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Kisachek [45]
3 years ago
13

Home Accessories’ bank statement showed a $120 NSF check. Which of the following shows how recognizing this check will affect Ho

me Accessories’ financial statements? Balance sheetIncome StatementStatement ofCash Flows Assets= Cash+Acc.Rec=Liab.+EquityRev.−Exp.=Net Inc.A.(120)+120=NA+NANA-NA=NA(120) OAB.(120)+NA=NA+(120)NA-120=(120)(120) OAC.NA+120=NA+120120-NA=120NAD.(120)+120=NA+NANA-NA=NA(120) IA
Business
1 answer:
Shtirlitz [24]3 years ago
7 0

Answer:

Option A is the correct option.

Explanation:

As the options are not readable correctly, the options are listed as below

Balance sheet    Income Statement    Statement of   Cash Flows

Assets =Cash + Acc.Rec = Liab. + Equity Rev. − Exp. = Net Inc.

A. (120) + 120 = NA + NA NA - NA = NA (120) OA

B. (120) + NA = NA + (120) NA - 120 = (120) (120) OA

C. NA + 120 = NA + 120 120 - NA = 120 NA

D. (120) + 120 = NA + NA NA - NA = NA (120) IA

Option A is correct option as the cash is debited and the account received is credited. There is no liability, Equity Rev and Expense so the net income is 120.

In this context the option A is the only correct option.

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Kitchen and Laundry and More has annual credit sales of $2,473,701 and cost of goods sold of $1,838,207. The average accounts re
Agata [3.3K]

Answer:

32.59 days

Explanation:

DSO = Average receivables / Sales Revenue X 365

= $56,736 / (2,473,701 - 1,838,207) x 365

= $56,736 / (635,494) x 365

= 32.59 days

3 0
2 years ago
On June 1 of the current tax year Elisha and Ezra (who are equal partners) contribute property to form the Double E Partnership.
Helga [31]

Solution:

The relationship is called the deal to run the company by adding money, by distributing the business risk, etc. We share profit and loss from their relationship and the net profit is the partner's profits.

Calculating the basis of partners

Elisa's basis in partnership :

Particulars                                                         Amount $

Cash contribution                                                  200,000

Add:  

Share of the liability on the contributed land   70,000

Share of the construction debt                           10,000

Share of the accounts payable debt                     4,100

Share of partnerships taxable income                    15,000

Hence, Elisha's basis in the partnership on December 30. $299,100

Ezra's basis in partnership

Particular                                                             Amount $

Land and building                                                     340,000

Less: Debt assumed by the partnership             140,000

Add:  

Share of liability on contributed land                      70,000

Share of construction debt                                      10,000

Share of accounts payable debt                               4,100

Share of partnerships taxable income                      15,000

Ezra's basis in partnership on December 30. $299,100

8 0
3 years ago
During the 1990s, several airlines were on the brink of bankruptcy. These same airlines were giving away millions of dollars in
lara [203]

Answer:

Assuming that the elimination of frequent-flyer programs would have enabled the airlines to earn higher profits and remain in business, then it would be a purely good idea for the airlines to eliminate their frequent-flyer programs.

The big question is, how much did the frequent-flyer programs cost the airlines?  Would the cost-savings be sufficient to eliminate their bankruptcies?  It is a known-fact that the airlines that create such programs always recover the program costs by charging higher fares.

Explanation:

The issue of airlines going bankruptcy does not seem to stem from customer-loyalty programs like the frequent-flyer programs.  The root cause lies in operational and other costs that airline managements have not been able to control.

4 0
2 years ago
Next, imagine that you are a manager of a start-up company with limited cash and resources. In your initial post, describe the t
marysya [2.9K]

Answer: I want employees who are like-minded with the values and best practices in my company .

Explanation: Having a candidate attraction strategy that speaks to your company culture will increase the likeliness of attracting and engaging talent who will thrive and stay with you longer.Hiring talent that doesn’t align with your company culture creates personal conflict within the employee that will no doubt impact their work and those they work with It’s your responsibility as an employer to set your employees up for success, and making sure their values and work ethic is in line with your culture before extending an offer is the very first thing you can do for them and the rest of your workforce.Company culture expresses what the organization’s expectations, values and beliefs are and how the organization interacts with both its own employees and the people in the communities in which they do business .

8 0
2 years ago
Describe good cash management practices involving inventory purchases. (Check all that apply.) Multiple select question. Buyers
Goshia [24]

Answer:

Invoices should be paid on the last day of the discount period.

Buyers should take advantage of early payment discounts.

Explanation:

Cash management can be regarded as

process involvinh collection and management of cash flows. Cash management is very crucial for individuals as well as companies as far as financial stability is concerned. It should be noted that good cash management practices involving inventory purchases;

✓Invoices should be paid on the last day of the discount period.

✓Buyers should take advantage of early payment discounts.

7 0
2 years ago
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