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3 years ago

Which idea forms the basis of double-entry accounting?

Business

1 answer:

valina [46]3 years ago

5 0

Answer:

A. For every single transaction, at least two accounts will be

affected.

Explanation:

Double-entry accounting is a record-keeping method where a transaction is recorded in a minimum of two accounts. There is no upper ceiling on the actual number of accounts that may be used in a transaction.

Every account has two columns, with debits on the left and credit entries on the right. The aggregate of the debit entries must equal the result of all credit entries. If this happens, the transaction has balanced. If not, the transaction is "out of balance."

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China's steel industry:___________

Ronch [10]

Answer:

Explanation:

If I'm not wrong, their steel industry is still growing due to the inputs of iron ore and coal.

4 0

3 years ago

Read 2 more answers

Round Hammer is comparing two different capital structures: An all-equity plan (Plan l) and a levered plan (Plan Il). Under Plan

Dominik [7]

Explanation:

A). The computation of price per share is shown below:-

Debt outstanding ÷ (Stock outstanding of Plan 1 - Stock outstanding of

Plan 2)

= $1,730,000 ÷ (205,000 - 125,000)

= $21.63 per share

B a.) Under equity plan the value is

= Debt outstanding × Stock outstanding of Plan 1

= $21.63 × 205,000 shares

= $4,433,125

B b.) under the levered plan the value is

Price per share × Stock outstanding of Plan 2 + Debt outstanding

= $21.63 × 125,000 shares + $1,730,000

= $2,703,125 + $1,730,000

= $4,433,125

6 0

3 years ago

Quantity demanded price quantity supplied 45 $10 77 50 8 73 56 6 68 61 4 61 67 2 57 refer to the data. suppose quantity demanded

saul85 [17]

a. When the demand increases by 12 units, the equilibrium price rises to $6.2093 and the equilibrium quantity rises to 67.7442 units.

b. The price elasticity of supply (PES) at equilibrium is 0.20. Since the price elasticity is less than 1, we conclude that supply is inelastic.

From the given data, we can see that the equilibrium price is $4 and the equilibrium quantity is 68 units.

If the demand increases by 12 units at each point of price decline, the demand equation will be :

$Qd = 105 - 6P$

and the supply equation will be:

$Qs = 51.6 + 2.6P$

Since Quantity demanded and supplied are equal at equilibrium, we can equate the demand and supply equations and solve for price (P). Equating the two equations above, we get,

$105-6P = 51.6 +2.6P$

$53.4 = 8.6P$

P = $6.2093

Substituting the value of P in the demand equation, we get,

$Qd = 105 - (6*6.2093)$

$Qd = 105 - 6P$

$Qd = 67.7442$ units

b. Calculation of Price Elasticity of supply at equilibrium level.

P₀ = $4

Q₀ = 61

P₁ = $6.2093

Q₁ = 67.7442

$% change in quantity = [ (Q_1 - Q_0) / Q_0 ] * 100$

% change in quantity = 11.05607%

$% change in price = [ (P_1 - P_0) / P_0 ] * 100$

% change in price = 55.2325%

Price Elasticity of Supply (PES):

$PES = % change in quantity / % change in price$

PES = 11.05607% / 55.2325%

PES = 0.20

8 0

3 years ago

The following account balances appear in the 2021 adjusted trial balance of Blue Devils Corporation:

muminat

Answer and Explanation:

The preparation of the classified balance sheet is presented below:

Blue Devils Corporation

Balance Sheet

Dec 31, 2021

Assets Amount ($) Liabilities and shareholder equity Amount ($)

Current assets: Current liabilities

cash $3,800 Accounts payable $24,800

Accounts receivable $7,800 Salaries payable $14,800

Supplies $17,800

Total current assets $29,400 Total current liabilities $39,600

Long-term assets Stockholders equity

Equipment $108,000 Common stock $48,000

Accumulated depreciation -39,000 Retained earnings $10,800

Total assets $98,400 Total liabilities and stockholders equity $98,400

We find the retained earning balance by applying the accounting equation which is shown below:

Assets = Liabilities + common stock + retained earnings

$98,400 = $39,600 + $48,000 + retained earning

So, the retained earning is $10,800

6 0

3 years ago

If a department that uses process costing starts the reporting period with 100,000 physical units that were 20% complete with re

Naddika [18.5K]

Answer:

The correct answer is True

Explanation:

In calculating the equivalent units with respect to labor,the physical units at the start of the period is multiplied by the percentage of completion.

In other words, the equivalent units is shown thus:

Equivalent units =100000 units*20%

Equivalent units =20000 units

This implies that labor has carried out 20% of the work required to transform the 100000 units into finished products,since only 20% work is completed, the remaining 80% is expected in the next period.

7 0

3 years ago