Consider the following T-account for Accounts Payable.Accounts Payable?10,2008,800??4,5001. Compute the balance of the Accounts Payable account.2. Give an example of a transaction that would have resulted in the $8,800 posting to the account.3. Give an example of a transaction that would have resulted in the $4,500 posting to the account.
What will be an ideal response?
1. $10,200 - $8,800 + $4,500 = $5,900.
2. Postings on the left side (or debit side) of the Accounts Payable T-account represent decreases to accounts payable, such as making a payment on the account.
3. Postings on the right side (or credit side) of the Accounts Payable T-account represent increases to accounts payable, such as purchasing office supplies on account.
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The accountant for Sysco Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year$889,000?Net income for the year 265,000?Cash dividends declared for the year 49,000?Retained earnings balance at the end of the year 1,217,000?Cash dividends payable at the beginning of the year 11,400?Cash dividends payable at the end of the year 13,100?What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows?
A. $50,700. B. $47,300. C. $1700. D. $49,000. E. $73,500.
With reference to the different types of markets, compare pure competition with monopolistic competition
What will be an ideal response?
Briefly define the term fractionating as a way to control the issues.
What will be an ideal response?
Answer the following statements true (T) or false (F)
The FASB maintains that accrual accounting systems are more useful for predicting net cash flows than are simpler cash-based systems.