The journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $90,000.
<h3>
What journal entries?</h3>
- A journal entry is an act of keeping or producing records of any economic or non-economic transaction.
- An accounting journal, which shows a company's debit and credit balances, records transactions.
- The journal entry can be made up of multiple records, each of which is either a debit or a credit.
- Otherwise, the journal entry is termed unbalanced if the sum of the debits does not equal the total of the credits.
So, the journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of cash invested, and the fair market value.
30,000 + 60,000 = $90,000
Therefore, the journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $90,000.
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The complete question:
T. Dole invests cash and land into an existing partnership. The cash invested is $30,000 and the land has a fair market value of $60,000. The journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $ ______.
The daily chart for the Dow shows how fast the stock market can decline when the 'inflating parabolic bubble' pops.
Answer:
$20,460
Explanation:
Data provided as per the question below:-
Common stock = 33,000 shares
Market price per share = $31
Stock dividend percentage = 2%
The computation of stock dividend is shown below:-
Price per share = Common stock × Market price per share
= 33,000 × $31
= $1,023,000
Stock dividend = Price per share × Stock dividend percentage
= $1,023,000 × 2%
= $20,460
Answer:
The correct answers are "collection of individuals
" and "pay no income tax".
Explanation:
A partnership itself does not pay income taxes directly. The partnership files an information return that allows it not to pay the income directly. However, while the partnership itself is not taxed on its income, each partner is taxed on his or her share of the partnership's income.
Have a nice day!
Answer:
Expenses must be close or above $2000 per month
Explanation:
For a business to operate at a profit, its revenues must exceed the expenses by a sizable proposition. Revenues refer to income from business activities, while expenses are the cost incurred in generating that income. Should the costs match or be higher than the revenue, a business will find it challenging to continue operating.
In this case, the business owner is generating revenues of $2000 per month. If he is struggling to stay open, it means the monthly expenses are around or above $2000. The $2000 that the business is generating per month is not sufficient to cater for all expenses and the desired profits. The business owner is probably making losses, and that why he is having trouble keeping the doors open.
