Option A is correct
Explanation:
The following entry will be passed by VC Consulting in the books of accounts:
<u>Particulars Debit Credit
</u>
Cash 77000
Land 144000
To common stock 221000
Cash account and Land account will be debited in the books of account with an amount of $77000 and $144000 and common stock will be credited with an amount of $221000
Therefore, the option with this will be the correct option.
From the given option, A is the correct one.
Answer:
=$15
Explanation:
An economist will consider the cost of the photo as the materials costs plus the opportunity cost of labor for Jessica. For Jessica, the opportunity cost of making the photo frame is the amount she would have earned working at the coffee shop. Therefore, the $10 she would have earned at the coffee shop is the labor cost of producing one photo frame.
The total cost of making one photo frame would be $5 plus $10.
i,e. $5 + $10 = $15
Profit from the photo frame = selling price - cost price
=$30- $15
=$15
Answer:
2.68
Explanation:
Data provided in the question:
Reported net sales = $4,502,400
Reported net income = $1,510,000
Reported average total assets = $1,680,000
Now,
The the asset turnover is calculated using the formula as
Asset turnover = ( Net sales ) ÷ ( Average total assets )
or
Asset turnover = $4,502,400 ÷ $1,680,000
or
Asset turnover = 2.68 times
Answer:
D. $ 10,300
Choice D is correct: Net income = $ 10,300
Explanation:
Cash Received = $ 16000
Less Rent Paid= ( $ 2000)
Add income = $ 3000
Less Salaries for the month of March = ($ 6200)
Less utilities paid ($ <u>500)</u>
<u>Net income=</u> $ 10,300
Treatments.
Net income is found by deducting expenses from revenues earned
$ 100,000 is the retained earnings so it is not accounted for net income.
Equipment is an asset so it is not accounted for net income.
Cash received is the revenue so it is accounted.
Rent is an expense account so it is subtracted.
Income for service $ 3000 provided is also taken into account on matching principle basis.
Advance received will be adjusted when the services will be rendered on matching principle.
Answer:
C. Debt service funds account for and report financial resources that are restricted, committed or assigned to expenditure for principle and interest for governmental debts except debt of proprietary and fiduciary funds who account for their own interest and principle payments.
Explanation:
Debt service funds are used to pay for principal and interest on certain types of debts. This reduced the risk of debt security that investors face and also reduces the effective rate at which the offering can be sold.
However debt service funds cannot be used for proprietary funds like 400 and 500.
Instead we use Enterprise funds for 400. That is operations similar to corporate enterprise. For example water and sewage utilities.
Internal service funds for 500 used by other funds or departments bin a government in a cost reimbursement basis. For example a food supplier that takes orders and is reimbursed for each order.
