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3 years ago

Journalize the entries to record the following.

Business

1 answer:

vredina [299]3 years ago

4 0

Answer:

Explanation:

The journal entries are shown below:

1. Petty cash A/c $1,100

To Cash A/c $1, 100

(Being the petty cash fund is established)

2. Office supplies A/c Dr $614

Miscellaneous selling expense A/c Dr $200

Miscellaneous administrative expense A/c Dr $145

Cash short and over A/c $26

To Petty cash A/c $985

(Being the expenses are recorded)

The Cash short and over is computed below:

= $1,100 - $115- $614 - $200 - $145

= $26

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The opportunity cost of going to college for a student receiving a scholarship A. is zero because she does not have to pay tuiti

krek1111 [17]

Answer:

C. is the income that she would have earned if she did not go to college.

Explanation:

Opportunity cost is the gain to a person that is foregone by selecting one option over all other options available to himself.

Since in the question, it is mentioned that the opportunity cost for students earning a scholarship go to college

So according to the given scenario, the option c is correct

Hence, all the other options are incorrect

8 0

3 years ago

Montana Co. has determined its year-end inventory on a FIFO basis to be $630,000. Information pertaining to that inventory is as

Savatey [412]

Answer:

reported value of Montana’s inventory is $566000

Explanation:

given data

Cost as per FIFO = $630,000

Selling price = $ 600,000

Costs to sell = 34,000

Replacement cost = 541,000

to find out

What should be the reported value of Montana’s inventory

solution

we get here Net Realizable value

Net Realizable value NRV = Selling price - costs to sell

NRV = 600,000 - 34,000

NRV = $566000

we know Inventory should be reported at lower of Cost or NRV

so here Replacement cost is lower than NRV

but lowest that can be reported is lower of NRV & Cost

so that floor is the NRV $566000

so reported value of Montana’s inventory is $566000

5 0

3 years ago

Suppose that Sam, an economist from a research institute in Texas, and Teresa, an economist from a public television program, ar

Anuta_ua [19.1K]

Answer:

The correct answer is letter "B": differences in perception versus reality.

Explanation:

In the discussion, it is clear to see that Sam believes it is unfair to tax "responsible" people so others can benefit from the money collected. Whereas Teresa believes that providing part of those funds to promote health care programs is fair. The different points of view reflect a difference in perception over reality mostly in Sam's cases since not only "responsible" people are taxed. Everybody with revenue is. Even people who eventually benefit from social programs pay taxes too.

8 0

3 years ago

Harper Company lends Hewell Company $40,000 on March 1, accepting a four-month, 6% interest note. Harper Company prepares financ

igor_vitrenko [27]

Answer:

Option (c) is correct.

Explanation:

Given that,

Harper Company lends Hewell Company = $40,000

on March 1,

Accepting a four-month, 6% interest note.

The adjusting entry by the company would be related to interest for 1 month in the month of march:

Interest accrued would be:

$=Lending\ amount\times\ interest\ rate\times time\ period$

$=40,000\times 0.06\times \frac{1}{12}$

= $200

Therefore entry for interest receivable would be:

Interest Receivable A/c Dr. $200

To Interest revenue $200

7 0

3 years ago

McCaffrey Corporation owned 15,000 shares of Harper Corporation’s $5 par value common stock. These shares were purchased in 2015

Alinara [238K]

Answer:

Net reduction in retained earning = (304,267)

Explanation:

No. Of shares outstanding of McCaffrey = 280,000 shares

No. Of shares issued as property Dividend = 280,000/20×1 = 14,000 shares.

Market price of shares issued as property Dividend = 14000× 34 = $476,000

Cost of 14000 shares of Harper corporation = $ 326,000/15000×14000= $ 304,267

Net gain = 476,000- 304267 = $171,733

Property Dividend = $ 476,000

So, net reduction in retained earning = 171,733- 476,000 = (304,267)

Note:

Due to gain on issue of shares as property Dividend , retained earning increases . Because these shares are issued at more than they actually purchased.

Due to issue of shares as property Dividend , retained earning decrease because property divided decreases is declared from retained earning .

8 0

3 years ago