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scoundrel [369]
2 years ago
11

The May transactions of Hanschu Corporation were as follows.

Business
1 answer:
romanna [79]2 years ago
5 0

Answer and Explanation:

The journal entries are as follows:

On May 4

Account  payable $600

        To cash $600

(Being cash paid is recorded)

On May 7

Account  receivable $6,500  

       To service revenue $6,500

(being service on account is recorded)

On May 8

Supplies $800  

       To Account payable $800

(being supplies purchased on account)

On May 9

Equipment $1,000  

        To cash $1,000

(being cash paid)

On May 17

Salary expense $500

         To cash $500

(being cash paid)

On May 22

Repair expense $800  

        To Account payable $800

(Being received bill for repairing of an equipment is recorded)

On May 27

Prepaid rent $1,100

         To cash  $1,100

(Being cash paid is recorded)

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Current trends indicate that, due to the emerging economies, the world is moving _____ an economic system that is more favorable
Blababa [14]

Answer: closer to

Explanation:

Emerging economies also referred to as developing countries or emerging markets are countries which are investing in more in their productive capacity ans are also gradually moving away from agriculture as it main occupation and there is increase in industrialization.

Due to emerging markets, the world is moving closer to an economic system that is more favorable for international business. There are more quality goods produced by nations and advancement in technology has also helped the economy.

5 0
3 years ago
Select all that apply Describe data processing in accounting by selecting the correct statements below. (Check all that apply.)
lakkis [162]

Answer:

I. Batch processing accumulates source documents for a period of time and then processes them all at once.

II. Online processing enters and processes data as soon as source documents are available.

III. An advantage of online processing is timeliness.

IV. Accounting systems differ with regard to how input is entered and processed.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).

A financial statement is a written report that quantitatively describes a firm's financial health. Under the financial statements is a cash-flow statement, which is used to record the cash inflow and cash equivalents leaving a business firm.

Cash flow statement, also known as the statement of cash flows, contains financial information about operating, financial and investing activities.

Hence, activities that involve the production or purchase of merchandise and the sale of goods and services to customers, including expenditures related to administering the business, are classified as operating activities. All the net income or cash from all operational business activities of a company is recorded as operating activities.

The correct statements that best describes data processing in accounting includes;

I. Batch processing accumulates source documents for a period of time and then processes them all at once.

II. Online processing enters and processes data as soon as source documents are available.

III. An advantage of online processing is timeliness.

IV. Accounting systems differ with regard to how input is entered and processed.

4 0
2 years ago
The following December 31, 2021, fiscal year-end account balance information is available for the Stone Corporation:Cash and cas
blsea [12.9K]

Answer:

1.

Total current assets  = $112500

2.

Short term investments = $2300

3.

Retained earnings = $15500

Explanation:

1.

The total current assets can be determined using the current ratio provided for 2021. The current ratio is calculated by dividing the value of total current assets by the value of the total current liabilities.

1.5  =  Total current assets / (51000 + 23000 + 1000)

1.5 = Total current assets / 75000

1.5 * 75000 = Total current assets

Total current assets  = $112500

2.

Short term investments are a part of the current assets. The value of short term investments is,

112500 = 6200 + 32000 + 72000 + Short term investments

112500 = 110200 + Short term investments

112500 - 110200 = Short term investments

Short term investments = $2300

3.

The basic accounting equation states that the total assets is always equal to the value of total liabilities plus total equity.

Total assets = Total Liabilities + Total Equity

(112500 + 180000) = [(51000 + 23000 + 1000) + 42000]  +  (160000 + Retained earnings)

292500 = 117000 + 160000 + Retained earnings

Retained earnings = 292500 - 277000

Retained earnings = $15500

6 0
3 years ago
A cement manufacturer has supplied the following data: Tons of cement produced and sold 260,000 Sales revenue $ 1,206,400 Variab
fredd [130]

Answer:

Unitary contribution margin= $2.47

Explanation:

Giving the following information:

Tons of cement produced and sold 260,000

Sales revenue $ 1,206,400

Variable manufacturing expense $ 479,570

Variable selling and administrative expense $ 84,630

<u>First, we need to calculate the total and unitary variable cost:</u>

Total variable cost= 479,570 + 84,630= $564,200

Unitary variable cost= 564,200 / 260,000= $2.17

<u>Now, the unitary selling price:</u>

Selling price= 1,206,400 / 260,000= $4.64

<u>Finally, the unitary contribution margin:</u>

Unitary contribution margin= 4.64 - 2.17

Unitary contribution margin= $2.47

4 0
3 years ago
Read 2 more answers
In __________, the distinction between the working and the nonworking poor is not just about those who have jobs and those who d
Vsevolod [243]

Answer:

In <u>politics</u>, the distinction between the working and the nonworking poor is not just about those who have jobs and those who do not, but about those who <u>deserve</u> help versus those who don’t. Supposedly, the nonworking could work but <u>choose not to</u>. <u>Sociologically</u>, however, the line between the working and nonworking poor does not mean a great deal, since families cross it often, as breadwinners gain or lose employment.

Explanation:

The reason is that the politics which is the science of governing a country, says that the poor is not the one who doesn't have any job because rich people usually have their own business which earns millions of dollars and the owners don't bother whether the profit has grown or has decreased from the previous year. So the poor is the one who needs help whether he is working or not because during recession period many middle class families usually fall below the middle class family benchmark.

Furthermore, this distinction line is often crossed by families if the breadwinner who pays the utility bills, rentals, food expenses, fees, etc gets jobless. So this distinction line is not that useful as deemed. It is also harder for the researcher to define help.

8 0
3 years ago
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