Answer:
TRUE: A. Different companies will use different charts of accounts based on individual company need.
C. The general ledger contains all of the accounts that a company uses, along with detail of the balances in those accounts.
Explanation:
A. <u>Different companies will use different charts of accounts based on individual company need.</u>
A chart of accounts is the combination of all the accounts of an organization in an organized and structured model whose objective is to establish a codification so that there is a standardization of the company's financial information to assist the work of the accounting sector.
Therefore, each company will have a model chart of accounts referring to its activities and processes.
<u>C.</u><u> </u><u>The general ledger contains all of the accounts that a company uses, along with detail of the balances in those accounts.</u>
<u>
</u>The general ledger can be defined as the set of all accounts held in the organization in detail.
Through the information in the accounts, the organization is able to correctly separate each one by type and carry out the organizational financial statement.
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A Student Loan is the answer.
Answer:
$123,630.2
Explanation:
Harding Corporation
33%× $1,520,000=$501,600
$501,600-$18,000=$483,600
$483,600/$1,060,000 units
=$0.4562
=45.62 per unit
$0.4562x 271,000 units = $123,630.2
Or
($501,600 cost of equipment (33% of $1,520,000 purchase price) minus $18,000 salvage value) / $1,060,000 units = $0.4562 per unit.
$0.4562x 271,000 units = $123,630.2
Therefore the amount below which is closest to the amount Harding will record for depreciation expense for the equipment in the first year is $123,630
Answer:
B. No, Yes
Explanation:
There are no indicators that the customer in Contract A has obtained control of the products; therefore, revenue should not yet be recognized for Contract A. The customer in Contract B has received legal title to the product, thus, the significant risks and rewards of ownership have transferred to the customer in Contract B. Contract B appears to be a bill-and-hold sale because the customer is not able to take delivery until their new stores are ready to receive the inventory and Festi has clearly set aside the product associated with Contract B.
Answer:
Decrease in equilibrium quantity
Increase in equilibrium price.
Explanation:
Because the demand is downward sloping, an increase in price will lead to decrease in quantity demanded and vice-versa.
Here, there is a decrease in supply with no change to demand, this will lead to scarcity of the product and very soon scarcity will drive the price of the product high and because the demand is downward sloping, quantity demanded will drop
So the situation in the question above will lead to a decrease in equilibrium quantity and an increase in equilibrium price.
