All categories

3 years ago

Classify each of the statements as true or false.

Business

1 answer:

Tasya [4]3 years ago

7 0

Answer

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

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.

You might be interested in

The following totals for the month of April were taken from the payroll register of Magnum Company. Salaries $12,000 Social Secu

Novosadov [1.4K]

Answer:

d. credit to Salaries Payable for $8,600

Explanation:

<em>The journal entry would be as follows.</em>

Magnum Company

Payroll Journal

Particulars Debit Credit

Salaries $12,000 Debit

Federal Income taxes withheld 2,500 Credit

Social Security & Medicare taxes withheld 900 Credit

Salaries Payable $8,600 Credit

Unemployment taxes are paid by the employer . They are not deducted from the employees' wages . They include both the federal and state taxes.Social Security & Medicare taxes withheld $ 900 include the Social Security & Medicare taxes $ 900.

6 0

3 years ago

EastSide Tractors is an American firm that manufactures construction and farming machinery. A construction company in Germany ha

Lera25 [3.4K]

Answer: Cash in advance

Explanation: Cash in advance is a type of payment that is used in some trade agreements.

This method of payment will require a buyer to pay the seller in cash before a shipment is received and sometimes before a shipment is even made.

Cash in advance is a strategic form of payment that can be used in any transaction in where there is a delay between the sales agreement and the sales delivery.

In the scenario given in the question, we can see that the German company has already placed an order, but the company has also caused a delay in the transaction by requesting for extra modifications.

This will prompt EastSide Tractors to feel the need to safeguard their interests in case the German company should default. This is why a Cash in advance payment system will come into play.

7 0

3 years ago

Read 2 more answers

The actual cash received from cash sales was $3,930 and the amount indicated by the cash register total was $3,880. the journal

Nuetrik [128]

The actual cash received from cash sales was $14,356 and the amount indicated by the cash register total was $14290

a.what is the amount deposited in the bank for the day's sales?

14,356
Because this is the amount which is actually received by sales

b.What is amount recorded for the day's sales?

14,290
Because this is the amount which has been recorded in the cash register.

c.How should the difference be recorded?

Dr Cash 14,356
Cr Over/Short 66
Cr Sales 14,290

d. If a cashier is consistently over or short what action should be taken?

First of all we need to find out that whether the cashier is genuinely making mistakes or there is a case of theft.There would be some close monitoring. If they are just mistakes, maybe some extra mentoring in cash handling would help.

E5-18

Part a and b are informational and thus we dont have to do anything with them.

Part c and d are reconciling terms.

Parts e and f needs entries to adjust the company's books. For e there needs to be a debit to cash for the incorrect amount and a credit for the correct amount. For f there needs to be a credit to cash.

E.
(Dr) Cash in bank $540
(Cr) Accounts payable $540
$710 - $170

F.
(Dr) Bank charges $50
(Cr) Cash in bank $50

Bank reconciliation:
Cash balance per book $24,010
Add: error $540
Less: Debit memo $50
Adjusted book balance $24,500

Cash balance per bank $22,750
Add: Deposits in transit $9,100
Less: Outstanding checks $7,350
Adjusted bank balance $24,500

Hope you get it.

Get back to me in case you have any doubts.
I would be happy to help.

5 0

2 years ago

Marketing manager Ricki Stephens reviewed her marketing information system to learn who was buying her company's products and at

Rudik [331]

Answer:

Letter A is correct. <em>Data warehouse.</em>

Explanation:

Data warehouse acts as a digital data warehouse of the company, whose main purpose is to store relevant information about the organization so that through history it can provide reports that help the company in the decision making process according to the facts found.

The biggest benefits found in the database system are greater flexibility and control of information and research, and the creation of standards that correct data and coordinate and optimize system data to ensure greater effectiveness.

7 0

2 years ago

In a perfectly competitive market, the market supply curve is a. always a horizontal line. b. the vertical sum of all the indivi

gayaneshka [121]

Answer: C.) Horizontal sum of all the individual firm's supply curve

Explanation: A perfectly competitive market, is that in which sellers or suppliers of a certain product are numerous such that a slight increase in price, and demand could fall to 0. Here, an individual seller has no control over the price of commodities. The supply curve tells how much quantity will be produced at different prices. Therefore the market supply curve is determined by all individual sellers individual price in other to determine the overall quantity to be produced at varying market price. Prices are drawn horizontally from the y-axis to determine quantity produced at different prices for each indivudual seller which is summed to generate the market supply curve.

4 0

3 years ago

Read 2 more answers