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3 years ago

The following transactions were selected from the records of Evergreen Company:

Business

1 answer:

Bezzdna [24]3 years ago

4 0

Answer:

The amount of revenue to be reported for the m/o July -31 = $8850.

Explanation:

July-12. Account Receivable = $ 940

July-16. Account Receivable = $ 4940

July-19. Account Receivable = $ 2970

July-23. Account Receivable = (4940-4940)=$0 (due to cash received)

July-31. Account receivable= (2970-2970)=$0. (due to cash received)

Sales

Sales to wally = $940

Sales to Claudio = $4940

Sales to Otto = $2970

Total sales = $8850.

Cost of goods sold

Cost of sales to wally = $570

Cost of sales to Claudio = $3470

Cost of sales to Otto = $1870

Total Cost of sales $5910

Gross profit = Sales - cost of sales = 8850 - 5910 = $ 2940.

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The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company.

Crazy boy [7]

Answer:

Weismuller Publishing Company

A Classified Balance Sheet at December 31, 2018

Assets:

Current Assets:

Cash $77,000

Accounts Receivable 172,000

less allowance 22,000 150,000

Investments 152,000

Inventories 291,000

Prepaid Expenses 94,000 $764,000

Long-term Assets:

Prepaid Expenses 66,000

Machinery & Equipment 332,000

less Accumulated Depr. 116,000 216,000 $282,000

Total Assets $1,046,000

Current Liabilities:

Accounts payable $66,000

Interest payable 26,000

Deferred revenue 86,000

Taxes payable 36,000

Notes payable:

Six months 46,000

One year 26,000 72,000 $286,000

Long-term Liabilities:

Notes payable:

Two or more years 52,000

Six years 106,000 $158,000

Total Liabilities $444,000

Equity:

Authorized Common Stock, 700,000 shares

Issued Common Stock $406,000

Retained Earnings 196,000 $602,000

Total Liabilities + Equity $1,046,000

Explanation:

a) Prepaid Expenses are classified as follows:

Current Assets: $160,000 - $66,000 = $94,000

Long-Term Assets = $66,000 ($132,000/2)

Since a year's lease is due in the next year.

b) Investments are classified as current because they include treasury bills maturing on January 30, 2019, and marketable securities saleable next year.

c) Deferred Revenue is a current liability.

d) The classifications of notes payable are indicated in the balance sheet.

8 0

3 years ago

The Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid for months of advertising. How muc

kupik [55]

Answer and Explanation:

The computation of the advertising expense that should be record for the two month under following basis is

a. For cash basis

It should be recorded at $2,000

b. For accrual basis

= $2,000 ×2 ÷5

= $800

In this way, it should be determined

And, the same should be relevant

7 0

3 years ago

Which is not an effective principle for preparing main points? A. Balance the amount of time given to each main point B. Make su

guajiro [1.7K]

Answer:

B. Make sure each main point is brief

Explanation:

Based on the answers provided within the question it can be said that answer that is not an effective principle for preparing main points is making sure each main point is brief. Main points need to be emphasized and thoroughly detailed as they are the most important aspects in a presentation. Only the subtopics may be made brief.

5 0

3 years ago

Read 2 more answers

The emergency banking relief act helped solve the banking crisis by

max2010maxim [7]

Answer:

providing banks that the government deemed as "sound financial footings" an operating license.

Explanation:

The emergency banking relief act helped solve the banking crisis by providing banks that the government deemed as "sound financial footings" an operating license. This allowed the banks to reopen and continue business as well as providing the public with ease of mind and allowing them to slowly rebuild their trust on towards the banking system.

If you have any more questions feel free to ask away at Brainly.

6 0

3 years ago

The corporate charter of Llama Co. authorized the issuance of 14 million, $1 par common shares. During 2021, its first year of o

Gemiola [76]

Answer:

Llama Co.

The amount that Llama should report as Additional Paid -in Capital in its December 31, 2021 balance sheet is:

= $36 million.

Explanation:

a) Data and Analysis:

Authorized capital, 14 million at $1 par common shares

January 1: Issued 5 million at $19 per share:

Debit Cash $95 million

Credit Common Stock $5 million

Credit Paid-in Capital in Excess of Par-Common $90 million

June 3: Purchased 6 million shares of treasury stock at $33 per share:

Debit Treasury Stock $6 million

Debit Paid-in Capital in Excess of Par-Common $192 million

Credit Cash $198 million

December 28: Sold the 6 million shares of treasury stock at $24 per share:

Debit Cash $144 million

Credit Treasury Stock $6 million

Credit Paid-in Capital in Excess of Par-Common $138 million

Summary of Paid-in Capital in Excess of Par-Common Account:

January 1: Cash $90 million (Credit)

June 3: Cash (192 million) (Debit)

Dec. 28: Cash 138 million (Credit)

Dec. 31: Balance $36 million (Credit)

3 0

3 years ago