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3 years ago

7

A firm issued 5,000 shares of $1 par-value common stock, receiving proceeds of $20 per share. The accounting entry for the paid-

in capital in excess of par account is
A) $5,000.
B) $ 95,000.
C) $100,000.
D) $0.

2 answers:

Sedaia [141]3 years ago

8 0

95,000 B
The answer

liraira [26]3 years ago

5 0

Answer:

Correct answer: B. $95,000

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Gilbert Company made an ordinary repair to a delivery truck during 2016 at a cost of $500 and capitalized the repair cost. What

Leto [7]

Answer:

The answer is:

Asset will be overstated

Net income will be overstated

Explanation:

Because of the incorrect capitalization(the process of converting or adding to a firm's asset):

1. Assets are overstated. Assets that shouldn't are added to the entire assets are added. So it's increasing the company's asset whereas it's not.

2. Net income are overstated. Because depreciation too will have to be charged for the asset that wasn't there, therefore, net asset will be overstated.

7 0

3 years ago

Kennedy Company reports the following costs and expenses in May.

mamaluj [8]

Answer:

a. $161,350

b. $398,050

c. $81,140

Explanation:

<u>Total amount of manufacturing overhead</u>

Factory utilities $16,500

Depreciation on factory equipment $12,650

Indirect factory labor $48,900

Indirect materials $70,800

Factory manager's salary $8,000

Property taxes on factory building $2,500

Factory repairs $2,000

Total $161,350

Note : Manufacturing Overheads are Indirect Manufacturing Costs that can not be easily traced to the Product being manufactured.

<u>The total amount of product costs</u>

Direct materials used $157,600

Direct labor $79,100

Manufacturing Overhead $161,350

Total $398,050

Note : Product Costs are Direct Manufacturing Costs that can be easily traced to the Product being manufactured.

<u>The total amount of period costs</u>

Depreciation on delivery trucks $3,800

Sales salaries $48,400

Repairs to office equipment $1,300

Advertising $23,000

Office supplies used $4,640

Total $81,140

Note : All Non Manufacturing Costs are Period Cost. Period Costs are expensed in the Income Statement.

4 0

3 years ago

What percentage of the net income earned in the United States is generated by corporations? A. 28 percent B. 45 percent C. 60 pe

avanturin [10]

Answer would be %60.

7 0

3 years ago

Read 2 more answers

All of the following are examples of capital except: (A) the robot used to help produce your car.(B) a computer used by your pro

tiny-mole [99]

Answer:

E. An uncut diamond that you discover in your backyard.

Explanation:

Generally, the term ‘capital’ refers to any financial resources or assets owned by a business that are useful in furthering development and generating income.

6 0

3 years ago

You are shopping for a new car. You find the perfect vehicle and are now applying for a loan from your local bank. Unfortunately

uranmaximum [27]

The liability faced by the credit agency for its incorrect reporting of your credit history is that your actual damages, plus an additional amount not to exceed $1,000, plus attorney’s fees.

<h3><u>What is liability?</u></h3>

A liability is a debt that a person or business has, typically in the form of money. Through the transmission of economic benefits like money, products, or services, liabilities are eventually satisfied.
Liabilities are items that are listed on the balance sheet's right side and consist of debts including loans, accounts payable, mortgages, deferred income, bonds, warranties, and accumulated expenses.
Assets and liabilities can be compared. Assets are items you own or owe money to; liabilities are things you owe money to or have borrowed.
A liability, in general, is an obligation between two parties that hasn't been fulfilled or paid for.
A financial liability is an obligation in the realm of accounting, but it is more specifically characterized by prior business transactions, events, sales, exchanges of assets, or services.

Under the Fair Credit Reporting Act, your damages are not $5,000 only. It is also not actual damages plus or $3,000 plus the attorney's fees.

Know more about liability with the help of the given link:

brainly.com/question/15006644

#SPJ4

6 0

1 year ago