Per capita means:

Ryan Olson organized a new company, MeToo, Inc. The company provides networking management services on social network sites. You

Shalnov [3]

Answer:

Ryan Olson

General Journal

a.

Cash $31,500 (debit)

Common Stock $31,500 (credit)

Received Cash in Exchange of Common Stock

b.

Cash $48,000 (debit)

Note Payable $48,000 (credit)

Received Cash from Bank Loan

c.

Prepaid Insurance $3,900 (debit)

Cash $3,900 (credit)

Paid Fire Insurance Policy in advance

d.

Furniture $31,800 (debit)

Account Payable $31,800 (credit)

Purchased Furniture on credit

e.

Advertising Expense $260(debit)

Cash $260 (credit)

Paid Advertising Expenses

f.

Cash $685 (debit)

Service Revenue $685 (credit)

Received Cash from Service Rendered

g.

Account Payable $31,800 (debit)

Cash $31,800 (credit)

Made Payment to Furniture Supplier

Explanation:

See the Journal Entries and Narrations that prepared above.

6 0

3 years ago

Problem 2-16 Balance Sheet (LG2-1) Glen’s Tobacco Shop has total assets of $96.4 million. Fifty percent of these assets are fina

snow_lady [41]

Answer:

The balance for long-term debt and retained earnings on Glen’s Tobacco Shop’s balance sheet is $18.2 million and $27.8 million respectively

Explanation:

The computation is shown below:

Given that

Debt = 50% × Total Assets

= 50% × $96.4 million

= $48.20 million

As we know that

Total Debt = Current Liabilities + Long Term Debt

$48.20 million = $ 30.0 million + Long Term Debt

So, the long term debt is $18.2 million

Now,

Total Assets = Total Liabilities + Owner's Equity

where,

Total Assets = Long Term Debt + Current Liabilities + Common Stock and paid-in surplus + Retained Earnings

$96.4 million = $18.2 million + $30.0 million + $20.4 million + retained earnings

So, the retained earnings is $27.8 million

7 0

3 years ago

Chrysler has a bond outstanding with eight years remaining to maturity, a coupon rate of 5 percent, and semiannual payments. If

Snezhnost [94]

Answer:

10%

Explanation:

Calculation to determine the yield to maturity

Using financial calculator

FV= 1,000

N=2*8= 16

PMT=$1,000(0.05)/2 =$25 semiannual

PV -$729.05

I/Y = 5% semiannual

YTM=?

Hence,

YTM=10% YTM

Therefore the yield to maturity is 10%

7 0

3 years ago

Albert joined a limited partnership with an investment of $10,000 for his interest. There were nine other limited partners who i

KIM [24]

Answer:

Albert will not have unlimited liability for either of those transactions since he is a limited partner.

4 0

4 years ago

On April 1, 2021, Parks Co. purchased machinery at a cost of $42,000. The machinery is expected to last 10 years and to have a r

german

Answer:

Depreciation for 2021 is $6,300 with book value of the machinery being $35,700.
For 2022, Depreciation is $7,140 with book value of $28,560.

Explanation:

The double-declining method is otherwise known as the reducing balance method and is given by the formula below:

Double declining method = 2 X SLDP X BV

SLDP = straight-line depreciation percentage

BV = Book value

SLDP is 100%/10 years = 10%, then 10% multiplied by 2 to give 20%

At Year 2021, 20% X $42,000 = $8,400/yearly

Remember, the machinery was purchased on April 1, 2021, so 9 months depreciation would be accounted for as: 9/12 x $8,400 = $6,300.

So, the book value of the machinery is $42,000 - $6,300 = $35,700 at December 31, 2021

At Year 2022, 20% X $35,700 ($42,000 - $6,300) = $7,140

So, the book value of the machinery is $35,700 - $7,140 = $28,560 at December 31, 2022

Accumulated depreciation expense for Years 2021 to 2022, under this method, is $13,440 (addition of all the yearly depreciation).

8 0

4 years ago