From an entrepreneurial perspective, ______ is a description of the future you envision for your business.

Woody Corporation acquired 70% of Buzz Company’s voting common stock on January 1, 20X3, for $158,900. Buzz reported common stoc

Dvinal [7]

Answer: a.Dr. Gain on Sale 9,600

Dr. Equipment 8,400

Cr. Accumulated Depreciation 18,000

Explanation:

Difference between following entries gives the elimination entry:

Actual: Equipment as actually recorded in the financial statements (Equipment Dr. 91600, Gain on sale Cr. 9600)

As if: Equipment as recorded in the financial statements as if it had not been transferred (Equipment Dr. 100000, Accumulated Depreciation Cr. 18000)

Difference of the above recorded entries would be: Equipment Dr. 8400, Gain on sale Dr. 9600, Accumulated Depreciation Cr. 18000

Thus, entry needed to eliminate Buzz’s gain on the sale of equipment to Woody would be:

.Dr. Gain on Sale 9,600

Dr. Equipment 8,400

Cr. Accumulated Depreciation 18,000

5 0

3 years ago

When purchases of tennis socks decline following an increase in the price of tennis sneakers (other things remaining equal), the

const2013 [10]

Answer:

Option B Complementary

Explanation:

The reason is that increase in one product (Sneakers) purchases increases the purchases of other product (socks) which is compulsory. In this case we see that the sneakers prices have increased which led to decrease in sales of sneakers and also a decrease in the socks sales is witnessed. This is beacause the sale of one product is directly proportional to other and this relation is also known as complementary relation among products.

5 0

3 years ago

Assume year 1 is 2019 and by the beginning of year 4, the Sanchezes have paid down the principal amount of the loan to $500,000.

Margaret [11]

Answer: $7,000

Explanation:

Interest deduction is allowed by the IRS if the loan was taken to improve the home. However, for married couples, only loans below the $750,000 limit can have their interest deducted.

The Sanchezes have paid off $500,000 of the principal of their previous loan so we will assume that was enough to get this new loan under the $750,000 limit.

Allowable interest deduction will therefore be:

= 100,000 * 7%

= $7,000

8 0

3 years ago

Spalding Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company tha

lora16 [44]

Answer:

Amoun of sales Revenue for the first quarter of 2019

Jan $120,000

Feb ( 120,000*1.05) 126,000

March ( 126,000* 1.05) 132,300

378,300

 Cash Receipt schedule for the first quarter of 2019

Jan Feb March

Jan sales $84,000 24,000 12,000

Feb sales - 88,200 25,200

March sales - - 92,610

84,000 112,200 129,810

Amount of Account Receivable as of MArch 2019

Feb sale 10%* 126,000 $12,600

March sales( 20%* 132,300) + (10%*132300) 39,690

52,210

Explanation:

cash receipt

Jan Sales : Jan 70% * 120,000 = 84,000

feb 20%* 120,000 = 24,000

March 10% * 120,000 = 12,000

Feb sales : Feb 70%*126,000 = 88,200

March 20% * 126,000 = 25,200

April 10%* 126,000 = 12,600

March sales : March 70%* 132300 = 92,610

April 20%*132300 = 26,460

May 10%*132300 = 13,230

5 0

3 years ago

Carrejo Corporation has two divisions: Division M and Division N. Data from the most recent month appear below:

ivann1987 [24]

Answer:

Break-even point (dollars)= $219,656

Explanation:

Giving the following information:

Division N

Sales= $223,000

Variable expenses= 86,970

Contribution margin= 136,030

Traceable fixed expenses= 105,000

Segment margin= 31,030

Common fixed expenses= 28,990

To calculate the break-even point in dollars for Division N, we need to use the following formula:

Break-even point (dollars)= fixed costs/ contribution margin ratio

contribution margin ratio= (sales - variable costs) / sales

Break-even point (dollars)= (105,000 + 28,990) / (136,030/223,000)

Break-even point (dollars)= $219,656

4 0

3 years ago