The ledger of Skysong, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.
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Answer: See Image Below
The adjusting entries for Skysong, Inc. for March is prepared from the given selected accounts before adjusting entries have been prepared.
What are adjusting entries?Adjusting entries are journal entries that are typically made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. Under accrual-basis accounting, the revenue recognition principle serves as the foundation for making adjusting entries for unearned and accrued revenues.
The adjusting entries are as follows:-
No. Date Account Tiles and Explanation Debit Credit
1. March 31 Depreciation expense 756
Accumulated Depreciation expense 756
2. March 31 Unearned Rent revenue 5580
Rent revenue 5580
3. March 31 Interest Expense 360
Interest payable 360
4. March 31 Supplies Expense 1935
Supplies 1935
5. March 31 Insurance Expense 1080
Prepaid Insurance 1080
Therefore, the adjusting entries are prepared on March 31.
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Related Questions
Firms and industries producing capital goods are affected most by the business cycle and the negative effects of a recession because purchases of capital goods ______. Multiple choice question. cannot be postponed are made frequently are typically unexpected can be postponed
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Firms and industries producing capital goods are affected most by the business cycle and the negative effects of a recession because purchases of capital goods can be postponed.
A country is in recession when the GDP of the country for two consecutive quarters is negative. A business cycle is a cycle of growth and decline in the economy.
When a country is in a recession or at a trough in the business cycle, there is usually a low level of economic activities. As a result, there is a decline in the demand for capital goods. On the other hand, the demand for consumer goods cannot be postponed. As a result, consumer goods are not as negatively affected by a recession as much as capital goods.
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If Puddle Incorporated had total Accounts Receivable at the end of 2019 of $630 million and an allowance for uncollectible accounts of $16 million show the effect of the following in the accounting equation worksheet for 2020:a. Calculate how much customers actually owe to Puddle at the end of 2020.b. Calculate how much is estimated will not be collected by Puddle at the end of 2020.c. State how much expenses increased due to the estimate of uncollectible accounts.d. How much would Puddle show as the amount they actually plan to collect (Accounts Receivable, Net)
Answers
a. The amount (Accounts Receivable) that customers actually owe Puddle Incorporated at the end of 2020 is $741 million.
b. At the end of 2020, it is estimated that Puddle Incorporated will not collect (Allowance for Uncollectible Accounts) $22.23 million.
c. Bad Debt Expenses increased to $20.23 million.
d. The amount that Puddle Incorporated will show as the amount that they actually plan to collect (that is the Accounts Receivable, Net) is $718.77 million.
Data and Calculations:
Sales on credit in 2020 = $4,315 million
Collections during 2020 = $4,190 million
Uncollectible accounts written off during 2020 =$14 million
Allowance for uncollectible accounts = 3% of total accounts receivable= $22.23 million ($741 million x 3%)
The following T-Accounts are used to calculate the requirements for a), b), and c) and the amounts are in millions.Accounts Receivable
Account Titles Debit Credit
Beginning balance $630
Sales Revenue 4,315
Cash $4,190
Allowance for Uncollectible 14
Ending balance $741
Allowance for Uncollectible Accounts
Account Titles Debit Credit
Beginning balance $16
Accounts Receivable $14
Bad Debts Expense $20.23
Ending balance $22.23
Bad Debts Expense
Account Titles Debit Credit
Allowance for Uncollectibles $20.23
Accounts Receivable, Net
Accounts Receivable ending balance $741
Allowance for Uncollectible accounts (22.23)
Amount planned to collect $718.77
Thus, Puddle Incorporated plans to collect $718.77 million in 2021 from past sales to customers but may collect more or less.
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Which of the following is a benefit of fixed interest rates for borrowers? (1 point)
O Fixed interest rates are initially lower than variable interest rates.
O Fixed interest rates are as easy for borrowers to budget as variable interest rates.
O Fixed interest rates are easier for borrowers to budget than variable interest rates.
O Fixed interest rates are more likely to decrease and save borrowers money than variable interest rates.
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Answer:
Fixed interest rates are easier for borrowers to budget than variable interest rates!!!!!
In comparison to variable interest rates, fixed interest rates are simpler for borrowers to budget. Therefore, Option (C ) is the proper answer.
What is a fixed interest rate?A loan with a fixed interest rate is one in which the interest rate does not change over the loan's fixed rate duration. This enables the borrower to anticipate their future payments with accuracy. In contrast, loans with variable rates are tied to the current discount rate.
A loan or credit line with a fixed interest rate has a specified, fixed interest attached to it that must be repaid along with the principal. The most popular type of interest for customers is a fixed rate since it is simple to calculate, simple to comprehend, and steady.
Both the borrower and the lender are aware of the exact interest rate obligations associated with a loan or credit account.
Hence, Option (C ) is the correct answer.
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plz help
explain why the scene below fail to meet basic workshop safety standards.
