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Sergeu [11.5K]
3 years ago
13

Question 1 A firm sold goods for $50,000. $10,000 was paid in cash, and the remaining $40,000 was assigned to a customer’s credi

t account. The goods originally cost $30,000. What are the net changes to the accounts impacted by this transaction?
Business
1 answer:
gayaneshka [121]3 years ago
4 0

Answer:

Net changes to the accounts:

1. Service Revenue increases by $50,000.

2. The Cash account will increase by $10,000.

3. The Accounts Receivable will increase by $40,000

4. Inventory will reduce by $30,000

Explanation:

Firm A's net changes and the accounts impacted by these transactions are an increase or a reduction of resources.  The overall net change of business transactions is the net income or loss generated from the venture.

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Once the adjusting entries are posted, the adjusted trial balance is prepared to a. verify that the debits and credits are in ba
lbvjy [14]

Answer:

a. verify that the debits and credits are in balance

Explanation:

A periodic system of inventory can be defined as a method of financial accounting, that typically involves updating informations about an inventory on a periodic basis (at specific intervals) as the sales or purchases are being made by the customers, through the use of either an enterprise management software applications or a digitized point-of-sale equipment.

On the other hand, a perpetual inventory system is a type of inventory management that continuously records in real-time the amount of inventory sold or purchased through the use of enterprise software or technological software applications such as a point of sale (POS).

A journal entry involves the process of keeping the records of business transactions made by an organization.

The journal entry is used by bookkeepers and accountants. Ideally, it is important that a journal has all of following informations; date, reference number, debit balance, credit balance and transaction description.

In Accounting, most businesses use a double-entry account system and as such, the total amount debited must equal the total amount credited in a journal entry.

Once the adjusting entries are posted, the adjusted trial balance is prepared to verify that the debits and credits are in balance.

6 0
2 years ago
Karla Salons leased equipment from Smith Co. on July 1, 2021, in a finance lease. The present value of the lease payments discou
Natali5045456 [20]

Answer:

C- $3,400

Explanation:

The Karla Salons has leased equipment from Smith Co. in a finance lease. The Smith Co will record the interest receivable from the Karla Salons in its income statement. The Karla Salons will record lease obligations in its balance sheet. Under the new ASU, the interest revenue which Smith Co. will record in its income statement is $3,400 for the year 2016.

5 0
3 years ago
You are looking at three different job options, one in Pennsylvania, one in Texas, and one in New York. The offers are as follow
tamaranim1 [39]

Answer:

Texas will be a better option as the net pay after income tax is higher than the other cities.

Explanation:

To consider the after-tax wages we must subtract the income taxes from the salaries:

Pennsylvania after tax income: 62,000 x (1-3.07%) = 60,096.6

Texas after tax income:                                                 64,000

New York after tax income:   68,000 x ( 1 - 6.85%) =  63,342

5 0
2 years ago
If a family spends its entire budget in a given time frame, the family can afford either 90 cans of vegetables or 60 frozen pizz
Alborosie

Answer:

60 frozen dinners is better

Explanation:

4 0
3 years ago
hich of the following statement is CORRECT? A. A sunk cost is any cost that must be expended to complete a project and bring it
lbvjy [14]

Answer

D. A sunk cost is any cost that was expended in the past but can be recovered if the firm decides not to go forward with the project.

Explanation:

As per the data given in the question,

Option (D) is correct among the given statements. A sunk cost is that cost which was occurred and expended in the past and if firm decides to do not go ahead, it can not be recovered.

For illustration - Think about the cost incurred to find out the feasibility of the project. Though in past firm was agree with the project but now even if the firm decides not to the project, this cost can not be recovered.

8 0
3 years ago
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