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3 years ago

Transactions for Sheridan Company for the month of June are presented below.

Business

1 answer:

kobusy [5.1K]3 years ago

6 0

Answer:

The journal entries are as follows:

(i) On June 1,

Cash A/c Dr. $5,890

To Owner's capital $5,890

(To record the issue of common stock)

(ii) On June 2,

Equipment A/c Dr. $1,240

To Accounts payable $1,240

(To record the purchase of equipment on account)

(iii) On June 3,

Rent Expense A/c Dr. $670

To cash $670

(To record the payment of rent)

(iv) On June 12,

Account receivable A/c Dr. $880

To service revenue $880

(To record the service provided on account)

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Labor unions want _____ wages for employees, but producers could earn more profits by offering _____ wages.

andrew-mc [135]

Labor unions want higher wages for employees, but producers can earn more profits by offering lower wages.

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3 years ago

Read 2 more answers

MC Qu. 97 The standard materials cost to produce... The standard materials cost to produce 1 unit of Product R is 7 pounds of ma

OleMash [197]

Answer:

total direct materials cost variance is $6,000 Favourable

Explanation:

first we get here Standard cost to manufacture

Standard cost to manufacture 6,000 units is = 7 × $47 × 6,000

Standard cost = $1,974,000

and

now we get here Actual cost to manufacturing

Actual cost to manufacturing 6,000 units is = 41,000 × $48

Actual cost = $1,968,000

and

now we get here Direct material cost variance that is express as

Direct material cost variance = Standard cost - Actual cost ..........1

put here value

Direct material cost variance = $1,974,000 - $1,968,000

Direct material cost variance = $6,000 Favourable

4 0

3 years ago

On January 1, 2021, Algerian Delivery had 100,000 shares of common stock outstanding. The following transactions occurred during

defon

Answer:

Algerian Delivery's basic earnings per share for the year ended December 31, 2021 is $3.01

Explanation:

In order to calculate Algerian Delivery's basic earnings per share for the year ended December 31, 2021 we would have to make first the following calculations:

Net Income = $298,750

Calculation of Weighted Average of Number of Equity Shares:

Outstanding on Jan 1 = 100,000*12/12 = 100,000

Less: Treasury Stock 3,100*10/12 = (2,583)

Sold Treasury Shares 3,100*3/12 = 775

New Shares Sold 12100*1/12 = 1,008

Therefore, Weighted Average of Equity Shares during the year = 100,000 - 2,583 + 775 + 1,008 =99,200

Therefore, Basic Earnings per Share = Net Income/Weighted Average of Equity Shares outstanding during the year

= $298,750/99,200 = $3.01

Algerian Delivery's basic earnings per share for the year ended December 31, 2021 is $3.01

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3 years ago

Exam hide or show questions question content area revenue and expense account are permanent accounts. true false

klio [65]

Because they are always converted to an income summary throughout the closing process, revenue and expense accounts are known as nominal accounts.

so the statement is false

Revenue Definition:

Revenue in financial accounting refers to an inflow of funds, typically from sales or services provided by commercial activity. It is also known as sales or business turnover. In other terms, revenue refers to the amount of money that a company or organization receives. For instance, certain businesses may receive income from royalties, interest, or copyright fees. While for some businesses, money may come from the services they provide to clients. Donations from groups, corporations, and people are referred to as revenue for non-profit organizations.

Operating Revenue Examples:

Sales.
Fees or Commission Earned.
Service Revenues.

Expenses Definition:

A money outflow is known as an expense or expenditure in financial accounting. As an illustration, a tenant's expenses can include rent. Parents' expenses could include the cost of their children's tuition. Expenses for a business include things like electricity bills, bank fees, sales expenses, phone bills, repairs, and services.

List of expenses in accounts frequently observed when preparing financial statements:

Cost of goods sold.
Legal fees.
Depreciation.

Learn more about Revenue and expense accounts here

brainly.com/question/16749768

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1 year ago

A regional supermarket chain runs print, radio, and television advertisements announcing that 1 percent of its sales is donated

GuDViN [60]

Answer: The correct answer is "Cause-related marketing".

Explanation: This is an example of <u>Cause-related marketing.</u>

Cause-related marketing is a type of corporate social responsibility activity, for which a business promotion campaign has a dual purpose: to increase profitability and improve society.

In this case, the supermarket chain seeks to increase its sales, promoting that 1% of these will be donated to local after-school programs for underprivileged youth.

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3 years ago