Answer:
B. $3,251
Explanation:
Stock shares × Allocated price = Shares closing price
A 700 ×$ 29.15 =$20,405
B 430 ×33.86=$14,560
C 340× 36.43 =$12,386
Total $47,351
Stock shares × IPO price= Shares IPO price
A 700 ×$30=$21,000
B 430×$30= $12,900
C 340×$30=$10,200
Total $44,100
Total Profits $47,351-$44,100
=$3,251
Therefore Kim's total profit on these three stocks at the end of the first day of trading will be $3,251
Answer:
PMT x {[(1 + r)^n – 1]/r}
Explanation:
The formula for calculation the future value of an ordinary annuity is given as :
PMT x {[(1 + r)^n – 1]/r} ;
Where ;
PMT = Payment amount ; r = discount rate
n = number of payments
For ordinary annuity, payment are made at the end of each period as opposed payment made at the beginning of the period for annuity due.
Answer and Explanation:
The Journal entry is shown below:-
September 9
Petty cash fund Dr, $400
To Cash $400
(Being establishment of petty cash fund is recorded)
Here we debited the petty cash fund as assets is increasing while we credited the cash is decreasing.
September 30
Merchandise Inventory Dr, $51
Postage expense Dr, $73
Cash Short and over Dr, $13
Miscellaneous Dr, $141
To Petty Cash $278
(Being reimburse of petty cash find is recorded)
Here we debited the merchandise Inventory, postage expense, cash short and over and miscellaneous as it is expenses while we credited the petty cash as is reimbursed.
October 1
Petty cash fund Dr, $60
($460 - $400)
To Cash $60
(Being increase in petty cash fund is recorded)
Here we debited the petty cash fund as assets is increasing while we credited the cash is decreasing.
<span>Let us first find out how much of the prepaid subscriptions has been used up during the reporting year. $1548 is for 36 months. So the monthly rate of subscription charges will be 1548/36 = 43. During the reporting year, subscription charges are paid only for 9 months( from April to December) So the amount to be debited to subscription charges = 43 * 9 = 387. Subscription charges will be debited with $ 387 and prepaid subscriptions account will be credited with the same amount. The remaining amount, 1548-387=1161, will remain in prepaid subscriptions account as a debit balance.</span>
