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3 years ago

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Good friends, bernie and latasha, both studied accounting in college. recently, they decided to work together as co-owners of a

small accounting firm. this is an example of a(n) _____.

1 answer:

-BARSIC- [3]3 years ago

3 0

This is an example of a partnership

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what are checkable deposits? multiple choice question. claims that depositors have against the assets of the bank claims that th

aliina [53]

Checkable deposit claims that depositors have against the assets of the bank. Thus, option 'A' is the correct option.

<h3>What are Checkable Deposits?</h3>

Any demand deposit account for which checks or drafts of any sort may be drawn is referred to as having checkable deposits in the technical sense. (The owner of a demand deposit account has the right to immediately, notice fewer withdrawals of funds.) The most liquid accounts available to consumers are checkable deposit accounts.

They also include any sort of negotiable draft, such as a Super NOW account or a negotiable order of withdrawal (NOW). (Withdrawing funds from NOW accounts may be subject to a seven-day written notification requirement, however, this is seldom necessary.)

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7 0

1 year ago

XYZ Company received $18,000 on April 1, 2020 for one year's rent in advance and recorded the transaction with a credit to a nom

djverab [1.8K]

Answer:

Dr Rent revenue

Cr Unearned rent revenue, $4,500

Explanation:

Preparation of XYZ Company Journal entry

Since we were told that the Company received the amount of $18,000 on April 1, 2020 for a one year's rent paid in advance in which the transaction has a credit to a nominal account, this means we have to record the transaction by Debiting Rent revenue with 4,500 and Crediting Unearned rent revenue, with the same amount of $4,500 calculated as

(3/12 x $18,000 ).

Dr Rent revenue

Cr Unearned rent revenue, $4,500

(3/12 x $18,000 )

7 0

3 years ago

brussels enterprises issues bonds at par dated january 1, 2021, that have a $2,700,000 par value, mature in four years, and pay

Nadusha1986 [10]

The journal entry for the issuance of bonds for cash on January 1 is: Debit Cash $2,700,000, Credit Bonds payable $2,700,000.

<h3>Journal entry</h3>

1. January 1

Debit Cash $2,700,000

Credit Bonds payable $2,700,000

(To record issuance of bonds for cash)

2. June 30

Debit bond Interest expense $81,000

Credit Cash $81,000

($2,700,000×6%/2)

(To record first semiannual interest payment)

December 31

Debit bond Interest expense $81,000

Credit Cash $81,000

($2,700,000×6%/2)

(To record second semiannual interest payment)

3. December 31, 2021

Debit Bonds payable $2,700,000

Credit Cash $2,700,000

(To record payment of bonds payable)

Therefore the journal entry for the issuance of bonds for cash on January 1 is: Debit Cash $2,700,000, Credit Bonds payable $2,700,000.

Learn more about journal entries here:brainly.com/question/14279491

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6 0

1 year ago

Sweet Company’s outstanding stock consists of 1,000 shares of noncumulative 5% preferred stock with a $100 par value and 10,000

frutty [35]

Answer:

preferred stockholders received $15,000 during the first 3 years

$2,000 in the first year
$6,000 in the second year
$7,000 in the third year

common shareholders received $25,000 in dividends during the third year.

Explanation:

preferred stock = 1,000 shares x $100 par value x 5% = $5,000

common stock = 10,000 shares at $10 par value

dividends declared and paid during the first 3 years:

year dividends

1 $2,000

2 $6,000

3 $32,000

preferred stockholders should have received $5,000 per year x 3 years = $15,000. Preferred stockholders must be paid first, and their payment is fixed. If the dividends are not enough to pay the total amount, the remaining amount should be paid next year.

$2,000 in the first year
$6,000 in the second year
$7,000 in the third year

common shareholders received $32,000 - $7,000 = $25,000 in dividends during the third year.

7 0

4 years ago

The interest rates for treasury notes are greater than for T-bills because of the longer maturity dates. A. True B. False

Brrunno [24]

Answer: true

Explanation:

7 0

3 years ago