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3 years ago

Following errors occurred in posting from a two-column journal:

Business

1 answer:

Ierofanga [76]3 years ago

8 0

Answer:

A credit of $7,240 to Accounts Payable was not posted.

a. Yes b. $7,240

An entry debiting Accounts Receivable and crediting Fees Earned for $9,300 was not posted.

a. No

A debit of $1,250 to Accounts Payable was posted as a credit.

a. Yes b. $1,250

A debit of $1,030 to Supplies was posted twice.

a. Yes b. $1,030

A debit of $1,700 to Cash was posted to Miscellaneous Expense.

a Yes b. $1,700

A credit of $270 to Cash was posted as $720.

a. Yes b. $450

A debit of $4,720 to Wages Expense was posted as $4,270.

b. Yes b. $450

Explanation:

A trial balance is a list of balances extracted fron the ledger accounts prepared as at the reporting date.

If the Totals of the Debit and Credit equal, then on the face of it, it is arithmetically correct.

This means the that the following errors are not detected by the trial balance : Error of Omission, Error of Commission, Error of Principle, Error of Complete Reversal of Entries, Error of Original Entry and Compensation Error.

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Answer and Explanation:

The computation of the effective interest rate is shown below:

For Fidelity bank

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For southwest bank

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3 years ago

Some industries’ competition is much more intense than others. Retail grocery stores such as Kroger, Safeway, and Albertson’s in

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Answer:

rivalry among existing competitors

Explanation:

The Porters' 5 forces is used to analyse the competitiveness among firms in an industry.

Porter's 5 forces include :

Competition in the industry : the higher the number of companies in the industry, the lower the power an individual firm possesses. For example, if an industry increases it price, a consumer can easily shift to the consumption of substitutes
Potential of new entrants into the industry : If there are low barriers to entry in an industry, firms in the industry experience greater competition
Power of suppliers : the higher the number of suppliers in the industry, the higher the bargaining power of firms in the industry and the greater the power they possess
Power of customers : the larger the number of customers, the greater the power firms possess
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3 years ago

Sosa Diet Supplements had earnings after taxes of $1,170,000 in 20X1 with 347,000 shares of stock outstanding. On January 1, 20X

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Answer:

A. $3.37

B. $3.41

Explanation:

A.Computation for earnings per share for the year 20X1

20X1 Earnings per share= $1,170,000/347,000

20X1 Earnings per share= $3.37

Therefore earnings per share for the year 20X1 will be $3.37

B. Computation for earnings per share for the year 20X2.

First step is to calculate the Earnings available to common stockholders

Earnings available to common stockholders = $1,170,000x (1+.31 )

Earnings available to common stockholders = $1,170,000x 1.31

Earnings available to common stockholders = = $1,532,700

Second step is to calculate the Common shares outstanding

Common shares outstanding = 347,000 + 103,000

Common shares outstanding = 450,000

Now let calculate the earnings per share for the year 20X2

20X2 Earnings per share=$1,532,700/450,000

20X2 Earnings per share = $3.41

Therefore earnings per share for the year 20X2 will be $3.41

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