Answer:
Date Account title Debit Credit
12/31/2019 Lease Receivable $175,934
Cost of Goods sold $120,000
Sales Revenue $175,934
Inventory $120,000
Date Account title Debit Credit
12/31/2019 Cash $40,800
Deposit Liability $40,800
The rental amount is constant and is made on the first day of the lease period so this is an annuity due.
As the collectability is probable, you need to find the present value of this lease:
= 40,800 * Present value of annuity due factor, 5 year, 8%
= 40,800 * 4.3121
= $175,933.68
= $175,934
Answer:
a) demand curve and demand schedule
Explanation:
A demand schedule is actually a table while a demand curve is a graph. Understanding the difference between the two of them is important in answering this question but both show different quantities of goods that consumers are willing to buy at different prices. An important assumption is that other factors affecting the quantity demanded are held constant. In summary, a demand schedule shows this relationship in a tabular form while demand curve shows it in a graphical form.
A Vision Statement is an aspirational description of what an organization would like to achieve or accomplish in the mid-term or long-term future.
Answer:
Declaration date:
Dr retained earnings $26400
Cr dividends payable $26400
Payment date:
Dr dividends payable $26400
Cr Cash $26400
Explanation:
Total dividend declared is the number of shares multiplied by cash dividend per share
total dividend=$3*8,800=$26400
On the record date no entries are required since record date, is just about verifying the bonafide shareholders.
On declaration date,dividends payable would be credited with $26,400 while retained earnings is debited.
On payment date,dividends payable is debited and cash credited
Answer:
The answer is D.
Explanation:
Interest expense is the amount of interest to be paid on borrowed money(bills, notes or bonds). Interest expense can be found on income statement. Income expense reduces the net income and profitability of the company. It is used to determine the solvency of a company.
In the question, Universal borrowed for 12 months from November 1, 2021 and the note matures on October 31, 2022.
For 2021, it will recognize 2 months(November 1, 2021 - December 31, 2021).
For 2022, it will recognize 10 months(January 1, 2022 - October 31, 2022).
Therefore, for 2022, Universal Travel, Inc. will recognize:
$500,000 x 6% x (10 months÷12 months)
= $25,000
