<span>1. Capital is the manufactured, artiFcial, or synthetic goods used in the production of other goods, including machinery, equipment, tools, buildings, and vehicles. Capital is the produced factor of production. This factor must be produced using other factors of production, which means that society is often faced with the choice between producing consumption goods that satisfy wants and needs and capital goods that are used for future production.
2. Industrial goods are made up of machinery, manufacturing plants and materials,and any other good or component used by other industries or Frms. Consumer goods are ready for the consumption and satisfaction of human wants,such as clothing or food</span>
This answer is FALSE - FUN FACT - Liquidity of money refers to the ease with which the owner of an asset can convert it into cash it is easier to convert common stocks into cash rather than attempt to raise cash from sale or mortgage of real estate assets
Answer:
Ccccc
Explanation:
Journal entries
Apr. 1
Dr Cash 18,360
common stock 18,360
Apr. 1
No entry
Apr. 2
Dr Rent expense 918
Cr Cash 918
Apr. 3
Dr Supplies 1,326
Cr Accounts payable 1,326
Apr. 10
Dr Accounts receivable 1,938
Cr Service revenue 1,938
Apr. 11
Dr Cash 714
Cr Unearned service revenue 714
Apr. 20
Dr Cash 2,856
Cr Service revenue 2,856
Apr. 30
Dr Salaries and wages expenses 1,532
Cr Cash 1,532
Apr. 30
Dr Accounts payable 306
Cr Cash 306
<span>A. income statement debit column</span>
Answer:Bad debt expenses will be $2000 on the income statement and Allowance for uncollectible Accounts will be ($3000) on the balance sheet.
Explanation:
The bad debt accounts and allowance for uncollectible accounts are stated in the income and balance sheet statement respectively yearly to monitor activities on collectible debts.
A firm based on his experience determined an estimated percentage of debts outstanding for the year that are likely to go bad. If the new estimate is greater than the previous year, the difference is debited to income statement and if the new estimate is less than the previous year estimate the difference is credited to the income statement.
In the above scenario the new year estimate is greater than previous year by $ 2000 and that lead to $2000 to be debited to income statement.
The balance is made to reflect the total of the new estimate to be deducted from collectible debt and this is why ($3000) goes to the balance sheet.
