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Nastasia [14]
3 years ago
8

Matt wants to attend a university in California and is waiting to hear back from schools where he has applied. He has filled out

a FAFSA, which is a federal form that helps the government determine financial need for grant programs.
Matt’s family has limited savings. Also, he wants to avoid taking on a great deal of debt that will have to be paid once he is out of school. Which options would best suit his circumstances?
Which options would meet Matt’s needs? Check all that apply.
-getting a work-study job
-taking out a private loan
-applying for federal loans
-applying for federal grants
-working at an on-campus job
-participating in a national service program
Business
2 answers:
Andreyy893 years ago
7 0

Answer:

Getting a work-study job

Working at an on-campus job

Explanation:

The first option that will meet Matt's needs is to get a work-study job. A work-study job is like a financial aid program available in the universities to help students out of their financial needs. Work-study job is a part-time job that will enable Matt to work while studying at the University in California. It allows Matt to engage in a part-time job for some hours a week during his free time, like 20 hours a week while he studies in school and earns some money to subsidize the cost of his studies since Matt wants to avoid paying debt once he is out of school.

A work-study job is the best option for Matt's finance position because it will provide financial assistance for the cost of his education.

The other option for Matt is to work at an on-campus job. This is almost the same as a work-study job because it is a part-time job and carried out only in his free time. It is a part-time job done by students in the university while studying to help their financial needs. The only difference with the work-study job is that the job here will only be done on campus, unlike work-study job which can be done outside the campus. Here Matt will have to get a part-time job on campus and not outside the campus.

maks197457 [2]3 years ago
6 0

Answer:

  • Applying For Federal Grants
  • Having An On-Campus Job
  • Getting Work-Study Job

Explanation:

Since Matt has already filled FAFSA, a form that helps the government determine the grants, his first choice could be federal grants. Federal government provides around  $150 billion per year in loans and grants for students who want to attend the California State University or private institution or UC. And, since grants are non-refundable, Matt won't feel any stress during or after his college days. What he needs to do is to provide complete details of his financial circumstances to get those grants.  

An on-campus job is probably the best option. It will help Matt to maintain a balance between academics and work while arranging funds. Also, there aren't additional transportation costs associated with them.

If on-campus job is not available, the other option is getting a work-study job. Work-study jobs are federal and state-funded ( sometimes), that help campus students with finances. While it won't cover all fees, you have to combine them with your scholarships, loans, or grants. But it can be quite beneficial for Matt, if he qualifies.

And, since he has already filled FAFSA, he is eligible for it. Just one thing that Matt has to ensure is whether or not his school offers work-study.

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The following is the adjusted trial balance for Nadia Company. Nadia Company Adjusted Trial Balance December 31 Account No. Debi
muminat

Answer:

Net Income = $2,980

Statement of owner's equity = $15,280

Total Assets = $19,050

Total Liabilities = $3,770

Explanation:

Requirement A) Income Statement

                                 Nadia Company

                               Income Statement

                For the Year Ended December 31, 20X9

Revenues:                                        $                               $

Fees Earned                                                                 10,930

Expenses:

Wages expense                           2,450

Rent expense                               1,900

Utilities expense                           1,475

Depreciation Expense                  1,150

Miscellaneous Expense            <u>      975</u>

Total Expenses                                                         <u>     </u><u>(7,950)</u>

Net Income                                                                <u>    2,980</u>

Nadia company's total revenue exceeds the total expenses, therefore, the company earns a net income of $2,980.

Requirement B) Statement of owner's equity

                                        Nadia Company

                                Statement of Owner's Equity

                      For the Year Ended December 31, 20X9

           Particulars                                               $

Beginning Capital                                           10,000

Add: Additional investment (Capital)              3,000

Add: Net income for the year                          <u>2,980</u>

                                                                        15,980

Less: Drawings                                                 <u>   700</u>

Capital, December 31 (Ending Capital)        <u>  15,280</u>

The amount of $15,280 is the total owner's equity for the company. The company will this amount in the balance sheet as well.

Requirement C) Balance Sheet

                                        Nadia Company

                                         Balance Sheet

                                  As At December 31, 20X9

Particulars                                         $                               $

                              Assets

<u>Current Assets</u>

Cash                                                5,130

Accounts Receivable                     3,300

Prepaid Expenses                            420

Total Current Assets                                                      8,850

<u>Property, Plant, and Equipment</u>

Equipment                                       12,400

Less: Accumulated Depreciation  (2,200)

Total Property, Plant, and Equipment                    <u>     </u><u>10,200</u>

Total Assets                                                                    19,050

           Liabilities & Owner's Equity

                          Liabilities

Current Liabilities

Accounts Payable                               700

Notes Payable (Short-term)        <u>     3,070</u>                              

Total Liabilities                                                                 3,770

                      Owner's Equity

Owner's Equity (From requirement B)                  <u>        15,280</u>

Total liabilities and owner's equity                              19,050

Therefore, <em>Total Assets = Total Liabilities + Owner's Equity</em>

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