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marta [7]
3 years ago
6

Coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April. The amount owed is now past-due

. On June 15, Coolidge meets with Ross and convinces Ross to accept $400 cash and a 30-day, 10 percent, $600 note payable to replace the account payable.
Note: Enter debits before credits. Date Jun 15 General Journal Debit / Credit
Business
1 answer:
Keith_Richards [23]3 years ago
4 0

Answer:

Dr Accounts payable   $1000

Cr Cash                                      $400

Cr Notes payable                      $600

Explanation:

The $1000 owed was previously a credit in the accounts payable,since it has now been settled partly in cash and the remainder with notes payable,the accounts payable is debited with $1000.

Besides,the cash account should have witnessed an outflow of $400 and should be credited with $400.

Finally,$600 of the $1000 has been converted into notes payable instead of accounts payable and the notes payable should receive a credit of $600

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In the RST partnership, Ron's capital is $80,000, Stella's is $75,000, and Tiffany's is $50,000. They share income in a 3:2:1 ra
uysha [10]

Answer:

C. Stella, Capital will be debited for $4,000.

Explanation:

As for the provided information, we have,

Out of all the partner's Tiffany is retiring.

Tiffany's capital balance = $50,000

On his retirement he is paid $60,000

Since no goodwill is recorded, the excess amount paid over capital = $60,000 - $50,000 = $10,000, will be debited in remaining partner's ratio.

Ron's share in these $10,000 = $10,000 \times 3/(3+2) = $6,000

Stella's share = $10,000 \times 2/(2+3) = $4,000

Thus, Correct answer is debiting Ron's capital by $6,000 and Stella's capital by $4,000

3 0
3 years ago
What is EPS an idication of?
liberstina [14]
EPS: Earning per share
6 0
3 years ago
A high-ranking manager who advocates the project and uses her or his influence to gain approval of the project is a project
kolbaska11 [484]
Such a person is the PROJECT SPONSOR. A project sponsor is the person with the overall accountability for a project, he has the responsibility to ensure that the project delivers the agreed business benefits. He is usually the one who is responsible for securing the financing and total resources project approval.
4 0
3 years ago
The balance column in a ledger account is: Multiple Choice An account entered on the balance sheet. A column for showing the bal
STALIN [3.7K]

Answer:

A column for showing the balance of the account after each entry is posted.

Explanation:

The balance column in a ledger account would represent the debit and credit columns amount for recording and posting entries and the other column represent the account balance after each entry is passed or recorded

Therefore the above represent the answer

6 0
2 years ago
The Bert Corp. and Ernie, Inc., have both announced IPOs. You place an order for 1,150 shares of each IPO. One of the IPOs is un
Tems11 [23]

Answer:

The Bert Corp. and Ernie, Inc.

The profit expected is:

= $2,875.

Explanation:

a) Data and Calculations:

                           The Bert Corp.    Ernie, Inc.

IPO order placed  1,150 shares      1,150 shares

Underpriced by       $18.00

Overpriced by                                   $6.50

Profited expected    $10,350          -$7,475

Net profit = $2,875 ($10,350 - $7,475)

b) The profit expected is generated from the underpriced stock.  This profit is reduced by the increased cost incurred on the over-priced stock.  Therefore, the net profit is the difference between the profit and the additional cost incurred.

8 0
2 years ago
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