Answer:
The three major compromises were the Great Compromise, the Three-Fifths Compromise, and the Electoral College. The Great Compromise settled matters of representation in the federal government.
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Answer:
The journal entries for the given economic events are given below:
Date Account Title Debit Credit
7/1/17 Treasury Stock (113 X $88) 9,944
Cash 9,944
9/1/17 Cash (62 X $94) 5,828
Treasury Stock (60 X $88) 5,280
Paid-in Capital from
Treasury Stock 548
(Paid in capital from Treasury Stock = 5828 - 5280 = 548)
11/1/17 Cash (51 X $86) 4,386
Paid-in Capital from
Treasury Stock 102
Treasury Stock (51 X $88) 4,488
(Paid in capital from Treasury Stock = 4488 - 4386 = 548)
Answer:
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Answer:
Dr land $278,000
Dr building $347,500
Dr equipment $556,000
Dr inventories $208,500
Cr cash $1,390,000
Explanation:
The total amount spent in acquiring the assets is $1,390,000 which needs to be shared between the assets acquired on the basis of individual values of the assets
Total of individual assets' values=$304000+$380000+ $608000+$228000=$ 1,520,000.00
Cost attributable to land:$304000/$1520000*$1,390,000=$ 278,000.00
Cost attributable to Building:$380000/$1520000*$1390000=$ 347,500.00
cost attributable to equipment=$608000/$1520000*$1390000=$556,000.00
cost attributable to inventories=$228000/$1520000*$1390000
=$208,500.00
Answer:
Accounting entity concept:
The basic idea behind this concept is that business and the owner are two different entities. Their transactions are to be recorded separately.
Going concern concept:
The concept is to have a view that the company is going to stay solvent in the future. That is we will have another accounting year in the future unless and otherwise we have evidence to the contrary.
Cost-benefit constraint:
It limits the amount of time to research the cost of an event if its benefits outweighs. In case of an immaterial event if its cost outweighs the benefits then that event can be forgone.
Expense recognition (matching principle):
The matching principle states that all the expenses are to be recorded based on the year they have been incurred rather than on the time they are paid.
Materiality constraint:
It states that any event that changes or effects the decision making of the user of financial statement should be recorded and vice versa.
Revenue recognition principle:
It states that the revenue is to be recorded in the period in which it has been incurred instead when it is collected. Accrual basis gives a more clear picture of the performance of the company.
Full disclosure principle:
It requires to disclose any information to be mentioned in the foot notes of the financial statements of the company that might affect the user of financial statement. This helps in identifying the methods used for accounting practices and any event that might effect the organisations future existence.
Cost principle:
To record the transactions based on their historical costs rather than making adjustments for fluctuations in market place.
