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4 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.

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The following selected transactions relate to cash collections for a firm that maintains a $100 change fund at all times. Presen

san4es73 [151]

Answer:

a. Dr Cash $ $4,958

Dr Cash over and short $123

Cr Sales $5,081

b. Dr Cash $3,512

Cr Cash over and short $13

Cr Sales $3,499

Explanation:

a) According to the given data we hace the following:

Actual Cash in register $5,058 and cash receipts $5,081

$5,058-$100=$4,958

Therefore, Dr cash over and short=$5,081-$4,958=$123

Therefore, the journal entry would be as follows:

Dr Cash $ $4,958

Dr Cash over and short $123

Cr Sales $5,081

b) Actual cash in cash register $3,612 and cash receipts $3,499

$3,612-$100=$3,512

Therefore, Dr cash over and short=$3,512-$3,499=$13

Therefore, the jorunal entry would be as follows:

Dr Cash $3,512

Cr Cash over and short $13

Cr Sales $3,499

3 0

4 years ago

A man with $20,000 to invest decides to diversify his investments by placing $10,000 in an account that earns 5.2% compounded

Fynjy0 [20]

Answer:

9.749 years

Explanation:

Given that :

Principal, P = 20,000

Total investment A = 35000

Investment 1:

P = $10,000

Compounded continuously at r = 5.2% = 0.052

A = Pe^rt

Investment B:

P = $10,000

Compounded annually at r = 6.4% = 0.064

A = P(1 + r)^t

Hence, final amount, A on both investment = 35000

A = Pe^rt + P(1 + r)^t

35000 = 10000e^0.052t + 10000(1 + 0.064)^t

Divide through by 10000

3.5 = e^0.052t + 1.064^t

t = 9.749123

t = 9.749 years

8 0

3 years ago

A ____ is a description of the disasters that may befall an organization, along with information on their probability of occurre

Darya [45]

This is disaster scenario by defition

5 0

3 years ago

As an elected official, you have been informed that real GDP is below its potential and that action should be taken to encourage

OverLord2011 [107]

Answer: <em>a. Multiplier = 3.33</em>

<em>b. Stimulation = $2000 billion</em>

Explanation:

In this particular case , it's given:

Marginal propensity to consume(MPC) = 0.7

Government spending = $600 billion

Therefore, we can evaluate the multiplier using the following formula:

$Multiplier\ = \frac{1}{(1-MPC)}$

$Multiplier\ = \frac{1}{1-0.7}$

Multiplier = 3.33

Noe, in order to find the stimulation in the economy we will multiple the new government spending with the multiplier. We will get ;

$Stimulation\ = Government\ spending\times Multiplier$

$Stimulation\ = 600\times3.33$

Stimulation = $2000 billion

5 0

3 years ago

Nancy just had a new baby boy and plans to send him to college 19 years from now. She wants to deposit each winter in an educati

Thepotemich [5.8K]

Answer:

$1363.14

Explanation:

Please see attachment

7 0

3 years ago