Answer:
The answer is attached for ready reference
Explanation:
Please note no effect for depreciation is taken as it is non cash item.
The may ending balance is having a surplus of $103,300
Answer:
0%
Explanation:
Given that,
Growth rate of money supply = 3% per year
Real GDP growth rate = 3% per year
Velocity = Constant
According to the quantity growth theory of money,
M + V = P + Y
where,
M = Growth rate of money supply
V = Velocity
P = Inflation rate
Y = Real GDP growth rate
M + V = P + Y
3% + 0 = P + 3%
3% - 3% = P
0% = P
Therefore, the inflation rate is 0%.
Answer:
$1,050,000
Explanation:
Calculation to determine what the company should report as a liability for unredeemed coupons
Liability for unredeemed coupons =($800,000 x 0.70 ) - $350,000 ) x $5.00
Liability for unredeemed coupons=($560,000-$350,000)×$5.00
Liability for unredeemed coupons=$210,000x $5.00
Liability for unredeemed coupons=$1,050,000
Therefore At December 31, 2021, the company should report a liability for unredeemed coupons of:$1,050,000
Answer:
(C) Debit Office supplies, $500; credit Accounts payable, $500
Explanation:
Businesses maintain the office supplies inventory of supplies and record the supplies purchased into this account and expense it afterward with the usage of inventory. In this question offices supplies purchased will be debited to office supplies account. As it is purchased on account so it will be credited to account payable account to make a liability against the transaction.
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