Answer:
<u>explicit</u>, <u>accounting</u>
Explanation:
Costs can be categorized into two kinds, explicit costs and implicit costs.
Implicit costs take into consideration those costs which are not actually incurred such as opportunity costs. Those costs represent a cost in economics but not in accounting.
Accounting is only concerned with journalising and recording of explicit costs which are the costs which are visible and which have been actually incurred.
Owing to this difference in recognition of costs, accounting and economic profits differ.
Explicit costs owing to this very reason are sometimes referred to as accounting costs.
Answer:
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Explanation:
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\Answer:
Equipment Cr. $219818.00 is the correct answer.
Explanation:
The asset costed $219818 and when an asset is disposed off, it is written off from the books and its account is closed. The cost of asset is credited in the asset account. Thus, $219818.00 will be credited.
The amount of sales proceed is unknown so we cannot determine if the asset was sold for a loss or gain. Thu option b and d cannot be the right answer.
The amount of accumulated depreciation is given till year end as $197836.20 and this amount will be debited in the correct entry. Thus option c is incorrect.
Answer:
A) Prepare the entry to record the receipt of funds from the loan
Dr Cr
$ $
Cash 13,200
Notes Payable 13,200
Being the receipt of funds from the ban
B) Prepare the entry to accrue the interest on June 30
Dr Cr
$ $
Interest Expense (13200 * 0.05 * 1/12) 55
Interest Payable 55
Being accrued interest as at month end June 30
C) Assuming the adjusting entries are made at the end of each month, determine the balance in the interest payable account as at December 31, 2020
= Monthly accrued interest * number of months = 55 * 7 = $385
D) Prepare the entries required on January 1, 2023 when the loan is paid back:
Dr Cr
$ $
Notes Payable 13,200
Interest Payable 385
Cash 13,585
Being refund of loan
Explanation:
Answer:
<em>B. Those who are unwilling to pay actually do not want to listen to the music.</em>
Explanation:
If true, the remark (B) suggests that Joan's final calculation may not appropriately reflect the quality of the street musicians playing music.
It's because when Joan reviews all of the reactions from that point forward, the final estimate indicates that even individuals who don't want to listen to the music really appreciate the music and so want to listen to it.
<em>That is not true, though, and therefore Joan's latest assessment may exaggerate the music's significance. </em>
So the correct response is (B).