Answer:
Explanation:
The journal entry is shown below:
Petty cash A/c $200
To Cash A/c $200
(Being the petty cash fund is established)
Simply we debited the petty cash account and credited the cash account so that the correct posting can be done with the correct item and the correct value.
All other information which is given is not relevant. Hence, ignored it
Answer: Loan-able funds market
Explanation:
The loan-able funds market is one of the type of economics based market that helps in determining the various types of supply an the demand loan- able funds in the market.
The borrowing an the crediting are the process that comes under the loan-able funds market activities. In this process, the people are borrowing the funds for the investment purpose instead of using in the personal consumption.
Therefore, Loan-able funds market is the correct answer.
Answer:
Correct option is C 6.20
Explanation:
Sales/ Average net operating average
= $115,337/ $18,616
=6.20
Answer:
Grace is incorrect because of the veil and alter ego theory
Explanation:
In this scenario Grace formed a corporation along with her three friends. As a result of catering services offered guest became ill and sued Grace and the other owners for damages.
According to the alter egos theory personal liability can be invoked on the owners of a corporation or its limited liability members.
Alter ego theory is used to penetrate the corporate veil that protects shareholders. Personal liability can be assigned on the business owner as it is in this case against Grace and the other owners.
Answer:
Compound interest; interest.
Explanation:
Compound interest can be defined as the interest that the bank pays you on the principal plus on the interest that you earned the preceding year. Thus, it is simply calculated by adding an interest to the initial principal i.e compounding the interest rather than withdrawal.
Mathematically, compound interest is given by the formula;
Where;
A is the future value.
P is the principal or starting amount.
r is annual interest rate.
n is the number of times the interest is compounded in a year.
t is the number of years for the compound interest.
