After the accounts are closed on February 3, 2016, prior to liquidating the partnership, the capital accounts of William Gerloff, Joshua Chu, and Courtney Jewett are $19,180, $4,020, and $22,140, respectively. Cash and noncash assets total $5,600 and $54,240, respectively. Amounts owed to creditors total $14,500. The partners share income and losses in the ratio of 2:1:1. Between February 3 and February 28, the noncash assets are sold for $34,560, the partner with the capital deficiency pays the deficiency to the partnership, and the liabilities are paid.
Assume the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency. Journalize the entries on Feb. 28 to (a) allocate the partner's deficiency and (b) distribute the remaining cash.

Answers

Answer 1

Answer:

William Gerloff, Joshua Chu, and Courtney Jewett LLC

Journal Entries

a. February 28:

Debit Williams' Capital $600

Debit Courtney's Capital $300

Credit Joshua's Capital $900

To allocate the partner's deficiency

b. February 28:

Debit Williams' Capital $8,740

Debit Courtney's Capital $16,920

Credit Cash $25,660

To distribute the remaining cash to partners.

Explanation:

a) Data and Calculations:

Cash                      $5,600

Non-cash assets   54,240

Creditors               14,500

Profit sharing      = 2:1:1

February Cash in hand:

Cash                                        $5,600

Non-cash assets                     34,560    Loss from assets  19,680

Cash balance                        $40,160

Settlement of creditors         (14,500)

Balance for distribution      $25,660

If partner pays deficiency          900

Total cash for distribution $26,560

                           William Gerloff    Joshua Chu   Courtney Jewett

Capital balances     $19,180                $4,020            $22,140

Loss sharing             (9,840)                (4,920)               4,920)

Capital balance       $9,340                  ($900)           $17,220

Cash distribution     (9,340)                                         (17,220)

Capital balances         $0                         $0                   $0

If partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency, the deficiency will be shared between William and Courtney as follows:

William = 2/3 * $900 = $600

Courtney 1/3 * $900 = $300

Capital distribution with unpaid deficiency, with total cash for distribution of $26,560:

                           William Gerloff    Joshua Chu   Courtney Jewett

Capital balances     $19,180                $4,020            $22,140

Loss sharing             (9,840)                (4,920)               4,920)

Capital balance       $9,340                  ($900)           $17,220

Deficiency sharing      (600)                                             (300)

Cash distribution     (8,740)                                        (16,920)

Capital balances         $0                         $0                   $0

Journal Entries

February 28:

Debit Cash $34,560

Non-cash assets $35,560

To record the receipt of cash from the sale of assets.

Debit Creditors $14,500

Credit Cash $14,500

To settle creditors.


Related Questions

Parth and Brittany have been your best friends since grade school. You have decided to quit your respective jobs and start up a bakery together since you all love cupcakes. Parth insists he wants to start the business as a partnership. Amber says that she wants to start the business as a corporation. You want to weigh in and give your opinion as to the best form of business. 1. What are the options for business form

Answers

Answer: Business as a partnership and business as a corporation

Explanation: they are both types of business or jobs that can be done by anyone. a partnership is when two people help each in one business, but if you are talking about corporation is more people than to friend that want to start a business

PLEASE HELP!!

A wholesale company sold one of its trucks for $5,150. The truck cost $28,795 when it was
bought eight years ago.
a. What was the total depreciation on the truck for the eight-year period?

Answers

Answer:

the answer is 23,645. i hope this helps :)

Explanation:

Standard costs are used in the calculation of: Multiple Choice Quantity and sales variances. Price variances only. Price, quantity, and sales variances. Price and quantity variances. Quantity variances only.

Answers

Answer:

Price and quantity variances.

Explanation:

Standard cost in business management refers to the amount of money a product is supposed to cost in manufacturing it. It is a management tool that can be used to measure efficiency in the level of output or production of goods and services at a specific period of time.

