1. Identify each account as asset (A), liability (L), or equity (E).2. Identify whether the account is increased with a debit (DR) or credit (CR).3. Identify whether the normal balance is a debit (DR) or credit (CR).a. Interest Revenueb. Accounts Payablec. Common Stockd. Office Suppliese. Advertising Expensef. Unearned Revenueg. Prepaid Renth. Utilities Expensei. Dividendsj. Service Revenue Requirements
Answers
Answer: Please refer to Explanation
Explanation:
.a. Interest Revenue. This is EQUITY. It increase with a CREDIT. Normal Balance is CREDIT.
Interests Revenue is earned like revenue and as such is credited. In the balance sheet it will be with Equity as it increases the Retained Earnings of a firm.
b. Accounts Payable. LIABILITY.
Increases by CREDIT.
Normal Balance is CREDIT.
Accounts Payable are the result of buying goods on account meaning the firm owes the entities in question. It is credited to show an increase.
c. Common Stock. EQUITY.
Increases by CREDIT.
Normal Balance is CREDIT.
As a Capital balance, common stock is credited to show and increase and debited to show a decrease because it signifies that the business owes the holders/owners.
d. Office Supplies. ASSET
Increase by DEBIT.
Normal Balance is CREDIT.
As an asset, Office Supplies is recorded in the debit section and is debited to show increase.
e. Advertising Expense. EQUITY.
Increases by DEBIT.
Normal Balance is DEBIT.
Increases by DEBIT.
Advertising as an expense is taken from the Revenue. This makes it am Equity item. When it is debited, it increases and this normal Balance reflects a debit balance.
f. Unearned Revenue. LIABILITY.
INcrease is CREDITED
Normal Balance is CREDIT.
Unearned Revenue is a liability because the company owes performance to an entity for work that they have already been paid for. As such it's balance is increased by a Credit.
g. Prepaid Rent. ASSET.
Increase by DEBIT.
Normal Balance is DEBIT.
Prepaid rent means that the company paid for rent in advance and so it owed till the rent can be apportioned to a particular period. For this reason it is an asset and increases by DEBIT.
h. Utilities Expense. EQUITY.
Increases by DEBIT.
Nomal Balance is DEBIT.
As an expense that goes from the revenue it is an equity item and increases by debit. Normal Balance is also debit.
i. Dividends. EQUITY.
Increases by DEBIT.
Normal Balance is DEBIT.
Dividends are paid from Retained Earnings and as such belong in the Equity section. Dividends increase by being debited.
j. Service Revenue. EQUITY.
Increase by CREDIT.
Normal Balance is CREDIT.
As Revenue for the business it belongs in the EQUITY section. It is added to retained earnings and as it is revenue, it increases when it is credited.
Related Questions
NU YU announced today that it will begin paying annual dividends. The first dividend will be paid next year in the amount of $.59 a share. The following dividends will be $.64, $.79, and $1.09 a share annually for the following three years, respectively. After that, dividends are projected to increase by 3.9 percent per year. How much are you willing to pay today to buy one share of this stock if your desired rate of return is 13 percent? Multiple Choice $9.87 $12.45 $2.47 $13.04 $12.93
Answers
Answer:
$9.87
Explanation:
The first step is to find the present value of the dividend in the first stage
Present value can be found using a financial calculator
D1 = $.59
D2 = $.64
D3 = $.79
D4 = $1.09
I = 13%
Present value = $2.24
value in the stage of indefinite growth = $1.09(1.039) / (0.13 - 0.039) = 1.132510 / 0.091 = 12.45
Present vale of the stage of indefinite growth = 12.45 / 1.13^4 = 7.64
$7.64 + $2.24 = $9.87
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
Dale is a guitar teacher and Terrence is a tile layer. If Dale teaches Terrence's daughter to play the guitar in
exchange for Terrence tiling Dale's kitchen floor,
a. only Dale is made better off by trade.
O b. both Dale and Terrence are made better off by trade.
c. neither Dale nor Terrence are made better off by trade.
O d. only Terrence is made better off by trade.
Answers
If Dale teaches Terrence's daughter to play the guitar in exchange for Terrence tiling Dale's kitchen floor Option B. both Dale and Terrence are made better off by trade.
In this scenario, Dale is a guitar teacher and Terrence is a tile layer. Dale teaches Terrence's daughter how to play the guitar in return for Terrence tiling Dale's kitchen floor. It is a classic example of trade and bartering. Dale, the guitar teacher, would have had to pay for tile installation if he hadn't bartered with Terrence, the tile layer. Terrence, on the other hand, would have had to pay for guitar lessons if he hadn't traded with Dale.
