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3 years ago

Mary Andrews, Inc. had the following transactions:

Business

1 answer:

katrin [286]3 years ago

3 0

Answer:

$522,000

Explanation:

Given;

Cash proceeds on sale of land = $430,000

Cash proceeds on sale of equipment = $140,000

Purchase of treasury stock with cash = $53,000

Purchase of equipment with cash = $48,000

Issuance of common stock for cash = $70,000

To find the net cash provided by investing, the investing activities in the information given are; Cash proceeds on sale of land, Cash proceeds on sale of equipment, and Purchase of equipment with cash.

Purchase of treasury stock with cash and Issuance of common stock for cash are financing activities.

Net cash provided by investing activities = $430,000 + $140,000 - $48,000

= $522,000

The correct answer is $522,000 which is not a part of the options given.

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Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the

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Answer:

The adjusting entry on 31st July will be;

Salaries Expense (Dr.) $480

Salaries Payable (Cr.) $480

Explanation:

Molly Mocha hires one student who works for 5 days and is paid on Monday. The student who has started working on 28th July Monday then he has worked till 1st August Friday. The adjusting entry need to be made on Thursday 31st July. The student is paid $120 per day so for 4 days of working it will be $120 * 4 days till 31st July. Since Molly Mocha pays salaries on following Monday it should record salaries expense as debit and salaries payable as credit in its accounts.

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3 years ago

Which of these is an example of a good with elastic supply?

DerKrebs [107]

Answer:

sandwiches

Explanation:

supplier has plenty of spare capacity to increase output

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easy of factor substitution is high

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3 years ago

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Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its

ololo11 [35]

Answer:

Allocated MOH= $165,240

Explanation:

Giving the following information:

Estimated manufacturing overhead $157,750

Estimated machine-hours 4,640

Actual manufacturing overhead $157,400

Actual machine-hours 4,860

First, we need to calculate the predetermined manufacturing overhead rate:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 157,750/4,640= $34 per machine hour

Now, we can calculate the allocated overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 34*4,860= $165,240

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2 years ago

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Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,800 units (solar panels) in July a

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Answer and Explanation:

The preparation of the factory overhead budget for August month is shown below:

Total budgeted direct labor $286,000

(5,500 × 4 hours × $13)

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Budgeted overhead $200,200 ($286,000 × 70%)

Add: Fixed overhead $179,000

Budgeted total factory overhead $379,200

Hence, the budgeted total factory overhead is $379,200

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3 years ago

"An investor buys $10,000 of a "regulated" mutual fund investing solely in municipal securities. Which statement is TRUE regardi

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Answer: D. The investor has no tax liability on distributions received, and the investment company has no tax liability on retained income

Explanation:

Municipal Securities are exempt of Federal taxes and this is what makes them most attractive. An investor in a mutual fund which invests solely in municipal securities will therefore not have any tax liability because their returns would be based on securities that are federally tax exempt. The same goes for any income the Mutual fund intends to retain.

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