Answer:
debit card
Explanation:
a checking account is also known as a savings account
Accounts receivable is classified on the balance sheet as a
a. current asset.
b. current liability.
c. noncurrent asset.
d. long-term liability.
Answer:
a current asset
Explanation:
Novak Corp. had the following account balances at year-end: Cost of Goods Sold $61,200; Inventory $14,550; Operating Expenses $29,960; Sales Revenue $120,310; Sales Discounts $1,080; and Sales Returns and Allowances $1,750. A physical count of inventory determines that merchandise inventory on hand is $12,180.
Prepare the adjusting entry necessary as a result of the physical count. prepare closing entries???
1. The preparation of the adjusting journal entry as a result of the physical count for Novak Corp. at the year-end is as follows:
Adjusting Journal Entry:Debit Cost of goods sold $2,370
Credit Inventory $2,370
To adjust the ending inventory value based on the physical count.2. The preparation of the closing journal entries for Novak Corp. is as follows:
Closing Journal Entries:Debit Income Summary $93,530
Credit Cost of goods sold $63,570 ($61,200 + $2,370)
Credit Operating Expenses $29,960
To close the adjusted cost of goods sold and operating expenses to the income summary.Debit Net Revenue $117,480
Credit Income Summary $117,480
To close the net revenue to the income summary.Debit Income Summary $23,950
Credit Retained Earnings $23,950
To close the income summary to the retained earnings.What are the closing entries?The closing entries are used to close the temporary accounts to the income summary in order to determine the net income or loss. The closing entries include the following four journal entries:
Closing revenues to income summaryClosing expenses to income summaryClosing income summary to retained earningsClosing dividends to retained earnings.Data and Adjustment Analysis:Cost of Goods Sold $61,200
Inventory $14,550
Operating Expenses $29,960
Sales Revenue $120,310
Sales Discounts $1,080
Sales Returns and Allowances $1,750
Physical count of inventory = $12,180
Overstatement of ending inventory based on physical count = $2,370 ($14,550 - $12,180).
Net Sales Revenue = $117,480 ($120,310 - $1,080 - $1,750)
Adjustment:Cost of goods sold $2,370 Inventory $2,370
Closing Entries:Income Summary $93,530 Cost of goods sold $63,570 ($61,200 + $2,370) Operating Expenses $29,960
Net Revenue $117,480 Income Summary $117,480
Income Summary $23,950 Retained Earnings $23,950
Learn more about closing entries at https://brainly.com/question/26558576
Martinez Corporation reported net sales of $765,000, net income of $141,525, and total assets of $7,634,409. The profit margin is:
The ratio if the net income to the net sales known as profit margin is 17.03%
How to calculate profit marginThe formula for calculating the profit margin is expressed as:
Profit margin = net income/net sales
The profit margin is the net income divided by net sales.
Given the following parameters;
Net income = $141,525
Net sales = $765,000
Total Assets = $7,634,409
Profit margin = $765,000/$765, 000
Profit margin = 0.1703
Hence the profit margin is 17.03%
Learn more on profit margin here: https://brainly.com/question/10218300
8. Who was the beggar Trevor was painting?
Answer:
Baron Hausberg
Explanation:
A man 1.5 m tall is 15 m away from a tower 20 m high. What is the angle of elevation of the top of the tower from his eyes?
Answer:
what is the answer
Explanation:
what is the answer
what is production possibility curve
A production–possibility frontier, production possibility curve, or production possibility boundary, or transformation curve/boundary/frontier is a curve which shows various combinations of the amountsis a curve which shows various combinations of the amounts of two goods which can be produced within the given resources and technology/a graphical representation showing all the possible options of output for two products that can be produced using all factors of production, where the given resources are fully and efficiently utilized per unit time.
Michael’s interest rate goes up and down according to his payment history and credit score. What type of interest does he have?
1. Term
2. Interest
3. Average
4. Variable
The type of interest rate Michael has is a variable interest.
What is a variable interest?An interest rate can be described as the cost of borrowing. It is the amount the borrower must pay to the lender for use of his funds.
Variable interest is the interest that fluctuates based on some underlying factors. Variable interest is also known as a floating interest.
