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jolli1 [7]
1 year ago
7

Adjusting entries are made before preparing _____ reports.

Business
1 answer:
loris [4]1 year ago
4 0

Answer:

D

Explanation:

All choices are correct!

Hope this helps! :)

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Now that you have studied monopolistic competition, let's see how well you can distinguish a firm in a monopolistically competit
vlabodo [156]

Answer:

<u>Monopolistic Competition:</u>

4. a firm that faces a downward sloping demand curve.

<u>Perfect Competition:</u>

1. a firm that produces with excess capacity in

3. a firm that may earn in an economy profit or loss in the short run

5. a firm that that maximizes profits profit in the long by producing where MR = MC

<u>Both:</u>

2. a firm that has a firm that sets price greater than marginal cost.

Explanation:

7 0
3 years ago
TPW, a calendar year taxpayer, sold land with a $535,000 tax basis for $750,000 in February. The purchaser paid $75,000 cash at
statuscvo [17]

Answer:

Explanation:

Amount realized on sale:

Cash                                                                 $75,000

Purchaser’s note 675,000

                                                                                         $750,000

Adjusted basis (535,000)

Gain realized on sale $215,000

b. $215,000 gain realized ÷ $750,000 contract price = 28.67% gross profit percentage.

Cash received in year of sale:

Cash at closing                                             $75,000

August principal payment 33,750

                                                                                       $108,750

Gain recognized   (108750*28.67%) $31,179

A. Book gain                                     $215,000

Tax gain (31,179)

Book/tax difference                                       $183,821

B. $183,821 × 35% = $64,338 deferred tax liability

The excess of book gain over tax gain is a favorable difference.

6 0
3 years ago
Why will the face value of a bill of currency never change?
Softa [21]
I would think A the inflation rates are controlled
5 0
3 years ago
Read 2 more answers
The trial balance of D. Savage Company at the end of its fiscal year, August 31, 2017, includes these accounts: Inventory $17,20
Inessa [10]

Answer and Explanation:

The preparation of the cost of goods sold is presented below:

Cost of goods sold statement

Opening inventory  $17,200

Add:

Purchase    $149,000

Freight in  -$4,350

Less:

Purchase Return  -$2,000

Less:

Closing inventory  -$23,000

Cost of goods sold $136,850

6 0
2 years ago
Cullumber Enterprises has total current assets of $345,002 and fixed assets of $466,306. The company also has long-term debt of
Liono4ka [1.6K]

Answer: $236,338

Explanation:

The accounting equation is:

Assets = Equity + Liabilities

Assets = Fixed assets + Current Assets

Equity = Common stock + Retained earnings

Fixed assets + Current Assets = Common stock + Retained earnings + Long term debt + Current liabilities

466,306 + 345,002 = 100,000 + 187,570 + 287,400 + Current liabilities

811,308 = 574,970 + Current liabilties

Current liabilities = 811,308 - 574,970

= $236,338

3 0
3 years ago
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