In Financial accounting, the difference between the actual cost of each unit of a product and its standard cost is referred to as variance. In order to determine the standard cost of a product, the expected quantity of the product is multiplied by an expected price.

Standard costs are used in companies for a variety of reasons such as;

1. They're used to estimate the cost of an inventory.

2. They're used to plan direct labor, variable factory overhead and direct materials.

3. Standard costs are used to control costs.

However, standard costs cannot be used to indicate where changes in technology and machinery need to be made rather an actual cost should be used.

Additionally, the standard cost of each unit of a product manufactured in a business firm is categorized into two (2) and these are;

I. Price standard.

II. Quantity standard.

Quelle è il articolo che parla dalla ugualianza

Answers

Il principio è contenuto nell'articolo 3 della Costituzione, uno dei più importanti e noti, che che dice: Tutti i cittadini hanno pari dignità sociale e sono eguali davanti alla legge, senza distinzione di sesso, di razza, di lingua, di religione , di opinioni politiche, di condizioni personali e sociali.

Phishing:_______
a) A con executed using technology, typically targeted at acquiring sensitive information, or tricking someone into installing malicious software.
b) A term that, depending upon the context, may be applied to either, 1) someone who breaks into a computer system, or 2) a particularly clever solution.
c) When someone uncovers computer weaknesses, without exploiting them.
d) When a protester seeks to make a political point by leveraging technology tools, often via system integration, defacement, or damage.

Answers

Answer:

a)

Explanation:

Phishing is a type of deception in which an intruder disguises himself in email or other means of communication as a reputable individual or person. Attackers would normally use phishing e-mails to spread a range of malicious links or attachments. Some people will gather login credentials or victims' account details.

So as per above definition only option A seems the correct alternative among al the other option when discussing about Phishing.

A con executed using technology, typically targeted at acquiring sensitive information, or tricking someone into installing malicious software.

Determine Jennifer's qualified business income deduction if her CPA practice generates qualified business income of $273,800.

Answers

Answer: hello your question has some missing details

Jennifer is a CPA and a single taxpayer using the standard deduction. In 2020, her CPA practice generates qualified business income of $162,400 and she has no other income or losses. Jennifer's taxable income before the QBI deduction is $150,000 ($162,400 – $12,400 standard deduction). Jennifer employs an administrative assistant in her practice and pays him $75,000 in wages. The unadjusted basis of depreciable assets employed in the practice totals $30,000.

answer : $0

Explanation:

As per the Taxation rules ; Jennifer been a single taxpayer with a specified service exceeding $2,07,500 for year 2020, makes her ineligible to claim a qualified Business income deduction.

Jennifer's Qualified business income deduction = $0

This year Randy paid $29,800 of interest on his residence. (Randy borrowed $474,000 to buy his residence, and it is currently worth $524,000.) Randy also paid $3,100 of interest on his car loan and $5,100 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances

Answers

Answer:

Randy can deduct $33,900 interest expense as an itemized deduction.

Explanation:

a) Data and Calculations:

Mortgage interest on residence = $29,800

Mortgage loan = $74,000

Current price of house = $524,000

Car loan interest = $3,100

Investment (margin) interest = $4,100

Deductible interest expenses:

Mortgage interest on residence = $29,800

Investment (margin) interest =            4,100

Total deductible interest =             $33,900

b) The car loan interest that Randy incurred is not tax-deductible unless the car is used for his business.  Otherwise, only the portion used for business is deductible.  It is assumed that the car loan interest was incurred for private use and not business use.  Therefore, it is not deductible.

Which one has the objective of "long-term financial success"?
A. Plotting
B. Spending
C. Saving
D. Investing

Answers

Answer:

C saving

MARK ME BRAINLIEST THANKS MY ANSWER PLEASE

STEP 1: After reviewing the chapters in the module, propose how a U.S. company is applying an Integrated Marketing Communications strategy to deliver its message. Describe which channels the company is using, and how the channels are integrated. Your proposal must include at least one advertisement and one public relations example, with discussion of their objectives and message. Examples already discussed in the text are not acceptable.

