Answer:
It's a Line of credit or debit I think it is Debit
Explanation:
Make Me brain list if you think it's a valued answer
The pre-approved credit that Rico after applying for a credit card is a line of credit. Thus, the correct answer is option B.
What is a line of credit?A line of credit (LOC) is a predetermined borrowing amount that may be accessed whenever necessary. Until the cap is reached, the borrower is free to withdraw money as needed. In the event of an open line of credit, money can be borrowed once more as it is repaid.
A LOC is an agreement that sets the maximum loan amount that a customer can borrow between a financial institution—typically a bank—and the consumer. The maximum amount (or credit limit) stipulated in the agreement may never be exceeded by the borrower while drawing money from the LOC.
Therefore, the name for the $20,000 that Rico got is a line of credit.
To learn more about a line of credit, click here:
https://brainly.com/question/16100269
#SPJ2
In a query, if you want to summarize the data and use a sum to apply addition to the summarized data, use the _____ tool.
SUM
Add
Summarize
Totals
7. How can you use nonverbal communication to express an idea to someone?
Jim promises to marry Martha if Martha agrees to pay him a $10,000/month allowance as long as they are wedding. If this contract was not written, then once they are married Jim can still enforce the contract if Martha refuses to pay.
a. True
b. False
Jim promises to marry Martha if Martha agrees to pay him a $10,000/month allowance as long as they are wedding. If this contract was not written, then once they are married Jim can still enforce the contract if Martha refuses to pay. This statement is True.
What is Contract?A contract is an agreement between parties that establishes legal duties for both parties. The fundamental components necessary for the agreement to be a valid offer and acceptance, adequate consideration, capacity, and legality are: mutual assent, expressed through a contract-compliant offer.
Contracts are legal obligations that contain promises. State common law primarily governs contract law, and while broad contract law is prevalent nationwide, different state courts may have different interpretations of particular contract clauses.
Contracts are created when one party's promise results in the creation of a duty between the parties. A promise must be given in exchange for sufficient consideration in order for it to be regarded as a contract. There are two various theories or definitions to take into account: Benefit-Detriment theory of consideration and the bargain theory of consideration
To know more about Contract follow the link.
https://brainly.com/question/24191862
#SPJ2
Madeline is a research assistant for her favorite biology professor, Dr. Ogechi. Dr. Ogechi is interested in studying the effects of aquarium temperature on the number of offspring produced by a certain species of fish. Madeline knows, from her economics class, that to isolate the effects of a particular phenomenon, all other things must remain the same. In Latin, this is referred to as:______.
A. pluribus unum
B. dum versaste, nox fit
C. onay oremay atinlay
D. ceteris paribus
Answer:
D. ceteris paribus
Explanation:
Ceteris paribus is Latin for - all things being equal or constant.
In evaluating the effect of a factor in research it is important to keep all other factors constant so that the effect of the action of interest can isolated.
In the given scenario Dr. Ogechi is interested in studying the effects of aquarium temperature on the number of offspring produced by a certain species of fish.
For the effect of temperature to be accurately studied there is need for all other factors like pressure, salt content of water, oxygen content, and so on be constant.
This isolates effect of temperature on the experiment.
Tiger, Inc., a calendar year S corporation, is owned equally by four shareholders: Ann, Becky, Chris, and David. Tiger owns investment land that was purchased for $160,000 four years ago. On September 14 of the current year when the land is worth $240,000, it is distributed to David. Assume that David's basis in his S corporation stock is $270,000 on the distribution date.
Required:
Discuss any Federal income tax ramifications.
