When the value of a country’s currency falls, the currency is <u>depreciating</u><u>,</u> so one unit of that currency can buy <u>fewer</u> units of other currency.
<h3>What is effect of a currency depreciation?</h3>
When there is a depreciation of a country's currency, its makes its export goods cheaper for foreigners and domestic residents find that foreign imports are more expensive.
Therefore, the correct dropdown includes <u>depreciating</u> & <u>fewer</u>.
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Answer: 6%
Explanation:
The annual payments can be considered to be annuity payments as they are constant. The amount borrowed can be considered the present value of the annuity.
Present value of annuity = Annuity * Present value interest factor of annuity, 8 years, %?
178,960 = 28,819 * Annuity factor
Annuity factor = 178,960 / 28,819
= 6.20979
To find out the interest rate, look at the Present Value of Annuity table and go to the 8 period column. Look for 6.20979. The interest rate that intersects with this factor is the interest rate implicit in this agreement.
That rate is 6%.
Answer:
a.
Cash $4,500 (debit)
Deferred Revenue $4,500 (credit)
b.
Prepaid Advertising $2,700 (debit)
Cash $2,700 (credit)
c.
Salaries Expense $8,000 (debit)
Salaries Accrued $8,000 (credit)
d.
J1
Cash $70,000 (debit)
Note Payable $70,000 (credit)
J2
Interest Expense $2,100 (debit)
Note Payable $2,100 (credit)
Explanation:
a.
Recognize Cash and Deferred Revenue
b.
Recognize Asset - Prepaid Advertising and De-recognize Cash
c.
Recognize Salaries Expense and Recognize Salaries Accrued Liability
d.
J1
Recognize Cash Asset and Recognize Liability - Note Payable
J2
Recognize Interest income accrued on the Note Payable during September to December.
Answer:
credit to Work in Process of $59,000.
Explanation:
Based on the information given the appropriate l journal entries to record these transactions would include a: CREDIT TO WORK IN PROCESS OF $59,000
Dr Finished goods $59,000
Cr Work in process $59,000
Dr Cost of goods sold $65,000
Cr Finished goods $65,000
Answer:
August 1, merchandise purchased on account 2/10, n/30
Dr Merchandise inventory 25,000
Cr Accounts payable 25,000
Explanation:
If Greene paid within the discount period, the journal entry to record the payment would be:
August 2-11, payment of accounts payable
Dr Accounts payable 25,000
Cr Cash 24,500
Cr Purchase discounts 500
If Greene didn't paid within the discount period, the journal entry to record the payment would be:
August 20, payment of accounts payable
Dr Accounts payable 25,000
Cr Cash 25,000
