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zheka24 [161]
3 years ago
8

When businesses are waiting for a customer to pay them for

Business
2 answers:
ser-zykov [4K]3 years ago
7 0
The money owed to the business is considered a part of the businesses assets.
nata0808 [166]3 years ago
3 0
A liability is something a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money, goods, or services. Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and acrrued expenses
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Tom’s T.V.’s sold one of their premium products, a new 60" flat screen 3D T.V. to a customer who paid $2,000 in cash. How would
nikdorinn [45]

Answer:

Impact of $2,000 sale on accounting equation is as follow:

Accounting Equation

 Asset             =        Equity           +      Liabilities

Cash+2000        Sales+2,000            No Effect

As cash an asset for the business, so the receipt will increase the balance of assets of the company. The revenue is ultimately adjusted to equity in the form of net income after deducting all the expenses. This transaction will result in increase of equity balance by the sale amount.

Explanation:

The Following journal Entry will support my answer:

Sales amount = 2,000

As this transaction is made on cash basis the following Journal entry will be recorded for this event.

                   Dr.          Cr.

Cash       $2,000

Sales                    $2,000

5 0
4 years ago
Mitchell, a calendar year taxpayer, is the sole proprietor of a fast-food restaurant. His adjusted basis for the building and th
Novay_Z [31]

Answer:

(a) March 12, 2017

(b) Recognized gain = $15,000

(c) Adjusted basis = $450,000

(d)   Recognized gain = $175,000

      Mitchell basis = $625000

Explanation:

(a)  March 12, 2017 is the earliest Mitchell can acquire a new restaurant and qualify for § 1033 postponement

(b) Assuming that he elects postponement of gain under § 1033, the recognized gain is calculated as;

 Recognized gain = Award received - cost of land

                               =$625000 - $610,000

                              = $15,000

(c) From the question, Mitchell's adjusted basis for the new land and building is $450,000

(d) If Mitchell does not elect § 1033, his recognized gain is calculated as;

Recognized gain = Award received-  adjusted basis for the building

                            =$625,000 - $450,000

                            =$175,000

Also,Mitchell basis for the new land and building is $625000

6 0
4 years ago
The gas station on the edge of town has gas that is 30c/gallon cheaper than my local station. I buy 10 gallons of gas a week. As
Tems11 [23]

Answer:

No

Explanation:

Because its better u save 0.3*10=3 dollars but I value my time for $5 for that half an hour and hence its better not to go considering opportunity cost.

3 0
4 years ago
Causwell Company began 2021 with 10,000 units of inventory on hand. The cost of each unit was $5.00. During 2021, an additional
lidiya [134]

Answer: 1. $110000.

2. $120000

Explanation:

First, we calculate the sold units which will be:

= Opening inventory + Purchase - Ending inventory

= 10000 + 30000 - 20000.

= 20000

Then, the cost of stock per unit will be:

= $115000/20000

= $5.75

The total cost of the total stock available will be:

= 40000 × $5.75

= $230,000

Cost of purchase stock will be:

= Total cost of stock - Cost of beginning inventory

= $230000 - $50000

= $180000

Then, cos per unit of purchased stock will be:

= $180000 / 30000

= $6

1 Determine the cost of goods sold for 2021 using the FIFO method.

Cost from begining inventory = 10000 × 5 = 50000

Add: Cost from purchase inventory = 10000 × 6 = 60000

Cost of goods sold under FIFO = 110000

2. Determine the cost of goods sold for 2021 using the LIFO method.

This will be:

= 20000 × 6

= 120000

5 0
3 years ago
A customer sells short 100 shares of ABC at $35 and buys 1 ABC Jul 35 Call @ $3. The stock falls to $30 and the customer closes
LUCKY_DIMON [66]

Answer:

The answer is $300 gain.

Explanation:

Operations:

  • Short 100 shares of ABC at $35 each= 100 * 35 = + $3,500
  • Buy 1 ABC Jul 35 Call @ $3 (one call equals to 100 shares)= 100 * (3) = $(300), accumulated = + 3,500 - 300 = + 3,200
  • Closes the option contract at $1 = 100 * 1 = + $100, accumulated = + 3,200 + 100 = + 3,300
  • Buys the stock at the current market price (buys 100 stock @ $30 each)= 100 * (30) = $(3,000), accumulated = + 3,300 - 3,000 = + $300.
5 0
3 years ago
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