A corporation that operates in several countries but without significant ties to any of them is a(n)

Aaron Lynch Company has the following balances in selected accounts on December 31, 2019.

hichkok12 [17]

Answer:

The adjusting entries are sufficiently explained in the explanations below. Thank you.

Explanation:

The question is to determine the adjusting entries that are required for the accounts of Aaron Lynch Company for 31 Dec,2019

1) Paid $2,700 for 12 Months insurance cover in June, 2019

Insurance cover for 2019 = 7 monhts (June - Dec)/12 x $2,700= $1,575

Prepaid Insurance for 2020 = 5/12 x $2,700 = $1,125

2)Service Fee Collected for Consulting Services Dec 1, 2019 - March 31,2020

Service Fee for 2019 = 1 months/ 4 Months x $40,000 = $10,000

Unearned for 2020 = 3/ 4 months x $40,000 = $30,000

3)$900 woth of supplies are on hand

This is supply expenses

Based on these calculations, the adjusting journal entries are as follows

Date Description Debit Credit

December, 31, 2019 Prepaid Insurance 1125

Insurance Expense 1,125

Being the record of Prepaid insurance for 2020

December, 31, 2019 Service Revenue 30,000

Unearned Service Revenue 30,000

Being the record of unearned service revenue up till march, 2020

December, 31, 2019 Supplies 900

Supplies Expense 900

Being the record of service revenue on hand December 31, 2020

7 0

3 years ago

Read 2 more answers

A July sales forecast projects that 7,300 units are going to be sold at a price of $11.80 per unit. The management forecasts 15%

lana66690 [7]

Answer:

Budgeted sales= $86,140

Explanation:

Giving the following information:

A July sales forecast projects that 7,300 units are going to be sold at a price of $11.80 per unit.

<u>The budgeted sales are calculated by multiplying the sales in units with the selling price per unit:</u>

Budgeted sales= 7,300*11.8= $86,140

6 0

4 years ago

A study finds that the noise from airplanes is harmful; hence, the government imposes a $20 tax on the sale of every airplane. T

allochka39001 [22]

Answer:

Decrease

$200

$190

$180

Explanation:

The question isn't complete. Here is the full question:

A study finds that the noise from airplanes is harmful; hence, the government imposes a $20 tax on the sale of every airplane. This amount accurately accounts for the external cost of the noise pollution. Before the corrective tax, airplane tickets regularly sold for $190. After the tax is in place, the market price for airplane tickets rises to $200.

The quantity of airplane tickets sold will

The socially optimal price of airplane tickets is

The private market price is

A firm selling airplane tickets receives after it pays the tax

The noise from the airplanes constitute negative externality.

Tax levied on negative externality is known as pigouvian tax.

As a result of the tax, the price of tickets increases and this would reduce the quantity of tickets demanded for according to the law of demand. According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.

The social optimal price is the price of the ticket after the tax accounting for the externality has been added to price. The social optimal price is $200.

The private market price is the price before the taxes: $190.

The amount received by firms = $200 - $20 = $180

I hope my answer helps you

8 0

4 years ago

Is oil a need or a want? How is oil wasted?

Zielflug [23.3K]

Answer:

Need

Explanation:

Oil is a need for heating homes, running cars and factories + much more! It can be wasted by over-use, unnecessary usage and pollution

7 0

3 years ago

If the assets of a business are $ 390 comma 000 and the liabilities are $ 110 comma 000, how much is the owners' equity? (2)

Softa [21]

If the assets of a business are $ 390 comma 000 and the liabilities are $ 110 comma 000, how much is the owners' equity?

Using the Balance Sheet Equation

Assets= Liabilitites+Owners Equity

390000=110000+Owners Equity

Owners Equity=$280000

if the owners' equity in a business is $ 90 comma 000 and the liabilities are $ 190 comma 000, how much are the assets?

Using the Balance Sheet Equation

Assets= Liabilitites+Owners Equity

Assets=190000+90000

Assets=$280000

(3) a company reported monthly revenues of $ 315 comma 000 and expenses of $ 100 comma 000. what is the result of operations for the month?

Net income= Revenues-Expenses

Net income=315000-100000

Net Income= $215000

(4) if the beginning balance of retained earnings is $ 160 comma 000, revenue is $ 100 comma 000, expenses total $ 65 comma 000, and the company declares and pays a $ 10 comma 000 dividend, what is the ending balance of retained earnings?

This can be found by below schedule:

Beginning Balance............................................................................160000

Add Revenue.......................................................................................100000

Less Expense.....................................................................................(65000)

Less Dividend.....................................................................................(10000)

Ending Balance of Retained Earnings........................................185000

3 0

3 years ago