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Setler [38]
3 years ago
14

Reginald's credit card statement states that his balance is $550. What does the term balance mean?

Business
2 answers:
bagirrra123 [75]3 years ago
8 0
The term "balance" mean is the total amount that you currently owe to the credit card company. Based on the statement above, therefore, Reginald owe's $550 from the credit card company and this is the total amount that he used in his expenses using the credit card. 
liberstina [14]3 years ago
6 0

Answer:

C. Reginald's total account debt as of the statement date.

Explanation:

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What are the three main types of economic systems?
otez555 [7]

Answer:

command, market, and mixed

3 0
2 years ago
Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $59,000 cash from the issue of co
faltersainse [42]

Answer:

a & c. See part a & c of the attached excel file for the table. In the attached excel file, Total revenue = $100,000; and Total expenses = $61,900.

b. The amount of net income reported on the 2018 income statement is $38,100.

d. The amount of cash flow from operating activities reported on the 2018 statement of cash flows is $25,000.

e. Before closing balance in service revenue account = $100,000; and After closing balance = $0.

f. The balance of the retained earnings account that appears on the 2018 balance sheet is $32,200.

Explanation:

a. & c. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, IA for investing activity and NA to indicate the element is not affected by the event.

Note: See part a & c of the attached excel file for the table.

From the attached excel file, we have:

Total revenue = $100,000

Total expenses = $61,900

b. Based on your response to Requirement a, determine the amount of net income reported on the 2018 income statement.

Based on part a & c above, we can determine this as follows:

Net income = Total revenue - Total expenses = $100,000 - $61,900 = $38,100

Therefore, the amount of net income reported on the 2018 income statement is $38,100.

d. Based on your response to Requirement c, determine the amount of cash flow from operating activities reported on the 2018 statement of cash flows.

Note: See part d of the attached excel file for the amount of cash flow from operating activities.

From the attached excel file, we have:

Cash flow from operating activity = $25,000

Therefore, the amount of cash flow from operating activities reported on the 2018 statement of cash flows is $25,000.

e. What is the before- and after-closing balance in the service revenue account?

Before closing balance in service revenue account = Services performed on account + Services performed for cash = $81,000 + $19,000 = $100,000

After closing balance = $0

The "after closing balance" is equal to zero because, at the end of a particular period, the balance of the service revenue account turns to $0 when the firm has to close the balance of the service revenue account in the retained earnings.

f. What is the balance of the retained earnings account that appears on the 2018 balance sheet?

Retained earnings = Net income - Cash dividend paid to the stockholders = $38,100 - $5,900 = $32,200

Therefore, the balance of the retained earnings account that appears on the 2018 balance sheet is $32,200.

Download xlsx
6 0
2 years ago
Which of the following options is a better purchase for a bicycle?
Bess [88]

Answer:

Option 3: $12 down with equal payments of $5 for 12 months

Explanation:

In option 1 :

The cost is $ 88,

In option 2 :

Down payment = $ 5,

Weekly payment = $ 8,

Number of weeks = 10,

So, the total cost = 5 + 8 × 10 = 5 + 80 = $ 85,

In option 3 :

Down payment = $ 12,

Monthly payment = $ 5,

Number of months = 12,

So, the total cost = 12 + 5 × 12 = 12 + 60 = $ 72,

In option 4 :

Down payment = $ 20,

Monthly payment = $ 20,

Number of months = 12,

So, the total cost = 12 + 20 × 12 = 12 + 240= $ 252

∵ 72 < 85 < 88 < 252

Hence, option 3 is better.

6 0
3 years ago
A client has created a budget based on their customer, Lou's Luggage. They want a report that shows actuals versus budget for th
SCORPION-xisa [38]

Answer:

2. Select Lou's Luggage budget

3. Show grid Accounts vs. Quarters

4. Filter for Lou's Luggage customer  

<u>From online research, the question and multiple choices</u>

Which 3 customization are necessary?(Select all that apply)

1. Filter by Paid status

2. Select Lou's Luggage budget

3. Show grid Accounts vs. Quarters

4.  Filter for Lou's Luggage customer          

5. Filter by Product/Service = Specified

Explanation:

Getting to Lou's luggage customer reports requires drilling down to the specifics. the system will give the reports by following the steps below.

2. Select Lou's Luggage budget

3. Show grid Accounts vs. Quarters

4. Filter for Lou's Luggage customer  

4 0
3 years ago
According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.
Rainbow [258]

Answer:

a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%.

  • $9,800

b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.

  • Dr FICA Social Security expense 6,600
  • Dr FICA Medicare expense 1,650
  • Dr Federal unemployment tax expense 200
  • Dr State unemployment tax expense 1,350
  •     Cr FICA Social Security payable 6,600
  •     Cr FICA Medicare payable 1,650
  •     Cr Federal unemployment tax payable 200
  •     Cr State unemployment tax payable 1,350

Explanation:

payroll taxes should be:

social security $110,000 x 6% = $6,600

Medicare $110,000 x 1.5% = $1,650

federal unemployment $25,000 x 0.8% = $200

state unemployment $25,000 x 5.4% = $1,350

total = $9,800

Both employees and employers must pay equal amounts of FICA taxes (social security and medicare), but only employees pay unemployment taxes.

8 0
3 years ago
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