1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
tankabanditka [31]
3 years ago
14

Accounting Professionals Inc. experienced the following events in 2014, its first year of operation:1. Performed services for $2

0,000 cash.2. Purchased $4,000 of supplies on account.3. A physical count on December 31, 2014, found that there was $1,000 of supplies on hand.RequiredBased on this information alonea.Record the events under an accounting equation. (Enter any decreases to account balances with aminus sign.
Business
1 answer:
Andrews [41]3 years ago
6 0

Answer:

Explanation:

The accounting equation is presented below:

Particulars       Assets   =               Liabilities   =             Stockholders equity  

                        Cash     Supplies          Account payable              Retained earnings

1. Service

Performed       $20,000                                                                    $20,000

2. Supplies

Purchased                       $4,000             $4,000

3. Supplies

Used                              -$3,000                                                         -$3,000

Total               $20,000  $1,000              $4,000                               $17,000

You might be interested in
Which of the following is correct? Group of answer choices Risk-averse people will not hold stock. Diversification cannot reduce
pshichka [43]

Answer: The larger the percentage of stock in a portfolio, the greater the risk, but the greater the average return.

Explanation:

Stock in general is more risky than most financial instruments but this risk is accompanied with greater returns. This is why it is generally advisable to diversify stock in a portfolio.

As already mentioned, stock is risky but rewarding. It therefore follows that the more stock is in a portfolio, the risker the portfolio but the greater the average return.

6 0
3 years ago
Daniel Franco, a free-lance gaming consultant and blogger, needed a new gaming system for his business. After some lengthy revie
Law Incorporation [45]

Answer:

Explanation:

Issue: Will the court rule in support of Daniel’s argument that Nintendo breached the warranty based on reasonable expectation on the performance of an expensive system and statements made while selling the gaming system?

Rule:  There is a creation of express warranty when a seller makes a description of the statement quality, condition or performance of goods sold. This warranty is created by the statement of facts and if the seller uses words to designate the value of the supposed goods, it will only be considered as an opinion that does not create any express warranty.

The customer’s reasonable expectation of the existence of the gaming system based on the price leads to implied warranty. The goods sold should be logically fit for the general purpose for which it is sold. It should be of proper quality to satisfy the implied warranty of merchantability and the goods should fit the particular purpose for which the buyer will use the goods to satisfy the implied warranty of fitness for a particular purpose.

Analysis: Here, the argument of Daniel that Nintendo’s description of the gaming system as “most reliable”, and “durable” asserted that the quality and performance of the gaming system will not stay because these words create general statements that are made as part of sale or seller’s opinion about the goods. These words would be considered as puffery and do not create any express warranty. The higher price of the gaming system would create an implied warranty about the performance of the system, but the switch failed only after the warranty period. When the seller has expressly stated the warranty period as one year, any defects that occur after the warranty period will not breach the implied warranty.

Moreover, the gaming system was reasonably fit for Daniel’s business purpose and worked well during the warranty period. Hence Daniel’s arguments will not stay in front of the court.

Conclusion: The court will not rule in favor of Daniel and Daniel will not be able to recover against Nintendo because no breach of warranty had occurred.

8 0
4 years ago
Capitalism is an economic system in which private property, markets, and firms play an important role. Based on this definition,
Nataly [62]

Answer:

Correct Answer:

A. An economic system is a way of organizing the production and distribution of goods and services in an entire economy.

Explanation:

Capitalism, which is an economic system  in which a country's trade and industry are controlled by private owners for profit, rather than by the state helps in ensuring the adequate running of the country. <em>It is a method whereby goods and services are organized in an entire economy through private investments and firms.</em>

4 0
4 years ago
_____ is a series of activities designed to align and improve individual performance to drive organizational results.
Studentka2010 [4]

When a series of activities are designed to align and improve the individual performance of a company so as to drive organizational results, this is performance management.

<h3>What is performance management?</h3><h3 />

Performance management refers to the various actions that a company uses to ensure that its employees are productive enough to meet the results demanded by the organization.

These actions and activities can range from testing employees on the key productivity matrices of their work, to installing new lights and replacing old ones if it means improving performance.

In other words, performance management is a very important part of a business as it drives production which then leads to more goods and services being available for sale, which leads to more revenue, and higher profit.

In conclusion, performance management involves all activities that were made to ensure that employees can drive organizational results.

Find out more on performance management at brainly.com/question/24673911

#SPJ1

6 0
2 years ago
The basic purpose of measuring cash flow is to estimate how much:
NARA [144]
The basic purpose of measuring cash flow is to estimate how much<span> a. net </span>cash<span> a company has during a given period. ... The executive team at Midas Muffler and Brake decides to publish a statement of its available </span>cash<span> that subtracts from the</span>cash<span>, the planned investments in new shops and new technology.</span>
7 0
4 years ago
Other questions:
  • I need help ???? please
    14·1 answer
  • Insurance can help you:
    6·2 answers
  • Under absorption costing, fixed overhead is allocated to products sold, so when production is greater than units sold, net incom
    7·1 answer
  • Flagler Corporation takes eight hours to complete the setup process for a certain electrical component, with the setup cost aver
    9·1 answer
  • Adam smith called the force that guided the competition from scarce resources in a free market the _____ a0 hand
    10·1 answer
  • Harper Company lends Hewell Company $40,000 on March 1, accepting a four-month, 6% interest note. Harper Company prepares financ
    12·1 answer
  • Park Company reported the following March purchases and sales data for its only product. Date Activities Units Acquired at Cost
    14·1 answer
  • What is 35% share in a market worth 38 million
    7·1 answer
  • The following information is available from the accounting records of Manahan Co. for the year ended December 31, 2019: Net cash
    15·1 answer
  • Question 5 of 12 An insured and his wife are both involved in a head-on collision. The husband dies instantly, and the wife dies
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!