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3 years ago

Selected transactions from the journal of Metlock Inc. during its first month of operations are presented here:

Business

1 answer:

Akimi4 [234]3 years ago

6 0

Answer:

Metlock, Inc.

T-accounts:

Common Stock

Date Account Titles Debit Credit

Aug. 1 Common Stock 9,000

Cash

Date Account Titles Debit Credit

Aug. 1 Common Stock 9,000

Aug. 10 Service Revenue 1,400

Aug. 12 Equipment 1,540

Aug. 31 Accounts receivable 750

Service Revenue

Date Account Titles Debit Credit

Aug. 10 Cash 1,400

Aug. 25 Accounts receivable 2,570

Equipment

Date Account Titles Debit Credit

Aug. 12 Cash 1,540

Notes Payable 4,060

Accounts Receivable

Date Account Titles Debit Credit

Aug. 25 Service Revenue 2,570

Aug. 31 Cash 750

Explanation:

Common stock of $9,000 was posted on the debit side as it appeared first. This follows the normal order of recording transactions in the journal. The accounts to be debited are recorded first before the accounts to be credited. However, this entry appears abnormal. Cash of $9,000 should have appeared first in the journal before the Common Stock. Whichever is the correct interpretation, all the journal entries have been posted to the T-accounts accordingly.

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Carrot Corporation, a C corporation, has a net short-term capital gain of $65,000 and a net long-term capital loss of $250,000 d

Molodets [167]

Answer:

The answer is $45,000

Explanation:

$45,000

- Net Short Term Capital gain +Net Long Term Capital loss= 65,000+ (250,000)= -185,000

-Net Long Term Capital loss(2015)+Net Short Term Capital gain (2016)+Net Long Term Capital Gain(2017) = 60,000+45,000+35,000=140,000

-185,000+140,000= (45,000)

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3 years ago

Read 2 more answers

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viva [34]

A price floor is the mining price that can be charged for an item. A binding price floor is a price set above market average pricing. Since the government regulates this and will not let them sell below the average market price, the price is set in stone for the products price in the market.

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3 years ago

On December 31, 2020, Vaughn Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Vaug

Alinara [238K]

Answer:

1. 31 Dec

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Dr Discount on notes receivable $45,401

Cr Sales revenue $216,199

B. 31-Dec

Dr Discount on notes receivable $21,619.9

Cr Interest revenue $21,619.9

C. Dec-31

Dr Discount on notes receivable $23,781.1

interest revenue $23,781.1

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Cr Notes receivable $261,600

Explanation:

A. Preparation of the journal entry to record the transaction of December 31, 2015, for the Ed Abbey Co

December 31, 2015

Dr Notes receivable $261,600

Dr Discount on notes receivable $45,401

($261,600-$216,199)

Cr Sales revenue $216,199

Computation of present value of note

PV of $261,600 due in 2 years at 10%

$261,600*.82645 = $216,199

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31-Dec

Dr Discount on notes receivable $21,619.9

[10%*$216,199]

Cr Interest revenue $21,619.9

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Dec-31

Dr Discount on notes receivable $23,781.1

interest revenue $23,781.1

($45,401-$21,619.9 )

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3 0

3 years ago

Which is not a part of your budget?

rewona [7]

Answer:

d.) discretionary expenses

Explanation:

We can explain going further into what is each item.

A and B are your income (for this question don’t sweat about the difference between gross and realized). They will constitute all the money you have in that period (the period will depend on the regularity of your income, it could be weekly, monthly, etc.).

Your fixed expenses are the things you will expend money on which, no matter what happens, will not change (it could be your rent, tax, health insurance, etc.).

Discretionary expenses, however, are costs that are things that you WANT, not NEED. It could go anywhere from a new shoe to a new boat (if you´re feeling rich, that is lol). That kind of expense will impact your available money (hey, nothing is free) but is not part of your budget as it is not a planned cost.

However, is important to note that if you wanna be super Monica Geller with your money you should forecast your discretionary expenses. Using your history as a base for calculating will eliminate most of the margin error.

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3 years ago

Evaluating an advertising campaign is the simplest part of the advertising process because the factors that determine the effect

strojnjashka [21]

It is false that evaluating an advertising campaign is the simplest part of the advertising process because the factors that determine the effectiveness of an ad are limited and clear.

Answer: Option B

Explanation:

To make a product famous that has been manufactured by a company, to make it reach to the consumers and to make them know about it, advertising is one of the most important elements. It focuses on the features, quality, prices etc of the product.

While evaluating the campaign of the advertisement, there are a lot many factors that are to be kept in mind by the company so that the consumers can know about the product.

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3 years ago