Answer:
D. Any of the above, depending on the transactions
Explanation:
The double entry principle simply means that any accounting transaction has two records: one credit, and one debit, and it depends on the nature of the transaction, and of the accounts involved which specific value is credited and which one is debited.
For example, if a firm purchases 100$ of office supplies with cash, the credited account is cash, because cash is reduced by $100, while the office supplies account is debited by the same value.
If a firm sells 100$ of office supplies instead, the office supplies inventory is credited for this value, while the same amount of cash is debited for this same amount.
Answer:
count
Explanation:
no explanation i got it right
The amount of lottery winnings that should be included in Emil's Year 8 taxable income is: $5,000.
<h3>What is taxable income?</h3>
Taxable income can be defined as the income that are reduce by tax or other deduction.
Since we were told that the amount of $5,000 was won in the state lottery, which means that the amount of lottery winnings that should be included in Year 8 taxable income is will be the total or the whole amount of the gambling winnings which is $5,000.
Learn more about Taxable income here:brainly.com/question/26316390
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Answer:
<u>Cost per equivalent unit</u>
Material = $83.75
Labour = $33.85
Overhead WIP = $171.45
Explanation:
<u>Materials</u> <u>Labor</u> <u>Overhead Work in process</u>
May 1 $32,000 $52,806 $257,175
Additions during May <u>$194,125</u> <u>$35,204</u> <u>$171,450</u>
Total Balance of WIP $226,125 $88010 $428,625
Equivalent units 2,700 2,600 2,500
cost per equivalent unit $83.75 $33.85 $171.45
Answer:
D. current liabilities will increase and stockholders' equity will decrease.
Explanation:
It accrued interest expense. It recognize interest expense and interest payable.
so we have an <u>expense, which decrease the net income. The net income is part of equity, so it decrease the equity as well.</u>
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and<u> it recognize a payable which increase the liablities.</u>
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This makes D the correct option.