Homework Answers
(a) Contributed capital.
Explanation : Because after this transaction fixed assets increased thus fixed assets has been debited.
On the other hand such donation contributed by government unit. Donation made in the form of capital asset. Thus it is a capital contribution received from the government . So, it has been credited to contributed capital.
Add Answer to:
Select the best answer for each of the following. M4-1 A donated fixed asset (from a...
M4-14 through M4-17 Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance...
M4-14 through M4-17 Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5] [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,230 Accounts Receivable 2,000 Prepaid Insurance 2,300 Notes Receivable (long-term) 3,000 Equipment 12,000 Accumulated Depreciation $ 2,600 Accounts Payable 5,420 Salaries and Wages Payable 1,000 Income Taxes Payable...
M4-14 through M4-17 Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance...
M4-14 through M4-17 Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5] [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,230 Accounts Receivable 2,000 Prepaid Insurance 2,300 Notes Receivable (long-term) 3,000 Equipment 12,000 Accumulated Depreciation $ 2,600 Accounts Payable 5,420 Salaries and Wages Payable 1,000 Income Taxes Payable...
Select the best answer: To assure accountability for fixed asset retirements, management should implement an internal...
Select the best answer: To assure accountability for fixed asset retirements, management should implement an internal control that includes: a) Continuous analysis of miscellaneous revenue to locate any cash proceeds from the sale of plant assets. b) Periodic inquiry of plan executives by internal auditors as to whether any plant assets have been retired. c) Utilization of serially numbered retirement work orders d) periodic observation of plant assets by the internal auditors
Select the best answer for each of the following items. Questions 1 and 2 are based...
Select the best answer for each of the following items. Questions 1 and 2 are based on the following condensed balance sheet for the partnership of Caine, Davis, and Jones. Cash Other Assets Caine, Receivable $90,000 820,000 40,000 Accounts Payable Jones, Loan Caine, Capital Davis, Capital Jones, Capital Total $220,000 40,000 300,000 200,000 190,000 $950,000 Total $950,000 The partners share income and loss in the ratio of 5:3:2, respectively. Assume that the assets and liabilities are fairly valued in the...
Question 20 (1 point) The fixed-asset turnover ratio provides COD The rate of decline in asset...
Question 20 (1 point) The fixed-asset turnover ratio provides COD The rate of decline in asset lives. The rate of replacement of fixed assets. The amount of sales generated per dollar of fixed assets. The decline in book value of fixed assets compared to capital expenditures. Question 21 (1 point) Maltese is a privately owned company. On September 3. Maltese exchanged 2.000 shares of its private common stock for equipment. There is no readily available estimate of the stock's fair...
Please select the most appropriate answer from each question below Onli required from each question n...
Please select the most appropriate answer from each question below Onli required from each question n Al - Which of the following is an Asset? a) Unearned Revenues b) Prepaid Expenses c) Accumulated Depreciation d) Allowance for Uncollectible Accounts A2 - Which of the following equations is accurate? a) Assets + Shareholders' Equity = Liabilities b) Assets - Liabilities - Shareholders' Equity c) Assets = Liabilities - Shareholders' Equity d) Assets + Liabilities = Shareholders' Equity A3 - If assets...
SELECT THE BEST ANSWERS (Shows computations and references are required) Use the following information to answer...
SELECT THE BEST ANSWERS (Shows computations and references are required) Use the following information to answer the question(s) below. Lola, Melvin, and Nettie are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $12,000 that is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows: $ Cash Other assets...
true it falser 46. 47. This is a valid revaluation entry for fixed asset: Debit Joel...
true it falser
46. 47. This is a valid revaluation entry for fixed asset: Debit Joel Santos, capilar al IVUITOR Gain on realization means the carrying amount of fixed assets sold is exceeded by the selling price, 48. When a sole proprietor has Accounts Receivable as part of his investment in the newly-formed partnership, the account is recorded in the partnership books at an amount net of the allowance for doubtful accounts. 49. A partnership usually has greater capitalization than...
Exercise 4-6 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of...
Exercise 4-6 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $352,500. On that date, Sales Company's stockholders' equity consisted of common stock, $100,400; other contributed capital, $40,500; and retained earnings, $143,800. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company's land was significantly less than its fair value. During 2014 Sales Company earned $153,600 and declared and paid a $50,300 dividend....
EXERCISE 2‐1 Asset Purchase LO 6 Preston Company acquired the assets (except for cash) and assumed...
