All categories

3 years ago

Described below are certain transactions of Sheridan Corporation. The company uses the periodic inventory system.

Business

1 answer:

Vesnalui [34]3 years ago

3 0

Answer and Explanation:

Feb 2

Dr PURCHASES ($69,500 X 98%)$68,110

Cr ACCOUNTS PAYABLE $68,110

Feb 16

Dr ACCOUNTS PAYABLE $68,110

Dr PURCHASE DISCOUNTS LOST $1,390

Cr CASH $69,500

Dec 31

NO ADJUSTMENT NECESSARY

April 1

Dr TRUCKS $50,000

Cr CASH $3,000

Cr NOTES PAYABLE $47,000

Dec 31

Dr INTEREST EXPENSE $4,230

Cr INTEREST PAYABLE $4,230

$47,000 PRINCIPAL X 12% INTEREST X 9/12 MONTHS = $4,230

May 1

Dr CASH 88,300

Dr DISCOUNT ON NOTES PAYABLE $9,840

CrNOTES PAYABLE $98,140

Dec 31

Dr INTEREST EXPENSE $6,560

Cr DISCOUNT ON NOTES PAYABLE $6,560

$9,840 DISCOUNT X 8/12 MONTHS (STRAIGHT-LINE) = $6,560

You might be interested in

If the supply of a product decreases and the demand for that product simultaneously increases, then equilibrium: price must rise

MArishka [77]

Answer:

The correct answer is: price must rise, but equilibrium quantity may rise, fall, or remain unchanged.

Explanation:

If the supply of a product decreases the supply curve will shift to the left. At the same time, if there is an increase in demand, the demand curve will move to the right. This simultaneous shift in both demand and supply will lead to an increase in the price of the product.

The change in the quantity demanded will depend on the extent of change in demand and supply.

If both changes by the same proportion the equilibrium quantity will remain the same. If demand increases more than the decrease in supply the equilibrium quantity will increase. If the demand increases less than decrease in supply, the equilibrium quantity will fall.

8 0

3 years ago

Cuales son las necesidades en el mercado en el año actual ?

muminat

Answer:

what

Explanation:

7 0

3 years ago

What should you do if you start having a hard time paying your mortgage? Select all that apply. Use your credit cards for everyt

Black_prince [1.1K]

Answer:

-Notify your mortgage servicer

-Contact a Homeownership Advisor

-Cut other expenses where you can

Explanation:

If you start having a hard time paying your mortgage, you should:

-Notify your mortgage servicer that is the company to which you make the payments of your loan and it can offer you an option that can help you with the payments like a deferral.

-Contact a Homeownership Advisor as this is a professional that provides financial advise before and after you purchase a house and can help you with options to fix the problem.

-Cut other expenses where you can because you may be having expenses that are not necessary and if you decrease them, you can be able to pay your mortgage.

The other options are not correct because using your credit cards is worst because you will be paying a loan with a different loan that will probably have a higher interest rate and wait a few months and see if things turn around can result in you missing payments which will affect your credit score and you may end up losing your home.

6 0

3 years ago

On 12/31/Year 1 Passey Co. acquired a 100% interest inSolomon Co. by exchanging 10000 shares of its common stock for100000 share

Pie

The consolidated financial statements of Passey Co. as of December 31, Year 1 would report plant assets at iii. $1,955,000.

Data and Calculations:

Passey Co.s shareholding in Solomon Co. = 100%

The fair value of Solomon's = $3.50

The fair value of Passey's = $9

Solomon Co.

Book Values Fair Values

Current assets $115,000 $115,000

Plant assets 200,000 255,000

Liabilities 10,000 10,000

Passey Co.

Plant assets $1,700,000 $1,800,000

Consolidated Plant Assets:

Passey Co. Solomon Co. Consolidated

Number of shares exchanged 10,000 100,000

Plant assets $1,700,000 $255,000 $1,955,000

Thus, the consolidated financial statements of Passsey Co. as of December 31, Year 1 would report plant assets at iii. $1,955,000.

Learn more: consolidating plant assets of parent and subsidiary here: brainly.com/question/24635717

3 0

2 years ago

Karl Jahaz Corp., an automobile company, has many business units across the globe. Although the company has reached saturation i

poizon [28]

Answer:

a. Extension of product's life cycle

Explanation:

Extension of the product life cycle means the strategies that are followed to increase the product life or its service prior go into the decline stage.

These strategies involved price change, place, promotion, adding new attributes to the existing product, etc

So according to the given situation, the option a is correct

5 0

3 years ago