All categories

3 years ago

Why is it important to keep your own financial records?

1 answer:

5 0

Its great for documentation on income tax returns. A bank may require financial documentation of income statement, a cash flow statement, or a balance sheet before loaning you money. It will help identify sources of income and track debts.

You might be interested in

Which of the following is true of email?

Oliga [24]

Answer:D

Explanation:

7 0

2 years ago

In eight years, when he is discharged from the Air Force, Steve wants to buy a $30,000 power boat. Click here to view Exhibit 12

IceJOKER [234]

Answer:

The correct answer is:

(1) $15,054

(2) $12,990

Explanation:

The required table is not given in the question. Please find below the attachment of the table.

Given:

Future value,

= $30,000

If discounting rate is 9%, the present value will be:

= $Future \ value\times PV \ factor(9 \ percent, 8 \ years)$

= $30000\times (\frac{1}{1.09} )^8$

= $30000\times 0.5018$

= $15,054$ ($)

If discounting rate is 11%, the present value will be:

= $Future \ value\times PV \ factor(11 \ percent, 8 \ years)$

= $30000\times (\frac{1}{1.11} )^6$

= $30000\times 0.433$

= $12,990$ ($)

8 0

3 years ago

1. A computer game that can be purchased online and played right away has good ___ utility. A) form. B) info. C) value. D) time

gizmo_the_mogwai [7]

1.) Out of the choices given here, a computer game that can be purchased online and played right away has good time utility. The other choices didn't seem to be a good fit for this particular question. The correct answer is D.

2.) Hours of labor or the number of workers are common ways of measuring a company's division of labor. The correct answer is A, division of labor.

6 0

3 years ago

The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:

Reil [10]

Answer:

20Y3

Nov. 21 :

Debit Notes receivable $66,000

Credit Accounts receivable $66,000

(To recognize notes receivable iro past due account)

Dec. 31:

Debit Interest revenue $161.33

Credit Interest receivable $161.33

(To record accrued interest on notes receivable)

Jan. 20:

Debit Cash $66,880

Credit Notes receivable $66,000

Credit Interest receivable $880

(To record payment of note and interest on Nov. 21 notes)

Explanation:

Note receivable is a promissory note with a written promise made by the borrower to the lender (payee) to pay a certain, definite sum at a specified date.

Interest revenue on the notes is calculated as: Principal x Interest Rate x Time

In this case, the total interest expense is $66,000 x 8%/12 x 2 months = $880.

Total interest expense to the Company as at December 31 is therefore $880 / 60 days x 11 days = $161.33.

8 0

3 years ago

Lundquist Company received a 60-day, 9% note for $28,000, dated July 23, from a customer on account. Required: a. Determine the

Alex

Answer:

a. Sep 10

b. $21,823

c. $21,500

Explanation:

a) Due date of the note

July 13 to 31 = 19 days

Aug 1 to 31 = 31 days

Sep 1 to Sep 10 = 10 days

due date is Sep 10

b) Maturity value of the note

$ 21500 + $ 21500*9%*60/360

= $ 21823

c) Journal entry

Cash debit $ 21823

interest recieved credit $323

Notes Receivable credit $ 21500

6 0

3 years ago

Read 2 more answers