Answer:
The correct option is A,A. 7,000 = NA + 2,000 - (5,000) NA - NA = NA 7.000 FA
Explanation:
By issuing the treasury stock ,asset,cash to be precise increases by $7000($35*200) which implies a debit to the asset ,hence the $7000 seen on the left hand-side of the equation.
This transaction has no liability impact,as a result liabilities is denoted NA,not applicable.
The par value of the treasury is to be credited to treasury stock with $5,000($25*200).
Lastly the difference between the par value and the issue is credited to paid-in capital from treasury stock i.e($35-$25)*200))=$2000,this is depicted by $2000 in the equation
Answer:
Annual depreaciation 2020= $2,400
Explanation:
Giving the following information:
Purchase price= $12,000
Salvage value= $2,000
Useful life= 5 years
<u>To calculate the depreciation expense under the double-declining balance, we need to use the following formula:</u>
Annual depreciation= 2*[(book value)/estimated life (years)]
2019:
Annual depreaciation= 2*[(12,000 - 2,000) / 5]
Annual depreaciation= 4,000
2020:
Annual depreaciation= 2*[(10,000 - 4,000) / 5]
Annual depreaciation= $2,400
Answer:
The balance of allowance for doubtful accounts is $ 1,880
Explanation:
Computation of balance in Allowance for Bad Debts
Total credit sales $ 47 comma 000
Estimated bad debts as a % of sales 4 %
Balance of Allowance for Doubtful accounts $ 1,880
The balance is based on a % to credit sales basis. The bad debts expense for the year considers the balance in the allowance for doubtful accounts and the accounting entry is an adjustment amount.
Answer:
C)Harvest was notified of the suit.
Explanation:
From the question, we are informed about Grain Farm Inc. that files a suit against Harvest Services. In this case, Before the court can exercise jurisdiction over Harvest, the court must have proof that Harvest was notified of the suit. jurisdiction as regards to law can be explained as the right a case has over a particular subject matter. And all categories of court can exercise this power to adjudicate cases
<em />I think it is C but don't quote me on it.