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podryga [215]
2 years ago
5

At the end of year 8, Shore Co. held trading securities that cost $17,500 and which had a year-end market value of $19,000. All

of these securities were sold during year 9 for $22,000. For the year ended on December 31, year 8, Shore should report a gain of
Business
1 answer:
ArbitrLikvidat [17]2 years ago
3 0

Answer:

$1,500

Explanation:

Calculation to determine what Shore should report as a gain

Using this formula

Unrealized gain=Market value-Trading securities value

Let plug in the formula

Unrealized gain=$19,000-$17,500

Unrealized gain=$1,500

Therefore Shore should report a gain of $1,500

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If jjones withdraws 50000 from her personal account and deposits cash into a business account how to know 2hich accts to put in
Lina20 [59]

Answer:

The actions to write in the ledger are two.

Explanation:

When Jones withdraws from his personal account he is making a debit action, which indicates that this asset is decreasing and when that money is deposited to a commercial account he is making a credit action, which indicates that this asset is growing.

3 0
3 years ago
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers
Alchen [17]

Answer: Please see answer in the expalantion column

Explanation:

To record merchandise sold on account

Date Account Titles and  Explanation        Debit     Credit

Mar 2 Accounts Receivable-Equinox Co $20,000  

                              Sales                                            $20,000.

To record cost of merchandise sold on account

Date Account Titles and  Explanation        Debit     Credit

Mar 2  Cost of Merchandise Sold        $13 150.00  

Merchandise Inventory                                            $13,150.00

To record merchandise sold for cash

Date Account Titles and  Explanation        Debit     Credit

Mar 3     Cash(10,950 + 657)                       $11,607.00

                           Sales                                                  $10,669.00

Sales Tax Payable(10,950 x 6%)                                   $657.00

To record cost of merchandise sold on account

Cost of Merchandise Sold                    $7,100.00  

Merchandise Inventory                                              $7,100.00

To record cost of merchandise sold on account

Date Account Titles and  Explanation        Debit     Credit

Mar 4 Accounts Receivable-Empire Co $51,450.00  

                                           Sales                              $51,450.00

To record cost of merchandise sold on account

  Cost of Merchandise Sold                $35,420.00  

Merchandise Inventory                                            $35,420.00

To record merchandise sold using Master card

Mar 5 Cash(27900 +1,674)                  $29,574

                            Sales                                               $27,900

Sales Tax Payable(27,900 x6%)                                $1,674

To record cost of merchandise sold using Mastercard

Cost of Merchandise Sold $18, 470.00  

Merchandise Inventory                                         $18,470.00

To record receipt of check from Equinox Co

Date Account Titles and  Explanation        Debit     Credit

Mar 12 Cash(20,000-200)                           $18,000 

Cost of merchandise sold (20,000 x 1%)        $ 200

Account Receivable-Equinox Co                                   $20,000

To record cost of merchandise sold using American Express

Date Account Titles and  Explanation        Debit     Credit

Mar 14 Cash                                        $12,380

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To record cost of merchandise sold on account

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        Merchandise Inventory                                       $9,120

To record  merchandise sold on Account

Date Account Titles and  Explanation        Debit     Credit

Mar 16 Accounts Receivable-Targhee Co  $28,500  

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To record cost of merchandise sold on account

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Merchandise Inventory                                                 $14,690

To record credit memo  for returned merchandise

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Mar 18 Sales                                         $4,400.00  

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Merchandise Inventory                                            $2,910.00

To record  merchandise sold on Account

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To record cost of merchandise sold on account

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Merchandise Inventory                                                 $4,630

To record freight charges on behalf of Vista Co

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To record transaction of receipt of check from Targhee Co(

Date Account Titles and  Explanation        Debit     Credit

Mar 26 Cash (24,100 - 241)                       $23,859

Cost of merchandise sold(24,100 x1%)             $241  

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To record transaction of receipt of check from Vista co

Date Account Titles and  Explanation        Debit     Credit

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Account Receivable-Vista Co  $7,400 +55)                   $7,455

To record transaction of receipt of check from Empire Co

Date Account Titles and  Explanation   Debit     Credit

Mar 31 Cash                                       $51,450.00  

Account Receivable- Empire Co                       $51,450.00

To record payment of delivery for mechandise

Date Account Titles and  Explanation   Debit     Credit

Mar 31 Delivery Expenses                    $5,100.00  

             Cash                                                              $5,100.00

To record p[payment of service charges to BANK

Apr 3 Credit card Expenses             $850   

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To record payment of Sales Tax Division

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3 0
3 years ago
On the Budget Challenge Cash Flow Spreadsheet (CFS) (this file is downloadable on the "How to Play" page of the website), what c
stira [4]
Deposit column. You can also state in the comments section that it was interest earned from the checking account.
7 0
3 years ago
Morgan Co. signs a $50,000 noninterest-bearing 5-year note payable for goods purchased from Xelco Industries. The appropriate ra
riadik2000 [5.3K]

Answer:

$31,046

Explanation:

You take the $50,000 and divide it by 1.10^5 = $31,046

5 0
3 years ago
Fernandez Company had an accounts receivable balance of​ $150,000 on December​ 31, Year 2 and​ $175,000 on December​ 31, Year 3.
Mars2501 [29]

Answer:

The amount collected from customers on accounts receivable during year 3 is $535,000.

Explanation:

Cash received from accounts receivable = Opening balance of AR + Credit Sales - Bad debts written off - Closing balance of AR.

  • The opening balance for year 3 account receivables was 150000.
  • Credit Sales = 600000
  • Bad debts = 40000
  • Closing Balance = 175000

We can solve this question either by making a T account for accounts receivable or using the equation given above.

Cash = 150000 + 600000 - 40000 - 175000 = $535000

4 0
3 years ago
Read 2 more answers
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