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2 years ago

List the steps of the accounting cycle in their proper order.

Business

1 answer:

Vlad [161]2 years ago

3 0

Answer:

The accounting cycle is all about managing,updating and reporting on the firm's accounts.

Explanation:

The accounting cycle can be listed in the following nine steps as:

Step 1: analyzing transactions as sales, purchase,etc
Step 2: All the transactions need to be recorded
Step 3: All the information should be transferred from journal to the ledger
Step 4: An unadjusted trial balance should be formulated
Step 5:Adjusted entries are prepared
Step 6: An adjusted trial balance is constructed
Step 7: a financial statement is prepared
Step 8: Closing entries are prepared
Step 9: The post closing trial balance is prepared

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Complete problem: Total Net Operating Capital XYZ, Inc. reported $20 million in operating current assets, $25 million in net fix

Hitman42 [59]

Answer:

$14 million

Explanation:

Operating working capital = Operating current assets - Operating current liabilities

Operating working capital = $20 million - $6 million

Operating working capital = $14 million

The total net operating capital that XYZ, Inc. has is $14 million

7 0

3 years ago

Emma, Inc. reacquired 166,326 of its shares at $22 per share as treasury stock. Last year, for the first time, Emma sold 37,992

Lesechka [4]

Answer:

The correct answer is $152,949.

Explanation:

According to the scenario, the given data are as follows:

Reacquired shares = 166,326

Per share price = $22

So, we can calculate the retained earning decline by using following formula:

Retained earning decline = Cost of Treasury shares - Sales price - Paid in Capital from stock

Where, Cost of treasury shares = 48,987 × $22 = $1,077,714

Now Sales Price = 48,987 × $15 = $734,805

and Paid in Capital from stock = 37,992 × ( $27 - $22) = $189,960

By putting the value in the formula, we get:

Retained earning decline = $1,077,714 - $734,805 - $189,960

= $152,949

6 0

2 years ago

How long will it take for a $4000 investment to grow to $6000 at an annual rate of 15%, compounded monthly? Assume that no withd

Inessa05 [86]

Answer:

It will take 2.72 years and 32.64 months.

Explanation:

Future value is the sum of principal amount and compounded interest amount invested on a specific rate for a specific period of time.

Use following formula to calculate the time period.

FV = PV x ( 1+ r )^n

FV = Future value = $6,000

PV = Present Value = $4,000

r = rate of interest = 15% yearly = 15% / 12 = 1.25%

n = time period = ?

$6,000 = $4,000 x ( 1 + 1.25% )^n

$6,000 = $4,000 x ( 1.0125 )^n

$6,000 / $4,000 = ( 1.0125 )^n

1.5 = ( 1.0125 )^n

Log 1.5 = n log 1.0125

n = Log 1.5 / log 1.0125

n = 32.64 months

n = 2.72 years

6 0

3 years ago

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Vika [28.1K]

Answer:

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3 years ago

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Answer: dan needs a faster pace

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