Answer:
Production= 6,010
Explanation:
Giving the following information:
July August
Sales units 5,800 6,500
Finished goods inventory on June 30 is 1,740 units.
To calculate the production for July, we need to use the following formula:
Production= sales + desired ending inventory - beginning inventory
Production= 5,800 + (6,500*0.3) - 1,740
Production= 6,010
Mortar Corporation acquired 80 percent of Granite Corporation's voting common stock on January 1, 20X7. On December 31, 20X8, Mortar received $370,000 from Granite for equipment Mortar had purchased on January 1, 20X5, for $400,000 and had been depreciating it over 10 Years and no salvage value. After the sale, the equipment is expected to have a 5-year useful life and no salvage value. Both companies depreciate equipment on a straight-line basis. Based on the preceding information, in the preparation of elimination entries related to the equipment transfer for the 20X8 consolidated financial statements, the debit adjustment to equipment would be: Group of answer choices
Answer:
The debit adjustment to equipment would be $30,000.
Explanation:
Amount received for the equipment by Mortar from Granite - $370,000
Purchase price of the equipment = $400,000
Debit adjustment to equipment = Purchase price of the equipment - Amount received for the equipment by Mortar from Granite = $400,000 - $370,000 = $30,000
Therefore, the debit adjustment to equipment would be $30,000.
Answer each questions.
1. Do internet search enhance our knowledge in animal/fish raising?
2. Search in the internet a picture that demonstrates a skill in harvesting/capturing animal/fish?. Paste the picture below.
Answer:
Yes it does because it helps us to be aware on the things that we should know on how to raise the animals with care.
Explanation:
Albert purchased a tract of land for $140,000 in 2017 when he heard that a new highway was going to be constructed through the property and that the land would soon be worth $200,000. Highway engineers surveyed the property and indicated that he would probably get $180,000. The highway project was abandoned in 2020 and the value of the land fell to $100,000. What is the amount of loss Albert can claim in 2020
Answer:
The amount of loss that Albert can claim in 2020 is limited to:
= $3,000.
Explanation:
a) Data and Calculations:
2017 Purchase cost of the tract of land = $140,000
Speculated price of the land = $200,000
Highway engineers-determined value = $180,000
2020 Value of the land after the project was abandoned = $100,000
The total amount of capital loss = $40,000 ($140,000 - $100,000)
The total amount of capital loss that Albert can claim in any tax year is limited to $3,000. The remaining amount of the capitalloss that he incurred in 2020 will be carried forward.
Portia owns and manages a sporting apparel company. Consider the given average cost (AC), average variable cost (AVC), and marginal cost (MC) curves for track suits. All but the MC curve have been placed incorrectly. Portia knows that the minimum average cost for a track suit is $7 and the minimum of average variable cost is $5.
Required:
Draw the AC and AVC curves so that they are consistent with the marginal cost curve.
Answer:
AVC curve will be below the AC curve
Explanation:
As we know,
[tex]AC = AFC + AVC[/tex]
This means that Average cost is the sum of average fixed cost and Average variable cost. Thus it can be shown that AC curve will be above the AVC curve.
Also we know that MC curve is upward sloping.
Thus, the MC curve will cut the AVC curve first and it will be to the right of the point where the MC curve cuts the AC curve.
So the curve must look like,
Ann Jones uses a dry-cleaning machine in her business, and it was partially destroyed by firE. At the time of the fire, the adjusted basis was $20,000 and its fair market value was $18,000. The adjusted basis after the fire is $10,000 and the fair market value after the casualty is $10,000. How much is the casualty loss
Answer:
the casualty loss is $8,000
Explanation:
The computation of the casualty loss is given below:
Lower of
= Adjusted basis or decline in FMV
= $10,000 or ($18,000 - $10,000)
= $10,000 or $8,000
= $8,000
hence, the casualty loss is $8,000
The same would be considered and relevant
The other values would be ignored
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:
20Y3
Nov. 21. Received from McKenna Outer Wear Co., on account, a $96,000, 60-day, 3% note dated November 21 in settlement of a past due account.
Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4
Jan. 20. Received payment of note and interest from McKenna Outer Wear Co.
Required:
Journalize the entries to record the transactions.
