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3 years ago

The assets (what a business owns), liabilities (what a business owes), and capital (how much a

Business

1 answer:

Sati [7]3 years ago

8 0

Answer:

balance sheet

Explanation:

Businesses are required to prepare a balance sheet at the end of every financial year. The balance reports the net worth of a company. It lists all the assets and their values on one side and liabilities and equity on the side. The balance sheet follows the accounting equation to indicate the total assets on one side. It shows how the assets have been financed through liabilities and equity.

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Transfer payments alter household income, but they do not reflect the economy's production.

Dominik [7]

I think it might be true, I’m so sorry if I’m wrong

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2 years ago

Garcia Co. issued bonds with detachable common stock warrants. Only the warrants had a known market value. Cash proceeds exceed

777dan777 [17]

Answer:

Discount on bond payable

Explanation:

since in the question it is mentioned that the company has issued the common stock warrants also the cash proceeds is more than the sum of the fair value + face value

So we presume that the bond are to be sold at the discount

Therefore the excess should be reported as the discount on bond payable

5 0

2 years ago

Alex and bailey opened a dance studio together as general partners. they each invested $10,000 of their personal savings. after

Ivahew [28]

Since Alex and Bailey are partners and they will be shutting down the partnership. the debts should be settled by both. they will have to sacrifice their personal assets in doing so

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3 years ago

At December 31, 2020, Oriole Company has outstanding noncancelable purchase commitments for 37,600 gallons, at $3.24 per gallon,

adell [148]

Answer:

Unrealized holding Gain or Loss - Income (Dr.) $20,304

Estimated Liability on purchase commitments (Cr.) $20,304

Explanation:

Oriole Company has agreed to purchase Gallons of raw material for a defined price of $3.24 per gallon. The price is reduced on December 31, 2020. The Difference between the prices of gallons is recorded as unrealized gain on debit and liability is credited.

$3.24 - $2.70 = $0.54 * 37,600 Gallon = $20,304

Unrealized holding Gain or Loss - Income (Dr.) $20,304

Estimated Liability on purchase commitments (Cr.) $20,304

The raw material is purchased at the price of $2.70 per gallon and the 36,000 gallons are purchased. The journal entry to record this transaction is,

Raw material (Dr.) $76,896

Estimated liability on purchase commitments (Dr.) $20,304

Cash (Cr.) $97,200

6 0

3 years ago

A company completes 21,000 units this month and has ending goods in process inventory of 3,000 units which are estimated to be 4

kolezko [41]

Answer:

Total cost of transferred to finished goods inventory = $ 136,500

Explanation:

To value cost of transferred finished goods, we multiply the cost per equivalent unit of production (cost per EUP) by the the number of equivalent units (EUP) for each of the cost element.

So the value of the finished inventory, is determined as follows:

Value of inventory = cost per E.U.P × number of E.U.P

Direct Material = $5.00 × 21,000 =$ 105,000

Conversion cost = $1.50 × 21,000= $31,500

Total cost of transferred to finished goods inventory =

$ 105,000 + $31,500

= $ 136,500

5 0

3 years ago