Answer:
ABC Services
The total liabilities at the end of September, 2013
= $9,000
Explanation:
a) Data and Calculations:
Capital contribution = $23,500
Equipment = $11,500
Cash payment for equipment = $2,500
Note payable on equipment = $9,000
Insurance expense paid = $1,350
Utility expense paid = $980
Rent paid = $2,000
Sales = $12,000
Cash Sales = $7,200 (60% of $12,000)
Credit Sales = $4,800 (40% of $12,000)
Office furniture paid = $9,700
Therefore, total liabilities at the end of September, 2013 = $9,000. This represents the note payable for the office equipment purchased in B.
Explanation:
Compare and Contrast ->
Roles of the federal government -> Promoter & Regulator of industrial growth
U.S.Government => Promoter & Regulator of industrial growth
Pacific Railway Act (1862)-They have been granted 20 square miles of land per 1 mile of the track laid down. It strongly encouraged the construction of transcontinental railway lines, contributing to five different transcontinental roads: Union Pacific RR, Central Pacific RR, South Pacific RR, North Pacific RR and the Great North. The Grants Act of Morrill Land (1862)-gave state free land.
U.S.Government => Roles of the federal government
Sherman Antitrust Act (1890)The purpose was to promote economic competition through the regulation of shares, cartels and monopolies. It was very uncompromisingly applied Interstate Trade Act (1887). It also prohibits discrimination against shippers and pays more on the same train for shorter routes than for longer routes.
Thesis:
In the 19th Century and in themid-19th Century, the government of the United States was much more a proponent of industrialisation then an industrialisation regulator than a regulator.
In the year 1862, for instance, congress took place on the Pacific Railway Act, which gave the railway lines 20 acres per mile. This eventually culminated in five transcontinental trains: Union Pacific Railways, Central Pacific Railways, North American Railways, South Pacific Railways, and the Great North.In end, this resulted in the creation of booming towns in the west, encouraging manufacturers to relocate to their inhabitants and enabling businesses to sell their products to remote locations that were once hard to reach. Congress also enacted Morrill's 1861 Tariff Act which substituted for a higher tariff for the limited import tariff inserted in 1816. This shielded businesses from foreign competitors and increased their profits so that they could increase their power. The US government in general has been a more aggressive manufacturing supporter.
<span>C.
Fixed Costs. Fixed costs are incurred regardless of the number of units of a
product are produced or sold on a given period. Fixed costs are expenses
incurred and remain unchanged within a relevant period. These costs are fixed
in relation to the quantity of production for a certain period.</span>
Answer:
The account is debited on December 31, 2020: Interest expense by the entry:
Debit Interest expense $24,000
Credit Interest Payable $24,000
Explanation:
Slack Inc. borrowed $400,000 on July 1, 2020. The note requires interest at 12%.
The amount of interest Slack Inc. pays per year = $400,000 x 12% = $48,000
On December 31, 2020, the company has borrowed $400,000 for 6 months. Following the Accrual basis, Slack Inc. would report on December 31, 2020 the interest expense for 6 months:
$48,000/12 x 6 = $24,000
The adjustment entry:
Debit Interest expense $24,000
Credit Interest Payable $24,000
