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MaRussiya [10]
2 years ago
12

Blossom Company incurs these expenditures in purchasing a truck: cash price $26,470, accident insurance (during use) $2,080, sal

es taxes $1,660, motor vehicle license $570, and painting and lettering $2,190. What is the cost of the truck
Business
1 answer:
asambeis [7]2 years ago
7 0

Answer:

$30,320

Explanation:

With regards to the above, the cost of the truck would be

= Cash price $26,470 + Sales tax $1,660 + Painting and lettering $2,190

= $30,320

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A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment.
arsen [322]

Answer:

c.Insurance expense would be debited for $300.

Explanation:

Provided that

12 month insurance policy purchased on Dec 1 = $3,600

So, the adjusting entry on Dec 31 would be

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          To Prepaid Insurance $300

(Being insurance expense is recorded)

The computation is

= $3,600 ÷ 12 months

= 300

As we have to compute for 1 month so we recorded $300 insurance expense

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Answer:

We fix it by committing to the customer and setting up an environment to support it.

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3 years ago
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In the Cleveland custom cabinets case, the owner of the company thought it was all right to manipulate the financial statement numbers primarily because he was the sole owner of the company and controlled the board of directors.

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4 0
1 year ago
Consider two very different firms, M and N. Firm M is a mature firm in a mature industry. Its annual net income and net cash flo
Bumek [7]

Answer:

a. Firm M probably has a higher dividend payout ratio than Firm N.

Explanation:

The dividend payout ratio is commonly referred to a portion of the net income of the company which is paid to the various shareholders in dividends. Therefore, if we consider the statements made in the question, Firm M has a higher annual net income while the annual net income of Firm N is fluctuating, we can conclude that the dividend payout ratio of Firm M is more than that of Firm N.

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3 years ago
If the cost of goods sold is more than the cost of goods manufactured, then
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Answer:

C. Finished Goods Inventory has decreased.

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