Both Dale and Terrence, therefore, benefit from the trade, and they are both better off as a result. Because Dale receives tile installation in exchange for teaching guitar lessons, and Terrence receives guitar lessons in exchange for tile installation, both benefit.
In conclusion, the answer is (b) both Dale and Terrence are made better off by trade. When both parties are better off after a trade, it is known as a mutually beneficial trade. Trade, in general, promotes mutual gains by allowing people to concentrate on what they do best and exchange their output with others for goods and services that they desire. Therefore, the correct option is B.
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Wally's Walleyes wants to introduce a new product that has a start-up cost of $7,800. The product has a 2-year life and will provide cash flows of $4,500 in Year 1 and $4,300 in Year 2. The required rate of return is 15 percent. Should the product be introduced? Why or why not?
Answers
The calculated NPV is negative, indicating that the present value of expected cash flows does not exceed the start-up cost of the project. In other words, the project is expected to generate a net loss.
To determine whether Wally's Walleyes should introduce the new product, we can calculate the net present value (NPV) of the project. The NPV measures the present value of expected cash flows, taking into account the required rate of return.
To calculate the NPV, we need to discount the cash flows using the required rate of return (15 percent). The formula for calculating NPV is:
NPV = Cash Flow Year 1 / (1 + Required Rate of Return)^1 + Cash Flow Year 2 / (1 + Required Rate of Return)^2 - Start-up Cost
\(NPV = $4,500 / (1 + 0.15)^1 + $4,300 / (1 + 0.15)^2 - $7,800\)
\(NPV = $4,500 / 1.15 + $4,300 / (1.15)^2 - $7,800\)
NPV = $3,913.04 + $3,537.41 - $7,800
NPV = -$350.55
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Your interest rate is compounded annually ,beginning balance $1166.40 annual rate 8%, how much will you earn in interest alone?
Answers
You will earn $93.31 in interest alone.
To calculate the amount of interest you will earn, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the final amount
P = the principal amount (beginning balance)
r = annual interest rate (in decimal form)
n = number of times interest is compounded per year
t = number of years
In this case, the beginning balance is $1166.40, the annual interest rate is 8%, and the interest is compounded annually.
First, we need to convert the annual interest rate to a decimal form by dividing it by 100: 8% / 100 = 0.08.
Next, we substitute the values into the formula:
A = 1166.40(1 + 0.08/1)^(1*1)
Simplifying the equation, we have:
A = 1166.40(1.08)
Now, we can calculate the final amount
A = $1166.40 * 1.08
A = $1259.71
To find the amount of interest earned, we subtract the principal amount (beginning balance) from the final amount:
Interest earned = $1259.71 - $1166.40
Interest earned = $93.31
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Owner's contributions to a business are made in the form of
A. equipment, supplies, and withdrawals
B. cash, equipment, and withdrawals
C. equipment, supplies, and cash
D. supplies, withdrawals, and cash
Answers
Answer:
a
Explanation:
Keeping track of your cash, payables, and records can be challenging. Find out the most efficient ways to keep your money and your records in line and updated appropriately.
If your company is a typical business, you deal with a variety of cash transactions. Lumping all these transactions into one record may be tempting, but it's almost always a bad idea.
You'll want to record your cash transactions in a number of different ways, depending on the nature of your business.
Sales and cash receipts journal: To simplify your recordkeeping, we recommend that you combine your sales and cash receipts in a single journal.
Daily cash sheet: If cash transactions are a significant part of your business, you should also prepare a daily cash sheet to reconcile your cash received and paid out for the day. If you use a daily cash sheet, you can reconcile your cash receipts with your daily deposit into your bank account.
Cash disbursements journal: Your daily cash disbursements should be recorded here.
Bank reconciliation: Reconciling your records with your monthly bank statement verifies the amount you have in your checking account. It will also help you find bookkeeping errors. It could also enable you to detect (and remedy) irregularities such as employee theft.
Petty cash fund: If your customers normally pay by check, having a petty cash fund will provide you with cash on hand to pay miscellaneous small expenses. A petty cash fund isn't necessary if you use a cash register and always have currency on hand, as long you keep track of these small purchases.
Maintaining daily cash sheets
A cash sheet is a daily reconciliation of cash received and cash paid out. If a good deal of your business is transacted in cash, such as in a retail store, you should prepare a cash sheet at the end of each day. It's sound practice to deposit all cash receipts in your bank account daily.
what is the importance of human resources management
Answers
Answer:
Human resources management is a very important function in every organization. Without human resources management, companies would not be able to effectively recruit and retain employees, improve and enhance the organization, and they wouldn't be able to maintain a healthy, accepting workplace culture and environment.
