Answer:
Jan .7 Dr Vacation Benefits Expense $ 160
Cr To Vacation Benefits Payable $160
Explanation:
Journal entry for Mayer
Date Account Name Debit Credit
Jan .7
Dr Vacation Benefits Expense $ 160
Cr To Vacation Benefits Payable $160
( to record vacation pay expense.)
Answer:
Total cash collection= $257,500
Explanation:
Giving the following information:
Sales:
March= $250,000
April= $280,000
Speedster Bicycles, Inc., collects 25% of its sales on account in the month of the sale and 75% in the month following the sale.
<u>Cash collection April:</u>
Sales on account from April= 280,000*0.25= 70,000
Sales on account from March= 250,000*0.75= 187,500
Total cash collection= $257,500
Answer: Option "d" $280000 and $700000.
Explanation:
Option “d” is correct because the recognized gain is $280,000. Pam exchanges a building that has adjusted worth $520000 for the land which has a value of $700000. Thus, at this point, Pam is making a profit of (700000 - 520000) = $180,000. Moreover, he receives additional cash of $100,000. So, total gain by Pam is $180,000 + $100000 = $280,000. However, the tax basis of land refers to the fair market value at which it was acquired. So, it will be $700000.
Answer:
can u show the case study
