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vladimir1956 [14]
3 years ago
6

Describe the final step in the adjusting process. The final step is to determine the correct balance of an account. The final st

ep is to determine the current balance of an account. The final step is to post to a trial balance so financial statements can be prepared. The final step is to create an adjusting journal entry to get from step 1 to step 2. Confidence Level
Business
1 answer:
Ket [755]3 years ago
8 0

Answer:

The Final Step is 'post to a trial balance so financial statements can be prepared'

Explanation:

The accounting cycle has, in most theory analysis, 8 steps that will serve to record and process all financial transactions of a company, beginning at the transactions itself and ending at resetting the balance so a new cycle can begin. The steps are:

1) The occurrence of Financial Transactions

2) The record of those transactions in the company journal

3) The summary of all journal’s transactions in the general ledger

4) The calculation of a total balance for all accounts

5) The corrections of error in balances by the bookkeeper

6) The posting of adjustments in all accounts

7) The manufacture of financial statements using the correct balances

8) The close of revenue and expense accounts to open a new cycle

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BrainTrust Company produces and sells educational toys for children. In pricing its product, the company needs to make sure it p
gayaneshka [121]

Complete Question:

BrainTrust company produces and sells educational toys for children. In pricing its product, the company needs to make sure it properly estimates its costs. The company can safely estimate that transportation is what percentage of total distribution cost?

a. 50%

b. 75%

c. 30%

d. 100%

Answer:

a. 50%

Explanation:

In this scenario, BrainTrust Company produces and sells educational toys for children. In pricing its product, the company needs to make sure it properly estimates its costs. The company can safely estimate that transportation is 50% of total distribution cost.

In supply chain management, the total distribution cost can be defined as the overall expenses incurred by a manufacturer in the process of delivering finished goods and services from the production stage to the final consumer. The total distribution cost can either be direct or indirect expenses incurred on insurance, handling, storage, shipping, packing and logistics.

<em>Generally, the total amount spent on the movement of goods and services from one location to another, usually accounts for half (50%) of the overall expenses incurred in total distribution cost. </em>

8 0
3 years ago
Bank A quotes a bid rate of $.300 and an ask rate of $.305 for the Malaysian ringgit (MYR). Bank B quotes a bid rate of $.306 an
alexdok [17]

Answer:

B. $1,639 ​

Explanation:

To do arbitraje we will ask at Bank A for $0.305

and then bid in Bank B at $0.306

As the transactions has no cost we are doing a profit by using the exchange as they allowed. Doing this procedure will at some point eliminate the difference in exchange rate for these bank as the purchase will rise the ask rate for Bank A and the sale will decrease the bid rate.

500,000 \times \frac{0.306}{0.305}

Total: 501639,3442622951

The profit will be for: 501,639.34 - 500,000 = 1,639.34

7 0
3 years ago
The burden of a tax is shared by producers and consumers. Under what conditions will consumers pay most of the​ tax? Under what
juin [17]

Answer:

The correct answer is option C.

Explanation:

Imposition of tax causes the market equilibrium price to increase. This creates a tax wedge by increasing the price paid by the buyer and reducing the price received by the seller.

So the burden of tax is shared by both buyers and sellers. Who will share most of the burden depends on their elasticity.

If the demand is more inelastic, consumers will share most of the burden. If the supply is more inelastic, producers will bear most of the burden.

5 0
3 years ago
At the Penalty APR rate of 28.99% and a balance of about $1800, approximately how much interest would you owe in one month?
Gnom [1K]

Answer:

you owe $43.47 in one month

Explanation:

Daily Interest (for one month) = Balance × APR rate × [number of month / Total month in a year]

Daily Interest = $1800 × 28.99% × 1/12

                      = $1800 × 0.2899 × 0.0833

                      = $43.47

5 0
3 years ago
Question 5 of 12 An insured and his wife are both involved in a head-on collision. The husband dies instantly, and the wife dies
Roman55 [17]

An insured and his wife are both involved in a head-on collision. The husband dies instantly, and the wife dies 15 days later. The company pays the death benefit to the estate of the insured. This indicates that the life insurance policy had they were in the room alone

This is further explained below.

<h3>What is an insurance policy?</h3>

Both the insured person and his wife are engaged in an accident that occurs head-on. The husband passes away in an instant, and the wife follows him in passing 15 days later. The death benefit is paid out by the firm to the estate of the covered person. This suggests that the life insurance coverage would not have paid out if they were alone in the room.

In conclusion, A legal relationship exists between an insurance firm, often known as the insurer, and the person(s), business, or entity that is being covered under the terms of an insurance policy (the insured). Reading your policy gives you the ability to check that it satisfies your requirements and ensures that you comprehend both your duties and those of the insurance business in the event of a loss.

Read more about insurance policy

brainly.com/question/17479291

#SPJ1

4 0
2 years ago
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