Business College

Our business has been running
for a bit. As in the last lesson,
we've made some sales and paid
rent. To see how these are
recorded in a journal, click
Accounting Docs-Journal.
The most recent transaction is at
the bottom.
What is our most recent
transaction?

A- Purchase of parts

B- Sale, paid by cash

C- Payment of rent

Answers

Answer 1

The most recent transaction is Option B. Sale, paid by cash

This is indicated by the last entry at the bottom of the journal as the most recent transaction. Journal entries are used to record financial transactions. They provide a record of every transaction that takes place in the company. The purpose of a journal is to keep a record of all business transactions in chronological order.

As a result, each transaction is recorded in the journal as it happens so that the company has a complete record of its financial dealings. The journal is also used to create an audit trail of the financial transactions that have occurred. The most recent transaction in the journal is at the bottom, which means that all the previous transactions have been recorded. In this case, the most recent transaction is a sale that was paid for by cash.

This means that the company has made a sale and has received payment in cash. This information is important because it allows the company to keep track of its sales and revenue. It also helps the company to identify any potential issues with its cash flow, such as if there are delays in payments or if there are any other problems that need to be addressed. Therefore, the correct option is B.

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Related Questions


Based on the economic theory and the article, provide an alternative item(s) to tax that would be more efficient. Explain why taxing that item would be more efficient.

Answers

One alternative item to tax that would be more efficient based on economic theory and the article are Pigouvian taxes, which are taxes on goods that have a negative externality.  This tax would be more efficient because it would reduce the negative externality of pollution and provide an incentive for people to use less gasoline.

A negative externality is a cost imposed on society that is not factored into the market price. For example, pollution from cars imposes costs on society in the form of health problems and environmental damage. A Pigouvian tax on gasoline would increase the price of gasoline to account for these costs and encourage people to drive less or use more fuel-efficient cars.

In contrast, a tax on soda would not address a negative externality and would likely be regressive, meaning it would disproportionately affect low-income individuals who spend a higher percentage of their income on soda. Additionally, the article mentioned that there are already many taxes on soda, and further taxing it may not significantly reduce consumption.

In contrast, a Pigouvian tax on gasoline would be a new tax that would effectively address a negative externality. Overall, Pigouvian taxes are a more efficient way to tax because they internalize the costs of negative externalities and encourage individuals to make more socially optimal choices.

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If interest is 5% compounded annually, calculate the future value of five year cash flows of $1,000 in year 1; $2,000 in year 2; $3,000 in year 3; $4,000 in year 4 and $5,000 in year 5.

Multiple Choice

$16,238.26


$16,638.26


$16,438.26


$16,838.26


$16,038.26

Answers

Option A. $16,238.26 is the closest approximation of the calculated future value.

To calculate the future value of the cash flows, we need to apply the compound interest formula:

Future Value = Present Value * [tex](1 + Interest Rate)^{Number of Periods}[/tex]

In this case, we have five cash flows over five years, and the interest rate is 5% compounded annually. Let's calculate the future value step by step:

Year 1: Future Value = $1,000 * [tex](1 + 0.05)^{1}[/tex] = $1,050

Year 2: Future Value = $2,000 * [tex](1 + 0.05)^{2}[/tex] = $2,205

Year 3: Future Value = $3,000 * [tex](1 + 0.05)^{3}[/tex] = $3,152.25

Year 4: Future Value = $4,000 * [tex](1 + 0.05)^{4}[/tex] = $4,310.06

Year 5: Future Value = $5,000 * [tex](1 + 0.05)^{5}[/tex] = $5,525.63

Now, we sum up all the future values:

Total Future Value = $1,050 + $2,205 + $3,152.25 + $4,310.06 + $5,525.63

Total Future Value = $16,243.94

Therefore, the closest option is A. $16,238.26.

It's important to note that the answer might differ slightly depending on the rounding method used at each step of the calculations. However, based on the given options, A. $16,238.26 is the closest approximation of the calculated future value. Therefore, the correct option is A.

The question was incomplete, Find the full content below:

If interest is 5% compounded annually, calculate the future value of five-year cash flows of $1,000 in year 1; $2,000 in year 2; $3,000 in year 3; $4,000 in year 4, and $5,000 in year 5.

Multiple Choice

A. $16,238.26

B. $16,638.26

C. $16,438.26

D. $16,838.26

E. $16,038.26

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