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leonid [27]
2 years ago
10

Cullumber Company has the following balances in selected accounts on December 31, 2020.

Business
1 answer:
wolverine [178]2 years ago
4 0

Answer and Explanation:

The adjusting entries are shown below:

1. Interest expense [$11,400 × 9% × 4 ÷ 12] $342  

    To Interest payable  $342

(being accrued interest expense is recorded)  

2. Supplies expense [$2,200 - $820] $1,380  

     To Supplies  $1,380

[Being supplies expense is recorded]  

3. Depreciation expense $1,200  

     To Accumulated depreciation-Equipment $1,200

[Being depreciation expense is recorded]  

4 Insurance expense [$3,960 × 7 ÷ 12] $2,310  

          To Prepaid insurance  $2,310

[being insurance expense is recorded]  

5  Unearned service revenue $7,000  

             To Service revenue $7,000

[Being revenue from unearned is recorded]  

6 Accounts receivable $4,200  

         To Service revenue  $4,200

[Being accrued service revenue is recorded]  

7 Salaries expense [$5,400 ×  3 ÷ 5] $3,240  

          To Salaries payable $3,240

[being accrued salaries expense is recorded]

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Ostrovityanka [42]

Answer: Lindsay has not committed a defamation tort

Explanation:

Defamation is when the reputation of an individual in being damaged. In s case whereby one believes that his or her reputation has being damaged by another person, the person sue under the defamation theory.

In the analysis above, we can deduce that Lindsay has not committed a defamation tort.

5 0
3 years ago
Palmona Co. establishes a $150 petty cash fund on January 1. On January 8, the fund shows $61 in cash along with receipts for th
saveliy_v [14]

Answer:

Palmona Co Journal entries

1.

Jan-01

Dr Petty cash 150

Cr Cash 150

2.

Jan-08

Dr Postage expense 35

Dr Merchandise inventory 14

Dr Delivery expense 16

Dr Miscellaneous expenses 24

Cr Cash 89

3. Jan-08

Dr Postage expense 35

Dr Merchandise inventory 14

Dr Delivery expense 16

Dr Miscellaneous expenses 24

Cash 89

4.

Jan-08

Dr Petty cash 300

(450-150)

Cr Cash 300

Explanation:

1. To establish petty cash fund

2.To record reimbursement

3.To record reimbursement

4. To record increase in fund balance from 150 to 450

6 0
2 years ago
Brushy Mountain Mining Company's ore reserves are being depleted, so its sales are falling. Also, its pit is getting deeper each
hammer [34]

The question is incomplete. The complete Question is,

Brushy Mountain Mining Company's coal reserves are being depleted, so its sales are falling. Also, environmental costs increase each year, so its costs are rising. As a result, the company's earnings and dividends are declining at the constant rate of 4% per year. If D0 = $2 and rs = 17%, what is the estimated value of Brushy Mountain's stock?

Answer:

P0 = $9.1428 rounded off to 9.14

This answer is for the question above. Change the values and use the same formula if the values differ

Explanation:

The constant growth model of dividend discount model (DDM) can be used to calculate the price of the stock today. DDM calculates the price of a stock based on the present value of the expected future dividends from the stock. The formula for price today under constant growth DDM is,

P0 = D0 * (1+g) / (r - g)

Where,

D0 * (1+g) is the dividend expected in Year 1 or next year

g is the constant growth rate in dividends

r is the discount rate or required rate of return

P0 = 2 * (1-0.04)  /  (0.17 + 0.04)

P0 = $9.1428 rounded off to 9.14

6 0
2 years ago
Brooke's Boutique plans to launch a new clothing line. For this purpose, the firm first conducts a survey to understand its targ
Gekata [30.6K]

Answer:

Descriptive followed by causal is the correct answer.

Explanation:

8 0
3 years ago
Luis refuses to shop at big box stores, preferring to do his shopping locally. He reads in the paper that one of these stores wi
Trava [24]

Answer:

Selective retention.

Explanation:

Selective retention occurs when a person more easily remembers things that are closer to their beliefs, values, and Interests than things that are not.

Luis does not want to do his shopping at big box stores but prefers to shop locally. So when he reads about one of the big box stores (which is not his preference) is doing a big sale next week, he does not remember it because it is not consistent with what he wants. This is an example of selective retention.

7 0
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