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3 years ago

What does inflation mean?

2 answers:

8 0

Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling

crimeas [40]3 years ago

6 0

Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling

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The intended audience for the memo is___________.The tone of the memo should be________.Finally, the purpose of the memo is_____

amid [387]

The intended audience for the memo is all company employees. The tone of the memo should be formal. Finally, the purpose of the memo is to make sure employees understand and follow the updated dress code.

7 0

3 years ago

The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credit

Umnica [9.8K]

Answer:

Blueboy Cheese Corporation

Income Statement

December 31, 2021

Account Title Debits Credits

Sales revenue 680,000

Less Cost of goods sold 408,000

Gross Profit 272,000

less

Salaries expense 108,800

Rent expense 18,000

Depreciation expense 53,000

Interest expense 3,900

Advertising expense 3,600

Un adjusted Profit 84,700

Adjusted Profit 82,900 

Blueboy Cheese Corporation 

Balance Sheet

December 31, 2021

Account Title Debits Credits 

Cash 51,900

Accounts receivable 290,000

Inventory 43,000

Office equipment 308,000

Accounts payable 56,000

Notes payable (due in six months) 39,000

Common stock 400,000

Retained earnings 115,000 + 82,900= 197,900

Total $ 692,900 692,900

Closing Entries

Dec 31 Sales Revenue $680,000 Dr

Income Summary $680,000 Cr

The first closing entry transfers credit balances in revenue ( and gain ) accounts to the income summary accounts.

Dec 31 Income Summary $ 187,300 Dr

Salaries expense 108,800 Cr

Rent expense 18,000 Cr

Depreciation expense 53,000 Cr

Interest expense 3,900 Cr

Advertising expense 3,600 Cr

The second closing entry transfers debit balances in expense ( and loss) to the income summary accounts.

Dec 31 Income Summary $ 82,900

Retained Earnings Accounts $ 82,900

The third entry transfers the balance of income summary account to the owner's capital account or retained earnings account.

5 0

3 years ago

Using the Base Case, calculate total depreciation expense for the year 2023E. Assume that depreciation expense on assets pre-202

balu736 [363]

Answer:

b) $33,000

Explanation:

Capital Expenditure = $20,000

Salvage Value in % = 10%

Useful Life = 4 Years

Salvage Value = Salvage Value% * Capital Expenditure

Salvage Value = 10% * 20,000

Salvage Value = $2,000

Annual Depreciation = (Capital Expenditures - Salvage Value) / Useful Life

Annual Depreciation = ($20,000 - $2,000) / 4

Annual Depreciation = $18,000 / 4

Annual Depreciation = $4,500

Depreciation of 2023E = Depreciation Pre 2020E + Depreciation on capital expenditures in 2020E + Depreciation on capital expenditures in 2021E + Additional Depreciation on capital expenditures in 2022E + Additional Depreciation on capital expenditures in 2023E

Depreciation of 2023E = $15,000 + $4,500 + $4,500 + $4,500 + $4,500

Depreciation of 2023E = $33,000

7 0

3 years ago

George Corporation had the following transactions occur in the current year: 1. Cash sale of merchandise inventory. 2. Sale of d

timurjin [86]

Answer: Three items will appear being;

2. Sale of delivery truck at book value

5. Sale of a debt security held as an available-for-sale investment

6. Collection of loan receivable.

Explanation:

The Investment Section of the Cash Flow Statement contains activities related to investment such as the buying or selling of fixed assets and the buying or selling of other company stocks or bonds.

Out of the above therefore, there are 3 activities that would fall under this section of the Cash Flow Statement.

They are;

2. Sale of delivery truck at book value.

- This refers to the sale of a Fixed asset and as such it goes to the investment section.

5. Sale of a debt security held as an available-for-sale investment.

- As a debt security of another firm that was considered available for sale, this goes to the Investment Section as well.

6. Collection of loan receivable.

- Finally, collection of loan receivable means that the company loaned money to another company making it an investment related cash inflow as it is a long term Investment income source.

7 0

3 years ago

Net exports are Multiple Choice exports plus imports. imports less exports. exports less imports. that portion of consumption an

sergij07 [2.7K]

Answer:

The correct answer is letter "C": exports less imports.

Explanation:

Net exports are the difference between exports and imports from a country. It is computed by subtracting the total export value of the country, with the total value of the imports. Net exports from a country take on a negative value or trade deficit if it imports more merchandise than it produces. If a nation imports less merchandise than it exports, a positive value or trade surplus results.

8 0

3 years ago