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tatiyna
3 years ago
14

Omar is having trouble paying his rent and making minimum payments on his student loan and credit cards. What should Omar consid

er doing to improve his situation?
Business
1 answer:
In-s [12.5K]3 years ago
7 0

Answer:

Omar should get budgeting advice from a consumer credit counselor

Explanation:

It is apparent from the question that Omar is having a financial problems as he is finding it difficult to meet up with his student loan and credit cards repayment plan.

It is advisable at this point that he should engage the service of a consumer credit counselor for budgeting advice to improve on his situation.

Consumer credit counselling service is a form of service that help to proffer solution to financial problems through financial education , budgeting assistance and debt management.

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Outdoor Expo provides guided fishing tours. The company charges $200 per person but offers a 10% discount to parties of four or
lukranit [14]

Answer:

a. Recording of transactions:

May 7, Accounts Receivable (Dr.) $900

Sales Revenue (Cr.) $900

May 15, Customer service Expense (Dr.) $360

Sales Allowance (Cr.) $360

May 20, Cash (Dr.) $495

Cash Discount (Dr.) $45

Sales Allowance (Dr.) $360

Accounts receivable (Cr.) $900  

Explanation:

b. Net Sales :

Total Quote ($180 * 5 ) = $900

Less : Cash Discount 5% = 45

Less : Sales Allowance 40% = 360

Net Sales = $495

c. Outdoor expo will record sales after deducting the cash discount. This discount is availed by customer as repayment is made within 15 days. The sales allowance is subtracted from the gross sales as the compensation is made from the outdoor expo due to mistake from their guide on tour. The net sales reported in Income statement will be $495.

4 0
3 years ago
Credit sales are recorded by crediting an accounts receivable.
Anna35 [415]
The answer to the sentence above is false based on the transaction above. Account Receiveable is an asset account which has "debit" as its natural balance. Recording credit sales will increase the account receivable balance and sales balance, thus an increase in account receivable balance occurs on the debit side.
8 0
3 years ago
Activity-based costing uses one plantwide pool and numerous cost drivers departmental pools and a single cost driver. numerous c
kipiarov [429]

Answer:

numerous cost pools and numerous cost drivers

Explanation:

Costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.

In Financial accounting, one of the most widely used activity-based costing technique is the time-driven activity-based costing.

Time-driven activity-based costing (TDABC) avails business owners the opportunity of reporting their costs on an ongoing basis (real time) which give details about the various cost of doing business, as well as the time spent on them respectively.

Cost pool is simply the amount of money spent by a firm on a particular activity.

Generally, an activity-based costing uses numerous cost pools such as manufacturing cost or customer services and numerous cost drivers such as direct labor hours worked, number of changes used in engineering department, etc.

6 0
3 years ago
The following information is available regarding John Smith's capital account in Technology Consulting Group, a general partners
bekas [8.4K]

Answer:

32.35%

Explanation:

Calculation for What is Smith's partner return on equity during the year in question

First step is to calculate the Ending partner equity

Ending partner equity = $32,000 + $11,000 - $7,000

Ending partner equity = $36,000

Now let calculate the partner return on equity

Partner return on equity= $11,000 / (($32,000 + $36,000)/2)

Partner return on equity= $11,000/($68,000/2)

Partner return on equity= $11,000/$34,000

Partner return on equity= 32.35%

Therefore Smith's partner return on equity during the year in question will be 32.35%

7 0
3 years ago
Discuss how being a multinational enterprise, with a presence in more than 170 countries, helps McDonald’s build its business re
topjm [15]
Being present in 170 countries, McDonald's business is indeed very widespread and there are lots of factors in it being very successful now. Even if there are certain problems in the economy of a certain country, many countries will still have very booming economy allowing the business to grow more and more profitable. 
4 0
3 years ago
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