Answers
Answer:
they didn't have a first aid kit
Explanation:
a first aid kit is a very inport must have
common approaches to pricing are oriented around which four elements?
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Profit, Competition, Cost and Demand are the element which the approaches for pricing fixing are oriented around.
Pricing refers to the process of determining the value that a producer will receive in the exchange of services and goods produced with final consumers or middle men.
The aim of generating profit is one of the element considered for price fixing.Competition levels with other companies in the industry will influence price fixing because consumers pocket have to be considered.Level of Cost incurred during production of the goods and services also play a great role in price fixing.Demand from the market also influence price setting on a product.Read more on this here
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Frictional unemployment is defined as a type of unemployment that is caused by workers who ______. Multiple choice question. have skills that have become obsolete or are no longer marketable have given up searching for new employment are out of work because of a decline in total spending in the economy unemployed as they actively search for a new job.
Answers
Answer: unemployment as they actively search for a new job
Explanation:
Inflation indicates that
unemployment is falling
unemployment is rising
the Consumer Price Index is falling
the Consumer Price Index is rising
Answers
Answer:
the Consumer Price Index is rising
Explanation:
The CPI measures the rate of inflation, which is one of the greatest threats to a healthy economy. Inflation eats away at your standard of living if your income doesn't keep pace with rising prices—your cost of living increases over time. A high inflation rate can hurt the economy.
Answer:
C
Explanation:
the legal document identifying the rights and obligations of both the bondholders and the issuer is called the bond ______. this document describes the number of bonds authorized, their par value, and the contract interest rate.
Answers
Answer:
Bond indenture
hope it's correct
What is social democracy? Describe it.
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Answer:
democracy refers to the system in which government representatives are choosedand elected by general public.
Answer:
Social democracy is a government system that has similar values to socialism, but within a capitalist framework.
Activities involved in buying and selling goods on a large scale.
a) gross domestic product
b) inflation rate
c) labor force
d) business cycle
e) recession
f) monopoly
g) fiscal policy
h) monetary policy
i) commerce
j) price fixing
Answers
Answer:
I think answer is price fixing
what is the place where investments are bought and sold called?
Answers
A stock exchange is a place where stocks are bought and sold. This is known as trading stocks. A stock exchange can be a real, physical location (the building where trading takes place), but it can also be more of an idea, too.
openstax Michael Bronner made a killing in the direct marketing business as the cofounder and CEO of Bronner Slosberg Humphrey, a wildly successful direct-marketing firm. His newest venture, Upromise Inc., enlists some of America's largest corporations to help families pay for college and is extremely successful. The 40-year-old Bronner will more than likely start at least one more new company before he retires because Bonner is a(n): Group of answer choices
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Michael Bronner is a multipreneur in that he is participating in multiple ventures at the same time as co-founder and CEO of Bronner Slosber Humphrey, a new venture Upromise Inc, and there's still information that he can start one more company before he retires.
A multpreneur is an individual who works in several different businesses at the same time, requiring the administration and management of multiple businesses, which requires a lot of dedication.
Generally, multipreneurs are entrepreneurs who already have a successful business, so the opening of new businesses is the chance for greater opportunities to apply capital and be successful in other fields.
To be an entrepreneur and a multipreneur it is necessary to:
Dedication.Time management.Be creative and innovative.Have communication skills.Be patient.Have negotiation skills.Therefore, to be a multipreneur it is necessary to have vision and initiative to see market opportunities and consumption trends that can be successful.
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What effect do communication skills have on ability to pursue
Answers
Answer:
you. dummy joking I. don't know
The
the unemployment rate, the
worse the economy.
A. lower
B. higher
C. more stagnant
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Answer:
a
Explanation:
less people working less people to distribute their products
The *lower* the unemployment rate, the worse the economy.
what time is it? pls tell meee
Answers
Answer:
it is 11.20 am in my phone
HOPE IT HELPS
1.the balance of an account is calculated as
A the total of the debit side
B the total of the credit side
C the difference between the totals of the debit and credit side
D.the sum of all entries
2.the total on the debit of an account is greater than the credit side.what does this mean?
A the account has a debit balance
B the account has a credit balance
C the account cannot be balanced
D the account has no balance
3.a credit balance occurs in a ledger account when
A the total on its debit side is greater than the credit side
B the total on its debit side is less than the total on its credit side
C the total on its debit side is equal to the total on its credit side
D the total is zero in the ledger account
Answers
Answer:
1.A
2.C
3.D
Explanation:
hope its help
8. You should review the papers in your filing system at least
once a month
once a week
every 6 months
once a year
Answers
Answer: every 6 months
Explanation:
symphonie fantastique is a multi-movement symphony that greatly employs the technique of
Answers
The technique of programatic symphony is the most important technique used in Symphonie fantastique.
Symphonie fantastique, is a French term to refer to the Fantastic Symphony.
