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ACCOUNTS PAYABLE - debit

Cash - CREDIT

Callable stock is an OWNERSHIP interest in a corporation that can be "called in " by the corporation at a SPECIFIED price.

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A DIVIDEND is a DISTRIBUTION to shareholders ofretained earnings that a COMPANY has already created through its profit-making activities. Thus, a dividend is not an expense, and so it does not REDUCE a company's profits. Because a dividendhas no impact on profits, it does not APPEAR on the income statement.

The "DEFICIT" APPEARING in STOCKHOLDERS' equity is maintenance of MAJOR termeract SERIES of variety service

For this transaction, the only part to be considered is "Withdrew cash 5000 from business for personal USE" because the the good's COST and selling price doesn't affect the transaction. Hence, an increase for drawings and a decrease in cash.

Owner's drawings       5 000

     Cash                                      5000

Drawings for personal use

Note: The description "drawings for personal use" is OPTIONAL.

Cash dividend is money paid to stockholders, normally out of the corporation's current earnings or accumulated profits. Not all companies pay a dividend. Usually, the board of directors determines if a dividend is desirable for their particular COMPANY based upon various financial and economic FACTORS. Dividends are commonly paid in the form of cash DISTRIBUTIONS to the shareholders on a monthly, quarterly or YEARLY basis. All dividends are taxable as income to the recipients.

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TREASURY STOCK REPORED ON

ASSET SIDE OF BALANCE SHEET..

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Journal entry will be...

CASH in hand a/c DR 12000
Cash at BANK a/c Dr 26000
............To Capital a/c ___38000
(being opening balance BROUGHT forward)

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The reasons why bonds rarely sell for their maturity value are:

The interest paid is usually FIXED at the interest rate that is stated on the face of the bond. As a result, the amount of interest paid each year does not change during the life of the bond.The market interest rate—the rate that bond buyers demand—is CHANGING daily.

To illustrate, let's assume that a 6% bond will mature in ten years and has a maturity value of $100,000. This means that the BONDHOLDERS will be receiving $6,000 in interest in each of the ten years. If there is a DAY when the bond buyers demand an interest rate of 6.2% then the bond's value on that day will be less than $100,000. If on another day the bond buyers demand 5.9% interest, the bond's value on that day will be greater than $100,000.

The CARRYING value of a bond is the NET amount between the bond's face value and any un-AMORTIZED premiums or minus any amortized discounts. The carrying value is also COMMONLY referred to as the carrying amount or the book value of the bond.

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With regards to BONDS payable, the TERM amortize means to systematically allocate the discount onbonds payable, the PREMIUM on bonds payable, and the bond issue COSTS to INTEREST Expense over the remaining life of the bonds.

Bond prices decrease when interest rates INCREASE because the fixedinterest and PRINCIPAL payments stated in the bond will become less ATTRACTIVE to INVESTORS. ... However, if the marketinterest rates increase to 10% the investor will now be able to earn $5,000 semiannually on a $100,000 investment.

SOME SALARIED EMPLOYEE ARE ENTITLED TO OVERTIME PAY.THE SALARIED EMPLOYEE ENTITLES TO ARE REFERRED TO AS NON-EXEMPT EMPLOYEE.

THAT SALARIED EMPLOYEE ARE NOT ENTITLED TO TO OVERTIME PAY ARE REFERRED TO AS EXEMPT EMPLOYEE.

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A FADERAL UNEMPLOYMENT ACT [ FUTA ] IS A FADERAL LAW THAT IMPOSES AN UNEMPLOYMENT.

THE FUTA TAX FUNDS THE FADERAL GOVT. OVERSIGHT OF EACH STATE UNEMPLOYMENT PROGRAM.

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FICA IS THE ACRONYM FOR FADERAL INFORMATION CONTRIBUTION ACT.

IT GENERALLY REQUIRES EMPLOYEE TO WITH HOLD SOCIAL SECURITY AND MEDICAL TAXES FOR THEIR EMPLOYEES .

EARNING ( WAGES ,SALARIES ,COMMISION BONUS ETC )
AND MATCH THE AMOUNT WITH HELD.
THIS MEANS THAT EMPLOYERS MUST REMIT TO THE GOVERNMENT TWO TIMES.

THE AMOUNT WITHHELD FROM THEIR EMPLOYEES FOR SOCIAL SECURITY AND MEDICARE TAXES..

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This is an incomplete question. You have only given the information and numerical values but have not mentioned what you INTEND to ASK in the question. Kindly upload questions with COMPLETE information. Questions which are well drafted and have all the RELEVANT information have a higher chance of being answered by a reader.