Answer:
1. Nov-21
Dr Notes receivable $96,000
Cr Accounts receivable-McKenna Outer Wear Co. $96,000
2. Dec-31
Dr Interest receivable $320
Cr Interest revenue $ 320
3 Jan-20
Dr Cash $96,480
Cr Note Receivable $96,000
Cr Interest receivable $160
Cr Interest receivable $320
Explanation:
Preparation of the journal entries
1. Nov-21
Dr Notes receivable $96,000
Cr Accounts receivable-McKenna Outer Wear Co. $96,000
(To record note received)
2. Dec-31
Dr Interest receivable $320
($96,000*3%*40/2/360)
Cr Interest revenue $ 320
(To record Interest accrued till Dec 31)
3 Jan-20
Dr Cash $96,480
($96,000+$160+$320)
Cr Note Receivable $96,000
Cr Interest receivable $160
($96,000*3%*20/2/360)
Cr Interest receivable $320 ($96,000*3%*40/2/360)
(To record payment received of note and interest)
The point where total expenses equals total income
Answer:
Break Point
Explanation:
EDGE 2021 :D !
Ballard Company uses the perpetual inventory system. The company purchased $10,000 of merchandise from Andes Company under the terms 2/10, net/30. Ballard paid for the merchandise within 10 days and also paid $450 freight to obtain the goods under terms FOB shipping point. All of the merchandise purchased was sold for $19,000 cash. What is the amount of gross margin that resulted from these business events
Answer: $8750
Explanation:
The amount of gross margin that resulted from these business events will be calculated as:
Purchase = $10000
Less: Purchase discount = $10000 × 2% = $200
Add: Freight paid = $450
Total purchase = $10250
Gross margin = Sales - Total Purchases
= $19000 - $10250
= $8750
A gold processor has two sources of gold ore, source A and source B. In order to keep his plant running, at least three tons of ore must be processed each day. Ore from source A costs $20 per ton to process, and ore from source B costs $10 per ton to process. Costs must be kept to less than $80 per day. Moreover, Federal Regulations require that the amount of ore from source B cannot exceed twice the amount of ore from source A. If ore from source A yields 2 oz. of gold per ton, and ore from source B yields 3 oz. of gold per ton, how many tons of ore from both sources must be processed each day to maximize the amount of gold extracted subject to the above constraints
Answer:
that is letter A
Im sorry beacause wrong
Your retirement fund consists of a $7,500 investment in each of 20 different common stocks. The portfolio's beta is 0.65. Suppose you sell one of the stocks with a beta of 1.0 for $7,500 and use the proceeds to buy another stock whose beta is 2.25. Calculate your portfolio's new beta. Do not round intermediate calculations. Round your answer to two decimal places.
Answer:
0.7125
Explanation:
Calculation to determine your portfolio's new beta.
First step is to calculate the Increase in beta as a result of net sales
Increase in beta as a result of net sales=2.25-1
Increase in beta as a result of net sales=1.25
Hence:
increase/stock=1.25/20=0.0625
Now let calculate the new beta
New beta=0.65+0.0625
New beta=0.7125
Therefore your portfolio's new beta will be 0.7125
Gartner Manufacturing Inc. purchases a component from a Malaysian supplier. The demand for that component is exactly 70 units each day. The company is open for business 250 days each year. When the company reorders the product, the lead time from the supplier is exactly 10 days. The product costs $14.00. The company determined that its inventory carrying cost is 20%. The company's order cost is $30.00. How many orders per year will be made, when using the EOQ
Answer:
Number of orders= 28.59 = 29 orders
Explanation:
Economic order quantity (EOQ) is the ideal order quantity a company should purchase to minimize inventory costs such as holding costs, shortage costs, and order costs.
Economic order quantity (EOQ)= √[(2*D*S)/H]
D= Demand in units
S= Order cost
H= Holding cost
D= 70*250= 17,500
S= $30
H= 14*0.2= $2.8
Now, using the formula:
EOQ= √[(2*17,500*30) / 2.8]
EOQ= √375,000
EOQ= 612.37 = 612
Finally, the number of orders:
Number of orders= total demand / EOQ
Number of orders= 17,500 / 612
Number of orders= 28.59 = 29 orders
MM Proposition II with taxes: Group of answer choices explains how a firm's WACC increases with the use of financial leverage. reveals how utilizing the tax shield on debt causes an increase in the value of a firm. supports the argument that business risk is determined by the capital structure employed by a firm. supports the argument that the cost of equity decreases as the debt-equity ratio increases. reaches the final conclusion that the capital structure decision is irrelevant to the value of a firm.
Answer:
explains how a firm's WACC increases with the use of financial leverage.
Explanation:
According to the MM Proposition II with taxes, the cost of equity rises with the increases use of debt in the capital structure of a firm.
