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4 years ago

Tonelli Trucking buys a $65,000 truck on credit. Which financial statement will be affected by this transaction?

Business

1 answer:

Arlecino [84]4 years ago

6 0

Answer:

A : balance sheet only

Explanation:

In the given question, the truck was purchased on credit and the truck is a fixed asset that comes under the balance sheet only because in the income statement, the expenses and revenues are recorded whereas retained earnings records profit which is left to the company.

So, it affects the balance sheet only. As balance sheet records all types of assets and all types of liabilities plus shareholder equity.

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On June 10, Concord Corporation purchased $8,050 of merchandise on account from Sarasota Company, FOB shipping point, terms 1/10

mariarad [96]

Explanation:

The journal entries are as follows in the books of Concord Corporation

On June 10

Merchandise inventory A/c Dr $8,050

To Account payable A/c $8,050

(Being the inventory is purchased on account)

On June 11

Merchandise inventory A/c Dr $510

To Cash A/c $510

(Being freight is paid by cash)

On June 12

Accounts payable A/c Dr $450

To Merchandise Inventory A/c $450

(Being goods returned is recorded)

On June 19

Accounts payable A/c Dr $7,600 ($8,050 - $450)

To Cash A/c $7,524 ($7,600 × 1%)

To Merchandise Inventory A/c $76

(Being payment is recorded)

6 0

3 years ago

One way to support the domestic marketing campaign is through industry participation. List three other pillars of this campaign.

Whitepunk [10]

Answer: strategic pillars: content, data, and execution

Explanation:

3 0

3 years ago

According to the textbook, which of the following is considered a reason that ERP implementations fail?

Mekhanik [1.2K]

A very good reason that leads to the failure of ERP implementation is the

Lack of communication within an organization

<h3>What is ERP implementation?</h3>

This can be described as the integration of a great number of functions in the business environment.

Some of the functions that are integrated are:

Human resources
Financial management
Sales

ERP stands for Enterprise Resource Planning.

Read more on ERP implementation here:

brainly.com/question/16341677

6 0

2 years ago

X-inefficiency refers to a situation in which a firm: Group of answer choices fails to realize all existing economies of scale.

Veronika [31]

Answer:

fails to achieve the minimum average total costs attainable at each level of output.

Explanation:

X Inefficiency do take place in a firm when there is little or no incentive in controlling costs. As a result of this average cost of production will go up than necessary. And as a result of lack of incentives, technically, the firm will be far from efficient. It should be noted that X-inefficiency could be described as a situation in which a firm fails to achieve the minimum average total costs attainable at each level of output.

4 0

3 years ago

Suppose the production of cotton causes substantial environmental damage because the pesticides used by cotton farmers often mak

Kipish [7]

Answer: C. inefficiently low; inefficiently high

Explanation:

If the cotton farmers are not made to pay for the damage that their pesticides cost then they will maintain production at a relatively high level because their input costs will be relatively low. As a result of this high level of production, the price of the goods will be relatively low as well. The point at which both market equilibrium quantity and price are at in this scenario are considered inefficient because they are not taking into account, the true cost of production being the effects of the pesticides being used.

However, if they are made to pay for this negative externality that they are the cause of, it will increase their production cost and force them to reduce production to keep these costs low. As they reduce production, the market price will increase as supply is less.

5 0

3 years ago