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2 years ago

All liabilities involve a probable sacrifice of economic benefits and arise as a result of _ transactions or events.

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All liabilities involve a probable future sacrifice of economic benefits and arise as a result of past transactions or events.

A liability is a debt that a person or business has, typically in the form of money. Through the transmission of economic benefits like money, products, or services, liabilities are eventually satisfied. Assets and liabilities can be compared. Assets are items you own or owe money to; liabilities are things you owe money to or have borrowed. A liability is an unfulfilled or unpaid obligation owed by one party to another. A financial liability is an obligation in the world of accounting, but it is more specifically characterized by previous business transactions, events, sales, exchanges of goods or services, or anything else that will generate income in the future.

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On January 1, 2021, the Excel Delivery Company purchased a delivery van for $153,000. At the end of its five-year service life,

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Answer:

Instructions are listed below.

Explanation:

Giving the following information:

On January 1, 2021, the Excel Delivery Company purchased a delivery van for $153,000. At the end of its five-year service life, it is estimated that the van will be worth $15,600.

Annual depreciation= 2*[(book value)/estimated life (years)]

Year 1= (153,000/5)*2= 61,200

Year 2= [(153,000 - 61,200)/5]*2= 36,720

Year 3= (55,080/5)*2= 22,032

Year 4= 13,219

Year 5= 7,932

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4 years ago

Google provides a 1 year warranty on its cell phones. At the end of 2019 Google estimates they will spend $2m in 2020 to repair/

DochEvi [55]

Answer:

DR Warranty Payable $1.9m; CR Cash $1.9m.

Explanation:

When a company creates a payable it is obligated to pay a certain amount within a particular period.

In this case Google provides a 1 year warranty on its cell phones, so any claims that will attract repair or replacement is a payable obligation.

In the year 2019 they actually paid $1.9 million for repairs and replacements.

So the journal entry to be passed is DR Warranty Payable $1.9m; CR Cash $1.9m.

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3 years ago

An individual actually earned a 4 percent nominal return last year. Prices went up by 3 percent over the year. Given that the in

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Answer:

Actual real after tax rate of return is 0.657%

Explanation:

Use fisher method to compute real return:

$Real\ return=\frac{1+nominal\ return}{1+inflation}-1$

$Real\ return = \frac{1.04}{1.03}-1$

=0.00971 or 0.971%

Calculate after tax return as shown below:

Federal tax rate is 28% or 0.28 and state tax is 6% or 0.06.

After tax return = 0.00971×(1 - 0.28) ×(1 - 0.06)

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3 years ago

What is the minimum wage for a restaurant

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If wages and tips do not equal the federal minimum wage of $7.25<span> per hour during any pay period, the employer is required to increase cash wages to compensate. As of May 2012, the average hourly wage – including tips – for a restaurant employee in the United States that received tip income was $11.82.</span>

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3 years ago

Read 2 more answers

All liabilities involve a probable ____ sacrifice of economic benefits and arise as a result of _____ transactions or events.

All liabilities involve a probable sacrifice of economic benefits and arise as a result of _ transactions or events.