EXERCISE 2‐1 Asset Purchase LO 6 Preston Company acquired the assets (except for cash) and assumed the liabilities of Saville Company. Immediately prior to the acquisition, Saville Company's balance sheet was as follows: Book Value Fair Value Cash $ 120,000 $ 120,000 Receivables (net) 192,000 228,000 Inventory 360,000 396,000 Plant and equipment (net) 480,000 540,000 Land 420,000 660,000 Total assets $ 1,572,000 $ 1,944,000 Liabilities $ 540,000 $ 594,000 Common stock ($ 5 par value) 480,000 Other contributed capital 132,000...
Select the best answer for each of the following items. Questions 1 and 2 are based on the following condensed balance sheet for the partnership of Caine, Davis, and Jones. Cash Other Assets Caine, Receivable $90,000 820,000 40,000 Accounts Payable Jones, Loan Caine, Capital Davis, Capital Jones, Capital Total $220,000 40,000 300,000 200,000 190,000 $950,000 Total $950,000 The partners share income and loss in the ratio of 5:3:2, respectively. Assume that the assets and liabilities are fairly valued in the...
Question 20 (1 point) The fixed-asset turnover ratio provides COD The rate of decline in asset lives. The rate of replacement of fixed assets. The amount of sales generated per dollar of fixed assets. The decline in book value of fixed assets compared to capital expenditures. Question 21 (1 point) Maltese is a privately owned company. On September 3. Maltese exchanged 2.000 shares of its private common stock for equipment. There is no readily available estimate of the stock's fair...
Please select the most appropriate answer from each question below Onli required from each question n Al - Which of the following is an Asset? a) Unearned Revenues b) Prepaid Expenses c) Accumulated Depreciation d) Allowance for Uncollectible Accounts A2 - Which of the following equations is accurate? a) Assets + Shareholders' Equity = Liabilities b) Assets - Liabilities - Shareholders' Equity c) Assets = Liabilities - Shareholders' Equity d) Assets + Liabilities = Shareholders' Equity A3 - If assets...
SELECT THE BEST ANSWERS (Shows computations and references are required) Use the following information to answer the question(s) below. Lola, Melvin, and Nettie are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $12,000 that is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows: $ Cash Other assets...
true it falser
46. 47. This is a valid revaluation entry for fixed asset: Debit Joel Santos, capilar al IVUITOR Gain on realization means the carrying amount of fixed assets sold is exceeded by the selling price, 48. When a sole proprietor has Accounts Receivable as part of his investment in the newly-formed partnership, the account is recorded in the partnership books at an amount net of the allowance for doubtful accounts. 49. A partnership usually has greater capitalization than...
Exercise 4-6 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $352,500. On that date, Sales Company's stockholders' equity consisted of common stock, $100,400; other contributed capital, $40,500; and retained earnings, $143,800. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company's land was significantly less than its fair value. During 2014 Sales Company earned $153,600 and declared and paid a $50,300 dividend....
Most questions answered within 3 hours.
-
5. What is span of control? List three factors that may affect
span of control.
6....
asked 3 minutes ago -
How can you visualize anthranilic acid on TLC plates? How can
you visualize carboxylic acids on...
asked 2 minutes ago -
Scenario:
Anytown FD is a combination department with one station. Its
district is surrounded by four...
asked 15 minutes ago -
5. Ethics deals with the moral quality, fitness, or propriety of
a course of action that...
asked 17 minutes ago -
Single Plantwide Factory Overhead Rate
Kennedy Appliance Inc.’s Machining Department incurred $102,900
of factory overhead cost...
asked 18 minutes ago -
Two particles with charges +4e and -7e are
initially very far apart (effectively an infinite distance...
asked 30 minutes ago -
Holding all else constant, when teams face a binding roster
limit, the salary of players is...
asked 34 minutes ago -
1. When can parametric and non-parametric statistical tests be
used?
A. Parametric?
The independent variable is...
asked 42 minutes ago -
How can bacteria resist killing from cationic antimicrobial
peptides (CAMPs)? Choose all that apply. a. Use...
asked 49 minutes ago -
As an economic term, what is the definition of :Technological
Trends? Please try and keep the...
asked 51 minutes ago -
Labor demand will be less elastic in those labor markets in
which:
A.
the price elasticity...
asked 52 minutes ago -
5 situations are listed below and 8 reduction chemicals are
listed A-H below, match the letters...
asked 57 minutes ago