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Bad White [126]
3 years ago
10

Transactions/events: 1. Acquired $25,000 from the issue of common stock. 2. Purchased $2,500 of supplies on account from the Gad

get Supply Agency. 3. Performed security services at local sporting events during the year for $8,000 cash. 4. Paid salaries expense of $3,000 for the year. 5. Purchased land, paying $10,000 cash. 6. Paid utility expenses of $2,000 for the year. 7. Paid a cash dividend of $1,500 to the shareholders. 8. Found out from an appraiser that the market value of the land on 12/31 was $12,500.
Business
1 answer:
shepuryov [24]3 years ago
7 0

Answer:

I guess that you need the journal entries:

1. Acquired $25,000 from the issue of common stock.

Dr Cash 25,000

    Cr Common stock 25,000

2. Purchased $2,500 of supplies on account from the Gadget Supply Agency.

Dr Supplies 2,500

    Cr Accounts payable 2,500

3. Performed security services at local sporting events during the year for $8,000 cash.

Dr Cash 8,000

    Cr Service revenue 8,000

4. Paid salaries expense of $3,000 for the year.

Dr Salaries expense 3,000

    Cr Cash 3,000

5. Purchased land, paying $10,000 cash.

Dr Land 10,000

    Cr Cash 10,000

6. Paid utility expenses of $2,000 for the year.

Dr Utilities expense 2,000

    Cr Cash 2,000

7. Paid a cash dividend of $1,500 to the shareholders.

Dr Dividends 1,500

    Cr Cash 1,500

8. Found out from an appraiser that the market value of the land on 12/31 was $12,500.

NO JOURNAL ENTRY

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Income effect - This is the increase or decrease in purchasing power brought on by changes in prices.

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3 years ago
E10-1 On March 1, 2021, Beldon Corporation purchased land as a factory site for $60,000. An old building on the property was dem
Keith_Richards [23]

Answer:

The amounts that Beldon should capitalize as the cost of the land and the new building is $64,900 and $528,500 respectively

Explanation:

The computations are shown below:

For land:

= Purchase value of the land + Demolition of old building + Legal fees for title investigation of land - Salvaged materials

= $60,000 + $4,500 + $2,500 - $2,100

= $64,900

For building:

= Architect’s fees (for new building) + Construction costs + Interest on construction loan

= $13,000 + $510,000 + $5,500

= $528,500

4 0
3 years ago
Holly and matt want to use the "nonworking" spouse method to determine the amount of life insurance coverage they need. if their
Maksim231197 [3]

The best answer for this question would be:

 

$150,000

 

Because in the method of the “non-working” spouse method, they are given a calculation of (18 - youngest child's age) × $10,000 (18 being the legal age)

 

Resulting that the solution would be:

<span> (18 - 3) × $10,000 = $150,000</span>

8 0
3 years ago
Because risk is associated with the potential for higher profits, businesspersons are motivated to choose organizational forms t
avanturin [10]

Answer:

The correct answer is A. True.

Explanation:

Risk management models are a great tool to anticipate and prevent possible losses that could occur when investing a certain capital, implementing appropriate precautionary measures; Therefore, organizations and investors that have a culture of risk, create a competitive advantage over others, by assuming assessed risks, gain experience in risk management, anticipate adverse changes, protect or cover their investments in advance and obtain higher profits by taking greater risks.

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3 years ago
The management of Wyoming Corporation is considering the purchase of a new machine costing $375,000. The company's desired rate
Bezzdna [24]

Answer:

Option B is the correct answer,1.05

Explanation:

Present value index can be computed using the below formula:

present value index=present value of cash inflows/initial amount invested

present value of cash inflows=annual net cash flow*present value factor of annuity

annual net cash flow=$93,750

present value factor of annuity=4.212

present value of cash inflows=$93,750*4.212=$394,875.00  

initial amount invested is $375,000

present value index=$394,875.00/$375,000 =1.053

The present value index of this project is approximately 1.05,which is the option B in the multiple choices

3 0
3 years ago
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