Answer:
Capital gain $80,000
Shareholder $20,000
David Basis $50,000
Explanation:
Calculation to Discuss any Federal income tax ramifications
Calculation to discuss the CORPORATE LEVEL, capital gain Federal income tax ramifications
Using this formula
Capital gain =Land Worth - Purchased value of land
Let plug in the formula
Capital gain= $240,000 - $160,000
Capital gain= $80,000
Therefore CORPORATE LEVEL, capital gain Federal income tax ramifications will be $80,000
SHAREHOLDERS
Based on the information given we have 4 shareholders which means that the amount each shareholder held will be:
Shareholder= $80,000 ÷ 4
Shareholder= $20,000
DAVID BASIS
Based on the information given David Basis in S corporation will be calculated as:
David Basis= $270,000 - $240,000 + $20,000
David Basis= $50,000
Therefore David Basis in S corporation will be $50,000
Alfarsi Industries uses the net present value method to make investment decisions and requires a 15% annual return on all investments. The company is considering two different investments. Each require an initial investment of $15,700 and will produce cash flows as follows:
End of Year Investment
A B
1 $8,000 $0
2 8,000 0
3 8,000 24,000
The present value factors of $1 each year at 15% are: ________
a. 1
b. 0.8696
c. 2
d. 0.7561
e. 0.6575
Answer:
e
Explanation:
the present value factor is the discount rate used to determine the present value of the investment
pv factor = 1 / (1 + r)^n
1 / 1.15^3 = 0.6575
Based on the graph, how many people are willing to work when the government of a country raises the minimum wage from $17 to $25?
A. 9
B. 12
C. 16
D. 19
E. 28
Answer:
Post Test: Government
Economics
Question #5
Based on the graph, how many people are willing to work when the government of a country raises the minimum wage from $17 to $25?
Answers:
A. 9
B. 12
C. 16
D. 19
E. 28
__________________________________________________________
The 100% correct answer is:
E. 28
Explanation:
I took the test and this is 100% it
Hope this helped
successfulness of the competition policy in South Africa
The Five & Dime store has a cost of equity of 15.8%, a pretax cost of 7.7%, and a tax rate of 35%. What is the firm's weighted average cost of capital if the debt-equity ratio is 0.40?
a. 10.18
b. 11.72
c. 12.72
d. 13.49
e. 14.93
Answer: 12.72%
Explanation:
The firm's weighted average cost of capital if the debt-equity ratio is 0.40 will be calculated thus:
= (1 /1+debt equity ratio)(cost of equity) + (Debt Equity ratio/1 + Debt Equity ratio)(Pre-tax cost)(1 - Tax rate)
=(1/1.40)(0.158) + (0.40/1.40)(0.077)(1 - 0.35)
= 12.72%
The firm's weighted average cost of capital is 12.72%
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.
Match each phrase that follows with the term it describes.
Clear All
Evaluation of how profit will change based on an alternative course of action
Possible result of using an inappropriate overhead allocation method
Revenue forgone from an alternative use of an asset
Strategy that focuses on reducing the influence of bottlenecks
Not relevant to future decisions
Product cost distortion
Opportunity cost
Differential analysis
Sunk cost
Theory of constraints
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.
Match each phrase that follows with the term it describes.
Clear All
Recognizes that a dollar today is worth more than a dollar tomorrow
Often referred to as the discounted cash flow method
Also referred to as capital budgeting
Average income as a percentage of average investment
Can be determined by initial cost divided by annual net cash inflow of an investment
Cash payback period
Capital investment analysis
Average rate of return
Net present value method
Time value of money concept
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.
Match the following descriptions and examples with the four performance perspectives in the balanced scorecard.
