Business College

Trial Balance Practice
Cole Hernandez, owns a business named Ceco Co. with the following ledger accounts as of June 30, 2020
Instructions:
1. Prepare a trial balance for Ceco Co. as of June 30, 2020.
2. Remember to write in the full three-line heading and put the accounts in the proper order.

Account Balance
A/P - Batt Inc. $785.00
A/P - Parker Products 1000.00
A/P - Nishi Co. 1200.00
A/R - R. Tamo 3500.00
A/R - G. Slaught 1124.00
A/R - P. Onno 850.00
Automobile 22800.00
Bank Loan 25000.00
Cash 5000.00
C. Hernandez, Capital 32224.00
Equipment 25350.00
Supplies 1585.00

Answers

Answer 1

The preparation of the Trial Balance of Ceco Co. from the ledger accounts as of June 20, 2020, is as follows:

Ceco Co.

Trial Balance

At June 30, 2020

Accounts Debit Credit

Cash $5,000.00

A/R - R. Tamo 3,500.00

A/R - G. Slaught 1,124.00

A/R - P. Onno 850.00

Supplies 1,585.00

Automobile 22,800.00

Equipment 25,350.00

A/P - Batt Inc. $785.00

A/P - Parker Products 1,000.00

A/P - Nishi Co. 1,200.00

Bank Loan 25,000.00

C. Hernandez, Capital 32,224.00

Totals $60,209.00 $60,209.00

What is a trial balance?

A trial balance is a list of the ledger accounts balances at a particular date of the financial period.

The trial balance helps to show if accounts have been correctly recorded according to the double-entry system.

Thus, the above trial balance shows the ledger accounts balances of Ceco Co as of June 30, 2020.

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Related Questions

5 benefits of employed skilled labour

Answers

Answer:

Explanation:

1-1ST Hand knowledge in labour skills

2-You have yourself a great worker with good work ethic/not lazy

3-Good help is hard to find. If they are skilled, they can provide other skills needed

4-Jack of all trades. they wlll have experience, if not, know somebody that does

5-Cost effective vice "paying the big companies"

Question 9 of 20
To meet increased expenses, Marsha will need to increase her.
A. financial goals
B. income
C. savings
OD. costs

Answers

To meet increased expenses, Marsha will need to increase her B. income

What is an Expense?

This refers to the price of a good or service that a person has to purchase so as to meet a business need.

Hence, we can see that in order to meet increased expenses which results in more spending, the best thing which Marsha needs to do is to increase her income so she can be able to afford more things.

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Answer: income

Explanation:

In a business plan proposal, what is an example of Investment requirements &Interest Cost?

Answers

Answer:

Gather all your company's existing information, including data on your business's revenue, operating budget, expansion plans, and so on. Integrate your goals, data, and financial needs into a concise, clean presentation. Research thoroughly any investor you plan on presenting your investment proposal to.

(01.06 LC)
When price increases, quantity supplied (5 points)
stays the same
decreases
increases
becomes zero?

Answers

Depends on inflation but usually they stay the same

james is a wells fargo employee. his manager saw him parking illegally in the loading zone once, so he assumes james must have engaged in fraudulent account activity. which of the following perceptual errors did his manager make?

Answers

The correct option is A) Contrast effect.

What is perceptual error?

Perceptual error is the inability to judge humans, things or situations fairly and accurately.

Contrast effect is an unconscious bias that happens when two things are judged in comparison to one another, rather than assessed it individually.

Perception of the people is altered once we start to compare things to one another.

James is a wells Fargo employee. his manager saw him parking illegally in a loading zone once so he assumes James must have engaged in a fraudulent account activity, which of the following perceptual errors did his manager make?

