Answer:
Mijka Company
a. Journal Entries
Debit Cash $30,400
Credit Service Revenue $30,400
To record the proceeds for services provided.
Debit Expenses $13,800
Credit Cash $13,800
To record the payment of cash for services.
Debit Dividend $2,100
Credit Cash $2,100
To record the payment of cash dividend.
b. Income Statement for the year ended December 31, 2018:
Service Revenue $30,400
Expenses 13,800
Net Income $16,600
Dividends (2,100)
Retained earnings $14,500
Statement of Changes in Stockholders' Equity as of December 31, 2018:
Retained Earnings $14,500
Balance Sheet as of December 31, 2018:
Assets:
Cash $14,500
Equity:
Retained Earnings $14,500
Explanation:
a) Data and Calculations:
Cash revenue $30,400
Cash expense (13,800)
Cash dividend (2,100)
Cash balance $14,500
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Your task clearly states you must think of your own example and prove what you know. That's why.
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Answer:
$3,260
Explanation:
Preparation of December statement of cash flows for Ernst Consulting
ERNST CONSULTING Income Statement
For Month Ended October 31
REVENUES
Consulting fees earned $17,450
Total revenues $17,450
EXPENSES
Rent expense $4,530
Salaries expense $8,090
Telephone expense $880
Miscellaneous expenses $690
Total expenses $14,190
Net income $3,260
($17,450-$14,190)
Therefore December statement of cash flows for Ernst Consulting will be $3,260
Answer:
The property will be transferred according to the Statute of Descent and Distribution.
Explanation:
Intestacy is the situation where a person dies without leaving a will for the sharing of his estate.
When this happens the descent and distribution statute comes into play.
The heirs or next of kin are beneficiaries to the estate. Heirs can be be blood relatives, adopted children, adopted parent, or surviving spouse.
The line of descent is the order of beneficiaries that are from an ancestor. The line of descent can be direct such as sons, or collateral such as cousins.
In this case where Olive Maccones dies without a will and she has three sons and seven grandchildren, her estate will be distributed by a court based on the line of descent of her sons and grandchildren.
The OSH Act covers most private sector employers and their employees in the 50 states, the District of Columbia, Puerto Rico, and other U.S. territories. Coverage is provided either directly by the Federal OSHA or by an OSHA-approved state job safety and health plan.