Explanation:
Suppose that during the past year, the price of a laptop computer fell from $2,500 to $2,300. During the same time period, consumer sales increased from 403,000 to 549,000 laptops. Calculate the elasticity of demand between these two price-quantity combinations by using the following steps.
original new Average Change Percentage
Quantity
Price
Answers
Answer:
Elasticity of Demand = 4.5
Demand is very elastic, because a small percentage change in price brought about a bigger percentage change in quantity demanded.
Explanation:
Data and Calculations:
Original Average New Average Change Percentage
Quantity 403,000 549,000 +146,000 36.23%
Price $2,500 $2,300 -$200 8%
b) Elasticity of demand: The elasticity of demand is calculated by dividing the % change in quantity by the % change in price which brought it about.
Percentage change in Quantity/Percentage change in price
= 36.23%/8% = 4.5
c) The elasticity of demand is the responsiveness of demand (consumers) to a change in price. If the responsiveness is less than 1, then demand is inelastic. If it is equal to 1, then demand elasticity is unitary. If it is more than 1, then demand is elastic.
Decision, since Elasticity is more than 1, the demand is very elastic.
Sadie is a reporter who has researched an in-depth article about the prevalence of mercury found in local fish. During her investigation she finds that although a few fish have been caught with high levels of mercury, for the most part, they are rare. Considering that Sadie’s organization needs to sell ad space, which title will she MOST likely pick for this article?
A.
No Cause for Alarm with Local Fish
B.
Few Fish Affected by Mercury, Study Finds
C.
Mercury Levels Not an Issue Here
D.
Toxic Ingredients in Local Seafood
Answers
The title that Sadie is most likely to pick for the article, considering that her organization needs to sell ad space, is B. Few Fish Affected by Mercury, Study Finds.
Why is the title appropriate ?The title of Sadie's investigation accurately portrays the rarity of local fish with high mercury levels. It puts forward an optimistic perspective by emphasizing the low incidence of mercury within these aquatic species, possibly sparking interest from advertisers and readers.
However, choosing option A which says No Need to Worry About Local Fish, may undermine concerns related to mercury poisoning risks in fish, hindering engagement from people and marketers alike.
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What is the "rate of return" on an
investment?
A. It is the amount of money you make from your
investment.
B. It is the interest based on the principal.
C. It is the interest based on the principal plus the
interest.
D. It is the initial investment you make.
Answers
Answer:
I think its the amount of money you make from your investment
After hearing a knock at your front door, you are surprised to see the Prize Patrol from a large, well-known magazine subscription company. It has arrived with the good news that you are the big winner, having won $21 million. You have three options.
(a) Receive $1.05 million per year for the next 20 years.
(b) Have $8.25 million today.
(c) Have $2.25 million today and receive $750,000 for each of the next 20 years.
Your financial adviser tells you that it is reasonable to expect to earn 13 percent on investments.
Answers
Here's a breakdown of the three options you have after winning 21 million and their financial implications.
Option (a) - Receive $1.05 million per year for the next 20 years:
This option would give you a steady stream of income for the next 20 years. However, you would not have access to the entire $21 million upfront. The total payout over 20 years would be $21 million, which means that the present value of this cash flow using a 13% discount rate would be approximately $6.36 million.
Option (b) - Have $8.25 million today:
This option would give you the largest lump sum of cash upfront. However, you would not have access to the remaining $12.75 million that you would have received under Option (a) or (c). The present value of $8.25 million using a 13% discount rate would be approximately $8.25 million.
Option (c) - Have $2.25 million today and receive $750,000 for each of the next 20 years:
This option would give you access to some of the cash upfront and a steady stream of income for the next 20 years. The total payout over 20 years would be $17.25 million, which means that the present value of this cash flow using a 13% discount rate would be approximately $5.21 million. Additionally, the $2.25 million that you would receive upfront would have a present value of approximately $2.25 million.
Based on the present value calculations, Option (b) - taking the $8.25 million upfront - would provide you with the highest present value of cash.
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(214) 1. Distinguish between technical efficiency and allocative efficiency. Use the two concepts of efficiency to compare a perfect market structure with a monopoly.
Answers
Technical efficiency refers to the ability to produce the maximum output from a given set of inputs or resources. It focuses on the production process and achieving the highest output level with the least amount of resources wasted. Technical efficiency emphasizes optimizing the production process to minimize costs and maximize productivity.
Allocative efficiency, on the other hand, relates to the allocation of resources in a way that maximizes overall social welfare. It refers to the ideal allocation of resources that matches consumers' preferences and demands. Allocative efficiency ensures that resources are allocated so that goods and services align with consumer preferences. This results in the best outcome for society.
