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shutvik [7]
3 years ago
6

As described in a recent annual report, Verizon Communications provides wireless voice and data services across one of the most

extensive wireless networks in the United States. Verizon now serves more than 100 million customers, making it the largest wireless service provider in the United States in terms of the total number of customers. The following are accounts from a recent balance sheet for Verizon:
a. Accounts Receivable
b. Retained Earnings
c. Taxes Payable
d. Prepaid Expense
e. Common Stock
f. Long- Term Investments
g. Rant, and Equipment
h. Accounts payable
i. Short-Term Investments
j. Long-Term Debit

Required:
For each account, indicate whether the account is usually classified as a current asset (CA), noncurrent asset (NCA), current liability (CL), noncurrent liability (NCL), or stockholders' equity (SE), and whether the account usually has a debit or credit balance.
Business
1 answer:
masya89 [10]3 years ago
3 0

Answer:

                                            Balance Sheet     Debit or Credit  

                                              Classification          Balance

a. Accounts Receivable       Current asset                Debit

b. Retained Earnings           Stockholders' equity     Credit

c. Taxes Payable                  Current liability             Credit

d. Prepaid Expense              Current asset                Debit

e. Common Stock                 Stockholders' equity    Credit

f. Long- Term Investments   Non-current asset        Debit

g. Rant, and Equipment        Non-current asset        Debit

h. Accounts payable             Current liability             Credit

i. Short-Term Investments    Current asset                Debit

j. Long-Term Debit               Non-current liability      Credit

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Answer:

The total amount of assets is 15,750.

Explanation:

Reproducing the trial balance below for clarity:

Account Title                  Debit           Credit

Cash                                12,500

Accounts Receivable     3,250

Accounts Payable                               2,800

Common Stock                                   6,600

Retained Earnings                              4,500

Service Revenue                                7,450

Operating Expenses       5,100

Dividends                         500

Total                                21,350         21,350

Calculation of Total Assets:

Total assets = Cash + Accounts Receivable

                    = 12,500 + 3,250

                    = 15,750

Note that among the given accounts, accounts cash and accounts receivable are assets; accounts payable is a liability; common stock and retained earnings are part of the capital; service revenue is a form of revenue; while operating expenses and dividends are expenses.

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When should a writer establish common ground before the bottom line statement?
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3 years ago
Sharon and Amy are roommates. They spend most of their time studying (of course), but they leave some time for their favorite ac
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Answer:

Explanation:

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Sharon and Amy are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Sharon takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza. Amy takes 6 hours to brew a gallon of root beer and 4 hours to make a pizza.  

a. What is each roommate’s opportunity cost of making a pizza?

Each room mates opportunity cost of making pizza is the beer they would have made with the time spent on making pizza which is

Sharon = 2/4 gallon of beer or 0.5 gallon of beer

Amy = 4/6 gallon of beer or 0.67 gallon of beer

Who has the absolute advantage in making pizza?  

Sharon arguably has absolute advantage because she has comparative advantage in producing both items because she spends less time producing both however she spends half the time of Amy in producing Pizza in particular

Who has the comparative advantage in making pizza?  

Sharon because she spends half the time of Amy in producing Pizza  

b. If Sharon and Amy trade foods with each other, who will trade away pizza in exchange for root beer? Amy will trade pizza for root beer because she has a greater disadvantage in Pizza production in relation to root beer when compared to Sharon. She spends double the time of Sharon in making Pizza but less than double the time of Sharon in making root beer

c. The price of pizza can be expressed in terms of gallons of root beer.  

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Amy = 4 hours/6 hours gallon of beer or 0.67 gallon of beer per pizza

What is the highest price at which pizza can be traded that would make both roommates better off?  

That price should be lower than Amy's cost but higher than Sharon's cost, so they can both make profits. = (0.5+0.67)/2 = 0.585 gallon of root beer

What is the lowest price? Explain.

The lowest price will be the opportunity cost of Sharon which is 0.5 gallon of root beer because if the price is lower it becomes a loss to Sharon

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