A) Contrast effect

B) Recency effect

C) Halo effect

D) Central tendency

E) Leniency

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What internal temperature must poultry reach to kill salmonella bacteria

Answers

Answer:According to federal food safety guidelines, chicken should reach a minimum internal temperature of 165 degrees F, and beef should reach 145 degrees F. How can Salmonella be killed? In general, to kill Salmonella bacteria, food must be cooked to at least 160 degrees for at least 10 minutes.

Explanation:

Salmonella bacteria must be eliminated from poultry by bringing the internal temperature up to 165 °F (ca. 74 °C) (about 74 °C).

A minimum internal temperature of 165 degrees Fahrenheit (ca. 74 °C) for chicken and 145 degrees Fahrenheit (ca. 63 °C) for beef is required by federal food safety regulations. The best way to get rid of salmonella? Food essential to be heated to at least 160 degrees for at least 10 minutes in order to destroy Salmonella bacteria.

Nearly every type of bacterium is instantly destroyed at this temperature. Salmonella is instantaneously destroyed at temperatures exceeding 160 degrees Fahrenheit (71.11 degrees Celsius), while maintaining the temperature for prolonged periods of time at lower temperatures will also work.

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Write a 100- to 150-word initial post on the following questions:

Do you consider valuation analysis (to determine the value of an asset) an art or a science? Why?
There are various applications using the concepts of time value of money presented in the videos. Can you suggest another application and describe how the concept can be applied?

Answers

Because the analyst is compelled to make assumptions for model inputs, valuation research is primarily based on science with a small amount of art. Bond and stock valuation are a few further uses, along with capital budgeting. The concept that its future earnings potential, a sum of money, is worth more today than it will be later.

What is valuation analysis?

A technique called valuation analysis is used to determine the approximate value or worth of any kind of asset, including businesses, stocks, fixed-income securities, commodities, real estate, and other assets.

Because the analyst must make assumptions for model inputs, valuation analysis is primarily a scientific process but also involves certain artistic elements. An asset's worth is essentially the sum of its present value (PV) for all anticipated future cash flows.

The time value of money is used in various financial contexts, such as capital planning, bond and stock valuation. Finding what a current investment will increase to in the future is the process of determining future worth. Compounding is the term for this.

Hence, the significance of the valuation analysis is aforementioned.

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Eaton Electronics uses a periodic inventory system.

On March 31, Eaton has two plasma TVs on hand at a cost of $1,500 each (serial numbers 11534892 and 11534894).
In April, the company purchases four more identical TVs from Toshiba for $1,450 each (serial numbers 11542631 through 11542634).
In May, the company purchases five more identical TVs for $1,600 each (serial numbers 11550964 through 11550968).
In June, Eaton sells two of these TVs (serial numbers 11534894 and 11542631).

There were no additional purchases or sales during the remainder of the year.

Eaton Electronics uses the LIFO method. What is the cost of its ending inventory?

Answers

The cost of ending inventory of Eaton Electronics on June 30 is $13,600.

What is the LIFO method?

The LIFO method values the cost of goods sold based on the assumption that goods sold are from the latest stock.

For example, using LIFO, Easton would have the two TVs sold based on the cost of the May Purchases instead of specific identification.

Data and Calculations:

Beginning inventory (2 x $1,500) = $3,000

April Purchases (4 x $1,450) = $5,800

May Purchases (5 x $1,600)= $8,000

Cost of goods available for sale = $16,800

Cost of goods sold (2 x $1,600) = $3,200

Ending inventory = $13,600 ($16,800 - $3,200)

Thus, the cost of ending inventory is $13,600.

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the order of the 4 P's of marketing

Answers

The 4 P's of marketing correspond to the marketing mix that will help a company to be competitive in the market, they are:

ProductPlacePricePromotionWhat is the relevance of the marketing mix for a company?

Through the four factors that make up the marketing mix, companies are able to develop strategies aligned with their objectives and goals, helping to obtain increased sales, value for their products and services and market positioning.

Therefore, the 4P's of marketing are factors that help in the creation of methodologies for the development of strategies for a brand to be successful.

