Answer:
see below
Explanation:
This transaction is affecting the bank's balance and F brown accounts. It is increasing the bank balance( asset account) by 4000 and increasing accounts payable/F brown ( liabilities account) by 4000.
An increase in assets is debited while an increase in liabilities is credited.
the journal entry will be
Bank A/c Dr. 4000
F brown A/c 4000
Answer: 5,000,000 barrels
Explanation:
First, we need to calculate the last year income which will be:
= $700,000 / 20%
= $700,000 / 0.2
= $3,500,000
Since the average price is $75, the total barrels sold last year was:
= $3,500,000 / 70
= 50,000 barrels
Since it's 1% of the total reserve, then the total reserve will be
= 50,000 / 1%
= 50,000 / 0.01
= 5,000,000 barrels
Answer:
Darla's amount realized on the sale is $800
Adjusted basis in the assets sold is $300
Producing a realized gain on the sale of $500
Explanation:
Amount realized = cash received + FMV of other property + buyer’s assumption of seller’s liabilities – seller’s expenses
Amount realized = 600 + 200 + 0 -0
= $800
Adjusted basis = initial basis – cost recovery deductions
Adjusted basis = 2500-2200 = $300
Gain or loss realized = amount realized – adjusted basis = 800-300
= $500
Therefore Darla's amount realized on the sale is $800 and the adjusted basis in the assets sold is $300, producing a realized gain on the sale of $500
Acting as a facilitator allows good leaders to be flexible and welcome change without showing signs of resistance
