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Simora [160]
3 years ago
6

Mize Company provided $45,500 of services on account, and collected $38,000 from customers during the year. The company also inc

urred $37,000 of expenses on account, and paid $32,400 against its payables. How do these events impact the elements of the horizontal financial statements model
Business
1 answer:
UNO [17]3 years ago
5 0

Answer:

Total asset will increase

Explanation:

Equity and Liability        Amount            Effect

Service Revenue             $45,500

Expenses                         <u>$37,000</u>

Profit                                 $8,500            Increase in equity

Account Payable              <u>$4,000</u>            Increase in liability

($37,000 - $32,400)

Total                                  <u>$13,100</u>            Increase in Total assets

<u></u>

Asset

Cash                                   $5,600      

($38,000 - $32,400)

Account Receivables        <u>$7,500</u>

($45,500 - $38,000)

Total                                    <u>$13,100</u>           Increase in Total assets

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Carrie's Car Care receives more than 25% of its total sales revenues from operations outside of the United States. Carrie's woul
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Answer:

The answer is: E) None of these.

Explanation:

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4 years ago
Which of the following statements is true?-direct costs can easily be traced to a cost object; indirect costs cannot be-both dir
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Answer: Statement A

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Indirect costs are those cost which cannot be allocated to the number of units produced on individual basis unlike direct cost these costs can be either fixed or variable in nature. Examples - rent expenses, administrative expenses.

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3 years ago
On July 1, Year 4, Pell Co. purchased Green Corp. 10-year, 8% bonds with a face amount of $500,000 for $420,000. The bonds are c
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Answer:

$21,800

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Explanation:

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