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andreev551 [17]

3 years ago

7

Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double-entr

y accounting system.
May24Coleman Company pays dividends of $1,500.
October11Coleman Company pays $1,000 for monthly advertising expenses.

1 answer:

Ludmilka [50]3 years ago

8 0

Answer:

May 24

Dr Retained earnings $1,500

Cr Cash $1,500

Being cash dividend paid to shareholders.

October 11

Dr Advertising Expense $1,000

Cr Cash $1,000

Being cash payment for monthly advertising expenses.

Explanation:

Rules:

Debit side:

Increase in asset

Increase in expense

Decrease in liability

Decrease in equity

Decrease in income or sales

Credit side:

Decrease in asset

Decrease in expense

Increase in liability

Increase in equity

Increase in income or sales

May 24

Dr Retained earnings $1,500

Cr Cash $1,500

Being cash dividend paid to shareholders.

October 11

Dr Advertising Expense $1,000

Cr Cash $1,000

Being cash payment for monthly advertising expenses.

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Financial data for Joel de Paris, Inc., for last year follow:

suter [353]

Answer:

profit margin: 7.09%

<u />

<u>Turnover: </u>

Assets : 1.85

Account Receivable: 11.53

Inventory: 9.05

ROI: 28.94%

2.- residual income 91,395

Explanation:

sales 4,700,000

net income 333,000

<u>profit margin:</u>

net income / sales

333,000 / 4,700,000 = 0,070851 = 7.09%

<u>Turnovers:</u>

Will be sales over an asset account to calcualte how many times the assets converts to cash or rotate.

the average will be calcualte as (beginning + ending)/2

<em>Assets turnover:</em>

sales/average assets

sales 4,700,000

(2,505,000 + 2,585,000) / 2 = 2,545,000

Ratio: 1,8467 = 1.85

<em>Account Receivable Turnover:</em>

sales/ average turnover

sales 4,700,000

(344,000 +471,000)/2 = 407,500

Ratio: 11,5337 = 11.53

<em>Inventory Turnover</em>

Sales/ average inventory

Sales 4,700,000

(568,000 + 471,000)/2 = 519,500

Inventory turnover: 9,04716 = 9.05

<u>ROI</u>

net income / average equity

<u>where:</u>

average equity : (beginning + ending)/2

1,092,000 + 1,209,000 = 1,150,500

333,000/1,150,500 = 0,28943

<u></u>

<u>Residual income:</u>

net income - Equity x expected return

333,000 - 1,150,500 x 0.21 =

333,000 - 241,605‬ = 91,395

5 0

3 years ago

Which of the following is not correct? Select one: a. Taxes levied on sellers and taxes levied on buyers are not equivalent. b.

liq [111]

Answer:

The correct answer is option a.

Explanation:

Taxes levied on either buyers or sellers are equivalent. In both cases, the tax creates a wedge. This wedge is the difference between the price that the buyers have to pay and the price that the sellers receive.

The price that the buyers have to pay increases while the price that the sellers receive decreases. But this tax wedge does not depend on whom the tax is levied, it depends on the elasticity of demand and supply. So whether the tax is levied on buyers or sellers, the tax wedge will remain the same.

The tax burden will be shared between both buyers and sellers. So it is incorrect to say that the taxes levied on sellers and taxes levied on buyers are not equivalent.

8 0

3 years ago

Current trends indicate that, due to the emerging economies, the world is moving _____ an economic system that is more favorable

Blababa [14]

Answer: closer to

Explanation:

Emerging economies also referred to as developing countries or emerging markets are countries which are investing in more in their productive capacity ans are also gradually moving away from agriculture as it main occupation and there is increase in industrialization.

Due to emerging markets, the world is moving closer to an economic system that is more favorable for international business. There are more quality goods produced by nations and advancement in technology has also helped the economy.

5 0

3 years ago

Dustin and Quinn were given an apple pie and a chocolate cake, and need to divide them. Dustin values the apple pie at $6 and th

MatroZZZ [7]

Answer:

Quinn values the apple pie at $4 and the chocolate cake at $10 = total $14

since one "half" will only be chocolate, he needs $7 out of chocolate = 7/10 of the chocolate cake.
the other "half" will include 3/10 of chocolate cake and the whole apple pie = (3/10 x $10) + $4 = $3 + $4 = $7

If Dustin chooses the second "half" he will receive 3/10 of chocolate cake and the whole apple pie = (3/10 x $4) + $6 = $1.20 + $6 = $7.20

8 0

3 years ago

Categorize each statements as a component of Gross Domestic Product (GDP): consumption, investment, government, or net exports.

Viefleur [7K]

Answer:

'Government Expenditure' not 'Government' is a component of GD[

Explanation:

GDP is the total value of goods & services produced in an economy during an year.

As per Expenditure method :

It is calculated as 'expenditure' done by all sectors of economy as "<em>one person expenditure is other person income</em>".
4 sectors are : households , firms, government ,rest of the world.
Their respective demand expenditures are : Private Final Consumption Expenditure , Government Final Consumption Expenditure, Investment (Gross domestic Capital Formation) , Net Exports.

4 0

3 years ago