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sergey [27]
3 years ago
5

A trial balance is prepared to:

Business
1 answer:
Kruka [31]3 years ago
8 0

Answer:

d. discover errors that affect the equality of debits and credits

Explanation:

There are two sections in the trial balance, namely columns of debits and columns of credits. The combined columns of debit and credit will also be matched and equaled.  

The debit sections report the assets and expenditures side while revenues shareholder equity and the liability portion are reported in the credit section.      

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If Norman invested $100,000 for 3 years at 12%, how much interest on interest will he earn? (Do not round intermediate calculati
Scrat [10]

Answer:

$224.64

Explanation:

Norman invested $100,000, Interest rate 12%, Period 3 years

In compound account, the interest earned by the end of the year qualifies to earn interest. At the end of the period, the interest is added to the principal and earns interest as well.

The interest that Norman earned in the first year was added to the principal amount in the second year, meaning that interest earned some interest in the second and their year of investment. The same happened to the interest earned in the second year.

To calculate the interest earned by the interest, we take the amount after three years, minus the principal amount, minus the simple interest for the three years.

Interest on interest will be the Future value- principal amount- Simple interest.

The amount after three is the compounded value after three years.

compound amount formula FV=  PV × (1+r)n

Future value  of $100,00 @ 12% after 3 years will be

=5000 x (1+12/100) 3

=5000 x (1+0.12)3

=5000 X (1.12)3

=5000 x 1.404928

=7,024.64

The simple interest earned in the three years equal

Interest = principal x rate x duration

12/100 x 5000 x 3

=0.12 x 5000 x 3

=600 x 3

=$1800

Interest on interest will be :

=$7,024.64 - $5,000- $1,800

=$224.64

7 0
3 years ago
The majority of 401 (k) plans are participant directed.<br> a)true<br> b) false
xxTIMURxx [149]

The plans regarding the contributions made to the 401(k) plans are directed by the participant, who is also known as an employee of the organization.

<h3>Who is a 401(k) plan?</h3>

A 401(k) can be referred to as a feature of a profit-sharing plan that enables the employees to make a partial contribution of their wages to their individual accounts.

An employee is referred to as a participant for the purpose of this plan. It is further to be noted that this plan is as per the voluntary directions of the participant.

Hence, it holds true that majority of the 401(k) plans are participant directed.

Learn more about 401(k) plans here:

brainly.com/question/3671553

#SPJ1

8 0
1 year ago
Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,900 units (solar panels) in July a
Wewaii [24]

Answer:

Overhead budget:

Variable overhead= 274,400

Fixed overhead= 180,000

Total overhead= $454,400

Explanation:

Giving the following information:

Production= 4,900 units

Each unit requires 5 hours of direct labor at a rate of $16 per hour.

Variable factory overhead is budgeted to be 70% of direct labor cost

Fixed factory overhead is $180,000 per month.

First, we need to determine the direct labor cost:

Direct labor cost= (4,900*5)*16= $392,000

Now, we can calculate the overhead budget:

Overhead budget:

Variable overhead= (0.7*392,000)= 274,400

Fixed overhead= 180,000

Total overhead= $454,400

7 0
3 years ago
You need to land in Los Angeles, CA, no later than 11:00 AM to make sure you are on time for an afternoon meeting. Select the ap
Allisa [31]

Select "American Airlines 913" from 06:00 AM departure, 08:48 Am arrival  

<u>Explanation: </u>

You need to arrive 2 to 3 hours in advance to attend the afternoon meeting, because the meeting is at 11:00 a.m.

Time is precious, of course, and it's all a waste of precious resources that sitting around and trying to imagine when the boss may come.  

Employees turn their attention to the person in the corner office as they draw up unofficial laws of an organisation.

When that person is willing to begin on time meetings, meetings should begin on time.

8 0
3 years ago
Christina is an economist who believes that shifts in aggregate demand cause both a change in real output and the price level. S
Arada [10]

Answer:

B.Keynesian economist

Explanation:

Keynesian economist -

It was developed in 1930s by John Maynard Keynes , a British economist .

It is the theory of the total spending in the economy and its effect on inflation and output .    

It is a demand - side theory which focus on the changes in the economy on short run .

Hence , Christina is best described as a Keynesian economist .

4 0
3 years ago
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