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2 years ago

Select the correct answer.

Business

2 answers:

Nastasia [14]2 years ago

8 0

Answer:

B. $11000 | Equipment

Explanation:

Equipment + Cash

kondor19780726 [428]2 years ago

3 0

Answer:

I went with c

Explanation:

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For the current year ($ in millions), Central Park Corp. had $80 in pretax accounting income. This included bad debt expense of

KatRina [158]

Answer:

$69

Explanation:

Calculation for Central Park's taxable income

Pretax accounting income $80

Less Temporary differenceDepreciation (15)

($35 – $20)

Bad debt expense $4

($6 – $2)

Taxable income$69

($80-$15+$4)

Therefore Central Park's taxable income will be $69

8 0

3 years ago

State whether the following sentences are true or false regarding the nature of fiduciary-type funds and the accounting measurem

geniusboy [140]

Answer:

a. Governments may access the resources of fiduciary funds to help support their own programs.

True

b. When a government sponsors an Investment Trust Fund, the portion that belongs to other governments is reported as assets of the Fund, but the portion belonging to the sponsoring government is not.

True

c. The statement of net position for a typical Agency Fund shows assets and liabilities, but no fund balance.

True

d. When reporting on the resources of Pension Trust Funds, equity securities held by the Funds are reported at original cost.

True

Explanation:

7 0

3 years ago

1. Issued 30,000 shares of common stock in exchange for $300,000 in cash.

Svetradugi [14.3K]

Solution :

Assets = Liabilities + Paid in capital + retained earnings

1. $ 300,000 $ 300,000

2. $ 30,000 $ 30,000

3. $ 90,000 $ 90,000

4. $ 50,000 $ 50,000

5. $ 5,000 $ 5,000

6. $ 6,000 $ 6,000

7. $ 70,000 $ 70,000

8. --

9. $ 1,000 $ 1,000

Point 4 -- the accounts receivable will increase by $ 120,000 due to the credit sales and the cost of goods sold.

Point 6 -- Adjustments entry at the year end for 3 months from January to March 2022 should be reduced from both assets and retained earnings and the adjusted amount would be $ 4500.

Point 8 -- No impact as the cash is collected against the account receivable and both are assets.

5 0

3 years ago

At the beginning of the school year, Priscilla Wescott decided to prepare a cash budget for the months of September, October, No

beks73 [17]

Answer:

a) Priscilla Wescott's

Cash budget

Months

Sept. Oct. Nov. Dec.

beginning balance 8,220 3,220 3,330 3,340

football tickets -110

other entertainment -290 -290 -290 -290

semester tuition -4,400

rent -400 -400 -400 -400

food -220 -220 -220 -220

apartment deposit -600 600

part time jobs earnings 1,020 1,020 1,020 1,020

ending balance 3,220 3,330 3,340 4,150

b) This is a static budget because it is being prepared in advance. A flexible budget adjusts a static budget to the real cash outflows and inflows.

c) The spring semester tuition costs $4,400 and she will only have $4,150, that means she will be $250 short.

5 0

3 years ago

Mattola Company is giving each of its employees a holiday bonus of $125 on December 16 (a non payday). The company wants each em

Anastaziya [24]

Answer:

a. $193.65

b. $80.69

Explanation:

The computation is shown below:

a) The gross amount of each bonud is

= Holiday bonus ÷ (1 - supplemental tax rate - OSADI tax rate - HI rate - state tax rate)

= $125 ÷ (1 - 0.25 - 0.062 - 0.0145 - 0.028)

= $125 ÷ 0.6455

= $193.65

b) Now the Net amount of each bonus check is

= Holiday bonus - (Holiday bonus × supplemental tax rate - Holiday bonus × OSADI tax rate - Holiday bonus × HI rate - Holiday bonus × state tax rate)

= $125 - ($125 × 0.25) - ($125 × 0.062) - ($125 × 0.0145) - ($125 × 0.028)

= $125 - $31.25 - $7.75 - $1.8125 - $3.5

= $80.69

Refer to the different tax table rate

7 0

3 years ago