Answer:
State unemployment tax payable A/c Dr $168
To Cash A/c $168
(Being state unemployment taxes are paid for cash)
Explanation:
The journal entry to record the payment of the unemployment taxes is shown below:
State unemployment tax payable A/c Dr $168
To Cash A/c $168
(Being state unemployment taxes are paid for cash)
For recording this transaction, we debited the State unemployment tax payable as it increase the liability and cash account should be credited as it reduce the current assets
Answer:
March 1, purchased securities from Benton Corporation:
Dr Investment in securities 500,000
Cr Cash 500,000
May 1, sold half of securities plus accrued interest:
Dr Cash 248,550
Dr Loss on investment in securities 5,000
Dr Brokerage fees 200
Cr Investment in securities 250,000
Cr Interest revenue 3,750
Securities were sold at 98 or $250,000 x 98% = $245,000, which means that the company lost $5,000 with that investment.
Answer:
True
Explanation:
This is the value of stock or share that was set by the owners of a corporation at the point of registration of the company. It is the price that is stated in the corporation's article of association and also in the share certificate. The par value of a share has no relationship with the market value as they can be far apart.
The par value is a value specified by law for the protection of the people who might want to extend credit to the corporation.
