1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
IceJOKER [234]
3 years ago
13

The Coffee Cup Company had a credit balance of $500 in interest payable at the beginning of the period, and a credit balance of

$600 at the end of the period. Based on this information, the adjustment to net income for the period will be reported as:
Business
1 answer:
Klio2033 [76]3 years ago
4 0

Answer:

The adjustment to net income for the period will be reported as:

Debit Interest expense ($600 - $500)                 $100

Credit Interest payable                                          $100

<em>(Being interest expense for the period)</em>

Explanation:

Interest payable is the accumulation of the interest expense in the balance sheet overa specific period of time agreed with the creditor. When it becomes payable, the interest payable account is debited while cash is credited.

The interest payable in the Coffee Cup Company's account increased from $500 (credit balance) to $600 credit balance. This means there would have been an additional $100 interest expense recorded during the period in order to increase it to $600.

You might be interested in
Discretionary fiscal policy that might occur is​ ______. Automatic fiscal policy that might occur is​ ______. A. a decrease in t
qaws [65]

Answer: a decrease in government expenditure and an increase in taxes by a decision of​ Congress; a decrease in transfer payments and an increase in taxes with no interference by Congress (D)

Explanation:

Discretionary fiscal policy is a government policy that changes government spending or taxes. The purpose of discretionary fiscal policy is to either expand or shrink the economy. It needs approval from the Congress and President. Its examples are increases in spending on bridges, roads, stadiums etc.

Automatic fiscal policy use spending in the form of taxes and transfer payments to automatically steady the economy. An example is when unemployed become eligible for the unemployment benefits after when losing their jobs during a recession.

4 0
3 years ago
Which of the following about associate's degrees are true? a. You may transfer part or all of your associate's degree courses to
grin007 [14]
C, associates degree doesn't offer financial aid
8 0
3 years ago
Read 2 more answers
How to become a firefighter. I want to become one.
ladessa [460]

Answer:

-valid driver's license

- 18 years old or more (for  younger than 18 you can look into limited involvement as a junior firefighter.)

- At least a high school diploma or GED.

- pass the physical ability test.

- Pass the written exam

- pass the interview

-You’ll still need to attend a department’s academy once hired

(may be differnt depending on your state, country, etc)

<3

5 0
3 years ago
The Pet Store experienced the following events for the Year 1 accounting period:________.
pogonyaev

Answer:

I used an excel spreadsheet since there is not enough room here

Explanation:

         

Download pdf
6 0
3 years ago
An association that Korean Americans are able to use to pool their money together and provide grants to subsidize the startup co
Free_Kalibri [48]

Answer:

KYES

Explanation:

KYES are clubs created by Korean Americans in which the members make a contribution and the money gathered is used to provide loans to start businesses. According to this, the answer is that an association that Korean Americans are able to use to pool their money together and provide grants to subsidize the startup costs of businesses are called KYES.

8 0
3 years ago
Other questions:
  • Which employers include not only private companies and nonprofit organizations, but also hospitals, department stores, and car m
    10·2 answers
  • Research has shown that knowledge workers spend about ________ of their time on nonproductivework—, unsuccessful searches, conve
    15·1 answer
  • Suppose price increases from $7.00 to $13.00. using the mid-point formula, the percentage change in price is:
    13·2 answers
  • Today, you turn 21. Your birthday wish is that you will be a millionaire by your 40th birthday. In an attempt to reach this goal
    7·1 answer
  • MachineTools.com sells grinders, boring mills, and engine lathes. Its Web site lists goods from over 700 machinery manufacturers
    7·1 answer
  • Recommend four ways to deal with complainer in the work place
    7·1 answer
  • Broker Janet just finished a direct e-mailing campaign. How should Janet follow-up on direct e-mail advertising?
    12·1 answer
  • The parts can be purchased from an outside supplier for only $28 each. The space in which the parts are now produced would be id
    12·1 answer
  • which pdp plan is designed for customers who are receiving extra help and need basic protection? quizlet
    13·1 answer
  • A firm has total debt of $1,380 and a debt-equity ratio of .23. what is the value of the total assets?
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!