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3 years ago

The process of recording a transaction in the journal is called a.journalizing b.posting c.ledgerizing d.summarizing

Business

1 answer:

8090 [49]3 years ago

4 0

Answer: Journalizing

Explanation:

Journalizing is the process of entering business transactions in accounting journals. The key records to be taken in journalizing is usually the: date of transaction, brief description of transaction, the record of amount credited/debited.

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Poseidon Co. holds 70% of the common stock of Saturn Co. In the current year, Poseidon report sales of $2,400,000 and cost of go

UkoKoshka [18]

Answer:

<u>Consolidated sales and cost goods sold would be:</u>

Revenue : $3,000,000

Cost of Sales : $2,040,000

Explanation:

The Consolidation Process Includes 100% of Poseidon Co. and 100% of Saturn Co.

However Revenues for Saturn is Overstated and Cost of Goods Sold of Poseidon Co. are overstated due to the intragroup sale and thus the sale should be eliminated.

<u>Journal to Eliminate Intragroup Sale</u>

Revenue : Saturn Co $300,000 (debit)

Cost of Sales : Poseidon Co $300,000 (credit)

<u>Consolidated sales and cost goods sold would be:</u>

Revenue : $2,400,000+$900,000-$300,000 = $3,000,000

Cost of Sales : $1,800,000+$540,000-$300,000 = $2,040,000

7 0

3 years ago

You are thinking about opening your own personal retirement account at a local bank. The IRA account that the representative spo

gulaghasi [49]

Answer: The options are missing in the question,they are;

A) Rollover IRA

B) Educational IRA

C) Traditional IRA

D) Roth IRA.

The correct answer to the question is option D

ROTH IRA.

IRA- Individual retirement account.

Explanation: Roth IRA is a type of IRA account,it is a type of tax-advantaged retirement savings account.it allows one to pay more taxes inorder to get a bigger tax savings down the line as the investment grows, when it's time for withdrawal,it will be tax-free.

The contributions in Roth IRA are not tax-deductible, but once you start withdrawing funds, the money is tax-free. savings are built by allowing the owner of the Roth IRA to make regular contributions and invest them in a portfolio of stocks, bonds, mutual funds or other investments.the taxes on investment transactions that occurs in the Roth IRA account are deferred until withdrawal of any earnings are made. Just like other IRA accounts,Roth IRAs offer several key benefits, including tax-free growth, tax-free withdrawals in retirement, and no required minimum distributions,the only disadvantage of a Roth IRA is that contributions to a Roth are limited by your household income.

4 0

3 years ago

for a given before-tax rate of return, the longer the taxpayer defers distributions from a traditional defined contribution plan

saul85 [17]

The higher the taxpayer's after-tax rate of return because deferring the distribution decrease the present value of the taxes paid on the distribution.

The required details about tax rate is mentioned below.

The tax rate in a tax system is the ratio (typically represented as a percentage) at which a business or individual gets taxed. A tax rate can be presented in numerous ways: statutory, average, marginal, and effective. These rates can also be provided using two types of tax base definitions: inclusive and exclusive.

A sales tax may have a flat statutory rate while an income tax may have numerous statutory rates for different income levels.

The statutory tax rate is always higher than the effective tax rate because it is expressed as a percentage.

The average tax rate is the ratio of total taxes paid to total tax base.

To learn more about tax rate from the given link:

brainly.com/question/12395856

#SPJ4

6 0

2 years ago

Which of the following options is the field where you enter or edit data

sweet-ann [11.9K]

Answer:

Date

Explanation:

Simple and is easy is that my partners

3 0

2 years ago

in one or two sentences explain the role of prices in a market and include distribution, producers and consumers

xenn [34]

<h2>Answer:</h2>

The price of goods represents a crucial role in managing an effective distribution of supplies in a market system. Price serves as a signal for deficits and surpluses which help firms and customers respond to changing market conditions.

8 0

3 years ago

Read 2 more answers