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Bezzdna [24]
4 years ago
8

Ricardo construction began operations on december 1. in setting up its accounting procedures, the company decided to debit expen

se accounts when it prepays its expenses and to credit revenue accounts when customers pay for services in advance. prepare journal entries for items a through d and the adjusting entries as of its december 31 period-end for items e through g.
Business
1 answer:
oksian1 [2.3K]4 years ago
3 0

Answer:

Answer to every question is in the explanation section

Explanation:

a) On December 1 supplies are purchased for 2000$ cash.

b) Insurance premiums of the company were prepared for $1,540 cash on December 2.

c) The company received an advance payment of 13000$ cash on December 15.

d)  For a remodeling work, the company received a payment of 3700$ cash in January.

e) The company has $1,840 of supplies accessible.

f) Insurance policy analysis shows that 340$ insurance coverage has expired.

3) 5570$ advance cash was received for a remodeling project

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CASE STUDYBUSINESS LAWAnderson Darragh, a real estate agent for RE/MAX, informed Bryan Thomas, a real estate developer, that he
Doss [256]
Based on legalities, Thomas has the right to refuse payment of the 8% commission to RE/MAX because he already stated his refusal during the meeting with Darragh nor did he sign the document that Darragh gave him during the meeting. Thus, there was no meeting of minds. 

Darragh is entitled to be given a reimbursement for his expenses incurred in securing documents that he willingly gave to Thomas. He can also ask Thomas for a recompensation for his labors but it will be according to Thomas's discretion. 

Darragh can't claim that he worked on implied consent from Thomas because Thomas specifically stated his refusal in paying for the 8% commission during their meeting but Darragh did not stop to renegotiate the commission nor convince Thomas to accept the contract. 
6 0
3 years ago
What are each individual’s opportunity costs of producing fish and rabbit? Which person has an absolute advantage in producing f
Anna007 [38]
<h2>The following are each individuals opportunity cost, absolute advantage, and comparative advantage in producing fish and rabbits: </h2>

<h3><u>Opportunity cost: </u></h3>
  • The individual who is producing rabbits pays the opportunity cost for not producing fish, whereas, the individual who is producing fish pays the opportunity cost for not producing rabbits.

<h3><u>Absolute advantage: </u></h3>
  • The individual who bears the lowest marginal cost in producing rabbits has an absolute advantage in producing rabbits and the one who bears the lowest marginal cost is producing fish has an absolute advantage in producing fish.

<h3><u>Comparative advantage: </u></h3>
  • The individual who has the lowest opportunity cost in producing fish instead of rabbits has a comparative advantage in producing fish and the one who has the lowest opportunity cost in producing rabbits instead of fish has a comparative advantage in producing rabbits.
6 0
4 years ago
What is the rate of interest on a loan of $2,000, for 284 days, if the amount of interest is $93.37, using the exact interest me
vesna_86 [32]

Exact interest method is using 365 days instead of 360.

 

We are going to use the formula: I = Prt, we will derived the formula of rate.

r = I /Pt would be our formula, plugging in our amounts.

r = 93.37 / 2000 / (284/365)

= 93.37 / 2000 (0.7781)

= 93.37 / 1556.1643

= 0.06 or 6% when converted to percent.

 

To check:

I = Prt

= 2000 x 0.06 x 284/365

= 120 x 0.7781

= 93.37

4 0
4 years ago
How do public relations and advertising differ?
lukranit [14]

Answer:

B. Advertising focuses on paying for time or space that allows advertisers to disseminate their organization's messages about its products and services; in public relations, credibility helps to earn media recognition.

Explanation:

Public relations involve the creation of a good reputation in society. In public relations, a business engages in activities that create good relations with consumers and the media. The media picks good deeds of the company and writes, thereby promoting the brand name of the business.

A significant difference between advertising and public relation is that advertisements are paid for while public relations is free. Public relations activities will include the business sponsoring publicized events such as sports and art concerts. Participating in charity work is also a way of creating a good reputation. The business benefits by getting an opportunity to promoting its brand name in these events.

7 0
4 years ago
To spur trade, Cormoran, Brithea, and Asmakush decided on economic integration where there were no barriers to trade between the
LekaFEV [45]

Answer:

Common market.

Explanation:

In order to spur trade, Cormoran, Brithea, and Asmakush decided on economic integration where there were no barriers to trade between the three countries, they agreed on a common external trade policy, and allowed factors of production to move freely between the three countries. In short, the three countries formed a common market.

A common market can be defined as a formal agreement between a group of countries in which they adopt a common external tariff on products imported from countries outside the union. It is simply a type of market involving the formal organization of countries who have collectively agree to trade freely with one another with eliminated internal tariffs but imposes a common external tariff on trade with other countries.

Common market was founded in 1958 and was made up of countries like Luxembourg, France, Belgium, Netherlands, West Germany and Italy.

The main purpose and advantage of the common market is that, it avails member countries the opportunity to move goods, people, services and capital freely.

4 0
3 years ago
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