[tex]r_{e}[/tex] = [tex]r_{o} +( r_{o} - r_{d} )[/tex] × [tex]\frac{D}{E}[/tex]
As cost of equity increases, the firm's WACC increases also
The MM Proposition I with taxes reveals how utilizing the tax shield on debt causes an increase in the value of a firm
Ayala Architects incorporated as licensed architects on April 1, 2017. During the first month of the operation of the business, these events and transactions occurred:
Apr.
1 Stockholders invested $22,770 cash in exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $474 per week, payable monthly.
2 Paid office rent for the month $1,138.
3 Purchased architectural supplies on account from Burmingham Company $1,644.
10 Completed blueprints on a carport and billed client $2,403 for services.
11 Received $885 cash advance from M. Jason to design a new home.
20 Received $3,542 cash for services completed and delivered to S. Melvin.
30 Paid secretary-receptionist for the month $1,896.
30 Paid $379 to Burmingham Company for accounts payable due.
Required:
Journalize the transactions.
Answer:
Ayala Architects
Journal Entries:
Apr. 1 Debit Cash $22,770
Credit Common Stock $22,770
To record common stock for cash.
Apr. 2 Debit Rent Expense $1,138
Credit Cash $1,138
To record rent expense paid for cash.
Apr. 3 Debit Supplies $1,644
Credit Cash $1,644
To record Supplies paid for cash.
Apr. 10 Debit Accounts Receivable $2,403
Credit Service Revenue $2,403
To record services rendered on account.
Apr. 11 Debit Cash $885
Credit Deferred Revenue $885
To record cash receipt for services not yet rendered.
Apr. 20 Debit Cash $3,542
Credit Service Revenue $3,542
To record cash received for services rendered.
Apr. 30 Debit Salaries $1,896
Credit Cash $1,896
To record payment of salary.
Apr. 30 Debit Accounts Payable $379
Credit Cash $379
To record payment on account.
Explanation:
a) Data and Analysis:
Apr. 1 Cash $22,770 Common Stock $22,770
Apr. 2 Rent Expense $1,138 Cash $1,138
Apr. 3 Supplies $1,644 Cash $1,644
Apr. 10 Accounts Receivable $2,403 Service Revenue $2,403
Apr. 11 Cash $885 Deferred Revenue $885
Apr. 20 Cash $3,542 Service Revenue $3,542
Apr. 30 Salaries $1,896 Cash $1,896
Apr. 30 Accounts Payable $379 Cash $379
Grocery Corporation received $300,328 for 11 percent bonds issued on January 1, 2018, at a market interest rate of 8 percent. The bonds had a total face value of $250,000, stated that interest would be paid each December 31, and stated that they mature in 10 years. Assume Grocery Corporation accounts for the bond using the shortcut approach.
Required:
Prepare the required journal entries to record the bond issuance and the first interest payment on December 31.
Answer and Explanation:
The journal entry is shown below:
Cash Dr $300328
To Bonds Payable $250000
To Premium on Bonds payable $50328
(Being bond issued at a premium is recorded)
Interest Expense Dr $24026 ($300,328 × 8%)
Premium on bonds payable Dr $3474
To Cash $27500 ($250,000 ×11%)
(Being interest expense recorded)
These two entries should be recorded for the given situation
Chavoy Corporation was organized on July 1. The company's charter authorizes 100,000 shares of $10 par value common stock. On August 1, the attorney who helped organize the corporation accepted 800 shares of Chavoy common stock in settlement for the services provided (the services were valued at $9,600). On August 15, Chavoy issued 5,000 common shares for $78,000 cash. On October 15, Chavoy issued 3,000 common shares to acquire a vacant land site appraised at $51,000. Prepare the journal entries to record the stock issuances on August 1, August 15, and October 15.
Answer:
August 1
Dr Legal Expense $9,600
Cr Common stock $8,000
Cr Paid Capital $1,600
August 15
Dr Cash $78,000
Cr Common stock $50,000
Cr Paid in Capital $28,000
October 15
Dr Land $51,000
Cr Common stock $30,000
Cr Paid in Capital $21,000
Explanation:
Preparation of the journal entries to record the stock issuances on August 1, August 15, and October 15.
