Answer:
Dr. Cash $250,000
Cr. Bond Payable $250,000
Explanation:
Bonds issued are the liabilities for the company because it company received cash against the bonds which will be paid at maturity along with the interest.
As cash is an asset and it is being received, to increase the value of cash balance we debited the cash account. The bond is a liability and to add a value in a liability account we need to credit the bond payable account.
Answer:
B) 1. and 2.
Explanation:
Both variable costing and absorption costing are affected by fixed costs (both manufacturing overhead and administrative overhead) and contribution margin per unit.
Cost absorption costs are also affected by production levels and the denominator level chosen to set the fixed manufacturing cost rate.
Answer:
Explanation:
The total amount paid for the services rendered is $6,000 + $5,000= $11,000.
Although $6,000 was paid directly to him and $5,000 to a financial institution the attorney owes.
Different channels can be used to make payment for services and also at different times. For example payment could be requested as part cash and part bank check. Payment can also be made at various future times.
Regardless of the channels that were used all payments were in relation to the services provided by the attorney.
Answer:
A) True
Explanation:
The GAAP doesn't allow corporations to record any income or loss from investments in its own stock (repurchase and reissuing) since transactions involving the owners of the corporation cannot result in profit or losses. Shareholders are the owners of the corporation and it cannot make a profit or loss by selling to itself.
Reissuing or repurchasing of stock only affects the balance sheet, like all transaction involving stocks.
Answer:
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