Answer: $191,590
Explanation:
August Payments on accounts payable:
From JULY PURCHASES - $77,000 x 80%
$77,000 × 0.8 = $61,600
From August purchases - $73,000 x 20% $73,000 × 0.2 = $14,600
Direct labor payments:
From JULY: $32,300 x 10%
$32,300 × 0.1 = 3,230
From AUGUST: $35,400 x 90%
$35,400 × 0.9 = $31,860
Overhead : $71200 - $6350 = 64,850
Loan repayment - $15,450
Cash payments - $191,590
Loan repayment :
[Loan + ( loan × rate × period)
[15000 + (15000 × (9/100) × 4/12)]
15000 + 450 = $15,450
Cash payment for August :
15450+64850+31860+3230+14600+61600 = $191,590
Answer:
Explanation:
The journal entries are shown below:
1. Bonds payable A/c Dr $1,900,000 (1,900 × $1,000)
To Discount on bonds payable $37,000
To Common stock $1,140,000 ($10 × 60 shares × 1,900)
To Additional paid-in capital in excess of par $723,000
(Being the conversion of bonds is recorded and the remaining balance is credited to the Additional paid-in capital in excess of par)
Answer:
(3) to protect his/her other assets with limited liability.
Explanation:
The reason a professional such as a lawyer or doctor would incorporate his/her business is to protect his/her other assets with limited liability. Limited liability will be very good option for the professionals such as lawyer and doctors because it provides a sense of security. Limited liability secures the owners from any kind of loss if happens in business. Although, it is obviously much costlier but personal assets of the owners are also secured in the case if the business goes bankrupt therefore, it is the very best option for the professionals.
It depends on what the amount of the money is and in what you will spend it
If a piece of land produces an income that grows by 5% per annum. The value of the land is $200,000.
<h3>Present value of the land</h3>
Using this formula
Present value=Income/Rate per annum
Let plug in the formula
Present value=$10,000/0.05
Present value=$200,000
Therefore If a piece of land produces an income that grows by 5% per annum. The value of the land is $200,000.
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