Answer: See explanation
Explanation:
Based on the information that were provided in the question, in a situation whereby the court rules in favor of the property owner, the most likely reason for this will be because the payment of the professor are as consistent just exactly as if they had a landlord-tenant relationship between them even though it was just an oral contract that they both had.
In this case, since the professor met his term of the agreement, then he should be given the property.
Answer:
The debit to the retained earning should be $750,000 for this transaction because that is the market value of the asset to be distributed as dividend.
Explanation:
Property dividend is a form of dividend payout that involves distribution of company`s assets to equity holders as a form of return. These assets can be inventory, marketable securities or investment in a subsidiary.
For this distribution to be formal, it must be approved by the board of directors of the company. After approved and declared, the accounting entries can now be passed.
The accounting entries needed are:
Debit: Retained Earnings with the amount of the asset distributed.
Credit: Dividend Payable with the amount of the asset distributed.
It is important to note that the market value of asset to be distributed should be considered i.e the market value of the asset must be recognized in the book. The difference in book value and market value of the investment will be recognized in respective asset ledger account prior transfer to retained earnings.So that the market value of the investment is recognized on the debit side of retained earnings
In the case of Fitzgerald, $750,000 will be debited to retained earnings since it is the market value of the asset to be distributed.
Answer and Explanation:
1. Relevant F. An accounts receivable aging report used
in credit granting decisions
2. Reliable E. A report checked by 3 different people for
accuracy
3. Complete D. An accounts receivable aging report that
included all customer accounts
4. Timely G. An accounts receivable aging report
was received before the credit manager
had to make a decision whether to
extend customer credit
5. Understandable A. The report was carefully designed so
that the data contained on the report
became information to the reader
6. Verifiable C. The data on a report was checked by
two clerks working independently
7. Accessible B. The manager was working one weekend and needed to find some information about production requests for a certain customer. He was able to find the report on the company’s network.
Answer:
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Explanation:
Answer:
The present worth of the contract at an interest rate of 10% per year is $718,620.
Explanation:
Solution attached below