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stealth61 [152]

2 years ago

5

Morgan Company issued cumulative preferred stock. What additional special feature(s) could also have been granted to preferred s

tock holders

1 answer:

djyliett [7]2 years ago

8 0

Answer:

-The right to convert the shares to common shares

-The right to redeem the preferred shares for cash

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The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." Yo

IgorC [24]

The April ledger accounts for cash showed is :

JEFFERSON COMPANY

Bank Reconciliation, April 30, Current Year

Company's Books Bank Statement

Ending balance per cash account 26100 Ending balance per bank statement 23690

Additions: Additions:

Interest collected 1320 Deposits in transit 7200

1320 7200

27420 30890

Deductions: Deductions:

NSF—A. B. Wright 270 Outstanding checks 3800

Bank charges 60

330 3800

Correct cash balance 27090 Correct cash balance 27090

2

General Journal Debit Credit

1 Cash 1320

Interest revenue 1320

2 Accounts Receivable—A. B. Wright 270

Cash 270

3 Bank service charge expense 60

Cash 60

3

Cash balance 27090

4

Total amount of cash 27090

Deposits in transit = 43300-36100 = 7200

In accounting, a well-known ledger is used to file all of an agency's transactions. inside a general ledger, transactional data is organized into assets, liabilities, sales, fees, and proprietor's equity. After each sub-ledger has been closed out, the accountant prepares the trial stability.

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5 0

1 year ago

On June 1, 2018, Perfect Performance Cell Phones sold $ 17,000 of merchandise to Ashton Trucking Company on account. Ashton fe

inn [45]

Answer:

See answers and explanation below.

Explanation:

1. Journalize the transactions for High Performance Cell Phones using the direct write-off method. Ignore Cost of Goods Sold.

<u>Date Details Dr ($) Cr ($) </u>

1 Jun. 18 Account receivable 17,000

Sales revenue 17,000

<u><em> To record sales to Ashton Trucking Company on account.</em></u>

15 Jul. 18 Cash 6,000

Account receivable 6,000

<em> </em><u><em> To record cash received from Ashton Trucking Company. </em></u>

5 Sep. 18 Bad debt 11,000

Account receivable 11,000

<em> </em><u><em> To record accounts receivable from Ashton written off. </em></u>

5 Mar. 19 Account receivable 11,000

Bad debt 11,000

<em> </em><u><em> To record transfer of bad bad back toaccounts receivable. </em></u>

5 Mar. 19 Cash 11,000

Account receivable 11,000

<em> </em><u><em> To record cash received from Ashton Trucking Company. </em></u>

2. What are some limitations that High Performance will encounter when using the direct write-off method?

a. It is not in line with the matching principle. This is because bad debt expenses will not be reported in the same period they are incurred and might not be realized as bad expenses until the following period.

b. It can cause inaccurate balance sheet as it does give the actual amount of accounts receivable of a company.

c. It method of recording violates GAAP and financial statements does to present the actual financial performance of the business.

d. It overstates accounts receivable as the full amount of amount owed to the company from credit sales will be reported as accounts receivable.

6 0

2 years ago

Markland Manufacturing intends to increase capacity by overcoming a bottleneck operation by adding new equipment. Two vendors ha

liraira [26]

Answer:

The indifference point is 10,000 units.

Explanation:

Giving the following information:

Two vendors have presented proposals. The fixed costs are $ 50,000 for proposal A and $ 70,000 for proposal B. The variable cost is $ 12.00 for A and $ 10.00 for B. The revenue generated by each unit is $ 20.00.

Proposal A= 50,000 + 12*x

Proposal B= 70,000 + 10*x

70,000 + 10x= 50,000 + 12x

20000= 2x

10000= x

The indifference point is 10,000 units.

8 0

3 years ago

replacement of skilled workers with machines that can do the job more efficiently is called what? a. deskilling b. downsizing c.

ASHA 777 [7]

The correct answer is A. deskilling

Deskilling is a process in which skilled workers are replaced by technological advancements which make the worker obsolete.

5 0

2 years ago

Read 2 more answers

An employee in your organization has started to work from home two days a week. The employee uses the same company laptop at the

Lisa [10]

Answer:

Explanation:

From the question we are informed about An employee in my organization who has started to work from home two days a week. The employee uses the same company laptop at the office and at home. The laptop automatically connects to the wireless network in the office, but it does not automatically connect to the employee's home wireless network. The employee would like the laptop to connect automatically both at home and at work. In this case

what can be done is that an an alternate TCP/IP configuration should be configured on the wireless adapter of the laptop, so that static IP address that is compatible with the network at home can be used.

8 0

2 years ago