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jeka94
3 years ago
14

What two things does a loan payment go toward?

Business
2 answers:
Hitman42 [59]3 years ago
6 0
One is family and two is life
guajiro [1.7K]3 years ago
4 0

the two things are family and life

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Mast Co. converted from the FIFO method for inventory valuation to the LIFO method for financial statement and tax purposes. Dur
xxTIMURxx [149]

Answer:

During a period of inflation, Mast’s ending inventory and income tax payable will be higher using LIFO than FIFO.

Explanation:

In a period of inflation the closing inventory will be higher because of increase in price. In LIFO the oldest unit is sold first and the last purchased remains in the inventory.  So Closing inventory is higher which decrease the Cost of goods sold and Increase in profit and ultimately Increase in Taxes as well. In FIFO the Newest unit is sold first and the oldest unit purchased remains in the inventory.  So closing inventory is lower which increase the Cost of goods sold and decrease in profit and ultimately decrease in Taxes as well.

8 0
3 years ago
The bookkeeper prepared a check for $48 but accidently recorded it as $95. When preparing the bank reconciliation, this should b
Ierofanga [76]

Answer:

Adding $47 to the book balance.

Explanation:

The above is an example of transposition error, which is caused by substituting two or more sequential digits ; mistake would be corrected by adding $47 ($95 -$48) to the book balance.

7 0
3 years ago
Pete jackson purchased office equipment costing $3,000 for his business and paid immediately. record this transaction in the acc
Hatshy [7]

Pete Jackson purchased office equipment costing $3,000 for his business and paid immediately. record this transaction in the accounting equation by: decrease cash, increase equipment.

When using the accounting equation, recording the acquisition of kit for cash would come with a rise to the account and a decrease to the (Cash/Equipment/Supplies) account. What's the right definition of an asset? Business activities change the amounts within the accounting equation.

The purchase of an equipment would only result in a rise in an asset (Equipment) and a decrease in another asset (Cash) within the same amount which might result in the identical total amount of assets, liabilities and equity, and can not affect the fundamental accounting equation.

The formula is straightforward: A company's total assets are adequate to its liabilities plus its shareholders' equity. The accounting equation is also expressed as assets - liabilities = owner's equity.

learn more about Equipment: brainly.com/question/24194507

#SPJ4

3 0
2 years ago
Which aims involved economic growth of the united states?
lyudmila [28]
There are a a lot of aims that involved economic growth of the united states, one can claim that they wanted this economic growth because this means a growth in business also. and also there are a lot more things that they have considered in this. this is just one example of the aims that stated.
4 0
3 years ago
The bank statement for Tetra Company contained the following items: a bank service charge of $10; a credit memo for interest ear
kvv77 [185]

Answer:

Option D is the correct answer.

d. increase the Accounts Receivable balance and decrease the Cash account balance.

Explanation:

A NSF check or a Non Sufficient Fund check is when a check is received from the customer for the amount owed by the customer and is recorded as bank debit and accounts receivable credit in the business's books but due to less balance in the customer's account, the payment is not received  by the business and the check needs to be returned to the customer and the entry needs to be reversed by the business.

The result of recording the NSF will be to increase the accounts receivables balance and decrease the cash balance because the original entry when the check was received was to reduce the accounts receivable balance and to increase the cash balance.

8 0
3 years ago
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