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Minchanka [31]
3 years ago
14

Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inv

entory on December 31, 20Y8, Fonda Motorcycle Shop incorrectly counted its inventory as $337,500 instead of the correct amount of $328,850. a. State the effect of the error on the December 31, 20Y8, balance sheet of Fonda Motorcycle Shop. b. State the effect of the error on the income statement of Fonda Motorcycle Shop for the year ended December 31, 20Y8. c. If uncorrected, what would be the effect of the error on the 20Y9 income statement
Business
1 answer:
saul85 [17]3 years ago
4 0

Answer:

See attached file

Explanation:

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Each of the following transactions appear on the statement of cash​ flows, EXCEPT: A. depreciating longinus lived assets. B. acq
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Answer:

C. disposing of long minus lived assets for non cash proceeds

Explanation:

As we know that

Cash flow statement deals with the cash inflow and cash outflow of cash payments which increase or decrease the cash balance.

In another words, the inflow of cash increases the cash balance whereas the outflow of cash is decreases the cash balance

It includes operating activities, investing activities, and the financing activities.

Since all the given options includes the cash transactions except c.

3 0
3 years ago
Suppose an Exxon Corporation bond will pay $4,500 ten years from now. If the going interest rate on safe 10-year bonds is 4.25%,
Luda [366]

Answer:

The answer is a. $2,967.92

Explanation:

Calculation of prent value

Present value = p* (1+i)^-10

Present value = $4,500 * (1+0.0425)^-10= <u>$2,967.92</u>

4 0
3 years ago
On November 1, 2017, Blue Company borrowed from Yellow Bank and received a 9-month note for $60,000 at a 5% interest rate. Inter
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Answer:

In the books of Blue Company:

November 1, 2017:

Debit Cash                                           $60,000

Credit Note payable                            $60,000

<em>(To record borrowed note from Yellow Bank)</em>

December 31, 2017:

Debit Interest expense                            $500

Credit Interest payable                            $500

<em>(Interest expense recognition on note for 2 months)</em>

August 1, 2018:

Debit Note payable                             $60,000

Debit Interest payable                           $2,250

Credit Cash                                          $62,250

<em>(To record settlement of note at maturity)</em>

In the books of  Yellow Bank:

November 1, 2017:

Debit Note receivable                        $60,000

Credit Cash                                         $60,000

<em>(To record note receivable from Blue Company)</em>

December 31, 2017:

Debit Interest receivable                        $500

Credit Interest revenue                           $500

<em>(Interest revenue recognition on note for 2 months)</em>

August 1, 2018:

Debit Cash                                         $62,250

Credit Note receivable                     $60,000

Credit Interest receivable                   $2,250

<em>(To record note collection at maturity)</em>

Explanation:

Note receivable is a promissory note with a written promise made by the borrower to the lender (payee) to pay a certain, definite sum at a specified date.

Interest expense / revenue on the notes is calculated as: Principal x Interest Rate x Time

In this case, the total interest expense / revenue is $60,000 x 5%/12 x 9 months = $2,250.

Monthly interest expense / revenue is therefore $2,250 / 9 months = $250.

Therefore, interest expense / revenue recognition for 2 months will be $250 x 2 months (November 1 - December 31) = $500.

8 0
3 years ago
Assume a consumer can buy two goods, A and B, and that the prices are Pa and Pb respectively. The marginal utility of A is MUa a
Veseljchak [2.6K]

Answer:

(c) MUa/Pa = MUb/Pb

Explanation:

The Utility Maximization Rule is

MUa/Pa = MUb/Pb, where MUa represents the marginal utility derived from good a, Pa represents the price of good a, MUb represents the marginal utility of good b and Pb represents the price of good b.

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3 years ago
Somebody knows about KEIRETSU???
Yuri [45]
Kei·ret·su
kāˈretso͞o/
noun
(in Japan) a conglomeration of businesses linked together by cross-shareholdings to form a robust corporate structure.
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