Answer:
c) $210
Explanation:
Revenue is recognized in the year in which it is intended to finance an activity.
The Cash collected During 2014 relating to licences will be used to finance the salaries for the inspectors during 2014 and cash collected during 2014 = $210 (30+180)
Answer and Explanation:
The journal entries are shown below:
1 Equipment $53,420
To Cash $53,420
(Being the equipment is purchased for cash is recorded)
The computation is given below:
= Cash price of machine + sales tax + shipping cost + insurance during shipping + installation and testing cost
= $49,500 + $3,650 + $100 + $60 + $110
= $53,420
2. Depreciation expense $9,614
To Accumulated Depreciation - Equipment $9,614
(Being the depreciation expense is recorded)
The computation is shown below:
= ($53,420 - $5,350) ÷ ( 5 years)
= $9,614
Answer:
$4,332.89
Explanation:
The adjusted reconciled checkbook balance will include:
checkbook balance $2,210.55
+ bank collect note $2,000.00
- fee for collecting the note ($5.00)
+ earned interest $42.33
+ difference in recording a check $400 - $300 = $100
<u> - banking service charge ($14.99) </u>
total = $4,332.89
Answer: Credit Additional Paid in Capital $198
Explanation:
Brett Corporation reissued the Treasury Stock at $29 which was $3 higher than the amount they had repurchased it for.
When stock is sold for a price higher or lower than they are worth, the balance goes to the Additional Paid-in Capital account. If it is sold higher, the balance is Credited to the Additional Paid-in Capital account and if it is sold for lower than it is worth, it is debited.
The Balance here is,
= $3 * 66 resold shares
= $198
This $198 will therefore be credited to the Additional Paid-in Capital account.
Answer:
$110,000
Explanation:
Calculation for How much was stockholders' equity at the end of the year
Beginning balance of stockholders' equity $40,000
Add net income $90,000
Less the dividends paid ($20,000)
Ending stockholders' equity $110,000
Therefore How much was stockholders' equity at the end of the year is $110,000