Answer: The correct answers are "To add a new account, you open the Chart of Accounts by selecting Accounting from the left navigation, then select New to open the Account window", "The Sales of Product Income account is a default account when inventory is turned on", "Uncategorized Income and Uncategorized Expense are default accounts for online banking activity", "If you add a new account, the category type determines on which financial statement this account will show", and "Delete an account from the Chart of Accounts if it is not relevant to your business".
Explanation: To add a new account, you open the Chart of Accounts by selecting Accounting from the left navigation, then select New to open the Account window - It is the correct way to add new accounts.
The Sales of Product Income account is a default account when inventory is turned on - Activating the inventory automatically creates the Sales of Product account that is an Income account.
Uncategorized Income and Uncategorized Expense are default accounts for online banking activity - Income and expenses not classified are by default for online banking.
If you add a new account, the category type determines on which financial statement this account will show - The appearance of accounts in the different financial statements depends on the category that determines the account, for example an income or expense account, will appear in the income statement.
Delete an account from the Chart of Accounts if it is not relevant to your business - It is possible to eliminate accounts that are not useful for the business model used.
Explanation:
A preferred stock is a share of ownership in a public company. It has some qualities of a common stock and some of a bond. The price of a share of both preferred and common stock varies with the earnings of the company. Both trade through brokerage firms.
Bond prices, on the other hand, vary with the company's ability to pay. The difference is that preferred stocks pay an agreed-upon dividend at regular intervals. This quality is similar to that of bonds. Common stocks may pay dividends depending on how profitable the company is. Moreover, Prefered stocks dividend are often higher than the common stock.
Answer:
$4.15.
Explanation:
The relevant to use in reaching the decision can be computed as follows:
Relevant cost = Direct materials + Direct labor + Variable overhead = $1.75 + $1.65 + $0.75 = $4.15.
Therefore, the relevant cost of manufacturing the motor to be considered in reaching the decision is $4.15.
Answer:
It will take 2.72 years and 32.64 months.
Explanation:
Future value is the sum of principal amount and compounded interest amount invested on a specific rate for a specific period of time.
Use following formula to calculate the time period.
FV = PV x ( 1+ r )^n
FV = Future value = $6,000
PV = Present Value = $4,000
r = rate of interest = 15% yearly = 15% / 12 = 1.25%
n = time period = ?
$6,000 = $4,000 x ( 1 + 1.25% )^n
$6,000 = $4,000 x ( 1.0125 )^n
$6,000 / $4,000 = ( 1.0125 )^n
1.5 = ( 1.0125 )^n
Log 1.5 = n log 1.0125
n = Log 1.5 / log 1.0125
n = 32.64 months
n = 2.72 years
