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3 years ago

For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance.

Business

1 answer:

Brilliant_brown [7]3 years ago

8 0

Answer and Explanation:

As we know that

The assets, expenses, and the dividend contains the debit normal balance while the liabilities, revenues and the stockholder equity contains the credit normal balance

Based on this, the classification are as follows

Particulars Debit Effect Credit Effect Normal Balance

(1) Salaries and Wages Expense Increase Decrease Debit

(2) Accounts Receivable Increase Decrease Debit

(3)Service Revenue Decrease Increase Credit

(4) Dividends Increase Decrease Debit

(5 Retained Earnings Decrease Increase Credit

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2 years ago

Chico Company paid $560,000 for a basket purchase that included office furniture, a building and land. An appraiser provided the

s2008m [1.1K]

Answer: $110,432

Explanation:

The cost allocated to the Office furniture is the percentage of total appraised cost * the price paid for the basket purchase because it shows what proportion of the Basket Purchase should be ascribed to the Office furniture.

Total Appraised value = 140,000 + 460,000 + 110,000

= $710,000

Office furniture Proportion = 140,000/710,000

= 0.1971830985

=0.1972

Amount to be allocated to Office furniture = 0.1972 * 560,000

= $110,432

$110,432 should be allocated to the office furniture.

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3 0

3 years ago

Why is net income lower than gross income?

Rudik [331]

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3 years ago

You sell one Huge-Packing August 50 (strike price) call contract and sell oneHuge-Packing August 50 put contract. The call premi

vladimir1956 [14]

Answer:

The strategy only pays off when the stock price in August is between $44.25 and $55.75. Thus, the answer is b.

Explanation:

The investor net gain on premium from option is $1.25 + $4.5 = $5.75.

The investor has to obligation to buy at $50 and obligation to sell at $50 in August.

As a result, Investor paid-off is described according to the spot price, denoted as x, of Hug-Packing in August as below:

Spot price <$50: 5.75 - (50 - x) = x - 44.25

Spot price = $50: $5.75

Spot price > $50 : 5.75 - ( x -50) = 55.75 - x

Thus, the strategy will pay off only when:

(x - 44.25) > 0 and (55.75 - x) <0 or x is between $44.25 and $55.75.

Thus, the answer is b.

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4 years ago