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3 years ago

A trial balance:_____.

Business

1 answer:

kakasveta [241]3 years ago

8 0

Answer:

d. All of these answer choices are correct.

Explanation:

There are two sections namely debit sections and credit sections. The total of debit and credit sections is always be matched and equaled

The debit sections reports assets and expenses side

whereas, the credit sections reports revenue, stockholder equity, and the liability side.

Moreover, the balances are used to prepare the financial statement i.e income statement, balance sheet, etc

The trail balance is prepared three times i.e non adjusted, adjusted and the post-closing trail balance

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Rane Company had the following assets on January 1, 2017.

Viefleur [7K]

Answer:

Journal entries are prepared below

Explanation:

Journal entries required are given as follows

Jan. 1 (To record retirement of machinery)

Debit Credit

Accumulated depreciation-equipment $69,580

Equipment $69,580

June. 30 (To record the depreciation expense on forklift)

Debit Credit

Depreciation expense 2940

Accumulated depreciation-equipment 2940

Working

Annual depreciation = $29,400 / 5 years = $5880

depreciation for 6 months = $5880 x 6/12 = $2940

June. 30 (To record sale of forklift)

Debit Credit

Cash 11760

Accumulated depreciation-equipment(w) 20580

Equipment 29400

Gain on disposal of plant assets 2940

Working

Accumulated depreciation = 5880 x 3.5 years

Dec. 31 (To record depreciation expense on truck)

Debit Credit

Depreciation expense 3724

Accumulated depreciation-equipment 3724

Working

Annual depreciation on truck = ($32,736- $2,944) / 8 years = $3724

Depreciation for 2017 = $3724

Dec. 31 (To record discarding of the truck)

Debit Credit

Salvaged materials 2,944

Accumulated depreciation-equipment 22344

Loss on disposal of plant assets 7448

Equipment 32,736

Working

Accumulated depreciation = 3724 x 6 years = 22,344

6 0

3 years ago

Which fiduciary act requires that an agent act in good faith and obey the principal's directions as outlined in the contract?

omeli [17]

Answer

Obedience

Explanation:

Obedience is a behavior that is aware and aware of principles and laws. Guardians, instructors, and cops all acknowledge acquiescence. Individuals show obedience when they adhere to the law,

In the given question it is given that agent act in good faith and obey the principles direction this is a obedience fiduciary act because in this can everyone have to be obey to the principles.

7 0

3 years ago

You wish to retire in 20 years, at which time you want to have accumulated enough money to receive an annual annuity of $24,000

den301095 [7]

Answer:

$3,286.52

Explanation:

Interest rate per annum = 12.00%

Number of years = 25

Number of compounding per per annum = 1

Interest rate per period (r) = 12.00%

Number of periods (n) = 25

Payment per period (P) = $24,000

PV of $24,000 payments after 20 years = P * [1 - (1/(1+r)^n)]/ r

PV of $24,000 payments after 20 years = 24000*[1-(1/(1+12%)^25]/12%

PV of $24,000 payments after 20 years = $188,235.34

Interest rate per annum = 10.00%

Number of years= 20

Number of payments per per annum = 1

Interest rate per period (r) = 10.00%

Number of periods (n) = 20

Future value of annuity (FVA) = $188,235

Annual contribution (P) = FVA/ ([ (1+r)^n - 1] / r)

Annual contribution (P) = 188235/(((1+10%)^20-1)/10%)

Annual contribution (P) = $3,286.52

5 0

3 years ago

Dominique owns an international grocery store, the World Food Market, where customers can purchase foods and canned goods from o

Svet_ta [14]

Answer:

Imports

Explanation:

Dominique owns an international grocery store, the World Food Market, where customers can purchase foods and canned goods from other countries. World Food Market is an example of a company that imports. Dominique imports products from different countries and make them available to its customers on their shelves. They have to buy those products from different sources. For this purpose, they have to put large amount of efforts in order to contact the foreign vendors and get their product imported in their country and ultimately at their store by spending costs and efforts. By importing products from other country, they can provide large product assortment to their customers.

5 0

3 years ago

Select the correct answer. Which element is part of indirect compensation? A. basic pay B. bonus C. stock options D. subsidized

Oduvanchick [21]

A is the correct answer for me for u I don’t know

3 0

3 years ago