On august 1, 2016, rafael masey established planet realty, which completed the following transactions during the month:

transactions
aug. 1 rafael masey transferred cash from a personal bank account to an account to be used for the business, $17,500.
2 purchased supplies on account, $2,300.
3 earned sales commissions, receiving cash, $13,300.
4 paid rent on office and equipment for the month, $3,000.
5 paid creditor on account, $1,150.
6 withdrew cash for personal use, $1,800.
7 paid automobile expenses for month, $1,500, and miscellaneous expenses, $400.
8 paid office salaries, $2,800.
9 determined that the cost of supplies used was $1,050.
required:

1. journalize entries for transactions aug. 1 through 9. refer to the chart of accounts for exact wording of account titles.
2. post the journal entries to the t accounts, selecting the appropriate date to the left of each amount to identify the transactions. determine the account balances, after all posting is complete. accounts containing only a single entry do not need a balance.
3. prepare an unadjusted trial balance as of august 31, 2016.
4. determine the following:
a. amount of total revenue recorded in the ledger.
b. amount of total expenses recorded in the ledger.
c. amount of net income for august.
5. determine the increase or decrease in owner’s equity for august.

Lo.2, 3, 9 lori, who is single, purchased 5-years class property for $200,00 and 7-years class property for $420,000 on may 20, 2018. lori experts the taxable income derived form the business (without regard to the amount expensed under ⧠179) to be about $550,000. lori has determined that she should elect immediate ⧠179 expensing in the amount of $520,000, but she doesn’t know which asset she should completely expense under ⧠179. she does not claim any available additional first-year depreciation. a. determine lori’s total cost recovery deduction if the ⧠179 expense is first taken with respect to the 5-year class asset. b. determine lori’s total cost recovery deduction if the ⧠179 expense is first taken with respect to the 7-year class asset. c. what is your advice for lori? d. assume that lori is in the 24% marginal tax bracket and that she uses ⧠179 on the 7-year asset. determine the present value of the tax savings from the depreciation deductions for both assets. see appendix g for present value factors, and assume a 6% discount rate. e. assume the same facts as in part (d), except that lori decides not to use ⧠179 on either asset. determine the present value of the tax savings under this choice. in addition, determine which option lori should choose. f. present your solution to parts (d) and (e) of the problem in a spreadsheet using appropriate microsoft excel formulas. e-mail your spreadsheet to your instructor with a two-paragraph summary of your findings.

When cell phones were first entering the market, they were relatively large and reception was undependable. all cell phones were essentially the same. but as the technology developed, many competitors entered, introducing features unique to their phones. today, cell phones are only a small fraction of the size and weight of their predecessors. consumers can buy cell phones with color screens, cameras, internet access, daily planners, or voice activation (and any combination of these features). the history of the cell phone demonstrates what marketing trend?

Data for hermann corporation are shown below: per unit percent of sales selling price $ 125 100 % variable expenses 80 64 contribution margin $ 45 36 % fixed expenses are $85,000 per month and the company is selling 2,700 units per month. required: 1-a. how much will net operating income increase (decrease) per month if the monthly advertising budget increases by $9,000 and monthly sales increase by $20,000? 1-b. should the advertising budget be increased?