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IgorLugansk [536]
3 years ago
9

M2-9 Determining Financial Statement Effects of Several Transactions [LO 2-2] For each of the following transactions of Spotligh

ter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) (Sample) Borrowed $3,940 from a local bank on a note due in six months. Received $4,630 cash from investors and issued common stock to them. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. Paid $300 cash for supplies. Bought and received $700 of supplies on account
Business
1 answer:
Pepsi [2]3 years ago
5 0

Answer:

 Assets                   =          Liabilities          +          Stockholder's

                                                                                       Equity

(a) cash = $3,940             Notes payable = $3,940

                                         (short term)

(b) cash = $4,630                                                       Common

                                                                                  stock =$4,630

(c) Equipment = $1000     Notes payable = $800

   Cash = (-$200)               (short term)

(d) Supplies = $300

    Cash = (-$300)

(e) Supplies = $700          Accounts receivable = $700

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Grays Company has inventory of 16 units at a cost of $11 each on August 1. On August 3, it purchased 26 units at $10 each. 18 un
Lelechka [254]

Answer:

Cost of goods sold is $196

Explanation:

Using FIFO inventory sold are valued at the price of the most earliest stock in inventory.

The 16 units would be valued at $11 per one while the remaining 2 units would be valued at price of the purchase made on August 3 which cost $10 each

costs of goods sold=($11*16)+($10*2)

                                =$176+$20=$196

The costs of goods sold would be $196 if FIFO method of inventory valuation is used

6 0
3 years ago
A model of demand predicts that a rise in price will cause a decrease in the quantity of a good consumers want to buy anda in pr
luda_lava [24]

Answer:

Option (a) is correct.

Explanation:

According to the law of demand, there is an inverse relationship between the price of the product and the quantity demanded for that product. Hence, if there is an increase in the price of the good then as a result this will decrease the quantity demanded for the good and if there is a fall in the prices of the goods then as a result the quantity demanded for the goods increases.

Therefore, the change in the price level of the goods represents the cause and its effect is the change in the quantity demanded for the goods that a consumer want to purchase.

8 0
3 years ago
The questions of economics address which of the following? Chec
katen-ka-za [31]

Answer:

What

How

Who

Explanation:

Because ALL economic resources are scarce, every society must answer three questions:

1. What goods and services should be produced?

2. How should these goods and services be produced?

3. Who consumes these goods and services?

5 0
3 years ago
On April 16, 2018, Rodriguez Corporation reacquired 12,000 shares of its own $10 par stock for $660,000 cash. On November 4, 201
never [62]

Answer:

The answer is a) Credit to additional Paid In Capital: Treasury Stock Transactions of $10,000.

Explanation:

The repurchased price per share in April 16,2018 is equal to: 660,000/12,000 = $55 per share;

Thus, once the reissued of these 12,000 repurchased shared took place, common stock account will be credited at the amount equal to 55 x Number of share reissued. In case the reissued price is higher than $55, the surplus amount will be Credited into Paid-in Common share account to present the difference between cash receipt and common share recorded; in case reissued price is lower than $55, Retained earning account will be debited to present the difference between cash receipt and common share recorded

As a result, the reissued of share on November 4,2019 will include a $10,00 credited to additional Paid In Capital; calculated as (65-55) x 1,000 = $10,000.

6 0
3 years ago
Coca-Cola's worldwide sales as of December 31, 2011, was 26.7 billion cases. Assume the following sales distribution:
kondaur [170]

Answer:

Assuming the same rate that Coca Cola's did in Germany between 1939 and 2008 and the same volume distribution of 2011 cases sales, then hypothetically sales in Germany in 2053 would be 226 bilion cases.

Explanation:

Taking the Coca Cola's worldwide growth the same rate that Coca Cola's grew in Germany between 1939 and 2008, that is 10.26% per, then for the 26.7 billion from today up to the 2053 year we would have:

S = 26.7 billion * (1.1026)^42 = 1614 billion cases

If we use volume distribution of the year 2011, then sales in Germany would be:

SG = 1614 billion cases * 14 % = 226 billion cases

3 0
3 years ago
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