I need the answer for this

The May transactions of Bramble Corp. were as follows:

svlad2 [7]

Answer and Explanation:

The journal entries are given below:

On May 4

Account payable $610

To cash $610

(To record the cash paid)

On May 7

Account receivable $6,840

To service revenue $6,840

(To record the service on account)

On May 8

Supplies $870

To Account payable $870

(To record supplies purchased on account)

On May 9

Equipment $1,930

To cash $1,930

(To record the equipment purchase)

On May 17

Salary expense $700

To cash $700

(To record the salaries expense)

On May 22

Repair expense $800

To Account payable $800

(To record the received bill for repairing of an equipment)

On May 29

Prepaid rent $1,280

To cash $1,280

(To record the cash paid)

4 0

3 years ago

In computing depreciation, salvage value isa. the fair market value of a plant asset on the date of acquisition.b. subtracted fr

kirill115 [55]

Answer:

c. an estimate of a plant asset's value at the end of its useful life

Explanation:

The salvage value or the residual value is the estimated value of the fixed asset which can be received at the end of its useful life. So, neither it is a fair market value of a plant asset , nor it is deducted from the accumulated depreciation.

The treatment of the residual value under the straight-line method or any other method is shown below:

The depreciation expense under the straight-line method is shown below:

= (Original cost - residual value) ÷ estimated life in years

The residual value should always be deducted from the original cost of fixed asset

5 0

3 years ago

Firm X is being acquired by Firm Y for $35,000 worth of Firm Y stock. The incremental value of the acquisition is $2,500. Firm X

UkoKoshka [18]

Answer:

$34,789

Explanation:

Worth of stocks = $35,000

Incremental value of the acquisition = $2,500

Stock outstanding of Firm X = 2,000

Price per share of Firm X = $16

Stock outstanding of Firm Y = 1,200

Price per share of Firm Y = $40

Now,

Number of shares issued = 35,000 ÷ 40

or

= 875 shares

Value after merger = (Value of Stock x + Value of Stock Y + Synergy)

= (1200 × 40) + (2000 × 16) + 2500

or

= $82,500

Number of Stock Outstanding after merger = ( 1,200 + 875 )

= 2,075

Thus,

Value per share after merger = $82500 ÷ 2,075

= 39.759

Therefore,

Actual cost of acquisition

= Value per share after merger × Number of shares issued

= 875 × $39.759

= $34,789

5 0

3 years ago

The Retreat (Scenario)

Genrish500 [490]

Answer:

<em>d. adjourning </em>

Explanation:

A group's <em>disbanding is called the adjourning phase</em>. The adjournment stage, created by Bruce Tuckman in 1977, is the fifth and final phase of group creation that takes place whenever a team concludes its work and then dissolves.

At around this point, it is crucial that team members get sufficient resolution and appreciation for the work they've done.

Remember that not all groups are going through a period of adjournment. If the team remains together for future projects, the adjournment stage of group growth would not go through.

5 0

3 years ago

Great Adventures obtains a $30,000 low-interest loan for the company from the city council, which has recently passed an initiat

Tju [1.3M]

Answer:

The journal entry at the time when great adventures obtains the $30,000 loan is:

Account Title Debit Credit

Cash 30,000

Notes Payable 30,000

The interest accrued at the end of each month would be:

30,000 * 6% = 1,800/12 = $ 150

Interest entry would be made at the end of each month to record the interest expense.

7 0

3 years ago