Clear All
Focuses on operational efficiencies and issues like improving manufacturing performance
Focuses on obtaining and retaining customers and customer base
Focuses on traditional accounting measures of performance, such as net income and cash flow
Focuses on research and development initiatives and employee training, retention, and satisfaction efforts
Customer
Learning and growth
Internal processes
Financial
Answer:
1. Match each phrase that follows with the term it describes:
a. Evaluation of how profit will change based on an alternative course of action
Correct term: Differential analysis
b. Possible result of using an inappropriate overhead allocation metho
Correct term: Product cost distortion
c. Revenue forgone from an alternative use of an asset
Correct term: Opportunity cost
d. Strategy that focuses on reducing the influence of bottlenecks
Correct term: Theory of constraints
e. Not relevant to future decisions
Correct term: Sunk cost
2. Match each phrase that follows with the term it describes:
a. Recognizes that a dollar today is worth more than a dollar tomorrow
Correct term: Time value of money concept
b. Often referred to as the discounted cash flow method
Correct term: Net present value method
c. Also referred to as capital budgeting
Correct term: Capital investment analysis
d. Average income as a percentage of average investment
Correct term: Average rate of return
e. Can be determined by initial cost divided by annual net cash inflow of an investment
Correct term: Cash payback period
3. Match the following descriptions and examples with the four performance perspectives in the balanced scorecard:
a. Focuses on operational efficiencies and issues like improving manufacturing performance
Correct option: Internal processes
b. Focuses on obtaining and retaining customers and customer base
Correct option: Customer
c. Focuses on traditional accounting measures of performance, such as net income and cash flow
Correct option: Financial
d. Focuses on research and development initiatives and employee training, retention, and satisfaction efforts
Correct option: Learning and growth
Tristen Company purchased a five-story office building on January 1, 2019, at a cost of $5,000,000. The building has a residual value of $200,000 and a 30-year life. The straight-line depreciation method is used. On June 30, 2021, construction of a sixth floor was completed at a cost of $1,650,000.
Required:
Calculate the depreciation on the building and building addition for 2018 and 2019 assuming that the addition did not change the life or residual value of the building.
Answer:
Depreciation expense on Building
Depreciation expense per annum under straight line method = (Cost - Residual value) / Useful life
= ($5,000,000 - $200,000) / 30
= $4,800,000 / 30
= $160,000
Depreciation expense for 2018 = $160,000
Depreciation expense for 2019 = $160,000
Depreciation expense on Building addition
Useful life = 30.00 years - 2.50 years = 27.50 years
Depreciation expense per annum under straight line method = (Cost - Residual value) / Useful life
= ($1,650,000 - $0) / 27.50
= $60,000
Depreciation expense for 2018 for 6 months = $60,000 * (6/12) = $30,000
Depreciation expense for 2019 = $60,000
Belltower, Inc. has net income for 2016 of $370,000. At January 1, 2016, the company had outstanding 54,000 shares of $50 par value common stock and 10,000 shares of 6%, $100 par value cumulative preferred stock. On September 1, 2016, an additional 18,000 shares of common stock were issued.
What is the earnings per share for 2016 (to the nearest cent)?
A. $5.17
B. $4.31
C. $4.44
D. $6.17
Answer:
A. $5.17
Explanation:
Use the following formula to calculate the Earnings per share
Earnings per share = ( Net Income - preferred Dividend ) / Weighted average numbers of outstanding shares
Where
Net Income = $370,000
Preferred Dividend = 10,000 x $100 x 6% = $60,000
Weighted average numbers of outstanding shares = 54,000 shares + ( 18,000 shares x 4/12 ) = 54,000 shares + 6,000 shares = 60,000 shares
Placing values in the formula
Earnings per share = ( $370,000 - $60,000 ) / 60,000 shares
Earnings per share = $5.17 per share
Farrina Manufacturing uses a predetermined overhead application rate of $8 per direct labor hour. A review of the company's accounting records for the year just ended discovered the following: Underapplied manufacturing overhead: $7,200 Actual manufacturing overhead: $392,000 Budgeted labor hours: 50,000
Simone's actual labor hours worked totaled:_______.
a. 49,100.
b. 49,900.
c. 48,100.
d. 50,900.
e. cannot be determined based on the information presented.
Answer:
c. 48,100.
Explanation:
The computation of the actual labor hours worked is shown below;
Actual Overhead $392,000.00
Less: Underapplied overhead $7,200.00
Applied Overhead ($392,000 - $,7200) $384,800.00
Predetermined overhead rate $8.00
Actual labor hours ($384,800 ÷ 8) $48,100
hence, the actual labor hours worked is $48,100
Therefore the option c is correct
Farrina Manufacturing uses a predetermined overhead application rate of $8 per direct labor hour. A review of the company's accounting records for the year just ended discovered the following: Underapplied manufacturing overhead: $7,200 Actual manufacturing overhead: $392,000 Budgeted labor hours: 50,000
Simone's actual labor hours worked totaled:_______.
a. 49,100.
b. 49,900.
c. 48,100.d. 50,900.
e. cannot be determined based on the information presented.
