Which of the following is a business that might need personal liability protection for its owner?

Jefferson County bought a new backhoe using General Fund cash. When the asset was acquired, what was the appropriate entry that

GalinKa [24]

Answer:

a. Debit Equipment; Credit Cash.

Explanation:

Backhoe is a fixed asset therefore, cannot be categorized as an expenditure, further it is paid in cash therefore, cash account will be credited, and further

Equipment will be debited, as asset account is debited if created or any value added in it , also in categorization the equipment will be clubbed in fixed assets but directly the amount will not be debited to fixed assets.

Therefore correct entry will be:

Debit Equipment

Credit Cash

6 0

3 years ago

Which of the following statements is true of the justminusinminustime costing system? A. It results in increased inventory stor

Ganezh [65]

Answer: D. It increases the need for suppliers to deliver raw materials on time.

Explanation:

The just-in-time costing system is employed in the just-in-time management strategy that aims to minimize inventory, increase efficiency while decreasing waste by receiving goods only as needed for production. The just-in-time production process depends on steady production, high-quality workmanship, no event of machine breakdowns, reliable suppliers etc. As it aligns raw-material orders from suppliers directly with production schedules, it therefore increases the need for suppliers to deliver raw materials on time for production of orders.

8 0

3 years ago

On January 1, 2004, Oak Co. issued 400 of its 8%, $1,000 bonds at 97 plus accrued interest. The bonds are dated October 1, 2003

Anastaziya [24]

Answer:

Oak Co.

The amount that Oak should report as bonds payable, net of discount is:

$400,000.

Explanation:

a) Data and Calculations:

Cash from the issue of 400 bonds = 400 * $1,000 * 97/100 = $388,000

Interest rate = 8% semiannually on April 1 and October 1

Bonds payable = $400,000 ($1,000 * 400)

Date of bonds = October 1, 2003

Accrued interest from October 1, 2003 to January 1, 2004 = $8,000

b) The bonds payable is the face value of the bonds. It is the amount that will be due for repayment to bondholders on the maturity of the bonds in 10 years' time, precisely on October 1, 2013.

7 0

3 years ago

Bestmilk, a typical profit-maximizing dairy farm, is operating in a constant-cost, perfectly competitive industry that is long-r

emmasim [6.3K]

Answer:

a. (i). See the labelled diagram on item (A) on the attached

(ii). See the labelled diagram on item (A) on the attached

b. (i). See the labelled diagram on item (B) on the attached

(ii). See the labelled diagram on item (B) on the attached

(iii) See the labelled diagram on item (B) on the attached

c. For Bestmilk to continue to produce in the short run, either Price (P) is equal to or less than average variable cost (AVC) that is, (P>=AVC) or price (P) is greater than average total cost (ATC), that is (P>ATC)

d. (i). The initial long run equilibrium will be maintained

(ii). The original profit maximizing output will be maintained.

(iii) The number of firms will reduce in response to the elimination of the super-normal profit that initially attracted to the industry in the short run.

Explanation:

b. (i) A decrease in the consumer income will force price in the industry to drop from P1 to P2 and output will naturally follow the downward trend from Q1 to Q2.

(ii) Both the profit maximizing price and quantity will fall to a new level for Bestmilk.

(iii) A decrease in the consumer income will make Bestmilk to operate at a loss as shown in the shaded area of the attached file.

c. For Bestmilk to continue to produce in the short run, either the price (P) charged for the product should be greater than or equal to the variable cost per unit what this means is that P>= AVC or the price (P) charged for the product is greater than average total cost. i.e. P>ATC

d. (i). The initial long run equilibrium will be maintained

(ii). The original profit maximizing output will be maintained.

(iii) The number of firms will reduce in response to the elimination of the super-normal profit that initially attracted to the industry in the short run.

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8 0

3 years ago

Which shortcut can you use to rename a worksheet.

nadezda [96]

I don’t understand this question

5 0

3 years ago