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goldenfox [79]
4 years ago
4

For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjus

tment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.)

Business
1 answer:
den301095 [7]4 years ago
7 0

Complete Question:

Check the attached file 1 and 2

Answer and explanation:

check the attached file 3 for well formatted answer to the question

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The general ledger of Pop's Fireworks includes the following account balances in 2021:
zimovet [89]

Answer:

June 3

Account Receivable $7,000 (debit)

Service Revenue $7,000  (credit)

June 8

Cash $4,500 (debit)

Discount allowed $500 (debit)

Accounts Receivables $5,000 (credit)

November 15

Bad Debt $1,500 (debit)

Accounts Receivables $1,500 (credit)

Explanation

The above transactions must be adjusted as they affect our transactions at the reporting date. Remember to grant the cash discount on early settlement of the payment made on June 8. The policy of sales on account is on the terms of 2% cash discount on payments made within 10 days.

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3 years ago
What is the biggest attraction for businesses considering engaging in
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Answer:

the size of the market on a p e x

Explanation:

5 0
3 years ago
Read 2 more answers
A. Two years ago your firm took out a 30- year amortizing loan to purchase a small office building. The loan has a 4.80% APR wit
vredina [299]

Answer:

i. How much do you owe on the loan today?

  • remaining principal balance = $484,331.31

ii. How much interest did the firm pay on the loan in the past year?

  • during year 2, $23,458 was paid in interests ($28,833.33 was paid in interest during year 1).

iii. Suppose starting next year (fourth year) the loan rate jumps to 7.2% APR. What is the remaining balance? What will be the monthly payment?

  • the remaining balance at the beginning of year 4 is $475,916
  • the new monthly payment will be $3,375.72

Explanation:

I prepared two amortization schedules using an excel spreadsheet. The principal on the loan was $500,000. The first one has a fixed 4.8% APR for the whole 30 years. In the second one, the APR changes to 7.2% at the beginning of year 4.

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7 0
4 years ago
Classical economist David Hume observed that as the money supply expanded after gold discoveries it took some time for prices to
Alchen [17]

Answer:

a. the prices should have risen, but production should not have changed.

Explanation:

In the case when the money supply is expanded after considering the discoveries of gold so here the prices are increased due to which the economy as the higher employment and the production level. But it is not consistent with the monetary neutrality as the prices are increased but the production level remain same or unchanged

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3 years ago
PB1.
Vera_Pavlovna [14]

Answer:

I love Doja Cat

Explanation:

It would be 787878347

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4 years ago
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