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3 years ago

The following information is available for Moiz Company:________.

Business

1 answer:

notsponge [240]3 years ago

8 0

Answer and Explanation:

1. Interest Revenue $23,000

Sales Revenue $510,000

To Income Summary $533000

(Being closing of revenues accounts are closed)

2. Income Summary $453,000

To Sales returns $20,000

To Sales Discounts $7,000

To Cost Of goods sold $310,000

To Freight out $2,000

To Advertise Exp $15,000

To Interest Exp $19,000

To Salaries & Wages $55,000

To Utility $18,000

To Depreciation $7,000

(Being closing of expenses accounts are closed)

3. Income Summary $80,000

To Retained Earning $80,000

(Being profit is recorded)

4. Retained Earning $30,000

To Dividends $30,000

(Being closing of dividend is recorded)

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Austin and kayla have $35,000 in debt (student loan, credit cards, car loan) but have cut up all of their credit cards and start

Klio2033 [76]

The answer is a definite NO. No one should EVER cash in their 401(k) to pay off debt. You will never be able to recover from the loss of compounding interest if you take out money from your retirement account. This money should be saved for retirement or EXTREME emergencies.

Im this case, Austin should take the amount of his raise and use that to start paying down his debt FASTER.

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3 years ago

Which category of risk is often managed by purchasing insurance?

____ [38]

Answer:

hazard risk.

Explanation:

When someone buys risk insurance, they aim to protect themselves against disaster risk. The insurance protects against risks of natural disasters, landslides, fires, and others that are provided for in policies. Through insurance, the individual will receive a financial amount to cover any damage provided for in the contract.

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2 years ago

Your son is born today and you want to make him a millionaire by the time he is 50 years old. You deposit $50,000 in an investme

mel-nik [20]

Answer:

$1000000= 50000 (1+ \frac{i}{1})^{1*50}$

$20 = (1+i)^{50}$

$20^{1/50} = 1+i$

$i = 20^{1/50} -1 = 0.0617$

And if we convert this into % we got $i = APR = 6.17 \%$

See explanation below.

Explanation:

We assume that we have compounding interest.

For this case we can use the future value formula given by:

$FV= PV (1+\frac{i}{n})^{nt}$

Where:

FV represent the future value desired = 1000000

PV= represent the present value = 50000

i = the interest rate that we desire to find in fraction

n = number of times that the interest rate is compounding in 1 year, since the rate is annual then n=1

t = represent the number of years= 50 years

So then we have everything in order to replace and we got:

$1000000= 50000 (1+ \frac{i}{1})^{1*50}$

Now we can solve for the interest rate i like this:

$20 = (1+i)^{50}$

$20^{1/50} = 1+i$

$i = 20^{1/50} -1 = 0.0617$

And if we convert this into % we got $i = APR = 6.17 \%$

7 0

3 years ago

Organizations typically rely on __________ schedules, such as hourly wages and annual reviews and raises.

frutty [35]

Organizations typically rely on fixed interval and fixed ratio schedules, such as hourly wages and annual reviews and raises. A fixed interval schedule is when an employer gives an employee a raise or reward after a set amount of time has passed. A fixed ratio schedule is when there is a reinforcement after a certain number of responses has happened.

3 0

2 years ago

Coronado Shoes Fool Inc. is involved in litigation regarding a faulty product sold in a prior year. The company has consulted wi

Burka [1]

Answer:

b. No journal entry is required

Explanation:

Given that

Estimated percentage of losing = 40%

Estimated amount = $800,000

By considering the above information, we concluded that

As in the case of the litigation, there is no journal entry is recorded as the possibility of the event is not certain with respect to the entity's economic resources.

Therefore in the given case, the correct option is b.

5 0

3 years ago