Answers

Answer:

us

Explanation:

STEP 1: After reviewing the chapters in the module, propose how a U.S. company is applying an Integrated Marketing Communications strategy to deliver its message. Describe which channels the company is using, and how the channels are integrated. Your proposal must include at least one advertisement and one public relations example, with discussion of their objectives and message. Examples already discussed in the text are not acceptable.

Which organization compiles data on individuals and businesses to report on their credit?
TransUnion
The Bureau of Consumer Protection
The National Credit Union Administration
Vantage Scores

Answers

Answer:

Option A

Explanation:

There are primarily three credit bureaus to which the Lenders go namely -

a) TransUnion

b) Equifax

c) Experian

These three agencies are interested in reviewing credit reports before lending any financial aid.

Hence, option A is correct

Answer:

TransUnion

Explanation:

Microsoft sells two types of office software, a word processor it calls Word, and a spreadsheet it calls excel. Both can be produced at zero marginal cost. There are two types of consumers for these products, who exist in roughly equal proportions in the population: authors, who are willing to pay $120 for Word and $40 for excel, and economists who are willing to pay $50 for word and $150 for excel.
a. Ideally, Microsoft would like to charge authors more for Word and economists more for excel. Why would it be more difficult for microsoft to do this?
b. Suppose that Microsoft execs decide to sell word and Excel Seperately, what price should Microsoft set for word? (Hint: is it better to sell only to authors, or try to sell to both authors and economists?) What price should Microsoft set for excel? What will microsoft's profit be from a representative group of one author and one economist?
c. Suppose the Microsoft decides to bundle together Word and Excel in a package called Office, and not offer them individually. What price should Microsoft set for the package? Why? How much profit will Microsoft generate from a representative group of one author and one economist?
d. Does bundling allow Microsoft to generate higher profit than selling Word and Excel seperately?

Answers

Answer:

a

Explanation:

On January 1, 2018, the Chaucer’s Restaurant decides to invest in Lake Turner bonds. The bonds mature on December 31, 2023, and pay interest on June 30 and December 31 at 4% annually. The market rate of interest was 4% on January 1, 2018, so the $90,000 maturity value bonds sold for face value. Chaucer’s intends to hold the bonds until December 31, 2023.

Required:
a. Journalize the transactions related to Chaucer’s investment in Lake Turner bonds during 2018.
b. In what category would Chaucer’s report the investment on the December 31, 2018, balance sheet?

Answers

Answer:

a)

January 1, 2018

Dr Investment in bonds 90,000

    Cr Cash 90,000

June 30, 2018

Dr Cash 1,800

    Cr interest revenue 1,800

December 31, 2018

Dr Cash 1,800

    Cr interest revenue 1,800

b) This investment must be reported under long term assets since they are classified as Held to Maturity.

Identify whether each of the following examples belongs in M1 or M2. If an example belongs in both, be sure to check both boxes. Example M1 M2 Eileen has $7,000 in a two-year certificate of deposit (CD). Clancy has $25,000 in a money market account. Alex has $1,200 in a checking account.

Answers

Answer and Explanation:

The classification is as follows;

The first two examples comes in only M2 i.e. Eileen example and Clancy example as M1 denotes M1 + liquid assets

while on the other hand, the third example comes in M1 and M2 i..e Alex example as M1 denotes thenotes, coins & checking deposits and M2 described above  

Hence, in this way it should be belong

market:blue Jean market . event :the dye in blue jeans is proven not fade easily .Name the market​

Answers

DontBuyFromUs

For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,592,000. Its useful life was estimated to be six years with a $168,000 residual value. At the beginning of 2021, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: ($ in 1000)
Year Straight-Line Declining Balance Difference
2018 $404 $864 $460
2019 404 576 172
2020 404 384 (20)
$1,212 $1,824 $612
Required:
Prepare any 2013 journal entry related to the change.

