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frosja888 [35]
3 years ago
12

Terapin Company engages in the following external transactions for November. 1. Purchase equipment in exchange for cash of $23,4

00. 2. Provide services to customers and receive cash of $6,800. 3. Pay the current month's rent of $1,300. 4. Purchase office supplies on account for $1,000. 5. Pay employee salaries of $2,100 for the current month. Required:Record the transactions. Terapin uses the following accounts: Cash, Supplies, Equipment, Accounts Payable, Service Revenue, Rent Expense, and Salaries Expense.
Business
1 answer:
uysha [10]3 years ago
8 0

Answer:

Journal Entries

Journal 1 :

Equipment $23,400 (debit)

Cash $23,400 (credit)

Being Purchase of Equipment

Journal 2 :

Cash  $6,800 (debit)

Service Revenue  $6,800 (credit)

Being Service rendered for Cash

Journal 3 :

Salaries Expense $2,100  (debit)

Cash $2,100 (credit)

Being Salaries expense paid

Explanation:

Narrations have been provided to explain the transaction. Remember to use the account titles provided in accounting for the transactions.

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Crane Company purchased land as a factory site for $1300000. Crane paid $110000 to tear down two buildings on the land. Salvage
Marizza181 [45]

Answer:

a. $‭1,420,000‬

b.  $‭4,514,800‬

Explanation:

When it comes to fixed assets, all costs that directly helped make the asset available for use are to be capitalized.

Cost of Land

= Purchase Value + Cost Incurred to Tear Down 2 Buildings + Legal Fees + Title Insurance Cost + Assessment Cost - Salvage

= 1,300,000 + 110,000 + 5,000 + 3,500 + 9,500 - 8,000

= $‭1,420,000‬

Cost of Building

= Architect's Fees + Liability Insurance Cost + Excavation Cost + Contractor's Payment + Interest Cost

= 46,000 + 3,800 + 15,000 + 4,200,000 + 250,000

= $‭4,514,800‬

4 0
3 years ago
Lemony lemonade has​ 3,200 gallons of lemonade in wip​ inventory, with​ 76% of materials already added. The lemonade is​ 50% thr
rosijanka [135]

Based on the process that Lemony Lemonade uses to make lemonade, the equivalent units for conversion​ costs is 1,600 units.

<h3>What equivalent units are for conversion costs?</h3>

This can be found as:

= Number of units that are WIP x Percentage of completion

Solving gives:

= 3,200 x 50%

= 1,600 units

Find out more on equivalent units at brainly.com/question/16259709

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4 0
1 year ago
If there is a shortage of loanable funds, then:
lana66690 [7]

Answer: The correct answer is "d. there will be no shifts of the curves, but the real interest rate rises.".

Explanation: If there is a shortage of loanable funds, then: there will be no shifts of the curves, but the real interest rate rises.

this causes as the interest rate rises to equilibrium the amount offered of loanable funds increases and the quantity demanded of loanable funds decreases

7 0
3 years ago
On December 31, 2020, Brisbane Company had 100,000 shares of common stock outstanding and 28,000 shares of 6%, $50 par, cumulati
Shalnov [3]

Answer:

basic earnings per share = $1.14

diluted earnings per share = $1.02

Explanation:

net income = $178,905

preferred stocks = 28,000 x 6% x $50 = $84,000

January 1, 100,000 shares outstanding x 12/12 = 100,000

February 28, purchased -22,000 treasury stocks x 10/12 = -18,333

September 30, sold 5,800 treasury stocks x 3/12 = 1,450

total weighted average stocks = 83,117

diluted stocks = [($48 - $38) / $48] x 48,000 = 10,000

basic earnings per share = (net income - preferred dividends) / weighted average stocks = ($178,905 - $84,000) / 83,117 stocks = $1.14

diluted earnings per share = (net income - preferred dividends) / (weighted average stocks + diluted stocks) = ($178,905 - $84,000) / (83,117 + 10,000 diluted stocks) = $1.02

3 0
3 years ago
Suppose terri has a​ 25% chance of becoming disabled in any given year. if she does become​ disabled, she will earn​ $0. if terr
mash [69]
<span>Expected utility is calculated by multiplying the utility of each possible outcome by its probability and summing the products. So if Terri has a 25% chance of becoming disabled and purchases a policy then her expected utility is: (.25 x $20,000) + (.75 x $80,000) = $5,000 + $60,000 = $65,000. On the other hand, if Terri does not purchase a policy then her expected utility is (.25 x $0) + (.75 x $80,000) = $0 + $60,000 = $60,000.</span>
5 0
3 years ago
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