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3 years ago

The following book and fair values were available for Westmont Company as of March 1.

Business

1 answer:

-BARSIC- [3]3 years ago

8 0

Answer:

DR Inventory $609,000

Land $1,086,750

Buildings $2,138,250

Customer Relationships $842,250

Goodwill $965,750

CR Accounts Payable $102,000

Common Stock $56,400

Additional Paid-In Capital $1,353,600

Cash $4,130,000

Working

Common Stock = 28,200 shares * $2 = $56,400

Additional Paid in Cap = 28,200 shares * ( 50 - 2) = $1,353,600

DR Additional Paid-In Capital $32,400

CR Cash $32,400

DR Professional Services Expense $49,800

CR Cash $49,800

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Following are the solution to this question:

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$Answer \ \ 2$ $years \ \ \ \ \ \ \ \ Outstanding \ \ Amount \ \ \ \ \ \ \ \ Installment \ \ \ \ \ \ \ \ Interest (11 \%) \ \ \ \ \ \ \ Closing \ on \ Due \\\\$ $0 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 4,700,000 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 4,700,000 \\\\1 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 4,700,000 \ \ \ \ \ \ \ \ \ \ \ \ 1514934 \ \ \ \ \ \ \ \ \ \ \ \ \ \ 517000 \ \ \ \ \ \ \ \ \ \ \ \ 3702066\\\\$

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$expenses \ \ Interest \ \ \ \ \ \ \ \ \ \ \ \ \ \ 517,000\\\\ To\ \ cash \ A/c \ \ \ \ \ \ \ \ \ \ \ \ \ \ 1,514,934 \\\\ \text{(First Installment Paid)}$

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$expenses \ \ Interest \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 285,380\\\\ To cash A/c \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 1,514,934\\\\ \text{(Third Installment Paid)}$

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3 years ago

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Explanation:

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3 years ago

Utopia Corporation provides $6,000 worth of lawn care on account during the month. Experience suggests that about 3% of net cred

photoshop1234 [79]

Answer:

The answer is C.

Explanation:

Credit sales is $6,000

Bad debt is 3% of net credit sales which is $180($6,000 x3%)

Creating allowance for doubtful debt entry is one of the prudent method and it tells us that some customers won't pay part of what they are owing. And it is also a contra account that offset bad debt.

According to the accounting rule, debit increases asset and expenses and vice-versa while credit decreases liability, equity, income and vice versa.

So we have have:

Dr Bad debt expense $180

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