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liubo4ka [24]
3 years ago
8

George Bailey purchased equipment from M. Potter for $450,000, paying $35,000 cash as a down payment and financing the remainder

. The correct journal entry to record this event is:
Business
1 answer:
Lorico [155]3 years ago
6 0

Answer:

Equipment $450,000 (debit)

Cash $35,000 (credit)

Suppliers Loan $415,000 (credit)

Explanation:

George Bailey must recognize the Asset of Equipment, de-recognize the Assets of Cash and recognize the Suppliers Loan as above.

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Each of the following items must be considered in preparing a statement of cash flows. Indicate where each item is to be reporte
otez555 [7]

Answer:

Answer 1 - increment in money due will go under working exercises and $4000 will be appeared in negative there since it will decrease the money balance  

Answer 2 - issuance of preferred stock will go under financing exercises and since they are giving offers so income will increment by $115 × 10000 = $1150000  

Answer - 3 For devaluation Because we start setting up the announcement of incomes utilizing the overall gain figure taken from the salary explanation, we have to alter the net gain figure with the goal that it isn't diminished by Depreciation Expense. To do this, we include back the measure of the Depreciation Expense. So we have to add $14000 to net gain of $90000  

For bond premium amortization, its recorded in the working exercises area of the announcement of incomes. Under the roundabout strategy, the amortization of security premium is deducted from net gain since it decreases premium cost and, along these lines, expands net gain without a real money inflow.  

Answer - 4 Acquisition of property will go under contributing activities so in the event that we purchase more place where there is $20000, at that point it will lessen the money by $20000

6 0
3 years ago
Read 2 more answers
You purchase both potatoes and gasoline regularly. Your income decreases, and you purchase less gasoline. This means that: Gasol
KIM [24]

Answer:

Gasoline is a normal good

Explanation:

Normal goods are goods that are goods whose demand increases when income increases and falls when income falls

Inferior goods are goods whose demand falls when income rises and increases when income falls.

Because the demand for gasoline falls when income falls, gasoline is a normal good.

I hope my answer helps you

7 0
3 years ago
Suppose you have two credit cards. The first has a balance of $415 and a credit limit of $1,000. The second has a balance of $21
gayaneshka [121]

In overall utilization ratio it takes all the credit limits and all the credit cards. For example, all the credit limits are $1000 + $750 = $1750. and the cards is $415 + $215 = $630.

To calculate for the credit utilization ratio we divide by the total credit limits on all cards then we multiply by 100. For example,

The first and second credit cards is $415 + $215 = $630.

The first and second limits is $1000 + $750 = $1750.

To get the percentage of the overall utilization ratio we get,

$630 / $ 1750 × 100 = 36%.

7 0
3 years ago
Read 2 more answers
Jamal purchased a Subway franchise in a great location across the street from an outlet mall. After two years in business, Jamal
Alchen [17]

The correct answer to this open question is the following.

Although the question is incomplete because it does not attach the model to answer it we can comment on the following.

The problem is that Jamal, trying to increase profits, decided to sell two different products that are not part of the Subway products. When the franchisor visited Jamal's location, it realized the changes and set an ultimatum to Jamal to respect the franchise agreement.

The cause of the problem is that although Jamal wanted to diversify the products to have more income, this contradicts and is against the franchise agreement he signed when he bought the Subway franchise. The contract clearly states that the owner of the franchise can only sell products authorized in the contract by Subway. That is exactly one of the characteristics of a franchise. That you visit one of them any place in the world, and you are going to find de the same products with the same quality. That is the product guarantee of a franchise like Subway.

So the effects for the company are that its reputation an image can be questioned for selling different products that are hot approved by Subway. It is a major risk the company is not going to allow. Furthermore, it is stated in the contract. So Jamal has no right to break it.

One possible solution is that Jamal respects those 30 days to make the proper corrections, follow the guidelines established in the Subway's manuals, offer a sincere apology, and commit himself to operate the franchise just as it is stated on the agreement.

7 0
3 years ago
Which of the following is true?
ss7ja [257]
Checks and debit cards withdraw money directly from a bank account.
3 0
3 years ago
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