-KeonLee
I hope it help
#Carry on learning
Suppose that a Treasury coupon security is purchased on April 8 and that the last coupon payment was on February 15. Assume that the year in which this security is purchased is not a leap year.
(a) How many days are in the accrued interest period?
(b) If the coupon rate for this Treasury security is 7% and the par value of the issue purchased is $1 million, what is the accrued interest?
Answer:
A. 52 days
B. $1.00
Explanation:
A. Calculation to determine How many days are in the accrued interest period
February 15 to February 28 14 days
March (31 days in March) 31 days
April 1 to April 8 7 days
Actual number of days 52 days
(14 days+ 31 days+7 days)
Therefore The number of days that are in the accrued interest period is 52 days
B. Calculation to determine the accrued interest
Using this formula
Accrued interest=(Annual Dollar Coupon/2)x (Days in Accrued interest /Days in Coupon)
Let plug in the formula
Accrued interest=($7/2)x (52 days /182 days)
Accrued interest= $1.00
Note that February 15 through August 15 will give us 182 days in a coupon period
Therefore The Accrued interest is $1.00
Jordan performs services for Ryan. Which, if any, of the following factors indicate that Jordan is an independent
contractor, rather than an employee?
a. Ryan sets the work schedule
b. Ryan provides the tools used.
c. Jordan follows a specific set of instructions from Ryan to complete tasks.
d. Jordan is paid based on tasks performed.
Answer:
d. Jordan is paid based on tasks performed.
Explanation:
In the given options, the option d seems to be an independent contractor instead of an employee as the independent contractor would be paid that depend upon the performance of the task. They are free to choose their time and resources in order to performing the task. In other way, they dont have to depend upon others
So, the option d is correct
Assume that during 2019, Cypress Semiconductor Corporation reported net cash provided by operating activities of $155,955,000, net cash used in investing activities of $207,200,000 (including cash spent for plant assets of $132,930,000), and net cash used in financing activities of $33,350,000. Dividends of $4,860,000 were paid.
Required:
Calculate free cash flow.
Answer:
$18,165,000
Explanation:
Given that;
Cash provided by operating activities = $155,955,000
Net cash used in investing activities = $207,200,000 (including cash spent for plant asset of $132,930,000)
Net cash used in financing activities = $33,350,000
Dividends = $4,860,000
Then,
The free cash flow
= Cash provided by operating activities - Net cash used in investing activities - Dividends
= $155,955,000 - $132,930,000 - $4,860,000
= $18,165,000
Bertucci Corporation makes three products that use the current constraint which is a particular type of machine. Data concerning those products appear below:
TC GL NG
Selling price per unit $ 494.40 $ 449.43 $ 469.68
Variable cost per unit $ 395.20 $ 320.21 $ 373.92
Minutes on the constraint 8.00 7.10 7.60
Assume that sufficient constraint time is available to satisfy demand for all but the least profitable product. Up to how much should the company be willing to pay to acquire more of the constrained resource?
