Answer:
Objective Theory
Explanation:
The Objective theory states that the intent to form a contract will be judged by outward objective facts such as the words and actions of the party instead of the secret, subjective intentions. This theory replaced the Subjective theory in the late nineteenth century. The former theory was of the opinion that the meeting of minds, which translates to the unexpressed intentions of the party would form a basis for interpreting the intent to form a contract.
The objective theory is important as it advocates freedom to a fair hearing, freedom of contract, and personal independence or sovereignty.
Answer:
Debit Cash account $15,120
Credit Unearned Service Revenue $15,120
Being entries to record cash collected for service to be rendered.
Debit Unearned Service revenue $1,890
Credit Service Revenue $1,890
Being entries to recognize revenue earned as at 31 December
Explanation:
When an amount is collected in advance for a service yet to be rendered, the company recognizes and asset in form of cash and a liability in form of Unearned Service Revenue.
When the service for which cash was collected is performed, revenue is said to have been earned. Entries required then are debit Unearned Service Revenue Credit Service revenue.
For Mesa, on 1 July , entries required are
Debit Cash account $15,120
Credit Unearned Service Revenue $15,120
Being entries to record cash collected for service to be rendered.
As at 31 December, revenue earned
= 1/2 × $15120/4
= $1890
Entries required
Debit Unearned Service revenue $1,890
Credit Service Revenue $1,890
Being entries to recognize revenue earned as at 31 December
The journal entries and adjusting entries should be shown below.
Cash account $15,120
Unearned Service Revenue $15,120
(Being entries to recordcash collected for service to be rendered)
Unearned Service revenue $1,890 ( 1/2 × $15120/4)
Service Revenue $1,890
( to recognizerevenue earned as at 31 December)
These journal entries should be recorded.
learn more about journal entries here: brainly.com/question/24741269
Answer:
Answer for the question :
Joan is a single individual who works for Big Petroleum, Inc. During all of 2019, she is stationed in West Africa. She pays West African taxes of $20,000 on her Big Petroleum salary of $92,000. Her taxable income without considering her salary from Big is $36,000. How should Joan treat the salary she receives from Big Petroleum on her 2019 U.S. tax return?
is explained in attachment.
Explanation:
See attachment for detailed answer.
Joan should count both her local and Big Petroleum incomes but can use the Foreign Earned Income Exclusion for the latter. She can also claim a foreign tax credit for the taxes she paid in West Africa.
In the case of Joan and her 2019 U.S. tax return, she must declare the total income she earned in that year, including her salary from Big Petroleum, Inc., which was earned while she was stationed in West Africa. Still, due to U.S. tax laws, Joan can claim a Foreign Earned Income Exclusion (FEIE).
The FEIE for 2019 allows U.S. citizens or residents who live outside the U.S. to exclude up to $105,900 in foreign earned income. Therefore, Joan, who made $92,000 in West Africa, can exclude this amount from her taxable income because it is less than the FEIE limit.
However, she should remember to include the remaining $36,000 she made outside her Big Petroleum salary in her U.S. taxable income. The West African taxes Joan paid do not directly influence her U.S. taxable income but could potentially be claimed as a foreign tax credit to avoid double taxation.
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Answer:
PV= $749,269.48
Explanation:
Giving the following information:
Every three years= $1000000
i= 10,1%
The first payment will occur 3 years from today.
We need to find what is the present value of the gift
Using the following formula:
PV= FV/[(1+i)^n)
PV= 1000000/[1,101^3]= $749,269.48
Answer: Formal training is an integral part of employee development. It helps employee to get introduced to the nature of the job.
a) It makes clear to the workers what the employer needs, without which workers may not understand which work should be done on priority basis.
b) It eliminates waste of resources like time, money, etc. If a work is done without any formal training, such work might not be in desired standard; this thing is the waste of money as well as time. Therefore, in order to prevent it the formal training is required.
In rudimentary terms, every firm depends on its workforce to a great extent. After all, it is the people that run the operations of the company.
The employer that provide training to their employees see the following benefits:
Greater productivity,better cooperation,continuous growth of employees
and enhanced job satisfaction.
b. With the help of a friend (who majored in accounting), you determine that all of the goods sold during January cost $48,000 to purchase.
c. During the month, according to the checkbook, you paid $42,000 for salaries, rent, supplies, advertising, and other expenses; however, you have not yet paid the $1,000 monthly utilities for January on the store and fixtures.
Required:
On the basis of the data given (disregard income taxes), what was the amount of net income for January?. (Hint: A convenient form to use has the following major side captions: Revenue from Sales, Expenses, and the difference—Net Income.)
Answer:
The amount of net income for January was $24,100
Explanation:
Revenues from sales $115,100 (for this analysis is not important if the sales were in cash or on credit)
-
Cost of goods sold $48,000
------------------------------------
Gross profit $67,100
-
Salaries, rent, supplies, advertising, other expenses and monthly utilities (it is not important for this analysis if all the exenses were paid) -$43,000
-----------------------------------
Net income $24,100
The net income for Campus Connection for the month of January is calculated by subtracting the total expenses ($91,000) from the total sales ($115,100), which equals $24,100.
To calculate the net income for January for Campus Connection, we need to consider the revenues and expenses for the month.
First, let's calculate the total revenues. Cash sales amount to $112,000 and the credit sales to $3,100. Therefore, the total revenues for the month of January equal $115,100.
Next, we calculate the total expenses. We know from the data given that the cost of goods sold equals $48,000. Also, the other expenses such as salaries, rents, supplies, and advertising total to $42,000. However, the utilities for January have not yet been paid. This adds an additional $1,000 to the expenses. So the total expenses for January are $48,000 (cost of goods sold) + $42,000 (other expenses) + $1,000 (unpaid utilities) = $91,000.
The net income is calculated by subtracting the total expenses from total revenues; thus $115,100 (sales) - $91,000 (expenses) = $24,100. Therefore, the net income for Campus Connection for January is $24,100.
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Answer:
$104,000
Explanation:
Note: The full question is attached as picture below
Fair value of net assets = Cash and receivables + Inventory + Land + Buildings (net) + Equipment (net) - Liabilities
Fair value of net assets = $70,000 + 210,000 + 240,000 + 270,000 + 90,000 - 420,000
Fair value of net assets = $460,000
Purchase consideration paid = 12,000*$47
Purchase consideration paid = $564,000
Goodwill recognized = Purchase consideration - Fair value of net assets
Goodwill recognized = $564,000 - $460,000
Goodwill recognized = $104,000