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schepotkina [342]
3 years ago
11

Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) owner’s equity:_______.

Business
1 answer:
ale4655 [162]3 years ago
7 0

Answer:

a. accounts payable -liability

b. cash -asset

c. fees earned -owner’s equity

d. land -asset

e. supplies -asset

f. wages expense- owner’s equity

Explanation:

Accounts payable is an obligation payable to the supplier,hence,it is a liability.

Cash is an asset of the business which is used in purchasing other assets such as inventory or trading securities.

Fees earned would increase retained earnings which is an integral part of the owner's equity

Land is a long-lived asset whose benefits would be derived in more than one year.

Supplies are assets of the business which are used in the business.

Wages expense reduces retained earning in owner's equity

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Sales revenue$ 4,000Purchases of direct materials$ 400Direct labor$ 450Manufacturing overhead$ 620Operating expenses$ 650Beginni
djyliett [7]

Answer:

Direct material used= $420

Explanation:

Giving the following information:

Sales revenue= $4,000

Purchases of direct materials= $400

Direct labor= $450

Manufacturing overhead= $620

Operating expenses= $650

Beginning raw materials inventory= $200

Ending raw materials inventory= $180

Beginning work in process inventory= $320

Ending work in process inventory= $410

Beginning finished goods inventory= $250

Ending finished goods inventory= $200

Direct material used= ?

Direct material used= beginning inventory raw material + purchase - ending inventory raw material

Direct material used= 200 + 400 - 180= $420

5 0
3 years ago
Objectives of financial reporting to external investors and creditors include preparing information about all of the following e
sveta [45]

Answer:

Information used to determine which products to produce

Explanation:

Determination of products whose production is not yet decided is a managerial issue, and it is part of internal information that should be not delivered to external parties. Furthermore, this data usually is not accurate, so sharing outside would not be even recommended for this sole reason.

3 0
3 years ago
Wild Trails Inc., an adventure resort in Texas, has 500 shares of outstanding common stock and has not issued any preferred stoc
erma4kov [3.2K]

Answer:

$55

Explanation:

The earnings per share indicate the profit per outstanding stocks and it is calculated by dividing the net income by the number of shares of outstanding stocks. According to this,

Earnings per share= $27,500/500

Earnings per share= $55

Wild Trails Inc.'s earnings per share (EPS) is $55.

7 0
3 years ago
"Dan Druff Shampoo has 1,000,000 shares of common stock authorized with a par of $1 per share, of which 500,000 shares are outst
hram777 [196]

Answer:

Debit : Dividends $50,000

Credit : Cash $50,000

Explanation:

Dividend calculation = 500,000 shares x $1 x 1/10 = $50,000

To record the dividend, the following entry is made :

Debit : Dividends $50,000

Credit : Cash $50,000

8 0
3 years ago
MC Qu. 36-46 (Algo) Answer the question...
Afina-wow [57]

Answer:

sorry I was just wondering if you want to be a good

6 0
3 years ago
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