Answer:
The gain of $8,000 is recognized and the bonds have a basis of $35,000
Explanation:
Please see attachment
Answer:
political action committee
Explanation:
A political action committee is an organization set up by a political party to gather funds through the contribution and donation from members of the party. The funds collected by the political action committee are used to support the party candidate or campaign against the opposition party candidate. The political action committee is not obligated by law to disclose the identities of donors.
Answer:
See explanation section.
Explanation:
The correct journal to record this transaction is -
Cash Debit $40,000
Common stock Credit $40,000
Note: As Callie Taylor invests the amount in exchange for common stock, An asset (cash) will be increased, and equity (common stock) will be increased. An increase in asset means debit, while an increase in equity means credit.
Answer:
A. Long-term debt and times interest earned
Explanation:
A Mortgage lender is an individual or an organization that loans money and take security interest in real property. The loan or money gotten from mortgage lenders are mainly used in purchasing real estate or for any purpose, while putting a lien on the property being mortgaged. Mortgage lenders most interest is in long term debts and times interest earned by long term mortgage rate is usually higher than short term and also secured the borrowers their payments and interest rates for a good period of time.
Answer: $57,000
Explanation:
Given that,
Beginning finished goods inventory in units = 0
Units produced = 7,000
Units sold = 5,100
Sales = $663,000
Materials cost = $140,000
Variable conversion cost used = $70,000
Fixed manufacturing cost = $490,000
Indirect operating costs (fixed) = $102,000
Total Variable cost of units produced = Materials cost + Variable conversion cost used
= $140,000 + $70,000
= $210,000
=
= $30
Units in ending inventory = Units produced - Units sold
= 7,000 - 5,100
= 1,900
Value of Variable costing ending inventory = Units in ending inventory × Variable cost per unit
= 1,900 × $30
= $57,000
