Answer:
A. Increase cash by $120,000 and increase contributed capital by $120,000
Explanation:
when a company issues common stock then the company's cash balance and shareholders fund increases.
in this case, the company issued 2,500 shares of common stock at price $48;
The effect increase cash = 2,500*48
= $120,000
The effect increase contributed capital = 2,500*48
= $120,000
Therefore, The the correct balance sheet effect is, increase cash by $120,000 and increase contributed capital by $120,000.
The correct answer is D) express authority.
Janelle has an art collection that she wants to sell. She calls Amber and tells her to sell the art collection for her at an upcoming auction. Although not specifically told to do so, Amber prints flyers and distributes them to all the art galleries in the area. Amber’s actions are an example of express authority.
Express authority means that an agent has the power to make decisions and act on behalf of another person. In this case, Janelle gave Amber the authority to act in the best interests of her art collection to be promoted by her agent, The authority could be granted orally or written. WIth that faculty, Amber is supposed to do everything to promote and sell Janelle's' art collection.
The other options of the question were A) apparent authority. B) respondeat superior. C) intermediary agency.
Answer:
The going-concern assumption - one reason for valuing assets such as buildings and equipment at cost rather than at their current market values is the assumption that the business will use these assets rather than sell them.
Explanation:
Accounting valuation is the process by which a company compares it's assets and liabilities for reporting purposes.
The generally accepted accounting practices (GAAP) are a set of rules that guide accountants in recording and reporting financial transactions.
These principles ensure uniformity in how transactions are treated by all accountants.
There are 5 of these principles:
- Revenue principle
- Expense principle
- Matching principle
- Cost principle
- Objectivity principle
The going concern assumption is not part of GAAP but rather is an accounting concept that assumes that a business will remain in operation.
In financial statements it is required disclosures are made when a business is going to fail. In this instance it is no longer a going concern
Answer:
raw materials 197900
accounts payable 197900
WIP 161830
factory overhead 5270
raw materials 167100
WIP 85500
factory overhead 7600
wages payables 93100
factory overhead 53000
accounts payable 53000
factory overhead 17150
acc. Dep-equipment 17150
dep expense* 14800
acc. Dep- Off Building 14800
WIP** 70965
factory overhead 70965
Finished Goods*** 251747
WIP inventory 251747
Explanation:
* as the building is not related to the manufacturing process we cannot capitalized through inventory We will record as cost ofo the period therefore, depreciation expense
** the aplied overhead will be the amount of direct labor added during the period time 83%
85,500 x 83% = 85,500 * 0.83 = 70,965
*** we will have to add up the jobs cost to detemrinate how much of the work in process inventory becomes finished good
Job Materials // Labor // Overhead
A20 $ 37,740 $ 19,200 + 19,200 x 0.83
A21 $ 44,320 $ 23,600 + 23,600 x 0.83
A23 $ 41,770 $ 27,100 + 27,100 x 0.83
Total 251,747
<span>Under the New Deal, nature received a lot of attention because people realized that this type of valuable space was important to have a clean and a healthy population. Due to it following the Great Depression, people also saw the importance of the many jobs it would create.</span>
