Answer:
The amount of account payable on October 31, 2015 would be $25,000.
Explanation:
Given information -
Opening account payable balance on October 1 - $40,000
Purchase made in the month of October is - $33,000
Now by adding both the opening balance and purchase , we will get the total amount to be payable for the month of October,
$40,000 + $33,000
= $73,000
Now it is given that Padilla industries have made some payments on account - $48,000
Subtracting this amount paid from total account payable , we will get how much amount is left to be paid in October ( 31 )
$73,000 - $48,000
= $25,000
Falling economic indicators typically signal recession in the economy.
This is further explained below.
<h3>What
are economic indicators?</h3>
Generally, A statistic that pertains to an economic activity might be referred to as an economic indicator.
Indicators of the economy make it possible to conduct analyses of past performance and make projections about future performance.
The examination of different phases of company activity is one use of economic indicators.
In conclusion, Typically, a recession in the economy is indicated when economic indices start to fall.
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Answer:
False
Should be left to problem solving and decision making.
Answer:
DEBIT SIDE $1,450,000
CREDIT SIDE $1,450,000
Explanation:
Preparation of a corrected unadjusted trial balance.
DEBIT SIDE
Cash $42,900
Accounts Receivable $123,500
Prepaid Insurance $27,000
Equipment $300,000
Dividends $5,000
Salary Expense $660,000
Advertising Expense $275,000
Miscellaneous Expense: $16,600
TOTAL $1,450,000
CREDIT SIDE
Accounts Payable $52,000
Salaries Payable $4,800
Common Stock $40,000
Retained Earnings $137,200
Service Revenue $1,216,000
TOTAL $1,450,000
Therefore the corrected unadjusted trial balance will have a debit and credit balance of $1,450,000
It is false that under both accrual-basis and cash-basis accounting, all revenues and expenses are recorded at the same point in time.
<h3>What is accrual-basis accounting?</h3>
- In the world of finance, accrual refers to the process of accumulating interest or various investments together over time.
- When a transaction is documented as having occurred rather than when a payment is made or received, this accounting method is known as accrual accounting.
- According to the matching principle, income and expenses should be recorded in the same period, and this is how the approach operates.
- Any income made or expense incurred for which money has not yet been exchanged requires accruals.
- By including relevant information regarding recently extended short-term credit to consumers and upcoming liabilities owed to lenders, accruals enhance the quality of the information on financial statements.
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