Answer:
52,210 units
Explanation:
Given that,
Projected sales = 51,800 machines
Estimated beginning inventory = 6,930 units
Desired ending inventory = 7,340 units
Sales = Beginning inventory + Production - Ending inventory
51,800 units = 6,930 units + Production - 7,340 units
51,800 units = Production - 410 units
51,800 units + 410 units = Production
52,210 units = Production
Therefore, the budgeted production (in units) for the year is 52,210.
The balance in the j. Higgins, withdrawal account was $4,700. the entry to close the account would include a debit to J. Higgins, Capital, $3,200.
A direct debit is a record of the amount deducted from your bank account, such as when you write a check. The total debits must balance the total credits. Synonyms: Payment, Liability, Payment, Obligation Other synonyms for direct debit.
In accounting, a credit is an entry that records a decrease in an asset or an increase in a liability, and a decrease in expenses or an increase in income (as opposed to a debit that does the opposite). Thus, credits increase net income on the company's income statement, while debits decrease net income.
A direct debit is a payment made or debited or an indication of the amount debited. Attempting to track a mysterious $2 withdrawal from a bank account is unlikely to succeed, but it should be done anyway.
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Answer:
What is the basis for the Director’s argument?
- The director believes that this is a temporarily restricted contribution and therefore it should be classified as restricted and recognized in 2007 once it can be classified as unrestricted.
What is the basis for the accountant’s argument?
- Unconditional gifts or donations must be recognized when they are made, and since the money was received in 2006, it should be recognized then.
Explanation:
I agree with the Director since this is a restricted donation, i.e. the donor established strict conditions for its use both in time and purpose. For it to be unconditional, the donor should have stated that the money could be used in the best way that the NPO considers and at any time. But instead it established that it must be used to provide scholarships to musicians during 2007.
Both a condition and a restriction exits:
- the restriction refers to the time: 2007
- the condition refers to its use: scholarships for musicians
Answer:
D) All of the above have been proposed
Explanation:
The problem with the too big to fail financial policy is that financial institutions that are considered too big started to assume greater investment risks since they were treated differently than other not too big banks.
For example, if the FDIC decides that a too big to fail bank is about to fail, they will use the purchase and assumption method to ensure that the bank's depositors don't suffer losses, but the government assumes the losses and the government is paid by all of us.
The Dodd-Frank Act makes it harder for the Federal Reserve to bail out financial institutions, but that is simply not enough. Big banks have played enough with the taxpayers' money and should be held responsible for their actions. They at like spoiled children that go around breaking things because their parents will pay for them.