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3 years ago

Credit sales are recorded by crediting an accounts receivable.

1 answer:

8 0

The answer to the sentence above is false based on the transaction above. Account Receiveable is an asset account which has "debit" as its natural balance. Recording credit sales will increase the account receivable balance and sales balance, thus an increase in account receivable balance occurs on the debit side.

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Are outstanding credit card balances counted as part of the money supply?

V125BC [204]

Credit card balances are not counted as part of the money supply, because credit card balances reflect funds that have been borrowed. Unlike money, they cannot be used as a means of payment. The M1 supply contains coins, paper currency, demand deposits, other checkable deposits, and traveler's checks. So, outstanding balances on credit cards is not a component of the M1 money supply.

3 0

3 years ago

Skysong Industries acquired two copyrights during 2020. One copyright related to a textbook that was developed internally at a c

Bezzdna [24]

Answer:

Explanation:

The question is asking fro the Reporting of the two copyrights in Skysong's balance sheet as at December 31,2020

Assumption: The first copyright was developed internally while the second copyright was purchased from the University Press

Based on this assumption, therefore,

For Copyright one: Since it was developed internally, it will not reflect in the balance sheet, it will not be recognized as an asset because it does not have any separate legal rights different from the organisation that developed it. As such it will be recorded in the Income statement as an expense

For Copyright two: This is an intangible asset with an indefinite number of useful life. Hence, $32,000 will be reported in the balance sheet as an intangible asset but the cost will only be tested for impairment and not amortized.

3 0

3 years ago

The financial markets are a relatively new technological development created in the last 50 years.

Thepotemich [5.8K]

Answer:

False

Explanation:

Wall Street, which is one of the most famous financial markets in the US was established in 1792. In Europe, financial markets exist since the middle ages. Modern banking started in Italy in the 12th century.

Telecommunications improved how financial markets work during the 20th century and expanded their reach, but they are almost 900 years old.

8 0

3 years ago

ABC Corporation uses the weighted-average method in its process costing system.

Troyanec [42]

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

Download xlsx

7 0

3 years ago

Hula’s Heavyweights, Inc., is a company that manufactures forklifts. During the year, Hula’s purchased $1,450,000 of direct mate

ki77a [65]

Answer:

Ending Inventory = $ 270,000

Explanation:

Hula’s Heavyweights, Inc.

Forklifts Manufacturers

Ending Balance In Inventory Account

Hula's beginning Balance = $ 320,000

Add Direct Materials Purchased = $ 1,450,000

Material Available for use= $ 1770,000

Less Direct Material issued for production = $ 1500,000

Ending Balance in Inventory Account = $ 270,000

The ending inventory of Hula's Heavyweight , Inc., is $ 270,000

5 0

3 years ago