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Andreyy89
3 years ago
11

Craig Roberts purchased one-half of Ennis Leighton’s interest in the Vale and Leighton partnership for $34,000. Prior to the inv

estment, land was revalued to a market value of $130,000 from a book value of $80,000. Tony Vale and Ennis Leighton share net income equally. Leighton had a capital balance of $36,000 prior to these transactions.Required:A. On December 31, provide the journal entry for the revaluation of land.B. On December 31, provide the journal entry to admit Roberts.
Business
1 answer:
Alborosie3 years ago
3 0

Answer:

Explanation:

w

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Solomon works in the finance department of a hospital operated by the country’s national health service. The hospital wishes to
DochEvi [55]

Answer:

It would be unethical and a conflict of interest for Solomon to let his uncle in on the details because it would give his uncle an unfair advantage against the other bidding contractors. It's a form of nepotism

Explanation:

hope this helps have a great day

7 0
3 years ago
Read 2 more answers
g When the money market is drawn with the value of money on the vertical axis, the price level increases if a. money demand shif
Tatiana [17]

Answer:

d. money demand shifts left and decreases if money supply shifts left.

Explanation:

The money market can be defined as a component of the financial market wherein, financial instruments with low risk, high liquidity and short-term maturities (usually 365days or less) such as federal funds, treasury bills, bills of exchange, commercial paper, certificates of deposit, repurchase agreements, etc are traded between banks and other financial institutions.

When the money market is drawn with the value of money on the vertical axis, the price level increases if money demand shifts left and decreases if money supply shifts left.

Also, when the money market is drawn with the value of money on the vertical axis, the value of money decreases, as price level  increases; causing quantity of money demanded to increase and to move rightward on the money demand curve.

However, there would be an increase in the demand of money, if the price level is above the equilibrium rate; thereby making the price level to fall when the money market is drawn with the value of money on the vertical axis.

8 0
3 years ago
You first look at the trial balance. In addition to the account balances reported in the income statement, the ledger contains t
Greeley [361]

Answer:

rent revenue 21,500 debit

  unearned revenue  21,500 credit

--to amend incorrect recognition of revenue--

Supplies expense  4,070 debit

              Supplies          4,070 credit

--to record use of supplies--

Insurance expense  1,875 debit

              Prepaid Insurance 1,875 credit

--to record use of supplies--

advertizing expense 150 debit

repair expense        1050 debit

utilities expense       200 debit

    account payable           1,400 credit

--to record accrued expenses--

wages  expense   810 debit

   wages payable       810 credit

--to record accrued wages--

interest expense 420 debit

  interest payable    420 credit

--to record accrued interest--

Explanation:

#1 unearned revenue

The company should not recognize the summer-month occupancy as this occurs between April and June thereofre it is unearned The company has an obligation to perform. To give the rental space thus it is a liability not earnings.

#2 Supplies adjustment:

Jan 1st $4,600 - March 31st $530 = $4,070 supplies expense

#3 expired insurance:

value per month: $7,500 / 12 months = 625

month expired between Jan 1st and March 31st: 3

total value f expired insurance: $625 per month x 3 month = 1,875

#4 accured expenses concetps were incurred and we most recognize them

#5 each day $270 times 3 days accrued = 810 total wages accrued

#6 accrued interest expense: principal x rate x time

$21,000 x 0.08 x 3/12 = $420

3 0
3 years ago
An amount of something left over when requirements have been met; an excess of production or supply over demand
harkovskaia [24]
The answer will be An excess of production.


Hope this helps!
8 0
3 years ago
What are the characteristics of a mixed economy?
Oxana [17]
A characteristics of a mixed economy is a mix of both private and government control.
7 0
2 years ago
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