The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,080 shares of $1 par value common stock with a market price of $35 per share.
b. Leased $8,500 of equipment, paying $1,700 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $6,000 cash from a bank. d. Loaned $1,000 to an employee who signed a note due in six months. e. Purchased $17,000 of land; paid $8,000 in cash and signed a note for the balance. Required: Prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Answers
The journal entries for the given transactions are as follows:
a. (Cash payment for investment by the organizer)
Cash ($35 x 1,080 shares) $38,000
Common Stock ($1 x 1,080 shares) $1,080
Paid-in Capital in Excess of Par Value ($34 x 1,080 shares) $36,720
b. (Lease of equipment)
Equipment (Leased) $8,500
Cash $1,700
Lease Liability (balance amount) $6,800
c. (Cash borrowed from the bank)
Cash $6,000
Loan Payable $6,000
d. (Loan given to the employee)
Note Receivable $1,000
Cash $1,000
e. (Land purchase)
Land $17,000
Cash $8,000
Notes Payable $9,000
Explanation:
It should be noted that cash is debited and credited whenever cash is received or spent.
a), Johnson received investment from the organizers. To record the cash received, Cash is debited. Johnson distributed to them 1,080 shares of $1 par value common stock with a market price of $35 per share. To record the issuance of the common stock, Common Stock and Paid-in Capital in Excess of Par Value are credited.
b), Johnson Company signed a long-term right-of-use lease to acquire equipment and paid $1,700 in cash. Equipment is debited with the amount of equipment acquired. To record the lease liability, Lease Liability account is credited.
c), the company borrowed $6,000 in cash from a bank. Loan Payable is credited to record the loan received from the bank. Cash is debited as cash was received.
d), a loan of $1,000 was given to an employee who signed a note. Cash is debited as cash was paid. To record the note signed by the employee, Note Receivable is credited.
e), Johnson Company purchased land for $17,000. Cash is debited as cash was paid. To record the note signed by the company for the balance amount, Notes Payable is credited.
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Related Questions
budgets are long term financial plans that generally cover more than a one-year period. group of answer choices true false
Answers
You asked if budgets are long-term financial plans that generally cover more than a one-year period.
The answer is false.
Budgets are typically short-term financial plans that cover a one-year period. They outline the expected income and expenses for that period, allowing individuals and organizations to manage their financial resources effectively.
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The gains from trade creation is likely to be larger for a country if:
A. its import demand curve is relatively elastic.
B. it mainly imports primary products.
C. the country’s government sufficiently subsidizes the production of its exportable goods. D. the supply of the imported good by the foreigners is relatively inelastic.
Answers
The gains from trade creation are likely to be larger for a country if its import demand curve is relatively elastic. This means that the country is more responsive to changes in price, and therefore more likely to increase its demand for the imported good when prices decrease due to trade.
This creates a larger market for the foreign producer and can lead to increased trade and gains from specialization. Additionally, if the supply of the imported good by foreigners is relatively inelastic, the gains from trade creation may be limited as the foreign producer has less incentive to decrease prices in order to increase demand.
The gains from trade creation are likely to be larger for a country if:
A. its import demand curve is relatively elastic.
When a country's import demand curve is relatively elastic, it means that the quantity demanded responds significantly to changes in price. As a result, when there are lower prices due to trade, the country will import more goods, leading to larger gains from trade creation.
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Which economic effect does a central bank hope to achieve by buying back large amounts of treasury security
Answers
A. It hopes to reduce the amount of money available for lending.
Explanation:
Usually, the central bank(Federal reserve) control the supply of money in circulation in the economy so that the nation's economy would be healthy. One of the ways through which the federal reserve controls the quantity of money in circulation is by selling or purchasing of government securities through a process known as open market operation.
If the federal reserve sells government securities such as treasury bills, in large quantities, its aim is to reduce the amount or quantity of money available to commercial banks for lending, hence mop up the quantity of money in circulation.
Also, if the federal reserve buys government securities, its aim is to make more money available in large quantities to commercial banks and other institutions, hence have more cash to lend people.
The economic effect that central bank are trying to effect by the process of buying back large amounts of treasury security is bring reduction to amount of money available for lending.
Treasury notes as well as bonds are securities that brings about payment of fixed rate of interest which is usually done every six months till the security reach a stage of maturity.The central bank do buy large amounts of treasury security so that the money that can be available for lending can be reduced.Therefore, this process are put in place to balance the economy.
