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SVETLANKA909090 [29]
3 years ago
8

Chrissy receives 200 shares of Chevron stock as a gift from her father. The stock cost her father $9,000 10 years ago and is wor

th $10,500 at the date of the gift. a. If Chrissy sells the stock for $12,500, calculate the amount of the gain or loss on the sale. $fill in the blank 515f94001054022_1 b. If Chrissy sells the stock for $4,600, calculate the amount of the gain or loss on the sale. $fill in the blank a9ba28057f9604d_1
Business
1 answer:
tangare [24]3 years ago
5 0

Answer:

A. $3,500 gain

B. -$4,400 loss

Explanation:

A. Calculation for the amount of the gain or loss on the sale

Gain or loss on sale=$12,500-$9,000

Gain or loss on sale=$3,500 gain

Therefore the amount of the gain on the sale is $3,500

B.Calculation for the amount of the gain or loss on the sale

Gain or loss on sale=$4,600-$9,000

Gain or loss on sale=-$4,400 loss

Therefore the amount of the loss on the sale is

-$4,400 loss

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Answer:

C) $16,000.

Explanation:

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cash paid for insurance premiums = $15,200 + $3,000 - $2,200 = $16,000

Generally when you purchase an insurance policy you can either pay every month or pay for several months in advance and get a discount. When you pay for several months in advance, you must debit prepaid insurance. Then as time passes, you must accrue insurance expense. For e.g. you pay $2,400 today for a 1 year insurance premium, and at the end of the month you will accrue $200 of insurance expense. But your cash payment was made today.

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I’ll pay somebody 50$ if somebody do this now.
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A business practice associated with globalization involves business moving manufacturing and service centers to countries where
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2 years ago
In a pure market economy: Question 8 options: A) production is determined by the interaction of supply and demand. B) the prices
LenaWriter [7]

Answer:

A) production is determined by the interaction of supply and demand.

Explanation:

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4 0
4 years ago
On January ​1, 2018​, the Cook​'s Restaurant decides to invest in Lake Topsey bonds. The bonds mature on December​ 31, 2021​, an
charle [14.2K]

Answer and Explanation:

The Journal Entry is shown below:-

Investment in bonds is at face value, no question about discount or premium.

Investment is rendered from the time the bonds mature before 2023. Hence, it is an investment as Working for Profit "Held until maturity"

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Bonds receivables  Dr, $140,000

      To Cash  $140,000

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Cash Dr, $2,400

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31 Dec 2018

3. Cash Dr, $2,400

       To interest income $2,400

(Being six months interest received is recorded)

Working note:-

Bond Value                         $140,000

Interest rate                          4%  

Interest earned half

yearly, effective rate

(4% × 6 ÷ 12)                            2%

Half Yearly interest amount

($140,000 × 2%)                     $2,800

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3 years ago
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