1-What will be the effect of the following on the accounting equation: a-Amer started business with cash 1,80,000$ b-Purchased goods for cash 50,000$ and on credit 20,000$ c-Sold goods for cash 40,000$ costing 24,000$ d-Rent paid 10,000$, rent outstanding 2000$The answer will be : a-Assets 2,06,000 , liabilities 22,000 , capital 184,000 b-assets 204,000 , Liabilities 20,000 , capital 184,000 c-assets 186,000 , Liabilities 22,000 , capital 164,000​

Answers

Answer 1

Answer:

Purchased goods for cash, 20,000. 4. Purchased goods on credit, 36,000. 5. Paid for rent, 700. 6. Goods costing ₹ 40,000 sold at a profit of 20% for cash ...


Related Questions

g A monopoly is a market that has Group of answer choices Only one buyer. Only one seller. Many sellers who sell differentiated products. Many sellers who sell identical products.

Answers

Answer:

Only one seller.

Explanation:

A monopoly is a market structure which is typically characterized by a single-seller (one seller) who sells a unique product in the market by dominance. This ultimately implies that, it is a market structure wherein the seller has no competitor because he is solely responsible for the sale of unique products without close substitutes.

Also, a monopolist refers to any individual that deals with the sales of unique products in a monopolistic market.

For example, a public power supply company is an example of a monopoly because it serve as the only source of power supply to the general public in a society.

A public power company refers to a company that provides power (electricity) utility to the general public of a society.

In conclusion, a monopoly is a market that has only one seller.

Loger's, a high-end apparel company in Bruslon, an Asian country, cuts back on production as consumers start turning to basic products such as food because of the economic downturn in the country. The company also lays off many of its employees to further cut down expenses. In the context of the business cycle, Bruslon is most likely going through a period of _____.
a. economic expansionb. economic integration
c. economic recovery
d. economic contraction

Answers

Answer:

d. economic contraction

Explanation:

Contraction is in economics means it is business cycle phase where the overall economu should be fall. Also the contraction should arise when the cycle of the business is in peak but it should be prior to became as a trough

So at the time of economic contraction, the company normally took the measures of the cost cutting

So as per the given situation, the option d is correct

MC Qu. 99 The Work in Process Inventory account... The Work in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $5,220 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $2,200 and direct labor cost of $1,000. Therefore, the company's overhead application rate is:

Answers

Answer:

202%

Explanation:

Calculation to determine what the company's overhead application rate is

First step is to calculate the Total manufacturing overhead using this formula

Total manufacturing overhead = Overhead rate - Direct material cost - Direct labor cost

Let plug in the formula

Total manufacturing overhead =5220 - 2,200 - 1000

Total manufacturing overhead =2020

Now let determine the overhead application rate using this formula

Overhead application rate=Total manufacturing overhead/Direct labor cost

Let plug in the formula

Overhead application rate=2020/1000*100

Overhead application rate=202%

Therefore, the company's overhead application rate is:202%

40. Giả sử tỷ giá giao ngay của EUR là 0.9 USD/EUR . Tỷ giá giao ngay dự kiến một năm sau là 0.85 USD/EUR, % thay đổi của tỷ giá giao ngay là :

Answers

Answer:

Sorry I can't understand

Calculate depreciation for year 2 based on the following information: Historical cost $40,000 Useful life 5 years Salvage value $3,000 Year 1 depreciation $7,400

Answers

Answer:

Depreciation for year 2 is also $7,400.

Explanation:

Assuming a straight line method of depreciation in which the depreciation is the same for each year, the annual depreciation can be calculated as follows:

Annual depreciation = (Historical cost - Salvage value) / Useful years = ($40,000 - $3,000) / 5 = $7.400

Since annual depreciation is $7,400, that implies that depreciation for year 2 is also $7,400.

When purchases of merchandise are made on account with a perpetual inventory system, the transaction is recorded with which entry

Answers

Answer:

debit Merchandise Inventory, credit Accounts Payable.

