Answer:
a. 19.750 b. 138.250
Explanation:
A. We divide 158.000 by 8 to get the amount per year
158.000/8= 19.750
- Amortization expense (Db) 19.750
- Accumulated amortization (Cr) 19.750
B. On the balance sheet at the end of the first year, we would subtract those 19.750 to the gross value of the patent and the value of the patent would be
158.000 - 19.750 = 138.250
<u><em>Net carrying amount of the patent:</em></u><em> 138.250</em>
The closing entry for dividends involves a debit to <u>A. Retained Earnings</u> and a credit to <u>Dividends</u>.
<h3>What is a closing entry?</h3>
A closing entry is the journal entry at the end of the accounting period so that temporary ledger accounts (mainly income statement items) are moved to permanent accounts (balance sheet items).
<h3>Answer Options:</h3>
A. Retained Earnings; Dividends
B. Dividends; Retained Earnings
C. Dividends; Dividends Payable
D. Dividends Payable; Dividends
Thus, the closing entry for dividends is a debit to Retained Earnings, which is a permanent account, and a credit to Dividends (a temporary account).
Learn more about closing entries at brainly.com/question/13408214
Answer:
Department 1: $34,800
Department 2: $56,840
Department 3: $24,360
Explanation:
Statement showing allocation of advertisement expenses based on departmental sales:
Department 1:
Percentage of Total sales = (Department 1 sales ÷ Total sales) × 100
= ($273,000 ÷ 910,000) × 100
= 30%
Allocated amount:
= Percentage of Total sales × Advertising costs
= 30% × $116,000
= $34,800
Department 2:
Percentage of Total sales = (Department 2 sales ÷ Total sales) × 100
= ($445,900 ÷ 910,000) × 100
= 49%
Allocated amount:
= Percentage of Total sales × Advertising costs
= 49% × $116,000
= $56,840
Department 3:
Percentage of Total sales = (Department 3 sales ÷ Total sales) × 100
= ($191,100 ÷ 910,000) × 100
= 21%
Allocated amount:
= Percentage of Total sales × Advertising costs
= 21% × $116,000
= $24,360
Answer: $25000
Explanation:
From the question, we are informed that Betty made a 20% profit on a residential lot she sold for $30,000. Let the cost price of the property be represented by x.
Therefore, (100% + 20%) of x = $30000. This means that 120% of x = $30000.
120% × x = $30000
1.2x = $30000
x = $30000/1.2
x = $25000
Therefore, the amount paid for the property is $25000