1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Llana [10]
3 years ago
14

Checkable deposits are classified as money because:

Business
1 answer:
worty [1.4K]3 years ago
8 0

Checkable deposits are classified as money because , They can be readily used in purchasing goods and paying debts.Choice( A)

Explanation:

Any demand deposit account against which, one can write a check or a draft is called checkable deposit. It is mainly used when a person has to withdraw money, at a short notice and he can do so, without giving any prior notice to the bank.

These deposits help in immediate access to cash. As these deposits are available easily , they are considered to be assets. .

Its an asset for the person who withdraws, as he can withdraw anytime without notice. It is a liability to the bank as the bank has to pay it, whenever the customer asks for it.

As these checkable deposits are easily available, they can be readily used in purchasing goods and paying debts.

You might be interested in
A worksheet contains sales dollars for agents with your company. The values are $1,250, $1,090, $985, $985, $880, $756, $675, $6
ivolga24 [154]

Answer:We use the Large Function. the general formula is  =LARGE(first cell:last cell,3) .Please refer to the explanation section for details

Explanation:

Let us assume

A 1 = $1,250,  A 2 = $1,090, A 3 = $985, A 4 = $985, A 5 = $880, A 6 = $756, A 7 = $675, A 78= $650, and A 9 =$600

Using the Large function on excel to return the third largest value, on the formula bar we have the following formula;

=LARGE(A1:A2,3)

7 0
3 years ago
At the end of the accounting period, houston company had $12,000 of par value common stock issued, additional paid-in capital in
amid [387]

The amount of stockholder's equity is calculated as -

Total stockholder's equity = Common stock issued + Additional paid in capital + Retained earnings - Treasury capital

Total stockholder's equity = $ 12,000 + 11,000 + $ 12,000 - $ 4,000

Total stockholder's equity = $ 31,000

8 0
3 years ago
In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct mate
slava [35]

Answer:

Required 1 ; Journals

Work In Process : Grinding Department $ 128,000 (debit)

Work In Process : Molding Department $ 128,000  (credit)

<em>Being transfer of costs from Molding to Grinding Department</em>

<em />

Work In Process : Molding Department $ 128,000  (debit)

Work In Process : Grinding Department $ 128,000 (credit)

<em>Being transfer of costs from Grinding to Molding Department</em>

<em />

Finished Goods Account $40,000 (debit)

Work In Process : Finishing Department $40,000 (credit)

<em>Being transfer of costs from Finishing department to finished goods account</em>

Required 2 : Difference

<u>Job Order Costing </u>

Each production is unique and there may be no transfers to and from other departments. The is no inventory from previous processes as this is unique to the job order.

<u>Process Costing (Currently in use)</u>

There are transfers from and to other departments. Production is in sequence. For each departments we may also have inventories

Explanation:

<u>Finishing Department Costs Calculation</u>

Direct materials           $17,200

Direct labor                  $11,600

Applied overhead        $11,200

Total                            $40,000

Difference :

You should be able to see that the Journal entries above depicts a process costing system. Now provide reasons why this system differs from the job-order cost system. See the reasons above.

<em />

8 0
3 years ago
A truck acquired at a cost of $285,000 has an estimated residual value of $14,100, has an estimated useful life of 43,000 miles,
777dan777 [17]

Answer:

a. $270,900

b. $6.30

c. $24,570

Explanation:

(a) The depreciable cost = $270,900

(b) The depreciation rate = $6.30

(c) The units-of-activity depreciation for the year =- $24,570

8 0
3 years ago
Jackson offers to pay Casey $50 for his used business law textbook. Casey agrees to sell it for that amount. They agree to meet
Gennadij [26K]

Answer: A bilateral contract. Option A.

Explanation: A bilateral contract is one in which both parties are bound by their promise to fulfill their side of the bargain.

Therefore by Jackson and Casey agreeing to meet to exchange book for money, they have formed a bilateral contract, because each of them has agreed to fulfill his end of the bargain.

7 0
3 years ago
Other questions:
  • Over a long period of time Sears has slipped from being America's largest retailer to struggling for survival in recent years. W
    15·1 answer
  • When business writers request information or action that will likely be received positively, they should frontload their message
    14·1 answer
  • What are welfare payments or consumer studies?
    11·1 answer
  • Claudia has bought a recipe book that gives her step-by-step procedures to prepare italian cuisines. this scenario illustrates t
    10·1 answer
  • "Commonwealth Construction (CC) needs $2 million of assets to get started, and it expects to have a basic earning power ratio of
    9·1 answer
  • The basic organizing legal document for a home-rule city is called the
    11·1 answer
  • The U.S. federal government can spend money in a variety of ways. For example, the government could build a major new naval trai
    12·2 answers
  • The Peter's Group originated four years ago, and since then, the company has grown each year. Management has focused on making s
    6·1 answer
  • Blackmoor Industries is an American firm that manufactures automotive parts. The firm has several manufacturing facilities in th
    6·1 answer
  • Available"" (as in ""measurable and available"") means 1. Available to finance expenditures of the current period 2. Subject to
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!