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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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Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company
algol [13]

Answer:

b) Income is allocated on a pro rata basis

Explanation:

A partnership is an agreement between two or more people to oversee a business and share in the profit and losses made by the business.

In a partnership when income comes in it is shared.on a pro rata basis.

This means income is given based on the level of ownership of the business.

For example a partner that has 60% ownership of the partnership is expected to collect 60% of the business income.

Pro rata is also called proportional rate.

8 0
3 years ago
A single stock futures contract on a nondividend-paying stock with current price $180 has a maturity of one year.
guajiro [1.7K]

Answer:

a. $187.20.

b. $202.48.

c. $217.43.

Explanation:

Please find the below for detailed explanations and calculations:

We have the formula for determining the future price of the non-dividend-paying stock as below:

Future price = Spot price x (1+ annual risk free rate )n; which n = number of year(s) to maturity.

Thus, apply the general formula above, we have the below calculations:

a. Future price = 180 x (1+4%)^1 = $187.20;

b. Future price = 180 x ( 1+4%)^3 = $202.48;

c. Future price = 180 x (1+6.5%)^3 = $217.43.  

5 0
3 years ago
Employees earn vacation pay at a rate of one day per month. Maxum estimated and must expense $13,000 of accrued vacation benefit
weqwewe [10]

Answer and Explanation:

The journal entries are shown below:

1

Vacation Benefit Expense  $13,000  

                To Vacation Benefit Payable $13,000

(Being vacation benefit expense is recorded)

2

Warranty Expense $18,000  

           To Estimated Warranty Liability $18,000

($12,000 × 10 % × $15) = $18,000

(Being warranty expense is recorded)

These two entries need to be passed

3 0
3 years ago
In business, there is no distinction between ethics and legality.<br><br> True<br> False
tresset_1 [31]
False..................
6 0
3 years ago
Which of the following is not an advantage of the corporate form of business organization?
RoseWind [281]

Answer:

Easy to transfer ownership.

Explanation:

its ownership is easily transferable via the sale of shares of stock.

3 0
3 years ago
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