Debit should have gone to utilities expense

Assignment Help Financial Management
Reference no: EM13806738

A transaction was recorded as a debit to phone expense and a credit to cash. After reviewing the trial balance and searching, we find that the debit should have gone to utilities expense. The correction would be:

A. Debit utilities expense, credit phone expense

B. debit cash, credit phone expense

C. debit utilities expense, credit Cash

D. None of the above

Reference no: EM13806738

Questions Cloud

Rule making the food and drug administration : Rule Making The Food and Drug Administration (FDA), a federal administrative agency, is charged with enforcing the Food, Drug, and Cosmetic Act. This statute mandates that the FDA limit the amount of poisonous or deleterious substances in food.
Capital account assuming no statistical discrepancy : If the balance on the current account is $842 billion and the balance on the financial account is -$603 billion, what is the balance on the capital account assuming no statistical discrepancy?
Promissory note in the amount : Taking for Value Betty Ellis and her then husband W.G. Ellis executed and delivered to the Standard Finance Company (Standard) a promissory note in the amount of $2,800. After receiving the note, Standard issued a check to the couple for $2,800. The ..
On a statement of cash flows of a financially healthy : On a statement of cash flows of a financially healthy company, net income should ordinarily be:
Debit should have gone to utilities expense : A transaction was recorded as a debit to phone expense and a credit to cash. After reviewing the trial balance and searching, we find that the debit should have gone to utilities expense.
When information is important enough to the informed user : When information is important enough to the informed user, so that if it was omitted or erroneous, it would make a difference in the user's decision, it is:
Common stock appears on : Common stock appears on:
What is the firms after-tax cost of debt : 5 years ago, Barton Industries issued 25-year no callable, semi annual bonds with a $1,900 face value and a 10% coupon, semi annual payment ($95 payment every 6 months). The bonds currently sell for $845.87. If the firm's marginal tax rate is 40%, wh..
Cost of common equity and wacc : Patton Paints Corporation has a target capital structure of 45% debt and 55% common equity, with no preferred stock. Its before-tax cost of debt is 13% and its marginal tax rate is 40%. The current stock price is P0 = $22.50. The last dividend was D0..

Reviews

Write a Review

Financial Management Questions & Answers

  Planning for retirement

How much money will Tom and Tricia have in 45 years if they do nothing for the next 10 years, then puts $2400 per year away for the remaining 35 years? How much money will Tom and Tricia have in 45 years if they put $2400 per year away for the next 1..

  Complete the financial reporting for each period

Complete the financial reporting for each period

  Considering investing in a new dental instrument

West Side Dental Group is considering investing in a new dental instrument. The instrument costs $90,000 and can be depreciated to zero on a straight-line basis over its life of 3 years. The instrument is expected to have no salvage value. Currently,..

  Future value of an annuity what is the future value

5-3 Future Value of an Annuity What is the future value of a $900 annuity payment over five years if interest rates are 8 percent? (LG5-2)

  What is the value of the tax shield

An all-equity firm is subject to a 30% tax rate. Its total market value is initially $3,500,000, and there and 175,000 shares outstanding. The firm announces a program to issue $1 million worth of bonds at 10% interest and to use the proceeds to buy ..

  Minority shareholders have a greater chance of electing

Minority shareholders have a greater chance of electing a member to the board of directors if the company uses

  Marginal tax rate will remain

ECB borrows $2 billion dollars by issuing 10 year bonds. ECB cost of debt is 6% so it will need to pay $120M in interest each year for 10 years, and the, and repay the principal $2B in year 10. ECB's marginal tax rate will remain 35% throughout this ..

  Calculate the share price and earnings per share

Bill’s Bakery expects earnings per share of $2.18 next year. Current book value is $3.9 per share. The appropriate discount rate for Bill’s Bakery is 13 percent. Calculate the share price for Bill’s Bakery if earnings grow at 4 percent forever.

  What is enigmas cash flow from operations

Enigma has the following financial information: Net Income $70,000 Taxable Income (EBT) $100,000 Interest Expense $20,000 Depreciation Expense $15,000 Tax Expense $30,000 Increase in Current Assets $20,000 Increase in A/P and Accruals $10,000 Decreas..

  Challenge of global promotion is not simply to communicate

The challenge of global promotion is not simply to communicate across culturally diverse country markets, but to also achieve integrated marketing messages among the different media forms used to reach targeted customers.

  What is the future value of twenty monthly deposits

What is the future value of twenty monthly deposits that start at $35 but then increase by 5% a month in an account that earns 5% per month?

  Biggest environmental challenges of the future

Explain in detail some of the biggest environmental challenges of the future for healthcare financial managers and provide an example of a financial report and then explain in detail the steps in the financial analysis process.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd