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astra-53 [7]
3 years ago
11

Foghorn Company entered into a sales transaction in which it agreed to receive common stock from Leghorn Corporation as payment

for services provided to Leghorn Corporation. The journal entry to record the receipt of payment for the sales transaction will include a
Business
1 answer:
Sedbober [7]3 years ago
8 0

Answer:

The journal entry should be:

Dr Investment in Leghorn Corporation XX

    Cr Accounts receivable XX

Explanation:

Foghorn Company must record the noncash payment as an asset which should be equal to the amount of money that it generally would have collected from the services provided. Since the payment is done through stocks, it must record that collection as an investing account.

Since transferring stocks usually takes a couple of days at least, the original journal entry should have recorded a debit to accounts receivable and a credit to service revenue.

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Connie is analyzing the financial statements of MegaMart and Bullseye Company. She wants to invest in one of the companies and i
Annette [7]

Answer:

D. financial accounting information.

Explanation:

Financial reporting can be defined as the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors.

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP). These accounting informations are prepared and made available for investors and other external agencies. Examples of financial statements includes Balance sheet, cash-flow and income statement.

In this scenario, Connie is analyzing the financial statements of MegaMart and Bullseye Company. She wants to invest in one of the companies and is trying to decide which company has the better past performance.

Hence, Connie is examining the financial accounting information.

4 0
3 years ago
When a seller makes a profit from the resale of goods after a buyer breaches a contract, the seller: Select one: a. may keep the
vaieri [72.5K]

Answer:

The correct answer is the option A: may keep the profits.

Explanation:

To begin with, it all depends from the kind of contract that both parties have signed but the most situation that will happen after the resale of a goods that were given pack because of the breach of the contract from the buyers then the seller of the goods may keep the new profits because initially those profits will not be tied to the first contract that was breached and secondly the one that finished the contract by not accomplish one the rules was the buyer so that means that the sellers was not involved in the damage but he receive the damage from the buyer.

3 0
3 years ago
Question 1 (1 point)
olasank [31]
Yes, look for help, your store getting robbed!
7 0
3 years ago
Clemeson Corporation, which has only one product, has provided the following data concerning its most recent month of operations
blsea [12.9K]

Answer:

$149,600

Explanation:

Variable cost per unit = 36+57+3+5 =  

Variable cost per unit = $101

Contribution margin per unit = 145 - 101

Contribution margin per unit = $44 per unit

Total contribution margin = 3,400 * $44

Total contribution margin = $149,600

8 0
4 years ago
A supermarket manager notices that there are 20 customers at the checkouts and also knows that arrivals to the checkout at that
rusak2 [61]

Answer:

On an average customers are spending 10 minutes in the queue.

Explanation:

Please see attachment

4 0
3 years ago
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