When comparing an ideal market structure with a monopoly in terms of efficiency, there are significant differences. In an ideal market structure, characterized by complete competition, both technical and allocative efficiency is typically achieved. Many buyers and sellers exist, information is freely available, and no single entity controls the market. Competition drives firms to produce at the lowest cost and offer goods and services that match consumer preferences, leading to technical and economic efficiency.
In contrast, a monopoly represents a market structure where a single firm dominates the industry and has substantial market power. In terms of technical efficiency, a monopoly may not necessarily achieve the same level as a perfectly competitive market. Due to the lack of competition, a monopoly may not have the same incentive to minimize costs or innovate as efficiently as possible. This can result in higher production costs and lower technical efficiency.
Regarding allocation efficiency, monopolies often fail. Without competition, a monopolistic firm can set prices higher than the marginal cost of production, resulting in a suboptimal allocation of resources. The monopolist may prioritize maximizing profits rather than satisfying consumer preferences. This leads to a less efficient allocation of resources than in a perfectly competitive market.
Overall, an ideal market structure exhibits higher levels of technical and allocative efficiency than a monopoly. When true competition promotes resource optimization and consumer satisfaction, resulting in more efficient resource allocation.
What are two types of expenses when considering your budget?
Answers
The two types of expenses when considering your budget include variable and fixed expenses.
What is a budget?A budget is described as a sort of financial planning, and it emphasizes how revenue will be generated and the various expenses. It is mainly conducted periodically and also re-evaluated.
When considering a budget plan, the two types of expenses taken into consideration include fixed expenses and variable expenses. Fixed expenses are the sort of expenses that remain unchanged and only change a few times and occasionally. For example, tuition fees, and insurance payments. The variable expenses include the expenses that change frequently and are mainly dependent on the purchase choices that are made every day. For example, medical bills, and clothing.
It can be concluded that the two types of expenses when considering your budget include variable and fixed expenses.
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A manager of Paris manufacturing which produces computer hard drives, is planning to lease a new automated inspection system. The manager believes the new system will be more accurate than the current manual inspection process. The firm has had problems with hard drive defects in the past and the automated system should help catch these defects before the drives are shipped to the final assembly manufacturer. Below are the relevant information:
Current manual inspection system:
annual fixed cost = $35,000
Inspection variable cost per unit = $15 per unit.
New automated inspection system:
Annual fixed cost = $165,000
Inspection variable cost per unit = $0.55 per unit
1- Suppose annual demand is 8000 units. Should the firm lease the new inspection system?
2- NEW-SPEC, a firm that specializes in providing manual inspection processes for other firms, approached Paris manufacturing and offered to inspect parts for $19 each with no fixed costs. It assured Paris manufacturing that the accuracy and quality of its manual inspections would equal that of the automated inspection system. Demand for the upcoming year is forecast to be 8000 units. Should the manufacturer accept the offer?
Answers
Answer:
Paris Manufacturing
1. Based on cost considerations, the new inspection system should not be leased.
2. Based on cost considerations, the manufacturer should accept the NEW-SPEC offer.
Explanation:
a) Data and Calculations:
Annual demand for computer hard drives = 8,000 units
Current manual inspection system:
annual fixed cost = $35,000
Inspection variable cost per unit = $15 per unit.
Total cost for manual inspection system:
Variable costs $120,000 (8,000 * $15)
Fixed costs 35,000
Total costs $155,000
New automated inspection system:
Annual fixed cost = $165,000
Inspection variable cost per unit = $0.55 per unit
Total cost for automated inspection system:
Variable costs $4,400 (8,000 * $0.55)
Fixed costs 165,000
Total costs $169,400
Total cost with NEW-SPEC:
Variable costs $152,000 (8,000 * $19)
b) The improved efficiency will surely outrun the cost of the new automated inspection system. Therefore, I recommend that Paris should go ahead with the new system, despite the costs. Accepting the offer from NEW-SPEC provides the best financial efficiency. However, in the long-run, purchasing the automated inspection system might prove to be the best decision.
use the tax table below to determine each of the following values if you’re adjusted gross income it’s $20,000
1. Your tax liability if you are filing single using the standard deduction of $12,500 and
have no adjustments, itemized deductions, or tax credits.
2. Your tax liability if you are filing single using the standard deduction of $12,500, have
a child tax credit of $500 and no other adjustments, deductions or credits.
Answers
The tax liability after the child tax credit is $254.
To determine each of the following values using the tax table below if your adjusted gross income is $20,000:1. Your tax liability if you are filing single using the standard deduction of $12,500 and have no adjustments, itemized deductions, or tax credits:Here, the taxable income can be calculated by subtracting the standard deduction from the adjusted gross income.
