Answer
The answer and procedures of the exercise are attached in the images below.
Explanation
Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in 2 sheets with the formulas indications.
Answer:
option A,$19,200
Explanation:
The amount stock dividend issued that needs to be transferred from retained earnings to paid-in capital accounts by debiting the retained earnings and crediting the paid-in capital accounts is computed by the below formula:
Stock dividend value=stock dividend %* issued shares*market price
stock dividend % is 4%
issued shares is 40,000 shares
market price of stock is $12
stock dividend value=4%*40,000*$12=$19,200
The correct option is $19,200 option A.
One should be misled by the issue price of $8 per share,since that gives a different option which is wrong
Explanation:
The journal entries are shown below:
On October 12
Purchases ($47,500 x 0.99) $47,025
To Account Payable $47,025
(Being the purchase of merchandise is recorded)
On October 12
Freight In $670
To Cash $670
(Being the freight charges is recorded)
On October 31
Account Payable $47,025
To Interest Expense $475
To Cash $47,500
(Being the payment for purchases is recorded)
Account Receivable $31,400
to Sales Revenue $31,400
(To record the sales on account)
On October 31
Cost of Goods Sold $20,550
Ending Inventory $59,145
To Beginning Inventory $32,000
To Purchases $47,025
To Freight In $670
(Being recording the adjusting entry is made)
Most contracts like this will not change based on the borrowers financial situation. In this case, Kelsey and Cody will still be responsible for paying the debt they owe. Several things will happen if they do not pay:
1. the debt will be sent to a collections agency
2. This will cause a derogatory mark on their credit history.
Answer:
you could easily look that up
Explanation:
