Answer: c. Account balances after adjustments
Explanation: An adjusted trial balance contains all the ending balances in all accounts after adjusting entries (journal entries recorded at the end of an accounting period to alter the ending balances in various general ledger accounts) have been prepared. The purpose of adding these entries is to correct errors in the first draft of the trial balance and to bring the entity's financial statements into compliance with an accounting framework. Such accounting framework may be Generally Accepted Accounting Principles (GAPS) or International Financial Reporting standards (IFRS)
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Answer:
The mayor thinks demand is inelastic, and the city manager thinks demand is elastic.
Explanation:
- Inelastic demand is when there is no noticeable change in product demand as the price of the product changes drastically. This type of environment is seen when there are no good substitute for the product.
- Elastic demand is when a slight change in product price changes the market demand for the product. This occurs when there are substitutes.
- Here, the mayor thinks there is inelastic demand and the city manager thinks the demand is elastic.
Answer:
1) current ratio = current assets / current liabilities
current assets include cash + accounts receivable + prepaid expenses + inventory
current liabilities include liabilities and equity amounts payable
- current ratio 2015 = ($34,254 + $45,211 + $49,629 + $3,960) / $47,057 = 2.83
- current ratio 2016 = ($32,545 + $58,094 + $76,014 + $8,629) / $67,377 = 2.60
- current ratio 2017 = ($27,286 + $79,083 + $98,417 + $9,056) / $119,855 = 1.78
2) acid test ratio = (current assets - inventory) / current liabilities
- acid test ratio 2015 = ($34,254 + $45,211 + $3,960) / $47,057 = 1.77
- acid test ratio 2016 = ($32,545 + $58,094 + $8,629) / $67,377 = 1.47
- acid test ratio 2017 = ($27,286 + $79,083 + $9,056) / $119,855 = 0.96
Answer:
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