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3 years ago

Match the following:

Business

1 answer:

alexira [117]3 years ago

4 0

Answer:

The match is as follow

1. Posting ⇒ E. Copying data from the journal to the ledger

2. Expense ⇒ A. The cost of operating a business; a decrease in stockholders' equity

3. Debit ⇒ K. Left side of an account

4. Trial Balance ⇒ L. The book of accounts and their balances

5. Equity ⇒ F. Assets - Liabilities

6. Net Income ⇒ G. Revenues - Expenses

7. Receivable ⇒ B. Always an asset

8. Chart of Accounts ⇒ H. Lists all accounts with their balances

9. Payable ⇒ I. Always a liability

10. Journal ⇒ D. Lists a company's accounts and account numbers (no account balances in this item)

11. Normal Balance ⇒ C. Side of an account where increases are recorded

12. Ledger ⇒ J. Record of transactions

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Flannery Corporation owns machinery with a book value of $520,000. It is estimated that the machinery will generate future cash

Aleonysh [2.5K]

Answer:

(d)$105,000.

Explanation:

Since the book value is more than the generated future cash flows so book value cannot be recovered. In this case, the generated future cash flows are ignored

In this scenario, we compare the values between book value and the fair value of machinery, the difference would be the loss on impairment of the asset

In mathematically,

= Book value of machinery - fair value of machinery

= $520,000 - $415,000

= $105,000

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3 years ago

A(n) __________ contract is a contract in which one or both parties has the ability to either withdraw from or enforce the contr

Lera25 [3.4K]

Answer:

Voidable Contract

Explanation:

Voidable Contract

This is a type of contract or legal agreement in which any of the parties involved or the both parties may chose to render it unenforceable for a given number of reasons. This type us different from a void contract in that, it is a valid contract which may either be affirmed or rejected by both or either parties.

Some reasons that may lead to the withdrawal of the contract are misinterpretation, coercion and fraud etc.

It is a valid contract that can be declared invalid. It is different from VOID as earlier pointed out as a void contract cannot be enforced by either party. Examples of voidable contract are found in real estate contract, lawyer contract and so on.

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3 years ago

Read 2 more answers

What report lists each vendor, the balance due to each vendor, and the total amount due to each vendors?

Lena [83]

Answer: D. schedule of accounts payable

Explanation: The schedule of accounts payable is a list of all vendors which includes their names, amount payable and due date.

It is also a schedule detailed from the account payable ledger.

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3 years ago

Suppose that you have found the optimal risky combination using all risky assets available in the economy, and that this optimal

kiruha [24]

Answer:

Explanation:

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2 years ago

Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with informatio

MrRissso [65]

Answer:

Cost of completed WIP: 30,240

Total cost of tranferreed-out: 729,990

Explanation:

We assume it works with weighted-average process costing

Beginning 9,000 50% = 4,500 $22,050

Finished goods 207,000 units

Direct Materials 212,000 units at $1.6

Direct labor $276,000

Overhead $ 107,400

Total Overhead $383,400

started 212,000 units

finished 207,000 units

ending 5,000 units at 75%

EU Conversion Cost 207,000 + 5,000 x 75% = 210,750

Cost per equivalent unit: 383,400 / 210,750 = 1,819217

Cost of beginning WIP comepleted

22,050 beginning + 1.82 x 4,500 = 30,240

Cost of the units transferred to finished goods:

22,050 beginning WIP balance

+ 207,000 x $1.6 materials

+ 207,000 x $1.82 conversion cost

Total: 729,990

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3 years ago