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2 years ago

Powers Rental Service had the following items that require adjustment at year-end.

Business

1 answer:

kirill [66]2 years ago

7 0

Answer:

a. Accounts Receivable (Dr.) $9,880

Sales (Cr.) $9,880

If not adjusted it will have impact on revenue in Income statement being understated and Receivables being understated in the balance sheet by the amount of $9,800.

b. Notes Receivable (Dr.) $650

Interest Income (Cr.) $650

If not adjusted this will have effect on Income statement in the incomes being understated and ultimately decrease in net income and in balance sheet it will understate the receivables (assets) by the amount of $650.

Explanation:

<u>1. Adjusting Entries </u>

a. Accounts Receivable (Dr.) $9,880

Sales (Cr.) $9,880

b. Notes Receivable (Dr.) $650

Interest Income (Cr.) $650

2. If a. is not adjusted it will result in understatement of accounts receivables ultimate effect on assets side of the balance sheet and sales (revenue) will also be understated and will have ultimate effect on income statement by the amount of $9,880.

If b. is not adjusted this will have effect on income statement in a decrease in net income and in the balance sheet receivables will be declined by the amount of $650 on the assets side.

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Answer:

The answer is true.

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3 years ago

If potential GDP is equal to $600 billion, what does the long-run aggregate supply curve look like?A) It is a horizontal line at

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Answer:

C) It is a vertical line at $600 billion of GDP

Explanation:

Aggregate supply is the total value of goods and services that companies established in a country are willing to produce and sell for each price level over a given period of time. It is therefore the sum of the supply curves of each firm.

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3 years ago

Cities with populations of more than 5,000 may adopt ______ that establish any organizational structure or program that does not

AlekseyPX

Any organizational structure or program that does not contravene state law or the constitution may be established by home-rule charters in cities with a population more than 5,000.

A home rule charter essentially creates the structure of the local government and lays out its rights and obligations. Home rule for a county or municipality allows for any activity that is not specifically forbidden by the state constitution, the General Assembly, or the charter itself.

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1 year ago

Baldwin Company had 40,000 shares of common stock outstanding on January 1, 2016. On April 1, 2016, the company issued

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Answer:

B.56,667.

Explanation:

For computing, the number of shares, the following computations are required which are shown below

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