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2 years ago

What are some tips for self-employed people to get one month ahead how to budget irregular income

1 answer:

3 0

Self-employment is an individual business or contract by a person. Some tips like a zero-based budgeting plan, no over-expenses, and saving can be used for budgeting.

<h3>What is budgeting?</h3>

Budgeting is the development of plans and strategies to save the funds and their employment in wise use. It can also be called a spending plan.

For a self-employed person to save money, they should use a zero-based budgeting strategy, not overspend in case of over-earning and save some amount of money every time by default.

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A forklift will last for only 2 more years. It costs $5,000 a year to maintain. For $20,000 you can buy a new lift that can last

Ray Of Light [21]

Answer:

The equivalent cost of owning and operating the forklift is $4,465.82

We should replace the forklift.

Explanation:

The Equivalent annual cost can be calculated using the following formula

Equivalent annual cost = PV of cost / Annuity factor

Old forklift

PV of Cost = Annual cost x 2 years Annuity factor at 4% / 2 years Annuity factor at 4%

Hence

PV of cost = Annual cost = $5,000

New forklift

10 years Annuity factor at 4% = 1 - ( 1 + 4%)^-10 )/4% = 8.11090

PV of cost = ( Annual Cost x 10 years Annuity factor at 4% ) + Initial cost

PV of cost = ( $2,000 x 8.11090 ) + $20,000

PV of cost = 16,221.79 + $20,000

PV of cost = 36,221.79

Placing values in the formula

Equivalent annual cost = $36,221.79 / 8.11090

Equivalent annual cost = $4,465.82

As the equivalent annual cost of the new lift is lower than the the old one, we should replace the forklift

8 0

3 years ago

braden and sons, inc. borrowed $700,000 cash from trenton savings and loan last year. in addition, the company repaid a $450,000

mafiozo [28]

Transactions must be recorded separately inside this debt or equity portion as both a drop to income of $450,000 as well as a rise of $700,000.

The accounting equation for a business must show steady income through operational operations.

These variations on obligations, investors' capital, other tangible resources may be used to reflect about the difference on income.

A firm's first stage of development is prone to experience operational and investment income stream. retained earnings through funding that is profitable.

1)The quantity of money that exists for usage in free liquidity

2)pay off existing debt

3)By engaging in further investment activities, grow the company.

4)increase the company's cash position

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6 0

1 year ago

DEF Ltd is a global leader in the manufacture, integration and support of networking and telecommunications systems. The company

Serjik [45]

Some of the challenges of this company include lack of control over financial reporting in all branches, and inaccurate data to make decisions for next years.

DEF Ltd's main problem is the inaccuracy regarding the recognition of revenue and other inconsistencies in financial reporting. This problem includes:

Inaccuracies related to revenue and deferred revenue.
Lack of documentation of some transactions.

Moreover, these problems are intended to be solved through a review process and training seminars. These two ideas are useful for the problem; however, the company might face some challenges and problems such as:

Lack of control in all branches: DEF Ltd seems to be a big company with multiple branches around the world. This makes it difficult for the company to control all financial records even if employees are educated about the process through seminars.
Inaccurate data for next periods: Considering there are lots of inconsistencies and some of the reports are incomplete, it is likely even after the review process the company does not have complete information about the previous transactions or revenues. This can affect future projections and decisions.

Note: This question is incomplete; here is the missing part:

Using the disclosures above as a starting point, brainstorm about the challenges regarding internal controls and that a company may face in doing business internationally?

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5 0

2 years ago

Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balan

Lesechka [4]

Answer:

a. Credit balance in the Allowance for Doubtful Accounts and already balance in Allowance account = $300

Estimated Doubtful accounts and balance maintained with Allowance for Doubtful Accounts= $8,500

Amount added to the Allowance for Doubtful Accounts = $8,500 - $300

Amount added to the Allowance for Doubtful Accounts = $8,200

Ending balance maintained with Allowance for Doubtful Accounts = $8,500

b. Credit balance in the Allowance for Doubtful Accounts and already balance in Allowance account = $500

Estimated Doubtful accounts and balance maintained with Allowance for Doubtful Accounts = $1,000,000 * 2% = $20,000

Ending balance maintained with Allowance for Doubtful Accounts = $20,000 + $500 = $20,500

7 0

3 years ago

Technological knowledge refers to Group of answer choices human capital. available information on how to produce things. resourc

Mazyrski [523]

Answer:

The correct answer is: society's understanding to the labor force.

Explanation:

Technological knowledge refers to a set of knowledge aimed at the creation, manipulation and evaluation of technological artifacts. It is a form of knowledge that goes beyond the observation of existing phenomena. His interest is in the creation of new artifacts or systems and in the solution of problems or needs through new technological instruments.

Technological knowledge is held by people. For example, someone may know how to make a radio, a compass or a television. However, the most advanced technological knowledge is usually in the possession of large companies or governments. For example, the knowledge to make electric cars, to make weapons, rockets, chips, sensors, etc.

8 0

4 years ago