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3. How would you summarize the value of a "two-year degree/some college" when it comes to the
earnings potential for Millennials?
Answers
I will summarize the value of a "two-year degree/some college" when it comes to the earnings potential for Millennials as the second best option because it is one that pays above 40 dollars as shown on the graph.
What are the rewards and value of a college degree?Bachelor's graduates is known to be a person who has studied for minimum 3-5 years and are those that are able to earn an average of about over $50,000 a year.
Note that those that has a higher level degree such as master's, doctorate or any kind of professional certificates do earn an average of about $70,000 per year.
Therefore, I will summarize the value of a "two-year degree/some college" when it comes to the earnings potential for Millennials as the second best option because it is one that pays above 40 dollars as shown on the graph.
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Which of the following is a positive impact of technology on society? Staying connected Global deterioration Decreased human interaction Inactive lifestyles
Answers
Answer:
Staying connected
Explanation:
Multiple Choice Question Use the following information to calculate the labor efficiency variance for Adkinson Company. Actual hours used 5,500; Standard hours allowed 5,800; Actual labor rate $14.75 per hour; and Standard labor rate $14.00 per hour.
Answers
Answer:
$4,200 Favorable.
Explanation:
$14.00 x (5,800 - 5,500) = $4,200 Favorable. The labor efficiency variance is calculated using the standard, not the actual, labor rate.
Why should you check the spelling by reading a document even if you used Writer's Spell Check feature? A. The Spell Check dictionary is usually out of date. B. Spell Check won't recognize mistakes you've made when you misspell a word in a way that makes another word. C. Spell Check only checks the first half of a document, so you have to check the rest yourself. D. The Spell Check suggestions are always wrong.
Answers
Answer:
B) Spell Check won't recognize mistakes you've made when you misspell a word in a way that makes another word.
Explanation:
In which part of a résumé would you mention details of any prizes or awards that you won in professional competitions?
Answers
Answer:
"Scholarships or Competitions" would be the appropriate choice.
Explanation:
As even the title indicates, this would be the segment of your CV or resume wherever you mention the related honors, accomplishments, or prizes you have received for performing above the norm. It requires scholarships, contests, career-related honors, or perhaps even raises to management place throughout the job. Even with your remarkable accomplishments, users shouldn't have to build a special segment.Answer:
Honors and activities
Explanation:
Hope this helps :)
Tennyson's ultimate goal is to work as the CEO of an advertising agency. One of her goals is to "gain the required experience for the position." What type of goal would this be?
OA performance-based
OB. time-based
O C.
OD. long-term
mid-term
Answers
The type of goal that is been used when Tennyson's ultimate goal is to work as the CEO of an advertising agency and one of her goals is to "gain the required experience for the position is B. time-based goal.
What is time-based goal?
Time-based goal can be described as the goal that is been focused so that it can be achieved on a target date, it involve focusing on a particular thing at a time so as to be successful in it.
In conclusion, from the case above , we can see that her goal is to work as the CEO of an advertising agency which is specific and have time.
Therefore, option B is correct.
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Why would you use a chart AND data in Excel?
O colorful
graphically represents the data
easier to compile data
visually clearer
to analyze individual values
Answers
Answer:
a b d
Explanation:
:)
There are many reasons for which we can use Chart and Data in excel and some of them are that it:
Graphically Represents the data
Visually Clearer
To analyze individual values
What is Excel?Excel is a Spreadsheet used to perform calculations and to record the numerical data and also perform functions on that data like Addition, Subtraction, Multiply, Average etc.
How can we represent data graphically on Excel?In Excel there are various modes or designs in which one can represent data. For example, we can add charts like 2D clustered chart or 3d chart, pie charts. We can also insert tables with unlimited rows and columns.
Also we can add images which can more clearly represent the data.
Hence Excel is a most efficient way to compute data and also to Represent that data effectively.
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If the price of a pencil is $1.00 and the price of a pen is $2.00, what is the relative price? If the pencil
is $1.50 and the pen is $3.002 If the pencil is $2.00 and the pen is $3.00?
Answers
If the price of a pencil is $1.00 and the price of a pen is $2.00. 3 dollars will be the relative price.
$1 + $2 = $3
A price relative is the ratio of the charge of a selected product in a single period to the rate of the identical product in a few different period. In buying power parity (PPP) comparisons a rate relative refers to the ratios of the equal product in two international locations.
The nominal price of a great is its value in phrases of cash, including bucks, French francs, or yen. The relative or actual rate is its fee in terms of some other suitable, carrier, or package of goods.
