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Cerrena [4.2K]
3 years ago
5

Wages of $8,000 are earned by workers but not paid as of december 31, 2017. depreciation on the company’s equipment for 2017 is

$18,000. the office supplies account had a $240 debit balance on december 31, 2016. during 2017, $5,200 of office supplies are purchased. a physical count of supplies at december 31, 2017, shows $440 of supplies available. the prepaid insurance account had a $4,000 balance on december 31, 2016. an analysis of insurance policies shows that $1,200 of unexpired insurance benefits remain at december 31, 2017. the company has earned (but not recorded) $1,050 of interest from investments in cds for the year ended december 31, 2017. the interest revenue will be received on january 10, 2018. the company has a bank loan and has incurred (but not recorded) interest expense of $2,500 for the year ended december 31, 2017. the company must pay the interest on january 2, 2018.
Business
1 answer:
lions [1.4K]3 years ago
8 0
The following are the adjusting entries:
- Wages Expense 8000
                 Wages Payable 8000

- Depreciation Expense – Equipment 18000
                 Accumulated Depreciation – Equipment 18000

- Office Supplies Expense 5000
                Office Supplies 5000

- Insurance Expense 2800
                Prepaid Insurance 2800

- Interest Receivable 1050
                 Interest Revenue 1050

- Interest Expense 2500
                Interest Payable 2500
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Assume that the required reserve ratio is 20 percent. If the Federal Reserve buys $80 million in government securities from comm
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Answer: increase by $80 million, and the maximum money-lending potential of the commercial banking system will increase by $400 million

Explanation:

Based on the information given in the question, the money multiplier will be calculated thus:

Money multiplier = 1/Required reserve ratio

where,

Required reserve ratio = 20%

Money Multiplier will now be:

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Therefore, the maximum money-lending potential will be:

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Therefore, the money supply will by $80 million, and the maximum money-lending potential of the commercial banking system will increase by $400 million

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2 years ago
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Answer:

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The formula for highest is =MAX(F15,F16).

The formula for lowest is =MIN(G15,G16).

Explanation:

In MS Excel, on the left hand side below the tool bar there is a small box which tells the cell name where the cursor is clicked, the name of the cell can be changed from here easily, click on the desired cell and then by clicking on the box you can enter the name of the cell. After a cell is renamed the formula can be written by simply putting the name of the cell instead of the original e.g. E13

The formula for average is =AVERAGE(E15,E16).

The formula for highest is =MAX(F15,F16).

The formula for lowest is =MIN(G15,G16).

The cells provided in the formula above is just an example and more than two cells can be selected.

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