Answer:
the correct answer is option ( D ) to the left upwards
<span>In a market economy, those who are willing and able to buy what is produced, receive the most of what is produced and what the government allows them to receive.
They have the money, so they can receive everything that is in their power to receive.
</span>
Answer:
2021 understated by $3,060
2022 overstated by $3,060
Explanation:
<u>June 30, 2021</u>
DEBIT CREDIT
Note receivable $68,000
Sales $68,000
<u>Dec 31, 2021</u> (July 1, 2021 to Dec 31 2021)
DEBIT CREDIT
Interest receivable $3060
Interest Income $3060
Working = 68,000 x 9% x6/12 = $3060
<u>March 31, 2022</u>
DEBIT CREDIT
Cash 72,590
Interest receivable 3,060
Interest income 1,530
Note Receivable 68,000
Working = 68000 x 9% x 3/12 = 1,530
2021 income will be understated by $3,060 if adjusting entry is not prepared and revenue is not recognized
2022 income will be overstated by $3,060
I think its B but i am not sure. let me know if i am wrong
Answer:
A) $6194
Explanation:
Price before discount = $88,000
discount rate = 7%
Amount of discount = 7% *$88,000 = $6,160
Price after discount = Price before discount - Amount of discount
= $88,000 - $6,160
Price after discount = $81,840 (this is the price included in depreciation)
Items included in total cost of machinery;
Price of machinery after discount = $81,840
Shipping cost = $400
Sales tax = $4,700
Therefore, total cost is therefore = $81,840 + $400 + $4,700 = $86,940
Depreciation per year = (Total cost of the machinery - salvage value) / useful life
= (86,940 - 25,000)/ 10
= 61,940/10
= 6,194
Therefore annual depreciation = $6,194
