Based on the beginning retained earnings balance and the net income as well as dividends, the retained earnings balance will be $1,585,500.
<h3>How much are retained earnings on Dec. 31?</h3>
This can be found as:
= Beginning retained earnings + Net income + dividends paid
Solving gives:
= 1,250,000 + 287,500 + 48,000
= $1,585,500
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Answer:
The journal entry should be:
Dr Investment in Leghorn Corporation XX
Cr Accounts receivable XX
Explanation:
Foghorn Company must record the noncash payment as an asset which should be equal to the amount of money that it generally would have collected from the services provided. Since the payment is done through stocks, it must record that collection as an investing account.
Since transferring stocks usually takes a couple of days at least, the original journal entry should have recorded a debit to accounts receivable and a credit to service revenue.
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It is a graph that shows the relationship between the quantity demanded of a commodity at different prices over a given period of time. It is observed that the demand curve slopes downward from left to right. It shows it has a negative slope which implies that consumers purchase more of commodity at lower prices than at higher prices.
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