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3 years ago

Required information

Business

1 answer:

photoshop1234 [79]3 years ago

6 0

Answer:

Missing word

"Shipping supplies on hand, January 1 of the current year $13

Purchases of shipping supplies during the current year $75

Shipping supplies on hand, counted on December 31 of the current year $20"

1. Adjusting entry for insurance at December 31 of the current year.

S/n General Journal Debit Credit

a. Insurance expense $870

(6,960/24)*3=$ 600

Prepaid insurance $870

(Insurance expired)

b. Shipping supplies expenses $68

($13+$75-$20)

Shipping supplies $68

(Supplies used)

2. What amount should be reported on the current year's income statement for Insurance Expense?

Insurance expense = $870

Shipping supplies expense = $68

3. What amount should be reported on the current year's balance sheet for Prepaid Insurance?

Prepaid insurance = ($6,960-$870) = $6,090

Shipping supplies as on Dec 31. = $20

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Explanation:

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ACID RATIO = CURRENT ASSETS - INVENTORY - PREPAID EXPENSES/CURRENT LIABILITIES

ACID RATIO = ($300,000 - $110,000 - $35,000)/$200,000

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4. Receivable turnover

RECEIVABLE TURNOVER = CREDIT SALES/AVERAGE RECEIVABLE

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3 years ago

The minimum wage law ___________________ a) has a significant effect on the unemployment rate since a large part of the labor fo

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Answer:

a) has a significant effect on the unemployment rate since a large part of the labor force earns the minimum wage.

Explanation:

The minimum wage law ensures that all employees have a minimum income to live with dignity. Although there is a big debate among economists, the liberal current suggests that the minimum wage law has a major impact on the unemployment rate, especially among the poorest. According to these economists, the minimum wage is instituted above the productivity level of most people, which causes companies to lose efficiency. If wages were fluctuating, according to market law, more workers would probably be hired for wages tied to their productivity. Therefore, among the options, the first seems to be the most correct.

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3 years ago

Your firm (an Australian firm) makes a sale to a Japanese customer. The sale price is 200 million Japanese Yen payable in exact

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Answer:

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Meaning 1 Australian Dollar = 90 Japanese Yen.

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b)Theoretical Current Forward Exchange Rate, quoted in terms of JPY/AUD for delivery in three months:

= Spot Rate x (1 + Japanese Interest Rate) / (1 + Australian Interest Rate) x 360/90

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c) The Australian firm can take advantage of any decreases in the exchange rate and also ensure that it receives at least Australian $2 million by entering into a Currency Forwards Contract.

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(i) AUD/JPY=150, the outcome of the hedging with a Currency Forwards Contract to get at least A$ 2 million would be the gain of:

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Answer:

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