Exercise 2-5 Analyzing effects of a compound entry LO A1 Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) equipment worth $80,000, and (3) to assume responsibility for a $28,000 note payable related to the equipment. A) Analyze the transaction using the accounting equation.
Assets = Liabilities + Equity
Cash Equipment Note Payable Revenue
10,000 80,000 28,000 62,000
B) Record the transaction in journal entry form.
No Date General Journal Debit Credit
1 May 15 Cash 10,000
Equipment 80,000
Note payable 28,000
C) Post the entry using T-accounts to represent ledger accounts.
Cash 101 Note Payable
28000 10,000
Equipment 167 Revenue 404
80,000 62,000

Electronics assembly inc. is a contract manufacturer that assembles consumer electronics for a number of companies. currently, the operations manager is assessing the capacity requirements as input into a bid for a job to assemble cell phones for a major global company. the company would assemble three models of cell phones in the same assembly cell. setup time between the phones is negligible. electronics assembly inc. operates two 8-hour shifts for 275 days per year. cell phone demand forecast (phones/year) processing time (minutes/phone) mars 47,000 19.8 saturn 35,000 20.7 neptune 7,500 16.2 a. calculate total capacity required by line. b. determine the total operating time available. c. calculate the total number of assembly cells. (round up your answer to the next whole number.)

You plan to invest some money in a bank account. which of the following banks provides you with the highest effective rate of interest? hint: perhaps this problem requires some calculations. bank 1; 6.1% with annual compounding. bank 2; 6.0% with monthly compounding. bank 3; 6.0% with annual compounding. bank 4; 6.0% with quarterly compounding. bank 5; 6.0% with daily (365-day) compounding.

Omnidata uses the annualized income method to determine its quarterly federal income tax payments. it had $100,000, $50,000, and $90,000 of taxable income for the first, second, and third quarters, respectively ($240,000 in total through the first three quarters). what is omnidata's annual estimated taxable income for purposes of calculating the third quarter estimated payment?