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ioda
2 years ago
7

Victor Cruz contributed $77,000 in cash and land worth $144,000 to open a new business, VC Consulting, in exchange for common st

ock. Which of the following general journal entries will VC Consulting make to record this transaction?A. debit cash 77,000; debit land 144,000; common stock 221,000B. debit common stock 122,000; credit assets 221,000C debit common stock 221,000; credit cash 77,000; credit land 144,000D credit cash and land 221,000; common stock 221,000E debit accounts payable 221,000 common stock 221,000
Business
2 answers:
Tpy6a [65]2 years ago
6 0

Option A is correct

Explanation:

The following entry will be passed by VC Consulting in the books of accounts:

<u>Particulars                Debit                  Credit </u>

Cash                           77000

Land                             144000

To common stock                              221000

Cash account and Land account will be debited in the books of account with an amount of $77000 and $144000 and common stock will be credited with an amount of $221000

Therefore, the option with this will be the correct option.

From the given option, A is the correct one.

Scilla [17]2 years ago
5 0
No
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Calculate working capital and current ratio Firm O has accounts receivable of $31,000, cash of $14,600, property, plant, and equ
Contact [7]

Answer:

Working capital=$59,200

Current ratio= 3 :1

Explanation:

Current ratio = current assets/ current liabilities

Current ratio = 31000+ 14600+432000 =88800

Current liabilities = 22,100+7,500 = 29600

Working capital = Current asset - current liabilities

= 88800  -  29600=59200

Working capital=$59,200

Current ratio = Current asset /current liabilities

                   =  88800 /29600  = 3 :1

Current ratio= 3 :1

5 0
3 years ago
g The process of gathering information and forecasting relevant trends, competitive actions, and circumstances that will affect
wariber [46]

Answer:

C. environmental scanning

Explanation:

Environmental scanning is a management strategy that focuses on systematically acquiring informations about occasions, trends, events or patterns through surveys and analysis of these information in an organisation's external and internal environment.

Basically, the informations acquired through environmental scanning are used by the executive (top) management in strategically planning the organisation's future and exploitation of available opportunities for the success of the organization.

Furthermore, the internal environmental scanning offers an organization strength and weakness while the external environmental scanning provides information about opportunities and threats.

On the other hand, the external environmental scanning gives an overview of the opportunities in the market as well as potential threats to an organization.

In conclusion, environmental scanning is a process which typically deals with gathering external and internal informations, forecasting relevant trends to an organization, competitive actions, and circumstances that will affect business operations in geographic areas of potential interest to an organization.

5 0
2 years ago
Blue Spruce Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 2% of accounts receivab
dedylja [7]

Answer:

The adjusting journal entry would be:

Debit: Bad debts expense $5,317

Credit: Allowance for Doubtful Accounts $5,317

Explanation:

Debit: Bad debts expense $5,317

Credit: Allowance for Doubtful Accounts $5,317

Explanation of the entry:

Allowance for doubtful debts at the end of the year = $402,000 × 2% = $8,040

Credit balance at the start = $2,723

Allowance for doubtful accounts = $8,040 - $2,723 = $5,317

The Allowance for Doubtful Accounts presently has a credit balance of $2,723 and allowance for doubtful debt at the end of year is $8,040, you need to enter an additional credit amount of $5,317 into the Allowance for Doubtful Accounts. The other part of this adjusting entry will be a debit of $5,317 to Bad Debts Expense.

6 0
2 years ago
Consider a risky portfolio. The end-of-year cash flow derived from the portfolio will be either $70,000 or $200,000 with equal p
astra-53 [7]

Answer:

$118,421

Explanation:

first we must calculate the expected value of the risky portfolio = ($70,000 x 0.5) + ($200,000 x 0.5) = $135,000

since your risk premium is 8% and the risk free rate is 6%m then you should discount the expected value by 8% + 6% = 14% to determine its current market price

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7 0
3 years ago
Adirondack Marketing Inc. manufactures two products, A and B. Presently, the company uses a single plantwide factory overhead ra
Eddi Din [679]

The factory overhead allocated per unit of Product A in the Painting Department is $ .

Given,

                             Overhead       Total direct       DLH per product

                                                    Labour Hours           A          B

Painting dept.       $241000        10500                       8          11

Finishing dept.      $69700         10500                       5           6

Totals                     $311400        21000                       13         17

Single overhead rate per hour = total overheads/ total labor hours

Now, substituting the values in the formula

Single overhead rate per hour = 311400/21000

                                                   = $14.83 per labor hour

Now, direct labor hours for product A for the Painting department  = 16 hours

Overhead rate per unit of product A in the painting department = 16 hours × $14.83 per hour

Overhead rate = $237.28 per unit

Thus, Adirondak Marketing Inc. would allocate $237.28 to the painting department for 1 unit of Product A.

Learn more about factory overhead:

brainly.com/question/26082424

#SPJ1

8 0
2 years ago
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