Answer:
Crimson Tide Corporation
Accounts Titles Debit Credit
1. Dividends $800
Cash $800
To record payment of dividends.
2. Accounts Receivable $3,400
Service Revenue $3,400
To record provision of services on account.
3. correct
4. Cash $400
Accounts Receivable $400
To record the receipt of cash on account.
5. Accounts Payable $1,200
Cash $1,200
To record payment on account.
Explanation:
The correct entries have been provided as above. The first step in recording transactions in the journal is to recognize the accounts involved. Then, identify which account is to be debited and which is to be credited, following basic accounting principle and based on the accounting equation of Assets = Liabilities + Equity.
Answer:
$997
Explanation:
The price of the Bond is its Present Value. thus we need to discount the future cash flows (payments and capital repayments) to find the price as follows.
<em>Note : I am using a financial calculator here</em>
FV = $1,000
P/Yr = 2
N = 1 x 2 = 2
PMT = ($1,000 x 5.08 %) ÷ 2 = $25.40
YTM = 5.37 %
PV = ?
Conclusion
Assuming the Bond Matures in 1 year, the bond's price is $997
Answer:
The answer is $48,000
Explanation:
To determine the percentage rate to be used: 100percent /5 years
=20percent.
So doubling 20percent equals 40percent(This is the rate to be used).
Depreciation for Year 2016:
0.4 x $75,000
=$30,000
New Net book value = $75,000 - $30,000
= $45,0000
Depreciation for Year 2017:
0.4 x $45,000
=$18,000
Therefore, accumulated depreciation by the end of 2017 is
$30,000 + $18,000
=$48,000
Answer:
a. derives its value from the rights and privileges it provides the owner.
Explanation:
The intangible asset are those assets that cannot be touched or seen that means it does not have any physical substance
In this, the amortization expenses are recognized.
The intangible assets consist of patents, copyrights, goodwill, and other intellectual proprieties.
Moreover, it is categorized on the asset side of the balance sheet
and the operating cycle contains only days inventory outstanding + days sale outstanding so the intangible asset does not relevant.