Taxable Income = Adjusted Gross Income - Standard Deduction= $20,000 - $12,500= $7,500Now, find the row that corresponds to the taxable income in the tax table and determine the tax liability. From the table, the tax liability is $754.2.
Your tax liability if you are filing single using the standard deduction of $12,500, have a child tax credit of $500 and no other adjustments, deductions, or credits:First, calculate the taxable income as in the previous part.Taxable Income = Adjusted Gross Income - Standard Deduction= $20,000 - $12,500= $7,500.
Next, calculate the tax liability using the tax table that corresponds to the taxable income.From the table, the tax liability is $754.Then, subtract the child tax credit from the tax liability.Tax Liability = $754Child Tax Credit = $500Tax Liability after the Child Tax Credit = $754 - $500= $254.
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in case of competition, the entrepreneurial task is to find a way to direct the arena of competition toward the areas where a new venture is at a competitive disadvantage.
Answers
The answer is true, in case of competition, the entrepreneurial task is to find a way to direct the arena of competition toward the areas where a new venture is at a competitive disadvantage is true.
What is the straightforward definition of an entrepreneur?An entrepreneur is someone who has an idea and strives to develop a good product or service that others will purchase, as well as a business to support that endeavor. An entrepreneur is viewed as a visionary or an innovator since they take on the majority of the risk and responsibility for their new company.
Who is referred to as an entrepreneur?An entrepreneur is someone who spots a need in the market and attempts to fill it. The word has historically been used to refer to a person who establishes a business because they sense an economic opportunity in being able to meet a specified need.
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Abey Kuruvilla, of Parkside Plumbing, uses 1,220 of a certain spare part that costs $27 for each order, with an annual holding cost of $25. a) Calculate the total cost for order sizes of 25, 40, 50, 60, and 100 (round your responses to two decimalplaces). b) What is the economic order quantity?
Answers
The total cost is : $1,630.10, $1,310, $1,283.8, $1,299, $1,579.4 and the economic order quantity is 51.33.
How to find the economic order quantity?Using this formula to find the total cost
Total cost = DCo/Q + QH/2
Where:
D = Annual demand
Co = Ordering cost per order
H = holding cost per item per annum.
Order Size 25
Total cost = (1,220 x $27/25) + (25 x $25/2)
Total cost = $1,317.6 + $312.50
Total cost = $1,630.10
Order Size 40
Total cost = (1,220 x $27/40) + (40 x $25/2)
Total cost = $810 + $500
Total cost = $1,310
Order Size 50
Total cost = (1,220 x $27/50) + (50 x $25/2)
Total cost = $658.8 + $625
Total cost = $1,283.8
Order Size 60
Total cost = (1,220 x $27/60) + (60 x $25/2)
Total cost = $549 + $750
Total cost = $1,299
Order Size 100
Total cost = (1,220 x $27/100) + (100 x $25/2)
Total cost = $329.4 + $1,250
Total cost = $1,579.4
b. Economic order quantity
Economic order quantity = √ 2 × $27 × 1220 ÷25
Economic order quantity = √ 65,880÷25
Economic order quantity =√2,635.2
Economic order quantity =51.33
Therefore the economic order quantity is 51.33.
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In comparing U.S. GAAP and International Financial Reporting Standards (IFRS) with regard to a basis for measurement of a noncontrolling interest which of the following is true? a) U.S. GAAP requires acquisition-date fair value measurement and IFRS requires the acquiree's identifiable net asset fair value measurement. b) U.S. GAAP and IFRS both require acquisition-date fair value measurement. c) U.S. GAAP and IFRS both require the acquiree's identifiable net asset fair value measurement d) U.S. GAAP requires acquisition-date fair value measurement, but IFRS allows an option for acquisition-date fair value measurement. e) U.S. GAAP and IFRS both apportion goodwill to the parent only
Answers
The correct answer is D. U.S. GAAP requires acquisition-date fair value measurement, while IFRS allows an option for acquisition-date fair value measurement. This means that when the acquisition of a noncontrolling interest is done under IFRS, a company has the choice of either using the acquisition-date fair value or the acquiree's identifiable net asset fair value.
When using the acquisition-date fair value, the amount of the noncontrolling interest can be found by subtracting the fair value of the consideration transferred by the acquirer from the fair value of the equity interest in the acquiree. This amount is then allocated to the noncontrolling interest. On the other hand, when using the acquiree's identifiable net asset fair value, U.S. GAAP requires acquisition-date fair value measurement, while IFRS allows an option for acquisition-date fair value measurement. the total fair value of the equity interest in the acquiree is allocated to the controlling and noncontrolling interests in proportion to their relative ownership interests.
