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3 years ago

Which action will be least helpful if youve been the victim of identity theft

1 answer:

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The action that will be the least helpful if you've been the victim of an identity theft is to withdraw your money from all accounts.
This is not something you should do if this happens to you - but rather report this fraud to the officials so that they can fix this for you. They will be able to give you your last credit report and contact any company where you have money so as to let them know to freeze your account for a while until this get solved.

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Which of the following statements is false? A. Cash dividends should be recorded as a liability when they are declared by the bo

xenn [34]

Answer:

The answer is: B) FICA taxes withheld from employees' payroll checks should never be recorded as a liability since the employer will eventually remit the amounts withheld to the appropriate taxing authority.

Explanation:

FICA taxes (or payroll taxes) are based on an employee's salary. Both employees and employer pay FICA taxes for Social Security and Medicare. Employers withhold these taxes from their employees' paychecks, and then pays them to the Internal Revenue Service (IRS).

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3 years ago

Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2023.The following items are taken f

Aliun [14]

Answer:

A) See attached file for Balance Sheet

B) Current ratio = 1.26

C) Debt to Asset ratio = 18%

The Current ratio tells us that the company has 1.26 dollars of current assets to cover 1 dollar of current debt. That is a good thing, but to know if it´s enough covers, further information is needed. Others ratios can help to complete the picture as for example, quick ratio, assets turn over, inventory turn over, receivables turn over, etc. The debt to assets ratio. Tells us that the company owes 18% of its assets. The rest belongs to the stockholders. Again, it´s a good thing, but further information can help us to know if the company can invest in new projects, financing it with debt in a profitable way, for example, if Return on Assets is higher than debt rate.

Explanation:

B) Current ratio = Current Assets / Current Liabilities

Current ratio = 52,140 / 41,400

Current ratio = 1.26

C)Debt to Asset ratio = (Total Liabilities / Total Assets)*100

Debt to Asset ratio = (121,400 / 691,400)*100

Debt to Asset ratio = 18%

The current ratio measures a company's ability to pay short-term obligations or those due within one year, by relating current assets with current liabilities (liquidity ratio). The debt to total assets ratio shows the percentage of a company's total assets that were financed by creditors (financial ratio).

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3 years ago

Economic growth in the country of Southville has slowed down in the last few months. Following a collapse in housing prices, se

skad [1K]

Complete Question:

A. According to census data, the percentage of Southville's population that lives in rural areas has gradually been shrinking.

B. The standards for obtaining a mortgage loan in Southville have been more stringent compared to many other countries.

C. Prior to the crisis, the prices of existing homes also increased in proportion to the prices of new homes in Southville.

D. A large proportion of home buyers in Southville were individuals who already owned one or more houses.

E. The inflation-adjusted real wage in the construction industry increased by 10 percent prior to the crisis.

Answer and Explanation:

Options A and D would weaken Bob's argument. The reason why option A would weaken Bob's argument would be because Bob said that the population is increasing whereas the according to the census data, the population has gradually been shrinking.

The reason for option D is that the individuals who already owned houses were buying new houses. So what was the need for them to buy additional new houses?

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3 years ago

Q 10.25: Admire County Bank agrees to lend Givens Brick Company $600,000 on January 1st. Givens Brick Company signs a $600,000,

Shtirlitz [24]

Answer:

Entry is given below

Explanation:

As Givens brick company is paying off the liability of note payable and the interest amount therefore, it will be debited as it is a decrease in liability. Cash will be credited as it is our asset and its decreasing.

Entry DEBIT CREDIT

Notes payable $600,000

Interest $36,000(w)

Cash $636,000

Working

Interest = $600,000 x 8% x9/12

Interest = $36,000

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3 years ago

Requirements

Stella [2.4K]

Journal entries:

Nov. 1, common stocks issued

Dr Cash 41,000

Cr Common stock 41,000

Nov. 4, office supplies and furniture purchased

Dr Office supplies 1,200

Dr Furniture 2,300

Cr Accounts payable 3,500

Nov. 6, service revenue

Dr Cash 2,100

Cr Service revenue 2,100

Nov. 7, land purchased

Dr Land 27,000

Cr Cash 27,000

Nov. 10, service revenue

Dr Accounts receivable 800

Cr Service revenue 800

Nov. 14, payment of furniture

Dr Accounts payable 2,300

Cr Cash 2,300

Nov. 15, wages expense

Dr Wages expense 1,470

Cr Cash 1,470

Nov. 17, collection of accounts receivable

Dr Cash 500

Cr Accounts receivable 500

Nov. 20, service revenue

Dr Accounts receivable 680

Cr Service revenue 680

Nov. 25, received cash in advance

Dr Cash 1,900

Cr Unearned revenue 1,900

Nov. 28, service revenue

Dr Cash 3,100

Cr Service revenue 3,100

Nov. 29, purchase prepaid insurance

Dr Prepaid insurance 840

Cr Cash 840

Nov. 30, wages expense

Dr Wages expense 1,470

Cr Cash 1,470

Nov. 30, rent expense

Dr Rent expense 650

Cr Cash 650

Nov. 30, utilities expense

Dr Utilities expense 650

Cr Accounts payable 650

Nov. 30, dividends distributed

Dr Retained earnings 2,800

Cr Dividends payable 2,800

Dr Dividends payable 2,800

Cr Cash 2,800

Since there is not enough space here, I prepared an excel spreadsheet with the T-accounts.

In order to prepare a trial balance sheet, I must first prepare an Income Statement:

Service revenue $6,680

Wages expense ($2,940)

Rent expense ($650)

<u>Utilities expense ($650)</u>

Net income: $2,440

Retained earnings = $2,440 (net income) - $2,800 (dividends) = ($360)

STEWART CO.

BALANCE SHEET

NOV. 30, 2018

Assets:

Cash $12,070

Accounts receivable $980

Prepaid insurance $840

Office supplies $1,200

Furniture $2,300

Land $27,000

Total assets: $44,390

Liabilities and stockholders' Equity:

Accounts payable $1,850

Unearned revenue $1,900

Common stock $41,000

Retained earnings ($360)

Total liabilities and stockholders' equity: $44,390

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3 years ago