August 1
Dr Legal Expense $9,600
Cr Common stock $8,000
(800 shares*$10 par value)
Cr Paid Capital $1,600
($9,600-$8,000)
(To record stock issuances)
August 15
Dr Cash $78,000
Cr Common stock $50,000
(5,000shares*$10 par value)
Cr Paid in Capital $28,000
($78,000-$50,000)
(To record stock issuances)
October 15
Dr Land $51,000
Cr Common stock $30,000
(3,000shares*$10 par value)
Cr Paid in Capital $21,000
($51,000-$30,000)
(To record stock issuances)
Alpha Company owns 80 percent of the voting stock of Beta Company. Alpha and Beta reported the following account information from their year-end separate financial records: Alpha Beta Inventory $95,000 $88,000 Sales Revenue 800,000 300,000 Cost of Goods Sold 600,000 180,000 During the current year, Alpha sold inventory to Beta for $100,000. As of year end, Beta had resold only 60 percent of these intra-entity purchases. Alpha sells inventory to Beta at the same markup it uses for all of its customers. What is the total for consolidated inventory
Answer:
$173,000
Explanation:
The computation of the total consolidated inventory is shown below:
But before that following calculations need to be done
Percentage profits that Alpha charge to other customers is
= ($800,000 - $600,000) ÷ $800,000
= 25% of sales
Stock held at year end is
= $100,000 × 40%
= $40,000
Profit involved in stock is
= $40,000 × 25%
= $10,000
Now the stock of beta is
= $88,000 - $10,000
= $78,000
And finally, the Total for consolidated inventory is
= $95,000 + $78,000
= $173,000
Bank of the Atlantic has liabilities of $4 million with an average maturity of two years paying interest rates of 4.0 percent annually. It has assets of $5 million with an average maturity of 5 years earning interest rates of 6.0 percent annually. What is the bank's net interest income for the current year
Answer:
the bank net interest income for the current year is $140,000
Explanation:
The computation of the bank net interest income for the current year is shown below:
= (Interest earning assets × Interest rate earned)-(Interest bearing liabilities × Interest rate rate)
= $5,000,000 × 6% - $4,000,000 × 4%
=$300,000 - $160,000
= $140,000
Hence, the bank net interest income for the current year is $140,000
A portfolio is composed of two stocks, A and B. Stock A has a standard deviation of return of 23%, while stock B has a standard deviation of return of 29%. Stock A comprises 70% of the portfolio, while stock B comprises 30% of the portfolio. If the variance of return on the portfolio is 0.042, the correlation coefficient between the returns on A and B is _________. Multiple Choice 0.088 0.304 0.213 0.091
Answer:
0.304
Explanation:
The calculation has been done step by step in order to understand the final result. Note that (p) in the below working refers to the correlation coefficient between Stock A and B.
0.042 = (0.70^2)(0.23^2) + (0.30^2)(0.29^2) + 2(0.70)(0.30)(0.23)(0.29)p
0.042 = 0.0259 + 0.0076 + 0.028p
0.042 = 0.0335 + 0.028p
0.042 - 0.0335 = 0.028p
0.0085 = 0.028p
p = 0.0085 / 0.028
p = 0.304
Jackson Company has two service departments (S1 and S2) and two producing departments (A and B). Department S1 serves Departments S2, A, and B in the following percentages, respectively: 15%, 25%, and 60%. Department S2 serves Departments S1, A, and B in the following percentages, respectively: 0%, 70%, and 30%. Direct department costs for S1, S2, A, and B are $200,000, $16,000, $210,000, and $185,000, respectively. If Jackson uses the step method of allocating service department costs beginning with Department S1, what is the total amount of cost that will be allocated from S2 to Department A?
Answer:
The total amount of cost that will be allocated from S2 to Department A is $32,200.
Explanation:
This can be calculated as follows:
Cost allocated from Department S1 to Department S2 = Direct department costs of Department S1 * Percentage of service to Department S2 = $200,000 * 15% = $30,000
Total Direct department costs for S2 = Direct department costs for S2 + Cost allocated from Department S1 to Department S2 = $16,000 + $30,000 = $46,000
Cost allocated from Department S2 to Department SA = Total direct department costs for S2 * Percentage of service to Department A = $46,000 * 70% = $32,200
Therefore, the total amount of cost that will be allocated from S2 to Department A is $32,200.
A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $341,900 and direct labor hours would be 48,900. Actual manufacturing overhead costs incurred were $307,800, and actual direct labor hours were 52,800. What is the predetermined overhead rate per direct labor hour
Answer:
See below
Explanation:
With regards to the above, the predetermined overhead rate is computed below.
