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nikdorinn [45]
3 years ago
14

Albee Township’s fiscal year ends on June 30. Albee uses encumbrance accounting. On April 5, year 1, an approved $1,000 purchase

order was issued for supplies. Albee received these supplies on May 2, year 1, and the $1,000 invoice was approved for payment. What journal entry should Albee make on April 5, year 1, to record the approved purchase order?
Business
1 answer:
Mice21 [21]3 years ago
5 0

Answer:

Encumbrances $1000

Reserved for encumbraces $1000

Explanation:

Encumbrance is in the debit because is the money that we have destined for the purchase and  since we have to get the money from our funds Reserved for encumbrances is in the credit.

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The Baldwin Company currently has the following balances on their balance sheet: Total Liabilities $135,759 Common Stock $52,705
LiRa [457]

Answer:

The correct option is the third one,$250,687

Explanation:

The key to ascertaining is accounting equation which that assets equal capital plus liabilities.

This implies that by determining the capital and liabilities,total assets sorted out.

  Common stock                                    $52,705

  *Retained earnings for the year          $62,223

Total equity and retained earnings     $114,928

total liabilities                                        $135,759

Total equity and liabilities                     $250,687

Total assets=total equity and liabilities=$250,687

Retained earnings for the year=prior year retained earnings+net profit-dividends paid

prior year retained earnings $40,723

net profit is $36,500

dividends is $15,000

*retained earnings for the year=$40,723+$36,500-$15,000=$62223

8 0
3 years ago
When there is no beginning Finished Goods Inventory and all the goods that are produced are sold, the operating income ________.
natali 33 [55]

Answer:

C) will be the same for both absorption costing and variable costing

Explanation:

If the beginning and ending balance for Finished Goods Inventory is 0, that means that all the absorption costs have been assigned and all the fixed costs (for variable costing) have been assigned also. So whatever costing method you choose the valuation should be the same.

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Identify the following is structural, frictional, cyclical and seasonal employment.
horrorfan [7]

Answer:

Frictional unemployment occurs when people decided to leave their jobs and look for another or people join the labor force for the first time.

Structural unemployment arises from a situation where there is a mismatch between the skills needed in an economy and the skills possessed by people. Happens a lot when employees need to adapt to new technology.

Cyclical unemployment happens as a result of the economy either growing or shrinking.

a. Andrew recently lost his job as an accountant for a large firm because he only knows how to perform the job using a general ledger (paper and pencil), and has been unwilling to learn how to use newly invented accounting software provided by the company. ⇒ <u>STRUCTURAL UNEMPLOYMENT. </u>

b. Sam recently lost his job as an accountant for a large firm because he only knows how to perform the job a using a general ledger and has been unwilling to learn how to use newly invented accounting software provided by the company. ⇒ <u>STRUCTURAL UNEMPLOYMENT.</u>

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8 0
3 years ago
Which protects a peaceful political organization from having to report its membership to the government?
tigry1 [53]
<span>Right of association-Gradpoint</span>
3 0
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Economic efficiency requires that a natural monopoly's price be: Select one: A. equal to marginal cost where it intersects the d
slavikrds [6]

Answer: A. equal to marginal cost where it intersects the demand curve

Explanation:

In a pure competition, the market is efficient because it balances demand and supply and gives an equilibrium price that takes both of them into account.

In this market, the price is equal to the marginal revenue of a firm and the profit maximizing level of production is where the marginal revenue intersects the marginal cost.

The efficient level is therefore where price equals marginal cost. The same goes for a natural monopoly. If economic efficiency is to be achieved, the natural monopoly's price must equal the marginal cost at the equilibrium price.

7 0
3 years ago
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