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Mandarinka [93]
3 years ago
10

1) In your own words, explain the difference between simple interest and compound interest.

Business
1 answer:
galben [10]3 years ago
6 0
One interest is simple the other is compound......
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Use the adjusted trial balance for stockton company below to answer the questions that follow. stockton company adjusted trial b
kotegsom [21]
Given:
<span>stockton company adjusted trial balance december 31
cash 7,530
accounts receivable 2,100
prepaid expenses 700
equipment 13,700
accumulated depreciation 1,100
accounts payable 1,900
notes payable 4,300
common stock 1,000
retained earnings 12,940
dividends 790
fees earned 9,250
wages expense 2,500
rent expense 1,960
utilities expense 775
depreciation expense 250
miscellaneous expense 185

To determine the total assets, we only have to consider the following:
</span>cash                                         7,530 
accounts receivable                 2,100 
prepaid expenses                       700 
equipment                              13,700 
<span>accumulated depreciation   <u>    (1,100) </u>
</span>Total assets:                         22,930    CHOICE D.

NET INCOME: 
fees earned                                9,250 
<span>wages expense                         (2,500) </span>
<span>rent expense                             (1,960) </span>
<span>utilities expense                           (775) </span>
<span>depreciation expense                   (250) </span>
<span>miscellaneous expense         <u>       (185)</u>
</span><span>Net Income                                  3,580

LIABILITIES AND S.H.E
</span>accounts payable                        1,900 
<span>notes payable                              4,300 </span>
<span>common stock                             1,000 </span>
<span>retained earnings                       12,940 </span>
<span>dividends                                      (790) 
</span>Net Income                              <u>     3,580</u>
TOTAL LIABILITIES & SHE      22,930
4 0
3 years ago
When GE appointed Jeff Immelt--a white male and long-time GE executive--to succeed Jack Welch--also a white male--as their new C
geniusboy [140]

Answer:

Stability

Explanation:

When a company wants to make a transition in leadership there are various strategies being such change depending on business needs.

For example a company may want a strategic change, an ambiguous change, an innovative change, or a stable change.

In the given scenario GE appointed Jeff Immelt a white male and long-time GE executive to succeed Jack Welch also a white male as their new CEO.

There is no change in the profile of the new leader, and the fact that he is a long-time GE executive shows they want to maintain the same traditions as before.

So this is a stable strategy

3 0
3 years ago
Assume that you are a loan officer of a bank. A local church is seeking a $4 million, 20-year loan to construct a new classroom b
n200080 [17]

Answer:

Explanation:

a.

There is little information on how funds are used or how much money is spent to manage the church. The financial statements have been prepared incorrectly.

Interpretation:

While drafting the financial accounts, the church committed many errors. The church's revenue is equivalent to its daily operations operating expenditures. They have approximately $3 million in funding assets that they do not owe any money on.  

It may be deduced that the church is attempting to preserve asymmetric information, and therefore it will be better to justify its sources of income and use of money in order to determine whether they can or they cannot pay the debt.

b.

The revenue from various channels must be detailed in the yearly report so that the loan officer may make an informed judgment.

Interpretation:

Since payments and contributions account for 90% of revenue and revenue from other sources accounts for 10%, it's surprising how the church earns money in other ways as stated on the income statement. As a result, it's important to understand what other potential revenue streams the church has before approving the loan.

c.

The officer in charge of the loan should check the church's book records to make sure and guarantee that there are no outstanding loans. This situation necessitates a thorough examination and assessment.

Interpretation:

The church has $3 million worth of equipment. The church's expenses, on the other hand, are equivalent to the church's income. As a result, it's unclear how the church acquired the equipment without taking out a loan. As a result, the church must be urged to produce a full breakdown of its expenses, which may be thoroughly and fully studied to see whether there are any financing charges that the church is attempting to hide in its yearly reports.

d.

There is no direct or primary source of income for the church. It solely makes money from charity donations.

Interpretation:

The church's only sources of income are fundraisers and charitable donations. It also doesn't possess any significant revenue streams. Because the church is attempting to conceal numerous possible pieces of information, this may be a case of micro-management by the proprietors, and so these issues should be considered by the officer in charge of the loan before accepting the loan.

8 0
3 years ago
One day, Barry the Barber, Inc., collects $500 for haircuts. Over this day, his equipment depreciates in value by $80. Of the re
zheka24 [161]

Answer:

Gross Domestic Product

= $500

<em>GDP is the final value of goods and services. The haircut is valued at $500 so is GDP. </em>

Net National Product:

= GDP - Depreciation

= 500 - 80

= $420

National Income

= $420

<em>This is the income that a resident of the country earns and $420 is what Barry earned in net income.</em>

Personal Income

= National income - Retained earnings

= 420 - 120 - 50

= $250

Disposable Personal Income (Dollars)

= Personal income - income taxes

= 250 - 90

= $160

4 0
3 years ago
In the Excel, or spreadsheet, approach to recording financial transactions, if manufacturing overhead is underapplied by X dolla
Tatiana [17]

Answer:

False.

Explanation:

To close the underapplied Manufacturing Overhead account requires that the Cost of Goods Sold is debited, say with $100 while the Manufacturing Overhead account is credited with the same amount.  Underapplied Manufacturing Overhead account means that a debit balance is left after applying the overhead to production.  To close this debit, therefore, a credit entry is required to the manufacturing overhead account.  The corresponding debit entry goes to the Cost of Goods Sold, or this may be apportioned among Cost of Goods Sold, Finished Goods Inventory, and Work-in-Process, as may be the case.

5 0
3 years ago
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