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3 years ago

During 2017, its first year of operations as a delivery service, Concord Corporation entered into the following transactions:

Business

1 answer:

Natasha2012 [34]3 years ago

3 0

Answer:

Concord Corporation

Transaction Assets = Liabilities + Stockholders' Equity

1 Assets (Cash +$181,000) = Liabilities + Stockholders' Equity (Common Stock +$181,000)

2 Assets (Cash +$54,000) = Liabilities (Bonds Payable +$54,000) + Equity

3 Assets (Delivery Trucks +$60,000, Cash - $60,000) = Liabilities + Equity

4 Assets (Cash + $17,000, Accounts Receivable -$17,000) = Liabilities + Equity

5 Assets (Supplies + $5,800) = Liabilities (Accounts Payable +$5,800) + Equity

6 Assets (Cash - $4,800) = Liabilities + Equity (Retained Earnings -$4,800)

7 Assets (Accounts Receivable + $11,000) = Liabilities + Equity (Retained Earnings + $11,000)

8 Assets (Cash - $29,300) = Liabilities + Equity (Retained Earnings + $29,300)

9 Assets (Cash - $10,700) = Liabilities + Equity (Retained Earnings + $10,700)

Explanation:

In accordance with the accounting equation, Assets are always equal to Liabilities + Equity with each given business transaction. The accounting equation reflects the double-entry system of accounting. It shows that two or more accounts are involved in any transaction and each transaction that is properly recorded keeps the equation in balance at all times.

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Bad Debt Expense info:Allowance for Doubtful Accounts has a credit balance of $1,000. Credit sales are $500,000. Cash sales are

kow [346]

Answer:

Bad Debt Expense $24,000 Dr

Allowance for Doubtful Accounts $24,000 Cr

Explanation:

Data:

BB = Beginning Balance = $1,000

CS = Credit Sales = $500,000

CH = Cash Sales = $500,000

SM = Percentage Sales Method = 5% = 0.05

U = Uncollectible = $25,000

AR = Accounts Receivable = $200,000

ADA = Allowance for Doubtful Accounts = ?

Calculations:

ADA = U - BB = $25,000 - $1,000 = $24,000

Net Realizable Cash Value = AR - ADA = $200,000 - $24,000 = $176,000

Balance in the Allowance Account after the adjusting entry = BB + ADA = $1,000 + $24,000 = $25,000

Journal entry:

Bad Debt Expense $24,000 Dr

Allowance for Doubtful Accounts $24,000 Cr

Hope this helps!

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4 years ago

Laredo advertises a reward for the return of his lost dog. Miguel, who does not know of the reward, finds and returns the dog, w

Makovka662 [10]

Answer:

b. did not know of the reward when he returned the dog.

Explanation:

Laredo advertises for getting his dog back. This does not infer that the dog will only be returned when the reward will be paid.

Miguel did not know about the reward, so the reward in this case is not mandatory to be paid, but if Laredo initiates the reward himself, that can be accepted.

This is a clear demonstration of being kind and get what you know.

So if you do not know the facts, you are on fault.

4 0

3 years ago

According to liquidity preference theory, the money-supply curve would shift rightward a. if the Federal Reserve chose to increa

Dmitrij [34]

According to liquidity preference theory, there is a rightward shift in the money supply curve when the federal reserve decides to raise the money supply.

Option A is the correct answer.

<h3>What is a federal reserve?</h3>

The federal reserve is the central banking authority in America which was established in the year 1913 under the Federal Reserve Act.

When the federal reserves increase the money supply then the money supply curve moves in the right direction and when the federal reserve decreases the money supply then the money supply moves toward the left. This shows a direct relationship between the federal reserve and the money supply curve.

Therefore, there is a rise in money supply by the Federal reserve causing the money supply curve to shift in the right direction.

Learn more about the rise in money supply in the related link:

brainly.com/question/26000265

#SPJ1

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2 years ago

For sara, ramen noodles are a normal good, however sean considers ramen noodles to be inferior. if sara and sean have the same a

avanturin [10]

<span>In this case, Sara will see the ramen as a good that is more elastic in demand than will Sean. This will mean that, as income drops for Sara, she will purchase less of the good than will Sean. Sean will end up purchasing less of the good if he has an increase in income.</span>

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3 years ago

When computing yield to maturity, the implicit reinvestment assumption is that the interest payments are reinvested at the:

Vlad1618 [11]

Answer:

The remaining part of the question is:

The interest payments are reinvested at the:

a.Coupon rate.

b.Current yield.

c.Yield to maturity at the time of the investment.

d.Prevailing yield to maturity at the time interest payments are received.

e.The average yield to maturity throughout the investment period

<u>Correct Answer:</u>

b.<u>Current yield. </u>

<u></u>

Explanation:

7 0

3 years ago