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Which of the following is part of an organization's general environment?

Answers

Explanation:

incomplete question,you need to complete your question for a correct answer

How do (inter) governmental organisations, such as the International Energy Agency, project energy use and carbon emissions for the future? Discuss the potential drawbacks of projections.

Answers

The International Energy Agency provides insights into energy use and carbon emissions for the future in the form of exploring different scenarios, which are not actual projections.

What are the goals of the IEA?

The agency aims to disseminate information and support global efforts to transition from clean and renewable energy use, in order to reduce the impacts of non-renewable energy on the environment and climate.

Therefore, the IEA uses an approach to identify future trends on the sustainable energy transition, and is not really a tool for forecasting the future of global energy.

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You believe you've never really been a leader.

Which of the following would be the best way to show that you are an effective, transformational leader?

Coach your staff
Create good benefit packages for your staff
Take corrective actions with your staff

Answers

The best way to show that you are an effective, transformational leader is to take corrective actions with your staff.

What is transformational leadership?

Transformational leader is an individual who desires a positive change with the followers and lead them to the change.

The change affect their lives and environment.

Therefore, The best way to show that you are an effective, transformational leader is to take corrective actions with your staff.

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Taking remedial steps with your workers is the greatest method to demonstrate that you are a successful, transformative leader.

To what extent can leadership be transformed?

A transformational leader is one who wants to bring about good change in their followers and is able to inspire them to do so.

Their way of life and surrounding environment are being altered.

Therefore, taking remedial steps with your workers is the greatest approach to demonstrate that you are a successful, transformative leader.

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Suppose that Sheffield Corp. produced and sold 4800 laptop computers during 2022. It reported $137800 cash provided by operating activities. In order to maintain production at 4800 laptops, Sheffield invested in $9120 in equipment. Sheffield paid $1480 in dividends. What is Sheffield's free cash flow? $137800 $148400 $144800 $127200

Answers

Sheffield Corporation's free cash flow is $127,200.

What is free cash flow?

Free cash flow represents the difference between operating profit with taxes and total investment in operating capital.

The formula for computing the free cash flow (FCF) is FCF = Net Operating Profit After Taxes - Capital investment

Data and Calculations:

Operating profit = $137,800

Investment = $9,120

Dividends payment = $1,480

Free Cash Flow = $127,200 ($137,800 - $9,120 - $1,480)

Thus, Sheffield Corporation's free cash flow is $127,200.

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On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $1,200,000. The interest rate charged by the bank was 9%. The bank made the loan on a discount basis.

a-2. Use the horizontal model to show the effect of signing the note and the receipt of the cash proceeds on April 15, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)

Answers

Answer:

how to get rid and jack cheesecake factory menu with prices or tv show cast or tv show cast or tv show cast or tv show cast or tv show

Allan got a job at Tim Hortons on campus. His income for the year will be less than $30K. His new employer wants him to fill out a TD1 form. Allan is a single dad and has a daughter under 18. Allan is over 65 years of age and also has a valid T2201 on file with CRA. Allan wants payroll to deduct an additional $100 per pay cheque to avoid paying additional taxes at year-end. He has not received any bursaries or scholarships.

Answers

Based on the information given about the tax, the way to fill the TD1 form will be:

He should follow the instructions on each line or the provincial and federal forms.Each of the amounts on the line is added together.The sum is then entered into the last line of page 1.

How to illustrate the information?

It should be noted that the TD1 form is used to determine the amount of tax that will be deducted from the income of an individual.

In this case, Allan has a T2201 which is a disability tax credit certificate. This is important as it helps people who have disabilities to reduce the amount of income tax that they'll pay.

Furthermore, Allan is a single dad, has a daughter under 18, and is over 65 years of age. Therefore, the appropriate way to fill the form is illustrated.

