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3 years ago

If you get a department store or gas card, what should you check to make sure it will help your credit score?

2 answers:

4 0

Things that you need to check are:
- Your FICO score (the higher your fico scores will indicates that you're financialy trustworthy)
- Check the balance. Make sure that you always pay all the required balance. Failing to do this will be recorded as failure to complete payments no matter how little it is.

storchak [24]3 years ago

3 0

Answer:

Retail cards, like gas cards, typically approve consumers with lower credit scores and report to the credit bureaus so that cardholders who pay as agreed can build a positive credit history.

Some gas credit cards may also give you a small discount per gallon of gas charged on the card, although these cards typically come with much higher interest rates than other cards.

Some are co-branded with a gas station company, such as Exxon or Citgo and a major card network, such as Visa or MasterCard, which can be used anywhere.

Additionally, some rewards cards issued by major card brands award extra rewards points for gas purchases, however, consumers with low or no credit may not qualify for a card with a major issuer.

Since gas is a necessity, a gas card might make more sense for someone building credit versus a department store card, which is often used for more discretionary purchases.

Explanation:

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Which depreciation method does not use an asset's residual value to calculate depreciation expense?

ira [324]

Declining-balance depreciation method does not use an asset's residual value to calculate depreciation expense.

<h3>What is depreciation?</h3>

In accountancy, depreciation refers to two aspects of the same concept: first, the actual decrease of fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wear, and second, the allocation in accounting statements of the original cost of the assets to periods in which the assets are used.
Depreciation is thus the decrease in the value of assets and the method used to reallocate, or "write down" the cost of a tangible asset (such as equipment) over its useful life span.

<h3>What does accounting depreciation mean?</h3>

During the asset's anticipated useful life, depreciation is allocated in order to charge a fair percentage of the depreciable amount in each accounting period.
Amortization of assets with predetermined useful lives is included in depreciation.

Learn more about depreciation here:

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3 0

2 years ago

Which is the following resumes would most likely get thrown in the garbage

OLga [1]

The messy ones with no format, and non interesting content within the resume.

3 0

3 years ago

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May

NeTakaya

Answer:

1. Prepare a retained earnings statement.

Net income = $943,400

Retained earning at May 31, 2018 = $3,792,500

2. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000.

Net Total Assets = Stockholder's equity = $4,292,500

Explanation:

1. Prepare a retained earnings statement.

To do this, the income statement is first prepared to obtain the net income as follows:

Clairemont Co.

Income Statement

for the fiscal year ended May 31, 2018

Details $

Sales 11,343,000

Cost of goods sold (7,850,000)

Gross Income 3,493,000

Selling and Distribution expenses:

Sales salaries expense (916,000)

Advertising expense (550,000)

Dep. expense - Store equipment (140,000)

Miscellaneous selling expense (38,000)

Administrative expenses:

Office salaries expense (650,000)

Rent expense (94,000)

Insurance expense (48,000)

Dep. exp - Office equipment (50,000)

Office supplies expense (28,100)

Miscellaneous admin expense (14,500)

Operating income 964,400

Interest expense (21,000)

Net income  943,400 

The retained earning statement can therefore, be stated as follows:

Clairemont Co.

Retained Earnings Statement

for the fiscal year ended May 31, 2018

Details $

Retained earnings at June 1, 2017 2,949,100

Net income for the year 943,400

Dividends (100,000)

Retained earning at May 31, 2018  3,792,500 

2. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000.

Clairemont Co.

Balance sheet

for the fiscal year ended May 31, 2018

Details $ $ 

Fixed Assets

Office equipment 830,000

Accumulated dep.- office equip (550,000) 280,000

Store equipment 3,600,000

Accumulated dep.- store equip (1,820,000) 1,780,000

Net Fixed Assets 2,060,000

Current Assets

Cash 240,000

Accounts receivable 966,000

Inventory 1,690,000

Estimated returns inventory 22,500

Office supplies 13,500

Prepaid insurance 8,000

Total current assets 2,940,000

Current Liabilities

Accounts payable (326,000)

Customer refunds payable (40,000)

Salaries payable (41,500)

Note payable (50,000)

Working Capital 2,482,500

Long-term Liability

Note payable (300,000 - 50,000) (250,000)

Net Total Assets  4,292,500 

Financed by:

Common stock 500,000

Retained earning at May 31, 2018 3,792,500

Stockholder's Equity  4,292,500 

Note:

Since both the Net Total Assets and Stockholder's equity are to $4,292,500, it implies the financial statement is accurately prepared as both as always be equal.

5 0

3 years ago

Navy Seals go through extremely difficult training. Those who succeed becomemembers of one of the most elite fighting units in t

Gemiola [76]

Answer:

The correct answer is letter "A": cohesion.

Explanation:

Cohesion refers to property among individuals by which they complement each other. These individuals have a certain knowledge of one another that allows them to have a clear idea of how their behavior is, then, they try to help among them to be more as a team than prioritizing self success. Cohesion in teams is a determinant factor that could lead them to success or failure.

4 0

3 years ago

Read 2 more answers

Which statement about the pet goods market is CORRECT?

klemol [59]

Answer:

I) The market for pet goods has been on the rise in recent years due to the lower costs of producing pet goods.

II) One reason for the growth of the pet goods market has been the increase in the number and availability of goods and services for pets.

III) Like other markets, the pet goods market typically declines when the there are downturns in the economy.

Explanation:

Owning a pet store can be a profitable business regardless of the performance of the larger economy. Pet stores have shown revenue growth even during recessions, as owners have cut back on their own spending before reducing the standard of living for their pets.

5 0

3 years ago