To learn more about interest, please check: https://brainly.com/question/26164549
When someone buys something on the menu, what are they paying for?
An individual pays for service rendered so when someone buys something on the menu, what are they paying for service.
What is service charge?A service charge is the amount an individual pays for a service that is been rendered.
It could be a product that is purchased or workdone and the amount is computed and paid for.
Therefore, When someone buys something on the menu, what are they paying for service.
Learn more on service charge here,
https://brainly.com/question/24805597
What are different speaking styles
Answer:
the unique way in which the information is delivered to the audience.
Explanation:
hope it is helpful
What are some negative effects of using a reminder system?
The benefits of reminder and recall systems include improved immunization rates, fewer missed appointments (no-shows), and more preventive care visits. The higher levels of preventive services are likely to reduce morbidity and mortality from preventable diseases.
Suppose Japan exports cars to Russia and imports wine from France. This situation suggests: ____________
a. Japan has a comparative advantage relative to France in producing wine, and Russia has a comparative advantage to Japan in producing cars.
b. Japan has a comparative advantage relative to Russia in producing cars, and France has a comparative advantage relative to Japan in producing wine.
c. Japan has an absolute advantage relative to Russia in producing cars, and France has an absolute advantage relative to Japan in producing wine.
d. Japan has an absolute advantage relative to France in producing wine, and Russia has an absolute advantage relative to Japan in producing cars.
Suppose that Cloudastries Bank is a U.S.-based financial intermediary that serves the foreign exchange market. Assume that this bank is willing to both purchase and sell currency for the same rate. In other words, assume there is no bid/ask spread. Suppose Cloudastries has made the following direct quotations:
Currency Dollar Spot Rate
Mexican Peso $0.45
Euro $1.80
Additionally, Cloudastries has quoted a cross exchange rate of 1 euro = 2.01 pesos.
Based on the spot rates in the table, the cross exchange rate of the euro should be equal to ___________
The cross exchange rate of 1 euro based on the spot rates in the table is 2.22 pesos.
What is the Bid or Ask Spread in the Foreign Exchange Market?In Foreign Exchange, the bid or ask spread is the difference or the margin between the bid and the ask price.
From the given table, we have;
Currency Dollar Spot Rate
Mexican Peso $0.45
European Euro $1.80
Condition: assuming there is no bid/ask spread, and based on the spot rate in the table;
1 Peso = $0.451 euro = $1.80The cross exchange rate of the euro can be computed as:
[tex]\mathbf{= \dfrac{1}{0.45 }= \$2.22}[/tex]
Learn more about Bid or Ask spread here:
https://brainly.com/question/25516976
What does it mean if an individual receives a pre-approved credit card application?
Answer:
When you get a pre-approved credit card offer, it comes from a bank or credit card issuer—also known as a credit card company. Those issuers have pre-screened you for eligibility for the card. That screen has determined you're a good candidate for the card
Explanation:
As Starbucks expands in Chile, the company wants store décor and paper goods used to be controlled by
Explain the term bread basket as it relates to inflation
Bread basket or a basket of goods in relation to inflation is used to describe a fixed set of consumer goods which are periodically valued on a monthly or annual basis.
What is Basket of Goods?In ascertaining the basket of goods, the Consumer Price Index (CPI) is used.
This is a measure that elucidates the weighted average of prices of a basket of consumer goods and services which may include transportation, food, and medical care.
This is calculated by ascetaining the average of the prices of each item price in the predetermined basket of goods.
Learn more about Basket of Goods at https://brainly.com/question/13884440
Question 4/5
What is the difference between gross and net pay?
Gross pay is before taxes are subtracted but net pay
is after taxes are taken out.
Gross pay is after taxes are subtracted but net pay
is before taxes are taken out.
Net pay is a salary and gross pay is from hourly
wages.
Gross and net pay are basically the same things.
Answer:
Gross pay is what employees earn before taxes, benefits and other payroll deductions are withheld from their wages. The amount remaining after all withholdings are accounted for is net pay or take-home pay. Employers who familiarize themselves with these two terms are often better equipped to negotiate salaries with workers and run payroll effectively.
Explanation:
Rewita pokhrel
Gross pay is before taxes are subtracted but net pay is after taxes are taken out. Therefore, option B is correct.
