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Anestetic [448]
3 years ago
6

Hokies uses the following accounts:

Business
1 answer:
Nadya [2.5K]3 years ago
8 0

Answer:

Explanation:

The indications are shown below:

1. Pay a cash dividend = dividend is debited and cash is credited

2. Pay rent in advance for the next three months = Prepaid account is debited and cash is credited

3. Provide services to customers on account = Account receivable is debited and service revenue is credited

4. Purchase office supplies on account = Supplies account is debited and account payable is credited

5. Pay salaries for the current month = Salaries expense is debited and cash is credited

6. Issue common stock in exchange for cash. = cash is debited and common stock is credited

7. Collect cash from customers for services provided in (3) above. = Cash is debited and account relevance is credited

8. Borrow cash from the bank and sign a note = Cash is debited and note payable is credited

9. Pay for the current month's utilities = Utilities expense is debited and cash is credited

10. Pay for office supplies purchased in (4) above = Account payable is debited and cash is credited

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When the economy is growing, total output is _____ and total income is _____.
arsen [322]
Increasing ,increasing
the reason is that when the economy is growing more money is flowing ,unemployment is decreasing so more goods and services are produced ,as a result of low unemployment ,more consumption and total output increasing total income is increasing
8 0
2 years ago
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The law of diminishing marginal returns holds for a situation in which Group of answer choices all inputs are variable. all inpu
Natasha_Volkova [10]

The law of diminishing marginal returns holds for a situation in which some inputs are variable and some inputs are fixed.

<h3>What is the law of diminishing marginal returns?</h3>

The law of diminishing marginal returns states that after some optimal level of capacity is reached in a production process, an additional factor of production would result in a lessening of output (quantity of production).

In this context, we can infer and logically deduce that the law of diminishing marginal returns would only hold for an economic situation in which some inputs are variable and some inputs are fixed.

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3 0
2 years ago
On January 2, 2018, Howdy Doody Corporation purchased 15% of Ranger Corporation's common stock for $58,000. Ranger's net income
insens350 [35]

Answer:

Howdy Doody show in the 2018 income statement as income from this investment is $24225

Explanation:

given data

purchased = 15%

common stock = $58,000

net income 2018 = $15,000

net income 2019 = $58,000

dividend  = $61,500

fair value = $73,000

to find out

How much Howdy Doody show in the 2018 income statement as income from this investment

solution

we know that net income to be reported as income by investment is the sum of income from dividend + unrealised gain

so here

unrealised gain = increase in value of stock that is

= $73,000 - $58,000 = $15000      .............1

and

income from dividend is  = 15 % of $61,500

income from dividend = $9225       .................2

now add equation 1 and 2

Howdy doody show in 2018 income statement as income from this investment = Dividend revenue + Unrealized holding gain

income statement = $9225 + $15000

income statement = $24225

4 0
3 years ago
As of December 31, Year 1, Flowers Company had total assets of $220,000, total liabilities of $66,000, and common stock of $110,
liberstina [14]

Answer:

(b) After-closing balance in the Retained Earnings account on December 31, Year 1,

Total Stockholder's equity = Total assets - Total liabilities

                                            =  $220,000 - $66,000

                                            = $154,000

After-closing balance of Retained Earnings = Total Stockholder's equity - Common stock

                                                                        = $154,000 - $110,000

                                                                        = $44,000

(a) Before-closing balance in the Retained Earnings account on December 31, Year 1.

Net Income = Revenue - Expenses

                   = $40,000 -  $23,000

                   = $17,000

Before-closing balance of Retained Earnings:

= After-closing balance of Retained Earnings + Dividend paid - Net Income

= $44,000 + $3,200 - $17,000

= $30,200

(c) Before-closing balances in the following accounts:

Revenue = $40,000

Expenses = $23,000

Dividend = $3,200

(d) After-closing balances in the following accounts:

Revenue = $0

Expenses = $0

Dividend = $0

Because revenue and expenses are transferred to income statement and dividend are transferred to retained earnings.

6 0
3 years ago
The sec filed civil false-certification charges against which u.s. financial institution
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If these were the given choices:
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