Answer:
Journal Entries
Date Account Titles and Explanation Debit Credit
April 30 Salaries expenses $4,800
($12,000/5) * 2
Salaries payable $4,800
(To record the Accrual of salaries expense)
May 30 Salaries Expenses
($12,000/5)*3 $7,200
Salaries payable $4,800
Cash $12,000
(To record the payment of salaries expenses)
Answer:
the target cost is $210
Explanation:
The computation of the target cost is shown below;
Given that
sale price = $300
Profit margin = 30%
Now
Profit = $300 × 30%
= $90
Since the profit is $90
So, the Cost is
= sales - profit
= $300 - $90
= $210
hence, the target cost is $210
This is the answer but the same is not provided in the given options
Answer:
Aug. 1 Cash 37,800
Common Stock 37,800 (Investment of cash for stock)
Dr.Cash 37,800
Cr. Common stock 37,800
10 Cash 17,010
Service Revenue 17,010 (Received cash for services performed)
Dr. Cash 17010
Cr. Service Revenue 17010
12 Equipment 31,500
Cash 5,040
Notes Payable 26,460 (Purchased office equipment for cash and notes payable)
Dr. Office Equipment 31500
Cr. Cash 5040
Cr. Account Payable 26460
25 Account Receivable 10,080
Service Revenue 10,080 (Billed clients for services performed)
Dr. Account Receivable 10080
Cr. Sales 10080
31 Cash 5,544
Accounts Receivable 5,544 (Receipt of cash on account)
Dr. Cash 5544
Cr. Account Receivable 5544
T account are prepared in the attached MS Excel File, Please find that.
Answer:
a) $253,750
b) $6,250
Explanation:
Alpha company purchased shares in Bravo-Zulu company for $250,000
This represents 25% of the equity of Bravo-Zulu company.
In 2017, Bravo-Zulu Company Net Income = $25,000 on November 15, 2017 Bravo-Zulu Company paid cash dividends of $10,000 to its shareholders.
The FY 2017 balances in Alpha Company's account balances are:
a) For investment in Bravo-Zulu
= $250,000 + net income - share in dividend.
= $250,000 + ($25,000 * 25%) - ($10,000 * 25%)
= $250,000 + $6,250 - $2,500
= $253,750
b) For investment income
= $25,000 * 25%
= $6,250