1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
DerKrebs [107]
3 years ago
12

What are the difference classifications for deposit account

Business
1 answer:
erma4kov [3.2K]3 years ago
5 0

Answer:

Deposits accounts classified as currents accounts, savings accounts and money market accounts.

Explanation:

Deposit account is a kind of savings account which allows the person or an individual to deposit or withdrawn the money by the account holder. These transactions are recorded in the banks books and the resultant balance will be reported as a liability for the bank.

The several different kinds of deposit accounts involves money market accounts, current accounts, call deposit accounts, Certificates of deposit (CDs) and savings accounts.

You might be interested in
DogMart Company records depreciation for equipment. Depreciation for the period ending December 31 is $2,840 for office equipmen
Scorpion4ik [409]

Answer:

The journal entries are shown below:

Explanation:

According to the scenario, the journal entry for the given data are as follows:

For Office equipment

Dec.31  Depreciation for office equipment A/c Dr $2,840

            To Accumulated depreciation for office equipment A/c $2,840

(Being the depreciation expense for office equipment is recorded))

For Production equipment

Dec.31  Depreciation for production equipment A/c Dr $6,910

            To Accumulated depreciation for production equipment A/c $6,910

(Being the depreciation expense for production equipment is recorded))

4 0
3 years ago
Item 15Item 15If Beck's Bicycles, Inc.'s income statement shows gross profit of $350 million, with operating expenses of $120 mi
Alinara [238K]

Answer:

$161 million

Explanation:

Given that,

Gross profit = $350 million

Operating expenses = $120 million

Tax rate = 30%

First, we need to find out the income before taxes by subtracting operating expenses from the gross profit then we are able to determine net income after taxes.

Income before tax:

= Gross profit - Operating expenses

= $350 million - $120 million

= $230 million

Net income after taxes:

= Income before tax - Taxes

= $230 million - (0.30 × $230 million)

= $230 million - $69 million

= $161 million

8 0
3 years ago
Why is the interest rate of a loan one of the most important things to consider when shopping around for loans?
Orlov [11]
<span>The interest rate can drastically change the total amount paid to the lender</span>
7 0
3 years ago
Read 2 more answers
Patagonia donates at least 1% of profits to support environmental causes. There products are also produced under safe, fair, leg
Alchen [17]

Answer: corporate social responsibility practice

Explanation:

Corporate social responsibility occurs when organizations contribute to societal goals by supporting practices that are ethically oriented and have a positive effect on the economy.

Since Patagonia donates at least 1% of profits to support environmental causes and is contributing positively to the economy, then Patagonia is practicing corporate social responsibility practices.

6 0
2 years ago
Aaron Company uses the periodic inventory cost flow method. If Aaron's ending inventory is understated due to an accounting erro
cestrela7 [59]

Answer:

a. net income= understated, retained earnings= understated

Explanation:

In accounting and auditing it is established that ending inventory and net income moves in the same direction when it comes to being overstated or understated. That implies that if <u>ending inventory is understated</u>,  then cost of goods sold will be overstated by the same amount, and when costs are overstated it finally leads to <u>net income and gross profit being understated.</u>

Furthermore, since it is the net income that will be added to retained earnings thereafter, it implies that the lesser the net income the lesser will be retained earnings. Hence, understatement of ending inventory is understatement of net income and also retained earnings.

4 0
3 years ago
Other questions:
  • I just need help with number 4!
    6·1 answer
  • Mcmurtry Corporation sells a product for $170 per unit. The product's current sales are 10,000 units and its break-even sales ar
    14·1 answer
  • A 21-year German government bond (bund) has a face value of €550 and a coupon rate of 4% paid annually. Assume that the interest
    14·1 answer
  • Snack food vendors and beer distributors earn some monopoly profits in their local markets but see them slowly erode from variou
    6·1 answer
  • Three airlines account for most of the air traffic in and out of a local city. If the three airlines joined together in setting
    10·1 answer
  • Data related to the inventories of Kimzey Medical Supply are presented below:
    9·1 answer
  • Given question three, what is the equilibrium quantity​
    8·1 answer
  • ALT Inc. conducts periodic reviews of the distribution of pay and the favorable outcomes granted to employees, such as promotion
    14·1 answer
  • The time for one rotation of the Moon is 27.3 days. What is the time revolution for the Moon?
    5·2 answers
  • Select ALL the correct answers. What was an effect of tax legislation signed by President Trump in 2017
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!