Answer:
debit to treasury stock for $90,000
Explanation:
Vermont corporation
Purchased × Shares of treasury stock per share
Purchased 3,750
Shares of treasury stock for $24 per share
Hence:
Purchased 3,750 × shares of treasury stock for $24 per share
=$90,000
Therefore journal entry to record the purchase of the treasury shares on february 1 would include a debit to treasury stock for $90,000
Answer:
6.97%
Explanation:
the formula to be used is
The formula for calculating future value:
FV = P (1 + r)^n
FV = Future value
P = Present value
R = interest rate
N = number of years
$4,100.00 = $3,350.00 x ( 1 + r)^3
divide both sides of the equation by $3,350.00
$4,100.00 / $3,350.00 = ( 1 + r)^3
1.223881 = ( 1 + r)^3
find the cube root of both sides
1.069661 = 1 + r
r = 6.97%
Answer:
Equipment account increases , and cash decreases with same amount
Explanation:
In the case of acquisition of a new equipment , the equipment account is debited (increase) while the cash account is credit with the same amount of money used for the purchase .
Purchase of an equipment is a balance sheet item , which means it is recorded in the balance sheet and not the income statement as it is not an expense.
The asset register must also be updated with the value of the newly acquired item
Answer:
Option (b) is correct.
Explanation:
Given that,
Budgeted production (September) = 50,000
Direct labor time for producing each sneaker = 2 hours
Direct labor wages average = $15 per hour
Direct labor budget for September:
= Budgeted production of sneaker in September × direct labor time require for each sneaker × Direct labor wages average per hour
= 50,000 × 2 hour × $15
= $1,500,000
Therefore, the direct labor cost budgeted for September is $1,500,000.
