Answer:
The Journal entries are as follows:
(1)
Equipment A/c Dr. $71,890
To cash $3,790
To accounts payable $68,100
(To record the purchase of equipment)
Workings:
Equipment value:
= Purchase price + Sales tax + Freight charges for shipment of equipment + Installation of equipment
= 64,000 +4,100 + 890 + 2,900
= $71,890
Cash Paid:
= Freight charges for shipment of equipment + Installation of equipment
= 890 + 2,900
= $3,790
Accounts payable = Purchase price + Sales tax
= 64,000 +4,100
= $68,100
(2)
Prepaid Insurance A/c Dr. $1,090
To cash A/c $1,090
(To record any expenditures not capitalized in the purchase of equipment)
Answer:
Yes, the WTO stands for trade liberalization, which requires transparency, economic reform, and no protectionism, regardless of the member nation's economic situation.
Answer:
MARIGOLD CORPORATION
Income Statement (Partial)
For the year ended December 31, 2020
Income from continuing operation $10,634,000
Discontinued operations
Loss from operation of discontinued $320,700
restaurant division(net of tax)
Loss from disposal of restaurant division $206,700 <u>$527,400</u>
(net of tax)
Net Income <u>$10,106,600</u>
Earnings per share
Income from discontinuing operations A 1.06
[10,634,000/10,000,000]
Loss from discontinued operations B <u>0.05</u>
[527,400/10,000,000]
Net Income A/B <u>1.01</u>
