Answer and Explanation:
The journal entries are shown below:
(i) On August 1,
Cash A/c Dr. $12,000
photography equipment A/c Dr. $51,600
To common stock $63,600
(Being the issuance of common stock for cash and photography equipment is recorded)
(ii) On August 2,
Prepaid insurance A/c Dr. $3,900
To cash $3,900
(Being the cash paid in advance for insurance is recorded)
(iii) On August 5,
Office supplies A/c Dr. $2,280
To cash $2,280
(Being the cash paid for office supplies is recorded)
(iv) On August 20,
Cash A/c Dr. $3,700
To photography fees earned $3,700
(Being the photography fees earned is recorded)
(v) On August 31,
Utilities A/c Dr. $878
To cash A/c $878
(Being the cash paid for utilities)
Answer: equals sales revenue minus variable costs
Explanation: In simple words, contribution margin refers to the amount of revenue that an organisation is left with after paying for the variable expenses that are incurred for the generation of such revenue.
It is an important aspect of an organisation as it somehow depicts the ability of it to pay its fixed expenses like interests etc.
Thomas Jefferson's decision to initiate the Louisiana Purchase in 1803 was an early example of the exercising of an inherent type of presidential power.
Inherent powers are the powers held by a sovereign state that is a nation or a state free from interference in it's political, financial and other aspects from foreign elements. In the United States of America, the President derives these powers from the words "the executive powers shall be vested in the President".
Hence, the President has the supreme power to determine how vehemently a law can be enforced, whether it is maximizing or minimizing it's results, it rests completely with the President.
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Answer: Full Disclosure Principle
Explanation:
The Full Disclosure Principle is a principle in Accounting that aims to be keep the relevant business information as transparent as possible. The principle therefore requires that all information relating to the business be disclosed so that the stakeholders in the business will be able to reasonably understand the operations of the business.
As only financial data can be reported in financial statements such as cash related activities in the Cashflow Statement, the principle requires that important noncash financing and investing activities be reported on the statement of cash flows or in a footnote so that the readers of the statement will not have any missing information.
Answer:
$15,000
Explanation:
Calculation to determine what Legion should pay as cash interest for the six months ended June 30, 2021
Cash interest for the six months ended June 30, 2021 =$300,000*10%*6/12
Cash interest for the six months ended June 30, 2021=$15,000
Therefore Legion should pay cash interest for the six months ended June 30, 2021, in the amount of $15,000