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3 years ago

Use the starting balance sheet and the list of changes to create an updated balance sheet and to answer the question.

Business

1 answer:

anastassius [24]3 years ago

4 0

Answer: $3,300,000

Explanation:

Accounting formula:

Assets = Equity + Liabilities

Total equity and liabilities on March 31 is:

= Beginning balance - decrease in liabilities + Increase in Equity

= 5,000,000 - 100,000 + 400,000

= $5,300,000

Assets therefore has to be $5,300,000 on the same date.

Assets = New cash balance + Other assets

5,300,000 = (2,200,000 - 200,000) + Other assets

Other assets = 5,300,000 - 2,000,000

= $3,300,000

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Nivan Co. issued $500,000 of 5 percent, 10-year, callable bonds on January 1, Year 1, at their face value. The call premium was

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Answer and Explanation:

The journal entries are shown below:

On Jan 1

Cash $500,000

To Bond Payable $500,000

(Being the issuance of the bond is recorded)

On Dec 31

Bond Payable $500,000

Loss on redemption $15,000 ($500,000 × 3%)

To Cash ($500,000 × 103%) $515,000

(Being the redemption of the bond is recorded and the remaining balance or we can say balancing figure is debited to loss on redemption)

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3 years ago

Suppose the price of Twinkies decreases from $1.45 to $1.25 and, as a result, the quantity of Twinkies demanded increases from 2

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It’s b 1.55
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What is not considered a characteristic of the money supply in the United States?

bonufazy [111]

The monetary supply in the United States is based on fiat money which means that it is not true that A) America's fiat money is currently backed by gold deposits at the Federal Reserve.

The American dollar is a fiat currency which means that it is not backed by any sort of mineral deposits be it gold or silver. The gold deposits at the federal reserves are therefore not used to back the dollar.

The dollar is instead backed by the U.S. government and its policies which aim to keep the American economy stable.

The other options are wrong because:

It is true that the USD being legal tender means it can be used to pay for debt.
It is also true that the demand for money increases based on the volume of transactions in the economy.

In conclusion, the U.S. Dollar is not backed by the gold deposits in the Federal reserve but rather by the American government itself.

Find out more at brainly.com/question/2222040.

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2 years ago

49. Marcy Company declared a 100% common stock dividend on January 1, 2005, when the market price of the stock was $7.50. The en

expeople1 [14]

Answer:

C) credit Contributed Capital in excess of par, Common Stock, $25,000

Explanation:

Missing word "Preferred Stock - 6% cumulative, $20 par value, 10,000 shares authorized, 5,000 shares issued and outstanding . .$100,000. Contributed Capital in excess of par value, Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000. Common Stock, $5 par value, 20,000 shares authorized, 10,000 shares issued and outstanding. . . . . . . . . . . . . . . . . 50,000. Contributed Capital in excess of par value, Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450,000. Total Contributed Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 850,000. Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150,000. Total Stockholders' Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,000,000"

The journal entry to record the stock dividend will be:

Date Account Titles Debit Credit

Retained earnings $75,000

(10000*7.50*100%)

Common stock dividends distributable $50,000

(10000*100%*$5)

Contributed Capital in excess of par value, $25,000

Common Stock (10000*100%*(7.5-5))

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3 years ago