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Mademuasel [1]
3 years ago
14

Prepare a trial balance from the ledger accounts of Black Diamond Express as of January 31, 2018.

Business
1 answer:
malfutka [58]3 years ago
4 0

Answer:

<u>Black Diamond Express</u>

<u>Trial Balance as at January 31, 2018.</u>

                                                          Debit               Credit

Accounts Payable                                                      $1,100

Rent Expense                                    $500

Accounts Receivable                      $1,700

Service Revenue                                                      $3,000

Cash                                                 $1,400

Supplies                                             $200

Common stock                                                         $2,000

Salaries and Wages Expense         $1,300

Dividends                                         $1,000

Totals                                                $6,100             $6,100

Explanation:

A trial balance is a list of balances (debits and credits) that is prepared from the ledger accounts from which Financial Statements are prepared.

The Trial Balance can be used a check to the correctness of the double entry system.

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Japanese tourists come to experience the magic of Disney World and other attractions around Orlando, Florida. These tourists are
MariettaO [177]

Answer:

Option E, helping the United States’ balance of payments, is the right answer.

Explanation:

Option “E” is the correct answer because the balance of payment records all the transactions that occurred between the home country and the rest of the word. Therefore, if the foreign tourist spends in the country that means they are helping the balance of payment. This will increase the country’s surplus and the ability to pay the expenses because tourism is helping to generate revenue.

4 0
3 years ago
An economic system in which the interaction of supply and demand determines the quantity in which goods and services are produce
OverLord2011 [107]

Answer:

The correct answer is Market Economy.

Explanation:

The market economy is an economic system where the fundamental decisions of what, how and for whom to produce are resolved through the market.

In a market economy, the interaction of supply and demand is what determines the quantity and equilibrium price of goods and services traded. Also, the market is responsible for the distribution of income through the possession of productive factors (capital, labor, etc.)

The State, for its part, would have the role of providing a legal framework that allows free competition and initiative of companies. This includes the protection of property rights, the intermediation of conflicts (Courts) and the subsidiary action in those cases in which competition is not feasible or limited.

Basing a system on the market economy gives importance to the balances originated between suppliers and claimants, which will determine their allocations of goods and services to produce and consume, with a high degree of independence of powers or institutions.

6 0
3 years ago
Carolyn bought 200 shares of stock at $30 per share ($6,000 total). She paid $3,000 in cash and borrowed $3,000 from the brokera
Alexeev081 [22]

Carolyn's net profit from her investment was <em>$1,805.</em>

<h3>Data and Calculations:</h3>

Investment in 200 shares at $30 per share = $6,000

Loan from brokerage firm = $3,000

Annual interest rate = 5%

Interest expense for 6 months = $75 ($3,000 x 5% x 6/12)

Proceeds from the sale of the investment = $8,000 ($40 x 200)

Commission to brokerage firm = $120

The Gross profit from the sale of the investment = $2,000 ($8,000 - $6,000)

The Net profit from the investment = $1,805 ($2,000 - $75 - $120).

Thus, Carolyn's net profit from her investment was <em>$1,805.</em>

Learn more about calculating the net profit here: brainly.com/question/4177260

6 0
2 years ago
Monte’s Coffee Company purchased packaging equipment on January 5, 2014, for $86,900. The equipment was expected to have a usefu
lesantik [10]

Answer:

1.A

2014 Depreciation

Straight line method $26,667

Units-of-output $34,560

Double declining balance $57,933

2015 Depreciation

Straight line method $26,667

Units-of-output $26,840

Double declining balance $19,311

2016 Depreciation

Straight line method $26,667

Units-of-output $18,600

Double declining balance $6,437

1.B Total Depreciation in 3 years

Straight line method $80,000

Units-of-output $80,000

Double declining balance $83,681

2. Double declining balance yields the highest depreciation expense over the three-year life of an equipment

Explanation:

1.A In computing straight line method, the formula would be:

(cost of equipment - salvage value) / life of equipment

2014

(86,900 - 6,900) / 3 years = 26,667

2015

(86,900 - 6,900) / 3 years = 26,667

2016

(86,900 - 6,900) / 3 years = 26,667

TOTAL DEPRECIATION IN 3 YEAR LIFE OF EQUIPMENT = $80,001 ($26,667 + $26,667 + $26,667)

UNITS-OF-OUTPUT METHOD

Formula: (Cost of equipment - salvage value) / total operating hours of equipment x operating hours used for the year

2014

($86,900 - 6,900) / 20,000 x 8,640

($80,000 / 20,000) x 8,640

$4 per hour x 8,640 = $34,560

2015

$86,900 - 6,900) / 20,000 x 6,710

($80,000 / 20,000) x 6,710

$4 per hour x 6,710 = $26,840

2016

$86,900 - 6,900) / 20,000 x 4,650

($80,000 / 20,000) x 4,650

$4 per hour x 4,650 = $18,600

TOTAL DEPRECIATION IN 3 YEAR LIFE OF EQUIPMENT = $80,000 ($34,560 + $26,840 + $18,600)

DOUBLE DECLINING BALANCE

Formula: 100%/life of equipment x 2

*residual value will not be considered in this method of computation of depreciation expense.

2014

100% / 3 years x 2 = 66,67%

86,900 x 66.67% = $57,933

2015

100% / 3 years x 2 = 66,67%

$86,900 - $57,933 = $28,967

$28,967 x 66.67% = $19,311

2016

100% / 3 years x 2 = 66,67%

$86,900 - ($57,933 + $19,311) = $9,656

$9,656 x 66.67% = $6,437

TOTAL DEPRECIATION IN 3 YEAR LIFE OF EQUIPMENT = $83,681 ($57,933 + $19,311+ $6,437)

2. The method that yields most depreciation over the three-year life of an equipment is the DOUBLE DECLINING METHOD in a total amount of $83,681

6 0
3 years ago
Is the grouping of jobs<br> into working units usually called<br> units, groups, or divisions.
lisabon 2012 [21]

Answer:

units is the closest thing

Explanation:

it's usually called departmentalization but units is the next thing

6 0
2 years ago
Read 2 more answers
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