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3 years ago

The following transactions were completed by the company.

Business

1 answer:

aleksandrvk [35]3 years ago

6 0

Answer:

Assets : Increase by $6,000

Liabilities : No effect

Equity : Increase by $6,000

Assets : Increase by $4,500

Liabilities : No effect

Equity: Increase by $4,500

Assets : Decrease $1,650

Liabilities : No effect

Equity : Decrease $1,650

Assets : Increase $2,250, Decrease $2,250

Liabilities ; No effect

Equity: No effect

Assets : Decrease $800

Liabilities : No effect

Equity : Decrease $800

Explanation:

Recognize Revenue and Assets of Cash

Recognize Revenue and Assets in Trade Receivable

Recognize an expense and de-recognize the Assets of Cash

Recognize Assets in Cash and de-recognize Assets in Accounts Receivables.

Recognize an Expense and de-recognise the Assets in Cash

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___________ income is the amount that is used to calculate how much tax you owe.

snow_tiger [21]

Answer:

Taxable Income is the amount that is used to calculate how much tax you owe.

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2 years ago

North Around, Inc. stock is expected to return 22 percent in a boom, 13 percent in a normal economy, and −15 percent in a recess

almond37 [142]

Answer:

4.53%

Explanation:

Data provided in the question:

Expected return = ∑ (Return × probability)

Thus,

Expected return = (0.06 × 22) + (0.92 × 13) + (0.02 × (-15))

= 12.98%

Now,

Probability Return Probability × (Return-Expected Return)²

0.06 22 0.06 × (22% - 12.98%)² = 4.8816

0.92 13 0.92 × (13% - 12.98%)² = 0.000368

0.02 -15 0.02 × (-15% - 12.98%)² = 5.657608

========================================================

Total = 20.5396%

Standard deviation = $\sqrt{\frac{\text{Total probability}\times(\text{Return-Expected Return})^2}{\text{Total probability}}$

= √(20.5396)

= 4.53%

6 0

3 years ago

Merchandise was returned to a supplier. The goods were previously purchased on account. The goods had not been paid for and ther

irina [24]

Answer:

Debit Accounts Payable, and Credit Purchase Returns and Allowances

Explanation:

The adjusting entry is shown below:

Account Payable A/c Dr

To Purchase Returns and Allowances

(Being return of goods is recorded)

Since the goods are purchased on credit, and due to some issues the goods are returned So, the account payable account should be debited and the purchase return and allowances should be credited.

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3 years ago

Even though many valuable, rare, and inimitable resources were generated at Xerox's Palo Alto Research Center (PARC), the manage

Virty [35]

Answer:

A firm must be effectively organized to capture value. A firm has to ensure it has a properly ongoing work system where everything balances. Proper marketing and advert, viability in product quality, organized administrative and technical structuring, analysis on probable customer base etc., these and many more factors have to be critically looked into and worked on to gain competitive advantage. What is the competition doing right that we are missing? who are our competition? Why are they the peoples favorite? How can we become the peoples favorite? Questions of these sort if worked on and implemented, will facilitate effective organizational growth.

8 0

3 years ago

Read 2 more answers

Mr. Boyd and Ms. Tuck decide to form a new corporation named BT Inc. Mr. Boyd transfers $10,000 cash and business inventory ($20

kicyunya [14]

Answer:

1. Mr Boyd's share = 400, Ms Tuck = 800

2. Mr Boyd's realised gain = $16,800, recognized gain = $0, basis = $13200

Ms Tuck's realized gain = $18500, gain recognized = 0, basis = $41500

Explanation:

Total share = $1200

Cash received from Mr Boyd = 10000

FMV from him = 20000

Total value = 30000

FMV of equipment from Ms Tuck = 60000

Total value from both of them = 60000 + 30000 = $90000

Number of share Mr Boyd is to receive = 1200x(30000/90000)

= 400

Number of share Ms Tuck is to receive

= 1200x(60000/90000)

= 800

Mr Boyd's gains

Cash received = 10000

FMV = 20000

Total = 30000

Adjusted basis = 3200

Total tax basis = 10000+3200

Gain realized = 30000-13200

= 16800

Gain realized = 0 because it is a non taxable exchange.

Mr Boyd's realised gain = $16800, recognised gain = $0, basis = $13200

Ms Tuck

FMV = 60000

Adjusted tax basis = 41500

Gain realized = 60000-41500

= 18500

Gain recognized = 0(non taxable exchange)

Ms Tuck's realized gain = $18500, recognized gain = $0, basis = $41500

the FMV basis of inventory = 20000

carryover basis = 3200

equipment basis FMV = 60000

carryover basis = 41500

note that no gain if equal to or more than 80 percent of the ownership of the stock in a non taxable exchange.

6 0

3 years ago