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3 years ago

What is the controlling account for the accounts payable ledger?

Business

1 answer:

Kruka [31]3 years ago

5 0

Contains the account of each vendor that make credit sales to the company

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Banks pay interest to encourage people to open each of the following types of accounts EXCEPT:A. credit cardB. regular savingsC.

Rama09 [41]

Answer:

A. credit card

Explanation:

A credit card is a card issued by a bank to its customer which allows the credit card holder to borrow money from the bank.

A maximum amount that can be borrowed through the credit card is known as the credit limit of the card.

The bank provided certain interest free period to the credit card holder to return the amount borrowed and charges an interest on the amount due.

3 0

4 years ago

Read 2 more answers

Sales total $500,000, and fixed costs total $300,000. The contribution margin ratio is 68%. Profit = $

marin [14]

Profit = $40,000

Given,

Total sales are $500,000

Total fixed costs are $300,000

Contribution margin ratio is 68%

Solution:

Profit = Total Sales × Contribution margin ratio − Total Fixed costs

= $500,000 × 68% − $300,00

=$340,000 −$300,000

Profit =$40,000

Profit:

Profit; also known as net income is the financial gain acquired when the amount of revenue generated by a company exceeds costs and expenses. Profit is the bottom line of a company′s income statement that shows the financial performance during the period.

Learn more about contribution margin :

brainly.com/question/18594744

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8 0

1 year ago

The difference between actual and standard cost caused by the difference between the actual quantity and the standard quantity i

victus00 [196]

Answer:

Quantity variance.

Explanation:

The difference between actual and standard cost caused by the difference between the actual quantity and the standard quantity is called the Quantity variance.

For instance, if Tony needs a standard quantity of 50 pounds of iron to construct a burglary, but only used 51 pounds, then the quantity variance is 1 pound of iron.

<em>Hence, the quantity variance is simply the difference between the actual quantity of materials that should be used and the quantity of materials that was used. </em>

5 0

4 years ago

Cal Lury owes $25,000 now. A lender will carry the debt for four more years at 10 percent interest. That is, in this particular

vitfil [10]

Answer:

$6,185.31

Explanation:

Value of debt at end of 4 years = $25,000 * (1 + 10%)^4

Value of debt at end of 4 years = $25,000 * (1.10^4)

Value of debt at end of 4 years = $25,000 * 1.4641

Value of debt at end of 4 years = $36,602.50

Let x be the annual payments

x * [1 - (1 + 13%)^-12] / 13% = $36,602.50

x * [1 - (1.13)^-12] / 13% = $36,602.50

x * [1 - 0.2307059] / 13% = $36,602.50

x * 0.7692941/0.13 = $36,602.50

x * 5.91764692 = $36,602.50

x = $36,602.50/5.91764692

x = 6185.313266375142

x = $6,185.31

So therefore, his annual payment will be $6,185.31.

4 0

3 years ago

Brooke Bennington works for JMK an year and earns a monthly salary of $12,800 There is no overtime pay Brooke's income tax withh

Karolina [17]

Answer:

$9,544.80

Explanation:

For 2020, the maximum amount of salaries that are subject to social security taxes is $137,700. This means that Brooke's entire salary is subject to social security withholding.

Gross salary $12,800

Federal income tax withholding $1,920
United Way contribution $256
FICA taxes (OASDI) withholding $793.60
FICA taxes (Medicare) withholding $185.60
Health insurance $100

Net pay = $9,544.80

8 0

4 years ago