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3 years ago

The following information pertains to Blossom Company.

Business

1 answer:

melamori03 [73]3 years ago

4 0

Answer:

Explanation:

(A) The preparation of the bank reconciliation statement on July 31, 2017 is presented in the spreadsheet. Kindly find the attachment below:

(B) The journal entries are shown below:

Cash A/c Dr $2,576

To Accounts receivable $,2576

(Being cash is collected)

Bank service charges expense A/c Dr $51

To Cash A/c $51

(Being bank service charges paid)

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Prepare the general journal entries for Culver Company for____________.(a) The 2020 adjusting entry.(b) The sale of the Gordon s

-Dominant- [34]

Answer:

a) Debit fair value loss $7,900 Credit Investment $7,900

b) Debit Bank $66,300, Debit Fees $1,200 Credit investment $67,500

c) Debit investment $53,800, Credit Fees $1,300 Credit Bank $52,500

d) Debit Fair value loss $10,400 Credit Investment $10,400

Explanation:

c) the purchase of stock include fees and the fees are included in the cost of the shares and increase the cost of the asset hence they are capitalised on the cost. The fees are an expense directly associated with the purchase therefore are attributable costs.

the completed question

E17-15

(Equity InvestmentsTrading) Culver company has the following securities in its trading port- folio of securities on December 31, 2020.

Investments (Trading) Cost Fair Value

1,500 shares of Gordon, Inc., Common $73,500 $ 69,000

5,000 shares of Wallace Corp., Common 180,000 175,000

400 shares of Martin, Inc., Preferred 60,000 61,600

$313,500 $305,600

All of the securities were purchased in 2020.

In 2014, Culver completed the following securities transactions.

March 1Sold the 1,500 shares of Gordon, Inc., Common, @ $45 less fees of $1,200

April 1 Bought 700 shares of Earnhart Corp., Common, @ $75 plus fees of $1,300

Culver Companys portfolio of trading securities appeared as follows on December 31, 2021

Investments (Trading) Cost Cost Fair Value

5,000 shares of Wallace Corp., Common $180,000 $175,000

700 shares of Earnhart Corp. Common 53,800 $50,400

400 shares of Martin, Inc. Preferred 60,000 $58,000

293,800 283,400

Instructions

Prepare the general journal entries for Culver Company for:

(a)The 2020 adjusting entry.

(b) The sale of the Gordon stock.

(c)The purchase of the Earnhart stock.

(d) The 2021 adjusting entry for the trading portfolio

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3 years ago

The relationship between an employer and an employee can be thought of in terms of a(n) __________, a description of what an emp

myrzilka [38]

The answer is psychological contract.

A broken psychological contract may occur when an employee believes that working extra would be naturally rewarded. This, however, may not be business policy. If the person is salaried, they may not be compensated for the extra hours worked.

Daily acts and remarks made in the workplace, as well as how they are interpreted by all parties involved, have an impact on the contract.

In other words, it is a promise developed via regular workplace encounters in which the organization learns what is expected of each employee.

Psychological contracts evolve and adapt to the organizational working culture over time. However, they are generally difficult to change and can differ across individual party members and whole organizations.

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2 years ago

Winona and Hubert need to decide which one of them will take time off from work to complete the rather urgent task of shearing t

Flauer [41]

Answer: Winona has the lowest opportunity cost of completing the task.

Explanation:

Based on the information given in the question, the opportunity cost will be calculated as:

= Earnings per hour × Hours taken to complete the task

Therefore, for Winona, the opportunity cost will be:

= 1 × $200.

= $200.

For Hubert, the opportunity cost will be:

= 9 × $25

= $225

Therefore, based on the calculation above, Winona has the lowest opportunity cost of completing the task.

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3 years ago

Question text The first task of an event marketer is to Select one: a. Attract attendees b. Elicit sponsors c. Organize staff d.

Mamont248 [21]

Answer:

C. Organize staff

Explanation:

C. Organize staff is the answer.

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3 years ago

which of the following statements are correct regarding the requirements to meet the economic performance test under the various

bija089 [108]

Certain liabilities, which includes rebates, refunds, and employees reimbursement payments, may be deducted while incurred irrespective of while charge is ma is INCORRECT concerning the necessities to satisfy the financial overall performance test.

The required details for liabilities in given paragraph

A legal responsibility is some thing someone or corporation owes, normally a sum of money. Liabilities are settled over the years thru the switch of financial advantages consisting of money, goods, or services. Recorded at the proper aspect of the stability sheet, liabilities encompass loans, debts payable, mortgages, deferred revenues, bonds, warranties, and accumulated expenses. Liabilities may be contrasted with property. Liabilities consult with matters which you owe or have borrowed; property are matters which you personal or are owed. a legal responsibility is an responsibility among one celebration and every other now no longer but finished or paid for. In the arena of accounting, a monetary legal responsibility is likewise an responsibility however is greater described through preceding enterprise transactions, events, sales, trade of property or services, or whatever that could offer financial gain at a later date.

Current liabilities are normally considered short-term (anticipated to be concluded in three hundred and sixty five days or less) and non-present day liabilities are long-term (three hundred and sixty five days or greater).

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Complete question

Which of the following statements is INCORRECT regarding the requirements to meet the economic performance test under the various ways a liability can arise?

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1 year ago