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Novosadov [1.4K]
3 years ago
13

Fitch Supply Services received $1,000 cash from a customer; the amount was owed to the business from the previous month. What is

the effect of this transaction on the accounting equation
Business
1 answer:
Solnce55 [7]3 years ago
7 0

Answer:

Decrease the accounts receivable account in assets section of balance sheet by $1,000

Increase the cash account in assets section of balance sheet by $1,000

Explanation:

The Accounting equation for any entity is represented by the following equation:

Assets= Equity + Liability

When the entity receive any amount from customer in respect of the any credit sale made to him, the account receivable in the asset section will be decreased by the that amount and the cash section in the asset section will be increased by that amount.

In this case, Fitch supply services shall

Decrease the accounts receivable account in assets section of balance sheet by $1,000

Increase the cash account in assets section of balance sheet by $1,000

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Dunstreet's department store would like to develop an inventory ordering policy of a 95 percent probability of not stocking out.
ArbitrLikvidat [17]

Answer:

219 sheets

Explanation:

D = 5000 per year,

d = daily demand = 5000/365 = 13.70 sheets

T = time between orders (review) = 14 days

L = Lead time = 10 days

σd= Standard deviation of daily demand = 5 per day

I = Current Inventory = 150 sheets Service Level

P = 95% (Probability of not stocking out) q=d(L+D)z σ T+L-1

σ T+L-1= square root (T+L)=5 square root 14+10= 24.495

From Standard normal distribution, z = 1.64 for 95% Service Level (or 5% Stock out)

q=13.70*(14+10)+1.64(24.495)-150

= 218.97 →219 sheets

5 0
3 years ago
Read 2 more answers
The survey has bias.​ (a) determine the type of bias.​ (b) suggest a remedy. upper a pro dash military advocate wants to estimat
Angelina_Jolie [31]

Answer:

B). Response bias

D). The interviewer should reword the question.

Explanation:

Response bias is described as the type of bias in which a variety of tendencies are displayed by the respondents to answer the questions asked in the survey inaccurately or misleadingly. These false responses eventually lead to a false or deceiving conclusion. In the given survey, 'response bias' is displayed as the respondents may display a tendency to answer the question falsely as the feeling of 'patriotism' evoked by the word 'patriotic' may prevent their original opinions to come out. Thus, <u>option B</u> is the correct answer to describe the bias in this survey.

In order to prevent this bias, the interviewer must 'reword the question' and remove the word 'patriotic' as it develops the feeling of patriotism in the respondents which mars them from answering accurately and share their true opinions or thoughts in the regards of 'supporting armed forces.' This rewording will help evoke the true and authentic responses without any bias. Thus, <u>option D</u> is the correct answer to remedy the bias.

5 0
3 years ago
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2015.
pishuonlain [190]

Answer:

See explanation section

Explanation:

See the images to get the answer

4 0
3 years ago
Musashi lives in Philadelphia and runs a business that sells pianos. In an average year, he receives $704,000 from selling piano
Gnoma [55]

Answer:

Explicit costs are actual costs which Yakov must make while implicit costs are opposite of explicit costs, Implicit costs are opportunity costs.

Grouping them, we have the following;

•The wages and utility bills that Yakov pays. => Explicit costs

•The salary Yakov could earn if he worked as a paralegal.=>Implicit Costs

•The wholesale cost for the pianos that Yakov pays the manufacturer. => Explicit costs

•The rental income Yakov could receive if he chose to rent out his showroom =>Implicit Costs

2) Yakov's accounting and economic profit of his piano business.

Profit($)

Acct Profit.......... Economic Profit

$14,000. .............. -$9,000 (loss)

•Yakov's accounting profit will be his revenue - explicit costs.

Therefore accounting profit=

$704,000 - ($404,000 - $286,000) = $14,000

• Yakov's economic profit will be (accounting profit - (rent + forgone salary)

Therefore, accounting profit =

$14,000 - ($3,000+$20,000) = -$9,000

4 0
3 years ago
Help plz , needs to be turned in
lyudmila [28]

Answer:that should be based on your class and teacher try checking your syllabus

Explanation:

6 0
3 years ago
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