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andreev551 [17]
2 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.
Business
1 answer:
Ludmilka [50]2 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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OceanGate sells external hard drives for $260 each. Its total fixed costs are $30 million, and its variable costs per unit are $
Svetach [21]

Answer:

a. in order to calculate this we must assume that the economy entered a recession:

degree of operating leverage = [($20 - $70)/$70] / [($260 - $520)/$520] = -0.7143 / -0.5 = 1.43

b. $14 million

Explanation:

strong economy:

total sales $520 million

<u>variable costs $420 million</u>

gross profit $100 million

<u>fixed costs $30 million</u>

EBIT $70 million

<u>income taxes $21 million</u>

net income $49 million

weak economy:

total sales $260 million

<u>variable costs $210 million</u>

gross profit $50 million

<u>fixed costs $30 million</u>

EBIT $20 million

<u>income taxes $6 million</u>

net income $14 million

7 0
3 years ago
At the end of the accounting period, a company's overhead was overapplied by $400. The Factory Overhead account was properly adj
wariber [46]

Answer:

The overapplied factory overhead results in more expense. The overapplied factory overhead results in increase in cost of good sold. Over-application means that actual overhead are less than reported expense. At the end of the accounting period the company will pass following accounting entry to adjust over application

Debit FOH account                400

Credit Cost of Good Sold       400

So after this adjustment the net income will increase by 400 dollars.

5 0
3 years ago
Jamie is looking for a new job. She used to be the top sales representative for the region and was expecting to be promoted. How
LUCKY_DIMON [66]

Answer: Performance-Reward

Explanation:

Jamie's dissatisfaction with her job arises from the lack of performance-reward relationship in her place of work, this is because position she merited based on her high performance was given to another individual unfairly. Performance-reward relationship is when an employee expects a certain type of reward for outstanding performance on their(the employee's) part.

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To find the annual rate of return on any given stock, add the stock's dividend for the year plus the change in the stock's price
katrin2010 [14]

Answer:

The statement is: True.

Explanation:

The Annual Rate of Return or Yearly Rate of Return is the amount earned over an investment within one year. It is typically represented as a percentage and takes into consideration capital appreciation and the payment of dividends. The formula to calculate the annual rate of return is the following:

Annual Rate of Return = (EYP - BYP)/BYP X 100%

Where:

EYP = End of year price

BYP = Beginning of year price

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3 years ago
True Help is a nonprofit organization that works toward rehabilitating the homeless. The credo of the organization is "help us h
maw [93]

Answer: C

Explanation:

7 0
2 years ago
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