Explanation:

In the case when the merchandise is purchased on account, so the following journal entry is recorded

Merchandise inventory Dr XXXXX

      To account payable XXXXX

(Being merchandise inventory purchased on account)

Here merchandise inventory is debited as it increased the assets and credited the account payable as it also increased the liabilities

If an economy has aggregate price levels that are increasing, but the wage rate stays the same because of downward wage stickiness, what would be the economic consequences

Answers

Answer:

Business would fire some employees as labor becomes too expensive and the quantity of real GDP supplied would decrease.

Explanation:

According to the sticky wage [tex]\text{theory}[/tex], when the stickiness enters a market, there is a change in [tex]\text{one direction}[/tex] which will be favored over a change in the other direction.

The [tex]\text{aggregate price level}[/tex] is the measure of overall level of the prices in an economy.

When the [tex]\text{aggregate price level}[/tex] increases, it results in inflation. In an economy, when the aggregate price level increases, and the wage rate remains the same due to the downward wage stickiness, it results in an economy which would fire some of the employees as the labor becomes very expensive and the quantity of the real GDP supplied would also decrease.

MacKenzie Company sold $780 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 1.5% service charge for sales on its credit cards and credits MacKenzie's account immediately when sales are made. The journal entry to record this sale transaction would be:________ a) Debit Accounts Receivable $780 and credit Sales $780. b) Debit Cash $768.30; debit Credit Card Expense $11.70 and credit Sales $780. c) Debit Cash of $780 and credit Sales $780. d) Debit Cash of $780 and credit Accounts Receivable $780 e) Debit Cash $768.30 and credit Sales $768.30

Answers

Answer:

b) Debit Cash $768.30; debit Credit Card Expense $11.70 and credit Sales $780.

Explanation:

Based on the information given the Appropriate journal entry to record this sale transaction would be:

Debit Cash $768.30

($780-$11.70)

Debit Credit Card Expense $11.70

(1.5%*$780)

Credit Sales $780

(To record sales)

A refiner produces heating fuel and gasoline from crude oil in virtually fixed proportions. What can you say about economies of scope for such a firm? What is the sign of its measure of economies of scope, SC?

Answers

Answer:

The cost benefits of simultaneous manufacturing do not exist and there are thus no economies as well as range disadvantages. A further explanation is provided below.

Explanation:

Scope savings are environmental impacts if a variety of commodities are produced collectively when producing these commodities collaboratively is far less costly than individually.Throughout this case, the manufacturer can create two items from the main resource although manufacturing takes place in some kind of a set proportion. Therefore includes the amount of production is identical to the expenditure of combined production of the products.

Thus the above is the appropriate solution.

This past year inflation in Snowdonia has increased to 150%. As an economic analyst, you are charged with identifying those sectors of the population worst affected by this inflation event. Which group of people is likely to be worst affected by inflation

Answers

Answer:

disabled veterans living on fixed (non-adjustable) government transfer payments

Explanation:

Here the group income should remains the fixed or same for the time period so at the time when the price of the goods rised up or the value of the money reduced so it would become hard for the inflation event

Therefore the group of people who deals in veterans i.e. disabled and lived on fixed government transfer payment should be worst impacted by the inflation

Carmichael Inc. has a beginning balance in Accounts Receivable of $100,000 at June 1. On June 24, Carmichael sells $20,000 of merchandise to K. Low, terms 2/10, n/30. Assuming just this one transaction occurred, what is the ending balance in Accounts Receivable at June 30 under the gross method

Answers

Answer:

$120,000

Explanation:

Particulars                                                                   Amount

Beginning balance in accounts receivables A/C    $100,000

Add: Credit sales                                                       $20,000

Ending balance in accounts receivables A/C        $120,000

You are considering two mutually exclusive projects. Project A costs $3.6 million, has a required return of 14.5 percent, and an IRR of 14.3 percent. Project B costs $4.1 million, has a required return of 16 percent, and an IRR of 15.6 percent. Which project(s) should be accepted

Answers

Answer:

Neither

Explanation:

The internal rate of return is a capital budgeting method that is used to determine the profitability of a project.

Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested

The decision rule when using the internal rate of return is to undertake the project if the internal rate of return is greater than the required return of the project. If this is not met, the project should be rejected.

If choosing between multiple projects, the decision rule is to choose the projects with the highest internal rate of return. This is because that project would be the most profitable.