For the company's financial statements, the economic life of the asset should be used—not the years of useful life required for income TAX purposes. In other words, the Internal Revenue Service (IRS) might stipulate that certain equipment is to be depreciated on the income tax return over 7 years. However, the company knows that the equipment will be useful in producing revenues for 10 years. Accounting's matching principle requires that the company's financial statements match the equipment's COSTS to its revenues over a 10-year period. (This will result in the most accurate measurement of the company's accounting NET income.) However, on the tax return the company must follow the IRS rules and will depreciate the asset over 7 years. Obviously, this will result in two sets of depreciation amounts. (Further, the company's financial statements can use straight-line depreciation over the 10 years while the income tax return is using an accelerated method of depreciation over the 7 years.)

The difference in each year's depreciation is referred to as a timing difference. The reason is that over the life of the equipment, the TOTAL amount of depreciation EXPENSE is likely to be the same. It is just a matter of timing as to when that total amount is reported on the financial statements versus the income tax returns.

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In depreciation, the mid-month conventionmeans that an asset placed into service during a given month is assumed to have been placed into service in the middle of that month. For example, if you place a warehouse into service on October 6, you will assume it was placed into service in the middle of October and will record depreciation for HALF of the month of October. If a building is placed into service on October 23, you will assume it was placed into service in the middle of October and will record depreciation for half of the month of October.

The mid-month convention ALSO applies to the disposal of an asset. This means that an asset that is disposed of on October 25 will be assumed to have been disposed of in the middle of October. If an asset is disposed of on October 3, it is also assumed that the asset was disposed of in the middle of October. In either situation, depreciation will be recorded for half of the month of October.

The mid-month convention is pertinent for the income tax depreciation for certain property.  You can find more on this in the INTERNAL Revenue Service PUBLICATION 946.

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The units of ACTIVITY depreciationis ONE of several methods ofdepreciation. The units of activitymethod of depreciation is unique in that a plant asset's useful LIFE is EXPRESSED in the total units that are expected to be PRODUCED or the asset's total activity during its life.

Accumulated Depreciation reports the amount of depreciation that has been taken from the time an asset was acquired until the date of the balance sheet. The COST of an asset minus its accumulated depreciation is the asset's carry value or book value.

Since depreciation is an allocation of an asset's cost BASED on the estimated useful LIFE, you should not assume that the depreciation is an INDICATOR of what's occurring to the asset's market value. For example, a building in an excellent location may be increasing in value even though depreciation is taken. The present market value MIGHT be three times the original cost and yet the accumulated depreciation is now equal to the asset's cost—meaning its book value is $0.

The amount reported in Accumulated Depreciation merely reports the total amount of an asset's cost that has been sent over to the income statement as Depreciation Expense since the asset was acquired.

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No entry is NEEDED to be passed.
The asset will be SHOWN at Nominal VALUE in books.

In purchasing, LEAD time is the estimated timebetween ordering goods and receiving the goods. For instance, if 100 units of Product X are ordered on April 11 and are EXPECTED to be received on April 25, the lead time is 14 days.

FIFO and LIFO accounting are methods used in managing inventory and financial MATTERS involving the amount of money a company has to have TIED up within inventory of produced goods, raw MATERIALS, parts, components, or feed STOCKS. They are used to manage assumptions of cost SHEET related to inventory, stock repurchases (if purchased at different prices), and various other accounting purposes.

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If a company that sells products (retailer, manufacturer, etc.) finds the cost of its items increasing, the use of LIFO will result in less taxable income and less income tax payments than FIFO. Over a long period of time, or when costs increase dramatically, the lower income tax payments will be significant.

Another reason for a company to use the LIFO cost flow assumption is to improve the matching of costs with sales. Under LIFO, the recent costswill be matched on the income statement with the recent sales revenues. (RECALL that LIFO means the "last costs in" will be the "first costs out" of inventory and onto the income statement as the cost of goods sold.)

Let's illustrate this with an example. A new company purchases aluminum for $1.00 per pound and sells it for $1.20 per pound. After several months, the company has 10,000 pounds of aluminum in inventory at a cost of $10,000. Its next purchase of 20,000 pounds came with a cost increase: the cost of aluminum increased to $1.10 per pound. The company immediately increased its selling price by ten cents per pound and sold 10,000 pounds of aluminum for $1.30 per pound. The company's income statement will report sales of $13,000. The company must now match the cost of the 10,000 pounds of aluminum with the $13,000 of sales.

Under LIFO, the cost of goods sold will be $11,000 (10,000 lbs. sold X the recent cost of $1.10 per lb.). Using FIFO, the cost of goods sold will be $10,000 (10,000 lbs. sold X the first or older cost of $1.00 per lb.). How much gross profit did the company actually EARN? Did it earn $2,000 ($13,000 - $11,000) as LIFO indicated? Or, did the company earn $3,000 ($13,000 - $10,000) as indicated by FIFO?

