When using a grid analysis to weigh your options, how can bias be introduced?

Answer:

the answer is b

Explanation:

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Answer:

C. $300,000

Explanation:

Shue's Capital Account:

contribution: 50,000

partnership income x 30%

withdrawals: (240,000)

change in capital account: (100,000)

50,000 + Shue's profits - 240,000 = -100,000

Shue's profit = 240,000 - 100,000 - 50,000

Shue's profit = 90,000

Partnership profit:

90,000 / 0.30 = 300,000

Answer:

a. The exchange rate from Singapore dollars to Australian dollars is (SGD = 1.00 AUD) 1.0278.

b. Anne will receive 1,070.25 Australian dollars.

Explanation:

a. What is the exchange rate from Singapore dollar to Australian dollar?

Given:

Spot rate (SGD = 1.00 USD) 1.3443

Spot rate (USD = 1.00 AUD) 0.7646

This leads to:

1.3443 SGD = 1.00 USD..................... (1)

0.7646 USD = 1.00 AUD................... (2)

From equation (2), dividing by 0.7646 yields:

0.7646 / 0.7646 USD = 1.00 / 0.7646 AUD

1.00 USD = 1.3079 AUD

Inserting this back into equation (1) gives:

1.3443 SGD = 1.00 USD = 1.3079 AUD

Removing 1.00 USD results in:

1.3443 SGD = 1.3079 AUD

By dividing by 1.3079, we calculate:

1.3443 / 1.3079 SGD =  1.3079 / 1.3079 AUD

Thus, we find that 1.0278 SGD equals 1.00 AUD.

Thus, the exchange rate from Singapore dollar to Australian dollar is (SGD = 1.00 AUD) 1.0278.

b. How many Australian dollars will Anne obtain in exchange for her Singapore dollars?

This can be computed as follows:

Anne's Australian dollars = Amount in Singapore dollars / Singapore dollar to Australian dollar exchange rate = 1,100 / 1.0278 = 1,070.24712979179 Australian dollars

So, the amount Anne will obtain is 1,070.25 Australian dollars.

Answer:

Services revenue: 44,000 debit

      Income Summary: 44,000 credit

--to finalize revenue accounts--

Income Summary: 33,100 debit

Depreciation expense—Equipment: 3,000 credit

Salaries expense: 22,000 credit

Insurance expense: 2,500 credit

Rent expense: 3,400 credit

Supplies expense: 2,200 credit

--to finalize expense accounts--

Income Summary: 7,000 debit

     A. Cruz, Withdrawals: 7,000 credit

--to finalize withdrawals account--

Income Summary: 3,900 debit

      A. Cruz, Capital Account: 3,900 credit

--to adjust Income Summary against Cruz’s capital account--

Cash: 19,000

Supplies: 13,000

Prepaid insurance: 3,000

Equipment: 24,000

Accumulated depreciation—Equipment: 7,500

A. Cruz, Capital: 51,500

Totals: 59,000 59,000

Explanation:

To complete the accounting cycle, we utilize the income summary to close off revenues, expenses, and withdrawals accounts. The resulting balance will be allocated to Cruz Capital Account.

Income summary balance: 44,000 - 33,100 - 7,000 = 44,000 - 40,100 = 3,900

Finally, we will prepare the trial balance, recognizing that assets carry a debit balance while liabilities and equity are credited.

This verification ensures that everything aligns with Debit = Credit.