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3 years ago

Which account would be listed on a post-closing trial balance?

Business

1 answer:

Elis [28]3 years ago

7 0

Answer: c. Retained Earnings

Explanation:

The post-closing trial balance reflects balance sheet items that do not have a $0 balance in them when a period has ended and is prepared after the temporary accounts have been closed off. The purpose is to make sure that the debits equal the credits.

As there are no temporary accounts, all income statement items will have been closed off and moved to the Retained earnings account which will reflect the total for the income statement for the year. The only account that will be listed in the post-closing trial balance therefore will be the Retained earnings account.

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Those assets that can’t be touched or seen but that have value are called

lisabon 2012 [21]

<u>Answer:</u>Those assets that can’t be touched or seen but that have value are called intangible assets.

<u>Explanation:</u>

Intangible assets are the assets which do not have a physical existence to touch or see. Some of the examples of intangible assets are Goodwill, intellectual property, copyrights, patents etc. These assets are in contrast to physical assets which can be moved , touched or seen examples are land, machinery, building cash etc.

Intangible assets are also considered as the long term assets. Though these assets do not have physical existence they have a value. They also help to improve the value of other assets.

4 0

3 years ago

Dern Company recently sold a large order of tables to Knoll Furniture Store. Terms of the sale require Knoll to sign a nonintere

denis-greek [22]

Answer:

the journal entry made by Dern to record the sales should be:

Date, merchandise sold to Knoll Furniture Store

Dr Notes receivable 21,000

Cr Sales revenue 16,215.85

Cr Discount on notes receivable 4,784.15

the journal entry made by Knoll to record the purchase should be:

Date, merchandise purchased from Dern Company

Dr Merchandise inventory 16,215.85

Dr Discount on notes payable 4,784.15

Cr Notes payable 21,000

Explanation:

Non-interest-bearing notes must be recorded at present value, therefore, we must first determine the present value of the note = $21,000 / (1 + 9%)³ = $16,215.85

the present value of the notes receivable is equivalent to sales revenue, while the difference between the face value of the note and its present value is equal to the discount on notes receivable.

6 0

3 years ago

Which of the following are examples of hidden unemployment? Select the two correct answers below. Select all that apply: John is

mihalych1998 [28]

Answer:

Lisa cannot find the job she wants so she has stopped looking.
Penny has a college degree in nursing, but currently has to work as a store clerk as it is the only available job in her small town.

Explanation:

Hidden Unemployment also known as Disguised Unemployment in simple terms refers to the following people; people who are not working and have given up on looking for work because they could not find any, people who have the skillset and determination to work full-time working only part time and people who are underemployed meaning that they are working a job that they are overqualified for.

Hidden Unemployment is considered hidden as it is not reflected in employment statistics.

Lisa could not find a job so she stopped looking. This is Hidden Unemployment and official figures will not even count her as unemployed because you need to be actively looking for work to be classified unemployed.

Penny is overqualified for the store clerk position she holds or rather she is qualified for a different profession. Employment statistics will however show her as employed.

6 0

3 years ago

Faller and Whitney Company, a firm that builds enterprise resource planning products for customers, wants to implement training

Arisa [49]

Answer:

Faller and Whitney should perform an organization analysis in order to assess the training needs within the organization.

Explanation:

A training instructional design process is a process that systematically develops training procedures to meet specific needs.

The steps involved in the development of an instructional design process are:

Determine needs for training : employees that work in what areas and perform what tasks need training
Ensure readiness for training : the employees must be willing to trained
Plan the training program: set the objectives, who will be the trainers, and what methods will be used
Implement training program
Evaluate results of training : are employees performing better? do they need additional training?

6 0

3 years ago

For each of the scenarios below, determine whether you think it is likely that an employer could be discriminating against apers

mihalych1998 [28]

Answer: A young lawyer who just finished work on a multimillion -dollar development deal downtown is hired by an economic development ﬁrm in lieu of an older lawyer who works on litigation

This is not a case of discriminating against a person because of age, as we can see the young lawyer is better suited for a job in economic development as he already has worked on a development deal, where as the older lawyer is a litigator

A large retail outlet hires an 80-year-old woman to greet customers instead of a 30-year-old woman who has been greeting customers in other stores for a decade

This may be a case of age discrimination, because the 30 year old seems to be the better candidate, because she has experience in this work and will be more energetic than the 80 year old as well

The owner of a local, hip smoothie bar in a university town just fired a graduate student who had worked at the bar for three years and instead hired a college sophomore.

This may be a case of age discrimination because the employer is firing a graduate who has had 3 years of experience and hiring someone who hasn't graduated and has no experience

Explanation:

3 0

4 years ago