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8090 [49]
3 years ago
11

Entries to Correct Errors The following errors took place in journalizing and posting transactions: Insurance of $20,000 paid fo

r the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. Dividends of $17,000 were recorded as a debit to Wages Expense and a credit to Cash. Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank.
Business
1 answer:
raketka [301]3 years ago
8 0

Answer:

A. Dr Prepaid Insurance 40,000

Cr Insurance Expense 20,000

Cr Cash 20,000

Dr Prepaid Insurance 20,000

Cr Insurance Expense 20,000

Dr Prepaid Insurance 20,000

Cr Cash 20,000

b. Dr Dividends 17,000

Cr Wages Expense 17,000

Explanation:

Preparation of the journal entries to correct the errors.

A. Dr Prepaid Insurance 40,000

(20,000+20,000)

Cr Insurance Expense 20,000

Cr Cash 20,000

Dr Prepaid Insurance 20,000

Cr Insurance Expense 20,000

Dr Prepaid Insurance 20,000

Cr Cash 20,000

b. Dr Dividends 17,000

Cr Wages Expense 17,000

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Answer:

reduced trade restrictions among Canada, Mexico and the United States.

Explanation:

The North American Free Trade Agreement reduced trade restrictions among Canada, Mexico and the United States.

The goal of The North American Free Trade Agreement was to eliminate barriers to trade and investment between the U.S., Canada and Mexico.

The implementation of NAFTA brought the immediate elimination of tariffs on more than one-half of Mexico's exports to the U.S. and more than one-third of U.S. exports to Mexico

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3 years ago
Last year, your company had sales of $3.6 million, cost of goods sold of $2.3 million and operating expenses amounting to $840,0
atroni [7]

Answer:

The firm's tax payment is $ 102,200

Explanation:

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Cost of goods sold. (2,300,000)

Gross profit. 1,300,000

Other operating exp. (840,000)

Depreciation expenses. (114,000)

Interest expense

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Gain on investment 30,000

Income before taxes. 326,000

Tax expense 31.34% × 326,000

Firm's tax payment is therefore $102,200.

6 0
3 years ago
Can a broker arbitrarily penalize an independent contractor based on varying factors, such as the sales agent's difficulty in cl
Irina18 [472]

Answer:

No

Explanation:

An independent contractor is a business person or entity who works for an employer based on an agreed-upon contract which affords him the flexibility of choosing how and when he accomplishes a task. The employer has the right to control the results of his work but has little or no say on how and when the job is done.

An independent contractor is not bound to work specific hours dictated by an employer. When the sale's agent finds it difficult to close a deal or is unable to produce paperwork in a timely fashion, he cannot just be arbitrarily penalized by the broker. The broker could terminate the contract if the agent does not meet up to his requirements.

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Which of the following factor is a cause for team failure?
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2 years ago
Read 2 more answers
Suppose there is a simple one good economy that only produces spinning rims. In 2015, the economy was able to produce 1 million
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Answer: 0

Explanation:

Firstly, we will calculate the nominal value in 2015 which will be:

= $500 x 1 million

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= $500 million x 1 million sets

= $500 million

Therefore, the increase in real GDP is zero.

4 0
3 years ago
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