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lys-0071 [83]
3 years ago
10

A company is in its first month of operations. On January 15, the company receives $600 from customers who will receive 10 voice

lessons ($60 per lesson). As of January 31, the company has provided 8 voice lessons. What adjusting entry would be made at the end of January?
Business
1 answer:
Yuri [45]3 years ago
8 0

Explanation:

The adjusting journal entries are shown below:

On January 15

1. Cash A/c Dr $600                ($60 × 10 voice lessons)

    To Unearned revenue A/c $600

(Being the cash is received)

On January 31

2. Unearned revenue A/c Dr $480     ($60 × 8 voice lessons)

                  To Service revenue A/c  $480

(Being the unearned revenue is recorded)

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On January 1, 20X6, Plus Corporation acquired 90 percent of Side Corporation for $180,000 cash. Side reported net income of $30,
LenKa [72]

Answer:

1)  b) $25,000

2) d. $203,400

Explanation:

1)

Ref                            Particulars                                               Amount

a                            Fair value of entity                               200,000

b                            Total value without patent                       175,000

c=a-b                     Patent                                                       25,000

Therefore,  the increase in the fair value of patents held by Side is;

b) $25,000

Fair value of consideration given:

Ref                               Particulars                                    Amount

                                     Stock                                             0

                                     Cash                                                    180,000

a                               Total consideration                            180,000

b                               Stake acquired                            90%

c=a/b                       Fair value of subsidiary                    200,000

d=100%-b               Minority interest                            10%

e=c*d                       Fair value of minority interest            20,000

On acquisition date

Value of subsidiary without patent

Common stock                   100,000

Paid in capital                       -  

Retained earnings                   60,000

Fair value adjustment:  

Patent                                      -  

Equipment                           10,000

Land                                    5,000

Fair value without patent   175,000

2)

Particulars                                      Investment

Acquisition date                              180,000

Add: share of net income              54,000

Less: Dividends                              18,000

Less: Fair value amortization      12,600

Balance Jan 1, 20X8                      203,400

{Share of earnings for 2 years = 30,000 × 2 × 90% = 54,000 }

{Share of dividends for 2 years = 10,000 × 2 × 90% = 18,000 }

{Fair value amortization for 2 years = 7,000 × 90% × 2 = 12,600}

Therefore Balance as at Jan 1, 20X8 is

d) $203,400

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maksim [4K]

Answer:

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Explanation:

P(34000<=x<=38000)

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P( -16000/12000) <= z <= -12000/12000)

P(z<=-1.33)- p( z<=-1.00)

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A company currently sells 10,000 units at $9/unit and makes $20,000 accounting profit. Variable costs currently stand at $6 per
Dmitriy789 [7]

Answer:

Option (b) $1.00

Explanation:

Data provided in the question:

Selling cost = $9/ unit

Number of units sold = 10,000

Accounting profit = $20,000

Variable costs = $6 per unit.

Now,

let x be the increase in variable cost

Account profit = Revenue - Variable cost

thus,

$20,000 = $9 × 10,000 - ($6 + x) × 10,000

or

$20,000 = ( $9 - $6 - x ) × 10,000

or

$2 = $3 - x

or

x = $1.00

hence,

Option (b) $1.00

4 0
3 years ago
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