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kolezko [41]
3 years ago
6

When nonmonetary assets are traded in an exchange that lacks commercial substance and no cash is received, any loss is recognize

d immediately.a. True
b. False
Business
1 answer:
Pavlova-9 [17]3 years ago
6 0

Answer:

The correct answer is letter "A": True.

Explanation:

Nonmonetary assets are objects a firm possesses in which cash value is complicated to determine for accounting purposes. The value of those assets may vary with time in front of different economic scenarios. When these types of assets are sold in markets where there is few to no liquidity and the calculated amount for the object is not transferred, the loss is recognized as it happens.

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Burns Corporation's net income last year was $99,200. Changes in the company's balance sheet accounts for the year appear below:
ludmilkaskok [199]

Answer and Explanation:

The preparation of the each section of the cash flow statement is presented below:

a.

Cash flow from operating activities  

Net Income $99,200

Adjustments made

Adjustment for non cash effects  

Depreciation $33,200

Change in operating assets & liabilities  

Increase in accounts receivable  -$13,500

Decrease in inventories $16,800

Increase in prepaid expenses -$4,100

Decrease in accounts payable -$19,600

Increase in accrued liabilities $16,800

Increase in income tax payable $4,200

Net cash flow from operating activities (a) $133,000

b.

Cash Flow from Investing activities  

Equipment purchased  -$77,000

Long term investments purchased  -$10,200

Net cash Flow from Investing activities (b) -$87,200

c

Cash Flow from Financing activities  

Cash dividends -$4,300

Issuance of the Common stock $41,600

Bonds paid $-61,200

Net cash Flow from Financing activities (c) -$23,900

4 0
3 years ago
At the time a $450 petty cash fund is being replenished, the company's accountant finds vouchers totaling $350 and petty cash of
Anton [14]

Answer:

The entry that should not be recorded is debit petty cash, $300 . Option A.

Explanation:

Vouchers recorded for expenses:

Postage

Business lunches

Delivery fees

Office supplies

The journal entry when recognizing expenditures from the petty cash fund should be as under:

Accounts :                                       Credit                 Debit

Postage                                             $ 90

Business lunches                             $ 135

Delivery fees                                    $ 80

Office supplies                                 $ 45

Petty Cash                                                                   $350                            

The entry that should not be recorded is debit petty cash, $300

5 0
3 years ago
When reagan took office, he brought with him a new economic philosophy. with the guidance of his economic advisors, he tried to
Natali [406]

The nation’s <u>deficit rose </u>greatly as<u> inflation</u> and <u>unemployment</u> <u>fell</u> was an economic concern that was related to the achievement described in the passage.

<h3>What were the economic concerns in the passage? </h3>

The passage explains that with the fall in tax revenue of the government and higher spending on<u> employment programs</u>, the federal deficit started to rise.

However, after some years, it could be seen that many businesses gained growth from government spending and created jobs with decreasing inflation rates.

Learn more about economic concerns here:

brainly.com/question/10203871

4 0
2 years ago
what term is used to describe the approach taken by companies such as magicleap.com where physical and digital objects are able
timofeeve [1]

The technological approach which enables the coexistence of digital and physical objects using immersive technology is a middle ground between Augmented and virtual reality called MIXED REALITY.

Augmented reality technology is capable of producing a real world representation of physical world using 3D representation.

Virtual reality on the other hand creates a visual experience of a computer simulated digital environment. Virtual reality usually requires the use of headset and sensors.

Mixed reality technology is inbetween virtual and Augmented reality as it allows the interaction between virtual and physical objects in real time. Applications of mixed reality the DAQRI smart helmet which allows communication and collaboration between teams in field such as Engineering and Architecture.

Therefore, mixed reality allows the coexistence of the virtual and physical world on real time.

Learn more :brainly.com/question/22621708?referrer=searchResults

8 0
2 years ago
Today, many vendors offer diversified tools, some of which are completely preprogrammed (called shells). How are these shells ut
Fiesta28 [93]

Answer:

All a user needs to do is insert the numbers

Explanation:

Shell tools offer simple interface to the vendors, the user just need to input the numbers

6 0
3 years ago
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