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3 years ago

On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month:

Business

1 answer:

Sphinxa [80]3 years ago

8 0

Answer:

a. Dr Cash 17,500

Cr Common Stock 17,500

b. Dr Supplies 2,300

Cr Account payable 2,300

c. Dr Cash 13,300

Cr Sales commission 13,300

d. Dr Rent expense 3,000

Cr Cash 3,000

e. Dr Account payable 1,150

Cr Cash 1,150

f. Dr Dividend 1,800

Cr Cash 1, 800

g. Dr Automobile expense 1,500

Dr Miscellaneous expense 400

Cr Cash 1,900

h. Dr Salaries expense 2,800

Cr Cash 2,800

i. Dr Supplies expense 1,050

Cr Supplies 1,050

Explanation:

Preparation of Journal entry

a. Dr Cash 17,500

Cr Common Stock 17,500

b. Dr Supplies 2,300

Cr Account payable 2,300

c. Dr Cash 13,300

Cr Sales commission 13,300

d. Dr Rent expense 3,000

Cr Cash 3,000

e. Dr Account payable 1,150

Cr Cash 1,150

f. Dr Dividend 1,800

Cr Cash 1, 800

g. Dr Automobile expense 1,500

Dr Miscellaneous expense 400

Cr Cash 1,900

(1,500+400)

h. Dr Salaries expense 2,800

Cr Cash 2,800

i. Dr Supplies expense 1,050

Cr Supplies 1,050

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Answer:

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3 years ago

When comparing the difference between an upstream and downstream transfer of inventory, and using the initial value method, whic

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Answer:

a. Income from subsidiary will be lower by the amount of the ending inventory profit multiplied by the noncontolling interest percentage for downstream transfers.

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3 years ago

Blair Housewares wants to add new products to its existing line of products. Managers are correct in believing that the purpose

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Answer:

False

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3 years ago

At December 31, 2019, Skysong Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 108,966

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Answer:

Earnings per share from continuing operations is $3.41 per share.

Earnings per share from discontinued operations is -$0.53 per share.

Explanation:

The earnings per share data can be computed by preparing a partial income statment as follows:

Skysong Corporation

Income Statement (Partial)

As at December 31, 2019

Particulars Amount ($)

Continuing operations

Income from continuing operations before taxes 22,887,900

Taxes on continuing operations (22,887,900 * 35%) (8,010,765)

Income from continuing operations after taxes 14,877,135

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Discontinued operations (loss before taxes) (3,284,900)

Tax benefit on discontinued oper. (3,284,900 * 35%) 1,149,715

Discontinued operations (loss after taxes) (2,135,185)

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Discontinued operations (2,135,185 / 4,044,060) (0.53)

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2 years ago

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