Answer: Assets increase $4,500 and liabilities increase $4,500.
Explanation:
An asset are the properties which a business or an organization owns. An asset possess an economic value.
Since the equipment purchased is an asset, this will lead to an increase of assets by $4500 and since it was bought on credit and hasn't been paid for, liabilities will also increase by $4500.
Answer:
Explanation:
1. The computation of the balance in retained earnings is shown below:
= Beginning retained earning balance + adjusted net income
where,
Beginning retained earning balance is $780,000
And, the adjusted net income is = Inventory × ( 1 - tax rate)
= $60,000 × (1 - 40%)
= $36,000
Now put these values to the above formula
So, the value would equal to
= $780,000 + $36,000
= $816,000
2. The journal entry is shown below:
Inventory A/c Dr $60,000
To Retained earning A/c $36,000
To Tax payable A/c $24,000
(Being inventory is adjusted and the remaining balance is credited to tax payable account)
The monster music company's revenue under the accrual basis of accounting is $10,000
What is the accrual basis of accounting?
Under the accrual basis of accounting, revenue is recognized when the goods have been delivered or services rendered regardless of when payment for goods or services is received.
The fact that Monster music company already provided the music lessons whose revenue is $10,000 means that it should recognize the revenue for the whole music lessons provided rather the portion whose cash payment has been received
Find out more about accrual accounting on:brainly.com/question/11312217
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The correct answer is "to survey <span>every 30th employee entering each mall entrance for one week".
Why is it considered to be the best method to get a random sample of the employees? The 30th employee, who enters the mall for the week is a random element and may work at different locations in the mall, which gives you a better random sample for the survey.</span>