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k0ka [10]
3 years ago
6

The following is a list of accounts commonly seen in financial statements. Identify whether each account appears on the balance

sheet as an asset, a liability, or an equity account, or whether it appears on the income statement as a revenue or an expense.
a. Accounts Payable
b. Property, Plant. and Equipment
c. Cong-Term Debt
d. Cost of Goods Sold
e. Retained Earnings
f. Research and Development
g. Prepaid Expense
h. Common Stock
i. Accounts Receivable
Business
1 answer:
Anastasy [175]3 years ago
3 0

Answer:

Balance sheet:

Accounts Payable -Liability

Property, Plant. and Equipment -Asset

Long-Term Debt-Liability

Retained Earnings-equity account

Prepaid Expense -Asset

Common Stock -equity account

Accounts Receivable-Asset

Income statement:

Cost of Goods Sold-expense

Research and Development-expense

Explanation:

Property, plant and equipment , accounts receivable and prepaid expenses would appear on the asset side of the balance sheet.

Long-term debt and accounts payable are both liabilities since they are obligations owed to third parties while retained earnings and common stock are both equity account

Lastly,cost of goods sold and research and development cost are expenses in the income statement

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Answer:

(B) $38,446,000

Explanation:

Assuming a linear depreciation model, depreciation will occur at the same rate each year. Since the total after 15 years is 90% of the original value, the percentage depreciated per year is given by:

P= \frac{90\%}{15} \\P=6\%

The book value (V) of this purchase after the first year will be:

V=\$40,900,000*(1-0.06)\\V=\$38,446,000

Therefore, the answer is (B) $38,446,000

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3 years ago
Dan Dayle started a business by issuing an $80,000 face value note to First State Bank on January 1, 2018. The note had an 8 per
slavikrds [6]

Answer:

Explanation:

The interest expense would be

= Borrowing amount × annual rate of interest

= $80,000 × 8%

= $6,400

And, the principal would be

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= $20,037 - $6,400

= $13,637

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= $80,000 - $13,637

= $66,363

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= $66,363 × 8%

= $5,309

And, the principal would be

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3 years ago
with reference to relevant legislation , case law, and secondary sources briefly explain different functions of taxation
svetlana [45]

Answer:

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The correct word for the blank space is: Shareholders.

Explanation:

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3 years ago
Engineer Brown has been engaged in providing consulting engineering services for a number of years as a sole proprietor. Because
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Answer:

Engineer Brown has been engaged in providing consulting engineering services for a number of years as a sole proprietor. Because his practice was growing, he recently hired another engineer and decided to commence offering professional services under the name of Brown and Associates. In order to comply with the rules he must

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Explanation:

Since it is the same company but just with change of name changes, notification to the company he render services for is only needed to avoid confusion about the authenticity of the company

7 0
3 years ago
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