a. $12.40 per minute
b. $18.20 per minute
c. $129.22 per unit
d. $95.76 per unit
Answer:
Bertucci Corporation
The amount the company should be willing to pay to acquire more of the constrained resource per minute is:
a. $12.40 per minute
Explanation:
a) Data and Calculations:
TC GL NG
Selling price per unit $ 494.40 $ 449.43 $ 469.68
Variable cost per unit $ 395.20 $ 320.21 $ 373.92
Contribution per unit $99.20 $129.22 $95.76
Minutes on the constraint 8.00 7.10 7.60
Contribution per minutes $12.40 $18.20 $12.60
Answer:
M
Explanation:
On January 1, Marigold Corp. issued $6600000, 9% bonds for $7029000. The market rate of interest for these bonds is 8%. Interest is payable annually on December 31. Marigold uses the effective-interest method of amortizing bond premium. At the end of the first year, Marigold should report unamortized bond premium of:________
a) $397320
b) $398580
c) $375320
d) $297000
Answer:
a) $397320
Explanation:
Total premium of bond = Issue price - Par value
Total premium of bond = $7,029,000 - $6,600,000
Total premium of bond = $429,000
Total Annual payment to be made by firm = Coupon rate* par value of bond
= 0.09*$6,600,000
= $594,000
Interest part of the total annual payment made by firm = Market rate*Issue price of bond
= 0.08*$7,029,000
= $562,320
Premium of bond to be amortized at the end of year 1 = Total Annual payment to be made by firm - Interest part of the total annual payment made by firm
= $594,000 - $562,320
= $31,680
Unamortized premium at the end of year 1 = total premium of bond - amortized premium at the end of year 1
= $429,000 - $31,680
= $397,320
Dairy Cream Inc. makes and sells ice cream. Dairy Cream wants to merge with EZ Freeze Inc., its main competitor and a maker of ice cream and other frozen desserts. In a challenge to the deal on a charge of monopolization, the relevant product market includes ice cream and:_______
a. no other products.
b. products that have identical attributes, such as frozen yogurt.
c. products that must be kept cold, such as frozen fruit.
d. products that are related, such as cake.
Answer:
b. products that have identical attributes, such as frozen yogurt.
Explanation:
A monopoly is formed when a firm or a group of firms have a an unfair advantage in supplying a product and faces no competition while operating.
It is important to identify the market where the monopolist exists.
In the given scenario where Dairy Cream wants to merge with EZ Freeze Inc., its main competitor and a maker of ice cream and other frozen desserts. The merger will eliminate competition and the product market is defined under ice cream and products that have identical attributes, such as frozen yogurt.
Which of the following statements is correct?
a. The current cash flow from existing assets is highly relevant to investors. However, since the value of the firm depends primarily upon its growth opportunities, accounting net income projections from those opportunities are the only relevant future flows with which investors are concerned.
b. Two metrics that are used to measure a company's financial performance are net income and free cash flow. Accountants tend to emphasize net income as calculated in accordance with generally accepted accounting principles. Finance people generally put at least as much weight on free cash flows as they do on net income.
c. To estimate the net cash provided by operations, depreciation must be subtracted from net income because it is a non-cash charge that has been added to revenue.
d. Interest paid by a corporation is a tax deduction for the paying corporation, but dividends paid are not deductible. This treatment, other things held constant, tends to discourage the use of debt financing by corporations.
e. If Congress changed depreciation allowances so that companies had to report higher depreciation levels for tax purposes in 2013, this would lower their free cash flows for 2013.
Answer:
The correct statement is:
b. Two metrics that are used to measure a company's financial performance are net income and free cash flow. Accountants tend to emphasize net income as calculated in accordance with generally accepted accounting principles. Finance people generally put at least as much weight on free cash flows as they do on net income.
Explanation:
Net income and free cash flow are profitability measures. While net income measures profitability by including all expenses: cash and non-cash, free cash flow measures profitability by excluding the non-cash expenses but instead includes spending on assets and working capital periodic changes.
ABC has not ordered linen in some time, but when it did order in the past it ordered frequently, and its orders were of the highest monetary value. Under the given circumstances, Ajax is most likely to have an RFM score:________
Answer: 511
Explanation:
The RFM model enables a company to group its customers by their buying habits such that they can be treated accordingly to ensure repeated sales.
The three categories are:
Date of last purchaseFrequency of purchaseMonetary value of purchasesThe range is 0 - 5 with a higher number representing higher scores.
This particular customer will get a 5 for date of last purchase to indicate that it has been a while since they last purchased.
They will get a 1 for frequency because they haven't purchased in high frequency in a while but because they used to buy a lot, we give it a 1 instead of 0.
They will also get a 1 for the monetary value for the same reason as above.
