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3 years ago

Silence will operate as acceptance in the following circumstances except:

1 answer:

3 0

Silence will operate as acceptance in the following circumstances except when the offeror indicates that silence will operate as acceptance

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Zen Co. sells a copier machine for $2,000. The copier cost Zen $6,000 and at the time of sale, accumulated depreciation was $2,5

Alenkinab [10]

Answer:

The correct option is: Debit to Loss on Disposal of Machinery for $1,500.

Explanation:

As at the time of sale, the net book value (cost - accumulated depreciation) of the copier machine was $3,500 ($6,000 - $2,500). Then, the proceed from sale is $2,000. The full accounting entries to record the transaction will be:

Debit Accumulated depreciation $2,500

Debit Cash (sales proceed) $2,000

Debit Loss on disposal of machinery $1,500

Credit Fixed asset (cost - copier machine) $6,000

(To record disposal of copier machine)

8 0

3 years ago

The primary source of information to be reported about litigation, claims, and assessments is the:_________

cluponka [151]

Answer:

Client's management

Explanation:

Client's management in business can be explained as the act of maintaining the positive relationship between the client and the company in order to have a productive interaction so that the company can deliver the quality of service required by the client and for lasting relationship between them.

This is important in business to keep your client from getting their service/ product elsewhere. It should be noted that the primary source of information to be reported about litigation, claims, and assessments is the Client's management

8 0

3 years ago

The following transactions took place for Smart Solutions Inc. 2017 a. July 1 Loaned $79,000 to an employee of the company and r

OLEGan [10]

Answer:

1 July 2017 Notes receivable $79000 Dr

Cash $79000 Cr

31 Dec 2017 Interest receivable $3950 Dr

Interest revenue $3950 Cr

30 June 2018 Interest receivable $3950 Dr

Interest Revenue $3950 Cr

1 July 2018 Cash $7900 Dr

Interest receivable $7900 Cr

1 July 2018 Cash $79000 Dr

Notes receivable $79000 Cr

Explanation:

The receipt of note against issuing loan will cause a credit to cash against notes receivable.

The interest from July to Dec 2017 relates to 2017. Following accrual principle it will be recorded as interest revenue and as it is not received so an asset Interest receivable will be debited.

The interest expense for 6 months is = 79000 * 0.1 * 6/12 = 3950

First we will record the remaining interest on 30 June 2017. Remaining interest = 7900 - 3950 = 3950

Then we will debit cash on July 1 when interest is received and credit interest receivable to close the account.

The cash will be debited and notes receivable account will be closed by crediting it.

8 0

3 years ago

The accounting records of Omar Company contained the following information for last year: Beginning Ending Direct materials inve

Dafna11 [192]

Answer:

$70,000

Explanation:

The amount of direct material purchased during the year will be arrived at by working back from the amount of Direct Materials used within the year, then we less opening stock of Direct Material because obviously that was not purchased within the year but was carried over from previous period; and finally we add closing stock of Direct Material because that was left over from what was bought during the current period.

Direct materials used............................... $72,000

Beginning Direct materials inventory... ($9,000)

Ending Direct materials inventory.......... $7,000

Direct material purchased ........................$70,000

6 0

3 years ago

The difference between the price of a nominal bond paying off $1 in nominal terms tomorrow and the price of a real bond paying o

tatuchka [14]

Answer:

creo que es true por qué luego luego se ve no se bien o no creo que te ayude perdón si no te ayuda

4 0

3 years ago