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Andrej [43]
3 years ago
15

Identify the statement below that is incorrect. The normal balance of accounts receivable is a debit. The normal balance of divi

dends is a debit. The normal balance of deferred revenues is a credit. The normal balance of an expense account is a credit. The normal balance of the owner's equity account is a credit.
Business
1 answer:
fredd [130]3 years ago
6 0

Answer:

The normal balance of an expense account is a credit

Explanation:

As we know that

The debit sections records assets and expenses side

whereas, the credit sections records revenue, stockholder equity, and the liability side.        

In the given case, the normal balance of account receivable is a debit balance as it is a current asset plus the dividend has also the debit balance

The deferred revenues has credit normal balance plus the normal balance owner equity account has a credit balance

But the normal balance of the expense account has debit balance instead of credit balance

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Guys please help, List the economic activities to delivering evening news bulletin to your television or radio​
saul85 [17]

Economic Activities are the actions related to the production, distribution, and exchange of goods and services. So for an evening news bulletin on TV or radio, some examples are:

  • The service of the reporters who research a story and check facts
  • The cost of paper and materials used in the newsroom
  • The equipment that establishes a TV or radio signal and broadcasts it out to people
  • Cable service or radios that are purchased in order to hear/see the news
4 0
2 years ago
General Widget partnership assets amount to $34,000 after liquidation. Frank, Gene, and Hank, equal partners, each contributed $
maks197457 [2]

Answer:

$7,000

Explanation:

Balance to be distributed = Assets amount after liquidation - Creditor - Gene loan to the business

Therefore,

Balance to be distributed = $34,000 - $23,000 - $5,000 = $6,000

Since there is no agreement among the partners regarding the distribution of profits, the amount to be distributed will be shared equally for each partners as follows:

Each partner's of the amount to be distributed = $6,000/3 = $2,000

Amount received by Gene = Loan amount from + Distributed balance share

                                             = $5,000 + $2,000

Amount received by Gene = $7,000

Therefore, Gene gets $7,000 in distribution.

8 0
3 years ago
Margaret Lindley paid $15,040 of interest on her $300,400 acquisition debt for her home (fair market value of $500,400), $4,040
Brums [2.3K]

Answer:

$23,160

Explanation:

The Total interest = 15,040 + 4040 + 1040 + 3040

Total interest = $23,160

Hence, the Interest deductable this year = $23,160

6 0
2 years ago
Sunland Corporation purchased a limited-life intangible asset for $468000 on May 1, 2019. It has a useful life of 10 years. What
Jobisdone [24]

Answer: $124800

Explanation:

First, we have to calculate the ammortization expense which will be:

= $468000 / 10

= $46800

May 2019 = ($46800 × 8/12)

= $31200

December 2020 = $46800

December 2021 = $46800

Ammortization expense will now be:

= $31200 + $46800 + $46800

= $124800

8 0
2 years ago
Eve's Apples opened for business on January 1, 2021, and paid for two insurance policies effective that date. The liability poli
Cerrena [4.2K]

Answer:

The balance in Eve's prepaid insurance account as of December 2021 is $18000 as shown below.

Explanation:

The balance of prepaid insurance would be the balance left after 12 months expense has taken from both amounts

Liability policy $36000*6/18=$12000

Crop damage policy $12000*12/24=$6000

Balance of prepaid insurance           $18,000

The balance of $18000 would be left in the prepaid insurance account,whereas the balance damage crop policy account would be enough for the coming year, there is a need for 6 months insurance policy payment in respect of liability policy in the year 2022

6 0
3 years ago
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