Relative-price movements convey critical facts approximately the scarcity of specific items and offerings. A growing relative charge suggests that call for is outstripping deliver (or that supply is falling at the back of call for), while a falling relative price denotes just the other.
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List five organizations where you could volunteer your services. Describe the type of work you might perform for each organization.
Answers
Answer:
animal shelter: feeding the animals giving them baths and walking them maybe
eldery homes: help them clean up a bit and just talk to them
Explanation:
sorry i cant think of more
Points of Light is the world's largest volunteer organization. We envision a society in which it is simple for anyone to affect change in their community and around the world. A volunteer program is a structure that is used to recruit and manage volunteers while also supporting community volunteer activities.
How do I ask for volunteer work?Explain that you are looking for a volunteer opportunity and that you are particularly enthusiastic about the organization in question. You can even include a sentence explaining why the organization is a good fit for your skills. The first paragraph should pique the reader's interest and make them want to learn more about you.
Volunteering can help you gain confidence by allowing you to try something new and develop a genuine sense of accomplishment. Make an impact. Volunteering can have a significant and positive impact on individuals, communities, and society as a whole. Meet new people. a desire for excellence doing an excellent job requiring a sense of significant accomplishment wanting to change careers/get a job.
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What general rule of thumb connects your car payment and your monthly savings budget?
Answers
if the cross price elasticity of demand between two goods is negative, then the two goods are independent. complements. unrelated. substitutes.
Answers
If the cross price elasticity of demand between two goods is negative, it indicates that the two goods are complements, meaning an increase in the price of one good leads to a decrease in the demand for the other.
The cross price elasticity of demand measures the responsiveness of the quantity demanded of one good to a change in the price of another good. If the cross price elasticity of demand is negative, it indicates that the two goods are complements.
Complementary goods are products that are typically consumed together or used in conjunction with each other. For example, coffee and creamer, or smartphones and mobile data plans. When the price of one complement rises, consumers tend to reduce their demand for that particular good. Consequently, this decrease in demand for one product leads to a decrease in the demand for the complementary good as well.
The negative cross price elasticity reflects the inverse relationship between the prices and quantities demanded of the two goods. As the price of one complement increases, consumers may find it less affordable or less attractive, resulting in a decrease in the quantity demanded of that good and, subsequently, a decrease in the quantity demanded of its complementary good.
Understanding the cross price elasticity of demand is crucial for businesses to determine the impact of price changes on the demand for their products and the potential effect on related goods in the market.
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Josh began his career as the front desk clerk of a large hotel. He enjoys working in the Lodging pathway of the Hospitality and Tourism career cluster. He wants to stay along this career path so Josh decides to get some further education. What types of classes would help Josh advance along his career pathway? After finishing his education, what positions might be available to Josh along his career path?
Answers
Answer: Classes that might help Josh advance along his career path would to be a sub/standby when important hospitalization acts are taken place. After Josh finishes his education a position that might be available to him along his career path would be a nurse or someone who is authorized to help people.
Answer: Classes that would be good for Josh would be a sub/standby education When Josh finishes his education a job that might be available to him with his career path would be a nurse or someone who is trained to help other people.
Explanation: I just hope this helps :)
who wants to vc wit me im depressed
Answers
When someone you care about is depressed, giving advice or wisdom may be something you do with only good intentions in mind.
So, yes Video calling would be a good option.
The straightforward definition of depression?Mental disorders like depression are rather thing. It is believed that 5% of individuals worldwide experience this condition. It is characterized by enduring unhappiness and a loss of interest or pleasure in formerly rewarding or delightful activities. It may also between with appetite and sleep.
What is the modern term for depression?Depression, now known as major depressive disorder or clinical depression, is a common but dangerous mood disease. It creates bad symptoms that interfere with your ability to function on a daily basis, including sleeping, eating, and working.
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Question 3: Answer the following questions
3.1)
Calculate 250% of 100.
(2)
3.2)
Calculate 100% of 250
(2)
2
3)
What do you notice about your answers to question 3.1) and 3.2)? Explain your answer.
Answers
Answer:
\( \frac{250}{100} \times 100 \\ = 250 \\ \\ \frac{100}{100} \times 250 = 250 \\ the \: answers \: are \: identical\)
marcos co. is considering a project that will increase residual income by $15,000. the project has a 12% return on investment (roi) which exceeds the company's 10% required rate of return. marcos co. currently has an overall 15% roi in the department where this project would be implemented. which of the following statements regarding this potential investment are true?
