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9966 [12]
3 years ago
8

PLEASE HELP ME

Business
1 answer:
Otrada [13]3 years ago
8 0

I am figuring this question out for you! one moment please

Explanation:

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On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 74,000 shares authori
uysha [10]

Answer:

1,                            Journal entries

Date    Account and explanation         Debi$       Credit$

          Treasury stock (5200*27)          140,400

           Cash                                                              140,400

           (To record purchase treasury stock)

            Cash (1,050*33)                           34,650  

            Paid in capital from sale of treasury stock    6,300

            Treasury stock (1,050*27)                               28,350

             (To record sale of treasury stock)  

              Cash (4,150*22)                             91,300

              Paid in capital from sale of            6,300

              treasury stock  

              Retained earnings                         14,450

              Treasury stock (4,150*27)                                112,050

              (To record sale of treasury stock)  

2.  Revised equity section

<u>Contributed capital</u>

Common Stock                             740,000

Paid in capital in excess of           <u>226,000</u>

par value-Common Stock

Total paid in capital                        966,000

Retained earnings                         <u> 880,000</u>

Total                                                1,846,000

Less: Treasury stock                      <u>(140,400)</u>

Total Stockholder's equity            $<u>1,705,600</u>

5 0
2 years ago
For each separate case below, follow the 3-step process for adjusting the accured expense account: Step 1: Determine what the cu
kari74 [83]

Answer:

A. 1. Salaries Payable = $0

2. Salaries Payable should equal $15,500

3. Debit Salaries Expense $15,500

Credit Salaries Payable $15,500

To accrue unpaid salaries expense for the year.

B. 1. Interest Payable = $0

2. Interest Payable should equal $250

3. Debit Interest Expense $250

Credit Interest Payable $250

To accrue unpaid interest expense for the year.

C. 1. Interest Payable = $0

2. Interest Payable should equal $875

3. Debit Interest Expense $875

Credit Interest Payable $875

To accrue unpaid mortgage interest expense for the year.

Explanation:

Adjusting journal entries are used to recognize transactions and events that do not have any cash basis because they are required under the accrual basis of accounting.  The accrual basis requires that transactions are recorded in the period they occur without reference to cash payment or receipt.

6 0
3 years ago
Consulting immediately paid $500 cash for utilities for the current month. Given the choices below, determine the general journa
Andru [333]

Answer:

a. Utilities Expense 500

    Cash 500

Explanation:

Given: Consulting immediately paid $500 cash for utilities.

As $500 cash been paid for utility expenses.

We know the golden rule of accounting transaction:

  • Personal accounts: Debit the receiver, credit the giver.
  • Impersonal real account: Debit what comes in, credit what goes out.
  • Impersonal Nominal account: Debit all expenses and losses, credit all profit and gains.

Paid for utility expense of firm is not the personal account, however, it is impersonal account. In the given case, cash is going out of business.

Therefore, Debit all expense and losses and credit what goes out of business.

Journal Entry of the transaction:

Debit utility expenses account--- $500

     Credit cash account--- $500

5 0
3 years ago
Jackson has the choice to invest in city of Mitchell bonds or Sundial, Incorporated corporate bonds that pay 5.8 percent interes
Ber [7]

Answer:

4.524%

Explanation:

Jackson's marginal tax rate = 22%

after tax return of Sundial Incorporated bonds = 5.8% x (1 - 22%) = 4.524%

since municipal bonds are not taxed by the federal government, in order to compare the yields we must calculate the after tax return of corporate bonds. On the other hand, federal bonds do not pay state and local taxes.  

3 0
3 years ago
A task performed by an organization or organizational subunit in support of the organization's overall mission is referred to as
Mars2501 [29]

Answer:

business process

Explanation:

Business process are plans, task that are carried out by an organization or its subunits whose end result is to attain the goals of the organization. Business process are often times a repetition of certain work processes, which is subject to continuous update for effective result.

Some aspects of business process includes business support; which provides support to the business arm of a firm in terms of processing while operational process is the major business part of the business process.

5 0
3 years ago
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