It is possible to possess elements of more than one learning style.

A financial institution near you advertises itself as especially oriented towards educators and teachers. What is the category t

sergij07 [2.7K]

Answer:

Credit union.

Explanation:

A credit union can be defined as a non-profit making financial cooperative that is typically controlled by its members (employees, church groups, labour unions etc) and it is saddled with the responsibility of providing financial services like the traditional banks to employees such as teachers, educators, nurses, etc.

Generally, the profit made from the amount of money that is being deposited by the members of a credit union are usually returned to the members as a form of better interest rates. Some examples of credit unions are SchoolsFirst Credit Union, New York University Federal Credit Union, Consumers Credit Union, etc.

In this scenario, a financial institution advertises itself as especially oriented towards educators and teachers. Thus, the category this institution would most likely fall under is a credit union because it's not run like businesses that is after making profit i.e it's a non-profit business established to assist employees with their finances.

6 0

2 years ago

Read 2 more answers

How long will it take for a $4000 investment to grow to $6000 at an annual rate of 15%, compounded monthly? Assume that no withd

Inessa05 [86]

Answer:

It will take 2.72 years and 32.64 months.

Explanation:

Future value is the sum of principal amount and compounded interest amount invested on a specific rate for a specific period of time.

Use following formula to calculate the time period.

FV = PV x ( 1+ r )^n

FV = Future value = $6,000

PV = Present Value = $4,000

r = rate of interest = 15% yearly = 15% / 12 = 1.25%

n = time period = ?

$6,000 = $4,000 x ( 1 + 1.25% )^n

$6,000 = $4,000 x ( 1.0125 )^n

$6,000 / $4,000 = ( 1.0125 )^n

1.5 = ( 1.0125 )^n

Log 1.5 = n log 1.0125

n = Log 1.5 / log 1.0125

n = 32.64 months

n = 2.72 years

6 0

2 years ago

Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving s

horsena [70]

Answer:

1). Account receivables A/c Dr. $1,345,000

To sales revenue A/c $1,345,000

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $975,700

To merchandise inventory A/c $975,700

(Being the cost is recorded)

2. Allowance for doubtful accounts A/c Dr. $19,400

To accounts receivable A/c $19,400

(Being the written off is recorded)

3. Cash A/c Dr. $670,800

To accounts receivables A/c $670,800

(Being cash received is recorded

1. .Account receivable A/c Dr. $1,529,400

To sales A/c $1,529,400

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $1,332,100

To merchandise inventory A/c $1,332,100

(Being the cost of goods sold is recorded)

2. Allowance for doubtful accounts A/c Dr. $27,000

To Account receivable A/c $27,000

(Being the written off amount is recorded)

3. Cash A/c Dr. $1,391,600

To account receivable A/c $1,391,600

(Being the cash received is recorded)

4. Bad-debts expense A/c Dr. $28,000

(765,600 × 1% + 20,344)

To allowance for doubtful accounts A/c $28,000

(Being the bad debt expense is recorded)

Working note:

Ending Receivables = (654800 + 1529400 - 27,000 - 1,391,600) = $765,600

Total Receivables of 1st Year = 1,345,000 - 19,400 - 670,800 = $654,800

Before Adjustment Ending Allowance Balance = 65,4800 × 1% - 27,000

= 6,548 - 27,000

= 20,344 Debit BalanceThe journal entries are shown below:

According to the scenario, computation of the given data are as follows:-

Journal Entries for 1st year

1). Account receivables A/c Dr. $1,345,000

To sales revenue A/c $1,345,000

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $975,700

To merchandise inventory A/c $975,700

(Being the cost is recorded)

2. Allowance for doubtful accounts A/c Dr. $19,400

To accounts receivable A/c $19,400

(Being the written off is recorded)

3. Cash A/c Dr. $670,800

To accounts receivables A/c $670,800

(Being cash received is recorded)

4. Bad-debts expense A/c Dr. $38,389

(1,345,000-19,400-670,800) × 2.90+ $19,400

To allowance for doubtful accounts A/c $38,389

(Being the bad debt expense is recorded)

Journal Entries for 2nd year

1. .Account receivable A/c Dr. $1,529,400

To sales A/c $1,529,400

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $1,332,100

To merchandise inventory A/c $1,332,100

(Being the cost of goods sold is recorded)

2. Allowance for doubtful accounts A/c Dr. $27,000

To Account receivable A/c $27,000

(Being the written off amount is recorded)

3. Cash A/c Dr. $1,391,600

To account receivable A/c $1,391,600

(Being the cash received is recorded)

4. Bad-debts expense A/c Dr. $28,000

(765,600 × 1% + 20,344)

To allowance for doubtful accounts A/c $28,000

(Being the bad debt expense is recorded)

Working note:

Ending Receivables = (654800 + 1529400 - 27,000 - 1,391,600) = $765,600

Total Receivables of 1st Year = 1,345,000 - 19,400 - 670,800 = $654,800

Before Adjustment Ending Allowance Balance = 65,4800 × 1% - 27,000

= 6,548 - 27,000

= 20,344 Debit Balance

Explanation:

8 0

2 years ago

Frisco Company's Merchandise Inventory account at year-end has a balance of $62,115, but a physical count reveals that only $61,

Lisa [10]

Answer:

Increase on cost of goods sold by $215, decrease in merchandize by $215.

Explanation:

With regards to the above information, the cost of goods sold will increase by $215, while the merchandize value would also decrease by $215.

Here, the books will be even out so that it would show there was a shrinkage at year end and beyond that which was purchased to have taken place.

4 0

2 years ago

All of the following characteristics are common to both monopolistic competition and perfect competition except:________

Dima020 [189]

Answer:

The correct answer is option d.

Explanation:

Monopolistic competition is the market where there is a large number of firms producing differentiated products. The firms are price makers and face a downward sloping curve. There is very low or no barriers to entry and exit.

A perfect competition has a large number of firms producing identical products. These firms are price takers and face a horizontal line demand curve. There are very low or no barriers to entry and exit.

The firms in both market forms are trying to maximize profits. The market demand curve is also downward sloping in both. But the monopolistic competition produces differentiated products and firms are price makers.

4 0

2 years ago