Savings accounts typically offer more interest than what

Pharoah Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1, (

Sedbober [7]

Answer:

inventory 76,000 debit

accounts payable 76,000 credit

---to record purchase on account--

freigth-in 1,276 debit

cash 1,276 credit

--to record payment of freigth--

accounts payable 7,600 debit

returns and allowance 7,600 credit

--to record return of good to supplier--

accounts payable 68,400 debit

purchase discount 2,052 credit

cash 66,348 credit

--to record payment within discount period--

Explanation:

As the company determinates inventory on a periodic basis we do not adjust right away, we use discount and return accounts instead of inventory

76,000 original invoice nominal

-7,600 discount

68,400 nominal after return subject to discount of 3%

-2,052 discount

66,348 cash outlay to settle with supplier

3 0

3 years ago

An annual insurance policy is paid in advance by a company. How will the company treat this initial payment and the subsequent e

jeka57 [31]

Answer:

The question requires the answering party to pick all that apply as found in the attached.

A. The initial payment will be recorded as an increase to a Prepaid Insurance account.

B. Over time, the expired portion of the policy must be removed from the asset account as it has been used up and is no longer considered an asset.

C. As a portion of the policy expires, the expired portion will be removed and transferred to an expense account.

Explanation:

The initial payment will be recorded as increase to an asset account,prepaid insurance is a correct statement,pending when the insurance cost is cost,

Subsequently,the expired the portion of the prepayment would be removed from the account,hence point B is also correct.

Finally,when the expired portion is removed from prepaid insurance account,it is transferred to insurance expense account,point C is also on point.

3 0

3 years ago

Select all advantages of investing in a retirement account.

Aleksandr [31]

Money is deducted from your paycheck before taxes are taken out.

Answer: Option A

Explanation:

The major advantage of the tax investing is making a contribution to a retirement account before pre-tax. The money as to be deducted from before taxes are taken out.

The more popular as workers started to take control of their own retirement savings, the investing retirement account offers individuals an opportunity to save for retirement in a tax advantages account. For example, the government allows taxable income to be reduced by the amount of the contribution to a retirement plan.

5 0

4 years ago

Sophie is highly concerned about what others think of her. She is extremely careful about freely displaying her feelings and opi

antiseptic1488 [7]

Answer:

The correct answer is letter "C": high on self-monitoring.

Explanation:

American psychologist Mark Snyder proposed the self-monitoring scale to explain how much people measure their behavior and affective demonstrations in front of others. Self-monitoring is the ability individuals have to evaluate their behavior to provide a good impression to others.

Thus, Sophie would score high in a self-monitoring test.

4 0

4 years ago

A perpetuity will pay $900 per year, starting five years after the perpetuity is purchased. What is the present value (PV) of th

Oksana_A [137]

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8 0

3 years ago