Neither of the project should be selected because the IRR of both projects is less than their required returns

Hailey Corporation pays a constant $9.45 dividend on its stock. The company will maintain this dividend for the next 13 years and will then cease paying dividends forever. If the required return on this stock is 10.7 percent, what is the current share price?

Answers

Answer:

$64.76

Explanation:

The current share price can be determined by calculating the present value of the dividend

Present value is the sum of discounted cash flows

Present value can be calculated using a financial calculator

Cash flow from year 1 to 13 = 9.45

I = 10.7

PV = 64.76

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  

Cheese Mart LLC sells cheese to Pizza Palace for $1,500. Pizza Palace uses the cheese to make pizzas, selling them to consumers for a total of $9,000. These transactions contribute ________ to the gross domestic product (GDP).

Answers

Answer: $9000

Explanation:

The gross domestic product (GDP) is the final value of the goods that are produced in an economy. In this case, we are only interested in the final value which is the $9000.

It should be noted that when Cheese Mart LLC sells cheese to Pizza Palace for $1,500, this is an intermediate good and should not be counted when calculating the GDP.

Assume banks are required to hold reserves equal to 20 percent of deposits. Instructions: Enter your responses as a whole number. a. How much excess reserves does the bank hold

Answers

Answer: $100

Explanation:

If the reserve requirement is 20% then the required reserves being held by the company is:

= Total deposits * reserve requirement

= 8,000 * 20%

= $1,600

The reserves held by the company of $1,700 comprise of both the required reserves and the excess reserves. The excess reserves will therefore be calculated as:

Excess reserves = Reserves - Required reserves

= 1,700 - 1,600

= $100

Carnelian Company sells bicycles at $200 each. Variable cost per unit is $160, and total fixed cost is $120,600. Calculate the sales that Carnelian must make to earn an operating income of $21,500. a. $238,833.
b. $716,500.
c. $243,800.
d. $626,000.

Answers

Answer:

Carnelian Company

The sales that Carnelian must make to earn an operating income of $21,500 is:

= $710,500.

Explanation:

a) Data and Calculations:

Selling price per bicycle = $200

Variable cost per unit = $160

Contribution margin per unit = $40 ($200 - $160)

Contribution margin percentage = $40/$200 * 100 = 20%

Fixed cost = $120,600

Target operating income = $21,500

Sales in dollars to earn target operating income = (Fixed cost + Target Income)/Contribution margin ratio

= $120,600 + $21,500/20%

= $142,100/0.2

= $710,500

Which of the following considerations is related to sociocultural environment

Answers

Answer:

You didn't provide anything for me to choose from, so I can't give you an answer.

The cost to produce was $20 per unit in 2019. During 2020, it has increased to $23 per unit. In 2020, Supplier Company has offered to supply for $18 per unit. For the make-or-buy decision:_____.a. incremental costs are $2 per unit.
b. differential costs are $7 per unit.
c. net relevant costs are $2 per unit.
d. incremental revenues are $7 per unit.

Answers

Answer: Differential cost is $5 per unit

Explanation:

Differential cost is the extra cost that the company would incur if they made the product themselves versus if they bought it from an outside supplier.

Differential cost is therefore:

= Cost to produce internally - Cost from supplier

= 23 - 18

= $5

likely

What is the nature of DENEL​

Answers

Answer:

turn-key solutions of defence equipment

Answer:Denel SOC Ltd is a South African state-owned aerospace and military technology conglomerate established in 1992. It was created when the manufacturing subsidiaries of Armscor were split off in order for Armscor to become the procurement agency for South African Defence Force (SADF), now known as the South African National Defence Force (SANDF), and the manufacturing divisions were grouped together under Denel as divisions. The company had been experiencing major financial problems since 2015 and in 2021 it was announced in Parliament that Denel was on the brink of insolvency. The company stated that its woes were due to declining local defence budgets, weakened relationships with key customers and suppliers, the inability to retain or attract skilled personnel, ongoing salary disputes and a Fitch ratings downgrade.

The paradox of thrift accounts that both investors and consumers want to spend during a recession or depression, thereby increasing employment and enhancing the chances of recovery.A. TrueB. False

Answers

Answer: False

Explanation:

The Paradox of Thrift Accounts posits that having savings in a recession is bad because it would lead the economy to even worse levels of recession.

