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Gnom [1K]
3 years ago
10

If a $4,000 debit to Equipment in a journal entry is incorrectly posted to the ledger as a $4,000 credit and the ledger account

has a resulting debit balance of $20,000, what is the effect of this error on the Trial Balance column totals?
Business
1 answer:
Dovator [93]2 years ago
4 0

Answer:

The totals of Trial balance have a difference of $8,000. The credit balance totals of Trial balance is higher than the debit totals because the original entry of debit is mission and there is an wrong posing on the credit side which reduce the debit balance by $4,000 and Increase the credit balance by $4,000 at the same time. Net effect will be $8,000 in totals of trial balance.

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A credit sale of $750 is made on June 13, terms 2/10, net/30. A return of $50 is granted on June 16. The amount received as paym
saveliy_v [14]

The amount received as payment in full on June 23 is $686

Explanation:

Given ,

Credit sale of $750

Terms 2/10, net/30

$50 is granted on June 16

= (750-50)x 0.98

= 700 x 0.98

= 686

The payment is reported as a repayment to the accounts receivable. Make an equivalent debit to the bank account to accept the earned money as a payment

4 0
3 years ago
A government is torn between selling annual pollution allowances and setting an annual pollution tax. Unlike in the messy real w
elena-14-01-66 [18.8K]

Answer: Both will raise the same amount

Explanation:

The government here is certain that it can achieve the same quantity and price regardless of if it uses a pollution tax or pollution allowance. This means that it would be charging the companies the same regardless of the method used.

Both methods would therefore yield the same amount if the government uses either of them.

3 0
2 years ago
Nuxall Confections produces a variety of different candies. Nuxall Confections wants its candies to be available anywhere a cons
sweet [91]

Answer:

Intensive distribution

Explanation:

Intensive distribution -

It is one of the strategy of marketing where the company sells the goods or commodity via as many possible outcomes as possible , so that people can get the product everywhere , is known as the strategy of intensive distribution .

Hence , from the question , the variety of candies produced by the Nuxall Confections are made to be available everywhere possible , to increase the sale .

8 0
3 years ago
Lakeside Inc. produces a product that currently sells for $64.80 per unit. Current production costs per unit include direct mate
iren [92.7K]

Answer:

a. Incremental costs = (Direct materials + Direct labor) * 20%

Incremental costs = ($26 + $28) * 20%

Incremental costs = $54 * 20%

Incremental costs = $10.8

Incremental selling price = $72 - $64.8 = $7.2

Incremental profit (loss) = Incremental selling price - Incremental costs = $7.2 - $10.8 = $(3.6)

b. No. As there is Incremental loss, it should not be processed further

5 0
2 years ago
hornton Computer Services, Inc. has been in business for six months. The following are basic ­operating data for that period: Mo
nignag [31]

Answer:

The total monthly fixed cost and the variable cost per hour is $1,540 and $23

The average contribution margin per hour is $27

Explanation:

The computation of the fixed cost and the variable cost per hour by using high low method is shown below:

Variable cost per hour = (High Operating cost - low operating cost) ÷ (High service hours - low service hours)

= ($11,200 - $4,300) ÷ (420 hours - 120 hours)

= $6,900 ÷ 300 hours

= $23

Now the fixed cost equal to

= High operating cost - (High service hours × Variable cost per hour)

= $11,200 - (420 hours × $23)

= $11,200 - $9,660

= $1,540

For computing the contribution margin per hour, first we have to compute the revenue per hour which is shown below:

= Revenue ÷ service hours

= $6,000 ÷ 120 hours

= $50

We know that,

The contribution per hour = Revenue per hour - variable cost per hour

                                           = $50 - $23

                                           = $27

8 0
3 years ago
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