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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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11. (-/1 Points] DETAILS BRECMBC9 5.11.010.

Lisa [10]

Answer:

2190 ; 2560 ;

$778.2

Explanation:

Total worth of gasoline sold = 16003.50

Cost of regular = 3.30

Cost of premium = 3.45

Let :

premium Gallon sold = x

Regular gallon sold = 370 + x

Hence, mathematically;

(3.45*x) + (3.30 * (x + 370)) = 16003.50

3.45x + 3.30x + 1221 = 16003.50

6.75x = 16003.50 - 1221

6.75x = 14782.5

x = 14782.5 / 6.75

x = 2190

Premium Gallon sold = 2190 gallons

Regular gallon sold = 2190 + 370 = 2560 gallons

Profit per regular gallon sold = $0.15

Progit per premium Gallon sold = $0.18

Total profit = (2190 * 0.18) + (2560 * 0.15) = $778.2

7 0

2 years ago

29. Fiona has initiated a project to establish a company website for interactive electronic commerce that encourages customers t

vichka [17]

Answer:

D) Relationship marketing

Explanation:

Relationship marketing is a strategy companies use to connect with their customers, build relationships and ensure loyalty. It involves engaging customers over a lengthy period to know their needs and then providing them with products or services tailored to satisfy those needs.

By initiating a project to build a website and encouraging customers to provide certain information to the company, Fiona plans to use the Internet for "relationship marketing".

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2 years ago

How can a country gain from specialization and trade? A. A country can specialize in producing that for which it has an absolut

strojnjashka [21]

Answer:

C. A country can specialize in producing that for which it has a comparative advantage and then trade for other needed goods and services.

Explanation:

Comparative advantage is simply evaluating the opportunity cost of other benefits or costs, if the country is opting to choose for a specific category of goods for production purposes.

For example, let's say US can produce 20 Television (TV) sets and 50 Air Conditioners in a month. Here, the opportunity cost of producing 1 TV set is 50/20 i.e. 2.5 Air Conditioners. Similarly, the opportunity cost of producing 1 Air Conditioner (AC) is 20/50 i.e. 0.4 TV set. Hence, US should produce Air Conditioners over TV sets as per Comparative Advantage concept.

Take another example, let's say UK can produce 50 Television (TV) sets and 20 Air Conditioners in a month. Hence, the opportunity cost of producing 1 TV set is 20/50 i.e. 0.4 Air Conditioner. On the other hand, the opportunity cost of producing 1 AC is 50/20 i.e. 2.5 TV sets. Thus, UK should produce TV sets over AC's as per Comparative Advantage model.

Hence, US should export AC's to UK and import TV sets from UK to gain from specialization and trade.

In this way nations can gain from specialization and trade by making use of Comparative Advantage theory.

It is to be noted that Absolute Advantage model of Adam Smith is also good as it highlights production of that good by a country, which it can produce in large quantities with fewer resources and minimal time than any other nation in the world. But the Comparative Advantage Model developed by David Ricardo considers opportunity cost and is much more refined than Absolute Advantage Model.

6 0

3 years ago

Read 2 more answers

On December 31, 2022, Monty Company prepared an income statement and balance sheet and failed to take into account three adjusti

irga5000 [103]

Answer:

Salaries and Wages are owed so they are now liabilities. They are also expenses and will reduce the Net Income.

Rent Revenue was in advance for 2 months meaning one of those months will be December which is in the current period so;

= 7,520/2

= $3,760 will be added to net income for the year

The same amount will be removed from Liabilities as the revenue has now been recognized.

Depreciation reduces the value of Fixed assets so will be deducted from Assets.

It is also an expense so it will reduce Net Income.

Whatever happens to Net Income will happen to Stockholders' equity as well because Net Income is an Equity account.

5 0

3 years ago

Yo-Down Inc. produces yogurt. Information related to the company’s yogurt production follows:

kap26 [50]

Answer:

Yo.Down Inc.

Determination of Support Department 1 costs to be allocated to each production department:

Production Production Production

Department 1 Department 2 Department 3

Support Department 1 $96,000 $6,000 $18,000

Explanation:

a) Cost allocation of Support Department 1:

1) Rate of allocation = Total Support Department 1's costs divided by the total of the cost drivers

= $120,000/2000 = $60 per cost driver

2) Production Department 1 = $60 x 1,600 = $96,000

Production Department 2 = $60 x 100 = $6,000

Production Department 3 = $60 x 300 = $18,000

3) The direct method is one of the three methods for allocating support or service department costs to the production departments in order to ensure the full inclusion of overhead costs in the production costs. As the name goes, the costs of service departments are allocated to only production departments individually. This method is not like the step method of cost allocation where the costs of service departments are allocated to other service departments, starting with the department with the highest costs, followed by the next, until all the costs of service departments are allocated to production. However, no service department whose total costs have been allocated will be allocated any costs. The last method of cost allocation is the reciprocal method, which is a more complicated method that produces more accurate results, by using equations to establish relationships between the departments.

3 0

3 years ago