Predetermined overhead rate = Estimated factory overhead cost / Estimated direct labor hours
Given that;
Estimated factory overhead cost = $341,900
Estimated direct labor hours = 48,900
Therefore,
Predetermined overhead rate per direct labor hour
= $341,000 / 48,900
= $6.97 per direct labor hour
For the U.S. soft drink market, of the 300 million people in the U.S., 80% of the population is the maximum number of consuming units. The average soft drink consumer buys 365 soft drinks a year at an average price of $0.98 per drink. What is the annual market potential of soft drink in dollar value
Answer:
Annual market potential = $85,848 millions
Explanation:
The annual market potential is the expected sales value for the soft drink product for a year should the maximum number of potential consumers purchase the product at the average price.
Annual market potential = Average price × No of consuming unit × consumption rate per annum
Maximum number of consuming unit = 80%× 300 million =240 million
Consumption rate per buyer per annum = 365
Average price = $0.98
Annual market potential ($) = 0.98× 240× 365 =$85,848 millions
Annual market potential = $85,848 millions
At the end of 2019, Wildhorse Co. has accounts receivable of $731,300 and an allowance for doubtful accounts of $65,400. On January 24, 2020, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,900. On March 4, 2020, Wildhorse Co. receives payment of $6,900 in full from Megan Gray. Prepare the journal entries to record this transaction.
Answer and Explanation:
The journal entry to record the transaction is shown below:
Accounts receivable $6,900
To allowance for doubtful accounts $6,900
(Being reversing the write off is recorded)
Here account receivable is debited as it increased the assets and credited the allowance as it decreased the assets
Cash $6,900
To Accounts receivable $6,900
(Being cash collection from write off account is recorded)
Here the cash is debited as it decreased the assets and credited the account receivable as it decreased the assets
Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows:
Direct materials: 5 pounds at $8.00 per pound $40.00
Direct labor: 2 hours at $14 per hour 28.00
Variable overhead: 2 hours at $5 per hour 10.00
Total standard cost per unit $78.00
The planning budget for March was based on producing and selling 25,000 units. However, during March the company actually produced and sold 30,000 units and incurred the following costs:
a. Purchased 160,000 pounds of raw materials at a cost of $7.50 per pound. All of this material was used in production.
b. Direct laborers worked 55,000 hours at a rate of $15.00 per hour.
c. Total variable manufacturing overhead for the month was $280,500.
Required:
a. What raw materials cost would be included in the company's planning budget for March?
b. What raw materials cost would be included in the company's flexible budget for March?
c. What is the materials price variance for March?
Answer:
Results are below.
Explanation:
Giving the following information:
Direct materials: 5 pounds at $8.00 per pound $40.00
The planning budget for March was based on producing and selling 25,000 units.
a)
The material cost included in the planning budget is the standard cost multiplied for the budgeted production.
Direct material requiered= 25,000*5= 100,000 pounds
Standard cost per pound= $5
Direct material budget= 100,000*5= $500,000
b)
The raw material's flexible budget adapts to the actual production level.
Direct material flexible budget= standard cost*actual material used in production
Direct material flexible budget= 5*160,000
Direct material flexible budget= $800,000
c)
To calculate the direct material price variance, we need to use the following formula:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (5 - 7.5)*160,000
Direct material price variance= $400,000 unfavorable
North Inc. is a calendar-year C corporation, accrual-basis taxpayer. At the end of year 1, North accrued and deducted the following bonuses for certain employees for financial accounting purposes. $7,500 for Lisa Tanaka, a 30 percent shareholder. $10,000 for Jared Zabaski, a 35 percent shareholder. $12,500 for Helen Talanian, a 20 percent shareholder. $5,000 for Steve Nielson, a 0 percent shareholder. Unless stated otherwise, assume these shareholders are unrelated. How much of the accrued bonuses can North Inc. deduct in year 1 under the following alternative scenarios? (Leave no answer blank. Enter zero if applicable. Input all amounts as positive values.) a. North paid the bonuses to the employees on March 1 of year 2.
Answer:
North can deduct $35,000 for the accrued bonuses ($7,500 + $10,000 + $12,500 + $5,000)
Explanation:
The corporation has until the middle of March to deduct any bonuses handed out that correspond to past performance. After this 2¹/₂ month period is over, the bonuses must be deducted during the next accounting period.
Type the correct answer in the box. Spell all words correctly
While moving data into a data warehouse, Ivan and his team discover duplicate records in the transactional database. Which process in the
staging area is responsible for removing these duplicate records?
The data ______
process removes the duplicate data in the staging area.
