Based on the base year used by Cruzville economists to calculate inflation, the following at the CPIs:
- 2013 = 100
- 2014 = 112
- 2015 = 130
<h3>What is the CPI over the years?</h3>
As 2013 is the base year, the CPI will be 100 because all base years are 100 for CPI purposes.
The CPI in 2014 is:
= 112
This is due to an inflation rate of 12%.
An inflation rate of 16.1% is the reason why the CPI in 2015 is 130.
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Answer:
Uncollectible account expense $8,600
Explanation:
The computation of the amount as the Uncollectible Accounts Expense on its Year 2 income statement is given below:
Allowance account - Beg year 2 $3,600 Credit
Written off account $6,600 Debited by
Unadjusted balance in Allowance account $3000 Debit
Adjusted balance required in Allowance account $5,600 Credit
Uncollectible account expense $8,600
Answer:
Date - December 14, 2020
Debit : Dividend $16,000
Credit : Shareholders for dividends $16,000
Date - January 16, 2021
Debit : Shareholders for dividends $16,000
Credit : Cash $16,000
Date - December 12, 2021
Debit : Dividend $62,000
Credit : Shareholders for dividends $62,000
January 15, 2022
Debit : Shareholders for dividends $62,000
Credit : Cash $62,000
Explanation:
Dividends are initially declared before they are paid to the respective shareholders. So it is important to first record the journal at the <em>declaration date</em> of the dividend, then the <em>payment date</em> of the dividend as shown above.
Answer:1. Increase in supply; increase; decrease
2. Decrease in supply; decrease; increase
3. Increase in supply; increase; decrease
4. Decrease in quantity supplied; decrease; decrease
Explanation:
Answer:
Dr. Cash $98,000
Dr. Discount on Bond $2,000
Cr. Bond payable $100,000
Explanation:
If the bonds are issued at a price below the face value then the bonds are issued on a discounted value. The difference between face value and issuance value is known as discount. This discount is recorded separately and amortized over bond's life.
As per given data
Face value = $100,000
Issuance value = $98,000
Discount = $100,000 - $98,000 = $2,000
