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3 years ago

A fee collected by a real estate agent upon the sale of a property is

Business

1 answer:

vladimir2022 [97]3 years ago

3 0

Real estate commission fee

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Sudoku Company issues 17,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $230

steposvetlana [31]

Answer:

Debit Land for $230,000

Debit Building for $372,000

Credit Common Stock (w.1) for $136,000

Credit Paid in capital in excess of per value (w.2) for $466,000

Explanation:

The journal entry will look as follows:

Account Name Dr ($) Cr ($)

Land 230,000

Building 372,000

Common Stock (w.1) 136,000

Paid in capital in excess of per value (w.2) 466,000

(To record issuance of stock in exchange for the land and building.)

Workings:

w.1: Common stock = Number of shares issued * Price per share = 17,000 * $8 = $136,000

w.2: Paid in capital in excess of per value = Value of land + Value of building - Common stock = $230,000 + $372,000 - $136,000 = $466,000

4 0

3 years ago

MacKenzie Company sold $620 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 5.0% serv

amid [387]

Answer:

DR Cash $589

DR Credit Card expense $31

CR Sales $620

(To record sales via credit card)

Working

Cash

= 620 * ( 1 - 5%)

= $589

Credit Card Expense

= 620 * 5%

= $31

4 0

3 years ago

Each Cutco knife goes through 30 steps to ensure that it meets the firm's standards and provides a good value for a premium prod

ladessa [460]

Answer:

Quality control

Explanation:

Quality control is a system of maintaining quality by periodically testing a sample of the output to ensure that is within the specifications.

4 0

3 years ago

In January of 2018, the Phillips Company purchased a patent at a cost of $100,000. In addition, $10,000 in legal fees were paid

soldi70 [24.7K]

Answer:

The answer is: $113,000

Explanation:

By 2020, Phillips Company had already amortized $22,000 of the patent expenses (2 years x [10% x ($100,000 + $10,000)]). Since it lost its patent defense in 2020, it will now have to write off $113,000 ($88,000 pending amortization + $25,000 in legal fees) for the adjustment of its 2018 income.

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3 years ago

By how many packs of cigarettes does quantity demanded decrease due to the excise tax on cigarettes?

andrezito [222]

Answer:

Explanation:

The government taxes packs of cigarettes both to discourage smoking and to raise tax revenue. The average excise tax on a pack of cigarettes is $2.50 per pack. The table below presents the annual demand and supply schedules, in billions of packs, both before and after the tax on packs of cigarettes.

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3 years ago