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oksian1 [2.3K]
3 years ago
11

Yeloe Corporation sells 400 shares of common stock being held as an investment. The shares were acquired six months ago at a cos

t of $60 a share. Yeloe sold the shares for $40 a share. The entry to record the sale entails a Select one: a. debit to Cash of $16,000, a debit to Loss on Sale of Stock Investments of $8,000, and a credit to Stock Investments of $24,000 b. debit to Cash of $16,000, and a credit to Stock Investments of $16,000 c. debit to Stock Investments of $16,000, a debit to Loss on Sale of Stock Investments of $8,000, and a credit to Cash of $24,000 d. debit to Cash of $24,000, a credit to Gain on Sale of Stock Investments of $8,000, and a credit to Stock Investments of $16,000
Business
1 answer:
guajiro [1.7K]3 years ago
6 0

Answer:

a.

Explanation:

Cash (400*40)              Dr.$16,000

Loss on sale of stock investments (400*40-400*600  Dr.$8,000

Stock Investments  (400*60)                                          Cr.$24,000

As the stock was sold $20 below its purchase price therefore $20*400 will be recorded as loss on investments.The loss on investments and Cash will be debited and investments have decreased therefore credited.

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Brenda conducts brokerage activities and can receive compensation directly from buyers
kykrilka [37]

Answer:

A) Broker

Explanation:

she is a Broker if she recieves compensation directly from either buyers or seller.

moreover, she conducts brokerage activities.

hope it helps .

5 0
3 years ago
As a business customer, every time you buy a product or service, you are creating a record of that transaction. Group of answer
aleksandrvk [35]

Answer:

True

Explanation:

A buisness customer records every transaction to see how the transaction was

6 0
3 years ago
Millburg Corp. uses the periodic inventory method. Millburg's beginning inventory is $10,000. During the year, Millburg purchase
Annette [7]

Answer:  $13,000

Explanation:

Given that,

Beginning inventory = $10,000

Inventory purchased = $8,000

Ending inventory = $5,000

Company uses the periodic inventory method,

Cost of goods sold = Beginning inventory + Inventory purchased - Ending inventory

                                = $10,000 + $8,000 - $5,000

                                = $13,000

6 0
2 years ago
On March 31, 2018, Susquehanna Insurance purchased an office building for $11,700,000. Based on their relative fair values, one-
irakobra [83]

Answer:

2018:

building:                       296,400

Furniture and fixtures: 270,000

Office Equipment:      <u>  340,000  </u>

Total:                             906,400

Explanation:

<em>11,700,000 1/3 to land:</em>                3,900,000

<em>11,700,000 2/3 to building:</em>         7,800,000

Office Equipment:                  <u>       204,000   </u>

Total:                                           11,904,000

<u>Building depreciation: </u>

(historic cost - salvage value)/useful life

(7,800,000 - 7,800,000 x 5%)/25 = <em>296,400</em>

As this is straight-line depreciation will be constant for both years.

Furniture and fixtures: double-declining

the assets depreciate at a rate double of straight line of the carrying value

carring value: 2/useful life

2018:          1,350,000         x 1/10 x 2 = 270,000

2019: (1,350,000-270,000) x 1/10 x 2 = 216,000

Office Equipment: double-declining

2018:           850,000          x 2/5 =  340,000

2019: (850,000 - 340,000) x 2/5 = 204,000

3 0
2 years ago
Corporate culture is important to have in an organization which jf the following is a readin why corporate culture is important
solniwko [45]

Corporate culture is important as it guides how the workers in a company act and think.

<h3>What is corporate culture?</h3>

It should be noted that corporate culture simply means the behaviors that determine how the employees of a company interact.

In this case, corporate culture is important as it guides how the workers in a company act and think.

Learn more about culture on:

brainly.com/question/25010777

#SPJ1

6 0
2 years ago
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