Answer:
b) most shareholders have little direct control over how the company is managed.
B. credit to Unearned Warranty Revenue, $871
The total amount of quick assets is equal to $119,232. therefore, Option B is the correct statement.
<h3>What are Quick Assets?</h3>
Quick assets encompass cash available or current assets like accounts receivable that may be transformed to cash with minimum or no discounting.
Companies have a tendency to use the short assets to cover short-time period liabilities as they arrive up, so speedy conversion into cash (excessive liquidity) is critical.
Inventories and prepaid expenses aren't quick assets due to the fact they may be hard to transform into cash, and deep discounts are sometimes needed to do so.
The amount of quick assets is equal to Accounts receivable plus Cash plus Marketable securities.
Quick assets = $67,719 + $20,980 + $30,533
Quick assets = $119,232
Hence, the total amount of quick assets is equal to $119,232. Option B is the correct statement.
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Answer:
Journal Entries are as follows.
Explanation:
1. Cash $25,000 (Debit)
Common Stock $ 25,000 (credit)
2. Wages $10,000 (debit)
Cash $10,000 (credit)
3. Land $ 50,000 (debit)
Common Stock $50,000 (credit)
4. Dividend Declared $ 1000 (debit)
Dividend Payable $ 1000 ( credit)
And
Dividend Payable $ 1000 ( debit)
Cash $ 1000 (credit)
5. Cash $ 3000 (debit)
Long Term Investment $ 3000 (credit)
6. Cash $ 20,000 (debit)
Sales $ 20,000 ( credit)
7. Inventory $2000 (debit)
Cash $ 2000 (credit)
8. Investment $ 6000 ( debit)
Cash $ 6000 (credit)
9. Bonds Payable $ 10,000 (debit)
Discount $ 1000 (credit) ( if there's any)
Common Stock $ 9,000 ( credit ) ( in case of discount)
10. Notes Payable $ 10,000 (debit)
Interest on Notes Payable $ 1,000 (debit) ( suppose there's interest of $ 1000 on $ 10,000 Notes Payable)
Cash $ 11,000 (credit)
Answer:
The correct answer is temporary/earnings
Explanation:
The objective of the accounting closing is to evaluate the benefits or losses of a business activity. In other words, if the final result is positive, there is an increase in business equity, and if the final result is negative, there is a decrease in company equity.
Finally, in the accounting closing, a series of steps are carried out: the accounting regularization, the determination of the result, the closing of accounts and the presentation of annual accounts.
In conclusion, in the accounting cycle a period of time is contemplated and a set of operations and procedures are carried out in order to reflect the financial status of a company.
