What does this sign mean?

You first look at the trial balance. In addition to the account balances reported in the income statement, the ledger contains t

Greeley [361]

Answer:

rent revenue 21,500 debit

unearned revenue 21,500 credit

--to amend incorrect recognition of revenue--

Supplies expense 4,070 debit

Supplies 4,070 credit

--to record use of supplies--

Insurance expense 1,875 debit

Prepaid Insurance 1,875 credit

--to record use of supplies--

advertizing expense 150 debit

repair expense 1050 debit

utilities expense 200 debit

account payable 1,400 credit

--to record accrued expenses--

wages expense 810 debit

wages payable 810 credit

--to record accrued wages--

interest expense 420 debit

interest payable 420 credit

--to record accrued interest--

Explanation:

#1 unearned revenue

The company should not recognize the summer-month occupancy as this occurs between April and June thereofre it is unearned The company has an obligation to perform. To give the rental space thus it is a liability not earnings.

#2 Supplies adjustment:

Jan 1st $4,600 - March 31st $530 = $4,070 supplies expense

#3 expired insurance:

value per month: $7,500 / 12 months = 625

month expired between Jan 1st and March 31st: 3

total value f expired insurance: $625 per month x 3 month = 1,875

#4 accured expenses concetps were incurred and we most recognize them

#5 each day $270 times 3 days accrued = 810 total wages accrued

#6 accrued interest expense: principal x rate x time

$21,000 x 0.08 x 3/12 = $420

3 0

3 years ago

Omnimenium, an automobile company, incurred a debt of $20 million for the fiscal year of 2016. The company used that money with

Mrrafil [7]

Answer:

Leverage Ratios

Explanation:

Leverage ratios signify the proportion of debt. The purpose behind calculating such ratios and their interpretation being to assess an entity's reliance on debt for raising long term capital.

Debt to investments ratio would be the proportion of debt used in the total investment made by a company.

Debt to investments ratio is computed as : $\frac{Amount\ of \ debt\ used}{Total\ investments }$

In the given case, the company utilized it's funds from debt to the tune of $20 million for it's investments in buying out another company.

Total investments = $ 20 million in debt + $20 million own funds i.e retained profits = $40 million

Out of $40 million, $20 million has been financed by debt.

Thus, Debt to investments ratio is 0.5.

Lower the debt to investment ratio, better it is for the company since lower will be interest and principal repayment obligations.

3 0

3 years ago

Select items that affect incentives for people to produce and exchange goods and services.

Finger [1]

The items that affect incentives for people to produce and exchange goods and services are:

liability rules
property rights
contract enforcement

These factors will hinder the exchange of goods and services to people.

8 0

3 years ago

Read 2 more answers

Assume PRC Corp., an equipment distributor, sells a piece of machinery with a list price of $600,000 to ACH Inc. ACH will pay $6

katen-ka-za [31]

Answer:

b. $600,000

Explanation:

The company has to record as revenue the product at the list price, then if exist a special discount on the price list, it must be record as discount applied to products in the Income Statement, separate of Revenue or Gross Sales.

The price that the company ACH pay by the product ($650,000) it's not at change on the price if not due to the payments term which is one year later, so the company ACH has to pay a financial cost because the payment will be made one year later.

6 0

3 years ago

If you are a jury member, which of these are topics you might discuss with the other jurors during trial? (Select all that

xeze [42]

Answer:

Information you know from listening to testimony of the case.

Opinions you have from talking to other jurors during the trial.

Opinions you have from seeing evidence during the trial.

Explanation:

A jury member or a juror is a member of a society who is selected to form a body of people who are sworn to act as interpreters of a court case. The jury body consists of 12 citizens selected by the court to act as an extra hand in solving a case, while at the same time, looking through evidence and statements given by the people involved in the case.

A jury member is not allowed to go home or talk about the case until it gets resolved. Their main job is to talk within themselves about the case, provide information from the testimony of the case, and share opinions with each other. They can also discuss their opinions after seeing the evidence presented in court. Such topics are allowed to be discussed within themselves so as to act as a 'judging' body in the case.

7 0

3 years ago