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OLEGan [10]
3 years ago
9

On February 20, services valued at $60,000 relating to the organization of a corporation were performed in exchange for 1,000 sh

ares of its $25 par value common stock. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Business
1 answer:
Ganezh [65]3 years ago
3 0

Answer:

Explanation:

The journal entry is shown below:

On February 20

Organization expense A/c Dr     $60,000

          To  Common Stock A/c $25,000       (1,000 shares × $25)

          To  Paid in capital in excess of par-Common Stock $35,000

(Being the organization expense is recorded and remaining balance is credited to the  Paid in capital in excess of par-Common Stock)

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Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Mater
Fed [463]

Answer:

Explanation:

The preparation of the cost of goods manufactured is presented below:

Zoe Corporation

Statement of Cost of Goods Manufactured

For Month Ended March 31, 20XX

Work in process inventory March 1   $22,000

Direct materials :    

Materials inventory, March 1  $6,000  

Add: Purchases       $92,000  

Cost of materials for use $98,000  

Less - materials inventory, March 31 -$8,000  

cost of materials placed in production $90,000  

Add:

Direct labor  $25,000  

Factory overhead  $37.000  

Total manufacturing costs added  $152,000

Total manufacturing costs     $174,000

Less- work in process inventory, March 31  $23,500

Cost of goods manufactured   $150,500

7 0
2 years ago
A monopolist faces:
lana [24]

Explanation:

c. a downward sloping demand curve.

8 0
3 years ago
Jenny likes chocolates. One​ day, a friend offers her a chocolate bar and she is extremely happy on receiving it. As the day​ pr
liq [111]

Answer: Law of diminishing marginal utility

                       

Explanation: In simple words, law of diminishing marginal utility states that  as a consumer consume more of a good or service then the marginal benefit he or she receives from the additional consumption keeps on decreasing.

In the given case, Jenny's excitement keeps on decreasing with every chocolate she receives after a certain point of time.

Hence we can conclude that the given case illustrates law of diminishing marginal utility.

6 0
3 years ago
A partial list of Waterways' accounts and their balances for the month of November 2016 follows:
lesya [120]

Answer:

Total current assets = $697,750

Explanation:

The partial balance sheet is as follows:

Waterways Corporation

Balance Sheet (Partial)

For the month of November 2016

<u>Details                                                                $                         $          </u>

<u>Current Assets</u>

Cash                                                           260,000

Accounts Receivable                                 275,000

Finished Goods Inventory, November       68,800

Raw Materials Inventory, November          52,700

Prepaid Expenses                                    <u>    41,250  </u>

Total current assets                                                              697,750

Note:

Cash is the most liquid of assets.

Accounts receivable which should be collected within 30 to 60 days are less liquid than cash, but more liquid than inventory.

Finished Goods Inventory which is expected to be sold and converted to cash within one year, and Raw Materials Inventory which is expected to be converted to finished good within one year are more liquid than Prepaid expense.

Therefore, the least liquid among current assets’ item above is the Prepaid Expense as it is cash paid for services not yet received..

4 0
2 years ago
The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." Yo
IgorC [24]

The April ledger accounts for cash showed  is :

JEFFERSON COMPANY

Bank Reconciliation, April 30, Current Year

Company's Books Bank Statement

Ending balance per cash account   26100 Ending balance per bank statement   23690

Additions:     Additions:    

Interest collected 1320   Deposits in transit 7200  

         

   1320     7200

   27420     30890

Deductions:     Deductions:    

NSF—A. B. Wright 270   Outstanding checks 3800  

Bank charges 60        

   330     3800

Correct cash balance   27090 Correct cash balance   27090

 2    

 General Journal Debit Credit

1 Cash 1320  

       Interest revenue   1320

     

2 Accounts Receivable—A. B. Wright 270  

         Cash   270

     

3 Bank service charge expense 60  

         Cash   60

     

 3    

 Cash balance  27090  

     

 4    

 Total amount of cash  27090  

Deposits in transit = 43300-36100 = 7200

In accounting, a well-known ledger is used to file all of an agency's transactions. inside a general ledger, transactional data is organized into assets, liabilities, sales, fees, and proprietor's equity. After each sub-ledger has been closed out, the accountant prepares the trial stability.

Ledger wallets are USB storage devices that hold more than one currency offline. It shops your non-public keys on the tool, making it tough for online hackers to get admission to your bills. If the bodily tool is stolen, customers depend upon a 24-word backup recovery word to get the right of entry to saved cryptocurrencies.

Learn more about  ledger here brainly.com/question/24835236

#SPJ4

5 0
1 year ago
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