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3 years ago

5

Your cash t-account has a beginning debit balance of $5,000. New debits are $500 and new credits are three times new debits. Wha

t is the new balance?

1 answer:

gulaghasi [49]3 years ago

7 0

Answer: 4000

Explanation:

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If the supplies on hand at the end of January totaled $500 and the Supplies on Hand account before adjustment is $900, what shou

Natali5045456 [20]

Answer:

The adjustment at month-end is :

Supplies Expense $400 (debit)

Supplies $400 (credit)

Explanation:

The Supplies Account is an asset Account that decreases as the supplies are used in the business.

The use of supplies prompts the recognition of an <em>expense</em> and de-recognition of an <em>asset</em> as follows :

<em>Supplies Expense $400 (debit)</em>

<em>Supplies $400 (credit)</em>

4 0

3 years ago

George Washburn had earnings from his salary of $34,000, interest on savings of $800, a contribution to a traditional individual

elena-s [515]

Answer:

$33,900 (none of the options given in the question are correct).

Explanation:

George's adjusted gross income (AGI) will include his personal earnings from his salary, the interest that he has earned from savings, and the dividends that he got from mutual funds, but it will not include his contribution to his individual retirement account, because individual retirement accounts are not included in AGI.

Therefore, George's AGI is equal to:

$34,000 + $800 + $600 - $1,500 = $33.900

4 0

3 years ago

find the accumulated amount at the end of 9 months on an $800 deposit in a bank paying simple interest at a rate of 6% per year.

Valentin [98]

As per the given figure, after calculating the accumulated amount, the figure that has been arrived is $1,232.

<h3>What is the accumulated amount?</h3>

Accumulated value or accumulated amount, both are synonyms. It is used to refer to the cash value. Basically, this means there is an easy way of calculating the accumulated value.

All one has to do is to find the total or the sum of the initial investment and, in that addition, the interest which has been earned till date will be added. Formula for calculating the simple interest is

Accumulated amount =Principal amount (1+rate * time)

Here Principal amount = $800, rate= 0.06, time=9 months

Accumulated amount = 800 (1+(0.06*9) = 800 (1+ 0.54 ) = $1,232.

Thus, the accumulated amount for the given data is $1,232.

Learn more about accumulated amount from here:

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2 years ago

Kimberly Young started her own consulting firm, Young Consulting Inc., on May 1, 2022. The following transactions occurred durin

Softa [21]

Answer:

I used an excel spreadsheet to answer this question.

7 0

4 years ago

All of the following situations contribute to the need for a company to recognize deferred revenues, except for:

blondinia [14]

Answer: C) mutually unexecuted contracts between buyers and sellers.

Explanation:

Mutually Unexecuted contracts refer to a situation where both parties being the buyer and the seller have not executed their parts of the bargain or rather fulfilled their parts of the contract.

In such a case, even though legally, there is an obligation to perform due to the signing of a contract, Accounting wise, there is no need to record a liability.

This is why Mutually Unexecuted contracts do not contribute to the need to recognize deferred revenue.

7 0

4 years ago