The cost of goods purchased for the period is $90,000 having the required account balances .
<h3>Account balances </h3>
An account balance is the amount of money present in a financial repository, such as a savings or checking account, at any given moment. The account balance is always the net amount after factoring in all debits and credits. An account balance that falls below zero represents a net debt—for example, when there is an overdraft on a checking account. For financial accounts that have recurring bills, such as an electric bill or a mortgage, an account balance may also reflect an amount owed.
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The lab assistant who played a critical role in creating some
of the first moving pictures is W.K.L (William Kennedy Laurie) Dickson. Dickson was a Scottish
inventor who assisted Edison. Dickson, at the age of 19, first attempted to
work for Edison but he was turned down. It was in 1883 when he finally got to
work for Edison in his laboratory in Menlo Park, New Jersey. Thomas Edison, in
the year 1888, presented a device that would do “for the Eye what the phonograph does for the
Ear". Edison initially filed a preliminary claim on the device
called caveat. It was in 1889 that the Kinetoscope, a motion device was also
filed for the official claim. It was Dickson who was given the assignment of
turning the concept into a reality.
Answer and Explanation:
The Journal entry is shown below:-
1. Equipment Dr, $90,000
Accounts receivable Dr, $44,300
($48,000 - $3,700)
To Accumulated depreciation -equipment $1,900
To Barton's capital $132,400
(Being Barton capital contribution in the form of accounts Receivable and equipment as per agreed terms is recorded)
2. Cash account Dr, $28,300
Merchandise Inventory Account Dr, $60,500
To Fallows’s Capital Account $88,800
(Being Fallows capital contribution in the form of merchandise inventory and cash as per agreed terms)
Answer:
$663.420
Explanation:
The value for the investment is the future of $1000, earning a compound interest of -5% for eight years.
The formula for compound interest is as below.
FV = PV × (1+r)^n
Fv = $1000 x ( 1 + (-5/100)^8
Fv= $1000 x (1 +(-0.05)^8
FV= $1000 x (0.95)^8
Fv=$1000x 0.6634204
Fv=$663.420
The value will be $663.42
To review and report on internal controls over sales, purchasing and cash at Downe, your external audit firm should develop points for inclusion in your firm's report on identified internal control deficiencies at Downe.
In the cases described, the central deficiency is in the use of money not specifically allocated for payments and lack of adherence to company policy.
The consequences of these actions at Downe can mean a lack of control, organization and coordination of the flow of income and expenses, leaving businesses without correct records of capital utilization, legal compliance and inventory control.
It will therefore be necessary to restructure Downe's processes in order to implement a new policy that is passed on to all employees to be strictly enforced. In addition to greater control by managers and redesign of the organizational and work structure.
In this way, the company will guarantee that the processes occur in a planned, focused and strategic way, generating an improvement in the organizational culture and better positioning for the company in the market.
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