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ludmilkaskok [199]

3 years ago

15

Gullett Corporation had $34,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additiona

l $83,000 of raw materials. The journal entry to record the purchase of raw materials would include a:

1 answer:

lapo4ka [179]3 years ago

8 0

Answer:

A decrease in price

Explanation:

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Oriole Co. reports net income of $59,000. Partner salary allowances are Pitts $15,000, Filbert $5,000, and Witten $6,000. Indica

loris [4]

Answer:

Oriole Co

Division of net income to each partner:

Pitts Filbert Witten Total

Total income $33,480 $13,580 $11,940 $59,000

Explanation:

a) Data and Calculations:

Net income = $59,000

Salary allowances = $26,000

Remaining shareable income = $33,000

Allocation of net income to each partner:

Pitts Filbert Witten

Income sharing ratio 56 : 26 : 18

Salary Allowances $15,000 $5,000 $6,000

Shareable income 18,480 8,580 5,940

Total income $33,480 $13,580 $11,940

b) Calculation of shareable income:

Pitts = $33,000 * 56% = $18,480

Filbert = $33,000 * 26% = $8,580

Witten = $33,000 * 18% = $5,940

6 0

3 years ago

On July 4, Blossom's Restaurant accepts a Visa card for a $150 dinner bill. Visa charges a 2% service fee. Prepare the entry on

Tpy6a [65]

Answer:

The journal entry is shown below.

Explanation:

According to the scenario, the journal entry for the given data are as follows:

Journal entry

Jul.4 Cash A/c Dr $147

Card charges A/c Dr. $3

To Sales revenue A/c $150

(Being card transaction is recorded)

Computation:

Cash = $150 - 2% × $150 = $147

Card charges = $150 × 2% = $3

3 0

3 years ago

On April 1, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What amount

inn [45]

Answer:

$337.50

Explanation:

the premium on a three year policy = $1,350

premium per year = $1,350 / 3 = $450

premium per month = $450 / 12 = $37.50

Since the premium covered April to December, 9 months of insurance expense are accrued.

insurance expense for 9 months = $37.50 x 9 = $337.50

The journal entries should be:

April 1, purchase a 3 year insurance policy:

Dr Prepaid insurance 1,350

Cr Cash 1,350

December 31, accrued insurance expense:

Dr Insurance expense 337.50

Cr Prepaid insurance 337.50

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3 years ago

Which type of Financial Aid am I? I am given to students who come from lower-income families and I do not need to be repaid. *

Bas_tet [7]

Grant. A grant, is a form of financial aid that doesn’t have to be repaid.

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4 years ago

Justin, a real estate salesperson, would like to offer his colleague a referral fee for referring him a new client. before offer

MrMuchimi

Justin<span> obtained informed consent from the client in order to follow the full disclosure policy. In this policy, referral fee can only be given with the informed consent of the client (this is the party being referred by the </span>referrer<span>). The informed consent should be in writing in order to avoid complications in the future.</span>

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3 years ago