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2 years ago

7

Shannon signs a contract with tevin, an unlicensed contractor, to build a deck and gazebo at the rear of her house. this contrac

t is enforceable by

1 answer:

Bingel [31]2 years ago

8 0

The answer is noone.

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Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $500. The fund wa

Salsk061 [2.6K]

Answer:

c. A credit to Cash of $272.75.

Explanation:

These transactions can be explained with the help of T- Account .

<h2><u> Cash </u></h2><h3><u>Debit Credit </u></h3>

Bal $ 500

Freight $61

Shipping

Charges $ 85

Supplies $ 50

Donation $ 69

Suspense 7.75

<u>Fund $ 227.25 </u>

Fund $ 227.25

<u> Reimbursement </u><u> $272.75</u>

<u> $ 500 </u>

<u />

<em><u>As there is shortage of $ 272.25 in the amount of $ 500 the petty cash will be reimbursed with this amount.</u></em>

<em><u>An amount of $ 7.75 is short which is dealt in suspense account and reimbursed with the amount falling short.</u></em>

5 0

2 years ago

A tire manufacturer produces 400 tires valued at $20 each. Three hundred tires are sold to a tire shop, which then sells them to

Leto [7]

Answer: $17,000

Explanation:

Produced =400 x $20= $8000

Tire shop bought = 300 x$20 =$6000

Household bought =300 x$50 =$15000

Household - Tire shop = $15000 - $6000 =$9000

GDP= $9000+ $8000 =$17000

4 0

2 years ago

On January 1, 2012, Browning Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year,

Gennadij [26K]

Answer:

The solution are given as under:

Explanation:

Part 1. The entry would record common stock at part and the above par value would be paid in capital.

Dr Cash $675,000

Cr Common Stock $60,000

Cr Paid In Capital $615,000

Part 2. When dividend is declared, dividend payable must be recognized against the Retained Earnings.

Dividends Payable can be calculated by finding out the total shares on 15th of June, which is:

Total shares = Shares issued + Previously Held shares

= 75,000 + 60,000 = 135,000

Now the total dividend that is payable is:

Dividend Declared = Total Number of Shares * Dividend per share

= 135,000 Shares * $2 per share = $270,000

Dr Retained Earnings $270,000

Cr Dividend Payables $270,000

Part 3. The payment of dividends will decrease the dividend payables with $270,000, so the double entry would be:

Dr Dividend Payables $270,000

Cr Cash Account $270,000

Part 4. The purchasing of the treasury stock would be recorded as under:

Dr Treasury Stock $90,000 ..... $15 per share * 5000 shares

Cr Cash Account $90,000

Part 5. The cash dividend declared would be similarly the way we calculated in the part 3 but here we will also account for the treasury stock as under:

Total shares = Shares issued + Previously Held shares - Treasury Stock

= 75,000 + 60,000 - 5,000 = 130,000

Now the total dividend that is payable is:

Dividend Declared = Total Number of Shares * Dividend per share

= 130,000 Shares * $2.5 per share = $325,000

Dr Retained Earnings $325,000

Cr Dividend Payables $325,000

5 0

2 years ago

Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her (all are u

Kipish [7]

Answer:

a. $58,000

b. $6,752

c. $9,000

Explanation:

a. The computation of taxable income is shown below:-

Taxable income = Salary - Short term capital loss + Cash Prize - Greater of Standard or itemized deduction for year 2018 (assumed)

= $80,000 - $2,000 + $4,000 - $24,000

= $58,000

b. The computation of tax liability is shown below:-

Tax liability (Surviving spouse) = ($1,940) + ($58,000 - $19,400) × 12%

= $1,940 + $38,600 × 12%

= $1,940 + $4,632

= $6,572

c. The calculation of Charlotte's child and dependent tax credit is given below:-

= ($2,000 × 4) + ($500 × 2)

= $8,000 + $1,000

= $9,000

6 0

2 years ago

Perggy's Bakes, a bakery in New Orleans that exclusively sells its confectionery products online, makes its products only when i

Anastaziya [24]

Answer:

I feel like something is wrong in the question. Can you check it again?

Explanation:

7 0

2 years ago