Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 2 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 7.00

Michael McNamee

Michael McNamee is the sole shareholder of a property management company near the campus of Pensacola State College. The business has cash of $8,000 and furniture that cost $9,000 and has a market value of $13,000. Debts include accounts payable of $6,000. Michael’s personal home is valued at $400,000 and his personal bank account has a balance of $1,200.
Requirements
1. Consider the accounting principles discussed in the chapter and define the principle that best matches the situation:
a. Michael’s personal assets are not recorded on the property management company’s balance sheet.
b. Michael records furniture at its cost of $9,000, not its market value of $13,000.
c. Michael does not make adjustments for inflation.
d. The account payable of $6,000 is documented by a statement from the furniture company showing the business still owes $6,000 on the furniture.
Michael’s friend thinks he should only owe about $5,000. The account payable is recorded at $6,000.
2. How much equity is in the business?

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 08:08 PM My Price 7.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll

Not Rated(0)