How much more do you spend on purchases when you use credit vs. cash ?

Which type of business organization is owned by only one owner?

kotegsom [21]

Answer is D because corporation and partnership and c. are all the same things but its a organization for groups of people but can be owned by one person

8 0

4 years ago

Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2020. As of that date, Abernethy has the followin

kobusy [5.1K]

The consolidation worksheet entries for December 31, 2020, and December 31, 2021 is: Debit Common Stock -Abernethy $250000; Debit Additional paid-n capital – Abernethy $50,000; Debit Retained earnings $431,110; Credit Investment in Abernethy $731,110.

<h3> Consolidation worksheet entries </h3>

December 31, 2020

Entry S

Debit Common Stock -Abernethy $250000

Debit Additional paid-n capital – Abernethy $50,000

Debit Retained earnings $431,110

($731,110-$250,000-$50,000)

Credit Investment in Abernethy $731,110

(Elimination entry for Abernethy common stock)

Entry A

Debit Goodwill $107,510

Credit Investment in Abernethy $107,510

($731,110-$250,000+$323,600+$50,000)

(To recognize excess acquisition cost as goodwill)

Entry I

Debit Equity in Earnings of Subsidiary $129,000

Credit Investment in Abernethy $129,000

(Elimination entry for inter-company income for 2020)

Entry D

Debit Investment in Abernethy $16,000

Credit Dividends paid $16,000

(Elimination of inter-company dividend payments)

Entry E

No Journal Entry Required

(Unamortized goodwill under the partial equity method)

Entry C

No Journal entry required

(Goodwill unamortized)

December 31, 2021

Entry S

Debit Common Stock – Abernethy $250,000

Debit Additional-Paid-in Capital –Abernethy $50,000

Debit Retained Earnings –Abernethy $431,110

($731,110-$250,000-$50,000)

Credit Investment in Abernethy $731,110

(Elimination entry of beginning stockholder’s equity balances of Subsidiary)

Entry A

Debit Goodwill $145,000

Credit Investment in Abernethy $145,000

(To record goodwill balance)

Entry I

Debit Equity in Earnings in Subsidiary $176,000

Credit Investment in Abernethy $176,000

(Elimination of inter-company accrual for the year 2021)

Entry D

Debit Investment in Abernethy $38,000

Credit Dividends Paid $38,000

(Elimination of inter-company dividend payments)

Entry E

No journal entry is required

Therefore the entries is: Debit Common Stock -Abernethy $250000; Debit Additional paid-n capital – Abernethy $50,000; Debit Retained earnings $431,110; Credit Investment in Abernethy $731,110.

Learn more about Consolidation worksheet entries here:brainly.com/question/15128084

#SPJ1

4 0

3 years ago

A. M&R Company provided $2,000 in services to customers that are expected to pay the company sometime in January following t

AleksAgata [21]

Answer and Explanation:

The Journal entries are shown below:-

a. Accounts receivable Dr, $2,000

To Service revenue $2,000

(Being service revenue is recorded)

b. Wages expenses Dr, $1,000

To Wages payable $1,000

(Being wage expenses is recorded)

c. Interest expenses Dr, $400

To Interest payable $400

(Being interest expenses is recorded)

d. Lawn service expenses $500

To Accounts payable $500

(Being lawn service expenses is recorded)

e. Interest receivable $200

To Interest revenue $200

(Being interest revenue is recorded)

f. Salaries expenses $900

Salaries payable $900

(Being salary expenses is recorded)

3 0

4 years ago

Jay owns 100% of Kaye Company. Jay (an individual) is in the 37% tax bracket. Assume that Kaye Company is a corporation and dist

iren [92.7K]

Answer:

$10,000 as qualified dividends

Explanation:

As this is in the form of dividends we assume the business is a corporation therefore their dividends are taxed as well.

As Jay is the sole owner of Kaye Company we have to assume their dividends are qualified as were held during the entire 121-days period

Therefore are subject to his capital gains rate rather than his rate of 37%

<u><em>According to the IRS table for the year 2020:</em></u>

Income Tax Bracket Income Tax Rate Capital Gains Rate

$0 – $9,875 10% 0%

$9,876 – $40,000 12% 0%

$40,001 – $40,125 12% 15%

$40,126 – $85,525 22% 15%

....

$518,401+ 37% 20%

Thus the $50,000 qualified dividends will be taxes at 20%

50,000 x 20% = 10,000

8 0

3 years ago

Cheyenne has a small bakery specializing in gourmet cupcakes. In response to customer demand, she has added gluten-free cupcakes

Romashka [77]

Cheyenne has a small bakery specializing in gourmet cupcakes. In response to customer demand, she has added gluten-free cupcakes to her menu. This customer demand would be characterized as feedback.

<u>Explanation:</u>

In the viewpoint of systems the information gathered from the society regarding the output of anything is feedback. This is definitely affect the input also. It has either affect positively or negatively. It is very important for any business to be successful. Feedback plays a major role in this process.

Feedback is the process by which the views of the customers are gathered. Some of the people may like a particular product for some reasons. Some of the people may not like the same product for some reasons. The fact is that the tastes and preferences of people differs from each other. Thus, the features of the products can be improved only with the feedback system.

8 0

4 years ago