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Nookie1986 [14]
3 years ago
10

The best definition of an accounting system is: The concepts, principles, and standards specifying the information which should

be included in financial statements, and how that information should be presented. Journals, ledgers, and worksheets. The personnel, procedures, devices, and records used by an entity to develop accounting information and communicate this information to decision makers. Manual or computer-based records used in developing information about an entity for use by managers and also persons outside the organization.
Business
1 answer:
White raven [17]3 years ago
7 0

Answer:

The personnel, procedures, devices, and records used by an entity to develop accounting information and communicate this information to decision makers.

Explanation:

Accounting system is a system used to organise financial information. Accounting system can be manual or electronic

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You wish to retire in 14 years, at which time you want to have accumulated enough money to receive an annual annuity of $17,000
bagirrra123 [75]

Answer:

Annual contribution = $5873.06

Explanation:

First we will find the present value at the time of retirement and then we will find the annual contribution during the years of working. Below is the calculation to find the present value

Present value at the time of retirement = Annuity (P/A, r, n)

Present value at the time of retirement = $17000 (P/A, 10%, 19)

Present value at the time of retirement = $17000 (8.365)

Present value at the time of retirement = $142205

Now find the annual contribution:

Annual contribution = Future value (A/F, r, n)

Annual contribution = 142205 (A/F, 8%, 14)

Annual contribution = 142205(0.0413)

Annual contribution = $5873.06

4 0
2 years ago
Gabriel Corporation has fixed costs of $180,000 and variable costs of $8.50 per unit. It has a target income of $268,000. How ma
baherus [9]

Answer:

uh... 180 divide by 8.5... multiply to 12

5 0
2 years ago
As the Chief Marketing Office (CMO) for a $100 million product company you need to lead the development of marketing plan for th
sveta [45]

Answer:

b

Explanation:

describe the elements of a strategic marketing plan

8 0
2 years ago
Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Control was surrendered by Scarbro
Virty [35]

Answer:

Scarbrough will receive and record cash of $538,685

The journal entry to record this transaction would be:

                             Debit        Credit  

Cash                 $2,900,300  

Interest Expense $89,700  

Notes Payable                 $2,990,000

Debit Cash for $2900300, debit Interest Expense for $89700, and credit Notes Payable for $2990000

Explanation:

In order to calculate the amount Scarbrough will receive and record cash we would have to make the following calculation:

Scarbrough will receive and record cash=Receivables-Amount of the hold back-Withheld as fee income-Less: Withheld as interest expense

Receivables= $600,000  

Amount of the hold back=$600,000 x 5%=$30,000  

Withheld as fee income=$600,000 x 3%=$18,000  

Withheld as interest expense=$600,000 × 15% × 54/365=$13,315  

Therefore, Scarbrough will receive and record cash=$600,000- $30,000-$18,000-$13,315=$538,685

Scarbrough will receive and record cash of $538,685

According to the given data to journal entry to record this transaction would be the following:

 

                              Debit        Credit  

Cash                 $2,900,300  

Interest Expense $89,700  

Notes Payable                 $2,990,000

Interest Expense=$2,990,000 x 3%=$89,700

5 0
2 years ago
Leno Company sells goods to the Fallon Company for​ $10,000. It offers credit terms of​ 2/10, n/30. If Fallon Company pays the i
Zinaida [17]

Answer:

Leno Company will record a debit to Cash in the amount​ of: D. ​$9,800

Explanation:

The terms of 2/10, n/30 means 2% discount for the payment within 10 days and the full amount to be paid within 30 days.

Fallon Company pays the invoice within the discount​ period - early enough to receive a 2% discount. The discount amount is 2% x $10,000 = $200.

On the other hand, Leno Company has to offer a 2% discount to Fallon Company. Cash amount Leno Company receives = $10,000 - 2% x $10,000 = $9,800

Leno Company will record a debit to Cash in the amount​ of $9,800

6 0
3 years ago
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