Which statement is true of all transactions?

Exercise 3-14A Prepare an adjusted trial balance (LO3-3, 3-4) Skip to question [The following information applies to the questio

VladimirAG [237]

Answer:

Demon Deacons Corporation

Adjusted Trial Balance:

Demon Deacons Corporation is presented below.

Accounts Debit Credit

Cash $ 9,400

Accounts Receivable 14,400

Prepaid Rent 4,320

Supplies 740

Deferred Revenue $ 1,800

Salaries Payable 700

Common Stock 11,000

Retained Earnings 5,400

Service Revenue 47,480

Salaries Expense 32,700

Rent Expense 2,160

Supplies Expense 2,660

$ 66,380 $ 66,380

Explanation:

a) Data and Calculations:

The December 31, 2021, unadjusted trial balance for

Demon Deacons Corporation is presented below.

Accounts Debit Credit

Cash $ 9,400

Accounts Receivable 14,400

Prepaid Rent 6,480

Supplies 3,400

Deferred Revenue $ 2,400

Common Stock 11,000

Retained Earnings 5,400

Service Revenue 46,880

Salaries Expense 32,000

$ 65,680 $ 65,680

Adjustments:

DR Rent Expense $2,160 CR Prepaid Rent $2,160

DR Deferred Revenue $600 CR Service Revenue $600

DR Salaries Expense $700 CR Salaries Payable $700

DR Supplies Expense $2,660 CR Supplies $2,660

8 0

3 years ago

True or False: If Kevin's Fire Engines were a competitive firm instead and $160,000 were the market price for an engine, decreas

Feliz [49]

Answer:

False

Explanation:

Kevin should not rise the level of production from 5 to 6 as the impact of the price dominates this situation

Also the market is not depend on the Kevin fire engines because of the competitive market

Plus the supply and demand relation is inverse and not depend on the change in price level in a competitive market

If the price is decreased from $160,000 to $120,000 so the quantity of the production would not be impacted

In addition to this, the total revenue could be impacted when there is a reduction in the price that produced more sale due to this there is a slightly change in upward and downward

Also the change would never be in the similar production as compare to the change in price

Therefore the given statement is false

8 0

3 years ago

The Horizon Company will invest $60,000 in a temporary project that will generate the following cash inflows for the next three

Sholpan [36]

Answer:

$ -3,163.04

No

Explanation:

The net present value is the present value of after tax cash flows from an investment to the amount invested.

The NPV can be found using a financial calculator:

Cash flow in year 0 = -$60,000

Cash flow in year 1- $ 15,000

Cash flow in year 2- $25,000

Cash flow in year 3- $40,000 - $10,000 = $30,000

I = 10%

NPV = $-3,163.04

The project should not be embarked upon because the cost of the project is greater than the present value of the after tax cash flows. The NPV is negative.

To find the NPV using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

3. Press compute

I hope my answer helps you

3 0

3 years ago

The motivating force behind an increase in supply in a long-run adjustment to equilibrium is

sasho [114]

Economic profits that are present in the short run.

7 0

4 years ago

In the context of agribusiness and the globalization of agriculture, the food chain is a way of understanding complex connection

noname [10]

Answer:

The correct answer is:

Producers, consumers.

In the context of agribusiness and the globalization of agriculture, the food chain is a way of understanding complex connections between agricultural producers and food consumers.

Explanation:

The globalization process of agriculture has allowed the agricultural world to expand in a more appropriate and faster way, since it has provided the necessary elements lacking in the past for a growing economy in this important field for humanity. The Globalization of agriculture has been acting like a growing chain, once the exportation process grows, it provides more employment and at the same time when families have more income the demand grows as well.

3 0

3 years ago

Read 2 more answers