1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
raketka [301]
3 years ago
8

Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transa

ctions would have upon cash and net income.
a. Purchased $125 of supplies for cash.
b. Recorded an adjusting entry to record use of $45 of the above supplies.
c. Made sales of $1,220, all on account.
d. Received $850 from customers in payment of their accounts.
e. Purchased equipment for cash, $2,500.
f. Recorded depreciation of building for period used, $610.
Business
1 answer:
sweet-ann [11.9K]3 years ago
6 0

Answer:

Explanation:

Net income is the summation of all revenue generated substracted from all costs such as tax, interest and others it is the profit made.

Cash flow is the amount that the producer needed to spend when stating an accounting section romove from amount needed at the end of that accounting section.

Whenever transactions are carried out,

Cash flow and net income can be affected in ways that are not the same, once goods is sold the net income is noted by the manufacturer, let say he sell goods of $400 to a retailer if the retailer doesn't pay instantly, it mean the manufacturer has $400 cash less.i.e net income

a. Purchased $125 of supplies for cash.

Answer:

✓There is decrease in cash by $125

✓There is no change as far as Net Income is concerned here.

b. Recorded an adjusting entry to record use of $45 of the above supplies.

Answer:

✓There is No change to Cash here,

✓The net income is is decreased by $45.

c. Made sales of $1,220, all on account.

Answer:

✓There is No change to Cash here,

✓The Net Income is increased by $1,220

d. Received $850 from customers in payment of their accounts.

Answer:

✓ There is Cash increase, by. $850 ,

✓ There is No change to Net Income

e. Purchased equipment for cash, $2,500.

Answer:

✓There is Cash is decreased by $2,500

✓ There is no change to Net Income

f. Recorded depreciation of building for period used, $610.

Answer:

✓ There is No change to cash,

✓ there is decrease in Net income by

$610

You might be interested in
8. Governments usually build highways because it is difficult to exclude individuals who don't pay for the highways from using t
Mademuasel [1]

Answer:

public good

Explanation:

Based on the information provided within the question it can be said that the type of failure that is involved is known as a public good. This term refers to a good that can benefit various individuals but is not excludable to anyone based on whether they can pay or not. Such as the highways being built, since they cannot prevent individuals who do not pay from using it.

3 0
2 years ago
Required information Skip to question [The following information applies to the questions displayed below.] The December 31, 202
Furkat [3]

Answer and Explanation:

The preparation of the income statement is presented below:

Service Revenue 340,000

Less:

Salaries Expense 240,000

Rent Expense 12,000

Depreciation Expense 24,000

Interest Expense 3,400

Net income $60,600

Hence, we simply deduct the expenses from the service revenue so that we get the net income

8 0
3 years ago
Monetary policy is defined​ as: A. The actions the Federal Reserve takes to manage tax policy and interest rates. B. The actions
yaroslaw [1]

Answer:

D) The actions the Federal Reserve takes to manage the money supply and interest rates.

Explanation:

The Federal Reserve System (FED) is an autonomous government entity of the United States of America that functions like a central bank. Its main responsibilities are to manage the nation's money supply (the total amount of money in the economy) and establish federal interest rates (interest yielded by T-bills, T-notes and T-bonds).

6 0
2 years ago
The __________ provides the same results as a check because it withdraws funds from a checking account.
Paul [167]

Answer:

Option B: Debit card

Explanation:

Checking account is simply a type of an account which helps it users to be able to pay bills. It is an account into which an individual can deposits money and from which an individual also withdraws money by the use of check (writing checks) or using a debit card.

A debit card is a type of withdrawal card that helps an individual to withdraw cash from an ATM or to pay directly for goods or services at stores and restaurants and others. It is also defined as a plastic card used to withdraw cash from a checking account or make payments electronically without having to write a check.

6 0
2 years ago
When a serious customer injury occurs due to product contamination, you need to make contact with your DL and QA within
klemol [59]

Serious injuries due to product contamination need to be reported within a day or 24 hours to DL and QA

Product contamination occurs as a product is in contact with a chemical, bacteria, fungi, etc., or any other substance that is not part of the regular composition of the product.

Product contamination is a serious issue that can lead to disease, accidents, and even death. Due to this, if product contamination occurs and this causes an injury this needs to be reported as soon as possible, usually within 24 hours.

This is important because the company that produces the product can:

  • Provide a solution or compensation to victims.
  • Find the cause of contamination.
  • Prevent serious injuries in other users.

Moreover, this should be reported to areas such as Quality Assurance (QA) that verify the quality of products.

Learn more in: brainly.com/question/2600140

7 0
2 years ago
Other questions:
  • The model where the leader takes a hands-off approach is called a(n) _______________.
    10·2 answers
  • Reasons why estimating time and cost are important include all of the following EXCEPT:_________
    11·1 answer
  • Total revenue minus explicit and implicit costs is called ::
    15·1 answer
  • An asian buyer meets with a broker and asks to be shown homes. if she doesn't ask to see homes in areas with no asian residents,
    9·1 answer
  • If the expected proportionate change in the nominal exchange rate, measured in units of domestic currency per unit of foreign cu
    12·1 answer
  • What is the process of determining the present value called?
    7·1 answer
  • At the beginning of the current season on April 1, the ledger of Flint Hills Pro Shop showed Cash $2,500; Inventory $3,500; and
    13·1 answer
  • Joe is self-employed in a store that has a rental value of $500 a month which he pays, but he can vacate the building without gi
    7·1 answer
  • Any one Indian here I'm from India.​
    13·1 answer
  • Assuming noah made 6-month payments on its wood purchases from indonesia, what is the schedule of foreign currency amounts over
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!