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Both IFRS and U.S. GAAP require the acquisition-date fair value measurement as well as the identifiable net asset fair value measurement of the acquiree.
The main distinction between the two accounting systems is that GAAP is based on regulations, whereas IFRS is based on principles. This discrepancy shows up in certain details and interpretations. In general, IFRS norms give substantially less information overall than GAAP.
GAAP does not allow any impairment losses to be reversed. However, under IFRS, impairment losses for fixed assets and intangibles other than goodwill can be eliminated. Under IFRS, reversal of impairment losses is limited to the asset's original carrying amount.
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what are the brunches of accounting
Answers
Answer:
there are eight branches in accounting:1. forensic accounting
2. financial accounting
3. cost accounting
4. managerial accounting
5. fiduciary accounting
6. accounting information systems
7. tax accounting
8. Auditing
Sheridan Corporation wishes to exchange a machine used in its operations. Sheridan has received the following offers from other companies in the industry.
1. Skysong Company offered to exchange a similar machine plus $25,300. (The exchange has commercial substance for both parties.)
2. Concord Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.)
3. Marigold Company offered to exchange a similar machine, but wanted $3,300 in addition to Sheridanâs machine. (The exchange has commercial substance for both parties.)
In addition, Sheridan contacted Swifty Corporation, a dealer in machines. To obtain a new machine, Sheridan must pay $102,300 in addition to trading in its old machine.
Sheridan Skysong Concord Marigold Swifty
Machine cost $176,000 $132,000 $167,200 $176,000 $143,000
Accumulated depreciation 66,000 49,500 78,100 82,500 â0â
Fair value 101,200 75,900 101,200 104,500 203,500
Required:
For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company
Answers
Answer:
1. In the books of SHERIDAN
Dr Cash $25,300
Dr Machinery $75,900
Dr Accumulated Depreciation - Machinery $66,000
Dr Loss on disposal $8,800
Cr Machinery $176,000
In the books of SKYSONG
Dr Machinery $101,200
Dr Accumulated Depreciation - Machinery $49,500
Dr Loss on disposal $6,600
Cr Cash $25,300
Cr Machinery $132,000
2. In the books of SHERIDAN
Dr Machinery $101,200
Dr Accumulated Depreciation - Machinery $66,000
Dr Loss on disposal $8,800
Cr Machinery $176,000
In the books of CONCORD
Dr Machinery $89,100
Dr Accumulated Depreciation - Machinery $78,100
Cr Machinery $167,200
3. In the books of SHERIDAN
Dr Machinery 104,500
Dr Accumulated Depreciation - Machinery $66,000
Dr Loss on disposal $8,800
Cr Cash $3,300
Cr Machinery $176,000
In the books of MARIGOLD
Dr Cash $3,300
Dr Machinery $101,200
Dr Accumulated Depreciation - Machinery $82,500
Cr Machinery $176,000
Cr Gain on disposal $11,000
4.In the books of SHERIDAN
Dr Machinery $203,500
Dr Accumulated Depreciation - Machinery $66,000
Dr Loss on disposal $8,800
Cr Cash $102,300
Cr Machinery $176,000
In the books of SWIFTY
Dr Cash $102,300
Dr Inventory $101,200
Cr Sales Revenue $203,500
Dr Cost of Goods Sold $143,000
Cr Inventory $143,000
Explanation:
Preparation of the journal entries to record the exchange on the books of each company
1.Preparation of the journal entries in the books of purchaser and seller as follows
In the books of SHERIDAN
Dr Cash $25,300
Dr Machinery $75,900
Dr Accumulated Depreciation - Machinery $66,000
Dr Loss on disposal ($176,000 − $25,300 − 75,900 − 66,000) $8,800
Cr Machinery $176,000
(To record exchange of machinery)
In the books of SKYSONG
Dr Machinery $101,200
Dr Accumulated Depreciation - Machinery $49,500
Dr Loss on disposal ($132,000 + $25,300 − 101,200 − 49,500) $6,600
Cr Cash $25,300
Cr Machinery $132,000
(To record exchange of machinery)
2. Preparation of the journal entries in the books of purchaser and seller
In the books of SHERIDAN
Dr Machinery $101,200
Dr Accumulated Depreciation - Machinery $66,000
Dr Loss on disposal ($176,000 − $101,200 − $66,000) $8,800
Cr Machinery $176,000
(To record exchange of machinery)
In the books of CONCORD
Dr Machinery ($167,200 − $78,100) $89,100
Dr Accumulated Depreciation - Machinery $78,100
Cr Machinery $167,200
(To record exchange of machinery)
3. Preparation of the journal entries in the books of purchaser and seller
In the books of SHERIDAN
Dr Machinery 104,500
Dr Accumulated Depreciation - Machinery $66,000
Dr Loss on disposal ($176,000 + $3,300 − $104,500 − $66,000) $8,800
Cr Cash $3,300
Cr Machinery $176,000
(To record exchange of machinery)
In the books of MARIGOLD
Dr Cash $3,300
Dr Machinery $101,200
Dr Accumulated Depreciation - Machinery $82,500
Cr Machinery $176,000
Cr Gain on disposal ($176,000 − 101,200 − 82,500 − $3,300 ) $11,000
(To record exchange of machinery)
