Answer:
C) $10,000
Explanation:
The last interest payment was made on November 1, so by December 31, two months worth of interest is considered receivable.
Interest receivable = principal x interest rate x time periods = $500,000 x 12% x (2/12) = $10,000
By December 31, no principal payments had been done yet.
Answer:
1. Dr Cash 10000
Cr Common stock 10000
2. Dr equipment 12000
Cr Cash 4000
Cr Accounts payable 8000
3. Dr Accounts payable 2400
Cr Cash 2400
4.a) Dr Retained Earning 500
Cr Dividend payable 500
b) Dividend payable 500
Cash 500
Explanation:
b.
Cash Common Stock
_Dr_______ Cr_____ Dr______________Cr_____
10000 --- 4000 --- 10000
--- 2400
--- 500
Equipment Accounts payable
Dr____________Cr____ _Dr_______________Cr______
12000 --- 2400 ---- 8000
Retained Earning Dividend Payable
Dr______________Cr_______ Dr__________________Cr___
500 ---- 500 -- 500
Trial Balance
Cash 3100 - 10000 Common Stock
Equipment 12000 - Dividend payable
- 5600 Account payable
Retained earning 500 -
Total 15600 = 15600 Total
Answer:
Account which will appear on Income statement
(9) Sales
(3) Cost of goods sold
(4) Transportation-out
(7) Selling expense
(8) Loss on the sale of land
Explanation:
All the account that appears on the income statement are the temporary account which need to be closed at the end of each period. Their net balance is transferred to an permanent account of balance sheet.
The following account will be appeared in the balance sheet.
(1) Cash
(2) Merchandise inventory
(5) Dividends
(6) Common stock
Answer: Installations
Explanation: Setting up installations would help Ryan start up his proposed petroleum business. Installations are defined as things installed or set up, especially the whole of a system of machines, apparatus, and accessories, when set up and arranged for practical working, as in electric lighting, transmission of power, and in this instance, the jack-up rigs Ryan bought to start the business.
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