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3 years ago

Peterson Company's general ledger shows a cash balance of $7,440 on May 31.

Business

1 answer:

marysya [2.9K]3 years ago

4 0

Answer:

Amount in $

Balance per bank 7,820.00

cash receipt 1,200.00

NSF Check 110.00

Service charge 70.00

Unpresented check - 1,760.00

Balance per cash account <u> 7,440.00 </u>

Balance per cash account 7,440.00

Adjusting entries

NSF Check - 110.00

Service fee - 70.00

Adjusted cash balance <u>7,260.00 </u>

Explanation:

The NSF check and service fee are the only transactions yet to be adjusted for in the cash account balance as at 31 May. These are the only transactions to be considered in arriving at the cash account balance.

Other transactions such as unrecorded check and cash receipts have been reflected in the cash account.

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Suppose Antonio and Caroline are playing a game in which both must simultaneously choose the action Left or Right. The payoff ma

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Caroline to choose right

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Explanation:

Interpreting the payoff matrix:

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3 years ago

Which statement represents most correctly the relationship between nominal GDP and real GDP?

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Answer:

The answer is: C) Nominal GDP measures current production using current prices, whereas real GDP measures current production using base-year prices.

Explanation:

Nominal GDP measures the production of total finished products and services within a country during a particular period using the current prices of the products and services. Real GDP measures the production of total finished products and services within a country during a particular period using base-year prices of the products and services.

Nominal GDP doesn't take in account inflation, while real GDP is adjusted by inflation. Nominal GDP is also higher than the real GDP since recent prices are higher than the base-year prices (due to inflation). Real GDP can be used to compare the economy's evolution over periods of time.

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2 years ago

Simpson and Homer Corporation acquired an office building on three acres of land for a lump-sum price of $3,350,000. The buildin

Volgvan

Answer:

Building = $1,340,000

Land = $1,675,000

Furniture and fixtures = $335,000

Explanation:

This is an example of Basket Asset Purchase whereby a number of assets purchased as one package.

Initial value of each asset is are determined by the Basket Asset Purchase based on their relative fair market value as follows:

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Therefore, the initial values of the building, land, and furniture and fixtures would be $1,340,000, $1,675,000, and $335,000 respectively.

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3 years ago