What is an example of a good stock to buy during economic expansion?

Knowledge Check 04 On December 29, 2015, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumul

KIM [24]

Answer:

Depreciation expense $2,000

To Accumulated depreciation - equipment $2,000

(Being the depreciation expense is recorded)

Explanation:

The journal entry is shown below:

Depreciation expense $2,000

To Accumulated depreciation - equipment $2,000

(Being the depreciation expense is recorded)

For recording this we debited the depreciation expense as it increased the expenses and credited the accumulated depreciation as it reduced the value of the fixed assets. This both items should be recorded for $2,000

8 0

2 years ago

Below are three independent and unrelated errors. On December 31, 2017, Wolfe-Bache Corporation failed to accrue office supplies

vampirchik [111]

Answer & Explanation

A) Wolfe-Bache Corporation

Expenses will be understated thus, net income overstated.

In the balance sheet this makes assets Office supplies be overstated as it wasn't adjusted and retained earnings as well.

Prior Period Adjustment 1,800 debit

Supplies 1,800 credit

--to adjust supplies and recognize prior period results--

B) Midwest Importers

rent revenue overstated thus, income statement overstated.

in the balance sheet Retained Earnings will be overstated as well.

While liabilities for the paid in advance rent will not exit thus, understated

Prior Period Adjustment 90,000 debit

unearned revenue 90,000 credit

--to adjust for unearned revenue on previous periods--

C) Dinkins-Lowery Corporation

interest revenue will be understated thus, income statement as well.

In the balance sheet the note receivable net balance will be understated and so the equity as retained earnings is understated.

Prior period adjusment 8,000 debit

interest receivable 8,000 credit

--to adjust for missing year-end adjusting entry--

6 0

2 years ago

The process of formalizing acceptance of the completed project deliverables is also known as _______________

vlada-n [284]

The process of formalizing acceptance of the completed project deliverables is also known as Validate Scope.
Hope this helps!

7 0

2 years ago

There is a flexible exchange rate system and only two countries in the world, the United States and Mexico. If the inflation rat

xz_007 [3.2K]

Answer: The correct answer is "a. the dollar will depreciate and the peso will appreciate.".

Explanation: If the inflation rate in the United States rises relative to the inflation rate in Mexico, it follows that the dollar will depreciate and the peso will appreciate.

As inflation in the United States is higher, the dollar is affected by a loss of purchasing power, therefore it depreciates with respect to the Mexican peso.

5 0

2 years ago

Under what circumstance would agency conflict be most likely to increase? When owners are very close to the business. When owner

IRINA_888 [86]

Answer:

When owners are separated from the business

Explanation:

Agency conflict arises when ownership is separated from management and management have to take decision to maximize wealth of owner instead of themselves.

Hence when owners are separated from the business is the correct answer.

7 0

2 years ago