A bank belonging to the Federal Reserve System is a <span>member bank<span>.</span></span>
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Answer: a low level of purchase involvement
Explanation:
A low-involvement purchase simply means a decision making process that's abridged. In such situations, the buyer hardly does any information gathering, and he or she makes a simple and straightforward decision.
Since when Emma noticed that she was almost out of gas, she pulled into the nearest gas station and filled up her tank. Emma's decision here is straightforward as she doesn't analyse other alternatives. Therefore, it's a low level of purchase involvement.
Answer:
Their total assets next year has to be $124,725
Explanation:
<em>Step 1: Determine the initial assets and liabilities</em>
The total assets can be expressed as;
A=C+E
where;
A=total assets
C=common stock
E=retained earnings
In our case;
A=unknown
C=$12,173
E=$91,949
replacing;
A=12,173+91,949=$104,122
<em>Step 2: Determine total liabilities</em>
Total liabilities=initial liability+dividends
where;
Initial liability=$73,225
dividends=$15,000
replacing;
Total liabilities=73,225+15,000=$88,225
<em>Step 3: Determine new assets</em>
Using the formula;
Net profit=new assets-total liabilities
where;
Net profit=$36,500
new assets=unknown=n
total liabilities=$88,225
replacing;
36,500=n-88,225
n=36,500+88,225=$124,725
n=$124,725
Their total assets next year has to be $124,725
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The adjusting entry would be Debit rent expenses and credit prepaid rent by $1,037.
Adjusting journal entries are being used to report transactions that occurred but were not correctly documented using the accrual method of accounting.
There at end of an accounting period, the adjusting journal entries are filed in a company's general ledger to comply with the matching and revenue recognition standards.
The most common types of journal entry changes are accruals, deferrals, and estimates. It is used for accrual accounting reasons when one accounting period finishes and another begins..
That instance, rent expenditure for December must be acknowledged; the entry would be as follows.
DR Rent Expense =12444/12
= $1,037
CR prepaid rent $1,037
To know more about adjusting entries click here:
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Answer: The correct answer is "D. A shareholder's S corporation stock basis will increase when the shareholder acts as guarantor on a corporate indebtedness.".
Explanation: The statement D. A shareholder's S corporation stock basis will increase when the shareholder acts as guarantor on a corporate indebtedness. is <u>FALSE</u> because a shareholder's S corporation stock basis does not increase when the shareholder acts as guarantor on a corporate indebtedness.