Answer:
The correction entries shall be as follows,
1. Service Revenue Dr. $ 920
Customer Account Cr. $ 920
2. Store Purchases Dr. $1,180
Accounts Payable Dr.$340
Supplies Account Cr. $ 1,520
Explanation:
1. The service revenue account was overstated and customer account understated. therefore by debiting service revenue and by crediting customer account, both have been restated at their actual position.
2. The accounts payable was overstated by $ 340 (1,180-1520).it is rectified by debiting with $ 340. Whereas the supplies account was wrongly debited therefore that impact of $1,520 reversed and actual store purchases debited with actual amount of $1,180
Answer:
$42,480
Explanation:
Given that,
Value of bonds = $800,000
Interest rate = 10%
Selling price of bond (Book value) = $708,000
Priced to yield = 12%
The semi-annual yield is calculated as follows:
= 12% / 2 (because the interest is payable semiannually on June 30 and December 31)
= 6%
Therefore, the semi-annual bond interest expense:
= Selling price of bond × semi-annual yield
= $708,000 × 6%
= $42,480
Hence, the Blair should report bond interest expense for the six months ended June 30, 2021 in the amount of $42,480.
But the actual cash paid for the interest expense will be:
= (Value of bonds × Interest rate on bonds)
= [$800,000 × (10%/2)]
= $800,000 × 5%
= $40,000
So, the amortization for bond discount is the difference between actual cash paid and bond interest expense:
= $42,480 - $40,000
= $2,480
Answer:
The main difference is that quotas restrict quantity while tariff works through prices. Thus, quota is a quantitative limit through imports. ... 5.3) amount is imposed then price would rise to Pt because the total supply (domestic output plus imports) equals total demand at that price.
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<em><u>Hope this helps..</u></em></h2>
Answer:
The correct answer is option d.
Explanation:
When there is an increase in the government expenditures, the income in the economy will increase. As a result, the demand will increase. The increase in demand will increase the price level.
The suppliers will produce more. To increase output more capital investment will be required. This will further cause an increase in the demand of loan-able funds. So, the interest rate will increase as well.
With the increase in interest rates, the cost of borrowing will increase. This will lead to lesser capital investment and as a result the aggregate demand will be smaller, because of lower production and thus lower income.
The government really just expected reduced highway fatalities. Even though that it costs these multibillion dollar companies a little more to let their drivers rest, it sill makes the roads safe for all drivers. Driving while tired is almost as bad as driving under the influence, so making sure that these truck drivers get sleep make sure everything is super safe for everyone.
