Answer:
Kingbird, Inc
Balance Sheet (Partial) as on December 31, 2020
Fixed Assets
Building $1,150,000
Accumulated Depreciation <u>($646,000)</u>
Net book value of Building $504,000
Goodwill $450,000
Coal mine $495,000
Accumulated Depletion <u>($109,000)</u>
Net Value of Coal mine <u>$386,000</u>
Total Fixed Assets <u>$1,340,000</u>
Explanation:
Fixed assets are all those asset which will be kept by the company more than one year. It is not converted to cash / Sold before one year time. If Company has the intention to sale the asset within one year then it will be classified as current asset.
All the assets are classified as the fixed assets. The depreciation and Depletion are contra asset accounts, these are adjusted against the relevant Assets and Net book value of that assets is reported on the balance sheet.
Answer:
The accountant should debit Supplies Account by 1360 and credit the Supplies Expense account by 1360.
Explanation:
Normally we pass the adjusting entries at the year end and do the reverse and calculate supplies on hand at end and determine the supplies expense at the year end by taking difference of balance in supplies account and the supplies on hand.
In this case we are doing the reverse as we are taking the balance of supplies expense account and the supplies on hand and calculate the difference. The difference is the actual supplies that have been used. The supplies on hand are an asset and should be debited to supplies account and the expense is overstated by the same amount of 1360 and should be reduced so it is credited.
Answer:
There would be a decrease in equilibrium quantity of movies and an indeterminate change on equilibrium price of movies
Explanation:
A a result of the decrease in consumption during winter, price of movies and quantity of movies would decrease. As a result of the decline in supply, prices would rise and quantity would fall.
Taking these two effects together, there would be a decrease in equilibrium quantity of movies and an indeterminate change on equilibrium price of movies
Please check the attached image for a graphical illustration
When workers intentionally reduce their productivity, it is called a slowdown. This occurrence might be cause by a number of reason. One would be that they are not happy on how they are managed by the administration of the company. They would tend to do this to catch the attention of the admins.
Answer:
D $2,000
Explanation:
Valueof Preffered stock = 1000 x 25 = $25,000
Quartely dividend = 25000 x 8% x 3/12 = $500
Dividend of four quarters = $500 x 4 = $2,000
First three quarters has been missed so the preferred dividend of $2,000must be paid first from the declared dividend of 0.25 per share.
So, the correct option is D $2,000.