Organic Laboratories allocates research and development costs to its three research facilities based on each facility's total annual revenue from new product developments:______.
Facility location Kentucky Arizona Illinois Total New product revenue $ 56,000,000 $ 100,000,000 $ 84,000,000 $ 240,000,000
Research & Development $ 90,000,000
Using revenue as an allocation base, the amount of costs allocated to the Illinois research facility is calculated to be:_______.
Answer:
Amount of costs allocated to the Illinois research facility = $31,500,000
Explanation:
Given:
Research cost
Kentucky = $56,000,000
Arizona = $100,000,000
Illinois = $84,000,000
Research and development cost = $90,000,000
Find:
Amount of costs allocated to the Illinois research facility
Computation:
Amount of costs allocated to the Illinois research facility = Research cost of Illinois[Research and development cost / Total research cot]
Amount of costs allocated to the Illinois research facility = 84,000,000[90,000,000 / (56,000,000 + 100,000,000 + 84,000,000)]
Amount of costs allocated to the Illinois research facility = 84,000,000[90,000,000 / (240,000,000)]
Amount of costs allocated to the Illinois research facility = 84,000,000[0.375]
Amount of costs allocated to the Illinois research facility = $31,500,000
(Learning Outcome 2) Watson Plumbing performed plumbing services for ABC Daycare on account for $565. How will this transaction affect ABC Daycare's accounting equation?
Answer:
ABC Daycare
Effect of Performing Plumbing Services on account on the Accounting Equation:
Assets (Accounts receivable) will increase by $565 and Equity (Retained Earnings) will equally increase by $565
Explanation:
a) Data and Analysis:
Accounts receivable $565 Service Revenue $565
The accounting equation that equals assets to liabilities and equity is always true at all times and with every correctly posted transaction. It implies that assets are financed through the contributions made by either the owners (equity) or the creditors (debts), or a combination of the two. This equation forms the basis for the double-entry system of financial accounting.
list three classified ways of getting into small business?
Answer:
sole , partnership , team business
Match the accounting terms with the corresponding definitions.
Accounting term
1. Specific identification
2. Materiality concept
3. Last-in, first-out (LIFO)
4. Conservatism
5. Consistency principle
6. Weighted-average
7. Disclosure principle
8. First-in, first-out (FIFO)
Definitions
A. Treats the oldest inventory purchases as the first units sold.
B. Requires that a company report enough information for outsiders to make knowledgeable decisions.
C. Identifies exactly which inventory item was sold. Usually used for higher cost inventory.
D. Calculates a weighted-average cost based on the cost of goods available for sale and the number of units available.
E. Principle whose foundation is to exercise caution in reporting financial statement items.
F. Treats the most recent/newest purchases as the first units sold.
G. Businesses should use the same accounting methods from period to period.
H. Principle that states significant items must conform to GAAP.
Answer:
Matching Accounting Terms with Corresponding Definitions:
Accounting Terms Definitions:
1. Specific identification C.
2. Materiality concept H.
3. Last-in, first-out (LIFO) F.
4. Conservatism E.
5. Consistency principle G.
6. Weighted-average D.
7. Disclosure principle B.
8. First-in, first-out (FIFO) A.
Explanation:
Definitions
A. FIFO: Treats the oldest inventory purchases as the first units sold.
B. Disclosure principle: Requires that a company report enough information for outsiders to make knowledgeable decisions.
C. Specific identification: Identifies exactly which inventory item was sold. Usually used for higher cost inventory.
D. Weighted-average: Calculates a weighted-average cost based on the cost of goods available for sale and the number of units available.
E. Conservatism: Principle whose foundation is to exercise caution in reporting financial statement items.
F. LIFO: Treats the most recent/newest purchases as the first units sold.
G. Consistency Principle: Businesses should use the same accounting methods from period to period.
H. Materiality Concept: Principle that states significant items must conform to GAAP.
On January 1, 2021, White Water issues $570,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 7%, the bonds will issue at $570,000. Record the bond issue on January 1, 2021, and the first two interest payments on December 31, 2021, and December 31, 2022.
