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3 years ago

An inventory count shows that teaching supplies costing $3,040 are available at year-end.

Business

1 answer:

Setler [38]3 years ago

6 0

Answer:

debit teaching supplies expense

credit teaching supplies

(9000-3840)

9000 is from general ledger

Explanation:

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Cork Inc. declared a $160,000 cash dividend. It currently has 6,000 shares of 7%, $100 par value cumulative preferred stock outs

Ira Lisetskai [31]

Answer:

$124,000 is the correct answer if we use 6% which is the correct question scenario. If we take 7% then its

Explanation:

The cash dividend announced is $160,000. Remember the first payment goes to preferred shareholders and then the amount left would be distributed among the ordinary shareholders.

The dividend share of Preferred shareholders = 6000 shares * $100 par value * 6% fixed rate = $36,000

After deducting this amount from the dividend announce will go to ordinary shareholders and is calculated as under:

Share of Dividend of ordinary shareholders = $160,000 - $36,000

= $124,000

Similarly if we use 7% fixed rate, then

The dividend share of Preferred shareholders = 6000 shares * $100 par value * 7% fixed rate = $42,000

After deducting this amount from the dividend announce will go to ordinary shareholders and is calculated as under:

Share of Dividend of ordinary shareholders = $160,000 - $42,000

= $124,000

5 0

3 years ago

Jane works in the maintenance department, which supports the production department and the research department. Jane's wages are

valina [46]

<h2>Direct to the maintenance department</h2>

Explanation:

Jane here works only in the Maintenance department. The work that he does supports both Production as well as Research. We can calculate the expenses, only by associating the department of the employee.

So, the wages should be directly associated to the maintenance department only.

We cannot add one cost to multiple department and it is not the right approach of accounting system. So the below becomes invalid.

Indirect to the production department Direct to the research department Direct to the production department Indirect to the research department

3 0

3 years ago

Belton, Inc. had the following transactions in 2018, its first year of operations:• Issued 33,000 shares of common stock. Stock

Finger [1]

Answer:

A) $792,000

Explanation:

33,000 shares of common stock

issued at:

market value 24 dollars

face vale 1 dollar

additional paid-in 23 per share

Equity:

Common Stock

33,000 shares x 1 = 33,000

Additional Paid-in capital

33,000 shares x 23 = 759,000

Total capital 792,000

The total paid-in capital will be the sum of both, the common stock and the paid-in capital in excess of par.

5 0

3 years ago

Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions

balu736 [363]

Answer:

Gram Co.

Statement of cash flows

For the month ended May 31, 202x

Cash flows from operating activities:

Net income $5,590

Adjustments to net income:

Increase in accounts payable $80

Net cash flow from operating activities $5,670

Cash flows from investing activities:

Purchase of office equipment ($2,020)

net cash flow from investing activities ($2,020)

Cash flows from financing activities:

Issuance of common stock $43,500

Paid dividends ($1,600)

Net cash flow from financing activities $41,900

Net cash increase during May $45,550

Initial balance of cash account $0

Ending balance of cash account (5/31) $45,550

Explanation:

operating cash flows:

rent expense ($2,400)

cleaning services ($780)

service revenue $5,300 + $2,400 + $3,200

assistant's salary ($790)

accounts payable increased by $80

assistant's salary ($790)

utilities bill ($550)

total revenue = $10,900

total expenses = $5,310

net income = $5,590

investing cash flows:

purchased equipment for $1,940

purchased office equipment $80

financing cash flows:

Issuance of common stock $43,500

paid dividends ($1,600)

7 0

3 years ago

Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $99,600. They have

trapecia [35]

Answer: $129480

Explanation:

Based on the information given, the amount of their AMTI will be calculated as:

AGI = $99600

Add: Excess Depreciation on Real Estate = $59760

Less: Mortgage Interest Expenses = $19920

Less : Charitable Contribution = $9960

AMTI = $129480

7 0

3 years ago