Anybody know how to do FIFO / LIFO Accountancy stuff?

Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,

AveGali [126]

Answer: Debit Notes Receivable 7,800

Sales(to record sales) 7,800

Explanation:

When a customer signs a promissory note in exchange for commodity then the entry to record sales is recorded by debiting notes receivable.

here, sales = $7,800 = Debit Notes Receivable

The entry to record the sales transaction would be

Debit Notes Receivable 7,800

Sales(to record sales) 7,800

3 0

3 years ago

Money, Inc., a calendar year S corporation in Denton, Texas, has two unrelated shareholders, each owning 50% of the stock. Each

ratelena [41]

Answer:

See below

Explanation:

a. At the end of the year, before distribution, each shareholder's basis

= $400,000 + $100,000 + $50,000

= $550,000

b. After the distribution, each shareholder's basis is

= $300,000 + $200,000

= $500,000

c. Therefore, each shareholder has

$250,000 worth of dividend income.

3 0

3 years ago

You’ve borrowed $23,072 on margin to buy shares in Ixnay, which is now selling at $41.2 per share. You invest 1,120 shares. Your

BlackZzzverrR [31]

Answer:

(a) Since the percentage margin is more than maintenance margin, there would be no call

(b) A margin call would be received when the price is $15.26

Explanation:

(a) Total investment = $23,072 × $\frac{100}{50}$ = $46,144

Total shares = Total investment ÷ share price

= $46,144 ÷ $41.2 = 1,120

Value of share in market = new price × number of shares

= $41 × 1,120

= $45,920

Value of equity = Value of share in the market - borrowed cash

= $45,920 - $23,072

= $22,848

Percentage margin = Value of equity ÷ Value of shares

= ($22,848 ÷ $45,920) × 100%

= 49.76%

(b) Total number of shares = 1,120

Assumed value of shares = $1,120X

Borrowed fund = $23,072

Value of equity = $1,120X - $23,072

Margin = Value of equity ÷ Value of shares

0.35 = ($1,120X - $23,072) ÷ $1,120X

392X = $1,120X - $23,072

1512X = $23,072

X = $15.26

7 0

3 years ago

On January 1, 2018, Jordan, Inc. acquired a machine for $ 1,000,000. The estimated useful life of the asset is five years. Res

klemol [59]

Answer:

Annual depreciation=$188,000

Explanation:

Giving the following information:

Purchasing price= $1,000,000

Salvage value= $60,000

Useful life= 5 years

To calculate the depreciation expense under the straight-line method, we need to use the following formula:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (1,000,000 - 60,000)/5

Annual depreciation=$188,000

6 0

3 years ago

Sebastian plans to open a restaurant but he is unsure about how to attract customers. He hires a consumer researcher to analyze

Evgen [1.6K]

Answer:

The correct answer is c. ethnicity

Explanation:

Ethnicity is first and foremost a form of identification, an identification of one with what oneself and others understand to be their ethnic or ethnic group. Ethnicity denotes a relationship or feeling of belonging. Regarding the term of identification, ethnicity and ethnicity are classifying concepts. The classification is based on very different criteria or "ethnic markers": cultural, linguistic, religious ascriptions, racial traits, common origin, shared activities, etc.

5 0

3 years ago