4. Prepare the journal entries in the books of purchaser and seller as follows
In the books of SHERIDAN
Dr Machinery $203,500
Dr Accumulated Depreciation - Machinery $66,000
Dr Loss on disposal ($176,000 + $102,300 − $203,500 − $66,000) $8,800
Cr Cash $102,300
Cr Machinery $176,000
(To record exchange of machinery)
In the books of SWIFTY
Dr Cash $102,300
Dr Inventory $101,200
Cr Sales Revenue $203,500
(To record sales revenue)
Dr Cost of Goods Sold $143,000
Cr Inventory $143,000
(To record cost of goods sold)
An essay about umntu ngumntu ngabantu
Answers
Through fraudulent means, Duke induces Emma to sign a contract to invest with him the profits from her business. When Emma learns the truth, she may
a. recover what she invested.
b. enforce the contract.
c. any of the choices.
d. withdraw from the deal.
Answers
Through fraudulent means, Duke induces Emma to sign a contract to invest with him the benefits from her business. When Emma learns the truth, she may do any of the choices (recover what she invested, enforce the contract or withdraw from the deal.
According to the privity of contract law, only those who are parties to a contract have the right to take legal action to enforce it. If the promised benefit is not provided, the party who stands to gain from the contract is not eligible to initiate any enforcement action. When parties reach an agreement on a contract, it is necessary that the agreement be supported by some kind of enforcement mechanism.
Strong contract enforcement procedures improve the stability of company relations, which lowers the uncertainty involved in conducting business. Investors who are the victims of violations of the securities laws may be entitled to collect money that has been recovered from fraudulent means.
The correct answer is option c.
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since this conflict is dysfunctional and hurting our business, i recommened oyu speak with both cheryl and rick. what type of issues you thik you'll need to address
Answers
As conflict is dysfunctional and hurting the business; in recommending to oyu speak with both cheryl and rick, we will advice conflict resolution to the firm.
What does conflict resolution mean?Basically, conflict resolution is defined as the means and activities that facilitate the peaceful resolution of conflict and punishment. Committed group members try to settle group problems by actively conveying to the rest of the group information about their competing motives or ideologies (e.g., intentions; reasons for having specific beliefs) and engaging in collective negotiation.
The dimensions of resolution generally parallel conflict dimensions in how the dispute is processed. The way disputants interpret and perceive the disagreement is through their beliefs, perspectives, understandings, and attitudes.
An emotional resolve or emotional energy, is the way disputants feel about a problem. The behavior of the disputants is reflected in behavioral resolution. Finally, there are numerous strategies and procedures for dealing with disagreement.
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Answer:
To address the dysfunctional conflict and its impact on your business, speaking with both Cheryl and Rick would be a good step. Here are some potential issues you may need to address:
1. Lack of communication: Find out if there is a breakdown in communication between Cheryl and Rick. Determine if they are not effectively sharing information, ideas, or concerns.
2. Personality clashes: Assess whether there are personality conflicts between Cheryl and Rick. These clashes might be causing tension and hindering collaboration.
3. Power struggles: Investigate if there are any power struggles between Cheryl and Rick. Determine if they are competing for authority or control within the organization.
4. Misalignment of goals: Identify if Cheryl and Rick have different goals or visions for the business. Determine if their conflicting objectives are contributing to the dysfunction.
5. Role ambiguity: Determine if there is confusion or ambiguity regarding the roles and responsibilities of Cheryl and Rick. Clarify their job descriptions to prevent conflicts arising from overlapping duties.
6. Lack of trust: Assess if there is a lack of trust between Cheryl and Rick. Determine if they doubt each other's capabilities, intentions, or commitment to the business.
7. Resentment or unresolved issues: Investigate if there are any unresolved conflicts or past issues between Cheryl and Rick. These unresolved matters might be contributing to the ongoing dysfunction.
Remember, it is essential to approach these discussions with an open mind and aim for a collaborative resolution. Encouraging open communication, active listening, and finding common ground can help address these issues and improve the overall functioning of your business.
