Below are transactions for a company during Year 1. On December 1, Year 1, the company receives $3,400 cash from the company that is renting office space from the company. The payment, representing rent for December and January, is credited to Deferred Revenue. The company purchases a one-year property insurance policy on July 1, Year 1, for $12,480. The payment is debited to Prepaid Insurance for the entire amount. Employee salaries of $2,400 for the month of December will be paid in early January Year 2. On November 1, Year 1, the company borrows $12,000 from a bank. The loan requires principal and interest at 10% to be paid on October 30, Year 2. Office supplies at the beginning of Year 1 total $940. On August 15, the company purchases an additional $2,800 of office supplies, debiting the Supplies account. By the end of the year, $440 of office supplies remains. Record the necessary adjusting entries at December 31, 2018, for Wolverine Company. You do not need to record transactions made during the year. Assume that no financial statements were prepared during the year and no adjusting entries were recorded.

Computing depreciation, net book value, and gain or loss on asset sale lynch company owns and operates a delivery van that originally cost $46,400. lynch has recorded straight-line depreciation on the van for four years, calculated assuming a $5,000 expected salvage value at the end of its estimated six-year useful life. depreciation was last recorded at the end of the fourth year, at which time lynch disposes of this van. compute the net bookvalue of the van on the disposal date.

Uppose that the federal reserve purchases a bond for $100,000 from donald truck, who deposits the proceeds in the manufacturer’s national bank. what will be the impact of this purchase on the supply of money? the money supply will increase by $100,000. the money supply will increase by $80,000. the money supply will increase by $500,000. this action will have no effect on the money supply. if the reserve requirement ratio is 20 percent, what is the maximum amount of additional loans that the manufacturer’s bank will be able to extend as the result of truck’s deposit? the maximum additional loans is $100,000. the maximum additional loans is $80,000. the maximum additional loans is $20,000. the maximum additional loans is $500,000. given the 20 percent reserve requirement, what is the maximum increase in the quantity of checkable deposits that could result throughout the entire banking system because of the fed’s action? this action will have no effect on the money supply. the money supply will eventually increase by $80,000. the money supply will eventually increase by $500,000. the money supply will eventually increase by $100,000.

Modern firms increasingly rely on other firms to supply goods and services instead of doing these tasks themselves. this increased level of is leading to increased emphasis on management.