Answer:
a. Account receivable and sales are understated.
Adjusting entry :
Accounts Receivable (Dr.) $21,000
Sales Revenue (Cr.) $21,000
b. Interest receivable is understated.
Adjusting Entry :
Interest Receivable (Dr.) $470
Interest Earned (Cr.) $470
c. Account receivable and sales are understated.
Adjusting entry :
Accounts Receivable (Dr.) $1,460
Sales Revenue (Cr.) $1,460
Explanation:
Adjusting entries will be created for the transactions that are not properly recorded or either completely not recorded. In the given case the customer is not billed for the services rendered. This has an impact on the asset account of the company because account receivable are understated.
<span>in the long run we would expect this tax cut to </span>C. increase the level of real GDP.
Tax cut will give the private sectors more resources to either increase the number of employees or buy materials for production.
Either decision will lead to an increase in overall productivity which will contribute to additional Gross Domestic Products.
Answer:
d. $55,600
Explanation:
Direct Labor = $34,000
Manufacturing Overhead Cost = $21,600
Conversion Cost = Direct Labor + Manufacturing Overhead Cost
Conversion Cost = $34,000 + $21,600
Conversion Cost = $55,600
So, the conversion costs during the month totaled $55,600.
Answer:
compared to a mixed economy, a market economy tends to benefit the consumers.
This is mainly because the government intervention and restrictions are minimum in a market economy, compared to a mixed economy in which the government plays a major part as an economic agent and a regulator.
A free market system's main aim is to enhance the competitions and the freedom of choice for the consumers.
However, in the real world scenarios, pure free market systems are difficult to be seen and most of the time, the economies are Mixed economies.
Even in USA's economy 40% of the economy consists of the government agencies and activities.
This is mainly due to the economic malpractices by the producers and corporations.
Explanation:
Answer:
$8,120
Explanation:
<em>To calculate the proceeds, the gross proceed less the discount charged by the bank. The gross proceed is the total amount that would have been received should the note is held to maturity.</em>
Gross proceed= P + (P×R×T)
P- 8,000 R- 6%, T- 10/12
Gross proceed = (8,000 + 8,000× 6%× 10/12)
= $8,400
Discount charges = Gross proceed × discount rate × time to maturity
Time to maturity = 10 - 5 = 5 months
Discount rate - 8%, Time- 5/12
Discount charges = 8400× 5/12× 8% = $280
Proceeds to be received = $8,400 - $280
= $8,120
