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2 years ago

The accounts payable account is a/an _, and it has a normal _ balance.

1 answer:

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In finance and accounting, accounts payable can operate as either a credit or a debit. Because accounts payable is a penalty account, it should have a credit balance.

<h3>Are accounts owed a debit or credit in normal balance?</h3>

Accounts payable (A/P) is a type of penalty account, so it stays on the credit side of the trial balance as the normal balance. It is the amount that we owe to suppliers for the interests or services that we have already acquired but have not paid yet.

Accounts payable (AP) is a short-term debt and a liability on a balance sheet where a corporation owes money to its vendors/suppliers that have provided the business with goods or services on credit.

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American General Company experienced the following accounting events during 2014:

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Answer:

1. Operating Activities (OA)

2. Financing Activities (FA)

3. Financing Activities (FA)

4. Investing Activities (IA)

5. Operating Activities (OA)

6. Operating Activities (OA)

7. Investing Activities (IA)

8. Financing Activities (FA)

9. Not applicable (NA)

10. Financing Activities (FA)

Explanation:

Statement of cash flows is one of the three major financial statements. The statement analyses the cash generated and cash expended by an entity in a given period. The statement collates the analysis under three categories

1. Operating Activities

2.Investing Activities

3.Financing Activities

Operating activities comprise of cash generated and expended by the entity on its normal business operation during the period. Examples of this are cash received from customers, cash paid to suppliers, rent paid to landlord, cash expenses paid etc.

Investing activities consist of cash activities involving acquisition and disposal of assets and investment. Examples of such are cash receipt from sales of equipment, cash spent on purchase of investment securities.

Financing activities are cash activities involving the entity and provider of capital, equity owner and debt holder. Example of such activities are cash generated from issuance of bond, cash dividend paid to equity owner.

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4 years ago

. Unique Games, a not-for-profit entity organized to provide athletic competition opportunities for high school students, utiliz

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Answer:

The answer is $0.

Explanation:

Contributed service revenue or contributed revenue can be defined as the service or goods received with no payment or any other kind of exchange.

So in this question, the work from the volunteers and the film from CPA can be all accounted for contributed service revenue.

If we calculate them;

The movie costs $60 per hour so at 60 hours, it would cost $3600.
The 50 volunteers worked a total of 1000 hours, at $6 per hour, the total cost is $6000.

But since Unique Games are a non-profit entity, the amount they should recognize as contributed service revenue is $0.

I hope this answer helps.

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4 years ago

Botox Facial Care had earnings after taxes of $292,000 in 20X1 with 200,000 shares of stock outstanding. The stock price was $45

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Explanation:

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3 years ago

A survey of 300 magazine readers was taken because a client has given its advertisement on that magazine. The a matrix has been

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3 years ago

You own and are the only employee of a company that sells custom embroidered pet sweaters. Last year your total revenue was $120

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Answer:

1) total revenue = $120,000

yearly costs = $30,000

opportunity costs of investment = $50,000

economic costs include both accounting and opportunity costs = $30,000 + $50,000 = $80,000
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3) When average total cost increases, that means that the marginal cost must be greater than the average total cost. If the addition of another unit of output does not change average total cost, it means marginal cost = average total cost.

4) Accounting costs only include explicit expenses (e.g. materials, utilities, labor, etc.), while economic costs include implicit or opportunity costs. Opportunity costs are the extra costs or benefits lost from choosing one activity or investment from another alternative.

5) The normal rate of return is how much profits does a specific investment yield (in percentage). There is no absolute good or bad rate of return. For example, risky investments that yield 15% per year are considered good investments, but some secure investments that yield 5-10% can also be considered good investments that yield high rates of return. investors are risk averse, so the riskier the investment, the higher the return they will expect form it.

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3 years ago

Read 2 more answers

The accounts payable account is a/an _______, and it has a normal _______ balance.

The accounts payable account is a/an _, and it has a normal _ balance.