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Alik [6]
2 years ago
12

If the exchange rate for Canadian and U.S. dollars is 0.92777 to 1, this implies that 13 Canadian dollars will buy ____ worth of

U.S. dollars. (Select the nearest answer.)
Business
1 answer:
Mazyrski [523]2 years ago
8 0

Answer:

U.S. dollars = 14.012 U.S. dollars

Explanation:

Below is the exchange rate:

0.92777 Canadian dollars = 1 U.S dollars

Thus to find the amount of U.S. dollars bought from the 13 Canadian dollars, just divide the 13 Canadian dollars from 0.92777. Therefore the resulting answer will be the U.S. dollars.

U.S. dollars = 13 / 0.92777

U.S. dollars = 14.012 U.S. dollars

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In October of the current year, Jasmine received a $15,520 payment from a client for 32 months of rent. The rental period begins
serg [7]

Answer:

Jasmine recognize $1,940 this year if she uses the accrual method of accounting.

Explanation:

The Accrual or Matching Concept in accounting requires revenues and expenses to be recorded in the period i which they occur or incur.

The entry to record the receipt of payment is :

Cash $15,520 (debit)

Unearned Rental Income $15,520 (credit)

By the end of the year on 31 December, 4 months rent income starting September will have been earned and entries are as follows :

Unearned Rental Income $1,940 (debit)

Rental Income $1,940 (credit)

Rental Income calculation = $15,520 × 4 / 32

                                           = $1,940

5 0
3 years ago
E16-4. On January 1.2013, when its $30 par value common stock was selling for $80 per share, Plato Corp. issued $10,000,000 of 8
coldgirl [10]

Answer:

A. Dr Cash Account $10,800,000

Cr To Bonds Payable $10,000,000

Cr To Premium Payable $800,000

B.Dr Bonds Payable account $3,000,000

Dr Premium on bonds payable Debited $2,700,000

Cr To Common Stock $7,500

Cr Additional paid in capital $5,692,500

Explanation:

(a) Preparation of the journal entry to record the original issuance of the convertible debentures

Dr Cash Account $10,800,000

Cr To Bonds Payable $10,000,000

Cr To Premium Payable $800,000

($10,000,000*8/100=$800,000)

(Being issue of share on convertible debenture)

b.Preparation of the journal entry to record the exercise of the conversion option, using the book value method

Dr Bonds Payable account $3,000,000

Dr Premium on bonds payable Debited $2,700,000

Cr To Common Stock $7,500

Cr Additional paid in capital$5,692,500

($3,000,000+$2,700,000-$7,500)

(Being maintain the record of outstanding conversation of debenture)

Calculation for for BONDS CONVERTED

First step is to calculate the amortization for 2013

Amortization for 2013=$10,000,000/20

Amortization for 2013=$500,000

Second step is to calculate the amortization for 2014

Amortization for 2014=$10,000,000/20

Amortization for 2014=$500,000

Third step is to Calculate the premium on bonds payable

Premium on bonds payable=$10,000,000−($500,000+$500,000)

Premium on bonds payable=$9,000,000

Now let calculate the bonds converted

Bonds converted=$9,000,000×30/100

Bonds converted=$2,700,000

Calculation for COMMON STOCK

First step is to calculate the number of bonds

Number of bonds=$10,000,000/1000

Number of bonds=10,000

Second step is to calculate Price for the bond

Price for the bond=10,000×5

Price for the bond=50,000

Third step is to Calculate for Stock Split

Stock Split=50,000/2

Stock Split=25,000

Now let calculate the common stock

Common stock=25,000×30/100

Common stock=7,500

Calculation for BONDS PAYABLE

Bonds Payable=10,000,000×30/100

Bonds Payable=3,000,000

6 0
3 years ago
Read 2 more answers
________ advertising encourages wholesalers and retailers to carry the products of a specific manufacturer.
NARA [144]
<span>Trade advertising encourages wholesalers and retailers to carry the products of a specific manufacturer.
Trade advertising is the type of advertising which is directed towards the wholesaler or retailer. Trade Advertising is not intended for the consumer. Trade advertising is held by the manufacturer. </span>
4 0
3 years ago
An existing customer of an agent who is registered in State Z contacts the agent to inquire about selling 1,000 shares of ABCC C
MissTica

Answer: considered to be an offer to buy made by the agent

Explanation:

An offer to buy simply means a proposal made by a buyer to buy an asset, and this becomes legally enforceable once the person who intends to buy the asset accepts the offer made by the seller.

In this case, the agent has contacted the existing client to know if he is interested in selling these shares and once the seller agrees, the shares will be sold at an agreed price.

5 0
3 years ago
Clooney Corp. establishes a petty cash fund for $200 and issues a credit card to its office manager. By the end of the month, em
Darya [45]

Answer:

Clooney Corp.

Petty Cash Journal Entry

<em>Sr. No                     Particulars             Debit           Credit</em>

1                    Petty Cash                      $200

                             Cash                                            $200

Establishing Petty Cash

2.   (Employee Name;s ) Entertainment Expenses    $25 Dr

                     Petty Cash                                        $ 25 Cr

Recording employee petty cash expenditures

Credit Card Expenditures Entries

1.                            Postage,                  $44;  Dr

                            Delivery,                     $69; Dr

                            Supplies expense,     $34 Dr

                           Credit Card Payable                 147 Cr

Credit Card Payable is a liability and appears in the balance sheet . It has to be paid in the future.

2.                    Credit Card Payable           147 Dr.

                          Cash                                                  147 Cr

When the liability is paid this entry is made.

4 0
3 years ago
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