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2 years ago

Expain what is debt in a 70 word paragraph

Business

2 answers:

o-na [289]2 years ago

8 0

Answer:

Debt is amount of money borrowed by one party, from another. Debt arrangement gives the borrowing party permission to borrow money under the condition that it is to be paid back at later date, usually with interest. In simple word it money borrowed from another, for something you can't afford. If you are in or get in debt, you owe money. If you are out of or get out of debt, you paying all the money that you owe.

NeTakaya2 years ago

7 0

Answer:

Debt is money one person, organization, or government owes to another person, organization, or government. Typically, the person who borrows the money has a limited amount of time to pay back that money with interest (an additional amount you pay to use borrowed money).

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In 2022, internal auditors discovered that Axel Corp., had debited an expense account for the $2,090,000 cost of a machine purch

antoniya [11.8K]

Answer:

Debit Depreciation expense $570,000

Credit Accumulated depreciation $570,000

(To record the accumulated depreciation for 3 years)

Explanation:

Using a Straight-line depreciation method, depreciation expense = (Cost - Salvage value)/Estimated useful life

Depreciation expense = $2,090,000 / 11 years = $190,000 yearly

We would assume that the internal auditors detected the error at the beginning of Year 2022, so the accumulated depreciation for 3 years (Jan 2019 - Dec 2021) would be $190,000 x 3 years = $570,000

The following correctional entries will apply:

Debit Fixed asset - Machine $2,090,000

Credit Expense account $2,090,000

(To appropriately record the purchase of machine)

The required adjustment fot the accumulated depreciation is recorded above under the answer section.

3 0

3 years ago

Pump prices slide as crude oil falls to six-year low The average price for regular gasoline at U.S. pumps fell almost 4 cents i

max2010maxim [7]

Answer:

lower the cost of producing gasoline and increase the supply of gasoline

Explanation:

Crude oil is an input needed in the production of gasoline. If the price of crude oil falls, it would become cheaper to make gasoline and therefore the supply of gasoline would increase.

5 0

3 years ago

During its first year of operations, Walnut Company completed the following two transactions. The annual accounting period ends

natima [27]

Date Account title $Debit $Credit

Dec 31 Wages Expenses 4800

Wages Payable 4800

(to record accrued wages)

Jan 06 Wages Payable 4800

Cash 4800

(to record payment of wages in cash)

An accounting period, in bookkeeping, is the length with reference to which management accounts and monetary statements are prepared. In management accounting, the accounting period varies widely and is decided via management. monthly accounting periods are common.

An accounting duration is the time frame for which a business prepares its financial statements and reports its financial performance and position to external stakeholders. this could be after three, six, or twelve months. The accounting period usually coincides with the business's fiscal year.

learn more about the fiscal year here brainly.com/question/15982144

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6 0

2 years ago

The June 30, 2021, year-end trial balance for Askew company contained the following information: Account Debit Credit Inventory,

34kurt

Answer:

$252,000

Explanation:

Calculation for the cost of goods sold for the Askew Company for the year ending June 30, 2021.

First step is to calculate the Net Purchase

Purchases 259,000

Less Purchase discounts (7,900)

Less Purchase returns (11,900)

Add Freight-in 20,800

Net purchase 260,000

Now let calculate the cost of goods sold

Inventory, 7/1/2020 33,900

Add 260,000

Less inventory balance ($41,900)

Cost of goods sold $252,000

Therefore the cost of goods sold for the Askew Company for the year ending June 30, 2021 will be $252,000

5 0

3 years ago

Alice earned $12 per hour. What equation shows the relationship between her

LenaWriter [7]

The equation shows the relationship between her weekly salary (w), hours per week (h), and rate per hour (r) is:

$w = h \times r$

Solution:

Given that,

Alice earned $12 per hour

1 hour = $ 12

Find the number of hours in 1 week

1 day = 24 hours

1 week = 7 days

Therefore,

1 week = 7 x 24 = 168 hours

Let "h" be the hours per week

let "r" be the rate per hour

Let "w" be the rate per hour

From given,

r = $ 12

h = 168 hours

weekly salary = hours per week x rate per hour

$w = h \times r$

$w = 168 \times 12\\\\w = 2016$

Thus, she earns $ 2016 for 1 week

5 0

3 years ago

Read 2 more answers