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4 years ago

Supplies should be and supplies expense should be for supplies used up during the period.

1 answer:

3 0

The answer to the question above is "Supplies should be credited and supplies expense should be debited for supplies used up during the period" based on the adjusting journal entries principle. This entry is the adjusting journal entries for recording supplies usage of a company<span>. Supplies is an asset account. Supplies expense is an expense account.</span>

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A company failed to record unrealized gains of $21 million on its trading security investments. Its tax rate is 40%. As a result

castortr0y [4]

Answer:

A) Understated by $12.60 million

Explanation:

Given that,

Unrealized gains = 21 million

Tax rate = 40%

Total shareholders equity therefore

= 21,000,000 × (1 - 0.40)

= 21,000,000 × 0.60

= $12,600,000

Therefore, total equity will be understated by $12.60 million

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3 years ago

on february 1, 2021, sanger corp. lends cash and accepts a $3,000 note receivable that offers 18% interest and is due in six mon

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The borrower pays the proper amount due to the seller Cash 3270

<h3>Briefing:-</h3>

1. Interest income of $3000 X (0.18) = 540

2. $540 over six or twelve months equals 270.

3. Journal Entry 3,000 Notes Receivable Interest Revenue 270 Cash 3270

<h3>Interest income is it income?</h3>

Interest income is the profit made from lending money to other organizations. The phrase is typically used in the income statement of the company to describe the interest received on cash held in savings accounts, certificates of deposits, or other investments.

<h3>What do journal entries entail?</h3>

A firm keeps a journal, which is a succinct record of all transactions; journal entries describe how transactions influence accounts and balances.

The information in journal entries serves as the foundation for all financial reporting, and there are several versions to suit different corporate requirements.

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1 year ago

Describe the importance of section officer

arsen [322]

Answer:

Section officer are important to give and take the services , cater the services effectively , distribute work among the staff as evenly as possible , drafts laws , put up notes , prepare summaries , manage the relevant record and data of concerned department, reply to letters , communicate with other departments , maintain order and discipline in the section maintenance, etc

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2 years ago

Phoenix Pump and Filter projects that the cost of steel bodies for Model R910 valves will increase by $2.50 every 3 months. If t

katrin2010 [14]

Answer:

$1023.98

Explanation:

Using the standard notation equation for annual payment and for arithmetic gradient to calculate the present worth of a unit's costs; we have the following corresponding expression.

P = A (P/A, i, n) & P = G (P/G, i, n)

where;

A = annual payment

G = arithmetic gradient

n = number of years

i = annual interest rate

From the question;

the payment period = compounding period

∴ quaterly interest rate = 3%

The present worth value of the unit's cost is therefore shown as

P = 90 (P/A, 3%, 12) + 2.5(P/G, 3%, 12)

P = 90(9.954) + 2.5(51.2481)

P = $1023.98

∴ The present worth value of the unit's cost = $1023.98

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3 years ago

Elaborate on the Factor Endowments Theory. This theory is based on the Comparative Advantage reason for trade, which stems from

weeeeeb [17]

A comparative advantage exists when the possible value of specialization is lower than that of different nations. The life of comparative advantage is, in turn, suffering from things consisting of abundance, productivity, cost of exertions, land, and capital.

Comparative gain refers back to the capacity to produce goods and services at a decreased opportunity value, no longer necessarily at a greater volume or quality. Comparative advantage is a key insight that trade will still arise despite the fact that one u . s . has an absolute advantage in all products.

Comparative gain is a key principle in global trade and paperwork the basis of why free change is useful to nations. The idea of comparative advantage indicates that even supposing a country enjoys an absolute advantage in the manufacturing of goods, trade can nonetheless be beneficial to each trading partner.

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1 year ago

Supplies should be ______ and supplies expense should be ______ for supplies used up during the period.

Supplies should be and supplies expense should be for supplies used up during the period.