Business-savvy people will say the company EARNED only $2,000 from its main operating activity of buying and selling aluminum. They argue that the true profit is the amount remaining after you replace the 10,000 pounds of aluminum that was sold. If it will cost $1.10 per pound to replace the aluminum that was sold, the true profit is $2,000. The $3,000 computed under FIFO includes $1,000 of phantom or illusory profits. (In other words, the company was lucky to be holding 10,000 pounds of aluminum when the aluminum market increased by ten cents per pound.)

In our example, LIFO will MEAN $1,000 less of taxable income and $400 less in tax payments
for a corporation with a combined federal and state income tax rate of 40%. That's good for the company's cash flow. It will help the company meet its payments to its suppliers for the higher COSTING aluminum.

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When an ending inventory overstatement OCCURS..
the COSTS of good is sold stated too LOW, which means that net INCOME before taxes is overstated by the AMOUNT of inventory overstatement.However you then have to pay income taxes on the amount of the overstatement..
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AN IRRECOVERABLE LETTER OF CREDIT IS A FINANCIAL INSTRUMENT USED BY BANK TO GARANTEE A BUYERS OBLIGATION TO A SALER.

IT IS A IRRECOVERABLE BECAUSE THE LETTER OF CREDIT CANNOT BE MODIFIED UNLESS ALL PARTIES AGREE TO MODIFICATIONS.

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It is an asset and its ending balance should be reported as a current asset on a company's balance sheet. Inventory is not an INCOME statement account. However, the change in Inventory is a component in the calculation of the Cost of Goods Sold. (Cost of Goods Sold is considered to be an EXPENSE and is subtracted from SALES on a merchandising company's income statement.) Some income statements will show the calculation of Cost of Goods Sold as Beginning Inventory + Net Purchases = Goods Available - Ending Inventory. In that situation the beginning and ending inventory does appear on the income statement.

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Compound Interest = Total AMOUNT of Principal and Interest in future (or Future VALUE) less Principal amount at present (or Present Value)

                                = [P (1 + i)n] – P

                                = P [(1 + i)n – 1]

(Where P = Principal, i = nominal annual interest RATE in percentage terms, and n = number of COMPOUNDING periods.)

Take a three-year loan of $10,000 at an interest rate of 5% that compounds annually. What would be the amount of interest?  In this case, it would be: $10,000 [(1 + 0.05)3 – 1] = $10,000 [1.157625 – 1] = $1,576.25.



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SLIDESHARE + ANALYSIS OF DATA + BILL OF EXCHANGE + PROJECT.

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ACCOUNTING TOOLS + HOW TO TREAT VOIDED CHECKS + ON BANK RECONCILIATION.

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It includes deposits in transit, due to the understatement of the bank balance on the company's actual CASH balance but recorded as cash receipts, and bank ERRORS that when CORRECTED by the bank will increase the balance on the bank statement.

Pendulum is a weight suspended from a PIVOT so that it can swing freely. When a pendulum is displaced sideways from its RESTING, equilibrium POSITION, it is subject to a restoring force due to gravity that will accelerate it back TOWARD the equilibrium position.

Pendulum is a WEIGHT suspended from a pivot so that it can swing freely. When a pendulum is DISPLACED SIDEWAYS from its RESTING, equilibrium position, it is subject to a restoring force due to gravity that will accelerate it back toward the equilibrium position.

The items on bank RECONCILIATION which require a journal ENTRY are the adjustments to the balance per books which includes bank service charge for maintaining the account, check PRINTING CHARGES, FEES for returned checks, and interest earned.

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A DEPOSIT IN TRANSIT OR UNCLEARED DEPOSIT IS CASH OR CHEQUE DEPOSIT THAT IS RECORDED IN A COMPANIES ACCOUNTING SYSTEM.BUT NOT IN THE BANKS RECORD.

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Journal entries are required for the ITEMS LISTED as ADJUSTMENTS to the balance per books on book reconciliation.These adjustments involve items that appears on the bank statement but not recorded in the company's GENERAL ledger.The journal entries for the bank fees would debit bank service charges and a credit to cash.

As a start, your ASSET will increase as WELL as your EQUITY which makes it...

Cash      1 000 000

      OWNER's Capital      1 000 000

Since, the 25% came from the WIFE and is personal (not necessary to be recorded), it is only recorded as the owner's capital regardless on whom it came from.

Credit memo in bank reconciliation is an ITEM on COMPANY's bank statement that increases company's checking account BALANCE .or in other words increase in company's checking account balance.

debit memo is an item on company's bank statement that decreases company's checking out balance.

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Pendulum is a weight SUSPENDED from a pivot so that it can swing freely. When a pendulum is displaced SIDEWAYS from its resting, equilibrium POSITION, it is subject to a restoring force due to gravity that will ACCELERATE it BACK toward the equilibrium position.

MARKET VALUE PER SHARE ÷ per share EARNING

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Industry ratio are often useful when creating the financial components of a business plans. This ARTICLE discusses several RESOURCES that can be used to find industry and COMPANY financial ratios.

ANSWER:

here is the answer

Explanation:

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