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3 years ago

In a centralized organization, policies and procedures are usually _____.

1 answer:

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<span>Mandated by the authority figures in said organization. Even if the policies and procedures seem to be lacking in the wisdom department, the policies and procedures need to be followed to the best of ones abilities as laid out by said authority figures.</span>

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On July 1, Year 1, Yellow Rose Corp. paid $25,000 cash for a machine and paid an additional 8% sales tax. On the same date, an e

Lina20 [59]

Answer:

Journal entries are given below

Explanation:

July 1, Year 1 (Yellow Rose Corp. purchased a machine)

DEBIT CREDIT

Machine $28,000

Cash $28,000

Working

Cost of machine = Purchase price + Sales tax + Installation

Cost of machine = $25,000 + $2,000 + $1,000

Cost of machine = $28,000

Depreciation for year 1 (October to December)

DEBIT CREDIT

Depreciation Expenses $1,300

Accumulated Depreciation $1,300

Working

Annual Depreciation expense = (Cost - salvage value) / useful life

Annual Depreciation expense = (28000 - 2000) / 5 = $5,200

Depreciation for 3 months

Depreciation = $5,200 x 3/12

Depreciation = $1300

Sale of the machine

DEBIT CREDIT

Cash $14,000

Loss on Sale $7,500

Accumulated Depreciation $6,500

Machinery $28,000

Workng

Gain/Loss on sale = Sale proceed - carrying value

Gain/Loss on sale = 14,000 - 21,500

Loss on sale = $7,500

Carrying value = Cost - Accumulated depreciation

Carrying value = 28,000 - 6500 = 21500

Accumulated depreciation = $1,300 + $5,200 = $6,500

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3 years ago

A narrative report is a type of inspection report that's

hodyreva [135]

A method that a home inspector uses in report writing.

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3 years ago

Paid transport expenses of RM 120 for goods bought from Nelly Ltd...Which one is debit and which one credit?

rosijanka [135]

Answer:

Inventory account will debit

Cash account will credit

Purchase account will debit

Cash account will credit

Explanation:

It is consider that transportation expense paid on the purchase of goods will consider as the expense of the business. The transportation expense usually increase the inventory will cash paid on inventory consider decrease in assets of business. The use of purchase or inventory depends on accounting policy of organization. The method they use for recording the inventory hence given situation has two possible answer depends of method of recording for Inventory.

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3 years ago

The equality of marginal revenue and marginal cost is essential for profit maximization in all market structures because when th

erma4kov [3.2K]

Answer:

The correct answer is option c.

Explanation:

A firm is able to maximize its profit when the marginal revenue earned is equal to the marginal cost incurred. This is true for all market structures whether competitive or imperfect competition.

When the output is produced at the point where marginal revenue and marginal cost are equal, it implies that the last unit produced is adding more to revenue than to costs. And the production of the last unit is increasing profits or reducing losses.

At this point, the marginal profit is zero when the marginal profit becomes negative it implies that the total profit is decreasing. so for profit maximization marginal profit should be zero or marginal revenue should be equal to marginal cost.

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3 years ago

How many of the following transactions are operatingactivities?• Borrowed $50,000 from the bank• Purchased $12,000 in supplies•

Flauer [41]

Answer:

C. Three

Explanation:

Basically there are three types of activities:

1. Operating activities: It includes those transactions which affect the working capital, and it records transactions of cash receipts and cash payments.

2. Investing activities: It records those activities which include purchase and sale of the fixed assets

3. Financing activities: It records those activities which affect the long term liability and shareholder equity balance.

So, in the above question, there are 3 transactions which are to be considered as operating activities that includes Purchased $12,000 in supplies, Provide services to customers for $27,000, and Paid the utility bill of $750

8 0

3 years ago