All categories

3 years ago

Information related to Sheridan Company:

Business

1 answer:

Vladimir [108]3 years ago

7 0

Answer:

Oct 1.

Cash $19,900 (debit)

Common Stock $19,900 (credit)

Oct 3.

Office Furniture $2,100 (debit)

Trade Payable $2,100 (credit)

Oct 6.

Trade Receivable: N. Fennig $3,250 (debit)

Revenue $3,250 (credit)

Oct 27.

Trade Payable $900 (debit)

Cash $900 (credit)

Oct 30.

Salary Expense : Administrative Assistant $2,650 (debit)

Cash $2,650 (credit)

Explanation:

In all non-cash entries remember to observe the Accrual or Matching Principle.Thus, transactions must be recorded when they accrue or incur not when they are paid.

You might be interested in

Talks-A-Lot, Inc. sells cell phones to customers and expects that 10% of phones sold will be returned for repair under its warra

poizon [28]

Answer:

amount of warranty liability that should be reported at December 31, 2021 is $3,375

Explanation:

When the Sale was made, the Warrant Liability is recorded as follows:

Warranty Cost $5,625 (Debit)

Warranty Provision $5,625 (Credit)

Warranty Cost = 750 cell phones × $75 × 10% = $5,625

When Warranty Claims were received during the year the records are as follows :

Warranty Provision $2,250 (Debit)

Cash $2,250 (Debit)

Warranty Cost = 30 × $75 = $2,250

At December 31, 2021 the amount of warranty liability should be

Warranty Provision = $5,625 - $2,250 = $3,375

6 0

3 years ago

Robert White will receive from his investment cash flows of $4,450, $4,775, and $5,125. If he can earn 7 percent on any investme

artcher [175]

Answer:

Total future value= $16,402.09

Explanation:

Giving the following information:

Robert White will receive from his investment cash flows of $4,450, $4,775, and $5,125. He can earn 7 percent on any investment that he makes.

To calculate the future value, we need to use the following formula for each cash flow:

FV= PV*(1+i)^n

Year 1= 4,450*1.07^3= 5,451.44

Year 2= 4,775*1.07^2= 5,466.90

Year 3= 5,125*1.07= 5,483.75

Total future value= $16,402.09

6 0

3 years ago

Read 2 more answers

Grand River Corporation reported taxable income of $600,000 in year 1 and paid federal income taxes of $155,000. Not included in

Paul [167]

Answer:

$444,000

Explanation:

current earnings and profits = (taxable income - income taxes) - meals expense + tax exempt income = ($600,000 - $155,000) - $3,000 + $2,000 = $444,000

Disallowed expenses are expenses made by an individual or company that the IRS doesn't allow to be deducted, e.g. meals. Tax exempt income is income that is not taxed by the IRS, e.g. DRD includes at least 70% of dividends received.

Deferred gains or unearned revenues are considered a liability and are not included in the income statement.

7 0

3 years ago

The most frequent reason that some corporations send their manufacturing operations outside of the united states is to find high

marishachu [46]

To find highly skilled workers who are specialized

5 0

3 years ago

Dennis Galvan works as a campaigner at Green Earth, an environmental organization. Every month, his organization arranges a team

mote1985 [20]

Answer:

social environment

Explanation:

The activities performed as mentioned in the problem is termed as employee engagement activities. Reason behind doing this to increase social interaction which generates understanding between employee. it strengthen social and emotional connection of people and hence employee feel more satisfied towards their work and organization. This is done via increases healthy social engagement and hence social environment is correct answer

7 0

3 years ago