During recessions, people tend to save more and investors tend to invest less. Consumers do so because they hope the savings will enable them survive should something happen and investors don't want to lose money in recessions.

This Paradox argues that both investors and consumers who spend more so that employment will rise as well as production and pull the economy out of a recession.

Specter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents.$7,000 cash deposit in checking account.$28,000 bond investment due in 20 years.$7,000 U.S. Treasury bill due in 1 month.$400, 3-year loan to an employee.$1,800 of currency and coins.$700 of accounts receivable.

Answers

Answer:

the  cash and cash equivalents is $15,800

Explanation:

The computation of the cash and cash equivalents is given below:

= Cash deposit + U.S. Treasury bill due in 1 month + currency and coins

= $7,000  + $7,000 + $1,800

= $15,800

hence, the  cash and cash equivalents is $15,800

The same is to be considered and relevant

Tomlinson Packaging Corporation began business in 2018 by issuing 30,000 shares of $5 par common stock for $8 per share and 5,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2019 balance sheet, Tomlinson Packaging would report:___________

a. Common Stock of $100,000
b. Paid-In Capital of $150,000
c. Common Stock of $200,000
d. Common Stock of $160,000

Answers

Answer:

d. common stock of $150,000.

Explanation:

First and foremost, upon issuance of stocks, the common stock account would be credited with the total par value of the shares issued as shown below:

total par value=par value per share*shares issued

total par value=$5*30,000

total par value=$150,000

The paid-in capital would be credited with the  total amount the cash proceeds from the share issue exceeds the total par value

total cash proceeds=$8*30,000

total cash proceeds=$240,000

paid-in capital=$240,000-$150,000

paid-in capital=$90,000

The correct option is the common stock of $150,00, except that the number of shares issued is 20,000,hence, the common stock of $100,000 would be correct

Check a similar question below to drive home my point:

Kerwin Packaging Corporation began business in 2010 by issuing 30,000 shares of $5 par common stock for $8 per share and 10,000 shares of 6%, $10 par preferred stock for par. At year-end, the common stock had a market value of $10. On its December 31, 2011 balance sheet, Kerwin Packaging would report:

a. common stock of $300,000.

b. paid-in capital of $150,000.

c. common stock of $240,000.

d. common stock of $150,000.

Escareno Corporation has provided its contribution format income statement for June. The company produces and sells a single product.
Sales (8,400 units) $ 764,400
Variable expenses 445,200
Contribution margin 319,200
Fixed expenses 250,900
Net operating income $68,300
If the company sells 8,200 units, its total contribution margin should be closest to:________.
a. $301,000
b. $311,600
c. $319,200
d. $66,674

Answers

Answer:

b. $311,600

Explanation:

Calculation to determine what total contribution margin should be closest to:

Using this formula

Contribution margin per unit=Current contribution margin ÷ Current sales in units

Where,

Contribution margin per unit

=$319,200 ÷ 8,400

Contribution margin per unit= $38

Now let determine the total contribution margin

Total contribution margin= 8,200 × $38

Total contribution margin=$311,600

Therefore total contribution margin should be closest to:$311,600

Paul’s Pizza Parlor bakes pizza pies according to Q = 3 L – 0.3 L 2. If labor costs $6 and pizza sells for $10, the optimal amount of labor is:

Answers

Answer: 4 units of labor

Explanation:

Optimum amount of labor occurs where marginal revenue equals marginal cost which means:

Marginal revenue product = Cost of labor

Marginal revenue product = Marginal product of labor * Prize of pizza

Marginal product of labor = differentiation of Q

= dQ/dL

= d(3L - 0.3L²)

= 3 - 0.6L

Marginal revenue product = (3 - 0.6L) * 10

= 30 - 6L

Marginal revenue product = Cost of labor

30 - 6L = 6

30 - 6 = 6L

L = 24/6

= 4 units of labor

L. Bowers and V. Lipscomb are partners in Elegant Event Consultants. Bowers and Lipscomb share income equally. M. Ortiz will be admitted to the partnership. Prior to the admission, equipment was revalued downward by $8,000. The capital balances of each partner are $96,000 and $40,000, respectively, prior to the revaluation.
a. Provide the journal entry for the asset revaluation.
b. Provide the journal entry for Ortiz’s admission under the following independent situations:
1. Ortiz purchased a 20% interest for $20,000.
2. Ortiz purchased a 30% interest for $60,000.

