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1 year ago

The trial balance prepared after all closing entries have been journalized and posted is called the?

1 answer:

5 0

The trial balance prepared after all closing entries have been journalized and posted is called the Post-closing trial balance

A balance sheet or an income statement are frequently mistaken for a trial balance. Trial Balance is an internal report that is created at the conclusion of each accounting period, typically in the form of a spreadsheet. A trial balance is primarily used to check the accuracy of the general ledger's list of credit and debit entries.

A trial balance is an essential tool for company. When utilized properly, it can result in the identification of accounting problems, the evaluation of earnings, and support for a company's internal auditing procedure. All of the accounts in a general ledger are listed in a trial balance.

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A family buys a car for $25,000. The family pays $2,500 cash and takes out a loan for the rest at 8% simple interest.

Rom4ik [11]

Answer:

A. $150

Explanation:

Amount of car = $25,000

Initial payment = $2,500

If the family takes out a loan for the rest, the amount taken as loan

= $25,000-$2,500

= $22,500

If interest of 8% is charged on the loan for 5years, the interest charged for the 5years can be gotten using simple interest formula:

Simple interest = principal × rate × time/100

Simple interest = $22,500×8×5/100

Simple interest = $9,000

If total interest paid for 5years = $9,000

The family monthly payment will be:

= $9000/5×12 (since there are 12months in a year)

= $9,000/60

= $150

8 0

3 years ago

A microeconomist might study which of the following? how inflation changes over time for several countries how money supply aggr

Anastaziya [24]

Answer:

why wages for females are lower than for males in a particular labor market

Explanation:

Economics is the study of how people decide and how these decisions affect the world around them. Microeconomics focuses on particular markets, individuals and organizations, whereas macroeconomics focuses on the entire economy.

Response is “ why wages for females are lower than for males in a particular labor market” because there the micro-economist would focus on a particular market: the labor market, and tries to understand the wage gap between female and male workers.

The remaining options focus on large scale factors on a “macro” level and thus do not pertain to the study of “micro”economics .

8 0

4 years ago

The ledger of Rios Company contains the following balances after adjustments: Retained Earnings $30,000; Dividends $2,000; Servi

ch4aika [34]

Answer:

Service Revenue 50,000 debit

Income summary 50,000 credit

--to close revenues accounts--

Income summary 34,000 debit

Salaries and Wages Expense 27,000 credit

Supplies Expense 7,000 credit

--to close expenses accounts--

Income summary 2,000 debit

Dividends 2,000 credit

--to close dividends account--

Income summary 14,000 debit

Retained Earnings 14,000 credit

Explanation:

To close the temporary accounts which are, revenues, expenses and dividends we will use an auxiliary account called Income Summary

Then, once all are closed we transfer their balance into retained earnings:

Income summary

DEBIT CREDIT

50,000

34,000

2,000

Balance 14,000

7 0

3 years ago

(Cost of debt) Belton Distribution Company is issuing a $1 comma 000 par value bond that pays 8.9 percent annual interest and

ioda

Answer:

After tax cost of debt is 7.69%

Explanation:

The after tax cost of debt can be computed by first of all determining the pre-tax cost of debt .

The pre-tax of debt is the yield to maturity computed using the rate formula in excel as follows:

=rate(nper,pmt.-pv,fv)

nper is the number of times the bond would pay coupon interest over the entire bond life ,which is 15 years multiplied by 2=30

pmt is the semi-annual interest which is $1000*8.9%/2=$44.5

pv is the current price of the bond at $962

fv is the face value of the bond at $1000

=rate(30,44.5,-962,1000)=4.69%

this is the semi-annul yield ,annual yield is 9.38%

The 9.38% is the pretax

after tax cost of debt=9.38%*(1-0.18)=7.69%

0.18 is the 18% tax rate

5 0

3 years ago

An investor purchased 100 shares of stock X at \small 6\frac{1}{8} dollars per share and sold them all a year later at 24 dollar

Salsk061 [2.6K]

Answer:

option (C) 280%

Explanation:

Number of shares of stock X purchased = 100

Purchasing cost of share = $\$6\frac{1}{8} =\frac{49}{8}$

Selling cost of stocks = $24 per share

Brokerage paid = 2%

Now,

The total purchasing cost involved = $100\times\frac{49}{8}$ + 2% of $100\times\frac{49}{8}$

= 612.5 + 0.02 × 612.5

= $624.75

also,

Total income from sales of stocks

= Total selling cost of shares - brokerage paid

= $24 × 100 - 2% of Total selling cost

= $2400 - ( 0.02 × $2400 )

= $2400 - $48

= $2,352

now,

The investor's percent gain on this investment = $\frac{\textup{Income-invested amount}}{\textup{Invested amount}}\times100\%$

= $\frac{\textup{2,352 - 624.75}}{\textup{624.75}}\times100\%$

= $\frac{\textup{1727.25}}{\textup{624.75}}\times100\%$

= 276.47% ≈ 280%

Hence, the correct answer is option (C) 280%

7 0

3 years ago