What is gross pay and net pay ?The difference between gross pay and net pay is that gross pay refers to the total amount of salary or wages earned by an employee before any deductions, while net pay refers to the amount of salary or wages that an employee receives after deductions such as taxes, social security contributions, and other withholdings have been taken out.
Gross pay refers to the total amount of salary or wages that an employee earns before any deductions are made. This includes any overtime pay, bonuses, or other compensation that an employee is entitled to receive. Gross pay does not take into account any taxes or other deductions that are required by law.
Net pay, on the other hand, refers to the amount of salary or wages that an employee receives after all deductions have been taken out. This includes deductions for taxes, social security contributions, health insurance, and any other withholdings that are required by law or agreed upon by the employee and employer.
Hence, option B is correct.
Find more on gross pay:
https://brainly.com/question/13143081
#SPJ7
Investments earn passive income, which means the money earns extra value over time without you having to do anything in particular to earn it.
If you have a good job and a budget that allows you to save a portion of your income throughout each year, what’s the point of passive income? Why not just collect and save your money without risking a loss through investments?
Answer:
Explanation:
The usage of passive income instead of collecting and saving your money without risking a loss through investments. Passive income is money you earn that doesn't require you to do a lot of “active” work to continue making it.
Answer:
The usage of passive income instead of collecting and saving your money without risking a loss through investments. Passive income is money you earn that doesn't require you to do a lot of “active” work to continue making it.
Explanation:
The unadjusted balance of the company's Cash account was $26,620 at the end of June.
The bank statement shows a balance on June 30 of $26,960.
Outstanding checks totaled $4,000 at June 30.
Deposit in transit totaled $3,000 on June 30.
The bank statement included unrecorded interest earned in the amount of $150.
Check #1221 (in payment of account payable) was written for $4,900, but recorded in the accounting records as $4,090.
The adjusted bank and book balance is?
A)26,000
B)25,960
C)25,620
D)26,300
Assuming the unadjusted balance of the company's Cash account was $26,620, The adjusted bank and book balance is: B)25,960.
The unadjusted book balance $26,620
Add Interest earned $150
Less book error in check #1221 $180
($4,900 − $4,090)
Ending balance $25,960
Unadjusted bank balance was $26,960
Add the deposits in transit of $3,000
Less outstanding checks $4,000
Ending balance $25,960
Inconclusion the adjusted bank and book balance is: B)25,960.
Learn more about Bank reconciliation statement here:https://brainly.com/question/15525383
Question 6 write an essay on the forms of ownership
Answer:
huh?no one's got time to write an essay for you
When a large supply of a product is available for sale, the price of the product will often
Group of answer choices
A. increase.
B. stabilize.
C. remain the same.
D. decrease.
Answer:A
Explanation:When supply of a product goes up, the price of a product goes down and demand for the product can rise because it costs less.
Which of the following statements are true about recession?
a. After a recession, the rate of change in government spending tends to increase, which leads to an increase in the real GDP.
b. Before a recession, the rate of change in government spending tends to decrease, which leads to an increase in the real GDP.
c. During a recession, the rate of change in government spending tends to increase, which leads to an increase in the real GDP.
d. During a recession, the rate of change in government spending tends to decrease, which leads to a decrease in the real GDP.
The TRUE statements about recession are as follows:
a. After a recession, the rate of change in government spending tends to increase, which leads to an increase in the real GDP.
c. During a recession, the rate of change in government spending tends to increase, which leads to an increase in the real GDP.
What are recessions?Recessions are significant declines in economic activities. They are felt greatly in real GDP, income, and employment.
Recessions are characterized by many business and bank failures, slow or negative growth in productive activities, and elevated unemployment.
Thus, the true statements about recessions are Options A and C.
Learn more about recessions at https://brainly.com/question/532515
This is for Economics Class
Please help fill in the blanks,
thank you!
An entrepreneur has NO
control over the price of his
good in a state of_______
He has total control over the
market price in a state
of________
He has SOME control over
market price in a state of
either or______
Answer:
1. Perfect competition 2. Monopoly 3. Oligopoly or imperfect competition
Explanation:
whats ordinary annuity
Answer:
An ordinary annuity is a series of equal payments made at the end of consecutive periods over a fixed length of time
Explanation:
I hope this helps :(
As a senior manager, critically discuss various examples of organisational change that Amazon would have faced since the onset of remote working. Include in your answer, some of the strategies to manage such change.