Complete question:

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What is the annual opportunity cost of a checking account that requires a $300 minimum balance to avoid service charges? Assume an interest rate of 3 percent. (Input the amount as a positive value.)

Answers

The annual opportunity cost of a checking account that requires a $300 minimum balance to avoid service charges is $9. Read below about the analysis of the annual opportunity cost of a checking

What is the annual opportunity cost of a checking account that requires a $300 minimum balance to avoid service charges?

The calculation goes thus;

Annual opportunity cost = Minimum balance × Interest rate

= $300 × 0.03

= $9

Therefore, the correct answer is as given above

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7. White has previously said that we need a new way to think about
being old in America. She is calling on artists, change agents, and
social entrepreneurs to help imagine a change that will better the
life of older, retired people. Discuss how you think that we, as a
nation, could improve the personal finance crisis?

Answers

Providing greater opportunities for employment is one way for a country to help its citizens recover from a personal crisis. This is further explained below.

What is personal finance crisis?

Generally, When financial instruments and assets see a severe decline in value, this is known as a financial crisis.

In conclusion, More work opportunities have the potential to alleviate personal crises on a national scale.

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Which of the following are predatory lending practices?
Choose only ONE best answer.
A. Knowingly lending to people who can't afford the loan
B. Falsifying loan applications
C. Charging high interest rates
D. Balloon Payments
E. High upfront fees

Answers

Answer:

Equity Stripping

The lender makes a loan based upon the equity in your home, whether or not you can make the payments. If you cannot make payments, you could lose your home through foreclosures

Which of the following statements about cover letters is false?
a.
A cover letter gives an employer some insight into the applicant’s personality.
b.
A cover letter provides an employer with an sample of the applicant’s written communication skills.
c.
A cover letter is sent before a résumé so that the employer knows it is coming.
d.
A cover letter allows an applicant to go more in depth about their skills and abilities

Answers

The false statement about cover letters from the list of options is C. A cover letter is sent before a résumé so that the employer knows it is coming.

What is a Cover Letter?

This refers to the one-page document that a job seeker submits with his resume or CV that serves as an introduction.

Hence, we can see that based on the fact that cover letters are used by job seekers to make an introduction of themselves, we can see that sending it before a resume is false.

Answers

Because you need to figet this out on your own ok it’s not that hard

Why do you think making progress ranks as the most important factor contributing to motivation, according to recent studies? How can managers provide a sense of progress for employees working on long-range projects that might not show results for months or even years?

Answers

Because humans are rational thinkers, what often motivates people can sometimes be the least expected factor to be considered.

What is motivation?

Put simply, in this context, motivation is a state of mind that puts in humans in a frame of mind where they tend to readily act on instructions or work towards meeting set goals.

Some managers provide a sense of progress for employees working on long-range projects that might not show results for months or even years by simplifying goals. In other words, they set short targets for their employees that can easily be tracked. For example, weekly or quarterly targets may be used.

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Investor purchased 2,000 shares of stock at $3.25 per share. Broker’s commission was $30. What was the total amount paid for the stock?

Answers

Answer:

Total amount paid for the stock $6530

Explanation:

2000 x $3.25 + $30 = $6530

The total amount paid for the stock is $6530.

The investor purchased 2,000 shares of stock at $3.25 per share. The cost of the shares is 2000 × $3.25 = $6500.

The broker's commission was $30. This is an additional fee that the investor paid to the broker for executing the trade.

The total amount paid for the stock is $6500 + $30 = $6530.

Here is a breakdown of the calculation:

Cost of shares: $3.25/share × 2,000 shares = $6500

Broker's commission: $30

Total amount paid: $6500 + $30 = $6530

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The environment of business impacts all of the other environmental influences

Answers

Explanation:

The global environment affects all of the other environmental influences such as the economic, legal, and social environments because: the increase in free trade among nations and technological changes have created globalization and increased competition.

hope it will help you

Which one of the following statements regarding partnership taxation is incorrect?

