189 Answered Questions for the topic Financial Accounting

General journal entry for Value-added tax in transaction.

Prepare general journal entry to record the below transaction. Round off all amounts to the nearest whole number.The Seed Factory (Pty) Ltd is a company that makes and distributes all types of food... more

Journal Entries of Long-term bonds

Mike Company issued a $5,000,000 of 8%,10-year bonds on January 1, 2014 for $4,731,582. The market or effective interest rate is 9%. Interest is paid annually on each January 1st, and the... more

What is Miller and Modigliani theory on Dividend Policy?...

Modigliani- Miller Theory on Dividend Policy

Accounting question

I am being asked to record this in the general journal and im not sure how to....Sold 710 "Zips" to Joey on account for $61 each, tern 2/10, net 30Help please!

Prepare the journal entry for December 31, 2020 and 2021.

Crafty Corporation issued $475,000 of 5%, 7-year bonds on January 1, 2020, for $448,484. Interest is paid annually on December 31. The market rate of interest is 6%.Prepare the journal entry for... more

What will Joyce pay at the end of the quarter to her employees?

Joyce Meadows pays her 3 employees $625, $475, and $900 each per week. Calculate what Joyce will pay at the end of the first quarter for (A) state unemployment tax and (B) federal unemployment tax.... more

September sales in Unit?

Frolic Corporation has budgeted sales and production over the next quarter as follow: July August September Sales in Units 50,000 ... more

accounting question

On January 1st, 2018, Dr. Marcie Cousins established Health-Wise Medical, a medical practice organized as a proprietorship. The following conversation occurred the following August between Dr.... more

create (A) an income statement for march (b)A statement of owner's equity for March. and (c) A balance sheet as of March 31.

On March 1, the amount of Richard Cook's capital in Richard's Catering Company was $150,000. During March, he withdrew $31,000 from the business. The amounts of the various assets, liabilities,... more

accounting//statement

The assets and liabilities of Rocky's Day Spa at December 31 and its expenses for the year are listed below. The capital of the owner was $68,000 at January 1. The owner invested an additional... more

Could you tell me which ones are revenues and which ones is expenses?

Accounts payable $1,200   Miscellaneous expense $490 Accounts receivable 10,340   Office expense 380 Cash 32,320   Supplies 1,670 Fees earned 75,630   Wages... more

Could you tell me which ones are revenues and which ones is expenses?

Accounts payable $1,200   Miscellaneous expense $490 Accounts receivable 10,340   Office expense 380 Cash 32,320   Supplies 1,670 Fees earned 75,630   Wages... more

What are the two main principles that GAAP mandates that we use in Financial Accounting of Public Companies?

A hint: Those two principles ensures that when we close the books at the end of the period that we are exact as far as posting and journaling according to accrual accounting, not cash accounting?

Financial Algebra Word Problem

Sam invests the earnings of $3000 from her full-time job. She invests part of the money at 5%/year, and the rest at 4%/year. After one year, these investments earn $140 simple interest. How much... more

Record the adjusting entry related to the company's insurance.

I need help with filling out the journal entry for the records below. I keep getting it wrong. An analysis of the company's insurance policies provided the following facts. Policy Date of... more

What will one share of S&P common stock be worth ten years from now if the applicable discount rate is 8 percent?

S&P Enterprises will pay an annual dividend of $2.08 a share on its common stock next year. Last week, the company paid a dividend of $2.00 a share. The company adheres to a constant rate of... more

What is the maximum amount you should pay to purchase a share of this stock if you require a 12 percent rate of return?

Rosita's announced that its next annual dividend will be $1.65 a share and all future dividends will increase by 2.5 percent annually. What is the maximum amount you should pay to purchase a share... more

If the current market rate for this type and quality of bond is 7.5 percent, then Rosina should expect:

Rosina purchased a 15-year bond at par value when it was initially issued. The bond has a coupon rate of 7 percent and matures 13 years from now. If the current market rate for this type and... more

What is the yield to maturity?

Otto Enterprises has a 15-year bond issue outstanding with a coupon of 8 percent. The bond is currently priced at $923.60 and has a par value of $1,000. Interest is paid semiannually. What is the... more

Which one of the following statements is correct if the market rate decreases to 7 percent?

Mason's has a 5-year, 8 percent annual coupon bond with a $1,000 par value. Dixon's has a 10-year, 8 percent annual coupon bond with a $1,000 par value. Both bonds currently have a yield to... more

What is the maximum price you should pay per share if the company pays a constant $2.70 annual dividend per share?

You have decided to purchase shares of GHC but need an expected 12 percent rate of return to compensate for the perceived risk of such ownership. What is the maximum price you should pay per share... more

Perpetual General Journal

Sold merchandise to cornerstone co. for $3,400 under credit terms of 2/10 , n/60, FOB shipping point. The merchandise had cost $2,100How should this be answered by entering into Journal Entries

How do you post this journal entry in a ledger?

Profit and loss A/c. Dr(125000)Machine A/c. Dr (625000)To machine (325000)To modern machine (400000)

Calculate the interest earned for the month of November for an account that currently pays 3.1% pa.

DATE: TRANSACTION: BALANCE:Nov 1 opening balance $12500Nov 13 withdrawal $3800 $8700Nov 22 deposit $1280 $9980
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