On January 1, 2020, Cougar Sales, Inc. issued $15,000 in bonds for $14,700. They were 6-year bonds with a stated rate of 9%, and

Answer:

Owners Equity/Net Worth is $106,080

<u>Explanation:</u>

<u>Assets</u>

Cash                             $33,700

Supplies                       $5,780

Accounts Receivable  $12,600

Equipment                    <u>$77,400</u>

Total Assets                 <u>$129,480</u>

<u>Liabilities</u>

Accounts Payable                 $23,400

<em>Owners Equity (Balance)    </em><u><em>$106,080</em></u>

Total Liabilities and Equity    <u>$129,480</u>

Answer:

The unit of a story point is a nebulous unit of time. However, some teams use one of the following to be a story point.

Ideal day or one work day.

Explanation:

Using this ideal day or one work day, therefore, a story point can be defined as a unit of time used in agile projects to measure or express some an estimate of the overall effort that will be required to fully implement a product backlog item or any other piece of work by the scrum team.  A point value is assigned to each item when estimating with story points. Each Story Point represents a normal distribution of time between 4 to 12 hours and varies between varying scrum teams.  For example, there may be 60 story points for 6 developers per 10 days.

Explanation:

The closing entries for the following accounts are shown below:

1. Sales Revenue A/c Dr XXXXX

              To Income Summary XXXXX

(Being revenue account closed)

2. Income summary A/c Dr XXXXX

                 To Expenses A/c XXXXX

(Being expenses accounts are closed)

3. Income summary A/c Dr XXXXX

             To Owner capital XXXXX

(Being the difference is recorded)

4. Owner capital XXXXX

         To Owner Drawing XXXXX

(Being the drawing account is closed)