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Shtirlitz [24]
3 years ago
13

Which pair of accounts follows the rules of debits and credits in relation to increases and decreases in the opposite manner? ca

sh and accounts receivable service revenue and sales revenue salaries expense and unearned revenue inventory and depreciation expense common stock and retained earnings?
Business
1 answer:
stiks02 [169]3 years ago
3 0
<span>Which pair of accounts follows the rules of debits and credits in relation to increases and decreases in the opposite manner? Salaries Expenses and Unearned Revenue. The Salaries Expense report shows the salaries that employees have been paid during a set period that is listed on the income statement. The Unearned Revenue account shows the amount of money a company has earned in advanced for providing goods or services. Employees can also be paid in advance but then owe the good or service to the company or provider. </span>
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How can a renter reduce the amount of money he or she spends on monthly
DIA [1.3K]

Answer:

Option C.

Explanation:

From the options given above, the correct way a renter can reduce their rent it to get a roommate or roommate. Getting just one roommate can help to reduce your basic living expenses by 30%.

This is achievable because various costs like rent, utilities, and even groceries can be shared among the roommates.

The only downside to this method is the lack of privacy that comes with having roommates. But in general, having roommates is a sure way for renters to spend less, or live in a nicer location.

4 0
3 years ago
Stealth Fitness Center issues 7%, 15-year bonds with a face amount of $200,000. The market interest rate for bonds of similar ri
Vladimir [108]

Answer:

market price of bonds = $219,597.35

Explanation:

Since the coupon rate is higher than the market rate, the bonds will be sold at a premium.

PV of face value = $200,000 / (1 + 3%)³⁰ = $82,397.35

PV of coupon payments = $7,000 x 19.600 (PV annuity factor, 3%, 30 periods) = $137,200

market price of bonds = $219,597.35

8 0
2 years ago
Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei
kenny6666 [7]

Answer:

Given that,

Petty cash fund on September 1 = $250

Office Supplies = $73

Merchandise inventory = $137

Miscellaneous expenses = $22

Fund has a balance = $18

When Petty Cash fund is reimbursed,

the expenses incurred through Petty Cash are recorded by debiting those expense.

Therefore, all the expenses incurred to be debited from the accounts.

Hence, the journal entry to record the reimbursement of the fund on September 30 includes a debit of Office Supplies for $73.

5 0
3 years ago
A customer wishes to place a buy order for a security that has not been registered with the SEC. The security may be purchased i
cupoosta [38]

Complete Question:

A customer wishes to place a buy order for a security that has not been registered with the SEC. The purchase order can be filled if the security:

A. is exempt from SEC registration

B. is traded by at least 2 market makers

C. has been trading in the market for at least 1 year

D. is sold to professional investors

Answer:

Is exempt from SEC registration

Explanation:

The Securities and Exchange Commission (SEC) is a regulatory agency that is saddled with the responsibility of regulating the capital market and ensuring investors are well protected by making sure standard rules are followed.

If a customer wishes to place a buy order for a security that has not been registered with the Securities and Exchange Commission (SEC). The security may be purchased if the security is exempt from SEC registration.

By standard, the SEC states and implore investors to purchase only securities that are registered with the securities and exchange commission (SEC) or only when an exemption is made available. If securities have been trading for about a year or is being traded by a minimum of two companies, no exemption would be given by the SEC.  

Also, there isn't any exemption for securities that is sold only to professional investors.

However, investors can purchase municipal and government securities even without it being registered with the securities and exchange commission.

<em>In a nutshell, the customer can only purchase a security that has not been registered only if it is exempted from SEC registration. </em>

3 0
3 years ago
Booker Corporation had the following comparative current assets and current liabilities: Dec. 31, 2017 Dec. 31, 2016 Current ass
stiks02 [169]

Answer:

Liquidity measures for the year 2017 are as under:

Current Ratio = 1.5  

Working Capital = $100,000  

Acid Test Ratio = 0.95  

Accounts Receivables Turnover = 10 times  

Inventory turn over = 4 times  

Explanation:

<u>Current Ratio</u>

        Current Ratio = Current Assets ÷ Current Liabilities

                          <u>Dec 31, 2017</u>                                     <u>Dec 31, 2016 </u>

                      $300,000 ÷ $200,000                   $245,000  ÷ $155,000  

Current Ratio                 1.5                                                  1.6  

<u>Working Capital</u>  

       Working Capital = Current Assets – Current Liabilities

                          <u>Dec 31, 2017</u>                                     <u>Dec 31, 2016 </u>

                      $300,000 – $200,000                   $245,000  – $155,000

Working Capital         $100,000                                     $90,000  

 

<u>Acid Test Ratio</u>

        Acid Test Ratio = (Current Assets – Inventory)  ÷ Current Liabilities

                          <u>Dec 31, 2017</u>                                     <u>Dec 31, 2016</u>

($300,000 – $110,000) ÷ $200,000     ($245,000 – $90,000) ÷ $155,000

Acid Test Ratio           0.95                                                1.00  

 

<u>Accounts Receivables Turnover Times</u>  

Accounts Receivables Turnover = Credit Sales ÷ Average Accounts Receivables

Average Accounts Receivables = (Opening Accounts Receivables + Closing Accounts Receivables) ÷ 2

Average Accounts Receivables = ($55,000 + $95,000) ÷ 2 = $75,000

Accounts Receivables Turnover = $750,000  ÷ $75,000 = 10 Times

<u>Inventory Turnover Times</u>

Inventory Turnover = Cost of Goods Sold ÷ Average Inventory

Average Inventory = (Opening Inventory + Closing Inventory)  ÷ 2

Average Inventory =  ($110,000 + $90,000)  ÷ 2 = $100,000

Inventory Turnover =  $400,000  ÷ $100,000 = 4 Times

 

5 0
3 years ago
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