Answer:
b) credit of $520,000 to Bonds Payable
Explanation:
Date Accounts titles and explanation Debit Credit
Oct. 1 Cash $520,000
Premium on bonds payable $20,000
Bonds payable $500,000
(To record the issuance of bond at premium)
Answer:
Edward's promise is not enforceable. Tony had already performed the act. He did not perform based on Edward's promise. He performed because of their fraternal brotherhood.
Explanation:
This situation looks like a unilateral contract whereby Edward makes a promise to Tony to pay him $100. However, we observe that Tony did not perform his actions in consideration of this reward. He performed because they were fraternity brothers. Therefore, Tony cannot enforce Edward's promise in any court. It is only left for Edward to fulfill his promise as a gentleman, not because he is legally obliged to.
Answer:
The standard deviation of the portfolio is 0.1104, or 11.04%.
Explanation:
Note: See the attached file for how the standard deviation is calculated.
Answer:
The correct answer is Master Budget.
Explanation:
A master plan, as its name implies, is a document that contains the strategy to be followed in the medium term. This information is constructed by all those responsible for the areas of the organization, so it will have the details of the strategies for each missionary area. This document is generally organized to be executed in a time greater than 1 and less than 5 years in general.
<u>Answer:</u>
<u>Closing entries
</u>
Date account and explanation Debit Credit
Dec 31 Service revenue 108000
Income summary 1080000
(To close revenue)
Dec 31 Income summary 72000
Supplies expense 6000
Salaries and wages expense 40000
Utilities expense 8000
rent expense 18000
(To close expense)
Dec 31 Income summary 36000
Owner's capital 36000
(To close income summary)
Dec 31 Owner's capital 22000
Owner's Drawing 22000
(To close withdrawal)