Required:
1. Complete the first three rows of an amortization schedule.
Date Cash Paid Interest Expense Increase in Carrying Value Carrying Value
01/01/2021
12/31/2021
12/31/2022
2. Record the bond issue on January 1, 2021, and the first two interest payments on December 31, 2021, and December 31, 2022.
Answer:
White Water
1. Schedule
Date Cash Paid Interest Expense Increase in Carrying value FV
01/01/2021 0 $570,000.00
12/31/2021 $39,900.0 $39,900.00 0 $570,000.00
12/31/2022 $39,900.0 $39,900.00 0 $570,000.00
2. January 1, 2021:
Debit Cash $570,000
Credit 7% Bonds Payable $570,000
To record the issue of bonds for cash.
December 31, 2021:
Debit Interest Expense $39,900
Credit Cash $39,900
To record the first interest payment.
December 31, 2022:
Debit Interest Expense $39,900
Credit Cash $39,900
To record the second interest payment.
Explanation:
a) Data and Calculations:
Face value of 7% bonds = $570,000
Proceeds from the bond issue = $570,000
No premiums, no discounts on bonds.
Coupon interest rate = 7%
Market interest rate = 7%
The following data are taken from the financial statements of Crane Company.
2022 2021 Accounts receivable (net), end of year $ 567,900 $ 555,000 Net sales on account 4,831,000 4,179,000 Terms for all sales are 1/10, n/45
1) Compute for each year the accounts receivable turnover. At the end of 2015, accounts receivable was $511,500. (Round answers to 1 decimal place, e.g. 12.5.)
2) Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Answer and Explanation:
The computation is shown below;
(1)
As we know that
The receivables turnover = Net credit sales ÷ Average account receivable
For the year 2017
Receivables turnover = $4,831,000 ÷ $561,450 = 8.60 times
for the year 2016:
Receivables turnover = $4,179,000 ÷ $533,250 = 7.84 times
Average net AR = (Beginning AR + Ending AR) ÷ 2
2017 = ($567,900 + $555,000) ÷ 2 = $561,450
2016 = ($555,000 + $511,500) ÷ 2 = $533,250
(2)
The average collection period = 365 days ÷ Receivables turnover
For 2017:
Average collection period = 365 ÷ 8.60 = 42.44 days
For 2016
Average collection period = 365 ÷ 7.84 = 46.56 days
Which of the following is true of resumes?
A personal cover letter should be included with a resume.
A resume is not necessary if you completed an application.
The formats of electronic and hard copy resumes are the same.
An objective tells an employer what the applicant learned in school.
Answer:
Hello! Your answer would be, BELOW
Explanation:
Job objective should be listed last
Use action words when describing your experience.
These are the statements that are true about resumes. Resumes should include job objectives. However, these should be listed at the end of the resume. A second thing to remember when drafting a resume is that it is important to use action words to describe your experiences. This is because the statements become more interesting, and because this structure will highlight the role that you played in each instance.
Hope I helped! Brainiest plz! Hope you make an 100% and have a wonderful day! -Amelia♥
Please Help!
Rosa works as an administrative assistant for a clothing company. Which of the following tasks might she do in her
job?
Teaching young children how to read
Arranging travel plans for clients
Manage schedules and help with office meetings
Answer:
C. Manage schedules and help with office meetings
On December 31, the trial balance shows wages expense of $390. An additional $130 of wages was earned by the employees, but has not yet been paid. Analyze this adjustment for wages using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.)
(Income Statement)
Wages Expense
(Balance Sheet)
Wages Payable
Page:
CREDIT DATE DOC. POST NO. REF ACCOUNT TITLE DEBIT 1 20- Dec. 31 1 2 2
Answer:
(Income Statement)
Wages Expenses
Trial balance $390 |
Adjustment $130 |
Balance $520 |
(Balance Sheet)
Wages Payable
| Adjustment $130
Date Account Titles Debit Credit
Dec 31 Wages expenses $130
2020 Wages payable $130