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nalin [4]
3 years ago
7

Journalize the entries to record the following transactions for Zentric Corporation. Refer to the Chart of Accounts for exact wo

rding of account titles. Jan. 22 Issued for cash 180,000 shares of no-par common stock at $4. Feb. 14 Issued at par value 44,000 shares of preferred 2% stock, $55 par for cash. Aug. 30 Issued for cash 9,000 shares of preferred 2% stock, $55 par at $60.
Business
1 answer:
GREYUIT [131]3 years ago
5 0

Answer:

Jan 22

Dr Cash $720,000

Cr Common stock $720,000

Feb 14

Dr Cash $2,420,000

Cr Preferred stock $2,420,000

30

Dr Cash $540,000

Cr Preferred stock $495,000

Cr Paid in capital in excess of par-Preferred stock $45,000

Explanation:

Preparation of the journal entries

Jan 22

Dr Cash $720,000

Cr Common stock $720,000

(180,000 shares * $4)

Feb 14

Dr Cash $2,420,000

Cr Preferred stock $2,420,000

(44,000 shares * $55)

30

Dr Cash $540,000

(9,000 shares * $60)

Cr Preferred stock $495,000

(9,000 shares * $55)

Cr Paid in capital in excess of par-Preferred stock $45,000

[9,000 shares *($60- $55) ]

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Texarkana Company exchanged equipment that cost $85,000 and has accumulated depreciation of $29,800 and a fair value of $60,000.
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Answer:

$4,800

Explanation:

Data provided in the question:

Cost = $66,000

Accumulated depreciation = $30,000

Book value = Cost - Accumulated depreciation

= $66,000 - $30,000

= $36,000

Now,

Fair value = $48,000 + $12,000

= $60,000

Thus,

Gain = $60,000 - $36,000

= $24,000

Therefore,

Gain to be recognized = $24,000 × [ 12,000 ÷ 60,000 ]

= $4,800

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3 years ago
Lucinda is a self-employed veterinarian in 2019. Her Schedule C net earnings are $86,000 for the year. Calculate the total amoun
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Answer:

$79,421

$12,151.413

Step by Step Explanation:

The self-employment taxable income is 92.35% of net earnings. While the tax rate for self-employment tax liability is 15.3% for year 2019

Schedule C net earnings: $86,000

Self-employment taxable income rate: 92.35%

Self-employment taxable income= 92.35%×86,000

=$79,421

Self-employment taxable income: $79,421

Self-employment tax rate: 15.3%

self-employment tax liability=

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Constructive criticism means:
MrRissso [65]
Feedback with the intention to help by listing reasonable arguements
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When building a new residential development or mall, a national real estate organization typically does not remove many trees, b
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Answer:

The answer is: Corporate environmental responsibility

Explanation:

Corporate Environmental Responsibility (CER) is usually a part of Corporate Social Responsibility (CSR). It deals with environmental aspects of the corporation´s activities or operations such as:

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  • Reduce or eliminate the operations and activities that affect the environment on a negative way.
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In this specific question, the real estate organization is reducing its negative impact on the land by preserving trees.

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The Marchetti Soup Company entered into the following transactions during the month of June:
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Answer:

Explanation:

The journal entries are shown below:

1. Merchandise Inventory A/c Dr $200,000

             To Account payable A/c $200,000

(Being the inventory purchased is recorded)

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                      To Cash A/c $51,000

(Being salaries expenses are paid for cash)

3. Cost of goods sold A/c Dr $142,000

               To Merchandise Inventory $142,000

(Being the merchandise is sold for cost)

Accounts receivable A/c Dr $255,000

                To Sales revenue A/c  $255,00

(Being the merchandise is sold on credit)

4.  Cash A/c Dr $235,000

        To Accounts receivable A/c $235,000

(Being the cash is collected)

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           To Cash A/c 180,000

(Being cash is paid)

3 0
3 years ago
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