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3 years ago

APEX : Which of the following would appear in the Debits column of a bank statement for a checking account?

Business

2 answers:

Fantom [35]3 years ago

6 0

Answer:

An online bill payment isn't an option for my apex test.

The second answer is ATM Withdrawal.

Explanation:

I'm doing Apex right now.

Deffense [45]3 years ago

3 0

Answer: an online bill payment

Explanation:

I’m doing apex and it shows that the correct answer is an online bill payment

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Kingbird Construction Company changed from the completed-contract to the percentage-of-completion method of accounting for long-

sergey [27]

Answer:

a) 2021 year income: 526,540

b) journal entries

income tax expense 225.660‬ debit

income tax deferred liability (*1) 49.650‬ debit

income tax payable 176.010‬ credit

Explanation:

Year Accounting Tax purpose Difference

2020 752200 586700 165500

2021 683500 444700 238800

2021

752,200 x 30% = 225,660

after tax income: 526.540‬

2022

683,500 x 30% = 205,050

after tax income: 478.450‬

We recognize the income tax expense n the accounting method of revenue/expense recognizition

while, the payable will use the goverment purposes.

Then, the differnce wi considered either income tax deferred.

*1 it is a liability as the company is paying lower taxes to day to pay more than before.

3 0

3 years ago

Bretts Construction Company had a contract starting April 2017, to construct a $6,000,000 building that is expected to be comple

ExtremeBDS [4]

Answer: $230,000

Explanation:

Gross profit to be earned from project:

= Construction price - cost of construction

= 6,000,000 - 5,500,000

= $500,000

Percentage of costs incurred in 2017:

= 2,530,000 / 5,500,000 * 100%

= 46%

The Gross profit for 2017 is therefore:

= Percentage of cost incurred * total gross profit

= 46% * 500,000

= $230,000

4 0

3 years ago

Jennifer Company has two products: A and B. The company uses activity-based costing. The estimated total cost and expected activ

olya-2409 [2.1K]

Answer:

B) = $38.44

Explanation:

Activity-based costing is a form of absorption costing where overheads are charged to product using cost drivers. Under this method, overheads are first analyzed and categorized by the activities responsible for them and then charged to product based on the amount of benefits enjoyed using cost drivers.

Activity rate is calculated as:

Activity cost for the period / Total cost drivers for the period

Activity rate for supporting customers:

The appropriate cost driver to allocate supporting customer activity is the number of customers as given. This is so because it is most likely that the number of customers served will be a major factor that influences the supporting customers activity costs.

Activity rate for supporting customers

= Supporting customers overhead/total number of customers

= $34,600/(600+300)

= $38.44

5 0

3 years ago

A mother earned $ 18750.00 18750.00 from royalties on her cookbook. She set aside 20% of this for a down payment on a new home

BARSIC [14]

Answer:

a) $ 5000, $ 10000 b) $ 5000

Explanation:

The royalties money = $18750

She set aside 20% for new home which = 0.2 × 18750 = $ 3750

Amount remaining = 18750 - 3750 = $15000

She invested a sum in a bank certificate of deposit

let the amount invested in bank certificate = y

profit from the investment in the bank = 0.04y

second investment amount = 15000 - y

profit of investment = 0.07 ( 15000 - y)

sum of the two profit = 0.04y + 0.07 (15000 - y) = total profit = $ 900

0.04y + 0.07 (15000 - y) = 900

open the bracket and rearrange the equation

0.04y + 1050 - 0.07y = 900

0.04y - 0.07y = 900 - 1050

-0.03y = -150

divide both side by -0.03

y = -150 / -0.03 = $ 5000

The amount of money invest at 4% is $5000

The amount of money invested at 7% = 15000 - 5000 = $10000

The amount of money invested in CD account = $ 5000

3 0

3 years ago

Receiving cash from a customer on account will

almond37 [142]

Answer: Option B

Explanation: The receiving of cash from customers will have no effect on total assets, as the amount of inventory will decrease and the amount of cash will increase by the same amount. Thus the accounting equation will remain same from such a transaction as one asset will decrease and other will increase.

Thus, from the above we can conclude that the correct option is B.

3 0

3 years ago