Answer:
d. segregation of duties
Explanation:
Segregation of duties defines that when a different number of people doing their duties for the same purpose. For example a person receives an envelope of cheque and another person records in accounting system.
According to the given situation, one person who is bookkeeper prepared cash deposit and another person records the collection of journal and ledger. So, this indicates the segregation of duties
Answer: 0%
Explanation:
The $20,000 contribution to the variable annuity is not taxed and neither is the gain, at least not yet.
With the variable annuity, the gains/earnings will be tax-deferred and the customer will only have to pay taxes when they withdraw the contributions.
When this happens they will be charged at the normal income tax rate.
Answer:
<em>Value $ 256,250</em>
<em>rounding against nearest 1,000 dollar: 256,000</em>
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Explanation:
From the gross income we subtract the expenses and vanacy losses.
40,000 gross income - 3,500 vacancy - 16,000 operating expense
20,500 net
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Now, we solve for the present value of a perpetuity given the capitalziation rate of 8%
$ 20,500 / 0.08 = <em>$ 256,250</em>
Answer:
45.62 days
Explanation:
For computing the average number of days receivables, first, we have to calculate the account receivable ratio. The formula is shown below:
Account receivable ratio = Net credit sales ÷ Average accounts receivable
where,
Average account receivable = (Beginning account receivable balance + ending account receivable balance) ÷ 2
Now put these values to the above formula
So, the answer would be equal to
= $480,000 ÷ ($40,000 + $80,000 ÷ 2)
= $480,000 ÷ $60,000
= 8 times
Now, the average level of receivables equals to
= Total number of days in a year ÷ Account receivable ratio
= 365 days ÷ 8
= 45.62 days
Answer:
a.increase in assets (Cash) and increase in owner's equity (Michael Anderson, Capital)
Explanation:
we solve this using the accounting equation
Assets = Liabilities + Equity
The cash would represent currency own by the company. That is the definition of assets. Something own by the company that either is cash or can be converted into cash in the future or help to provide an inflow of cash.
Now, as Asset increase by 15,000 the other side must also increase.
The company has no liability against the owner Thus this will be an equity account Which precisely, it represent the capital of the owners.
