Answer: $55,000
Explanation:
From the question, we are told that in the Freyfogle Company, land decreased $75,000 because of a cash sale for $75,000, and the equipment account increased $20,000 due to a cash purchase, while the bonds payable increased $70,000 from an issuance for cash at face value.
The net cash provided by investing activities shows the amount of money that has been spent for investment purposes at a specific period.
Sales of land = $75,000
Less: Equipment purchase= $20,000
Therefore, the net cash provided by investing activities will be:
= $75,000 - $20,000
= $55,000
Explanation:
Decline by $0.5 billion and the money supply will decline by $2.5 billion.
Answer:
a. Journal entries to record the reinstatement of the account receivable
Account Title and Description Debit Credit
Account receivable account $600
Allowance for Doubtful Accounts account $600
(Reinstatement of the account receivable)
b. Journal entries to record the receipt of cash
Account Title and Description Debit Credit
Bank Account $600
Account receivable account $600
(Receipt of cash)
Answer: Neither A not B
Explanation:
When an accountant compiles the financial statements of a nonissuer in accordance with Statements on Standards for Accounting and Review Services (SSARS), the accountant's report should include a statement: that the accountant does not express an opinion on the financial statements.
When an independent CPA assists in preparing the financial statements of a publicly held entity but has not audited or reviewed them, the CPA should issue a disclaimer of opinion. In such situations, the CPA has no responsibility to apply any procedures beyond Documenting that internal control is not being relied on.
Answer:
If Jack bought 21 DVDs last year when his income was $30,000 and he buys 23 DVDs this year when his income is $35,000, then his income elasticity of demand is <u>0.571</u> which means that DVDs are a(n) <u>normal </u>good for Jack.
Explanation:
Ei = ⌂Q/Q /⌂I/I
⌂Q = 23-21 = 2
⌂I = 35000-30000 =5000
I = 30000
Q=21
Ei=⌂Q/⌂I * I/Q = 2/5000 * 30000/21 = 2*6/21 =12/21 = 0.571
The income elasticity of demand is 0.571
