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3 years ago

Which function of money describes its ability to enable trade between

Business

1 answer:

aliina [53]3 years ago

3 0

Answer:

D. Medium of exchange

Explanation:

A medium of exchange is any physical object used as a measure of value to facilitate the transfer of goods and services between sellers and buyers. A medium of exchange acts as a go-between in transactions. In modern trade, money is the most widely accepted medium of exchange.

Today, goods and services are given a monetary value. Trade becomes relatively easy as buyers and sellers know how much money is needed to complete a transaction.

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On July 1, 1992, York Co. purchased as a held-to-maturity investment $1,000,000 of Park, Inc.'s 8% bonds for $946,000, including

professor190 [17]

Answer:

Park Bonds 1,000,000

Discount on bonds (79,400)

Interest receivable 80,000

Carrying value 1,000,600

Explanation:

Investment on Park Bonds 1,000,000

interest receivable 40,000

cash 946,000

discount on Park bonds 94,000

Carring value at December 31th 1992

946,000 x 10% = 94,600 interest revenue

Cash proceeds 1,000,000 x 0.08 = 80,000 interest receivable

Discount on Bonds 14,600

94,000 - 14,600 = 79,400

94,600 interest revenue

(40,000) accrued interest

54,600 gains for the period

Park Bonds 1,000,000

Discount on bonds (79,400)

Interest receivable 80,000

Carrying value 1,000,600

5 0

3 years ago

The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credit

Umnica [9.8K]

Answer:

Blueboy Cheese Corporation

Income Statement

December 31, 2021

Account Title Debits Credits

Sales revenue 680,000

Less Cost of goods sold 408,000

Gross Profit 272,000

less

Salaries expense 108,800

Rent expense 18,000

Depreciation expense 53,000

Interest expense 3,900

Advertising expense 3,600

Un adjusted Profit 84,700

Adjusted Profit 82,900 

Blueboy Cheese Corporation 

Balance Sheet

December 31, 2021

Account Title Debits Credits 

Cash 51,900

Accounts receivable 290,000

Inventory 43,000

Office equipment 308,000

Accounts payable 56,000

Notes payable (due in six months) 39,000

Common stock 400,000

Retained earnings 115,000 + 82,900= 197,900

Total $ 692,900 692,900

Closing Entries

Dec 31 Sales Revenue $680,000 Dr

Income Summary $680,000 Cr

The first closing entry transfers credit balances in revenue ( and gain ) accounts to the income summary accounts.

Dec 31 Income Summary $ 187,300 Dr

Salaries expense 108,800 Cr

Rent expense 18,000 Cr

Depreciation expense 53,000 Cr

Interest expense 3,900 Cr

Advertising expense 3,600 Cr

The second closing entry transfers debit balances in expense ( and loss) to the income summary accounts.

Dec 31 Income Summary $ 82,900

Retained Earnings Accounts $ 82,900

The third entry transfers the balance of income summary account to the owner's capital account or retained earnings account.

5 0

3 years ago

What is the reason AD is downward sloping ? what causes AD to shift? Define OKun's law

salantis [7]

Answer:

Increased spending power.

Explanation:

At a lower price level, consumers are likely to have higher disposable income and therefore spend more.

4 0

3 years ago

You work for an accounting firm. Just last week the state legislature passed reforms to the state tax code. The revised tax code

kolezko [41]

A summary is simply known as a short explanation of a work's content. The type of short informational report that I have been asked to write is a summary.

A summary report can consist of;