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Fynjy0 [20]
3 years ago
5

When correcting errors in a trial balance, the ruling method should be used a.when a proper entry has been made but posted to th

e wrong account or for the wrong amount. b.if an incorrect entry has been journalized and posted to the wrong account. c.when an incorrect journal entry has been made, but not yet posted. d.when an incorrect journal entry has been made, but not yet posted and when a proper entry has been made but posted to the wrong account or for the wrong amount
Business
1 answer:
miv72 [106K]3 years ago
3 0

Answer:

d.when an incorrect journal entry has been made, but not yet posted and when a proper entry has been made but posted to the wrong account or for the wrong amount

Explanation:

When correcting errors in a trial balance, the ruling method should be used "when an incorrect journal entry has been made, but not yet posted and when a proper entry has been made but posted to the wrong account or for the wrong amount."

In trial balancing, an error can be fixed or corrected by tracing the trial balance steps. First, make a comparison between the ledger balances and the amount posted to the trial balance then add both debit and credit table if the amount matches, otherwise use the transposition method.

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Whipple Corp. just issued 280,000 bonds with a coupon rate of 6.02 percent paid semiannually that mature in 25 years. The bonds
sesenic [268]

Answer:

529.64 million or $529,639,600 was received from the sale of bonds.

Explanation:

Money Raised from the sale is based on the current value of the bond. Price of bond is the present value of future cash flows, to calculate Price of the bond use following formula:

Price of the Bond = C x [ ( 1 - ( 1 + r )^-n ) / r ] + [ F / ( 1 + r )^n ]

As per given data

Face Value = $2,000

Coupon payment = $2,000 x 6.02% = $120.4 /2 = $60.2 semiannually

Number of period = n = 25 years x 2 period per year = 50 period

Yield to maturity = 6.46% annually = 6.46% / 2  = 3.23% semiannually

Price of the Bond = C x [ ( 1 - ( 1 + r )^-n ) / r ] + [ F / ( 1 + r )^n ]

Price of the Bond = $60.2 x [ ( 1 - ( 1 + 3.23% )^-50 ) / 3.23% ] + [ 2,000 / ( 1 + 3.23% )^50 ]

Price of the Bond = $1,483.51 + $408.06 = $1,891.57

Cash received = Number of bonds x Price per bond = 280,000 x $1,891.57 = $529,639,600

3 0
3 years ago
dit sales of $42,000 and $68,000, respectively. The company expects to collect 60% of its credit sales in the month of the sale,
blagie [28]

Answer:

cash collections from credit sales that the company will include in its cash budget for the second month is $55,500

Explanation:

Second Month Cash Collections will include the following Cash flows:

(1) 60% of the 2nd month`s sales

(2) 35 % of the 1st month`s sales

<u>Therefore cash collections from credit sales :</u>

(1) 60% of the 2nd month`s sales ( $68,000×60%)  = $40,800

(2) 35 % of the 1st month`s sales ( $42,000× 35 %) = $14,700

Total cash collections                                                = $55,500

8 0
2 years ago
Read 2 more answers
On January 1, 2017, Crown Company sold property to Leary Company. There was no established exchange price for the property, and
Mademuasel [1]

Answer:

Leary Company

The carrying value of the notes payable at December 31, 2017, after the first payment is made (assuming that the effective-interest method is used) is:

= $320,000

Explanation:

a) Data and Calculations:

0% Note payable = $400,000

Payment period = 5

Annual installmental payments = $80,000

Prevailing rate of interest for similar note = 8%

Schedule

Period PV                 PMT            Interest               FV

1 $-591,650.08 $80,000.00 $-47,332.01 $558,982.09

2 $-558,982.09 $80,000.00 $-44,718.57 $523,700.66

3 $-523,700.66 $80,000.00 $-41,896.05 $485,596.71

4 $-485,596.71 $80,000.00 $-38,847.74 $444,444.44

5 $-444,444.44 $80,000.00 $-35,555.56 $400,000.00

Total                     $400,000.00    $-208,349.93

Carrying value

Ending value   = $400,000

Interest expense   -47,332.01

Cash repayment   -32,667.99

Carrying value = $320,000

6 0
3 years ago
Invoro is a market leader in consumer electronics. If Finolo and Ethver, companies that manufacture televisions, develop the sam
Yanka [14]

Answer:

Invoro will have a resource that is valuable but no longer rare.

Explanation:

Invoro's competitive edge has been duplicated by Finolo and Ethics through their customer knowledge base and products that appeal to customers.

The resource that Invoro has is still valuable and can give the company a good market share, but it is no more rare.

5 0
3 years ago
In the product development process, what takes place between concept testing and market testing? securing financial backing cond
Finger [1]
The answer is product development. The formation of products with new or dissimilar features that agreement new or additional welfares to the customer. The product development may include alteration of an current product or its performance or formulation of an completely new product that gratifies a afresh distinct customer want or market place.
5 0
3 years ago
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