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3 years ago

A city ordered uniforms with an expected cost of $6,000 for policemen. This amount is encumbered.

Business

1 answer:

Stels [109]3 years ago

3 0

Answer:

Answer is a.

Explanation:

The first journal entry for encumbrances is:

Encumbrances 6,000

Encumbrances outstanding 6,000

After the receipt of the invoice the journal entry should be:

Encumbrances outstanding 6,000

Encumbrances 6,000

Expenditures 5,900

Invoice 5,900

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3 years ago

John Fare purchased $6,000 worth of equipment by making a $1000 down payment and promising to pay the remainder of the cost in s

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Answer:

C $ 596.39

total payment 7,156.68

Interest expense 2,156.68

Explanation:

6,000 - 1,000 = 5,000 amount to finance

We will calcualte the cuota of an annuity of 6 years with semianual payment at 12% annual rate.

$PV \div \frac{1-(1+r)^{-time} }{rate} = C\\$

PV $5,000.00

time 12 (6 years times 2 payment per year)

rate 0.06 (12% annual we divide by 2 to get semiannual)

$5000 \times \frac{1-(1+0.06)^{-12} }{0.06} = C\\$

C $ 596.39

The total amount paid will be the cuota times the time of the loan:

Total amount paid

596.39 x 12 = 7,156.68‬

The interest will be the difference between the total amount paid and the principal of the loan

Interest paid

total payment 7,156.68

principal (5,000)

Interest expense 2,156.68

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3 years ago

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3 years ago

Assets are 300,000 and equity is 100,000, assets increase 80,000 liabilities increase 50,000. what is equity at year end?

mojhsa [17]

<span>Assets - equity = liabilities
So liability before the increase is:
300, 000 - 100, 000 = 200, 000
And if assets increases by 80, 000. Hence new assets = 380, 000. Liabilities increases by 50, 000; hence new liability = 250, 000.
New Equity = New Assets - New liability.
New Equity = 380, 000 - 250, 000 = 130, 000.</span>

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3 years ago