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1 year ago

What strategy would a bookkeeper utilize to make sure each column of debits and credits have similar totals?.

1 answer:

7 0

A trial balance strategy would a bookkeeper utilizes to make sure each column of debits and credits has similar totals.

Credit is normally described as an agreement between a lender and a borrower. credit additionally refers to a person's or commercial enterprise's creditworthiness or credit score records. In accounting, credit may additionally both lower belongings or growth liabilities in addition to decreasing fees or increase sales.

A credit score balance for your billing declaration is a quantity that the cardboard issuer owes you. credit is brought to your account each time you make a price. A credit score is probably brought while you go back to something to procure together with your credit score card.

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On January 1, Ramirez Supply leased a car for a four-year period, at which time possession of the car will revert back to the le

ohaa [14]

Based on the amount that Ramirez guaranteed the lessor and the estimated residual value, the amount to be added to the right-of-use asset is $1,434.33.

<h3>What amount should be added to the right-of-use asset?</h3>

This would be the present value of the difference between the guaranteed amount and the estimated residual value.

= 42,300 - 40,200

= $2,100

Present value:

= 2,100 / (1 + 10%)⁴

= 1,434.328

= $1,434.33

In conclusion, the right-of-use asset amount to be added is $1,434.33.

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5 0

2 years ago

a company incurred the following costs: Selling and administrative expenses: $45,000; Direct materials: $15,000; income tax expe

Aloiza [94]

Answer:

Cost of good manufactured= $50000

Explanation:

Total manufacturing cost is the aggregate amount of cost incurred by a business to produce goods in a reporting period.

Generally accepted accounting principles require that the cost of goods sold shall consist of:

the cost of direct materials

the cost of direct labor

the cost of manufacturing overhead

<u>Expenses that are outside of the manufacturing facilities, such as selling, general and administrative expenses, are not product costs. </u>They are reported as expenses on the income statement in the accounting period in which they occur.

In this exercise:

<u>Cost of goods manufactured:</u>

Direct materials= $15000

Direct Labor=$30000

Factory overhead=$5000

Total= $50000

4 0

3 years ago

Multiple-step income statements show

devlian [24]

Answer:

both income from operations and gross profit.

Explanation:

As we know that

The income statement recognized the revenues earned and the expenses incurred for a particular period

And the multiple-step income statement refers to the classification of expenses like

The format is shown below:

Sales XXXXX

Less: Cost of goods sold XXXXX

Gross profit XXXXX

Less: Operating expenses

Administrative expenses XXXXX

Selling expenses XXXXX

Operating income XXXXX

Non operating income or others

Less: Interest expense XXXXX

Rent revenue XXXXX

Net income XXXXX

Therefore, the third option is correct

4 0

3 years ago

A company has budgeted direct materials purchases of $300,000 in July and $480,000 in August. Past experience indicates that the

enyata [817]

Answer: $696,000

Explanation:

Given the following;

JULY direct material purchase = $300,000

AUGUST BUDGET

direct material purchase =$480,000

Selling and administrative expenses = $48,000

Depreciation expense = $36,000

Purchase of office equipment = $72,000

Wages expenses = $150,000

Only 70% of the amount of purchases made in a month being paid that month. The remaining 30% paid the next month

Therefore, total Budgeted cash disbursement for the month of August will include ;

30% of July purchase

0.3 × $300,000 = $90,000

70% of August direct material

0.7 × $480,000 = $336,000

Wage expense = $150,000

Office equipment purchase =$72, 000

Selling and administration expenses = $48,000

= $(90,000 + 336,000+ 150,000+72,000+ 48,000) = $696,000.

3 0

3 years ago

If Glass Inc. produces 80 window panes per day at the market price of $60 in a perfectly competitive market, what would happen t

Verdich [7]

Answer:

Price will not change

Explanation:

A perfectly competitive market is a market where there are many firms that produce and sell similar products, no barriers to entry and exist, all firms are price takers and none of the firms is big enough or has the power to influence the market or change the price in the market.

The implication is that a firm can decide to increase its output to any level in perfectly competitive market market, but this increased out can only be sold at the market price which it has no power to change.

Therefore, if Glass Inc. Glass Inc. increases production to 120 window panes from 80, the price will still remain at $60, every other thing remain constant.

I wish you the best.

8 0

3 years ago