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Umnica [9.8K]
3 years ago
10

A junior accountant is working to get everything for the new financing and has come to you with a question about what to do next

in the accounting cycle.
Business
2 answers:
FinnZ [79.3K]3 years ago
5 0

Explanation:

The job of an accountant is to track the financial entries or transactions of an organization and to make all the financial statements for the company. These financial statements include Ledgers, Journal Entries, Trial Balance, Balance Sheets, Income Statements, Cash Flow Statements, etc. Now in this question, when the junior accountant comes to you to ask about what to do next in the accounting cycle, then you should tell him to work on the individual statements of the accounts, tell him to make ledges, make t accounts, post the entries to the journals and then get everything in line for making the big main financial statements.

spayn [35]3 years ago
3 0

accounting is a process of summarizing, classifying and entering transactions.  first the accountant has to enter the accounts to the prime entry books, then accounts and balance them and prepare the final accounts

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Blue Corporation’s April 30 inventory was destroyed by fire. January 1 inventory was $155,000, and purchases for January through
Mama L [17]

Answer:

Ending inventory will be $108925

Explanation:

We have to find the estimated ending inventory

It is given by

Estimated ending inventory = Cost of Goods available for sale - Cost of Goods Sold

Cost of Goods available for sale = $155,000+$467,300 = $622,300

Cost of Goods Sold = Sales - Gross profit = 654500-\frac{654500\times 25}{100}=$513375

So ending inventory = $622300 - $513375 = $108925

So ending inventory will be $108925

5 0
3 years ago
Shrink-Wrap Agreements. TracFone Wireless, Inc., sells phones and wireless service. The phones are sold for less than their cost
Alekssandra [29.7K]

Answer: Yes they are

Explanation:

This is a Shrink-Wrap Agreement which means that in order to use a product, one has to accept the conditions that come with it. The term gets its name from the agreement printed on the shrink-wrap (plastic wrap) of a product. Tearing it off and using that product implies that you agree to the terms printed.

Bequator Corp., in buying the phones agreed with TracFone Wireless Inc's condition that the buyer will <em>"not to tamper with or alter the software"</em>. Bequator however went ahead and tampered with the phones they bought such that the phones could now be used on other networks.

This is a clear violation of the condition that TracFone sold it to them under which means that Bequator Corp. is quite liable for breach of contract.

3 0
3 years ago
1. The Incident Command System (ICS) is only applicable to large, complex incidents.
Alexus [3.1K]

Answer: False

The ICS which stands for Incident Command System is the standard procedure to be applied to all types of incidents. These incidents range from small emergencies up to the large and complicated situations or events. Some of the incidents that ICS can tackle are medical emergencies, both natural and unnatural disasters, terrorist attacks, chemical spills, traffic incidents, and so on.

8 0
4 years ago
Read 2 more answers
Tally Corp. sells softwares during the recruiting seasons. During the current year, 11,000 softwares were sold resulting in $440
kramer

Answer:

A

Explanation:

Contribution margin is used to determine the profitability of a product. it is price less variable cost

Contribution margin = price - variable costs

Price = revenue / quantity sold

$440,000 / 11,000 = 40

Variable cost = total variable cost /output

$110,000 / 11,000 = 10

contribution margin = 40 - 10 = 30

3 0
3 years ago
On July 1, 2021, an interest payment date, $153000 of Oriole Company bonds were converted into 3070 shares of Oriole Company com
Stolb23 [73]

Answer:

$17,900

Explanation:

= ($153,000-$5,900-(3070*45))*2

= ($153,000 - $5,900 - $138,150)*2

= ($8,950)*2

= $17,900 -  increase in paid-in capital in excess of par

NB - When a company issues bonds, it incurs a long-term liability on which periodic interest payments must be made, usually twice a year.

3 0
4 years ago
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