Answers

Answer:

Dr Accumulated Depreciation $612

Cr Retained Earnings $612

Explanation:

Preparation of journal entry related to the change.

Based on the information given the Journa entry related to the change is:

Dr Accumulated Depreciation $612

Cr Retained Earnings $612

($1,212-$1,824)

( To record the change of depreciation methods)

On May 8, Dome filed a financing statement that adequately identified the collateral. On June 9, Tint sold one computer to Bean for personal use and four computers to Green Co. for its business. Which of the following is correct?
A. The computer sold to Bean will riot be subject to Dome's security interest
B The computers sold to Green will be subject to Dome's security interest
C. The security interest cloes rnot include the prioceeds from the sale of the.computers to Green
D. The security interest muy not cover after-acquired property evenif the parties agree 2 pts

Answers

Answer: A. The computer sold to Bean will not be subject to Dome's security interest

Explanation:

The computers sold to Bean have passed ownership from Tint to Bean and so cannot be subject to whatever agreements Tint had with Dome Bank because those agreements were contingent on Tint owning the computers.

For instance, if you buy a car from a dealership which had acquired those cars by using loans from a bank, you are not liable to pay the interest on the loan that the dealership took to buy the car.

Celestial Artistry Company is developing departmental overhead rates based on direct-labor hours for its two production Department. Etching and Finishing. The Etching, Department employs 20 people and the Finishing Department employs 80 people. Each person in these two departments works 2,000hours per year. The production-related overhead costs for the Etching Department are budgeted at $200.000, and the Finishing Department costs are budgeted at $320.000. Two service departments. Maintenance and Computing directly support the two production departments. These service department, have budgeted costs of $48,000 and $250,000 respectively. The production department’s overhead rates cannot be determined until the service department’s costs are allocated. The following schedule reflects the use of the Maintenance Departments and Computing Department’s output by the various departments.
Using Department
Service Department Maintenance Computing Etching Finishing
Maintenance(maintenance hours) 0 1,000 1,000 8,000
Computing (minutes) 240,000 0 840,000 120,000
Required:
1. Use the direct method to allocate service department costs. Calculate the overhead rates per direct labor hour for the Etching Department and the Finishing Department.
2. Use the step–down method to allocate service department costs. Allocate the Computing Department’s costs first. Calculate the overhead rates per direct-labor hour for the Etching Department and the Finishing Department.

Answers

Answer:

Celestial Artistry Company

1. Allocation of Service departments costs (direct method):

                                Service Dept             Production Dept.

                       Maintenance Computing  Etching     Finishing   Total

Overheads          $48,000   $250,000 $200,000 $320,000 $818,000

Maintenance       (48,000)                            5,333      42,667     0

Computing                            (250,000)    218,750      31,250     0

Total costs            $0            $0             $424,083 $393,917  $818,000

Direct labor hours                                      40,000   160,000

Overhead rate per direct labor hour       $10.602    $2.462

2. Allocation of Service departments costs (step-down method):

                                Service Dept             Production Dept.

                       Maintenance Computing  Etching     Finishing   Total

Overheads          $48,000   $250,000 $200,000 $320,000 $818,000

Computing            50,000    (250,000)    175,000     25,000     0

Maintenance       (98,000)           0             10,889         87,111     0

Total costs            $0            $0            $385,889     $432,111  $818,000

Direct labor hours                                     40,000     160,000

Overhead rate per direct labor hour       $9.647       $2.701

Explanation:

a) Data and Calculations:

                                                        Etching      Finishing          Total

Employees                                            20                 80              100

Direct labor hours per year            2,000           2,000

 (per employee)

Total direct labor hours/year       40,000       160,000         200,000

Production-related overhead $200,000    $320,000       $520,000

                                       Service Dept             Production Dept.

