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3 years ago

1)A checking account is sometimes also called a:

Business

1 answer:

love history [14]3 years ago

5 0

1) demand deposit account.

2) Computer software.

3) Saved for emergencies.

4) A job.

5) It's far more difficult to manage an account electronically.

6) Checks written after the statement closing date wouldn't appear on the statement.

7) When a check is drawn for more than the balance, the rest comes from a credit card account.

8) The account holder does not need to record the amount of the purchase in his or her check register.

9) All the above.

10) Easier.

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Pharoah, Inc., has a bond issue maturing in seven years that is paying a coupon rate of 11.0 percent (semiannual payments). Mana

Delvig [45]

Answer:

Pharaoh will have to pay $1,084.47 for every outstanding bond that it retires.

Explanation:

if the market rate is 9.5%, then the price of outstanding bonds is:

PV of face value = $1,000 / (1 + 4.75%)¹⁴ = $522.21

PV of coupon payments = $55 x 10.22283 (PV annuity factor, 4.5%, 14 periods) = $562.26

market price = $1,084.47

3 0

3 years ago

Selected current year company information follows: Net income $ 17,753 Net sales 730,855 Total liabilities, beginning-year 101,9

Sveta_85 [38]

Answer:

6.03%

Explanation:

Calculation for the return on total assets

First step will be to find the assets at the beginning using this formula

Beginning year Assets =Beginning Total liabilities + Beginning Stockholders' equity

Let plug in the formula

Beginning year Assets=$101,932 + $216,935

Beginning year Assets=$318,867

Second step is to find the end of the year asset using this formula

End of the year assets = Ending Total liabilities + Ending Stockholders' equity

Let plug in the formula

End of the year assets=$121,201 + $148,851

End of the year assets = $270,052

Last step is to calculate for the return on total assets using this formula

Return on total assets = Net income/Average of total assets,

Let find the Total asset averages

Using this formula

Total asset averages=(Beginning year Assets+End of the year assets)/2

Let plug in the formula

Total asset averages($318,867 + $270,052)/2 Total asset averages=$588,919/2

Total asset averages= $294,459.50

Hence,

Return on total assets = Net income/Average of total assets

Return on total assets=$ 17,753/294,459.50

Return on total assets=0.0603

Return on total assets=6.03%

Therefore the return on total assets will be 6.03%

8 0

3 years ago

Horace is seeking to exchange money in preparation for his trip to Uruguay. He will need 5,000 Uruguayan pesos, and the exchange

STatiana [176]

Answer:

d. $ 263.50

Explanation:

The Exchange rate is 1 dollar = 19.924 Uruguayan Peso.

We need to buy 5000 Uruguayan pesos but the agent requires a comision of a 5% when converting currency, so really we will need to buy:

5,000 Uruguayan pesos + 5,000 Uruguayan pesos* 0.05 = 5,250 Uruguayan pesos.

Now if we apply the given exchange rate we will obtain the amount of US Dollars we need:

x U$S = (5,250 Ur.$)/(19,924 Ur.$/U$S)= 263,50 U$S needed

7 0

3 years ago

Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results. a. In each dropdown that f

marysya [2.9K]

Answer and Explanation:

As per the data given in the question,

1. FIFO inventory > LIFO inventory

(Because in case of LIFO recent purchases are considered in production first or sold first so the remaining inventory are old inventory which is less costlier.)

2. FIFO cost of goods sold < LIFO cost of goods sold

(Because in case of LIFO recent purchases are considered in production first which are expensive so the cost of production is greater than FIFO.)

3. FIFO net income > LIFO net income

(Because cost of production is less under FIFO and the value of closing inventory is high, therefore the net income is also high.)

4. FIFO income taxes > LIFO income taxes

(Since, income is high in FIFO, therefore the tax under FIFO will be higher.)

b) Management would like prefer to use LIFO over FIFO in periods of rising prices because Income shown in the company's Tax return will be higher if we use FIFO rather than using LIFO.

5 0

3 years ago

Windsor, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The follo

lions [1.4K]

Answer:

Explanation:

The journal entries are shown below:

1. Petty cash A/c Dr $264.2

To Cash A/c $264.2

(Being petty cash fund established)

2. Freight - in expense A/c Dr $75

Supplies expense A/c Dr $40

Postage expense A/c Dr $48

Loan to employees A/c Dr $32

Miscellaneous expense A/c Dr $51

Cash over and short A/c Dr $2.9

To Cash A/c Dr $248.9 ($264.2 - $15.3)

(Being disbursement of cash recorded)

3. Petty Cash A/c Dr $115

To Cash A/c $115

(Being increase in petty cash recorded)

5 0

2 years ago