  " +1x" ; and add " +3 " ;  to Each Side of the equation:

Subtract " 1x " ; and Subtract " 1 " ; from Each Side of the equation:

   -1x  + 1x  – 3  + 3  =  -7x  + 1x + 3 + 3 ;

         to get:  

             0  =  -6x + 6

          ↔  -6x + 6 = 0 ;

Now, subtract " 6 " from Each Side of the equation:

                -6x + 6 – 6  = 0 – 6  ;

       to get:

               -6x = -6 ;

Now, divide Each Side of the equation by " -6 ";  

      to isolate "x" on one side of the equation;

      & to solve for "x" ;

              -6x /-6  =  -6/-6 ;

      to get:

                x = 1 .

_______________________________

Now, let us solve for "y" ;  

We are given:  

 y =  -x – 3  ;

Substitute our solved value for "x" ; which is:  " 1 " ; for " x " ; into this given equation; to obtain the value for " y " :

 y =  -x – 3  ;

    =  -1  – 3  

 y =   - 4 .

_______________________________

Let us check our answers by plugging the values for "x" and "y" ;

" 1 " ; and " -4 "; respectively);  into the second given equation; to see if these values for " x " and " y"  ; hold true:

Given:   y  =    - 7x  +  3 ;

           →  -4   =?  -7(1) + 3 ??  ;

           →  -4   =?   -7   + 3  ??  ;

           →  - 4 =?   -4 ?? ;

           →  Yes!

_______________________________

The answer has one solution:

      →  x = 1 ;   y =  - 4 ;  or, write as:  [1, -4 ].

_______________________________

Hope this is helpful!  Best wishes!

_______________________________

The functions r and s are defined as follows. r(x)=2x-1 s(x)=-2x^2-2 Find the value of s(r(-4)).

Answers

Answer:

s(r(-4)) = -164

Step-by-step explanation:

r(x) = 2x - 1

s(x) = -2x^2 - 2

r(-4) = 2(-4) - 1 = -8 - 1 = -9

s(r(-4)) = s(-9) = -2(-9)^2 - 2 = -2*81 - 2 = -162 - 2 = -164

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Give your answers in pi

Answers

Answer:

36π

Step-by-step explanation:

area=πr²

=πx6x6

6x6=36

area = 36π

Barbara can pay either $80 per month or one lump sum of $800 per year for car insurance. How much does she save yearly if she chooses the lump sum payment option?

Answers

Answer:

$160

Step-by-step explanation:

In the monthly payment option she would pay $80 per month, therefore in a year (12 months) she would pay:

$80*12 =  $960

We can see that this amount is greater than the $800 she would pay in the lump sum payment option.

The money she would save is:

$960 - $800 = $160

She would save $160 yearly with the lump sum payment option.

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