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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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Beck Manufacturing reports the following information in T-accounts for the current year. Raw Materials Inventory Debit Credit Be

erastovalidia [21]

Cost of goods manufactured is $131,000 and Cost of goods sold is $129,000.

Cost of goods manufactured

Particulars Amount

Direct Material:

Beginning Inventory of Raw Material $10000

Add: Purchase of raw material $45000

Raw material available for use $55000

Less: Ending inventory of Raw material ($8500)

Direct Material used $46500

Direct labor $27500

Factory Overhead <u>$55000</u>

Total manufacturing Cost $129000

Add: Beginning inventory of WIP $14000

Total cost of WIP $143000

Less: Ending Inventory of WIP <u>($12000)</u>

Cost of goods Manufactured <u>$131000</u>

Cost of goods sold for the year:

Particulars Amount

Beginning stock of finished goods $16000

Cost of goods manufactured <u>$131000</u>

Goods available for sale $147000

Ending stock of Finished goods <u>($18000)</u>

Cost of goods sold <u>$129000</u>

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4 0

2 years ago

Kenneth Hill Inc. claims to be an employee-centered company. It has created a system of management wherein supervisors will have

horsena [70]

Answer:

This type of organizational behavior can be described as conflict theory.

Explanation:

Conflict theory was given by Karl Marx , according to which social order is maintained through power and domination rather than consensus or conformity . This theory is based on the premise that individuals and groups in a society or in this case supervisors and their teams are working to maximize their own benefits.

6 0

3 years ago

Scenario 17-5. assume that a local restaurant sells two items, salads and steaks. the restaurant's only two customers on a parti

rodikova [14]

Answer: The price of the tied good is $20.

Explanation: The practice of tying is used to package products in such a way that the price of the tied (combined) good is closer to the buyers total willingness to pay for the two goods.

In this case, the total willingness to pay of Carnivore is $20+$7=$27

While, that of Leafygreens is $8+$12=$20

Thus, the producer will sell the combined good at $20 as it this price both the consumers will buy the tied good. If the producer sells it at $27, then only the Carnivore will buy the good but Leafygreens will not.

Thus, with zero marginal cost of serving additional consumer it is better for the producer to sell at $20.

8 0

3 years ago

A share of Citigroup stock represents:a.An IOU, or promise to pay, from Citigroup b.A right to require that Citigroup pays all p

valkas [14]

Answer:

A share of Citigroup stock represents a claim on Citigroup's assets that gives the purchaser a share of the corporation.

Depending on whether you are an investor or the corporation, a bond is more or less riskier than a stock.

If you are an investor, buying a bond is safer than buying stock since in a worse case scenario where the company goes bankrupt, bond holders are paid before than stockholders. Also bonds provide fixed periodic payments (coupons) and a final payment of the face of the bond at maturity date.

If you are the corporation, issuing bonds is riskier than issuing stock since you have the obligation of making fixed periodic payments to bondholders (coupons) and must pay the face value at maturity date. On the other hand corporations don't have any legal obligation to pay dividends.

6 0

3 years ago

Lance lopes went to his bank to find out how long it will take for $1,500 to amount to $2,700 at 15% simple interest. can you so

denis23 [38]

To find simple interest:

Time = Interest/(Principle)(Rate)

Interest is the amount of interest paid
Principle is the amount you lent or borrow
Rate is the percentage of principle charged as interest each year
Time is the years of the loan

P=Principle amount of $1,500
I=Interest amount of $1,200 (Take the new amount of $2,700 and subtract from the principle that is $1,500 which gives you $1,200)
r= as a decimal .15 (15%/100)
t=unknown

T=I/PR

T=1,200/(1,500)(.15)
T=1,200/225
T=5.3 years

It would take Lance roughly 5.3 years

3 0

3 years ago