The Fantastic Symphony is a symphony composed in 1830 by the French Hector Berlioz dedicated to Nicholas I of Russia during the early Romantic period.
This symphony is characterized as an outstanding example of descriptive or programatic music because it allows listeners to evoke images and memories.
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Emily and Jo, parents of two of your classmates, are starting a business that will provide packing, cleaning, and hauling services to college students. You have been hired as a consultant to help them select from among five generic types of competitive strategy to pursue as their company enters the marketplace. What are the five generic types of competitive strategy?
Answers
The five generic types of competitive strategy are:
low-cost provider, broad differentiation, focused low-cost, focused differentiation, and best-cost provider
A business would set out to become the low cost provider in the market. While trying to achieve this, they have to exploit all sources of cost to their own gain.
Broad differentiation means the uniqueness that the business would provide in the market that is different from what is offered by the competitors.
Focus has to do with channeling the attention of the business to a particular or narrow scope that would be beneficial to the consumers.
Focus also has to do with targeting a particular group to render services or provide your services to.
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you have to talk about trade between different nations,Look around your room or in your house and find five different objects and identify where they were made. In at least 100 words, discuss how you have personally benefited from trade and provide at least 2 examples. Identify 1 positive impact of trade on your life and 1 way that you have been negatively impacted also. you have to talk about trade between different nations
Answers
Answer:
hi u can be my friend
Explanation:
old plz
the consumer price index tries to gauge how much incomes must rise to maintain
Answers
Answer: a constant standard of living
Explanation:
You pay a monthly fee to have telephone service for your business. The amount you pay is the same every month. This is an example of a ________ cost.
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Answer:
This is an example of a Fixed Cost.
Answer:
fixed cost
Explanation:
A certificate of deposit offers a nominal interest rate of 3.5 percent annually.
If inflation is 1.5 percent, what is the real rate of return?
A. 1 percent
B. 1.75 percent
C. 2.5 percent
D. 2 percent
Answers
Answer: "2 percent"
Explanation:
Just took the test, ANSWER is DEFINITELY "2 percent"
The real rate of return is 2%. Thus the correct option is (D).
What is real rate of return?The real rate of return refers to the return which is got after the deduction of the taxes and inflation.
For the calculation of real rate of return formula is used. So the formula for real rate of return is as follows:
Real rate of return = 1+N/1+i -1
In which N is the nominal rate and i is the inflation rate. A certificate of deposits provide the interest rate of 3.5% annually and inflation is 1.5%
Thus N is 0.035 and inflation (i) is 0.015.
So the real rate of return is:-
R = 1+N/1+i -1
R = 1+ 0.035/1+0.015 -1
R = 1.035/1.015 -1
R = 1.0197 -1
R = 0.0197
0.0197*100= 1.97~ 2%
Thus the real rate of return is 2%. The correct option is (D).
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What would happen if you had $30 in your checking account and you tried to take out $45 at the grocery store using your debit card?
Answers
Answer:
I believe that the transaction would fail giving you some text similer to "Transaction failed, please try again." or "Insufficient funds."
Explain how the Fed's monetary policy affects the unemployment level. The Fed's monetary policy -Select- interest rates, which affect the cost of borrowing by households and businesses which in turn, -Select- the demand for products and services. The aggregate demand for products and services -Select- the number of people employed by businesses and therefore -Select- the unemployment level.
Answers
Answer:
17
Explanation:
People often misread body language, so you should : _____________
a. stand behind a podium and grip it to keep from waving your hands.
b. pay attention to your audience members and adjust your presentation based on their reactions.
c. plan your gestures ahead of time, the way you would choreograph a dance.
d. avoid making gestures as much as possible.
e. smile as much as possible to show that you have good intentions.
Answers
Answer:
b
Explanation:
50 points !!!!! Please help me!!! This is about Simple path to wealth by JL Collins
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Answer:
sorry need koren po ng point kasi mag a ask lang din nmn po ako thnks po:(
explain what type of business would fall under a sole proprietorship?
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Answer:
A sole proprietorship is an unincorporated business with only one owner who pays personal income tax on profits earned. Sole proprietorships are easy to establish and dismantle, due to a lack of government involvement, making them popular with small business owners and contractors. Examples of sole proprietors include small businesses such as, a local grocery store, a local clothes store, an artist, freelance writer, IT consultant, freelance graphic designer, etc.
Explanation:
explain what type of business would fall under a partnership ???
Answers
here you go
Explanation:
A partnership is a business shared by multiple owners. It's not a legal business entity, and it doesn't have to be registered with the state. Basically, if you decide to go into business with another person without filing any state paperwork, you're automatically in a partnership
11. Which of the following is NOT a step of the employment process in the Human Resources
department according to the segment?
A. Assess employment needs
B. Recruit potential employees
C. Select employee who fulfills goals
D. Negotiate salary and benefits of new hires
Answers
Answer:
A Assess Employee Needs