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11 months ago

The credit balance in cash short and over at the end of an accounting period is reported as?

1 answer:

7 0

The credit balance in cash short and over at the end of an accounting period is reported as an expense on the income statement.

Income is the consumption and savings opportunity that a business captures within a specific time frame, usually expressed in money. Income is difficult to define conceptually and definitions vary by region.

The definition of income is the amount of money received by an individual, group or business during a specified period. An example income is an annual salary of $70,000.

Income is money received by an individual or business in return for providing work, producing goods or services, or investing capital. While individuals usually earn their income through wages or salaries, businesses generate income from the sale of goods or services that exceed their production costs.

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Which of these statements is true about professional skills? A. They are only important in jobs that require a college degree. B

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D. They are skills that employers in all lines of work are looking for.

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3 years ago

1. Which of the following sequences of events most accurately portrays a real-life scenario? (1 point)

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1. Choice (a) is correct. In a real-life labor union strikes, it usually begins with a notice of strike to be sent to an employer within 60 days known as the cooling-off period. Then, labor unions' strikes begin. If they feel that they are ignored by the employer, then picketing happens. Labor unions carry signs and other rally paraphernalia in the premises of the employer informing the public about their sentiments towards the employer. In this case, the employer will ask the labor union to reach an agreement through collective bargaining agreement.

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3 years ago

The agreed cost of an item to be purchased by a business on credit is $4,000. The applicable cost will be debited to advertising

Hoochie [10]

Answer:

$4,480

Explanation:

The total amount to be recorded as expense would include the cost of the item purchased an the values of the applicable taxes.

As such, the advertising expense would include the value of the goods and services tax as well as the provincial sales tax with both tax rates applied to the applicable cost.

Goods and services tax = 5% × $4,000

= $200

Provincial sales tax = 7% × $4,000

= $280

Total debit to advertising expense

= $4,000 + $200 + $280

= $4,480

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3 years ago

Waterway Industries purchased a depreciable asset for $837300 on January 1, 2018. The estimated salvage value is $84000, and the

murzikaleks [220]

Answer:

$222,100

Explanation:

Cost = $837,300

Residual value = $84,000

Useful life = 9 years

Now,

Annual straight line depreciation = $\frac{Cost-Residual Value}{Useful life}$

Annual straight line depreciation = $\frac{837,300 - 84,000}{9}$

Annual straight line depreciation = $\frac{753,300}{9}$

Annual straight line depreciation = $83,700

Accumulated depreciation for three years i.e., 2018, 2019 and 2020 would be:

Accumulated depreciation = 3 × $83,700

Accumulated depreciation = $251,100

Book value (at the end of year 2020) = Cost - Accumulated depreciation

Book value (at the end of year 2020) = $837,300 - $251,100

Book value (at the end of year 2020) = $586,200

Revised useful life = 5 years

No. years asset has been used = 3 years

Remaining useful life = 2 years

Revised salvage value = $142,000

Therefore, depreciation expense for the remaining three year would be:

Revised depreciation expense = $\frac{Book value at the end of 2020 - Revised residual Value}{Remaining useful life}$

Revised depreciation expense = $\frac{586,200 - 142,000}{2}$

Revised depreciation expense = $\frac{444,200}{2}$

Revised depreciation expense = $222,100

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3 years ago

Gillette charges a fairly low price for their razors (relative to costs) and a high price for razor blades. they are using a s

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A. captive-product pricing

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3 years ago