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3 years ago

Assets = liabilities + owners' equity is the equation for information reported on the

1 answer:

3 0

<span>Assets = liabilities + owners' equity is the equation for information reported on the: Balance sheet

In accounting, balance basically represents a brief overview about what the company currently own.
Assets represent something valuable that the company own to conduct their operation, Liabilities represent the debt that they have to pay to other individual or entities, And owner equity represents how much ownership one person have from all the things that the company owns.</span>

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On April 3, a customer returned $ 900 of merchandise that had been purchased with cash to Cooke Supplies. Cooke's cost of the

PIT_PIT [208]

Answer:

The Journal entries are as follows:

(i) Sales revenue A/c Dr. $900

To Cash $900

(To record the correction in sales revenue)

(ii) Merchandise Inventory A/c Dr. $200

To Cost of Goods sold $200

(To record the merchandise returned)

Note:

(1) At the time of sale, the cash would have been debited with the amount of $900 and the sales revenue would have been credited with the amount of $900. Now, the cash of $900 should be credited as it was debited earlier.

(2) The inventory account also credited at the time sale, so it should be debited and the cost of goods sold debited at the time of original sale, so it need to be credited.

4 0

3 years ago

On March 3, Cobra Inc. purchased a desk for $330 on account. On March 22, Cobra purchased another desk for $460 also on account,

Olin [163]

Answer:

Cobra Inc.

The amount that Cobra should report for desks is $790.

Explanation:

a) Data and Calculations:

Purchases on March 3 = $330

Purchases on March 22 = $460

Payment on March 24 = ($460)

Amount unpaid = $330

b) The amount that Cobra Inc. should report as Accounts Payable at the end of March is $330. However, in reporting for the desks, it should report $790 in assets. This amount represents the value of desks that the company is possessing, which is financed by company cash and creditors.

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3 years ago

Economist Jones favors a constant-money-growth-rate rule. She says that if the annual money supply growth rate each year is equa

scZoUnD [109]

Answer: d. b and c

Your analysis assumes that velocity is constant, and it is not.

Your analysis assumes that you can correctly define the money supply

Explanation:

Here are the options for the question:

a. Your analysis assumes that Real GDP is constant over time, and it is not.

b. Your analysis assumes that velocity is constant, and it is not.

c. Your analysis assumes that you can correctly define the money supply.

d. b and c

e. a, b and c

According to the constant-money-growth-rate rule, the government should target money growth rate in a way that it will be equal to growth rate of the real GDP.

The likely thing that economist Smith, who favors activist monetary policy would say to economist Jones is that Jones is assuming velocity will be constant, and is also correctly defining the money supply which should not.be the case as velocity isn't always constant.

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3 years ago

Roe Corporation owns 2,000 shares of WRJ Corporation stock. WRJ Corporation has 25,000 shares of stock outstanding. WRJ paid $4

Fudgin [204]

Answer:

c. Debit Cash, $8,000; credit Dividend Revenue, $8,000

Explanation:

In the given scenario the number of shares owned by Roe Corporation is 2,000 shares out of a total of 25,000 shares.

So when dividend of $4 is given per share, Roe will have dividend of

Dividend = Number of shares * Dividend per share

Dividend = 2000 * 4

Dividend = $8,000

The entry to indicate reciept of the dividend will be Debit Cash, $8,000; credit Dividend Revenue, $8,000

Cash is an asset account. It increases as the debit balance increases.

So a reciept of $8,000 from the shares owned will result in a cash increase. Therefore cash is debited $8,000

Dividend revenue is a revenue account that increases as positive balance increases.

When the share dividend is recieved revenue increases.

Therefore we will credited Dividend revenue by $8,000 to recognise the increase in revenue

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3 years ago

Suppose american winemakers convince the federal government to issue a directive to serve only domestically produced wine at gov

Sever21 [200]

Answer:

B) rent seeking behavior

Explanation:

Rent seeking behavior refers to actions carried out by businesses that try to seek benefits through government policies. In other words, the businesses will try to make the government give them some type of special treatment or special benefit at the expense of the general population.

In this case, the American winemakers were able to convince government officials to only serve domestic wine at government events. The problem is that the general population (taxpayers) are the ones that pay for that wine. American winemakers will benefit at the expense of the taxpayers.

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3 years ago