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3 years ago

. You record the debit entry for transaction (A) 5/1 in the journal as Date Description Debit Credit

2 answers:

6 0

If you record the debit entry for transaction (A) 5/1 in your journal, the Date Description Debit Credit would be May 1 Equipment—Office 690.00.

Hope this helps!!

Fiesta28 [93]3 years ago

5 0

D May 1 A/P—J. C. Hollings, Inc. 690.00

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A bank has an interest rate spread of 150 basis points on $30 million in earning assets funded by interest-bearing liabilities.

Burka [1]

Answer:

new pretax net interest income = $300,000

Explanation:

given data

interest rate spread = 150 basis points

interest bearing liabilities = $30 million

to find out

bank's new pretax net interest income will be

solution

we will get bank's new pretax net interest income that will be express as

new pretax net interest income = $30 million × ( 1.5 % - 0.5 % ) ...............1

solve it and we get

new pretax net interest income = $30 million × ( 1.5 % - 0.5 % )

new pretax net interest income = $30,000,000 × ( 1 % )

new pretax net interest income = $300,000

7 0

3 years ago

Causwell Company began 2021 with 10,000 units of inventory on hand. The cost of each unit was $5.00. During 2021, an additional

lidiya [134]

Answer: 1. $110000.

2. $120000

Explanation:

First, we calculate the sold units which will be:

= Opening inventory + Purchase - Ending inventory

= 10000 + 30000 - 20000.

= 20000

Then, the cost of stock per unit will be:

= $115000/20000

= $5.75

The total cost of the total stock available will be:

= 40000 × $5.75

= $230,000

Cost of purchase stock will be:

= Total cost of stock - Cost of beginning inventory

= $230000 - $50000

= $180000

Then, cos per unit of purchased stock will be:

= $180000 / 30000

= $6

1 Determine the cost of goods sold for 2021 using the FIFO method.

Cost from begining inventory = 10000 × 5 = 50000

Add: Cost from purchase inventory = 10000 × 6 = 60000

Cost of goods sold under FIFO = 110000

2. Determine the cost of goods sold for 2021 using the LIFO method.

This will be:

= 20000 × 6

= 120000

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3 years ago

Western Company is preparing a cash budget for June. The company has $12,000 in cash at the beginning of June and anticipates $3

sveta [45]

Answer:

Borrowing require = $2,500

so correct option is d.Borrow $2,500

Explanation:

given data

cash at beginning = $12,000

cash receipts anticipates = $30,000

cash payments = $34,500

minimum cash balance = $10,000

required balance = $10,000

to find out

To maintain the $10,000 required balance

solution

we get here cash at the end of the year that is

cash at the end of the year = Beginning cash balance + Cash Receipts - cash payments .................1

cash at the end of the year = $12000 + $30000 - $34500

cash at the end of the year = $7500

and

we know minimum cash balance maintained is $10,000

so Borrowing require is here as

Borrowing require = $10000 - $7500

Borrowing require = $2,500

so correct option is d.Borrow $2,500

7 0

3 years ago

Is absolute advantage or comparative advantage more important for trade?

boyakko [2]

Comparative advantage is more important for trade. Absolute advantage involves production at economical rate using the cheapest, fastest and lower inputs while comparative advantage refers to having the lower opportunity cost and sacrificing less in order to produce a particular good. Comparative advantage is better for trade because when companies focus on production of goods on which they have comparative advantage, total production in the economy will increase.

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3 years ago

Retail Company and Sales Wholesale Corporation enter into a contract for a sale of beach toys for $5,000. To be enforceable, the

tensa zangetsu [6.8K]

Option d is correct. To be enforceable, the contract should be in writing and identify the quantity.

All contracts must be in writing to be enforceable under the Statute of Frauds. If the contract makes performance conceivable within any specific time frame, it must be in writing to be enforceable. Any agreement concerning property must be in writing in order to be upheld.

An anticipatory repudiation is seen as a significant contract breach when it takes place.

A second agreement that satisfies the legal requirements for a contract must be made by the parties in order to rescind an earlier agreement. Through novation, a contractual obligation cannot be released.

Know more about contract here:

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1 year ago