Answer:
Part 1. The purchase of supplies for $760 cash was debited to Equipment $200 and credited to Cash $200.
Merchandise $ 760 (debit)
Cash $ 560 (credit)
Equipment $200(credit)
Part 2. A $530 dividend was debited to Salaries and Wages Expense $800 and credited to Cash $800.
Cash $270 (debit)
Dividend $530 (debit)
Salaries and Wages $ 800 (credit)
Part 3. A payment on account of $700 to a creditor was debited to Accounts Payable $230 and credited to Cash $230
Account Payable $470(debit)
Cash $470 (credit)
Explanation:
Part 1. The purchase of supplies for $760 cash was debited to Equipment $200 and credited to Cash $200.
Derecognise the $ 200 Equipment recored in error.The Cash figure was understated, therefore derecognise a further $560 to reflect the outflow of economic benefits. Lastly the Merchandise or Inventory Account must the recognised. This is the correct asset account to the original transaction.
Part 2. A $530 dividend was debited to Salaries and Wages Expense $800 and credited to Cash $800.
Recognise an equity element - Divident. Assets of cash were overstated therefore recognise the overstated amount of $270. Salaries and Wages Account was recognised in error therefore de-recognise this expense account.
Part 3. A payment on account of $700 to a creditor was debited to Accounts Payable $230 and credited to Cash $230
The transactions was recorded in correct accounts for the debit and credit but with wrong or understated amounts. Recognise a further $230 for Accounts Payable and a further 4230 for Cash
It is important so business managers can make more successful decisions and facilitate problem solving and decision making.
Answer:
net income for 20x2 is $220,000
Explanation:
if the company changes to the FIFO method, the adjusting entry should be:
Dr Inventory 15,000
Cr Cost of goods sold 15,000
This means that COGS will decrease by $15,000.
20x2 income statement
Sales $1,200,000
Cost of goods sold <u>($705,000)</u>
Gross profit $495,000
S&A expenses <u>($275,000)</u>
Net income $220,000
If country A imposes tariffs on goods from country B, it could lead country B to retaliate against country A.
<h3>What happens when countries impose tariffs?</h3>
When a nation imposes tariffs on another nation, it makes goods from that other country more expensive and will therefore limit trade.
The other country might then reply by placing tariffs on the goods of the first country as country B might do here.
Find out more on tariffs at brainly.com/question/1172085.
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Answer:
Answer is option b, i.e. Brand.
Explanation:
Budweiser, Heineken, Sam Adams, Corona, Guinness, and Miller are all brand competitors that are competing on the basis of their brand perceived by their customers in the brewing industry. All of these companies are leading beer selling companies and they compete for their brand recognition by their respective customers.
