Roy’s Dairy purchases land for $200,000, paying $50,000 and financing the rest with a bank loan.

Martinez Company has an old factory machine that cost $66,000. The machine has accumulated depreciation of $36,960. Martinez has

brilliants [131]

Answer:

Journal entries

Explanation:

The journal entries are as follows

(a) Cash A/c Dr $33,000

Accumulated depreciation A/c Dr $36,960

To Factory machine A/c $66,000

To Profit on sale of factory machine A/c $3,960

(Being the sale of machinery is recorded and the remaining balance is credited to the profit on sale of factory machine account)

(b) Cash A/c Dr $19,800

Loss on sale of factory machine A/c $9,240

Accumulated depreciation A/c Dr $36,960

To Factory machine A/c $66,000

(Being the sale of machinery is recorded and the remaining balance is debited to the loss on sale of factory machine account)

8 0

3 years ago

List two career pathways from the health science cluster?

Black_prince [1.1K]

biotechnology research and support services

6 0

3 years ago

Read 2 more answers

Presented below is information related to Dino Radja Company.

Alja [10]

Answer:

Dino Radja Company

The ending inventory for Dino Radja Company for 2017 through 2022 using the dollar-value LIFO method:

Date Ending Inventory Price Dollar Value

(End-of-Year Prices) Index LIFO

December 31, 2017 $ 80,000 100 $80,000 ($80,000*1.00)

December 31, 2018 115,500 105 110,000 ($115,500/1.05)

December 31, 2019 108,000 120 90,000 ($108,000/1.20)

December 31, 2020 122,200 130 94,000 ($122,200/1.30)

December 31, 2021 154,000 140 110,000 ($154,000/1.40)

December 31, 2022 176,900 145 122,000 ($176,900/1.45)

Explanation:

a) Data and Calculations:

Date Ending Inventory Price Index

(End-of-Year Prices)

December 31, 2017 $ 80,000 100

December 31, 2018 115,500 105

December 31, 2019 108,000 120

December 31, 2020 122,200 130

December 31, 2021 154,000 140

December 31, 2022 176,900 145

5 0

2 years ago

Sheffield Corp. had 205000 shares of common stock, 20300 shares of convertible preferred stock, and $1580000 of 4% convertible b

Ahat [919]

Answer:

Diluted earnings per share for 2021 is: $2.19 per share.

Explanation:

Amount of increase in net income if bonds are converted = Total value of convertible bonds * Bond rate * (100% - Tax rate) = $1580000 * 4% * (100% - 35%) = $41,080

Total earnings available to Equity Shareholders = Net income + Amount of increase in net income if bonds are converted = $599000 + $41,080 = $640,080

Number of shares of common stock = 205,000

Number of common shares obtainable from preferred stock = 39,800

Number of common shares obtainable from convertible bonds = (Total value of convertible bonds / $1,000) * 30 = ($1580000 / $1,000) * 30 = 47,400

Total number of shares outstanding = Number of shares of common stock + Number of common shares obtainable from preferred stock + Number of common shares obtainable from convertible bonds = 205,000 + 39,800 + 47,400 = 292,200

Diluted earnings per share = Total earnings available to Equity Shareholders / Total number of shares outstanding = $640,080 / 292,200 = $2.19 per share

Therefore, we have:

Diluted earnings per share for 2021 is: $2.19 per share.

6 0

2 years ago

On December 1, 20X1, Money Co. gave Home Co. a $200,000, 11% loan. Money paid proceeds of $194,000 after the deduction of a $6,0

zysi [14]

Answer: (C.) $2,005

Explanation:

Given :

Money Co. made a cash outflow of $194,000 for the $200,000 loan Money gave to Home Co.

The book value of the loan is $194,000.

The stated rate is 11%.

Hence they will receive an effective interest rate of 12.4% on cash outflow.

∴

Income from the loan = Book value × Effective interest rate × No. of months of the year

= $194,000 × 0.124 × $\frac{1}{2}$

= $2,004.67

3 0

3 years ago