Solution :
<u>Date</u> <u>Account </u> <u>Debit </u> <u>Credit</u>
Sept 9 Petty cash $ 350
Cash $ 350
Sept 30 merchandise purchased $ 42
postage expenses $ 50
miscellaneous expenses $ 102
Cash shortage $ 12
Cash (350-42-50-102)=156-144=12 $ 206
Oct 1 Petty cash 45
Cash (395-350) $ 45
Answer:
$0
Explanation:
This transaction classifies as a § 351 exchange since Mr. Bass is exchanging his asset for 100% of Corporation C's stock.
§ 351 establishes that no gain or loss must be recognized when property is transferred in exchange for stock in a corporation. In order for this exchange to classify as § 351, the new stockholder must assume immediate control of the corporation as established by § 368 (c). This means that at least 80% of the stocks must be exchanged.
Answer:
Management’s assessment of the company’s liquidity and the availability of capital to the company
Explanation:
The Sarbanes-Oxley Act of 2002 cracks down on corporate fraud. It created the Public Company Accounting Oversight Board to oversee the accounting industry. It banned company loans to executives and gave job protection to whistleblowers. The Act strengthens the independence and financial literacy of corporate boards.
Answer:
the job unit product cost is $124
Explanation:
The computation of the job unit product cost is as follows:
= Total cost assigned ÷ number of audio controllers produced
= ($4,000 + $1,200 + $10 × 100) ÷ (50)
= ($4,000 + $1,200 + $1,000) ÷ (50)
= $6,200 ÷ 50
= $124
hence the job unit product cost is $124
Answer:
is the amount that sellers are willing and able to sell at a particular price.
Explanation:
Quantity supplied refers to the amount of goods sold or supplied at a particular price by the sellers in the market. According to the law of supply, there is a positive relationship between the price of the commodity and the quantity supplied of that commodity.
This indicates that an increase in the price of the commodity will lead to increase the quantity supply of the commodity and a decrease in the price of the commodity will lead to decrease the quantity supplied of the commodity.