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butalik [34]
2 years ago
13

Record the following transactions for Summer Consulting. Explanations are not required.

Business
1 answer:
Anvisha [2.4K]2 years ago
8 0

Answer:

Apr. 15

Dr Accounts Receivable—Jones $1,500

Cr Service Revenue $1,500

Apr. 18

Dr Accounts Receivable—Cruise $865

Cr Service Revenue $865

Apr. 25

Dr Cash $750

Cr Accounts Receivable—Jones $750

Apr. 28

Dr Accounts Receivable—Taylor $625

Cr Service Revenue $625

Apr. 28

Dr Cash $865

Cr Accounts Receivable—Cruise $865

Apr. 30

Dr Cash $1,375

Cr Accounts Receivable—Jones $750

Cr Accounts Receivable—Taylor $625

Explanation:

Preparation of journal entries

Apr. 15

Dr Accounts Receivable—Jones $1,500

Cr Service Revenue $1,500

Apr. 18

Dr Accounts Receivable—Cruise $865

Cr Service Revenue $865

Apr. 25

Dr Cash $750

Cr Accounts Receivable—Jones $750

Apr. 28

Dr Accounts Receivable—Taylor $625

Cr Service Revenue $625

Apr. 28

Dr Cash $865

Cr Accounts Receivable—Cruise $865

Apr. 30

Dr Cash $1,375

Cr Accounts Receivable—Jones $750

Cr Accounts Receivable—Taylor $625

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Vextra Corporation is considering the purchase of new equipment costing $43,500. The projected annual cash inflow is $12,700, to
Ksju [112]

Answer:

Year Cashflow [email protected]%    PV

               $        $

1                  12,700            0.8929   11,339

2                 12,700            0.7972    10,124

3                 12,700            0.7118       9,040

4                 12,700            0.6355      <u>8,071</u>

                  Present value of annuity  <u>38,574</u>

Explanation:

In this case, there is need to discount the cashflow for each year at 12%. then, we will add the present values of cashflows in order to obtain the present value of annuity.

3 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
John is a newly minted quality engineer at MakeStuff Inc. His boss tells him to increase the process capability index of their m
-Dominant- [34]

Answer:

Yes, it does, though one might question if the underlying process is really better.

Explanation:

Process capability index is a statistical measure which determine the output with specification limits, in the above case increasing the increasing the upper specification limit reduces the lower specification limit as it produces the ability of output.

4 0
3 years ago
Ace Company purchased a machine valued at $328,000 on August 1. The equipment has an estimated useful life of six years or 2.5 m
nlexa [21]

Answer:

A. $53,167

Explanation:

The computation of the depreciation expense under the straight-line method is shown below:

= (Original cost - residual value) ÷ (useful life)

= ($328,000 - $9,000) ÷ (6 years)

= ($319,000) ÷ (6 years)  

= $53,167

In this method, the depreciation is same for all the remaining useful life.

The estimated useful life in units is used in units of production method. Hence, it is ignored here.

6 0
3 years ago
His decision on what price to charge and how much to produce in the long run will be A. based on optimal plant size determinatio
Klio2033 [76]

Answer: A. based on optimal plant size determination based on cost minimization

Explanation:

The information given isn't complete as there are some diagrams attached which I saw online.

Based on the information gotten, the decision on the price to charge and the quantity to produce in the long run will be based on optimal plant size determination based on cost minimization.

It should be noted that the quantity of goods produced in the long run, and the price that'll be charged will depends on optimal size of the plant. In the long, there can be an alteration of the plant size and therefore, the output and price will be determined by the optimal plant size.

8 0
2 years ago
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