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3 years ago

Martinez Corp. has the following transactions during August of the current year.

Business

1 answer:

Vinvika [58]3 years ago

6 0

Answer:

Aug 1

Cash $10930 Dr

Common Stock $10930 Cr

Aug 4

Prepaid Insurance $1760 Dr

Cash $1760 Cr

Aug 16

Cash $810 Dr

Service Revenue $810 Cr

Aug 27

Salary Expense $570 Dr

Cash $570 Cr

Explanation:

Aug 1

The receipt of cash in exchange of common stock is recorded as a debit to cash which is an asset and a credit to common stock which is capital

Aug 4

Prepayment of any expense is recorded as a current asset. Thus, prepaid insurance is debited as asset increases and cash is credited as cash decreases.

Aug 16

The receipt of cash in exchange of service provision is recorded as a credit to service revenue and a debit to cash

Aug 27

Payment of salary is an expense and is recorded as a debit to salary expense and a credit to cash.

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Exchanged all of the securities for shares of preferred stock, which were not mandatorily redeemable. Market values at the date

ValentinkaMS [17]

Answer:

The full question is as follows "The following accounts were among those reported on Good Corp.'s balance sheet at December 31, year 1: Available-for-sale securities (market value $140,000) $80,000 Preferred stock, $20 par value, 20,000 shares issued and outstanding 400,000 Additional paid-in capital on preferred stock 30,000 Retained earnings 900,000 On January 20, year 2, Good exchanged all of the available-for-sale securities for 5,000 shares of Good's preferred stock. Market values at the date of the exchange were $150,000 for the available-for-sale securities and $30 per share for the preferred stock. The 5,000 shares of preferred stock were retired immediately after the exchange. Prepare the general journal entry, without explanation, to record this event."

Date General Journal Entry Debit Credit

Preferred stock A/c $100,000

(5000*$20)

Add. paid-in capital on preferred stock $7,500

(30000 * 1/ 4)

Retained earnings $42,500

Trading securities A/c $140,000

Gain on exchange of securities $10,000

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3 years ago

The Delgados are in the_______ stage of the financial life cycle. This stage is the foundation for the efforts that continue dur

777dan777 [17]

Answer:

chair, the other , people

6 0

4 years ago

PB4.

julia-pushkina [17]

Answer:

The question is incomplete, the complete question is given below.

Sales price 150

Variable cost 80

Fixed expenses 42,000

Answer:

Break-even point (in units) = 600 units
Break-even point (sales) = $90,000
Contribution margin ratio = 46.6%
Units to be sold to achieve a profit of $21,000 :900 units
Contribution margin income statement (see below)

West Island

Contribution margin income statement

Sales ( $150 900) 135,000

less variable costs($80 × 900) ( 72,000)

Contribution 63,000

Less fixed cost (42,000)

Profit 21,000

Explanation:

Break-even point is the level of activity where a business makes no profit or loss. The number of units to be produced which equates the total cost to total revenue.

It is calculated as ;

Break-even point (in units)=Total general fixed cost/ (selling price per - Variable cost)

Break-even point (sales) = Break-even point (units)× units price

So for West Island, we do as follows:

Break-even point (in units) = $42,000/$(150-80)= 600 units

Break-even point (sales) = 600 × $150 = $90,000

Contribution margin ratio(C.M.R) is the proportion of sales made as contribution. It is determined as contribution/sales revenue.

To calculate the total contribution at the break-even, we just multiply the contribution per unit by the break-even point (units)

Contribution at the break-even point= (150-80) × 600=$42,000

Contribution margin ratio = 42,000/(600*150)= 46.6%

Units to be sold to achieve target profit= (Fixed cost + target profit)/ (S.P- V.C)

Therefore to earn a profit of $21,000., West Island will have to sell:

$(42,000 + 21,000)/$(150-80) = 900 units

West Island

Contribution margin income statement

Sales ( $150 900) 135,000

less variable costs($80 × 900) ( 72,000)

Contribution 63,000

Less fixed cost (42,000)

Profit 21,000

This confirms our answer !

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3 years ago

The symmetrical design of the building that we know as the taj mahal carries associations of

Finger [1]

The answer to this question is: beauty and stability
the symmetrical design on this building creates a fancy and elegant look from the Taj mahal.
The design somehow conveys that a very important person once live on that site and the building was created to make all citizens feel awed

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3 years ago

Natasha selects standard shipping for her purchase and the company bills her credit card $91. 08 for the total of the online pur

kicyunya [14]

A. Natasha has been billed correctly for her purchase of standard shipping.

To determine if Natasha has been billed correctly for her purchase, you need to review the details of the purchase.

First, you need to confirm the cost of the items purchased. This can be done by looking at the itemized list of purchases on the receipt.

Next, you need to confirm the cost of shipping. If Natasha selected standard shipping, then the cost will be listed on the receipt.

Finally, you need to compare the cost of the items purchased and the cost of shipping to the total amount billed to Natasha's credit card. If the total cost of items and shipping matches the total amount billed to Natasha's credit card, then Natasha has been billed correctly.

In this case, since the total cost of items and shipping matches the total amount billed to Natasha's credit card ($91.08), Natasha has been billed correctly. Therefore, the answer is A. Natasha has been billed correctly.

For more questions like Shipping click the link below:

brainly.com/question/17753762

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1 year ago