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3 years ago

During January, the following selected transactions occurred.

Business

1 answer:

tester [92]3 years ago

5 0

Answer:

The journal entries are given as follows;

Explanation:

Jan 5

Cash Dr.$20,520

Sales Tax Payable 20,520-(20,520/1.08) Cr.$1,520

Inventory Cr.$19,000

Unearned Service Revenue Dr.$12,000

Service Revenue Cr.$12,000

Employee payroll Expense Dr.$452,000

Social Security payable Cr.$3,978

Federal Income Tax payable Cr.$5,686

State Income Tax payable Cr.$1,706

payroll Expenses payable (452,000-3,978-5,686-1,706) Cr.$440,630

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Betty made a 20% profit on a residential lot she sold for $30,000. What did she pay for the property

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Answer: $25000

Explanation:

From the question, we are informed that Betty made a 20% profit on a residential lot she sold for $30,000. Let the cost price of the property be represented by x.

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3 years ago

Identify the goal of outsourcing governance procedures. Group of answer choices To report on the fairness of the presentation of

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Answer:

To ensure that the outsourcing initiative succeeds, even as personnel, business needs, and operating conditions change

Explanation:

Outsourcing

This is simply regarded as a form of an arrangement through which one company in contact with another organization mainly to give or provide services that ordinarily could be provided by company employees.

Reasons why organizations outsource

1. To cut costs

2. To improve focus

3. To upgrade capabilities and services

4. Fasten or accelerate time to market etc.

There are several issues associated with outsourcing. They includes:

1. There is the problem of decreasing employee Morale

2. Quality problems

3. Legal issues

3. Negative impact on customer relationships and satisfaction

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3 years ago

Henry Jones contributed equipment, inventory, and $53,300 cash to a partnership. The equipment had a book value of $25,500 and m

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Answer:

$94,000

Explanation:

Henry Jones contributed a cash of $53,300 to the partnership

The equipment had a book value of $25,500 and a market value of $32,900

The inventory had a book value of $51,900 and a market value of $16,000

The partnership assumed a note payable of $14,500 that was owed by Henry

Therefore, the amount that should be recorded in Henry's capital can be calculated as follows

= $53,300+$39,200+$16,000-$14,500

= $108,500-$14,500

= $94,000

Hence $94,000 should be recorded in Henry's capital account

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3 years ago