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3 years ago

What is a federal reserve note in simple terms?

1 answer:

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Federal reserve notes are the marks on money like the serial number, U.S emblems, and the signatures. They show that the money is an American Dollar.

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A. Cash receipts from customers for services rendered __________ Operating __________Inflow

vaieri [72.5K]

Answer:

a. Cash receipts from customers for services rendered

Indication: Operating activities and Cash Inflow

b. Sale of long-term investments for cash

Indication: Investing actiivity and Cash Inflow

c. Acquisition of property, plant and equipment for cash

Indication: Investing activity and Cash Outflow

d. Payment of income taxes

Indication: Operating activity and Cash Outflow

e. Bonds payable issues for cash

Indication: Financing Activity and Cash Outflow

f. Payment of cash dividends declared in previous year

Indication: Financing activity and Cash Outflow

g. Purchase of short-term investments (not cash equivalents) for cash

Indication: Investing activity and Cash Outflow

h. Purchases of inventory for cash

Indication: Operating activity and Cash Outflow

Definition of terms

Operating Activity: This activity will show how much the cash flow from the business in operating . This included net profit and changes in assets and liabilities and amortization expenses .

Investing Activities: This part is shows the where the money is invested or investment is sold.

Financing Activities: This activities will show the cash flow from financing activities between the reporting period example. Raising or payment of the fund through the common stock , preference and bonds etc.

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3 years ago

Gross payroll for the employees of Bannister Enterprises totals $100,000 per week. From this must be withheld Social Security ta

bogdanovich [222]

Answer:

B) $77,350

Explanation:

Gross payroll=$100,000

Social Security taxes =6.20%

6.20/100×$100,000

=0.062×$100,000

=$6,200

Medicare taxes = 1.45%.

1.45/100×$100,000

=0.145×$100,000

=$1,450

federal and state income tax =15%

15/100×$100,000

=0.15×$100,000

=$15,000

Total Withholdings=

$6,200+$1,450+$15,000

=$22,650

Total employee compensation= Gross earnings-total withhold

=$100,000-$22,650

=$77,350

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3 years ago

What major financial problem does a person face when trying to cash a paycheck without a bank account?

Svetllana [295]

Answer:

D) Paying a fee at another financial institution to cash the check. thats the answer

Explanation:

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3 years ago

Jean's Fitness Club provides monthly memberships as well as personal training sessions. The personal trainers earn 50% of the re

kiruha [24]

Answer:

c. $175,500

Explanation:

Revenue $140,000

Training revenue $75,000

Product Sales $65,000

Total Revenue $280,000

Variable Expenses

Personal trainer wages expense $70,000

Cost of Product sold $35,000

Total Variable Cost ($105,000)

Contribution margin / operating income $175,000

Fixed Costs

Space rental expense $11,000

Depreciation expense $6,000

Rental insurance expense $3,000

Front desk staff wages expense $12,000

Total Fixed cost ($32,000)

Net Income $143,000

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3 years ago

On March 31, 2019, Brodie Corporation acquired bonds with a par value of $400,000 for $425,800. The bonds are due December 31, 2

icang [17]

Answer:

1. March 31, 2019

Dr Investment in held-to-maturity debt securities

$413800

Dr Interest income $12,000

Cr Cash $425800

2. June 30, 2019

Dr Cash $12,000

Cr Investment in held-to-maturity debt securities

$300

Cr Interest income $11700

3. December 31, 2019

Dr Cash $24000

Cr Investment in held-to-maturity debt securities

$600

Cr Interest income $23400

2. Assets overstated

Profit overstated

Explanation:

1. Preparation of the journal entries for Brodie to record the purchase of the bonds and the first two interest receipts.

1. March 31, 2019

Dr Investment in held-to-maturity debt securities

$413800

Dr Interest income $12,000

(400000*12%*3/12)

Cr Cash $425800

(To record the purchase of held-to-maturity securities)

2. June 30, 2019

Dr Cash $12,000

(400000*12%*3/12)

Cr Investment in held-to-maturity debt securities

$300

[($12,000/10)*3/12]

Cr Interest income $11700

($12,000-$300)

(To record the interest and amortization)

3. December 31, 2019

Dr Cash $24000

(400000*12%*6/12)

Cr Investment in held-to-maturity debt securities

$600

[($12,000/10)*6/12]

Cr Interest income $23400

($24,000-$600)

(To record the interest and amortization)

2. Based on the information given assuming Brodie failed to SEPARATELY RECORD THE INTEREST AT ACQUISITION, the errors that would occur in the company’s financial statements would be OVERSTATED ASSETS in the balance sheet and the PROFIT would as well be OVERSTATED.

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3 years ago