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3 years ago

“accounting is ingrained in our society and it is vital to our economic system.” do you agree? explain.

1 answer:

4 0

Accounting whether it is good or bad, it is what makes or breaks a business. A good accounting system will offer the management with the tools to make money-making business decisions. Management, large or small, can see what's profitable and what's causing the business to be unable to find money. A poor accounting system, whether it is disordered or simply illegal can collapse a business. Management will make poor decisions based on poor or non-existent accounting systems. Management sometimes chooses to use accounting for unethical motives. In either case, accounting is ingrained in society and affects the economic system for better or worse. Accounting is important because it is a device that gives an indication of how well the economy is growing, the areas that need improvement and the areas that need to be improved.

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A 20-year-old student wants to save $5 a day for her retirement. Every day she places $5 in a drawer. At the end of each year, s

ollegr [7]

Answer:

Instructions are listed below

Explanation:

Giving the following information:

At the end of each year, she invests the accumulated savings ($1,825) in a brokerage account with an expected annual return of 8%. She will invest for 45 years.

A) We need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= {1825[(1.08^45)-1]}/0.08= $705,372.75

B) n= 25

FV= {1825[(1.08^25)-1]}/0.08= $133,418.34

C) FV= 705,372.75 A=?

We need to isolate A:

A= (FV*i)/{[(1+i)^n]-1}

A=(705,372.75*0.08)/[(1.08^25)-1]

A= $9,648.64

7 0

3 years ago

Define asset-backed security in your own words.

Bezzdna [24]

Answer:

Asset-backed securities, also called ABS, are pools of loans that are packaged and sold to investors as securities

Explanation:

there you go

7 0

3 years ago

Parsons Company is planning to produce 2,900 units of product in 2020. Each unit requires 2.00 pounds of materials at $7.00 per

olga55 [171]

Answer:

Results are below.

Explanation:

First, we need to calculate the total cost of producing 2,900 units:

Total cost= direct material + direct labor + allocated overhead

Total cost= (2*7)*2,900 + (0.5*16)*2,900 + [(0.5*16)*0.6]*2,900

Total cost= 40,600 + 23,200 + 13,920

Total cost= $77,720

Now, the unitary standard cost:

Unitary cost= total cost/number of units

Unitary cost= 77,720 / 2,900

Unitary cost= $26.8

3 0

3 years ago

Which of the following statements is true? a. A college degree does not influence the earnings of workers. b. The median pay of

ICE Princess25 [194]

Answer:

b. The median pay of economics majors increased more in dollar terms than any other majors in 2015.

Explanation:

As it can be seen from the various sources that tha major in economics represents the largest per dollar rise for all major in the year 2015

Due to which it brings down the requirement for more economists also the word economics is not certain. Also, for the entry level jobs in the economics field, the minimum qualification should be masters

Therefore according to the given case, the option B is correct

7 0

3 years ago

Jansen Company reports the following for its ski department for the year 2019. All of its costs are direct, except as noted.

zhuklara [117]

Answer:

Jansen Company

Departmental Income Statement—Ski Department

For Year Ended 2019

Sales 610,000

Less : Cost of goods sold 435,000

Gross profit 175,000

Less; Expenses

Salaries 113,000

Utilities 15,600

Depreciation 54,400

Office expenses 29,600 212,600

Operating loss $37,600

Jansen Company

Departmental Income Statement—Ski Department

For Year Ended 2019

Sales 610,000

Less : Cost of goods sold 435,000

Gross profit 175,000

Less; Direct Expenses

Salaries 88,000 (113,000 - 25,000)

Utilities 9,900 (15,600 - 5,700)

Depreciation 37,000 (54,400 - 17,400)

Total Direct Expenses 134,900

Contribution to overhead $40,100

They should not eliminate the Ski Department because it would contribute $40,100 to overhead.

4 0

3 years ago