The organizational changes that companies may have faced since the beginning of remote work are related to the control and management of work, which are smaller in a remote work situation.
What are the benefits of remote work?Employees can carry out their work more comfortably, working directly from their home, which generates greater flexibility and a better quality of life.
For organizations, remote work generates lower fixed expenses with structure and displacement of employees, in addition to an increase in productivity.
Therefore, it is essential for a senior manager to assess how remote work can contribute positively to the organization, generating greater control of work through goal setting and online communication.
Find out more about remote work here:
https://brainly.com/question/26512743
QUESTION 1 of 10: budget is a tool that keeps track of the amount of money you have in your budget, expressed as how much you have left :
Declining
Zone
Realistic
Sample
The budget as a financial planning tool for tracking the amount of money available for spending can be expressed as always A. declining.
What is a budget?A budget is an estimation of revenue (or income) and expenses (or expenditure) over a specified future period.
A budget is a financial guideline used by governments, businesses, and individuals to keep track of income and expenditure.
It remains an important financial planning tool to ensure that one's spending does not overrun the income.
Thus, a budget can be expressed as always A. declining, not realistic, sample, or zone.
Learn more about budgets at https://brainly.com/question/13964173
A potentially huge hurricane is forming in the Caribbean, and there is some chance that it might make a direct hit on Hilton Head Island, South Carolina, where you are in charge of emergency preparedness. You have made plans for evacuating everyone from the island, but such an evacuation is obviously costly and upsetting for all involved, so the decision to evacuate shouldn’t be made lightly. Discuss how you would make such a decision. Is EMV a relevant concept in this situation? How would you evaluate the consequences of uncertain outcomes?
It can be deduced that the expected monetary value (EMV) is relevant in the given situation and the way that will be used evaluate the consequences of uncertain outcomes.
What is expected monetary value?The expected monetary value means how much money you can expect to make from a certain decision. Decision-making under uncertainty is to make a decision without knowing the possible outcome of the situation.
In this case, the decision-makers estimate the possible chance of a hurricane hitting the island and the probability distribution of the damage that will be caused by it if in case it really happens.
These are extremely difficult probabilities to estimate as the damage estimation can be both damages to property as well as damage to human beings.
In a situation such as this, it is impossible to avoid difficult trade-offs between the losses incurred by monetary losses and the losses incurred by human losses.
Learn more about monetary on:
https://brainly.com/question/13926715
g According to the video, how many times has the U.S. federal government raised the federal minimum wage?
Answer:
The federal minimum wage in the United States has been $7.25 per hour since July 2009, the last time Congress raised it.
Which describes the process by which assets or equipment decrease in value
as an employer pays off the loan used to purchase the equipment?
о
A. Deduction
B. Asset decrease
C. Cost deduction
D. Depreciation
Depreciation is the process by which assets or equipment decrease in value as an employer pays off the loan used to purchase the equipment.
What is Depreciation?Depreciation refers to the decrease in value of an asset over time due to wear and tear, obsolescence, or other factors. Depreciation is a common accounting concept used to allocate the cost of an asset over its useful life.
When an asset is purchased, its cost is typically recorded as a capital expenditure. However, the cost of the asset cannot be deducted in a single year for tax purposes. Instead, the cost is allocated over the useful life of the asset through depreciation.
Depreciation is typically calculated using a predetermined method, such as straight-line depreciation, accelerated depreciation, or units of production depreciation.
Straight-line depreciation is the simplest and most common method, where the cost of the asset is divided by the estimated useful life to calculate an annual depreciation expense.
Learn more about Depreciation, here
https://brainly.com/question/30531944
#SPJ5
VideoPlus, Inc. manufactures two types of DVD players, a deluxe model and a standard model. The deluxe model is a multi-format progressive-scan DVD player with networking capability, Dolby digital, and DTS decoder. The standard model’s primary feature
is progressive-scan. Annual production is 50,000 units for the deluxe and 20,000 units for
the standard.
