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nikdorinn [45]
3 years ago
7

Consider the following situations for Shocker: a. On November 28, 2018, Shocker receives a $2,700 payment from a customer for se

rvices to be rendered evenly over the next three months. Deferred Revenue is credited. b. On December 1, 2018, the company pays a local radio station $2,340 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. c. Employee salaries for the month of December totaling $6,800 will be paid on January 7, 2016. d. On August 31, 2018, Shocker borrows $58,000 from a local bank. A note is signed with principal and 9% interest to be paid on August 31, 2019. Required: Indicate by how much the assets, liabilities, and stockholders' equity in the December 31, 2018, balance sheet is higher or lower if the adjustment is not recorded. (If none of the categories apply for a particular item, leave the cell blank.)

Business
1 answer:
Andreyy893 years ago
6 0

Answer:

Answer for the question:

Consider the following situations for Shocker: a. On November 28, 2018, Shocker receives a $2,700 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. b. On December 1, 2018, the company pays a local radio station $2,340 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. c. Employee salaries for the month of December totaling $6,800 will be paid on January 7, 2016. d. On August 31, 2018, Shocker borrows $58,000 from a local bank. A note is signed with principal and 9% interest to be paid on August 31, 2019. Required: Indicate by how much the assets, liabilities, and stockholders' equity in the December 31, 2018, balance sheet is higher or lower if the adjustment is not recorded. (If none of the categories apply for a particular item, leave the cell blank.)

is given in the attachment.

Explanation:

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$700,935 and debit discount on notes payable a working year is the correct answer among the group of choices.

<h3>What are debits exactly?</h3>

A debit is an accounting system item that demonstrates a gain in assets and a decrease in liabilities. Debits and credits are the two categories into which the entries fall in basic accounting. Debits are always offset by credit entries.

<h3>Is debit debt or credit?</h3>

A credit increases the balance in a liabilities account whereas a debit decreases it. In this manner, the credit for the loan would equal the debit for the cash on hand account, increasing the long-term debt account by the same amount.

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1 year ago
Selling with criminal negligence alcoholic beverage to a minor is a
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That crime would be considered a Class A misdemeanor.  
7 0
3 years ago
Read 2 more answers
The manufacturing overhead budget at Pendley Corporation is based on budgeted direct labor-hours. The direct labor budget indica
postnew [5]

Answer:

Correct option is B) $17.10

Total overhead rate per hour = $17.10

Explanation:

Overhead rates are based on cash outflow, they are not allocated and computed based on non cash items.

Total direct labor hours = 8,900

Thus total variable overhead rate = $5.50

Total cash fixed cost = $133,500 - $30,260 = $103,240

Fixed cost overhead rate = $103,240/8,900 = $11.60

Total overhead cost per hour = Variable overhead + Fixed Overhead = $5.50 + $11.60 = $17.10

5 0
3 years ago
One reason some manufacturing companies began moving production to China in the early 2000s was due to lower wages that could be
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Answer:

Comparative advantage

Explanation:

This concept of economics is comparative advantage that means one country has advantage of producing same product at lower cost than other. In this question China has comparative advantage over USA,

This may be due to different reasons.

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8 0
3 years ago
Anderson Manufacturing​ Co., a small fabricator of​ plastics, needs to purchase an extrusion molding machine for ​$180 comma 000
vlabodo [156]

Answer:

1st     46,398.83

2nd    49,646.74

3rd      53,122.02

4th      56,840.56

5th       60,819.40

Explanation:

given a growing annuity we have to solve for the installement

FV = \frac{1-(1+g)^{n}\times (1+r)^{-n} }{r - g}

FV = PV (1+r)^5 = 180,000 x 1.14^5 =  346,574.62  

grow rate 0.07

interest rate 0.14

n = time     5

346,574.62 = C  \times \frac{1-(1+0.07)^{5}\times (1+0.14)^{-5} }{0.14 - 0.07}

C = 46398.8284

Now, to determiante the subsequent payment we multiply by the grow rate of 1.07

6 0
3 years ago
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