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katrin2010 [14]
3 years ago
11

Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $11,000 cash an

d $47,300 of photography equipment in the company in exchange for common stock. 2 The company paid $3,800 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,090 cash. 20 The company received $2,950 cash in photography fees earned. 31 The company paid $878 cash for August utilities. Prepare general journal entries for the above transactions.
Business
1 answer:
Citrus2011 [14]3 years ago
3 0

Answer:

Aug 01

Dr Cash 11,000

Dr Photography equipment 47,300

Cr Common stock 58,300

Aug 02

Dr Prepaid insurance 3,800

Cr Cash 3,800

Aug 05

Dr Office supplies 2,090

Cr Cash 2,090

Aug 20

Dr Cash $2,950

Cr Photography fees earned $2,950

Aug 31

Dr Utilities expense $878

Cr Cash $878

Explanation:

Preparation of the general journal entries

Aug 01

Dr Cash 11,000

Dr Photography equipment 47,300

Cr Common stock 58,300

(47,300+11,000)

Aug 02

Dr Prepaid insurance 3,800

Cr Cash 3,800

Aug 05

Dr Office supplies 2,090

Cr Cash 2,090

Aug 20

Dr Cash $2,950

Cr Photography fees earned $2,950

Aug 31

Dr Utilities expense $878

Cr Cash $878

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You purchased shares of Broussard Company using 50 percent margin; you invested a total of $20,000 (buying 1,000 shares at a pri
IceJOKER [234]

Answer:

My percentage profit is 15%

Explanation:

Total investment = $20 × 1000 = $20,000

Rise in value of investment = $23 × 1000 = $23,000

Profit = $23,000 - $20,000 = $3,000

Percentage profit = profit/total investment × 100 = $3,000/$20,000 × 100 = 15%

3 0
3 years ago
he Alford Group had 220,000 shares of common stock outstanding at January 1, 2018. The following activities affected common shar
cricket20 [7]

Answer:

Consider the following calculation

Explanation:

1. Determine the 2018 EPS.

EPS = Net Income / Weighted Average number of shares

Numerator

Net Income = $15,90

Denominator

Weighted Average number of shares = 2,20 – (24x10/12) + (24x2/12) + (96x1/12)

= 2,52 Shares

EPS 2018 = $15,90 / 2,52 Shares

= $6.31 per share

2. Determine the 2019 EPS.

Numerator

Net Income = $15,90

Denominator

Weighted Average number of shares

=[ 2,20 – 24 + 24 + 96 ] x 2 Stock Split

= 6,32 Shares

EPS 2019 = $15,90 / 6,32 Shares

= $2.52 per share

3. At what amount will the 2018 EPS be presented in the 2019 comparative financial statements?

Numerator

Net Income = $15,90

Denominator

Weighted Average number of shares

= 2,520 x 2 Stock split

= 5,04 Shares

EPS = $15,90 / 5,04

= $3.15 per share

8 0
2 years ago
The Brookstone Company produces 9 volt batteries and AAA batteries. The Brookstone Company uses a plantwide rate to apply overhe
Rzqust [24]

Answer:

Over applied Overhead =$ 42,500

Explanation:

Actual Overhead $325,000

Estimated Overhead $350,000

Over applied overhead is when the Predetermined overhead is more than the actual overhead . Under applied overhead is when the Predetermined overhead is less than the actual overhead .

Predetermined Overhead rate= Overhead / total direct labor hours

                              = 350,000/ 500,000 (100)= 70%

Applied Overhead = Predetermined Overhead rate( actual direct labor hours)

                               = 70 % (525,000) = $367,500

Applied Overhead $367,500

Less Actual Overhead $325,000

Over applied Overhead =$ 42,500

5 0
3 years ago
If inflation in the U.S. is projected at 3% annually for the next 5years and at 7% annually in Turkey for the same time period,
GrogVix [38]

Answer:

6.86011 Turkish liras per US dollar

Explanation:

US's inflation 3% for the next 3 years

Turkey's inflation 7% for the next 3 years

current Lira/Dollar spot rate (L/$) = 5.6702 (liras per dollar)

  • inflation rate US = (1 + 0.03)⁵ = 1.159274
  • inflation rate Turkey = (1 + 0.07)⁵ = 1.402552

difference = 1.402552 / 1.159274 = 1.20985 x current spot rate = 1.20985 x 5.6702 = 6.86011

Since the Turkish inflation rate is higher than the American inflation rate, then the Turkish lira will depreciate faster than the US dollar.

5 0
3 years ago
D
vichka [17]

Answer:

income - expenses

Explanation:

net income is an entity's income minus all the expenses, taxes etc and net worth is the total wealth own by individual minus expenses.

3 0
2 years ago
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