21. Outline two reasons for the fluctuation in the value of currencies.

The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2015.

pishuonlain [190]

Answer:

See explanation section

Explanation:

See the images to get the answer

4 0

3 years ago

Keystone Computer Timeshare Company entered into the following transactions during May 2017. Describe the effect of each transac

Zarrin [17]

Answer:

The change in each transaction is indicated by the bold letter. Also the numerical value has benn added or subtracted. At each transaction the total of the assets and the total of the liabilities and Owner's equity remains the same.

Explanation:

Keystone Computer Timeshare Company

Assets = Liabilities + Owner's Equity

1. + Computers = + Accounts Payable

+$20,000= +$20,000 + Owner's Equity

2. -Cash + Computers = + Accounts Payable + Owner's Equity- Expense

-3000 + 20,000= + 20,000 + OE - 3000

3. + Cash + Computers- Accounts Receivable = + Accounts Payable + Owner's Equity- Expense

12,000 + 20,000 - (15000) = + 20,000 + OE - 3000

4. + Cash + Computers- Accounts Receivable = + Accounts Payable + Owner's Equity- Expense+ revenue

12,000+2700 + 20,000 - (15000) = + 20,000 + OE - 3000+ 2700

5. - Cash + Computers- Accounts Receivable = + Accounts Payable + Owner's Equity- Expense+ revenue

1,000+2700 + 20,000 - (15000) = + 20,000 + OE - 3000+ 2700- 11000

6. + Cash + Computers- Accounts Receivable = + Accounts Payable + Owner's Equity- Expense+ revenue

33000+2700 + 20,000 - (15000) = + 20,000 + 32000 - 14000+ 2700

7. -Cash + Computers- Accounts Receivable = - Accounts Payable + Owner's Equity- Expense+ revenue

13000+2700 + 20,000 - (15000) = 32000 - 14000+ 2700

8. Cash + Computers- Accounts Receivable = +Accounts Payable Owner's Equity- Expense+ revenue

13000+2700 + 20,000 - (15000) = 840 +32000 - 14000+ 2700- 840

13000+2700 + 20,000 - (15000) =840 + 19,860

Assets = Liabilities + Owner's Equity

20,700 = 840 + 19,860

6 0

3 years ago

A company reported net income available to common stockholders of $2,000,000 for the year ended December 31, year 2. The company

bekas [8.4K]

Answer:

$1.12

Explanation:

Basic earnings per share is the standard calculation of the portion of a company's income that is earned or returned on one share of its common stock.

The formula for Basic Earnings Per Share is = Net Profit - Preference Dividend / Weighted Average Number of Shares

Weighted average number of shares can be obtained by multiplying the number of outstanding shares by the portion of the reporting period those shares covered.

Therefore applying the above to the scenario we have: 2000000/ [1500000+(500000*7/12)] = 2,000,000/1,791,667 = $1.12

7 0

3 years ago

g:At year-end (December 31), Chan Company estimates its bad debts as 0.20% of its annual credit sales of $650,000. Chan records

Llana [10]

The journal entries are shown below:

On December 31

Bad debt expense Dr $130,000 ($650,000 × 0.20%)

To Allowance for doubtful debts $130,000

(Being the bad debt expense is recorded)

On Feb 01

Allowance for doubtful debts Dr $325

To Account receivable $325

(Being the written off amount is recorded)

On June 5

Account receivable $325

To Allowance for doubtful debts Dr $325

(Being the written off amount is recorded)

On June 5

Cash Dr $325

To Account receivable $325

(Being the cash received is recorded)

7 0

3 years ago

The owner of a small retail store does her own accounting work. How would you measure the opportunity cost of her work? The opp

bonufazy [111]

Her opportunity cost is what she could have earned in that occupation instead of doing her own accounting work.

<h3><u>Explanation:</u></h3>

Opportunity cost refers to the loss of any gain that can be attained from the alternatives that are available, when one alternative is chosen by a person. For instance consider that a person has decided to go for a movie during his free time. The cost she spent for the movie can be spent to the things that can be more useful. For example investing in something which is the opportunity cost here.

The opportunity cost is also called as economic cost. It can be calculated by measuring the amount that the time of the owner to be obtained from the next best usage. For instance the owner can consider doing accounting work to some other firm than doing for his own firm. Thus he opportunity cost would be the amount that she can earn from the other firm than doing accounting work for her own company.

3 0

3 years ago