Answers
The project should be accepted by the company because it increases overall residual income. The department manager may not want to accept the project because it will lower the overall ROI for the department.
Return on investment (ROI) is calculated with the aid of dividing the income earned on funding via the price of that funding. as an instance, funding with an income of $ hundred and a price of $one hundred might have an ROI of 1, or one hundred% while expressed as a percentage. return on investment or go back on fees is a ratio between net earnings and funding. An excessive ROI way the funding's gains evaluate favorably to its fee. As an overall performance measure, ROI is used to assess the performance of an investment or to examine the efficiencies of several specific investments. go back on investment (ROI) A calculation of the economic cost of funding as opposed to its cost. The ROI formula is: (income minus cost) / cost. in case you made $10,000 from a $1,000 attempt, your return on funding (ROI) would be zero. nine, or ninety%.
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The slogan on the first version of Candy Land was “A sweet little game for sweet little folks.” Why do you think the game makers chose that slogan?
Answers
A simple machine has efficiency 90%.What does it mean?No machine has 100%efficiency,Why?
Answers
Answer with explanation:
1) it means tht the machine can do it's work in a 90% in a good way
2) no machine is free from the effects of gravity, and even with wonderful lubrication the energy a machine produces is always less than the work put into it that's why 100% efficency isnt possible in machines.
Best of luck!!!
SOMEONE PLEASE HELP ASAP!!! ECONOMICS!!! all you have to do is find an article and answer the 4 questions pls someone
Part B Scan reputable news sites for recent articles relating to fiscal policy from within the last six months. For example, you might find
that Congress is currently debating a new spending bill or just agreed to a tax cut. This list of search terms will help your search. Once you
find and read the article, fill in the requested information and respond to the four questions that follow in complete sentences.
Article title/headline:
Source (URL):
Date of publication:
1. Describe the fiscal policy action that is discussed in the article, including its status (such as under debate, approved, or rejected).
2. Would the fiscal policy action discussed in the article promote price stability, full employment, and/or economic growth? Explain.
3. Would the fiscal policy action discussed in the article, if approved, contribute to creation of a budget surplus or a budget deficit?
Would this likely increase, decrease, or not affect the national debt? Explain.
4. Do you approve or disapprove of the fiscal policy action described in the article? Explain your response and identify at least one
tradeoff for your choice.
Answers
Fiscal policy refers to the use of government spending and taxation to influence the economy. Fiscal policy actions can either expand or contract the economy, depending on their purpose. For example, if the government spends more money or cuts taxes, this can stimulate economic growth, but it can also lead to inflation and higher national debt. On the other hand, if the government reduces spending or raises taxes, this can slow down economic growth, but it can also help reduce inflation and national debt.
Based on this understanding, here are some possible answers to the questions:
1. Without a specific article to reference, it is difficult to describe the fiscal policy action discussed or its status.
2. Whether or not a fiscal policy action promotes price stability, full employment, and/or economic growth depends on the specific details of the policy. For example, if the government increases spending on infrastructure projects, this could create jobs and stimulate economic growth. However, if the government simply hands out cash payments to individuals, this may not have as much of an impact on economic growth. Similarly, if the government cuts taxes on businesses, this could promote economic growth by encouraging investment, but it could also lead to higher national debt.
3. Whether a fiscal policy action contributes to a budget surplus or a budget deficit again depends on the specific details of the policy. If the government increases spending or cuts taxes without finding a way to pay for it, this will likely lead to a budget deficit. This would increase the national debt, as the government would need to borrow more money to cover the deficit.
4. Whether someone approves or disapproves of a fiscal policy action depends on their individual values and priorities. For example, someone who values economic growth may approve of a policy that cuts taxes on businesses, while someone who values reducing national debt may disapprove of the same policy. A tradeoff for either choice is that fiscal policy actions often have unintended consequences, and it may be difficult to predict exactly how the economy will respond to a particular policy.
Why does the Federal Reserve focus on targeting the federal funds rate?
Answers
Answer:
The Federal Reserve uses certain tools to adjust this rate, because it influences other interest rates, such as those you pay on credit cards, mortgages, and bank loans. It also affects the value of the U.S. dollar and other household and business assets. That makes it the most important interest rate in the world.
Explanation:
Because
Trinity Ltd. wants to obtain debt financing to fund its expansion. What are the different sources from which it can raise this fund?
