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meriva
3 years ago
15

Scenario

Business
1 answer:
aalyn [17]3 years ago
4 0

Answer:

GBI

a. Journal Entries

Feb. 2

Debit Supplies Expense $800

Credit Payables-Misc. account $800

To record the purchase of supplies on account.

Feb. 4

Debit Accounts Payable $800

Credit CAsh $800

To record the payment on account.

b. The resulting document numbers are:

FI document number 1: __________ 100001

FI document number 2: __________ 100002

Explanation:

The journal entries are made to initially record the transactions in the books of GBI.  Journal entries identify the accounts involved in every transaction.  They add some brief narrations of the transaction.

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Assume the following data concerning a purchase of merchandise by Icon Co. on April 2:
kari74 [83]

Answer:

Correct answer is $4,000

Explanation:

During the purchase on April 2, Icon Co. should recognize the gross amount of $4,000 purchases. Unless it is clearly stated in the problem that Icon Co. uses net method in recording discounts, said discount will be recognized and recorded upon payment of the purchases that falls into the discounted period of contract. Purchase returns will be recognized on the day the company made it.

4 0
3 years ago
The division of activities into unit-level, batch-level, product-sustaining level, and facility-level categories is commonly kno
ICE Princess25 [194]

Answer:

C) hierarchy.

Explanation:

A unit level cost is a cost incurred every time one unit is produced, e.g. a bottle.

A batch level cost is a cost related to a group or batch of units produced, e.g. a box containing 20 units.

A product sustaining level cost is a cost related to the activities undertaken to support an individual type of product, e.g. software updates.

A facility level cost is a cost incurred in order to maintain a productive facility working, e.g. lighting and cleaning costs.

7 0
3 years ago
what are the documents required by department of trade and industry when registering for a private company
meriva

Social security for employee profiling, insurances, and other employee and company benefits

Business permit, so that your business is legal and has passed through the scrutiny of safety and reliability

<span>Tax identification  to ensure that in every profit you gain, you will be giving a part of it to the country to improve its services</span>
6 0
3 years ago
Cookies by casey has sales of $487,000 with costs of $263,000. interest expense is $26,000 and depreciation is $42,000. the tax
Ber [7]

The net income of Cookies by casey is $123,240

What is net income?

The net income of the company is the excess of its sales revenue over all costs of the running the business, which includes, the costs of sale, interest expense, depreciation as well as the taxes payable to the government authority which is 21% of profits before tax in this case.

Profit before tax=sales-costs of sale-depreciation-interest expense

sales=$487,000

costs of sale=$263,000

depreciation=$42,000

interest expense=$26,000

profit before tax=$487,000-$263,000-$42,000-$26,000

profit before tax=$156,000

tax rate=21%

net income=profit before tax*(1-tax rate)

net income=$156,000*(1-21%)

net income=$123,240

Find out more about net income on:https://brainly.ph/question/2444259

#SPJ1

8 0
1 year ago
When effective communication affected your success at work
artcher [175]

Answer:

Being able to communicate at school and in the workplace may mean the difference between success and failure. With your peers, communication helps you to engage and find common ground, allowing you to build friendships that not only last a lifetime, but may lead to future employment opportunities.

Explanation:

8 0
3 years ago
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