Answer:
The data CLEANING process
Explanation:
The data cleaning process is used to remove the duplicate data from a data set.
What is data cleaning?The process of repairing or removing incorrect, corrupted, incorrectly formatted, duplicate, or incomplete data from a dataset is known as data cleaning.
Duplicate data is created during data collection. While combining data sets from multiple places, or when data is received from clients or multiple departments, duplicate data can be created.
The cleaning process in the staging area will remove duplicate records.
To learn more about data cleaning, click here: https://brainly.com/question/13085801
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Black Oil Company considered building a service station in a new location. The owners and their accountants decided that this was the profitable thing to do. However, soon after they made this decision, both the interest rate and the cost of building the station changed. In which case do these changes both make it less likely that they will now build the station?
Answer: An increase in the Interest rates and the cost of building the station
Explanation:
Before setting out to do business, most companies and investors calculate the cost of setting up the business and what they stand to gain when the business does well and when it doesn't. Most of these analysis are done when the business is being put into consideration. When there is a change in cost of any of the items put into consideration, the business would either be carried out or cancelled. What could discourage the Black oil company would be either an increase in interest rates or cost of building the station.
The Argentine peso was fixed through a currency board at Ps1.00/$ throughout the 1990s. In January 2002 the Argentine peso was floated. On January 29, 2003 it was trading at Ps3.20/$. During that one year period Argentina's inflation rate was 20% on an annualized basis. Inflation in the United States during that same period was 2.2% annualized.
Required:
a. What should have been the exchange rate in January 2003 if PPP held?
b. By what percentage was the Argentine peso undervalued on an annualized basis?
c. What were the probable causes of undervaluation?
Answer:
1. 1.17416 peso/$
2. -63.30%
Explanation:
1. The exchange rate in January if PPP is held
1.00 = exchange rate
20 % = inflation in Argentina
0.22% = us inflation
1.00(1+0.20)/(1+0.022)
= 1.00x1.20/1.022
= 1.17416 pesos/$
B. Percentage by which pesos was devalued
(PPP/actual exchange rate)-1
= 1.17416/3.20 -1
= 0.366925-1
= -0.6330
= -63.30%
C. At 20 % we can see that inflation is really high in Argentina which is probably the reason for the undervaluation. But the truth is inflation alone cannot be held responsible. Severe crisis in Argentinas balance of payment is partly responsible
Excess reserves A. are loans made at above market interest rates. B. are the deposits that banks do not use to make loans. C. are reserves banks keep to meet the reserve requirement. D. are reserves banks keep above the legal requirement. Suppose the required reserve ratio is % and a bank has the following balance sheet: Assets Liabilities Reserves $ Deposits $ Loans $ This bank keeps required reserves of $ nothing and excess reserves of $ nothing. (Enter your responses as integers.)
Answer and Explanation:
The excess reserves are the reserves banks that maintain more the legal requirement. It shows the difference between the required reserve and the actual reserve
Hence, the last option is correct
Now the required reserve is
= ($11,000 × 11%)
= $1,210
And, the excess reserve is
= $2,200 - $1,210
= $990
Hence, the same would be relevant
When the price level falls, the number of dollars needed to buy a representative basket of goods Group of answer choices decreases, so the value of money rises. increases, so the value of money rises. increases, so the value of money falls. decreases, so the value of money falls.
Answer:
decreases, so the value of money rises
Explanation:
Let us assume the starting price level is $100 so here the amount that need to pay is $100 now the price level falls to $50 so again the amount that should be paid is $50 so as we can see that if there is any fall in the price level so the number of dollar would be decreased therefore the value of the money would be increased
When the price level is 50 so the consumer purchased two things
Hence, the first option is correct
Skysong, Inc. sells office equipment on July 31, 2022, for $17,400 cash. The office equipment originally cost $72,400 and as of January 1, 2022, had accumulated depreciation of $42,300. Depreciation for the first 7 months of 2022 is $5,250. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment.
Answer:
(a) update depreciation to July 31, 2022
Debit : Depreciation expense $5,250
Credit : Accumulated depreciation $5,250
(b) record the sale of the equipment.
Debit : Accumulated depreciation $47,550
Debit : Cash $17,400
Debit : Profit and Loss $7,450
Credit : Cost $72,400
Explanation:
Accumulated Depreciation is the total depreciation charged on the asset during its tie in use in the business Accumulated depreciation is $47,550 ($42,300 + $5,250 ).
The Sale has resulted in a loss of $7,450 ($72,400 - $17400 - $47,550)