Why U.S.A are friendly to entrepreneurs?

Homeowners insurance provides what two basic types of coverage?

ki77a [65]

I think b is the correct answer

7 0

3 years ago

On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 400,000 shares of $10 par common stock at $18, and on Nov

AnnyKZ [126]

Answer and Explanation:

The journal entries are shown below:

On Oct 31

Cash (400,000 × $18) $7,200,000

To Common stock (400,000 × $10) $4,000,000

To Paid in capital in excess of par value - common stock $3,200,000

(Being the issuance of the common stock is recorded)

For recording this we debited the cash as it increased the assets and credited the common stock and paid in capital as it also increased the stockholder equity

On Nov 19

Cash (50,000 × $80) $4,000,000

To Preferred stock (50,000 × $75) $3,750,000

To Paid in capital in excess of par value - Preferred stock $250,000

(Being the issuance of the preferred stock is recorded)

For recording this we debited the cash as it increased the assets and credited the common stock and paid in capital as it also increased the stockholder equity

7 0

3 years ago

the direct write-off method is used for tax purposes but is generally not permitted for financial reporting. true or false?

Fantom [35]

True, the direct write-off method is used for tax purposes but is generally not permitted for financial reporting.

Direct write-off method occur when account receivable uncollectible are written or recorded as bad debt and this occur when the money a company is expecting to receive from their customers or clients are uncollectible because the customer did not pay.

Direct write-off method is used for tax purposes because bad debt expense is recorded based on uncollectible amount which is the amount a company is not expecting to receive from their debtors.

This method is not in accordance with the Generally accepted accounting principles which is why it is generally not permitted for financial reporting.

Inconclusion True, the direct write-off method is used for tax purposes but is generally not permitted for financial reporting.

Learn more about direct write-off method here:brainly.com/question/12419642

4 0

2 years ago

The Federal Reserve ________ pay interest on reserves held on deposit. The European System of Central Banks ________ pay interes

aliina [53]

The Federal Reserve does not pay interest on reserves held on deposit. The European System of Central Banks does pay interest on reserves held on deposit.

<h3>Federal Reserve Board</h3>

In the past, reserve banks were unable to offer interest on deposits. The Emergency Economic Stabilization Act of 2008 brought about a shift in that.
The Federal Reserve Board had to increase the size of its balance sheet by purchasing Treasuries and mortgage-backed securities in order to increase the amount of liquidity available to the banking sector.

<h3> European System of Central Banks</h3>

The major objective is to preserve price stability or the euro's worth. Price stability is the most significant contribution monetary policy can make in this area because it is crucial for economic growth and job creation, two goals of the European Union.
The ECB has four decision-making bodies with the authority to carry out the institution's goals.

To learn more about Federal reserve Board refer to:

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5 0

2 years ago

Coronado Company begins operations on April 1. Information from job cost sheets shows the following. Manufacturing Costs Assigne

dolphi86 [110]

Answer:1) Balance in work in Process Inventory for April, May, June

= $11,200, $22,300, $11,`100

2) Balance of finished goods for April, May, June= $1,500, $11,100, $23,000

3)Gross profit for May , June, July $375,$2,775 $5,750

Explanation:

Given

Manufacturing Costs Assigned

Job Number April May June Month Completed

10 $6,200 $4,900 May

11 5,000 4,700 $3,100 June

12 1,500 April

13 5,600 4,600 June

14 7,000 4,100 Not complete

Solution

1) Balance in work in Process Inventory

Job April May June

10 $6,200

11 5,000 5,000+ 4700(9,700)

12 - - -

13 -- 5,600 --

14 --- $7000 $7000 + 4,100 (11,100)

Total $11,200 $22,300 $11,`100

2) Balance of finished goods

Job April May June

10 --- $6,200+ $4,900(11.100)

11 ---- ------ 5,000+4,700 + $3,100(12,800)

12 $1,500 - -

13 -- ---- 5,600+4,600 (10,200)

14 Not complete Not complete

Total $1,500 $11,100 $23,000

3) Gross profit for May , June, July.

May = Finished goods from previous month x mark up percent

$1,500 x 25%=$375

June = Finished goods from previous month x mark up percent

$11,100 x 25%=$2,775

July= Finished goods from previous month x mark up percent

$23,000 x 25%=$5,750

5 0

3 years ago