Answer:
Part 1. The purchase of supplies for $760 cash was debited to Equipment $200 and credited to Cash $200.
Merchandise $ 760 (debit)
Cash $ 560 (credit)
Equipment $200(credit)
Part 2. A $530 dividend was debited to Salaries and Wages Expense $800 and credited to Cash $800.
Cash $270 (debit)
Dividend $530 (debit)
Salaries and Wages $ 800 (credit)
Part 3. A payment on account of $700 to a creditor was debited to Accounts Payable $230 and credited to Cash $230
Account Payable $470(debit)
Cash $470 (credit)
Explanation:
Part 1. The purchase of supplies for $760 cash was debited to Equipment $200 and credited to Cash $200.
Derecognise the $ 200 Equipment recored in error.The Cash figure was understated, therefore derecognise a further $560 to reflect the outflow of economic benefits. Lastly the Merchandise or Inventory Account must the recognised. This is the correct asset account to the original transaction.
Part 2. A $530 dividend was debited to Salaries and Wages Expense $800 and credited to Cash $800.
Recognise an equity element - Divident. Assets of cash were overstated therefore recognise the overstated amount of $270. Salaries and Wages Account was recognised in error therefore de-recognise this expense account.
Part 3. A payment on account of $700 to a creditor was debited to Accounts Payable $230 and credited to Cash $230
The transactions was recorded in correct accounts for the debit and credit but with wrong or understated amounts. Recognise a further $230 for Accounts Payable and a further 4230 for Cash
Simply said, demand is the amount of a good or service that consumers are willing and able to purchase at a specific price within a specific time frame. In an economy, people purchase commodities and services to fulfil their needs for things like food, medical care, clothing, entertainment, shelter, etc.
One of the fundamental concepts in microeconomics is the notion of demand. It seeks to address fundamental issues such as how desperately people desire goods and how pleasure and income levels affect demand (utility). Companies change the supply they offer and the pricing they charge based on how useful consumers view the commodities and services to be.
To learn more about demand, click here.
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The correct answer is $737 premium per year.
The steps to solving this problem is to first determine the amount of homeowner’s insurance that you need. It is specified that they are looking for a policy that is equal to 80% of the home’s replacement value. The value of the home is $312,500, so 80% of that is $250,000 (312,500 x .8).
Next, locate the row for $250,000 and then locate the Brick/Masonry section, which is the first one. Under that heading you will see the breakdown of different classes. The first column is for fire protection classes 1-6, which includes 4. So, your answer is in the first cell to the right of $250,000.
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Answer:
a. The Shares of common stock outstanding are 556,200
b. The stated value of the common stock is 3
c. The par value of the preferred stock is 102
Explanation:
a. In order to calculate the Shares of common stock outstanding we would have to make the following calculation:
Shares of common stock outstanding=shares authorized-common shares
=564,000-7,800
=556,200
b. In order to calculate the Stated value of the common stock we would have to make the following calculation:
Stated value of the common stock= shares issued/shares authorized =1692000/564000
=3
c. In order to calculate the Par value of the preferred stock we would have to make the following calculation:
Par value of the preferred stock= shares issued and outstanding/6,500
=663000/6500
=102