                               Maintenance Computing  Etching   Finishing   Total

Overheads                $48,000   $250,000 $200,000 $320,000 $818,000  

Maintenance

(maintenance hours)          0            1,000        1,000        8,000      10,000

Computing (minutes) 240,000               0    840,000   120,000 1,200,000

Direct Allocation of Service Departments Overheads:

Maintenance Overhead:

Etching = $5,333 ($48,000 * 1,000/9,000)

Finishing = $42,667 ($48,000 * 8,000/9,000)

Computing Overhead:

Etching = $218,750 ($250,000 * 840,000/960,000)

Finishing = $31,250 ($250,000 * 120,000/960,000)

Step-down Allocation of Service Departments Overheads

Computing Overhead:

Maintenance = $50,000 ($250,00 * 240,000/1,200,000)

Etching = $175,000 ($250,00 * 840,000/1,200,000)

Finishing = $25,000 ($250,00 * 120,000/1,200,000)

Maintenance Overhead of $98,000:

Etching = $10,889 ($98,000 * 1,000/9,000)

Finishing = $87,111 ($98,000 * 8,000/9,000)

How do I solve this? It’s a real estate question.

Answers

A.2.2 points(the answer)(you’re welcome)

Firm X develops and licenses its designs to be produced by outside manufacturers. Firm Y develops and manufactures its own designs. If the total invested capital of the two firms is the same, which likely has more equity capital and why

Answers

Answer:

Firm X

Explanation:

In simple words, since the firm X is asset heavy they will have more equity capital in their accounts. On average, companies that adopt asset-light models achieve higher profits. Both provide the identical invested capital, but X has more equity wealth so it can have higher returns on investments.

Thus, from the above we can conclude that the correct answer is firm X.

Blues Inc. manufactures jeans in the cutting and sewing process. Jeans are manufactured in 40-jean batch sizes. The cutting time is 5 minutes per jean. The sewing time is 20 minutes per jean. It takes 2 minutes to move a batch of jeans from cutting to sewing.
a. Compute the value-added, non-value-added, and total lead time of this process. Value-added lead time minutes Non-value-added lead time minutes Total lead time minutes
b. Compute the value-added ratio. Round to one decimal place. %

Answers

Answer:

1. Value added time = Cutting + Sewing time

Value added time = 5 min + 20 min

Value added time = 25 minutes

Non-value added time = Total within batch wait time + Move time

Non-value added time = (25 minutes*(40-1)) + 2 minutes

Non-value added time = 977 minutes

Total lead time = Value added time + Non-value added time

Total lead time = 25 minutes + 977 minutes

Total lead time = 1,002 minutes

2. Value added ratio = Value added time / Total lead time

Value added ratio = 25 minutes / 1,002 minutes

Value added ratio = 0.02495

Value added ratio = 2.5%

the preferred stock of BGE, inc. is sold at $37 and pays a divident of $5. And the net price of the secuirty after issurancee costs is estimated to be $32.93 what is the cost of preferred stock for BGE? g

Answers

Answer:

15.18%

Explanation:

Cost of preferred stock = Annual dividend/Net Proceeds

Cost of preferred stock = $5 / $32.93

Cost of preferred stock = 0.1518372305

Cost of preferred stock = 15.18%

So, the cost of preferred stock for BGE is 15.18%.

