According to the information in the Graph Veronique made a better decision than Lily because the final cost of her purchase is lower including finance charges (option B)
<h3>What is a finance charge?</h3>
A finance charge is an economic term that refers to additional charges made by finance companies (such as banks) to a transaction we make, such as a purchase.
In the case of Veronique and Lilly, they both bought the same suitcase with different prices. However, the better financial decision was Veronique's because she paid less ($25) for the same bag including finance charges.
While Lilly, despite having fewer fees, will have to pay $10 more than Veronique.
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Answer:
Choosing a credit card.
Explanation:
A credit card is a plastic rectangular card issued by financial institutions such as banks, that allows the cardholder to purchase goods or services from merchants on credit.
Credit cards offers it's users convenience to access a line of credit and thus, eliminates the need to carry cash (money) or check around.
The important criteria to consider when choosing a credit card are;
1. Annual Percentage Rate (APR).
2. Credit limit.
3. Penalties and fees.
4. Cash back.
Answer:
Uncle accounting:
Cash Note Payable
DEBIT CREDIT DEBIT CREDIT
450 450
Bank Accounting
Cash Note Receivables
DEBIT CREDIT DEBIT CREDIT
450 450
B.- False
Explanation:
The uncle will see a decrease in their assets (cash) and a decrease i ntheir liabilties(Note payable)
Therefore their net equity (wealth) will remain the same
The bank will record the collection from their client and decrease their receivables.
Answer:
1. WINFREY TOWING SERVICE
Statement of Comprehensive Income
$
Service revenue 10,800
Rent expense (550)
Salaries expense (1,900)
Dividends paid <u>(4,000)</u>
Net income <u> 4,350</u>
Statement of Retained Earnings
$
Retained earnings b/f 3,900
Add: Net income 4,350
Retained earnings c/f 8,250
2. Statement of retained earnings report changes in retained earnings of a company in a given accounting year.
Explanation:
In this question, we need to obtain the net income of the company, which is service revenue minus expenses minus dividend. Then, the statement of retained earnings is prepared by taking cognisance of the retained earnings brought forward and add the net income for the year.
Answer: B costs
Explanation:
In business and accounting, cost is the monetary value that has been spent by a company in order to produce something.
Cost accounting aids in decision-making processes by allowing a company to calculate, evaluate, and monitor its costs.
