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3 years ago

The following items are found in the financial statements.

Business

1 answer:

Oksana_A [137]3 years ago

5 0

Answer:

(a) Discount on bonds payable ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LIABILITIES

(b) Interest expense (credit balance) ⇒ WHEN INTEREST EXPENSE IS INCLUDED IN THE INCOME STATEMENT IT HAS A DEBIT BALANCE, WHEN IT HAS A CREDIT BALANCE IT MEANS IT IS A LIABILITY AND MUST BE REPORTED IN THE BALANCE SHEET

(d) Gain on repurchase of debt ⇒ SHOULD BE REPORTED IN THE INCOME STATEMENT AS PART OF OTHER GAINS AND LOSSES

(e) Mortgage payable (payable in equal amounts over next 3 years) ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LIABILITIES (UNDER CURRENT AND LONG TERM LIABILITIES)

(f) Debenture bonds payable (maturing in 5 years) ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LONG TERM LIABILITIES

(g) Notes payable (due in 4 years) ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LONG TERM LIABILITIES

(h) Premium on bonds payable ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LIABILITIES (REDUCES BONDS PAYABLE)

(i) Bonds payable (due in 3 years) ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LONG TERM LIABILITIES

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Listed below are several transactions. For each transaction, indicate whether the cash effect of each transaction is reported in

Scilla [17]

Answer:

Transaction Type of Activity Cash Inflow or

Cash Outflow

1 Payment of employee salaries Operating Cash outflow

2. Sale of land for cash Investing Cash Inflow

3. Purchase of rent in advance investing Cash outflow

4.Collection of an account receivable Operating Cash inflow

5.Issuance of common stock Financing Cash inflow

6.Purchase of inventory Operating Cash outflow

7.Collection of notes receivable Investing Cash inflow

8.Payment of income taxes Operating Cash outflow

9. Sale of equipment for a note recei. Non cash No effect

10. issuance of bonds Financing Cash inflow

11. Loan to another firm Investing Cash outflow

12. Payment of a long term note pay. Financing Cash outflow

13. Purchase of treasury stock Financing Cash outflow

14. Payment of an account payable Operating Cash outflow

15. Sale of equipment for cash Investing Cash inflow

Explanation:

Statement of cash flows shows the cash generated and expended by an entity during an accounting period. The statement divides the inflow and outflow of cash into three sections: operating, investing and financing activities.

Operating activities contain activities relating to cash inflow and outflow of entity`s primary operation during a given year. Example of this inflow and outflow are cash receipt from customers and cash payment to vendors.

Investing activities contain activities relating to entity`s investment in assets. Example includes cash received from disposal of an asset.

Financing activities contain activities relating to entity`s relationship with provider of capital like equity owner and debt holder.

Cash inflow refers incoming of cash into the business. Example includes cash received from customers. Cash outflow refers to outgoing of cash from the business. Example includes cash paid to vendors.

3 0

3 years ago

1. What area of law protects the sale of a home?

Naily [24]

1 contract law

2 Something of value must be exchanged between the parties.

3 civil law

Why is the law important?

Laws are created for protect our general safety, and ensure our rights as citizens against abuses by other people, by organization's, and by the government itself. We have laws for help provide to our general safety.

How many kinds of Laws?

Natural or Moral Laws: Natural laws are the belief that certain laws of morality are inherent by human nature, reason, or religious belief.

Scientific Laws
Imperative Laws
Common Laws
Criminal Laws

Learn more about Law here brainly.com/question/6590381

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4 0

2 years ago

Characteristics of Production Process, Cost Measurement Vince Melders, of EcoScape Company, designs and installs custom lawn and

Ugo [173]

Answer:

1) Job-order costing

2)$ 7.2 per direct labor hour

3)$ 7.941 per direct labor hour

4)Cost of installation= $ 4108.23

Explanation:

In job order costing the cost accounting procedures are designed to assign costs to each job. Then the costs assigned to each job are averaged over the units of production in the job to obtain an average cost per unit.

A process costing system accumulates all production costs for a large number of units of outputs and then these costs are averaged over all the units.

1) As each job is different, requiring different materials and labor for installing the systems Job-order costing will be used.

2) If normal costing is used then the Overhead cost are $50,328

Number of direct labor hours are 6,990

The overhead rate=Overhead costs/ Number of direct labor hours

The overhead rate=$50,328/6,990= $ 7.2 per direct labor hour

3) The average actual wage rate = Actual Overhead costs / Number of direct labor hours

The average actual wage rate = $48,043.05/ 6,050=$ 7.941 per direct labor hour

4) Direct materials=$3,540

Direct labor hours= 30

Actual Direct Labor rate = ($66,550/6,050 )= $ 11

Direct Labor = ($66,550/6,050 )*30 =11*30=$ 330

Overheads 30 *7.941= $ 238.23

Cost of installation= $3,540 +$ 330+$ 238.23= $ 4108.23

5 0

3 years ago

Which of the following can increase your credit card’s APR

poizon [28]

Paying off the full balance.

As a guidelines, your Credit Card APR will be increased if you are responsible in paying all your credit and show that you are a good user.

3 0

3 years ago

Paula Reid is the manager at the Miami office of the U.S. Secret Service who set in motion a major prostitution scandal by repor

Elan Coil [88]

Answer:

The answer is: She used the justice approach, realizing that the greater good is served because people learn to help each other in their own interest.

Explanation:

Justice approach: an ethical decision is a decision that distributes benefits and costs (or punishments) among those involved in a fair, equitable, and impartial way.

Paula used this approach because she believed the agents had acted improperly and that they were harming the US Secret Service.

I consider any organization a team, so in order for it to work well its members must be respected both by their peers and by the other teams´ members. If you consider the various types of activities this specific agency carries out, other not so friendly "teams" (other secret services or even terrorists) could use this type of information to damage or compromise those activities. So the well being of all the country was being jeopardized by a group of bad agents.

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3 years ago