Explanation:
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Mitchell Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Mitchell Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 $185 $3,700 March 5 Sale ($270 each) 15 March 9 Purchase 10 205 2,050 March 17 Sale ($320 each) 8 March 22 Purchase 10 215 2,150 March 27 Sale ($345 each) 12 March 30 Purchase 9 235 2,115 $10,015 For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase. Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. 5. Calculate sales revenue and gross profit under each of the four methods. 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? 7. If Mitchell Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.
Answers
Bikes from initial inventory are included March 5 sale, a March 17 outsourcers bikes from March 9 sale, or Mar 27 sale includes four bikes from the initial balance & eight bikes from March 22 purchase. 1/2 is need.
Now what you mean by inventory?All the products, materials, and things that a company keeps on hand in anticipation of selling them to customers for a profit are referred to as inventory. Example: If a newspaper seller utilizes a vehicle to distribute newspapers to clients, just the newspapers will be deemed inventory.
What are the four different categories of inventory?Raw materials/components, WIP, final products, and MRO are the four main categories of inventory.
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Which of these is NOT a barrier to trade?
a) Tariff
b) Quota
C) All the options are correct
D) Embargo
Answers
Answer:
All the options are correct
Consideration is an important required part of the 4 Classification Categories.
True or False?
Answers
Consideration is an important required part of the 4 Classification Categories is true.
Consideration is what makes the foundation of a contract. An agreement without consideration cannot amount to a legally enforceable contract. According to the Indian Contract Act, 19872, consideration is something done at the desire of the promisor. As consideration, the promisor may ask the promisee or any other person to do or abstain from doing something. This act of abstinence from it is known as the consideration to the contract. Consideration may be of three types– past, present, and future. The consideration must move at the desire of the promisor.
Consideration is an important required part of the 4 Classification Categories
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Based on 2 images which i have attached below answer the question plss
Answers
The journal entry to record the purchase of equipment on January 1 is :
Date Account Title Debit Credit
Jan. 1 Equipment $ 1, 280
Cash $ 1, 280
How to record equipment purchase ?Upon purchase of the equipment, an increase in assets is made through debiting the Equipment account with its total cost. A decrease in assets is then represented upon crediting the Cash/Bank account for the same amount which was used to cover the cost (i.e., cash or bank balance).
This means that we will debit Equipment for the amount of $ 1, 280 which was the cost of the equipment, then we credit the cash account for the same amount to show it has reduced.
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cuáles son las tres partes de una fracción
Answers
How does cultural knowledge help a company achieve success?
A.
It helps a company gain points of parity.
B.
It helps a company interact with its competitors.
C.
It helps a company achieve points of difference.
D.
It helps a company interact with sponsors.
E.
It helps a company target its customers better.
Answers
Cultural knowledge can play a significant role in a company's success by helping it achieve points of difference in the marketplace. Understanding cultural norms, beliefs, and values can allow a company to create products and marketing campaigns that resonate with its target audience, leading to increased sales and customer loyalty.
For example, a company that understands the cultural significance of certain colors or symbols in a particular region can design products that are more appealing to local consumers. Additionally, cultural knowledge can help a company avoid missteps that may offend or alienate its target audience. By being culturally sensitive, a company can build a positive reputation and gain a competitive advantage over its rivals. Overall, cultural knowledge enables a company to tailor its offerings to the unique needs and preferences of its target market, leading to increased customer satisfaction and long-term success.
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The monetary value of what a firm received for goods sold, services rendered, and other payments is termed
?
The answer is: Revenue or Revenies
Answers
Answer:
Revenue
Explanation:
The monetary value of what a firm received for goods sold, services rendered, and other payments is called the businesses "revenue." Revenue is profit received when businesses sell their goods to the consumer. Revenue can be gained by not only selling goods but giving services like fixing their house, giving therapeutic advice, or cleaning/repairing their teeth are some of the most common services sold.
Hope this helps.
An international organization that includes the US and several other countries and whose goal is to reduce or eliminate tariffs and other barriers to world trade is commonly referred to as GATT
True
Answers
True, GATT stands for General Agreement on Tariffs and Trade, which is the name of an international organization that the US and numerous other nations are members of.
The General Agreement on Tariffs and Trade (GATT) is an international treaty that was created with the aim of promoting trade by lowering or removing trade restrictions like tariffs and quotas. The "substantial reduction of tariffs and other trade barriers and the elimination of privileges, on a reciprocal and mutually beneficial basis" were its stated goals in the preamble.
The GATT is now managed by the Council for Trade in Goods (Goods Council), which is made up of representatives from every WTO member state. Etienne Oudot de Dainville will serve as the Goods Council's chairman as of September 2022.
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