A.
raise the sales tax a way for states or local governments to raise revenues immediately
Answer:
a. Reversal entry:
Debit Rent expense $4,650
Credit Miscellaneous Expense $4,650
Correct Entry:
Debit Rent expense $4,650
Credit Cash $4,650
b. Reversal entry:
Debit Accounts payable $3,700
Credit Cash $3,700
Correct Entry
Debit Cash $3,700
Credit Accounts Receivable $3,700
Explanation:
Reverse entry is to simply close to zero the original entry that has been made in mistake. Afterwards, record the correct entry to properly account the transaction.
To reverse the previously made entry, we simply debit what is credited and debit what is credited.
a. We need to close the rent expense credited by debiting it and credit the miscellaneous expense that is previously debited to zereod out the mistake recording. Then to record the correct entry, Debit Rent expense and Credit Cash at the amount $4,650
b. Just ike what we did on the previous transaction, we will debit the Accounts payable and credit the cash that has been recorded by mistake to zereod out the balance and then make the correct entry. Debit Cash $3,700 and credit Accounts receivable $3,700.
Answer:
Right price =$33.50
Explanation:
<em>The theoretical ex-right price is the weighted average price at which shares are expected to settle after a right-issue,</em>
<em>It is the weighted average price of value of shares of the before-right price and the right price</em>
Ex-rights price
=(Before-right value of shares + Proceed from rights )/Total number of shares after rights issue
Number of rights issue units = amount to be raised /Right price per share
= $5.1 m/$30 = 170,000 units
Before - rights value = 1,207,000 × $34 = 41,038,000
Proceed from rights = 170,000 × $30 = 5,100,000
The ex-right price = (41,038,000 + 5,100,00)/(1,207,000 +170,000) units
Right price =$33.50
Answer:
Using Quantifiers: ¬∃x¬S(x)≡ ∀xS(x)
English Language: All drivers obey the speed limit
Explanation:
The domain is the set of all drivers i.e. the domain of drivers
Let S(x) be the predicate “x obeys the speed limit.”
The above statement can be written as ∃x¬S(x),
The negation is represented by ¬∃x¬S(x)≡ ∀xS(x)
In English Language, it is ->, all drivers obey the speed limit
