Answer:
$0
Explanation:
The fair value is the value above the book value. The financial statements are prepared at historic cost and when the value of assets rises a revaluation account is created to present financial statements accurate. The fair values of Sirius's assets are equal to book value and all assets are presented at cost or book value. There will be no revaluation charged to the consolidated statement.
Solution:
1.Cash a/c Dr $50,000
To common stock $32000 (8000*4)
To paid in capital in excess of par-common stock $18,000
2.Cash a/c Dr $50,000
To common stock $50,000
3.Cash a/c Dr $50,000
To common stock $16000(8000*2)
To paid in capital in excess of stated value-common stock $34,000
Answer:
b
Explanation:
just had the same question
The answer is D, Which is A and B
Answer:
Debit Allowance for doubtful debts $1,200
Credit Accounts receivable $1,200
Being entries to write off uncollectible debt on December 1
Explanation:
When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.
To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.
Where a debit that had previously been determined to have gone bad gets settled, debit cash and credit bad debt expense.
