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Andrej [43]
3 years ago
6

The following events occurred for Johnson Company:

Business
1 answer:
il63 [147K]3 years ago
4 0

Answer:

a. Received investment of cash by organizers and distributed to them 1,180 shares of $1 par value common stock with a market price of $15 per share.

Account                                 Debit      Credit

Cash                                      $17,700

Common Stock                                     $1,180

Additional Paid-In Capital                    $16,520

Assets increase, and stockholder's equity increase by the same amount: $17,700.

b. Purchased $8,200 of equipment, paying $1,500 in cash and owing the rest on accounts payable to the manufacturer.

Account                                 Debit      Credit

Equipment                             $8,200

Cash                                                       $1,500

Accounts Payable                                  $6,700

Assets increase by a net $6,700 (Equipment - Cash), and Accounts Payable by $6,700 as well.

c. Borrowed $14,000 cash from a bank. Loaned $800 to an employee who signed a note.

Account                                 Debit      Credit

Cash                                     $14,000

Notes Payable                                      $14,000

Notes Receivable                  $800

Cash                                                      $800

Assets increase by a net $14,000 (Cash + Notes Receivable - Cash), and liabilities increase by $14,000

d. Purchased $20,343 of land; paid $9,000 in cash and signed a note for the balance.

Account                                 Debit      Credit

Land                                     $20,343

Cash                                                     $9,000

Notes Payable                                     $11,343

Assets increase by a net $11,343 (Land - Cash), and liabilities increase by the same amount.

                                       

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To manufacture 3,000 pairs of sandals in a week, a firm can use 3,600 workers and 135 machines or 270 machines and 3,300 workers
Nutka1998 [239]

Answer:

3,600 workers and 135 machines is more technically efficient.

Explanation:

a. For 3,600 workers and 135 machines

Worker technical efficiency = 3,600/3,000 = $120%

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Average technical efficiency = (120% + 4.5%) / 2 = 62.25%

b. For 270 machines and 3,300 workers.

Worker technical efficiency = 270/3,000 = $9%

Machine technical efficiency = 3,300 / 3,000 = 110%

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Conclusion

Since the average technical efficiency of 62.25% is higher than 59.50%, 3,600 workers and 135 machines is more technically efficient.

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quizlet calaf’s drillers erects and places into service an off-shore oil platform on january 1, 2021, at a cost of $10,000,000. calaf is legally required to dismantle and remove the platform at the end of its useful life in 10 years. calaf estimates it will cost $1,000,000 to dismantle and remove the platform at the end of its useful life in 10 years. (the fair value at january 1, 2021, of the dismantle and removal costs is $450,000.) prepare the entry to record the asset retirement obligation.

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Therefore,

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To learn more about asset retirement obligation from the given link:

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