Answers

Answer:

A partnership is a taxable entity for Federal income tax purposes.

2022 ahip test results answers

Answers

Answer:

Mr. Davis is 52 years old and has recently been diagnosed with end-stage renal disease (ESRD) and will soon begin dialysis. He is wondering if he can obtain coverage under Medicare. What should you tell him?

He may sign-up for Medicare at any time however coverage usually begins on the fourth month after dialysis treatments start.

Freehold Foods, an Ontario organization, will be terminating the employment of Annette Rose on January 30, 2015, the last day of the pay period. Annette started with Freehold Foods on March 15, 2007. Complete the paper Record of Employment for Annette based on the information provided in the following chart. The company is not providing the equivalent of 53 weeks of pay information as part of the Variable Best Weeks initiative. Hours worked per pay = 80 Annual salary = $54,975.00 Assume a bi-weekly pay period Assume Annette works 80 hours per pay period from Monday to Friday Complete the ROE for Annette using the form below

Answers

The insurable earnings for Annette Rose equals $41,347.82.

What is an insurable earnings?

This refers to the portion of employee's income that is used to calculate their contributions and for employment insurance premiums.

In order to complete Block 15B form:

Bi-weekly pay period frequency, 14.

number of consecutive pay periods = $2,105.77

Insurable earnings = $2,105.77 * 14

Insurable earnings = $29,480.78.

Now, we will add vacation pay of $3,444.00 and the pay in lieu of notice of $8,423.04.

Total insurable earnings = $29,480.78 + $3,444.00 + $8,423.04

Total insurable earnings = $41,347.82.

Missing Information "Item Information Pay period type bi-weekly, Social Insurance Number 158159138, First day worked September 30, 2007, Last day for which paid February 13, 2015, Final pay period ending date February 13, 2015, Hours worked per pay 80.00, Pay period earnings 2,105.77, Vacation pay rate 6%, Vacationable earnings 57,400.00, Pay in lieu of notice weeks 8 weeks, Severance weeks 10 weeks"

Answers

It is a true statement that Formal Communication follows the practices shaped by the organization through official policies, hierarchy, and technology systems

What is a Formal Communication?

This refers to the flow of an official information through a proper and predefined channels and routes in a firm.

Most times, its follows the practices shaped by the organization through official policies, hierarchy, and technology systems.

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how environmental markets can improve an energy market portfolio

Answers

Environmental markets can support international collaboration on energy technology to stable destiny strength materials and mitigate their environmental impact, such as via improved energy.

What do you understand about environmental markets?

Environmental markets can be defined as a progressive coverage method to leverage investment for environmental conservation on non-public lands. They can function as a supplement to conventional conservation programs.

thus, Environmental markets can support international collaboration on energy technology to stable destiny strength materials and mitigate their environmental impact, such as via improved energy.

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Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $6,400 for direct materials, $8,300 for direct labor, and $4,731 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $2,700 for direct materials and $5,100 for direct labor

Answers

If Sigma Corporation applies overhead cost to jobs. The overhead cost is: $2,907.

Overhead cost

First step is to calculate the overhead rate

Overhead rate=Overhead cost / Direct Labor

Overhead rate=$4,731 /$8,300

Overhead = .57 rate

Second step is to calculate the overhead cost

Overhead cost=$5100× .57

Overhead cost = $2,907

Therefore the overhead cost is: $2,907.

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Assuming you are a business owner with different shareholders. How may zero growth stock valuation and constant stock valuation affect your business operations?

Answers

As a business owner, the zero-growth stock valuation will be less preferred than the constant stock valuation because:

it is eroded by inflationit does not grows over years.

What is the zero-growth stock valuation?

The stock valuation holds that the dividend paid to a shareholder will remain the same set amount until it matures.

What is the constant stock valuation?

The stock valuation holds that the dividends paid by the company will continue to go up at a constant growth rate indefinitely.