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3 years ago

Use the following data to determine the total dollar amount of assets to be classified as current assets

Business

1 answer:

borishaifa [10]3 years ago

6 0

Answer:

the total dollar amount of assets to be classified as current assets is $220,000.

Note that the correct option is $220,000 based on the information provided in the question. However, this is not included in the option. Kindly confirm the correct options from your teacher.

Explanation:

Current assets can be described as a group of assets that are can be easily converted to cash within a year. Current assets are therefore assets which are expected to be used, sold or consumed in a normal business operations within a financial year.

Current assets is one of th component of a balance sheet and its components include cash, inventories, account receivables, advance payment (prepayments), and others.

For this question, the total dollar amount of assets to be classified as current assets can be determined as follows:

Carne Auto Supplies

Current Assets Amount Determination

December 31, 2012

Particulars Amount ($)

Cash 60,000

Prepaid Insurance 40,000

Accounts Receivable 50,000

Inventory 70,000

Total current assets 220,000

Therefore, the total dollar amount of assets to be classified as current assets is $220,000.

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Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions:

KiRa [710]

Answer:

The first transaction is that 10 million shares are being reacquired at 32.50 per share so we need to find out how much cash is spent to buy these shares.

32.5*10 million = $325 million

We will debit treasury stock and credit cash because the company is buying shares from the market and paying cash

The second transaction is reacquiring 10 million shares at 36 per share so we need to find how much cash is spent

10 million *36= $360 million

We will debit treasury stock and credit cash because the company is buying shares from the market and paying cash

In the third transaction 1 million shares are being sold for 42, so need to figure out how much cash the company gets from the transaction

42* 1 million = 42 million

We will debit cash and credit common stock as the company is issuing shares to the market and getting cash for it

In the fourth transaction 1 million shares are being sold for 36, so need to figure out how much cash the company gets from the transaction

36* 1 million = 36 million

We will debit cash and credit common stock as the company is issuing shares to the market and getting cash for it

Journal entries

Debit Credit

Treasury stock 325 million

Cash 325 million

Treasury stock 360 million

Cash 360 million

Cash 42 million

Common stock 42 million

Cash 36 million

Common stock 36 million

Explanation:

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3 years ago

17. The calculation of property tax is based on the

tekilochka [14]

A. assessed value of the home

I hope this helps

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3 years ago

Read 2 more answers

Brainliest and 40 pts!!! Does my answer work for this question?

anyanavicka [17]

You don't need to cha Change a thing, that will be the best move if I were to be in your position

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1 year ago

Green Gardens sells gardening and landscaping goods and equipment. The marketing department places an unmanned machine in the st

Dennis_Churaev [7]

Answer:

A) kiosk marketing

Explanation:

kiosk marketing -

The marketing strategy , which a kiosk is used , is known as kiosk marketing .

A kiosk , is a temporary booth operated by one or two people, which is used to attract people, specifically placed in a crowded place, for marketing purpose .

Kiosks are placed in places like , malls , busy street etc .

Hence , the company , Green gardens set up kiosks in order to attract people and increase their customers and thereby increasing their profit .

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3 years ago

Identifying Accounts to be Closed From the list that follows, identify the accounts that should be closed to the owner’s capital

kari74 [83]

Answer:

See explanation section

Explanation:

When we need to close accounts, we close the income and expenses accounts. The reason to close those accounts is that those are temporary accounts. Drawings and dividends are also temporary as those accounts have to be settled through capital and retained earnings balance. Therefore,

We will close the entries to income summary are -

D. Depreciation Expense

E. Fees Earned

J. Supplies Expense

L. Wages expense.

The entry to close against a capital account is Drawings. Therefore, Jackie Lindsay, Drawing should be closed.

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3 years ago