Answer: Debit Accounts receivable for $600.
Explanation:
The customer had not been billed so that means that they still owe the company. This would make them an accounts receivable so the adjusting entry will have to debit the Accounts Receivable account for $600 to show that it is increasing.
This amount will be credited to the Accrued revenue account to show that the cash has not yet been received.
Answer:
$69,000
Explanation:
The double-declining method uses twice the rate of the straight-line depreciation method.
In this case, we need to determine the depreciation rate under the straight-line method. The asset has a useful life of 5 years.
the depreciation rate = 1/5 x 100
=0.2 x 100
=20%
The Depreciation rate for the double-declining method is 40%. The straight-line method considers salvage value at the beginning, but double-declining depreciates until the salvage value.
In the first year under the double-declining method, the depreciation amount was $27,600.
It means 40% of the asset cost is $27,600.
The asset cost is 100%
40%=$27,600
100% = 27,600/40 x 100
=$690 x 100
=$69,000
Asset cost = $69,000
Answer:
Production 830,000
Explanation:
- FG(units)
Beginning 31,000
Ending 81,000
Sales 780,000
Production 830,000
<em>sales + ending - beginning = production</em>
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We are asked for the finished good units to produce.
The raw materials are irrelevant in this question.
Answer: a. $1,500
Explanation:
Working capital is calculated by deducting current liabilities from current assets. It is meant to show the operating liquidity of a company within a period.
Working capital = Current assets - Current liabilities
= 5,000 - 3,500
= $1,500
Answer:
The correct answer is letter "A": a market in which a good can be bought and sold at the same price.
Explanation:
Competitive markets are those with large numbers of producers fighting against each other to fulfill consumers' needs. In these markets, the producers and consumers cannot determine the price of the goods or services being traded. Both <em>participants are price-takers</em> which imply they will come to a point in which the price level offered by producers and desired by consumers will be equal.
