Answer:
b. $75,000
Explanation:
Since assets are $100,000 and liabilities are $175,000, the owner has a deficit to cover of $75,000 ($175,000-$100,000). The deficit will have to be recovered from the owner's stock in General Motors in order to settle the outstanding liabilities. Therefore, the owner will stand to lose the $75,000.
Answer:
The entry to record the payment:
Debit Accounts Payable $10,000
Credit Purchase discount $300
Credit Cash $9,700
Explanation:
Credit terms of 3/10, n/30 means that 3% discount for the payment within 10 days and the full amount to be paid within 30 days.
On January 1, the company purchase inventory:
Debit Inventory $10,000
Credit Accounts Payable $10,000
The company makes the payment on January 10 and takes the appropriate discount:
3% x $10,000 = $300
The entry to record the payment:
Debit Accounts Payable $10,000
Credit Purchase discount $300
Credit Cash $9,700
Answer: d. credit to Salaries and Wages Payable for $24,752.
Explanation:
Salaries and Wages payable are calculated by deducting taxes from the gross salaries and wages.
= 32,000 - 4,800 - 2,448
= $24,752
Salaries and Wages Payable will be credited $24,752 to reflect that this amount is owed to employees.
Answer:
A
Explanation:
Agile means able to move around quickly