Answers

Answer: See attachment and explanation

Explanation:

1. Ortiz purchased a 20% interest for $20,000.

Total capital after the admission of the partner will be:

= ($96000 - $4000) + ($40000 - $4000) + $20000

= $92000 + $36000 + $20000

= $148000

The share of new partner in the capital structure will be:

= Total capital × Interest of new partner

= $148000 × 20%

= $29600

There'll be a deficiency in the profit which the existing partner contributes to and this will be:

= $29600 - $20000

= $9600

Then each partner shares =$9600/2 = $4800

2. Ortiz purchased a 30% interest for $60,000.

Total capital after the admission of the partner will be:

= ($96000 - $4000) + ($40000 - $4000) + $60000

= $92000 + $36000 + $60000

= $188000

The share of new partner in the capital structure will be:

= Total capital × Interest of new partner

= $188000 × 30%

= $56400

Since the share is less than the amount of $60000 bought in, the existing partner will be compensated in the amount of ($60000 - $56400) = $3600. Therefore each partner gets $3600/2 = $1800

Check attachment for the journal entries.

3. If nominal GDP and real GDP both drop by 10 percent, then the GDP deflator Question 3 options: also rises by 10 percent rises by about 20 percent falls by 10 percent is unchanged

Answers

Answer: unchanged

Explanation:

The formula for calculating the GDP price deflator is:

= (Nominal GDP / Real GDP) × 100

Let's assume that the nominal GDP and the real GDP is $100 million. Then if they drop by 10%, they will both be $90 million, then the deflator will be:

= (90m / 90m) × 100

= 100

Therefore, the GDP deflator will be unchanged.

A minimum acceptable rate of return for an investment decision is called the: Multiple Choice Internal rate of return. Average rate of return. Hurdle rate of return. Maximum rate of return. Payback rate of return.

Answers

Answer:

Hurdle rate of return.

Explanation:

A hurdle rate can be regarded as minimum rate of return that is been required by an investor or manager

on a particular project or investment.

The hurdle rate gives the description of the appropriate compensation as regards level of risk present. There are

higher hurdle rates associated with riskier projects.

It should be noted that A minimum acceptable rate of return for an investment decision is called the Hurdle rate of return.

Kathy Elliot has decided that she will start an internet company to sell reliable used cars to customers Nationwide she has decided to use the sole proprietorship business format. Elliot's next step is to write a formal _____ before she applies for a business loan

Answers

Answer:

business plan

Explanation:

You wish to sell short 100 shares of XYZ corporation stock. If the last two transactions were at $34.10 followed by $34.15, you only can sell short on teh next transaction at a price of

Answers

Answer: b. 34.15 or higher

Explanation:

Short sales refer to the sale of borrowed stocks in anticipation that the stock price of the underlying stock will fall. This will then enable you to make a profit by buying the cheaper shares and giving it back to the entity you borrowed from thereby making a profit.

With short sales, the price is usually upward trending so will normally increase from the last price. As the last price here was $34.15, that would be the likely minimum for the next sale.

This means that the next sale will either be at a price of $34.15 or a price higher than that.

83) Suppose in the United States, the opportunity cost of producing a motor engine is 4 auto bodies. In Canada, the opportunity cost of producing a motor engine is 2 auto bodies. a. What is the opportunity cost of producing an auto body for the United States

Answers

Answer:

Opportunity cost = 0.25 motor engine

Explanation:

Below is the given value:

In the U.S. ,Opportunity cost of 1 motor engine = 4 auto bodies

In the Canada, Opportunity cost 1 motor engine = 2 auto bodies  

Below is the calculation for opportunity cost pf 1 auto body in the U.S.

Opportunity cost = Motor engine / Auto body

Opportunity cost = 1 / 4  

Opportunity cost = 0.25 motor engine

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