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3 years ago

Which account is an example of a contra-expense account?

Business

2 answers:

Iteru [2.4K]3 years ago

5 0

Its an expense account that follows credit, not debit

muminat3 years ago

5 0

purchase returns because that was the answer i put on the same question and i got that right

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On September 1, 2021, Hiker Shoes issued a $112,000, 8-month, noninterest-bearing note. The loan was made by Second Commercial B

Dahasolnce [82]

Answer: 11.88%

Explanation:

Hiker's effective interest rate on this loan will be calculated as:

Interest = Amount × Discount rate × 8/12

= 112000 × 11% × 8/12

= 112000 × 0.11 × 0.667

= 8217.44

= 8217 approximately

Effective interest rate will then be:

= (Interest / Amount - Interest) × 12/8

= 8217 /(112000 - 8217) × 3/2

= 8217/103783 × 1.5

= 0.0791748 × 1.5

= 0.1187622

= 11.88%

6 0

3 years ago

Flagstaff Company has budgeted production units of 7,900 for July and 8,100 for August. The direct materials requirement per uni

nataly862011 [7]

Answer:

Option $18,262

Explanation:

Data provided in the question:

Budgeted production units for July = 7,900

Budgeted production units for August = 8,100

Direct material required per unit = 2 ounces

safety stock of direct materials = 20% of the units budgeted in the following month

Direct material in inventory at the start of July = 3,160 ounce

Materials cost = $1.15 per ounce

Now,

Budgeted material required in July

= Budgeted production units for July × Direct material required per unit

= 7,900 × 2

= 15800 ounces

Budgeted material required in August

= Budgeted production units for August × Direct material required per unit

= 8,100 × 2

= 16,200 ounces

Direct materials requirement in July

= Budgeted material required in July + safety stock - Direct material in inventory at the start of July

= 15800 + (20% of 16,200 ) - 3,160

= 15800 + 3,240 - 3,160

= 15,880 ounces

Cost of direct material

= Direct materials requirement in July × Materials cost

= 15,880 ounces × $1.15 per ounce

= $18,262

Option $18,262

3 0

3 years ago

1. Which of the following is the most permanent type of business organization?

DerKrebs [107]

1) The most permanent type of business organization is a Corporation.
It is a company or group of people or an organisation authorized to act as
a single entity (legally a person) and recognized as such in law.
2) Quasi-contracts are based on the theory of Equity. A quasi-contract is a
fictional contract that was created by courts to promote equitable
treatment. It is not an actual, legally-binding document, but instead a legal
substitute for a contract that is formed to impose equity between two
distinct parties.
3) The object of the contract must be lawful.. The object of a contract must
be lawful when the contract is made, and possible and ascertainable by
the time the contract is to be performed.

5 0

3 years ago

Greece Inc. has excess capacity. Under what situations should the company accept a special order for less than the current selli

ipn [44]

Answer:

D) When incremental revenues exceed incremental costs

Explanation:

Incremental revenues are the additional revenues generated by selling additional units, or in this case an special order. Incremental costs are the additional costs generated by accepting the special order.

Generally when a special order is being considered, the company must first determine if the additional output is possible with the current capacity, and if so, which additional costs would apply to the special order. Generally certain fixed costs are not included in the cost analysis of special orders, and only variable costs are used to determine if it generates profits or not.

6 0

4 years ago

You would like to buy shares of International Business Machines (IBM). The current bid and ask quotes are $103.25 and $103.30, r

Vanyuwa [196]

Answer:

$20,650.00

Explanation:

In the equity market, when shares are being bought there are usually bids submitted that will determine the buying price, so bid price is the price at which a share is bought. In this case it is $103.25.

When selling shares the price at which it is sold is the ask price.

Therefore the price for buying the IBM shares= Bid price* Quantity

= 103.25 * 200= $20,650

5 0

3 years ago

Read 2 more answers