1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
MrMuchimi
3 years ago
12

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

You might be interested in
Folsom Fashions sells a line of women's dresses. Folsom's performance report for November Year 1 follows.Actual : Dresses Sold:
ElenaW [278]

Answer:

(B) $5,000 favorable.

Explanation:

Variable cost flexible budget variance:

budget for 6,000 units total variable cost: $180,000

We divide the total cost by the activity in that budget:

$180,000/ 6,000 = 30

Now we multiply by the actual volume:

5,000 x 30 = 150,000

Now we do flexible budget - actual cost = variance

150,000 - 145,000 = 5,000 favorable

It is favorable, as the cost where less than expected.

4 0
3 years ago
Discount Travel has the following current assets: cash, $102 million; receivables, $94 million; inventory, $182 million; and oth
BARSIC [14]

Answer:

The current ratio is 2.98

Explanation:

total current assets = cash + receivables + inventory + other current assets

                                = $102 million + 94 million + 182 million + 18 million

                                = $396 million

total current liabilities = accounts payable + current portion of long term debt

                                     = $98 million + $35 million

                                     = $133 million

current ratio = current assets/current liabilities

                     = [$396 million]/[$133 million]

                     = 2.98

Therefore, The current ratio is 2.98

6 0
3 years ago
Novak Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year
GenaCL600 [577]

Answer:

Feb 1=> Cash ( debit) = 2,444,000.

Prefered stock (credit) = 2,350,000.

Paid in capital in excess of par value-preferred stock(credit) = 94000.

July 1=> Cash (debit) = 3,500,000.

Prefered stock (credit) = 3,125,000.

Paid in capital in excess of par value-preferred stock(credit) = 375000.

Explanation:

(A). On FEB. 1, the accounts and Explanation is given below:

Cash ( debit) = 2,444,000 {that is from; 47,000 × $52}.

Prefered stock (credit) = 2,350,000 { that is from; 47,000 × $50}.

Paid in capital in excess of par value-preferred stock(credit) = 2,444,000 - 2,350,000 = 94,000.

(B). On JULY 1, the accounts and Explanation is given below;

"July 1 Issued 62,500 shares for cash at $56 per share."

=> Cash (debit) = 62500 × 56 = 3,500,000.

Prefered stock (credit) = 3,125,000 { that is from; 62,500 × $50}.

Paid in capital in excess of par value-preferred stock(credit) = 3,500,000 - 3,125,000 = 375,000.

7 0
3 years ago
Read 2 more answers
How can formal business documents help managers solve problems?
REY [17]

the correct answer is b

7 0
3 years ago
Read 2 more answers
Describe in your own word the three types of leadership.
Nat2105 [25]

Answer:

it's a u're welcome

Explanation:

u're welcome ♥️hope you enjoyed

6 0
3 years ago
Read 2 more answers
Other questions:
  • resented below is information from Perez Computers Incorporated. July 1 Sold $20,000 of computers to Robertson Company with term
    8·1 answer
  • Three major areas of concern when providing financial information to the larger investing community are language, currency, and
    5·1 answer
  • First Simple Bank pays 6.4 percent simple interest on its investment accounts. If First Complex Bank pays interest on its accoun
    8·1 answer
  • The cyclical surplus is $450 billion, potential output is $10 trillion and tax rate is 15 percent. With this information, we can
    8·1 answer
  • Current GAAP requires that share-based compensation be expensed at the grant date of the stock options award.
    8·1 answer
  • A company had common stock with a total par value of $18,000,000 and fair value of $62,000,000; and 7% preferred stock with a to
    9·1 answer
  • On July 1, 1992, York Co. purchased as a held-to-maturity investment $1,000,000 of Park, Inc.'s 8% bonds for $946,000, including
    7·1 answer
  • Can somone awnse r my math question in my questions on my profile caus im low in math
    11·1 answer
  • The following information is related to Nash Company for 2020.
    10·1 answer
  • If the complement of a probability p'(x) = 0.25, what is the probability
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!