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Anna [14]
3 years ago
10

The purpose of making closing entries is to: Select one: a. Reset the temporary accounts and update retained earnings. b. Enable

the accountant to prepare financial statements at the end of the accounting period. c. Establish new balances in the balance sheet accounts. d. Reduce the number of expense accounts.
Business
1 answer:
Irina18 [472]3 years ago
4 0

Answer:

A. Reset the temporary accounts and update retained earnings.

Explanation:

This is a performed by an organisation in form of transferring data of financial values from temporary accounts and its is been moved to the permanent account. Amidst these, the temporary account is said to balanced in such a way to be zero; because when not done so, the remaining data from the temporary account will be moved to the permanent account.

Process involved in this includes: Closing summaries that belong to income accounts and move to income summary. Also all expense accounts to income summary.

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The mission statement of your business should contain all of the following elements except the
Zarrin [17]
C. expected profit margins
the mission statement provides information about the company as to who, why and how they plan to operate
7 0
3 years ago
Read 2 more answers
You believe you must withdraw $12,000 per month during retirement. You plan to be retired for 30 years. Assuming your money will
jek_recluse [69]

Answer:

$2,385,086

Explanation:

To answer this question, we need to use the present value of an ordinary annuity formula:

PV = A ((1-(1+i)^{-n} )/i)

Where:

  • A = Value of the annuity
  • i = interest rate
  • n = number of compounding periods

Because the interest rate is annual, it is convenient to convert it to a monthly rate.

4.5% annual rate = 0.37% monthly rate.

The number of compounding periods will be = 12 months x 30 years

                                                                            = 360 months

Now, we simply plug the amounts into the formula:

X = $12,000((1-(1 + 0.0037)^{-360} )/0.0037)

X = $2,385,086

You will need to have saved $2,385,086 if you plan to retire under the aforementioned circumstances.

7 0
3 years ago
A student organization is developing promotions for its clothing fundraiser. Email blasts across campus will be part of the camp
Masja [62]

Answer: Logistic regression

Explanation:

The type of model that the student group can utilize to analyze which features are important for explaining whether someone opens a promotional email is the logistic regression.

Logistic regression is the regression analysis that's used to conduct in a case whereby the dependent variable is binary.

With regards to the question, the logistic regression can provide the best model which will be used to forecast the most important features for the opening of the promotional e-mail.

8 0
2 years ago
The Economy Tomorrow Suppose a person who is developing an app crowdfunds $15,000 and holds this as cash for future expenses. If
Natali [406]

Answer:

Question 1)

Decrease in money supply = Decrease in checking account / Required reserves ratio

Decrease in money supply = $25,000 / 0.05

Decrease in money supply = $500,000

NOTE: As per Answering Policy, first question is answered.

Explanation:

Question 1)

Decrease in money supply = Decrease in checking account / Required reserves ratio

Decrease in money supply = $25,000 / 0.05

Decrease in money supply = $500,000

NOTE: As per Answering Policy, first question is answered.

5 0
3 years ago
In picking the smoothing constant for an exponential smoothing model, we should look for a value that______________.
kicyunya [14]

Answer:

Answer is the one which produces values which compare well with actual values based on a standard measure of error.

Explanation:

Exponential smoothing is one means of preparing short-term sales forecasts on a routine basis. To use exponential smoothing, however, one must decide the proper values for the smoothing constants in the forecasting model. One method for selecting the smoothing constants involves conducting a grid search to evaluate a wide range of possible values.

Exponential smoothing forecasting methods use constants that assign weights to current demand and previous forecasts to arrive at new forecasts.   Their values influence the responsiveness of forecasts to actual demand and hence influence forecast error. Considerable effort has focused on finding the appropriate values to use.

One approach is to use smoothing constants that minimize some function of forecast error. Thus, in order to select the right constants for forecasting, different values are tried out on past time series, and the ones that minimize an error function like Mean Absolute    Deviation (MAD) or Mean Squared Error (MSE) are the ones used for forecasting

3 0
3 years ago
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