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Sliva [168]
3 years ago
15

Presented below is information related to Lexington Real Estate Agency.

Business
1 answer:
Ber [7]3 years ago
3 0

Answer:

Oct 1

DR Cash............................................................................$20,000

CR Common Stock.........................................................................$20,000

Oct 2. No entry required

Oct 3

DR Office Furniture .....................................................$2,300

CR Accounts Payable................................................................$2,300

Oct 6

DR Accounts Receivable.............................................$3,600

CR Service Revenue - Realty services...................................$3,600

Oct 27

DR Accounts Payable ..................................................$850

CR Cash .......................................................................................$850

Oct 30

DR Salaries Expense ....................................................$2,500

CR Cash ..........................................................................................$2,500

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The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entri
zvonat [6]

Answer:

e. $104,000.

Explanation:

The computation of the ending capital balance is shown below:

As we know that

Ending capital balance = Opening capital balance + net income - withdrawn amount

where,

Opening capital balance = $64,000

Net income is

= Revenues - expenses

= $100,000 - $48,000

= $52,000

And, the withdrawn amount is $12,000

So, the ending capital balance i s

= $64,000 + $52,000 - $12,000

= $104,000

8 0
3 years ago
Now suppose that the supply of new homes put on the market​ dropped, but price still stayed the same at​ $200,000. this could on
GenaCL600 [577]

If demand also dropped.

If supply goes down and demand goes up, the price would rise.

If supply goes down and demand stays the same, the price would still rise.

5 0
3 years ago
In year 1, X Company recognized an impairment loss on the trade name for its beverage product, reducing the carrying value from
ziro4ka [17]

Answer:

The value of the intangible will remain at $350,000

Explanation:

The reason is that the International Accounting Standard IAS-36 says that once the impairment is recognized for the intangible assets it can not be reversed which means that the amount reported would be $350,000. The reason is that it is very rare that the asset gain its value and specially those which are intangible assets. Most of the management in the 1990s-2000 tried to recognize a gain on impairment which was unjustifiable to increase their profits for the period so the standard specifically didn't permitted gain on a previously impaired asset.

6 0
3 years ago
Match the career with the education that the job requires.
natita [175]

I am figuring this question out for you! one moment please

Explanation:

8 0
3 years ago
We have acquired new furniture for the office. The invoice for $6,000 offers two ways to pay: we can pay the entire amount by Se
Drupady [299]

Answer:

6.12%

Explanation:

Calculation for How does our decision depend on the interest rate at which we can invest our funds

Present value = 6000-3060

Present value = 2940

Future value = Present value+Present Value*Numver of month* Rate of interest/ 100

3000 = 2940+2940*4/12*R/100

60 = 2940*4/12*R/100

60*12/4 = 2940*R/100

180 = 2940*R/100

180/2940 = R/100

0.061224 = R/100

Rate = 6.1224

Therefore How does our decision depend on the interest rate at which we can invest our funds is 6.1224

5 0
3 years ago
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