Solution :
Correcting the errors by reversing the incorrect entry and then preparing the correct entry :
<u>Sl. No. </u> <u>Description</u> <u> Debit</u> <u>Credit</u>
1. Cash $600
Equipment $600
Salary and wages $600
Cash $600
2. Service revenue $450
Cash $450
Cash $4500
Account receivable $4500
3. Accounts payable $250
Equipment $250
Equipment $520
Accounts payable $520
Answer:
Safety
Explanation:
Lemon Laws were made to protect customers from defective vehicles with safety problems, or malfunction defects that affect its safety, use or value. Depending on the number of issues detected, the car reveals itself to be a "lemon". Generally, most states provide 3 attempts to solve the problem within a given period. In this case, 30 days.
Since the problem found was on the drivetrain and the axles, then it is a matter of safety after all.
Answer: This could be explained as follows
Explanation: Fixed cost are the cost which do not change with level of output and variable cost are those which does change with the level of output.
Wage sand salary cost are considered to be fixed as most of the firms pay their employees on monthly basis rather than on hourly or per unit basis.
Travelling cost can be both fixed or variable as per the situation as sometimes the travel is frequent and sometimes it is to be done for special purposes.
Answer:
$94 per share
Explanation:
Stockholders Equity Includes the Add-in-capital par value, Add-in-capital excess value of Common and Preferred, Net income accumulated value and dividends.
Equity of the firm = Assets - Liabilities
Equity of the firm = $125 million - $25 million = $100 million
Net Addition in the equity = Net earning for the period - Dividend paid
Net Addition in the equity = $10 million - $4 million - $6 million
Book Value of the equity = Equity of the firm - Additions in the year
Book Value of the equity = $100 - $6 = $94 million
Book value per share = Book Value of the equity / Numbers of Share
Book value per share = $94 million / 1 million
Book value per share = $94 per share