ABC Corporation is considering the purchase of a machine that would cost $220,000 and would last for 9 years. At the end of 9 years, the machine would have a salvage value of $20,500. By reducing labor and other operating costs, the machine would provide annual cost savings of $35,000. The company requires a minimum pretax return of 9% on all investment projects. (Ignore income taxes.) Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using the tables provided. The net present value of the proposed project is closest to: (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
a. $(745)
b. $(95,000)
c. $(16,092)
d. $9,665

Answers

Answer:

a. $(745)

Explanation:

The computation of the net present value is shown below;

As we know that

Net present value = Present value of Cash inflow - Present value of Cash outflow

= ($35,000 × 5.995+  $20,500 × 0.46) - $220,000

= -$745

We simply deduct the cash outflow present value from the cash inflow present value so that the net present value could come

hence, the option a is correct

Heuser Industries recently projected the following data (in thousands) for a coming year. The dividend payout is expected to be 40% of net income. What is the dollar amount of expected dividends (in thousands)

Answers

Answer:

$84.00

Explanation:

Note that the below projected income statement is missing from the question:

Sales $ 6,000.00

Operating costs $ 4,900.00

EBITDA $ 1,100.00

Depreciation $ 500.00

EBIT $ 600.00

Interest $ 250.00

EBT $ 350.00

Taxes (40%) $ 140.00

Net income $ 210.00

Also, it should be noted that dividends are paid out of the net income such that the balance of the net earnings after payment of dividends is added to the balance of the retained earnings

Dividends=dividend payout ratio*net income

projected net income=$210.00

dividend payout ratio=40%

Dividends=40%*$210.00

Dividends=$84.00

Five years​ ago, you invested in the Future Investco Mutual Fund by purchasing shares of the fund at the price of per share. Because you did not need the​ income, you elected to reinvest all dividends and capital gains distributions. ​ Today, you sell your shares in this fund for ​$ per share. If there were a ​% load on this​ fund, what would your rate of return​ be?

Answers

Answer:

7.12%

Explanation:

Full question "Three years? ago, you invested in the Future Investco Mutual Fund by purchasing 1,000 shares of the fund at the price of $ 19.51 per share. Because you did not need the? income, you elected to reinvest all dividends and capital gains distributions. ? Today, you sell your 1,100 shares in this fund for ?$22.02 per share. If there were a 1?% load on this? fund, what would your rate of return? be? The compounded rate of return on this investment over the? three-year period is?"

Value of investment three year ago = 1,000 * $19.51 = $19,510

Value of investment today = 1,100 * $22.02 = $24,222

Load = 1%. Net Proceed from sale of investment = $24,222 * (1 - 1%) = $23,979.78

Rate of return in three year = ($23,979.78 - $19,510) / $19,510

Rate of return in three year = $4,469.79 / $19,510

Rate of return in three year = 0.229103

Rate of return in three year = 22.91%

Annual Return = [(1 + 22.91%)^(1 / 3)] - 1

Annual Return = 1.0712 - 1

Annual Return = 0.712 - 1

Annual Return = 7.12%

What are the differences between progressive, regressive and flat taxes?

Answers

Answer:

Find answers below.

Explanation:

Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.

The difference between a progressive, regressive and flat tax are;

1. Progressive taxation: it involves charging individuals having higher incomes a higher percentage of their total income.

- For instance, John pays 30% on $70,000 and Joyce pays 10% on $45.000.

2. Regressive taxation: it involves charging individuals with low incomes a higher percentage of their total income and vice-versa.

- For instance, John pays 15% on $60,000 and Joyce pays 20% on $36,000.

3. Flat tax: it's a tax system which typically involves applying a single tax rate to all levels of income earned by employees, regardless of the amount being earned.

- For example, all of the employees in a country are levied 15% tax on the amount of money earned.

Perform a horizontal analysis providing both the amount and percentage change. (Round Percentage answers to 1 decimal place. Decreases should be indicated by a minus sign.)

Year
2021 2020
Cash $322,960 $880,000
Accounts receivable 702,240 280,000
Inventory 897,780 780,000
Long-term assets 3,536,680 2,380,000
Total assets $5,459,660 $4,320,000

Answers

Answer:

Find attached

Explanation:

Horizontal or trend analysis involves is a financial statement analysis technique that shows the percentage change or dollar change in a corresponding financial statement's item.

For example, the change in the fixed assets by a way of increase or decrease compared to last year's financial statements.

