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3 years ago

6

How would the issuance of common stock for cash affect the accounting equation?

1 answer:

shepuryov [24]3 years ago

3 0

Answer:

Explanation:

The journal entry to record the given transaction is shown below:

Cash A/c Dr XXXXX

To Common stock A/c XXXXX

(Being the issuance of the common stock is recorded)

The accounting equation is

Total Assets = Total liabilities + Stockholder equity

Cash Increased = No effect + Increased

Therefore, the cash account and the common stock is increased.

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On January 1, 2018,Gillock Climbing Academy instituted a defined benefit pension plan for its employees. The annual service cost

Ivan

Answer:

Find the answer below in explanation

Explanation:

Gillock Climbing Academy Pension Expense for the year 2019 will be recorded as

Service cost ............................................. 600,000.00

Interest (600000 × 10%)................................60,000.00

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Expected return Interest on plan asset (832000*8%) ........................................ 66,560.00

Pension Expense for the year ended December 31, 2019 = 600000 - (66,560.00 - 60000)

= 600,000−6,560

= $593,440.00

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3 years ago

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Answer:

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Explanation:

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3 years ago

Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are mad

elena-s [515]

Answer:

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Explanation:

Preparation of the adjusting journal entries for each of the following for year ended December 31.

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(Being to record Accounts Receivable)

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Cr Interest revenue $450

(Being to record Interest receivable)

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Cr Service revenue $1,420

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3 years ago

As part of his overall stock portfolio, jason bought a few shares of facebook. in this context, he would best be described as __

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<span>As part of his overall stock portfolio, Jason bought a few shares of Facebook. in this context, he would best be described as shareholder of facebook.</span>

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3 years ago

Using the percentage of net sales method, uncollectible accounts expense for the year is estimated to be $54,000. If the balance

PilotLPTM [1.2K]

Answer:

The correct answer is c) $72,000

Explanation:

(Using the percentage of net sales method)

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If the balance of the Allowance for Uncollectible Accounts is an $18,000 credit before adjustment.

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6 0

3 years ago