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Anna [14]
3 years ago
11

La-Z Days Motels, Inc., and Beds R Us Corporation enter into a contract that does not specify the payment terms. Payment may be

made in Group of answer choices any commercially normal or acceptable means cash or check only any commercially normal or acceptable means except credit card cash only
Business
1 answer:
s2008m [1.1K]3 years ago
5 0
I don’t know please be specific sorry
You might be interested in
Which federal law allows an insurer to obtain an inspection report on a potential insured?
Gelneren [198K]

<span>The federal law that allows an insurer to obtain an inspection report on a potential insured is the Fair Credit Reporting Act.</span>

This is a United States Federal Government legislation enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies.

4 0
3 years ago
The stockholders' equity section of Sheridan Company balance sheet at December 31, 2019, appears below:
dimulka [17.4K]

Answer:

Sheridan Company

1. Journal Entries:

Jan. 18 Debit Cash $1,920,000

Credit Common stock $800,000

Credit Paid-in capital in excess of par $1,120,000

To record the issuance of 80,000 shares of common stock at $24 per share.

Aug. 20 Debit Treasury stock $260,000

Debit Paid-in capital in excess of par $416,000

Credit Cash $676,000

To record the repurchase of 26,000 shares of Sheridan Company common stock at $26 per share to be held in the treasury.

Nov. 5 Debit Cash $1,600,000

Credit Common stock $500,000

Credit Paid-in capital in excess of par$1,100,000

To record the issuance of 50,000 shares of common stock at $32 per share.

2. Stockholders' Equity Section of Sheridan Company

Balance Sheet at December 31, 2019:

Paid-in capital

Common stock, $10 par value, 410,000 shares authorized;

330,000 issued and outstanding     $4,600,000

Paid-in capital in excess of par           3,054,000

Treasury stock                                      (260,000)

Total paid-in capital                             7,394,000

Retained earnings                                 900,000

Total stockholders' equity               $8,284,000

Explanation:

a) Data and Calculations:

Stockholders' Equity Section of Sheridan Company

Balance Sheet at December 31, 2019:

Paid-in capital

Common stock, $10 par value, 410,000 shares authorized;

330,000 issued and outstanding     $3,300,000

Paid-in capital in excess of par            1,250,000

Total paid-in capital                             4,550,000

Retained earnings                                  800,000

Total stockholders' equity                $5,350,000

b) Transaction Analysis:

Jan. 18 Cash $1,920,000 Common stock $800,000 Paid-in capital in excess of par $1,120,000

Aug. 20 Treasury stock $260,000 Paid-in capital in excess of par $416,000 Cash $676,000

Nov. 5 Cash $1,600,000 Common stock $500,000 Paid-in capital in excess of par$1,100,000

Common stock:

Dec. 31, 2019:  330,000 issued and outstanding     $3,300,000

Jan. 18, 2020:    80,000 issued of new shares             800,000

Nov. 5, 2020:    50,000 issued of additional shares    500,000

Dec. 31, 2020: 460,000 issued and outstanding    $4,600,000

Paid-in capital in excess of par

December 31, 2019            $ 1,250,000

Jan. 18 issue                           1,120,000

Aug. 20 treasury stock           (416,000)

Nov. 5 issue of new shares  1,100,000

December 31, 2020          $3,054,000

Retained Earnings:

December 31, 2019    $800,000

Net income for 2020    100,000

December 31, 2020  $900,000

6 0
2 years ago
If a company purchases plastic that they will melt and form into milk jugs that they will then sell to milk plants, the cost of
Alinara [238K]

Answer:

D : cost of goods sold

Explanation:

The plastic are used to build the milk jugs that are used to sell milk . So  the cost of them is part of the goods sold since withouth the sell of the milk , the jugs won't exist

6 0
3 years ago
True or false: Merchandise inventory is generally converted to cash more quickly than accounts receivable.
Makovka662 [10]

Answer:

False

Explanation:

Merchandise inventory is the stock that company have to kept in its godown while the account receivable is that when company sold the goods on credit basis to the customer

So here the company could received the payment within 12 months it can be in within month also

So the given statement is false

3 0
2 years ago
On November 4, 2018, Blue Company acquired an asset (27.5-year residential real property) for $200,000 for use in its business.
sleet_krkn [62]

Answer:

A. $191,818

B. $303

C. Loss; $11,515

Explanation:

A. Calculation to determine what The adjusted basis of the asset at the end of 2019 is

Cost of asset $200,000

Less Greater of allowed and allowable cost recovery:

2018 $910

2019 $7,272 ($8,182)

($910+$7,272=$81,82)

Adjusted basis of the asset at the end of 2019 $191,818

($200,000-$8,182)

Therefore the Adjusted basis of the asset at the end of 2019 will be $191,818

B. Calculation to determine what The cost recovery deduction for 2020 is

Cost recovery deduction for 2020= ($200,000 x .03636 x 0.5 / 12)

Cost recovery deduction for 2020=$303

Therefore The Cost recovery deduction for 2020 is $303

C. Calculation to determine what The____on the sale of the asset in 2020 is

Based on the information given we would be using 0.3636 as the percentage for 27.5-year assets.

Cost of asset $200,000

Less Greater of allowed and allowable cost recovery:

2018 $910

2019 $7,272 ($8,182)

($910+$7,272=$81,82)

Adjusted basis of the asset at the end of 2019 $191,818

($200,000-$8,182)

Less Cost recovery for 2020 $303

($200,000 * .03636 * 0.5 / 12)

Basis on date of sale $191,515

($191,818-$303)

Loss on sale of asset ($11,515)

($180,000 – $191,515)

Therefore The LOSS on the sale of the asset in 2020 is $11,515

6 0
2 years ago
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