If a country is taking action to increase its overall productivity and make sure

Kacy Spade, owner, invested $10,750 cash in the company in exchange for common stock. The company purchased office supplies for

lisov135 [29]

Answer:

Accounts Debit($) Credit($)

Cash 10,750

Common Stock 10,750

Being cash invested for common stock

in the business

Office Supplies 312

Cash 312

Being office supplies purchased with cash

Office Equipment 5,945

Account Payable 5,945

Being office equipment purchased on credit

Cash 1,268

Fees Earned 1,268

Being cash received on service rendered

to a customer

Account Payable 5,945

Cash 5,945

Being settlement of amount owned for

office equipment

Account receivable 2,279

Fees Earned 2,279

Being recognition of amount owned

by customer

Rent Expense 525

Cash 525

Being cash paid for rent

Cash 957

Account Receivable 927

Being cash collected for account receivable

Dividend 900

Cash 900

Being dividend paid with cash

Explanation:

Journal entry entries are used to record accounting effect of business transactions. General journal has two sides that make up debit and credit.

Entries on the debit side are assets or expenses while entries on the credit sides are liabilities, equity and income.

Journal also has a narration for each accounting event to provide information about the entry.

5 0

3 years ago

Montana Industries has computed the following unit costs for the year just ended: Variable manufacturing overhead $85 Fixed manu

katovenus [111]

Answer:

Variable, $85; absorption, $105.

Explanation:

Variable costing $85

Absorption costing $105=(85+20)

3 0

3 years ago

The existence of the underground economy causes gross domestic product (gdp) statistics to _____

blsea [12.9K]

The existence of the underground economy causes gross domestic product (gdp) statistics to understate the true volume of economic activity. An underground economy unrecorded and untaxed economic activity by the government. An underground economic is also known as the black market. Gross domestic product also know as GDP is the total value of goods and services provided in a country during one year.

6 0

4 years ago

1. Antonio orders 50 bottles of wine from a French distributor at a price of $30 per bottle. 2. A U.S. company sells 200 spark p

vodomira [7]

Answer: consumption= 2500, imports = 1500, exports = 1000, net exports= -500, GDP = 2000 , investment =0, government purchases =0

Explanation:

this question is incomplete. in complete question we have to calculate consumption (C), investment (I), government purchases (G), imports (M), exports (X), net exports (NX) and gross domestic product (GDP) using the given information and abbreviation.

1. Antonio order will be considered as imports which are 50*30=1500

2. exports by US company spark plug selling to Korean are considered as X which are 200*5= 1000

3. net exports = exports - imports

NX = X - M ,

-500 = 1000-1500

in a nutshell, the economy is in deficit of 500

total C is 1500+ 1000=2500

GDP = C+ I + G + NX

GDP =2500 +0+0+ (-500)

GDP =2000

GDP is the value of final good and services which are produced within the boundary of an economy .

this question is about open economy because it includes exports and imports . this freely trade between different countries is considered as open economy .

no information is given for investment (I), government purchases (G) so these will be taken as 0

8 0

4 years ago

Practice Makes Perfect Inc. was started on July 1 of the current year. Practice Makes Perfect provides piano lessons for student

Natalka [10]

Answer:

I used an excel spreadsheet to record this transactions on an accounting equation.

Practice Makes Perfect, Inc.

Income Statement

For the month ended July 31, 202x

Revenues $2,000

Expenses:

Advertising expense $500
Rent expense $1,000
Wages expense $1,000
Supplies expense $300
Depreciation expense $750
Interest expense $417 ($3,967)

Net income ($1,967)

Practice Makes Perfect, Inc.

Balance Sheet

For the month ended July 31, 202x

Assets:

Cash $99,783
Accounts receivables $1,800
Supplies $1,700
Pianos $47,250

Total assets $150,533

Liabilities:

Accounts payable $2,500
Notes payable $50,000

Total liabilities $52,500

Stockholders' equity

Common stock $100,000
Retained earnings ($1,967)

Total stockholders' equity $98,033

Total liabilities + equity $150,533

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6 0

4 years ago