Formula:

change in a particular line item=(current year amount/previous year)-1

On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 5,500 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $94,600, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 2021. As part of the contract, the seller offers a 25% discount coupon to Bionics for any purchases in the next six months. The seller will continue to offer a 5% discount on all sales during the same time period, which will be available to all customers. Based on experience, Meta Computer estimates a 50% probability that Bionics will redeem the 25% discount voucher, and that the coupon will be applied to $44,000 of purchases. The stand-alone selling price for the Comfort Office Keyboard is $19.20 per unit.

Required:
a. . How many performance obligations are in this contract?
b. Prepare the journal entry that Meta would record on May 1, 2021.
c. Assume the same facts and circumstances as above, except that Meta gives a 5% discount option to Bionics instead of 25%. In this case, what journal entry would Meta record on May 1, 2021?

Answers

Answer:

A. 2

B. May 1, 2021

Dr Cash $94,600

Cr Deferred revenue $89,870

Cr Deferred revenue-coupons $4,730

C. May 1, 2021

Dr Cash $94,600

Cr Deferred Revenue $94,600

Explanation:

A. Based on the information given the numbers of PERFORMANCE OBLIGATIONS that are in this contract is 2 which are:

KEYBOARD and CUSTOMER OPTION FOR FUTURE DISCOUNT

B. Preparation of the journal entry that Meta would record on May 1, 2021.

May 1, 2021

Dr Cash $94,600

Cr Deferred revenue $89,870

($94,600-$4,730)

Cr Deferred revenue-coupons $4,730

(5%*$94,600)

C. Preparation of the journal entry that Meta would record on May 1, 2021

May 1, 2021

Dr Cash $94,600

Cr Deferred Revenue $94,600

Problem 10-01A a-c (Video) (Part Level Submission)
On January 1, 2020, the ledger of Sheffield Corp. contains the following liability accounts.
Accounts Payable
$50,400
Sales Taxes Payable
7,500
Uneamed Service Revenue 16,500
During January, the following selected transactions occurred.
Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes.
12 Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue.)
14 Paid state revenue department for sales taxes collected in December 2019 ($7,500).
Sold 930 units of a new product on credit at $50 per unit, plus 8% sales tax.
21 Borrowed $22,500 from Girard Bank on a 3-month, 8%, $22,500 note.
25 Sold merchandise for cash totaling $12,420, which includes 8% sales taxes.
20
(a)
Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent m.
in the problem.)
Date
Account Titles and Explanation
Debit
Credit

Answers

Plz don’t report me I’m just trying to do my homework like y’all

Several critics of the drug companies have claimed that the companies' practice of testing drugs on poor people in developing countries violates principles of justice. Why would they say this

Answers

Answer:

Because people in developing countries are less educated and don't understand the implications of being used for drug trials

Explanation:

Drug trials are carried out to test new drugs that companies want to introduce to the market.

The drugs are usually first tested on animals and in the final testing phase human trials are used to gauge how the drug will affect people.

In 1980 the FDA gave approval for testing in other countries. A lot of companies now started using developing countries for their drug trials.

This practice violates the principles of justice because the people in developing countries are mostly illiterates that don't the potential risks drug trials have.

The subjects of the trials are usually given some cash to participate in the trials. They consider it easy money.

Pick of the Litter has just purchased a sizable plot of land on which it will build a store building with a large parking lot. Across the street is a collection of specialty shops and a furniture store. Pick of the Litter will be part of a strip shopping center.

a. True
b. False

Answers

Answer:

b. False

Explanation:

A strip mall or a strip shopping centre is made up of a set of businesses that are arranged adjacent to themselves and usually have a side walk in front of them.

It's is a row of shops.

I'm the given instance Pick of the Litter built a store building across the street is a collection of specialty shops and a furniture store.

Since Pick of the Litter is not on the same side of the street as the other shops it is in a row with them, so it is not part of the strip shopping centre.

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