Answer:
Gore is not required to make any accounting adjustments
Explanation:
Gore won't be required to make any accounting adjustments because the litigation loss is already $2,000,000 leading to him recording a liability in his account in which
$5 million in legitimate warranty claims were as well filed by his customers which is why he won't be making any further Accounting adjustment in 2021.
Answer:
Mifflin should include $10,000 as a foreign exchange Gain
Explanation:
July 1, 2017 (date borrowed) $225,000
December 31, 2017 (Mifflin's year end) $220,000
July 1, 2018 (date repaid) $210,000
=$220,000-$210,000 = $10,000 Gain
Answer:
(a) Dividends : Equity
(b) Interest receivable :Assets
(c) Issuance of preferred stock : Equity
(d) Prepaid insurance: Assets
(e) Amortization: Expenses
(f) Cost of goods sold: Expenses
(g) Accounts payable: Liabilities
(h) Cash: Assets
(i) Equipment: Assets
(j) Gain on sale of equipment: Revenues
Explanation:
The main elements of financial statements are: Assets, Liabilities, Equity
, Revenues and Expenses.
Assets are all the resources that the company has.
Liabilities are all the obligations that the company has.
Equity is the difference of subtracting the liabilities of the assets.
Revenue is the economic benefit that the company receives.
Expenses are the disbursements that the company makes.
Answer:
1) CR Cash/Bank $51,229.35 , DR Bonds Receivable Account $50,000 and DR Premium on Bond Payable Account.
(2) Please see attached for Investment Interest Income Amortization Schedule
(3) Recording of Interest Received
June 30, 2019
CR Income statement (Interest Received) -$3,000, CR Premium on Bond Receivable $250
December 31, 2021
CR Income Statement (Interest Received) -$2915.44
Explanation:
(1) CR Cash/Bank $51,229.35 , DR Bonds Receivable Account $50,000 and DR Premium on Bond Payable Account.
(2) Please see attached for Investment Interest Income Amortization Schedule
(3) Recording of Interest Received
June 30, 2019
CR Income statement (Interest Received) -$3,000, CR Premium on Bond Receivable $250
December 31, 2021
CR Income Statement (Interest Received) -$2915.44
Answer:
- The gross pay of Kenny is $750.
- The gross pay of Charles is $525.
- The gross pay of Laurie is $855.
- The gross pay of Hylis is $480.
Explanation:
As the data of the employers is not given here, a similar question is found , for which the data is attached herewith.
Now the minimum wage per week for $8 an hour is given as
Minimum Wage=40*$8=$240.
The gross pay of Kenny with 50 new customers is given as

So the gross pay of Kenny is $750.
The gross pay of Charles with 35 new customers is given as

So the gross pay of Charles is $525.
The gross pay of Laurie with 52 new customers is given as

So the gross pay of Laurie is $780.
The gross pay of Hylis with 32 new customers is given as

So the gross pay of Hylis is $480.
As Laurie has the highest number of new customers, so she will receive a bonus of $75.
So the gross pay of Laurie is $780+$75=$855.
So the gross pays are given as
- The gross pay of Kenny is $750.
- The gross pay of Charles is $525.
- The gross pay of Laurie is $855.
- The gross pay of Hylis is $480.