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Serggg [28]
3 years ago
10

The following selected transactions relate to liabilities of Interstate Farm Implements for December of 2018. Interstate’s fisca

l year ends on December 31. Required: Prepare the appropriate journal entries for these transactions. 1. On December 15, received $11,500 from Bradley Farms toward the purchase of a $149,500 tractor to be delivered on January 6, 2019. 2. During December, received $42,000 of refundable deposits relating to containers used to transport equipment parts. 3. During December, credit sales totaled $836,000. The state sales tax rate is 5% and the local sales tax rate is 2%. (This is a summary journal entry for the many individual sales transactions for the period.)
Business
1 answer:
bazaltina [42]3 years ago
6 0

Answer:

Explanation:

The journal entries are shown below:

1. Cash A/c Dr $11,500

          To  Bradley Farm $11,500

(Being Advance received from the  Bradley Farm )

2. Bank A/c Dr $42,000

         To Deposits A/c $42,000

(Being refundable deposit received)

3. Accounts Receivables A/c Dr $894,520

              To Sales Revenue A/c $836,000

              To Sales Tax Payable A/c $58,520

(Being credit sales is made including sales tax)

The sale tax payable is computed below:

= Credit sales × state sales tax rate + Credit sales ×  local sales tax rate

= $836,000 × 5% + $836,000 × 2%

= $41,800 + $16,720

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Answer:

It will take 30 years for country Y’s GDP to catch up with that of country X

Explanation:

In this question. We are asked to calculate the number of years it will take a certain country Y to catch up with the GDP of a certain country X, given the annual growth rate in both countries.

We calculate the number of years as follows;

Firstly, we assign a variable to the value of the real GDP of country Y

let real

Let the real GDP of the country Y be n. This means that the GDP of country C will be 4 * n = 4n

With a 7% growth rate annual, country Y's Real GDP will be doubled in 70/7 = 10 years and;

With annual growth rate of 2.33% ,country x's Real GDP doubles in 70/2.33 = 30 years.(Approx)

Now in next 30 years x's Real GDP will be = 2x4n = 8n

and Y's Real GDP in next 30 years will be = 2x2x2xn = 8n.

thus , it will take 30 years to country Y to catch up to the level of country x.

7 0
3 years ago
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Which of the following statements is false? Multiple Choice Prepaid insurance is a deferred expense. Prepaid insurance represent
inna [77]

Answer:

B. Prepaid insurance is shown on the income statement

Explanation:

Prepaid insurance first and foremost is a current asset and as such will not reflect in the income statement but in the statement of Financial Position or Balance Sheet.

Although, prepaid insurance will be shown as paid within the year, it must be deducted from the insurance premium paid for the current year and then reported in the balance sheet as a current asset.

Prepaid insurance is treated as a current asset because it is an indication of insurance premiums paid for by the company in advance. It is a payment for economic benefits that will be enjoyed in the future, therefore it is a current asset. The only part of an insurance premium that shows in the income statement is the insurance expense paid for insurance benefit enjoyed in the current period

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3 years ago
______________________: Bringing goods or services into one country from another.
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Answer:

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Approach Company, which applies overhead to production on the basis of machine hours, reported the following data for the period
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Answer: 10400 unfavorable

Explanation:

Firstly, we should note that the fixed overhead volume variance is the difference between the standard fixed overhead for actual output and the budgeted fixed overhead.

Budgeted fixed overhead = 780000

The standard fixed overhead for the actual output will be:

= Actual output × Number of hour per unit × the standard fixed overhead rate

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6 0
3 years ago
In 2 hrs, Whitney can make 4 dozen cookies or 2 peach tarts. Her friend, Amy, can make 7 dozen cookies or 1 peach tart.
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Answer: 4 dozen cookies and 1 peach tart

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Whitney can make:

4 dozen cookies or 2 peach tarts in 2 hours

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Cookies:

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