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KonstantinChe [14]
3 years ago
9

Hart Attorney at Law experienced the follwoing transactions in 2016, the first year of operations:

Business
1 answer:
Korolek [52]3 years ago
6 0

Answer:

I used an excel spreadsheet since there is not enough room here.              

Explanation:

Download pdf
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Supply of a product will tend to be more inelastic when
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On January 2 Kelly company performed $800 worth of services for a client. The client paid $100 immediately, but promised to pay
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$100, $700, $800

Explanation:

Calley Journal entries would include:

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This follows the double entry rule that a credit in one account must correspond to at least one debit in another account.

We debit all asset accounts(receivables,cash) when increased and credit all liabilities account when increased. We credit all income account(revenue) when increased and debit all expenses account when increased.

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Which of the following is NOT Considered personal information?
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Which of the following investors would likely prefer a cash dividend over a stock dividend?
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Answer:

d. Enrique subscribes to the "bird in the hand "theory when it comes to dividends

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Cash that is ready to use is better than having other assets that need to be converted into cash to be enjoyed later. This is the simple explanation of the "bird in the hand" theory. An investor who subscribes to this theory will highly likely prefer a cash dividend over a stock dividend.

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2 years ago
On May 3, 2020, Culver Company consigned 60 freezers, costing $470 each, to Remmers Company. The cost of shipping the freezers a
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Answer:

a) Valuation of Ending Inventory

The total cost of consignment = $28980

Cost of Freezers= 60 freezers *$470= $28200

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Per unit Cost of Consignment= $28980 / 60= $ 483

The inventory value of the units unsold in the hands of the consignee

= (60 units - 30 units )* 483= $ 14490

b) Profit for the Consignor

Sales 30 units at $800                                      $24000

<u>CGS 30 units at 483                                         14490 </u>

<u>Gross Profit                                                         9510 </u>

Less

Advertising $200

Total installation costs $350

<u>Commision 6% of 24000= $ 1440                     1990 </u>

<u>Net Profit                                                           $7520 </u>

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<u>c) Remittance was made of $7520 </u>

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