Answer:
1. Apple Stocks Dr. $75,000
Deferred Donation Income Cr. $75,000
2. Apple Stocks Dr. $1,500
Gain on Apple Stocks Cr. $1,500
3. Cash Dr. $ 76,000
Gain/Loss on Apple stocks Dr.$1,500
Apple Stocks Cr.$76,500
Explanation:
1. when stocks are received subject to a condition that we can't recognize donation income. therefore it is recorded as liability. please note that deferred income is called as liability.
2. When value of stocks increase, asset stock of apple also increase by differential amount.
3. when asset is sold, the loss is recognized and assets are knocked off from books and cash asset is recorded.
The fact that Norma Inc. uses a perpetual inventory system means that when a sale is recorded, the company should:
- b. decrease an asset and increase an expense.
- c. increase an asset and increase revenue.
<h3>What happens when a sale is made?</h3>
The revenue account should be increased because a sale brings money into the business. Cash or Account Receivables should also increase depending on is the sale was a cash or credit sale.
Cost of goods sold would increase as well and it is an expense. The asset of inventory would decrease to show that there is less inventory on account of the sale.
Options for this question are:
a. decrease an asset and decrease revenue
b. decrease an asset and increase an expense
c. increase an asset and increase revenue
d. increase an asset and decrease an expense
Find out more on the perpetual inventory system at brainly.com/question/25014592.
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Answer:
$22,20,000
Explanation:
Given information:
Common Stock = $1800000
Paid-In Capital in Excess of Par = $140000
Retained Earnings = $360000
Treasury Stock = $80000
The formula for total stockholders' equity is
Total stockholders' equity = Total assets - Total liability
Total stockholders' equity = Common Stock + Paid-In Capital in Excess of Par+Retained Earnings-Treasury Stock
Substitute the given values in the above formula
Total stockholders' equity = $1800000 + $140000
+$360000
-$80000
Total stockholders' equity = $22,20,000
Therefore, the value of total stockholders' equity is $22,20,000.
Answer:
FV= $4521.81
Explanation:
Giving the following information:
Your credit card company charges a monthly compound interest rate of 2.5%.
Debt= $2500
n= 24 (monthly)
We need to use the following formula to calculate the final value of this debt.
FV= PV*(1+i)^n
PV= present value
FV= 2500*(1+0.025)^24
FV= $4521.81