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3 years ago

For each item below, indicate to which category of elements of financial statements it belongs.

Business

1 answer:

Elina [12.6K]3 years ago

4 0

Answer:

(a) Retained earnings – EQUITY

(b) Sales – REVENUES

(d) Inventory – ASSETS

(e) Depreciation – EXPENSES

(f) Loss on sale of equipment – EXPENSES

(g) Interest payable – LIABILITIES

(h) Dividends – EQUITY

(i) Gain on sale of investment– REVENUES

(j) Issuance of common stock – EQUITY

Explanation:

ASSETS - Inventory: A set of goods destined for sale in the main activity of the company

LIABILITIES - Interest payable: interests whose period has already expired and therefore is a debt

EQUITY - Retained earnings: positive results that the company has given a particular destination (for example, the purchase of a fixed asset, therefore they will not be distributed) - Additional paid-in capital: When issuing the shares, the shareholders pay more than the nominal value of the share. In this account, this additional value is placed - Dividends: earnings reserved for distribution among shareholders - Issuance of common stock: nominal value of shares when issued

REVENUES - Sales: income obtained from the main activity of the company - Gain on sale of investment: results obtained by investments that the company has .

EXPENSES - Depreciation: Represents the wear and tear of the use of fixed assets over time - Loss on sale of equipment: When a fixed asset is sold and its net book value (historical cost - accumulated depreciation) is lower than that obtained by its sale, the loss for this operation is placed in this account

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3 years ago

Acme Home Lending offers home equity loans up to 80% of the home value for its customers. If Sally Johnson has a home valued at

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Answer:

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Explanation:

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As per given data

Home value = $200,000

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3 years ago

Four roommates are planning to spend the weekend in their dorm room watching old movies, and they are debating how many to watch

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On December 31, 2018, the balance in Megan's Products Accounts Receivable was $680,000 and net credit sales amounted to $3,800,0

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Answer:

Bad Debt Expense ($40,000 - $3,200) $36,800

To Allowance for Doubtful Accounts $36,800

(Being the bad debt expense is recorded)

Explanation:

The adjusting entry is shown below:

Bad Debt Expense ($40,000 - $3,200) $36,800

To Allowance for Doubtful Accounts $36,800

(Being the bad debt expense is recorded)

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4 years ago

In one hour, the United States can produce 25 tons of steel or 250 automobiles. In one hour,Japan can produce 30 tons of steel o

MArishka [77]

Answer:

Option (D) is correct.

Explanation:

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Can produce 25 tons of steel or 250 automobiles,

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In Japan:

Can produce 30 tons of steel or 275 automobiles,

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Therefore,

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3 years ago