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Temka [501]
3 years ago
5

Eastwood Post Pavillion received a $650 check from a customer for the balance due. The transaction was erroneously recorded as a

debit to Cash $560 and a credit to Service Revenue $560. The correcting entry is ______.
Business
1 answer:
s344n2d4d5 [400]3 years ago
3 0

Explanation:

The correct journal entry is as follows:

Cash Dr $90

Service revenue Dr $560

         To Account receivable $650

(Being the cash received is recorded)

Basically we debited the cash for $90 and service revenue for $560 and credited the account receivable for $650 so that the correct posting could be done

The cash difference is

= $650 - $560

= $90

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A company uses the departmental overhead rate method. Total overhead costs are $5,000,000. Of this total, the machining departme
AleksAgata [21]

Answer:

Allocation rate Machining= $50 per machine hour

Explanation:

Giving the following information:

Estimated Machining cost= $4,000,000

Estimated Number of machine hours= 80,000

<u>To calculate the allocation rate for the Machining department, we need to use the following formula:</u>

Allocation rate Machining= total estimated costs for the period/ total amount of allocation base

Allocation rate Machining= 4,000,000 / 80,000

Allocation rate Machining= $50 per machine hour

4 0
3 years ago
A famous quarterback just signed a contract for $18.6 million, providing $3.1 million a year for 6 years. A less famous receiver
barxatty [35]

Answer:

a) The PV of the quarterback's contract is 13.91 million

b) The PV of the receiver's contract is 14.42 million .

c) The Receiver is better paid  

Explanation:

a)

PV of quarterback

= 3.1/1.09 + 3.1/1.09^2 + 3.1/1.09^3 + 3.1/1.09^4 + 3.1/1.09^5 + 3.1/1.09^6

= 3.1/0.09*(1 - (1/1.09)^6)

= 13.91 million

Therefore, The PV of the quarterback's contract is 13.91 million .

b)

PV of receiver's contract

= 5 + 2.1/1.09 + 2.1/1.09^2+2.1/1.09^3+2.1/1.09^4+2.1/1.09^5+2.1/1.09^6

= 5 + 2.1/0.09*(1 - (1/1.09)^6)

= 14.42 million

Therefore, The PV of the receiver's contract is 14.42 million .

c) Since the PV of the quarterback's contract is less than the PV of the receiver's contract, The Receiver is better paid.

6 0
3 years ago
PURPOSE
dmitriy555 [2]

Answer: Summarize the change in expenditures between budgets. Show the findings of your personal financial analysis using appropriate graphs/charts in Excel.

Explanation:

3 0
2 years ago
Read 2 more answers
The Business Ethics provides several models and frameworks for a business approach to the environment and sustainability includi
oee [108]

Answer:

To answer the above question , the closest and which includes all human, animal and realted welfare is

"The environment should be protected in the name of serving future generations’ welfare".

Explanation : when it comes to buisness, ethics and moral with code of conduct the ultimate reason behind this is to make the better world to serve future generation with all such discipline and carry forward the same positive approach towards all human, animal and other welfare's.

By this above option/approach is different and consider a cumulative welfare for better world to serve future generation.

Coming to other option/approach is only specific to certain groups only and it does'nt through light on other's welfare.

To add more , "when you focus on one group of welfare success will be there but if you focus and prioritize together with better competency and required area success path is wide and opened"

So saving and serving the environment to future generation is high valued and required. By this we can able to match the ethical, moral and social responsibality.

7 0
3 years ago
Choose all that apply.
STALIN [3.7K]

Answer:

a. If you receive cash as a gift, save at least part of it.

b. Pay your bills on time to avoid late fees and finance charges.

c. Use direct deposit or set up your account to automatically transfer money directly into savings.

d. Save any extra money you get as a raise or bonus from your employer.

e. When you get a tax refund, save it.

Explanation:

The items above are clearly helpful to save while<em><u> the next two may require additional considerations:</u></em>

f. If your employer offers a retirement plan, join it.

You should analyze this investment option as you do with all your investment, you shoud not go willingly blind into accept a proposal.

g. Avoid debt.

If you are going into debt to acquire assets or leverage an already existing investment the debt will help you, not hurt you.

While the others are prcedures to generate savings this are den which require thinking into it.

4 0
3 years ago
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