Answer:
The Bad Debt expense will be in year 1;
Explanation:
The Bad Debt Expense $45,000*1%=$450
The journal entry will be
Bad Debt Expense Dr.$450
Account Receivable Cr.$450
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Answer:
$445,000
Explanation:
The rent in Volusian company income statement for 2016 is $420,000
The prepaid rent is $70,000 at December 31 2015 and $95,000 at December 31 2016
Therefore the cash paid for rent in 2016 can be calculated as follows
= $420,000+($95,000-$70,000)
= $420,000 + $25,000
= $445,000
Answer:
Loma Group Inc.
Paid-in Capital Portion of the Stockholders' Equity:
Common Stock, 320,000 issued at $14 stated value
, $4,480,000.00
Paid-In Capital in Excess of Stated Value-Common Stock 525,000.00
Preferred 2% Stock, $120 par 8,400,000.00
Paid-In Capital in Excess of Par-Preferred Stock 210,000.00
Total Paid-in Capital $13,615,000.00
Explanation:
a) The Paid-In Capital in Excess of Stated Value-Common Stock:
As per trial balance $480,000.00
Treasury Stock 45,000.00
Total $525,000.00
b) The Paid-in Capital of the Stockholders' Equity is the element of Stockholders' Equity that includes only the paid-in capital (cash and other assets) received from stockholders. This portion excludes the Retained Earnings and the memorandum record of the authorized share capitals.
