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LuckyWell [14K]

3 years ago

9

According to the rule of 72, if you have $15,000 in an account that grows at the rate of 12 percent annually, it will take appro

ximately six years for the $15,000 to double to $30,000.True / False.

1 answer:

yulyashka [42]3 years ago

7 0

Answer:

true

Explanation:

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During June, Busy Beaver bought $5,000 of office supplies on account, and promised to pay the vendor the full amount in July. At

anygoal [31]

Answer:

$3,000.

Explanation:

Existences of supplies from previous month: $0

Bought supplies during June: $5,000

Supplies unused ar the end of June: $2,000

Supplies used during June = Existences of supplies from previous month + Bought supplies during June - Supplies unused ar the end of June

Supplies used during June = $0 + $5,000 - $2,000

Supplies used during June = $3,000

The adjusting entry to record an accrued expense is:

Debit to Supplies expense account (increases of expense)

Credit to Supplies stocks account (decreases of asset)

4 0

4 years ago

Sheffield Corporation retires its $980000 face value bonds at 104 on January 1, following the payment of annual interest. The ca

RoseWind [281]

Answer:

credit of $36,701 to Discount on Bonds Payable

Explanation:

Dr Bonds payable $980,000

Dr Loss on bond redemption $2,499

[$1,016,701-($980,000 x 104%)

Cr Discount on bonds payable $36,701

($1,019,200-$980,000-$2,499)

Cr Cash $1,019,200

($980,000 x 104%)

The entry to record the redemption will include

a credit of $36,701 to Discount on Bonds Payable

4 0

3 years ago

Collective Bargaining Westwood Industries is a company specializing in sheet metal fabrication. Most of its employees are member

Setler79 [48]

Answer:

Since Westwood's workers are not government workers, nor railroad or airline workers, nor farmers or domestic workers, they are allowed to strike by the National Labor Relations Act of 1935.

Unions are allowed to call media outlets, and they always do in order o increase public pressure against the company.

Massed picketing (forming barriers and not allowing workers to enter a factory) and sit down strikes are not legal, they are forbidden by the National Labor Relations Act.

8 0

3 years ago

On July 1, 2019, Goode Company borrowed $150,000. The company signed a note payable with interest at 8 percent per year. The not

Tom [10]

Answer:

C. decrease in liabilities of $150,000, a decrease in stockholders' equity of $6,000, and a decrease in assets of $156,000

Explanation:

Calculation for what cash payment on December 31, 2019 should reflect

Dec-31

Dr Note payable $150,000 (Decrease liability)

Dr Interest expense 6,000

( 150,000*8%*1/2) (Decrease stockholders equity)

Cr Cash $156,000 (Decrease assets)

($150,000+$6,000)

Therefore cash payment on December 31, 2019 should reflect decrease in liabilities of $150,000, a decrease in stockholders' equity of $6,000, and a decrease in assets of $156,000.

8 0

3 years ago

Oriole Co. uses the gross method to record sales made on credit. On July 1, 2020, it made sales of 56,000 with terms 2/10 n/30.

Leokris [45]

Answer:

July 1, 2020

Dr. Account Receivable $56,000

Cr. Sales $56,000

July 9, 2020

Dr. Cash $54,880

Dr. Sales Discount $1,120

Cr. Account Receivable $56,000

Explanation:

Credit terms of 2/10, n/30 means there is a discount of 2% is available on payment of due amount within discount period of 10 days after sale with net credit period of 30 days.

As Payment of $56,000 is received within the discount period. So, the discount will be

Discount = $56,000 x 2% = $1,120

Amount Paid = $56,000 - $1,120 = $54,880

8 0

3 years ago