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vladimir1956 [14]
3 years ago
12

Calculate the Accounts Payable balance. ​(Enter the​ balance, along with a​ "Bal." reference on the correct side of the​ T-accou

nt.) Accounts Payable May 2 7,500 13,000 May 1 May 22 12,000 400 May 5 7,500 May 15 200 May 23
Business
1 answer:
padilas [110]3 years ago
3 0

Answer and Explanation:

The computation of the account payable balance is given below:

Account Payable balance on month end is

= 13,000 + 400 + 7500 + 200 - 7500 - 12000

= $1,600

Hence, the account payable balance is $1,600

The same is to be reflected on the debit side of account payable T account

The same is to be considered

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frozen [14]

Answer:

the supply of dollars is likely to exceed the demand in the foreign exchange market, ceteris paribus.

Explanation:

A deficit can be defined as an amount by which money, falls short of its expected value.

In Financial accounting, deficit is usually as a result of revenue falling below expenses or expense exceeding revenue at a specific period of time.

For instance, if in a country liabilities exceeds assets or import exceeds export there would be a deficit in the financial account of the country.

This is simply as a result of a country having to import more goods and services than it is exporting to other countries in trade.

Generally, a deficit on the current account is because the value of goods and services exported is lower than the value of goods and services being imported in a particular country.

If the United States imports more than it exports, then the supply of dollars is likely to exceed the demand in the foreign exchange market, ceteris paribus (all things being equal) because it is not selling its goods and services to other countries.

7 0
3 years ago
Of the following companies, which one would not likely employ the specific identification method for inventory costing?
Schach [20]

Answer:

The correct answer is D

Explanation:

Specific identification method of inventory is the method which helps in finding the ending cost of the inventory. And this method need the detailed physical count, as it helps the company in making or knowing how many goods brought on particular dates which is remained at the end of the year inventory.

Under this method, the companies which could adopt this method, are antique shop, farm implement dealership and music store.

3 0
3 years ago
ABC Concept manufactures small tables in its Processing Department. Direct materials are added at the initiation of the producti
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Answer:

6,237

Explanation:

For computation of Abnormal spoilage totals first we need to find out the total spoiled units and normal spoiled units is shown below:-

Total spoiled units = Units in beginning Work in progress + Unit started - Units completed and transferred out - Units in ending Work in progress

= 23,000 + 76,500 - 72,100 - 19,000

= 99,500 - 72,100 - 19,000

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and

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Abnormal Spoilage totals = Total spoiled units - Normal Spoiled units

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