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NemiM [27]
3 years ago
9

Concord Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at

a cost of $1,024,100. At December 31, 2020, the raw materials to be purchased have a market value of $978,600. In 2021, Concord paid $1,024,100 to obtain the raw materials which were worth $978,600. Prepare the entry to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Business
1 answer:
Alika [10]3 years ago
5 0

Answer:

Explanation:

The journal entry is shown below:

Unrealized holding gain or loss A/c Dr $45,500

        To Estimated liability on purchase commitments A/c $45,500

(Being the unrealized gain or loss is recorded)

The computation of the unrealized gain or loss is shown below:

= Purchase price of raw material - market value

= $1,024,100 -  $978,600

= $45,500

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Nyeil is a consumer products firm that is growing at a constant rate of 6.5 percent. The firm’s last dividend was R3.36. If the
OleMash [197]

Answer:

31.12

Explanation:

Given that,

Growing at a constant rate = 6.5%

Firm’s last dividend, R = 3.36

Required rate of return = 18%

Expected dividend next year = 3.36 × (1 + 6.5%)

                                                 = 3.5784

Market value of stock:

= Expected dividend next year ÷ ( required return - growth rate)

= 3.5784 ÷ (0.18-0.065)

= 31.11652

= 31.12

3 0
3 years ago
You expect to receive $9,300 three years from today. You also expect to receive $13,100 five years from today. When you receive
Blizzard [7]

Answer:

around 70k-80k

Explanation:

5 0
3 years ago
Ordering a mocha latte and paying for it from the starbucks smartphone app is using what type of internet commerce?
FromTheMoon [43]
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7 0
3 years ago
The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31, 2010, its
REY [17]

Answer:

Dylan Delivery Company

1. 10-Column Worksheet (see attachment)

2. Closing Journal Entries at December 31, 2010:

Date  Description                        Debit         Credit  

Depreciation expense - Truck    80,000  

Salaries Expense                         111,000  

Office supplies expense             18,000  

Repairs expense- trucks             15,000

Income Summary                                          224,000

To close expenses to the Income Summary.

Date  Description                        Debit         Credit

Income Summary                      263,000

Delivery fees                                                263,000

To close revenue to the Income Summary.

Date  Description                       Debit         Credit

Net Income                                39,000

Retained Earnings                                        39,000

To close the net income to retained earnings.

2b) Capital to be reported on balance sheet as at December 31, 2010:

S. Dylan Capital                 $307,000

Retained Earnings                39,000

S. Dylan withdrawals           (34,000)

Net Capital                        $312,000

Explanation:

a) A 10-column worksheet is a tool used by accountants to close the temporary accounts, after necessary adjustments, and then extract a balance sheet.  It comprises two columns (debit and credit) for each of the following: Unadjusted Trial Balance, Adjusting Entries, Adjusted Trial Balance, Income Statement, and Balance Sheet.

b) A closing entry is a journal entry that is made at the end of an accounting period to transfer balances from a temporary account to a permanent account.  The four basic steps in the closing process are: Closing the revenue accounts—transferring the credit balances in the revenue accounts to a clearing account called Income Summary. Closing the expense accounts—transferring the debit balances in the expense accounts to a clearing account called Income Summary.  Extracting a balance between the revenue accounts and the expense accounts, called the net income or loss.  Closing the net income or loss to the Retained Earnings.

Download xlsx
5 0
3 years ago
Demonstrate how workplace discrimination undermines organizational effectiveness.
snow_lady [41]

Answer:

Workplace discrimination prevents the firm from using the full potential of those employees that are being discriminated against.

Explanation:

For example, if the firm discriminates against a specific group of people when hiring (for example, it can discriminate against older people), the firm could lose valuable potential employees that could have provided great skill and experience for the firm.

If the firm practices discrimination against employees, the operation in the company will not be as streamlined as it could be against discrimination because those who are being treated poorly will be less motivated and have lesser output.

6 0
3 years ago
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