Answer:
The anticipated collections for August are $1024800
Explanation:
Based on the past experience part, the cash inflows for August will include 8% of June's sales collection, 20% of July's sales collection and 70% of August's sales collection.
Thus, the anticipated collection for August will be:
- 8% of June' sales = 854000 * 0.08 = 68320
- 20% of July's sales = 1195600 * 0.2 = 239120
- 70% of August sales = 1024800 * 0.7 = 717360
Total anticipated collection-August = 68320 + 239120 + 717360 = $1024800
Answer:
C. Purchase of treasury stock
Explanation:
The purchase of treasury stock results in a change in the stockholder's equity and as such is recognized as a financing activity in the statement of cash flows.
For the other options, amortization expense is a non-cash item and is adjusted for in the net cash flows from operating activities.
Collection of notes receivable is a change in current assets hence it is reported under net cash flows from operating activities.
Sale of equipment is reported under net cash flows from investing activities.
Hence the right option is C. Purchase of treasury stock.
Answer:
The proper adjusting entry on December 31 is, D. Debit Insurance Expense, $4,700; credit Prepaid Insurance, $4,700.
Explanation:
The entry of prepaid insurance made earlier was $8,150 and on December 31, it was calculated that the unexpired amount of insurance was $3,450. So first we will calculate the amount of prepaid insurance which has been expired,
$8,150 - $3,450 = $4,700
To record the expired prepaid insurance, we will first debit prepaid insurance expense with $4,700 and then credit prepaid insurance with $4,700.
Prepaid Insurance is an asset and it will decrease by a credit of $4,700, so that the remaining balance in prepaid insurance account is $3,450 which is the remaining unexpired prepaid insurance.
Answer:
I believe that two different questions have been mixed into one:
Coercive acts:
- B) Set of 4 <u>ACTS</u> passed by Lord North to punish Massachusetts for destroying the tea and refusing to pay for the damage: THEY INCLUDED ADMINISTRATION OF JUSTICE ACT, MASSACHUSETTS GOVERNMENT ACT, PORT BILL AND THE QUARTERING ACT
Committees of Correspondence:
- A) colonial extralegal shadow governments that convened to coordinate plans of resistance against the British
Explanation:
Massachusetts was the only colony that elected their own leaders since its charter allowed them more freedom than any other colony. After the Boston Tea Party, the British parliament decided to punish Massachusetts by sending their own governor and establishes severe penalties and laws. In a practical sense, the governor only ruled in Boston because the British were there, but the rest of Massachusetts remained extremely pro-independence and basically ruled itself as it had before.
