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Nata [24]
3 years ago
5

The Roberts family just received news from Jo-Anne Roberts' employer that she was receiving a prestigious promotion to Corporate

Vice President. The new position was in New York City, nearly 3,000 miles away from their home in Los Angeles, California. Because Jo-Anne needed to find a place to live in the city quickly, she agreed to purchase via phone a 2,000 sq. ft. apartment located a few blocks from her new office. Jo-Anne wired the owner a payment of $500,000 against the $3.7 million negotiated price of the apartment. Without waiting for further word from the owner, Jo-Anne and her husband Albert loaded their 3 children and 2 cats into their SUV and headed for the "Big Apple." Once arriving New York, the family moved into the apartment and redecorated the entire interior, at a cost of $350,000. After living in the apartment for two months, Jo-Anne wired another $500,000 payment to the owner, who called immediately after receiving the payment and said the deal was off. Can Jo-Anne keep the apartment?
Business
1 answer:
vazorg [7]3 years ago
8 0

Answer:

Of course Jo-Anne Roberts can keep the apartment.

Explanation:

Jo-Anne and the previous owner of the apartment had a valid contract by which Jo-Anne was to pay $3.7 million for the apartment. She has already partially completed her performance on the contract, so the seller must perform his part of the contract.

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Answer:

Greater than

Explanation:

Answer 1:

If the index number used to calculate prices is positive, then it shows that price level in country B is greater than the price level in Country A which is used as the base year. Thus, the blank can be filled by Greater than.

 

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3 years ago
Read 2 more answers
YellowCard Company manufactures accessories for iPods. It had the following selected transactions during 2017. (Note: For any pa
jarptica [38.1K]

Answer:

warrant expense 51,000 debit

          cash                       6,000 credit

          warranty liability 45,000 credit

--to record warrant-related accounts--

interest payable 16,667 debit

interest expense  3,333 debit

          cash                  20,000 credit

--to record interest expense for the loan and installment--

Manufacturing Facilities 5,192,772  debit

              Cash                    5,000,000 credit

              Restoration Liability 192,772 credit

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Explanation:

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Facility: the asset should add to all the cost necessary to acquire it:

As the conversion into community center is mandatory it is part of the cost:

present value of the 500,000 in ten years:

\frac{Maturity}{(1 + rate)^{time} } = PV  

Maturity  $500,000.00

time  10.00

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PV   192,771.6447

Total cost:

5,000,000 cashg + 192,772 liability = 5,192,772

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3 years ago
Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving s
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Answer:

1). Account receivables A/c Dr. $1,345,000

                 To sales revenue  A/c $1,345,000

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $975,700

          To merchandise inventory A/c $975,700

(Being the cost is recorded)

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       To accounts receivable A/c $19,400

(Being the written off is recorded)

3. Cash A/c Dr. $670,800

           To accounts receivables A/c $670,800

(Being cash received is recorded

1. .Account receivable A/c Dr. $1,529,400

                    To sales A/c $1,529,400

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $1,332,100

          To merchandise inventory A/c $1,332,100

(Being the cost of goods sold  is recorded)

2. Allowance for doubtful accounts A/c Dr. $27,000

        To Account receivable A/c $27,000

(Being the written off amount is recorded)

3. Cash A/c Dr. $1,391,600

            To account receivable A/c $1,391,600

(Being the cash received is recorded)

4. Bad-debts expense A/c Dr. $28,000

(765,600 × 1% + 20,344)

    To allowance for doubtful accounts A/c $28,000

(Being the bad debt expense is recorded)

Working note:

Ending Receivables = (654800 + 1529400 - 27,000 - 1,391,600) = $765,600

Total Receivables of 1st Year = 1,345,000 - 19,400 - 670,800 = $654,800

Before Adjustment Ending Allowance Balance = 65,4800 × 1% - 27,000

= 6,548 - 27,000

= 20,344 Debit BalanceThe journal entries are shown below:

According to the scenario, computation of the given data are as follows:-

Journal Entries for 1st year

1). Account receivables A/c Dr. $1,345,000

                 To sales revenue  A/c $1,345,000

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $975,700

          To merchandise inventory A/c $975,700

(Being the cost is recorded)

2. Allowance for doubtful accounts A/c Dr. $19,400

       To accounts receivable A/c $19,400

(Being the written off is recorded)

3. Cash A/c Dr. $670,800

           To accounts receivables A/c $670,800

(Being cash received is recorded)

4.  Bad-debts expense A/c Dr. $38,389

(1,345,000-19,400-670,800) × 2.90+ $19,400

          To allowance for doubtful accounts A/c $38,389

(Being the bad debt expense is recorded)

Journal Entries for 2nd year

1. .Account receivable A/c Dr. $1,529,400

                    To sales A/c $1,529,400

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $1,332,100

          To merchandise inventory A/c $1,332,100

(Being the cost of goods sold  is recorded)

2. Allowance for doubtful accounts A/c Dr. $27,000

        To Account receivable A/c $27,000

(Being the written off amount is recorded)

3. Cash A/c Dr. $1,391,600

            To account receivable A/c $1,391,600

(Being the cash received is recorded)

4. Bad-debts expense A/c Dr. $28,000

(765,600 × 1% + 20,344)

    To allowance for doubtful accounts A/c $28,000

(Being the bad debt expense is recorded)

Working note:

Ending Receivables = (654800 + 1529400 - 27,000 - 1,391,600) = $765,600

Total Receivables of 1st Year = 1,345,000 - 19,400 - 670,800 = $654,800

Before Adjustment Ending Allowance Balance = 65,4800 × 1% - 27,000

= 6,548 - 27,000

= 20,344 Debit Balance

Explanation:

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