The computation of the total cost per unit for each product is as follows:
Standard Deluxe
Direct materials per unit $11.00 42.00
Direct labor per unit 18.00 18.00
Overhead cost per unit 14.57 15.17
Total cost per unit $43.57 $74.17
What is the ABC costing system?The ABC (Activity-based costing) costing system is a costing method that:
Identifies activities in an organization.Assigns the overhead cost of each activity to all products and services.Cost assignment is based on the actual consumption by each.The ABC costing system is not like the traditional costing system that uses a single plantwide rate as the overhead rate based on a single cost driver.
Question Completion:Both products require 2 hours of direct labor for completion. Therefore, total annual direct labor hours are 140,000 [2 hrs. × (20,000 + 50,000)]. The expected annual manufacturing overhead is $1,050,000. Thus, the predetermined overhead rate is $7.50 ($1,050,000 ÷ 140,000) per direct labor hour. The direct materials cost per unit is $42 for the deluxe model and $11 for the standard model. The direct labor cost is $18 per unit for both the deluxe and the standard models.
The company’s managers identified six activity cost pools and related cost drivers and accumulated overhead by cost pool as follows.
Required
Compute the total cost per unit for each product under ABC.
Data and Calculations:Activity Cost Pool Cost Driver Estimated Expected Use Expected Use
Overhead of Cost Drivers of Drivers by
Product
Standard Deluxe
Purchasing Orders $ 126,000 400 100 300
Receiving Pounds 30,000 20,000 4,000 16,000
Assembling Number of parts 444,000 74,000 20,000 54,000
Testing Number of tests 115,000 23,000 10,000 13,000
Finishing Units 140,000 70,000 20,000 50,000
Packing & shipping Pounds 195,000 80,000 18,000 62,000
Total $1,050,000
Overhead rate per Activity Cost Pool
Activity Cost Pool Cost Driver Estimated Expected Use Overhead
Overhead of Cost Drivers Rates
Purchasing Orders $ 126,000 400 $315 ($126,000/400)
Receiving Pounds 30,000 20,000 $1.50 ($30,000/20,000)
Assembling Number of parts 444,000 74,000 $6.00 ($444,000/74,000)
Testing Number of tests 115,000 23,000 $5.00 $115,000/23,000)
Finishing Units 140,000 70,000 $2.00 ($140,000/70,000)
Packing & shipping Pounds 195,000 80,000 $2.4375 ($195,000/80,000)
Allocation of Overhead per product:
Activity Cost Pool Overhead Standard Deluxe
Purchasing $315 $31,500 (100 x $315) $94,500 (300 x $315)
Receiving $1.50 6,000 (4,000 x $1.5) 24,000 (16,000 x $1.5)
Assembling $6.00 120,000 (20,000 x $6) 324,000 (54,000 x $6)
Testing $5.00 50,000 (10,000x $5) 65,000 (13,000 x $5)
Finishing $2.00 40,000 (20,000 x $2) 100,000 (50,000 x $2)
Packing &
shipping Pounds $2.4375 43,875 (18,000 x $2.4375) 151,125 (62,000 x $2.4375)
Total overhead allocated $291,375 $758,625 $1,050,000
Total units produced 20,000 50,000
Overhead per unit $14.57 $15.17
Learn more about ABC costing system at https://brainly.com/question/6654166
For two straight quarters, business inventories increase at a sharp rate. This most likely indicates
In the two straight quarters, business inventories increased at a sharp rate In the usual recession, inventories build up because sales are surprisingly low. Inventories cost money, whether they are raw materials, work in progress, or finished goods.
What is Business?An innovative company or group that engages in professional activities is referred to as a business. They could be industrial, commercial, or something else. Businesses that are for-profit operate to make a profit, whereas those that are nonprofit do so to further a philanthropic cause.
The two, straight quartes That, Widespread and prolonged downturn in economic activity. A common rule of thumb is that two consecutive quarters of negative gross domestic product (GDP) growth mean recession, although more complex formulas are also used
Therefore, By most likely, This indicates sales are surprisingly low. Inventories cost money
Learn more about the Business here:
https://brainly.com/question/15826771
#SPJ2