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3 years ago

The ledger of Mai Company includes the following accounts with normal balances: Common Stock $9,000;

Business

1 answer:

Amiraneli [1.4K]3 years ago

7 0

Answer: Please see explanation for answer

Explanation:

Journal to close Revenue account

Date Accounts and explanation Debit Credit

31 December Service Revenue $13,000

Income Summary $13,000

Journal to close expense account

Date Accounts and explanation Debit Credit

31 December Income Summary $10,000

Wages Expenses $8,400

Rent expenses $1,600

Journal to close Income Summary account

Date Accounts and explanation Debit Credit

31 December Income Summary $3,000

Retained earnings $3,000

Calculation

Retained Earnings =Services Revenue- (wages expense + rent expense)

$13,000 -$10,000-= $3,000

Journal to close Dividend account

Date Accounts and explanation Debit Credit

31 December Retained earnings $800

Dividends $800

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Jeanie acquires an apartment building in 2008 for $280,000 and sells it for $480,000 in 2019. At the time of sale there is $60,0

Evgen [1.6K]

Answer:

$60,000

Explanation:

According to section 1250 of the Internal Revenue Service, the depreciation previously allowed as a deduction would now be taxed in the case of ordinary income at the highest tax level.

And, For this, the asset should be depreciated real property.

In the question, there is depreciation charged for apartment building so the same is eligible

The eligibility is allowed up to $60,000 and the same is to be considered

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3 years ago

A rights offering Question 16 options: a) is the least expensive way to raise capital. b) gives the firm a built-in market for n

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Answer: b. gives the firm a built-in market for new securities.

Explanation:

Rights offering are issued by companies when such companies wants to generate additional capital. This may be necessary when such company wants to meet its financial obligations and therefore need extra capital.

A rights offering gives the firm a built-in market for new securities as the security holder are already aware of the company and just buys additional securities.

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3 years ago

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 in assets in exchange for i

hoa [83]

Answer:

$3,260

Explanation:

Preparation of December statement of cash flows for Ernst Consulting

ERNST CONSULTING Income Statement

For Month Ended October 31

REVENUES

Consulting fees earned $17,450

Total revenues $17,450

EXPENSES

Rent expense $4,530

Salaries expense $8,090

Telephone expense $880

Miscellaneous expenses $690

Total expenses $14,190

Net income $3,260

($17,450-$14,190)

Therefore December statement of cash flows for Ernst Consulting will be $3,260

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3 years ago

Public expenditure on the manufacturing sector will boost economic growth in the industrial revolution 4.0 eras. Justify your an

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Answer:

Industry 4.0 is used interchangeably with the fourth industrial revolution and represents a new stage in the organization and control of the industrial value chain.

Industry 4.0 has been defined as “a name for the current trend of automation and data exchange in manufacturing technologies, including cyber-physical systems, the Internet of things, cloud computing and cognitive computing and creating the smart factory”.

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3 years ago

Ursula wants to buy a $19,000 used car. She has savings of $2,000 plus an $800 trade-in. She wants her monthly payments to be ab

kow [346]

Answer:

Explanation:

Ursula needs $19,000 or in other words FV (Future value)

She has savings of $2000 and trade in of $800 or in other words she has $2800. She needs to borrow $16200 (19000-2800)

Also, she wants monthly payment to be $282. To find which answer fits best, let's check each of them.

A) APR =78% or mothly rate of 78/12 = 6.5%; 48 months

Using financial calculator:

Rate = 6.5%

n = 48

PV = $16200

Find PMT? PMT = 11068

This is not the right answer

B) APR = 78%, monthly rate=6.5%

n = 60

PV = $16200

Find PMT? PMT = 1077.6

This is not the right answer

C) APR = 7.8%; monthly 0.65%

n =72

PV = $16200

Find PMT? PMT = 282.4

This is the correct option

Answer is - C

6 0

3 years ago

Read 2 more answers