A. common stock and commercial banks
B. common stock and insurance companies
C. stock brokerage firms and insurance companies
D. preferred stock and stock brokerage firms
Answers
Answer:
The correct answer is C.) Stock Brokerage Firms and Insurance Companies
Explanation:
Hope this helps :)
A budget is prepared as part of a(n) _____ plan.
Answers
Answer:
Financial
Explanation:
Answer:
A budget is part of a financial plan.
Explanation:
Financial work is anything having to do with money, and a budget is a plan for spending money. Therefore, budgets are part of a finance plan!!
Solver Table can be used to perform sensitivity analysis for integer programming
Answers
Solver Table is a tool within Excel's Solver add-in that can be used to perform sensitivity analysis for linear programming problems, but not specifically for integer programming. False
Sensitivity analysis involves testing the impact of changes to the coefficients in the objective function or constraints on the optimal solution. The Solver Table tool can be used to automate this process by generating a table that shows the impact of different values on the objective function or constraints, allowing the user to identify the most sensitive variables and potential areas for improvement
However, this tool is not specifically designed for integer programming problems, which have additional constraints related to the use of whole numbers in the solution.
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The broiler industry evolved from open markets to procurement contracts to almost totally production contracts.
a) true
b) false
Answers
The statement is true.
The broiler industry evolved from open markets to procurement contracts to almost totally production contracts.
An open marketplace is a monetary machine with little to no limitations to the free-market pastime. An open marketplace is characterized by means of the absence of tariffs, taxes, licensing necessities, subsidies, unionization, and every other policy or practice that intrude on the unfastened-market pastime.
Open market operations are performed via the vital bank in association with the industrial banks. For accomplishing such operations, there is no involvement of the general public. Government bonds are by and large offered by using industrial banks, economic establishments, excessive net well worth individuals, and big commercial enterprise companies.
A greater fashionable since the time period has commenced being used in economics and political economic system, wherein an open marketplace refers to a market that is offered to all financial actors. In an open marketplace so described, all economic actors have an equal possibility of entry in that marketplace.
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1.What is a farm business plan used for?
2.What environmental issues could have a negative effect on a farm?
3.Why is knowing agricultural statistics, background info, and soil characteristics about the territory in which your farm is located important?
Answers
Answer:
1. A farm business plan is used to outline the goals, strategies, and financial projections for a farm, and to guide decision-making and management.
2. Environmental issues that could have a negative effect on a farm include soil erosion, drought, flooding, pests and diseases, climate change, pollution, and loss of biodiversity.
3. Knowing agricultural statistics, background information, and soil characteristics about the territory in which your farm is located is important because it helps farmers make informed decisions about what crops to grow, how to manage the land, and how to address challenges and opportunities. This information can help farmers optimize their resources, improve their yields and profitability, and minimize risks and negative impacts on the environment.
1. A cylinder contains600cc of ideal gas at 27°C and 650mm of pressure At constant pressure, the
volume of gas at 0°C is
(1 Point)
273cc
546cc
819cc
1365cc
Answers
Answer:
\(546\ \text{cc}\)
Explanation:
\(V_1\) = Initial volume of gas = 600 cc
\(V_2\) = Final volume of gas
\(T_1\) = Initial temperature of gas = \((27+273.15)\ \text{K}\)
\(T_2\) = Final temperature of gas = \((0+273.15)\ \text{K}\)
We know that
\(V\propto T\)
So
\(\dfrac{V_2}{V_1}=\dfrac{T_2}{T_1}\\\Rightarrow V_2=V_1\dfrac{T_2}{T_1}\\\Rightarrow V_2=600\dfrac{0+273.15}{27+273.15}\\\Rightarrow V_2=546\ \text{cc}\)
The volume of gas at the given temperature is \(546\ \text{cc}\)
WILL GIVE BRAINLEST ASAP!!!!!! Good afternoon can someone answer this please
Answers
which of these managerial actions is a concurrent mechanism that should deter employee theft
Answers
One of the concurrent mechanisms that should deter employee theft is implementing strong internal controls.
What are internal controls?Internal controls are procedures and policies put in place by management to safeguard company assets and prevent fraudulent activity.
These controls can include segregation of duties, regular audits, and monitoring employee behavior.
By having a system of checks and balances, employees are less likely to attempt theft as the risk of getting caught is high. Additionally, management can use incentives and promotions to reward employees who exhibit ethical behavior and report suspicious activity.
This can create a culture of honesty and integrity within the organization, further deterring employee theft.
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