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3 years ago

Why is the greece financial crisis described as a depression and not a recession?

1 answer:

6 0

<span>The financial crisis in Greece is described as depression rather than recession is because the Greece’s economy had taken a severe and sustained economic downturn. Greece’s economy has been marked by a substantial and sustained shortfall of the ability to purchase goods relative to the amount that could be produced. Depression is a more severe form of recession. Recession lasts a few months, while depression lasts longer. </span>

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Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory syste

inessss [21]

Answer:

The journal entries are recorded below;

Explanation:

July 1.

1. Inventory Dr.$6,700

Accounts Payable Cr.$6,700

2. A/R Creek Co. Dr.$950

Sales Revenue Cr.$950

Cost of Goods Sold Dr.$558

Inventory Cr.$558

3. inventory Dr.$125

Cash cr.$125

8. Cash Dr.$2,400

Sales Revenue Cr.$2,400

Cost of Goods Sold Dr.$2,000

Inventory Cr.$2,000

9. Inventory Dr.$2,400

Accounts Payable-Leight Co Cr.$2,400

11. Accounts Payable Dr.$400

Inventory Cr.$400

12. Cash Dr.$931

Discount Allowed Dr.$19

A/R CreekCo. Cr.$950

16. Accounts Payable Dr.$6,700

Bank Cr.$6,566

Inventory Cr.$ 134

19. A/R Art Co Dr.$1,200

Sales Revenue Cr.$1,200

Cost of Goods Sold Dr.$800

Inventory Cr.$800

21. Allowance on Goods Dr.$200

A/R Art Co. Cr.$200

24. Accounts Payable Dr.$2,400

Bank Cr.$2,352

Inventory Cr.$48

30. Bank Dr.$1,000

A/R Art Co.(1,200-200) Cr.$1,000

31. A/R Creek Co. Dr.$6,900

Sales Revenue Cr.$6,900

Cost of Goods Sold Dr.$5,500

Inventory Cr.$5,500

7 0

3 years ago

Read 2 more answers

The following information is available for Montrose Company at December 31: Cash in bank account $ 8,540 Petty cash $ 250 Short-

ANEK [815]

Answer:

Cash $10,430 ; Cash equivalents $20,400

Explanation.

Cash consist of all currencies in hand or any convertible asset which can be converted to cash immediately.

It is to be noted that the assets with high liquidity will be included in cash and cash equivalent balance. They can quickly be converted to cash and would normally have 90 or lesser days to mature.

Solution.

Cash in bank. 8,540

Petty cash. 250

Check from customer. 1,350

Money order. 290

Cash. 10,430

The check has a very short maturity period since it will clear within 3-4 working days.

Money order can be cashed immediately .

Therefore;

Cash value is $10,430

For cash equivalent,

Cash equivalent = Money market fund balance + Treasury bills maturing in 60days

Cash equivalents = $10,400 + $10,000

=$20,400.

The amounts considered as cash and cash equivalents as of 31 December are ;

Cash $10,430 , $20,400 respectively.

8 0

3 years ago

A company purchased a commercial dishwasher by paying cash of $4,200. The dishwasher's fair value on the date of the purchase wa

kogti [31]

Answer:

$4,760

Explanation:

The value a company will record for the dishwasher will be the amount that was used to purchase the dishwasher plus the associated cost of transporting and installing the dishwasher.

The price of the dishwasher to be used is the actual amount it was bought and not the fair value.

Amount recorded for dishwasher= Price + Transportation + Installation fees

Amount recorded for dishwasher= 4,200 + 330 + 230

Amount recorded for dishwasher= $4,760

Note the fee for illegal parking is not considered because it is not a direct cost related to purchase of the dishwasher

5 0

3 years ago

Which of the following statements is true about payday loans?????

devlian [24]

Answer:

Explanation:

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