Answer:
The adjusting entry that should be recorded at the end of the accounting period:
Debit Unearned revenue $500
Credit Revenue $500
Explanation:
Following the Accrual accounting - an accounting method that revenue or expenses are recorded when a transaction occurs rather than when payment is received or made.
Bobcat Boards and Skis received $800 in advance for future services to be performed. At the end of the month, $300 worth of services were still owed to the customer.
The value of services were performed = $800 - $300 = $500.
The adjusting entry:
Debit Unearned revenue $500
Credit Revenue $500
Based on the information given the amount of the transfer taxes is $476.
Using this formula
Total transfer tax=[(Purchased price+ First transfer tax)×(Additional tax)]+Transfer tax
Let plug in the formula
Total transfer tax=[($475,000-$1,000)×($0.10/$100)]+$2
Total transfer tax = ([$474,000 x .001] + $2)
Total transfer tax=$474+$2
Total transfer tax=$476
Inconclusion the amount of the transfer taxes is $476.
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Answer:
$56,000
Explanation:
Given the above information, we will calculate first the total cash flow.
Total cash flow = Opening cash receivable + Sales - Ending cash receivables
= $196,000 + $880,000 - $226,000
= $850,000
Ending cash balance = Opening cash balance + Total cash flow - Cash disbursement
= $146,000 + $850,000 - $940,000
= $56,000
Answer:
The invoice price for the bond is $1,060.38
Explanation:
Given the following:
PV= Par value = $1,000
,
CV= Clean Price = $1,049
Coupon Rate per annum = 6.83%
To calculate the Semiannual Coupon Rate= Coupon Rate per annum/2= 3.415%
To calculate Semiannual Coupon= Semiannual Coupon Rate*PV
= 3.415% * $1,000 = $34.15
With an interest accured over 2 months, we calculate it thus:
Accrued Interest = $34.15 * 2/6
= $11.38
To calculate Invoice price:
Invoice Price = CP + Accrued Interest
Invoice Price = $1,049.00 + $11.38
Invoice Price = $1,060.38
