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3 years ago

6

On May 25, Tyler, Inc. issues 100 shares of $10 par value preferred stock for $5,000 cash. The entry to record this transaction

would include a (debit/credit) ________ to the preferred stock account in the amount of _______.

1 answer:

Gennadij [26K]3 years ago

6 0

Basically I don’t know the answer but it wants me to put something

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A firm purchased goods on January 27 with a purchase price of $1,000 and credit terms of 2/10 net 30 EOM. The firm paid for thes

alexira [117]

Answer:

$1,000

Explanation:

the journal entry to record the purchase of the goods should be:

January 27, merchandise purchased on account, credit terms 2/10, n/30

Dr Merchandise inventory 1,000

Cr Accounts payable 1,000

the journal entry to record the payment of the invoice 13 days later should be:

Dr Accounts payable 1,000

Cr Cash 1,000

since the discount period is over, the invoice should be paid at full amount

5 0

3 years ago

These financial statement items are for Snyder Corporation at year-end, July 31, 2017. Salaries and wages payable $2,580 Salarie

tatiyna

Answer:

Net loss = (6,700)

Explanation:

According to the scenario, computation of the given data are as follow:-

Income Statement

Particular Amount ($)

Revenue from Service 62,100

Revenue from Rent 8,500

Less-Salaries and wages expenses (50,700)

Less-Utilities expenses (22,600)

Less-Depreciation expenses (4,000)

Net loss (6,700)

6 0

3 years ago

fetzer company declared a $0.55 per share cash dividend. the company has 480,000 shares authorized, 456,000 shares issued, and 1

Svetllana [295]

Debit Retained Earnings $250,800; credit Common Dividends Payable $250,800

<h3>What is a dividend?</h3>

A dividend is the distribution of profits to shareholders by a corporation. When a corporation makes a profit or has a surplus, it has the option of paying a portion of that profit as a dividend to its shareholders. Any money that is left over is taken out and put back into the business.

The total dividend is divided by the number of outstanding shares to determine the dividend per share.

A corporation may choose to disperse a portion of its income in one of four different ways. Your monthly brokerage statement may include information about dividends paid on CASH, STOCK, HYBRID, or PROPERTY investments.

Shares issued= 456,000

Per share cash dividend = $0.55

Dividends Payable = 456,000 x $0.55 = $250,800

Debit Retained Earnings $250,800, credit Common Dividends Payable $250,800

To know more about dividends, visit:

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4 0

1 year ago

Elaina and Allen just purchased a home using a deed of trust. Which of the following is most likely true about their home loan

kozerog [31]

Elaina and Allen just purchased a home using a deed of trust: A trustee will keep the title in its most basic form until the debt is paid off. This is further explained below.

<h3>What is a deed of trust?</h3>

Generally, From the perspective of the lender, a deed of trust offers a significant advantage over a mortgage in a number of important respects. In the event that the borrower fails to make their required payments on the loan, the trustee has the authority to use their right to foreclose on the property on behalf of the beneficiary.

In conclusion, A deed of trust was used in the recent purchase of a property by Elaina and Allen. Until the mortgage debt is completely paid off, a trustee will retain the title in its simplest form.

Read more about the deed of trust

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3 0

2 years ago

Chez Fred Bakery estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2

notsponge [240]

Answer:

The balance of accounts receivable on January 1, 2018 is $31,180.

Explanation:

The following are given in the question:

Percentage of allowance for uncollectible accounts = 3%

Credit sales = $125,000

Collections = $131,000

Amount written off = $180

Therefore, we have:

Account receivable on 31 December 2018 * 3% = $750

Account receivable on 31 December 2018 = $750 / 3% = $25,000

Accounts receivable on 01 January 2018 = Account receivable on 31 December 2018 - Credit sales + Collections + Amount written off = $25,000 - $125,000 + $131,000 + $180 = $31,180

Therefore, the balance of accounts receivable on January 1, 2018 is $31,180.

8 0

3 years ago