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anygoal [31]
3 years ago
8

Terapin Company engages in the following external transactions for November.

Business
1 answer:
balandron [24]3 years ago
5 0

Answer and Explanation:

The journal entries are shown below:

1. Equipment Dr $21,300

          To cash $21,300

(Being the equipment is purchased for cash)

For recording this we debited the equipment as it increased the assets and credited the cash as it reduced the assets

2. Cash Dr $6,100

       To Service revenue $6,100

(Being the cash received is recorded)

For recording this we debited the cash as it increased the assets and credited the service revenue as it increased the revenue

3. Rent expense $900

       To Cash $900

(Being the rent is paid)

For recording this we debited the rent expense as it increased the expenses and credited the cash as it reduced the assets

4. Office supplies Dr

        To Account payable

(Being the office supplies purchased on account)

For recording this we debited the office supplies as it increased the assets and credited the account payable as it increased the liabilities

5. Salaries expense

           To cash

(Being the salaries paid is recorded)

For recording this we debited the salaries expense as it increased the expenses and credited the cash as it reduced the assets

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The shadow price measures, per unit increase in the right hand side of the constraint, Select one: a. the change in the value of
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A. the change in the value of the optimal solution.

Explanation:

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These items are taken from the financial statements of Coronado Industries at December 31, 2017. Buildings $105,800 Accounts rec
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Answer:

Assets:                                         Liabilities:

<u>Current Assets       </u>                    <u> Current Liabilities</u>

Cash                            11,840          Accounts payable          9,500

Accounts receivable 12,600          Notes payable(current) 13,600

Prepaid insurance <u>     3,200  </u>        Interest payable              3,600

Total current assets:  27,640          Total Current Liab         26,700

<u>Fixed assets:</u>                               <u>Long-term Liabilities:</u>

Buildings (net)       60,200           Note Payable:                80,000

Equipment (net)     63,680             Total Liabilities            106,700

Land                     <u>   61,200   </u>      Equity:

total fixed assets: 185,080              Common stock         60,000

                                                         RE                              46,020

                                                       Total Equity                106,020

Total Assets: 212,720‬                  Total Liab + E              212,720

Explanation:

for RE we need to calculate the net income

income:

Service revenue           14,700

Insurance expense         ( 780 )

Depreciation expense ( 5,300 )

Interest expense          ( 2,600 )

Net income:                    6,020

<u />

<u>RE </u> 40,000 + 6,020 = 46,020

for note payable we split the current and long term portion

93,600 - 13,600 = 80,000 long term debt

te rest is self-explanatory

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