All categories

3 years ago

Contra entry is recorded in?

1 answer:

3 0

I hope this is correct! A contra entry is recorded when the debit and credit affect the same parent account and resulting in a net zero effect to the account. These are transactions that are recorded between cash and bank accounts

You might be interested in

John Deere is a manufacturer of agriculture equipment. Deere supplies replacement parts to dealerships across the globe. John De

Marrrta [24]

Answer: Internet of Things

Explanation:

The above scenario explained in the question shows that John is utilizing the Internet of Things.

Internet of Things (IoT) simply refers to the internet-connected objects which can be used to gather data over a wireless network and also transfer them.

The Internet of things is vital in this case as it helps to to have devices that self report in real-time, and improving efficiency.

5 0

3 years ago

Cyan Corporation (E & P of $700,000) has 4,000 shares of common stock outstanding. The shares are owned as follows: Angelica

pshichka [43]

Answer:

Part - (a)

Since A constructively holds stock through her son and a prohibited interest within the 10 years of divestment, she will not receive a favorable treatment.

Part - (b)

The sale may qualify for redemption if A decides to become a creditor within a 10 years period. Creditors do not hold prohibited interest in corporations, typically because they hold no voting rights.

Part - (c)

The act of replacing, or office held by a family member, does not constitute a prohibited interest. Therefore: the sale should qualify.

Part - (d)

Accepting the stocks as gift would trigger a prohibited interest. The size of the gift and her son's shares and will nullify the 10 year rule.

3 0

3 years ago

Read 2 more answers

Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Michael Mirer worked for Dawson Company for six months t

lisov135 [29]

Answer:

$83.4

Explanation:

Under FUTA, only the first $7000 earning per year will be taxed. Any amounts above $7000 will be tax-exempt.

For Michael, the tax will be calculated as follows.

for the$11200 earned in Dawson company

=0.6% x $7000

=0.06/100 x 7000

=0.006 x 7000

=$42

Amount earned working at McBribe

=0.06% x 6900

=0.006 x $6900

=$41.4

Total to be paid by the two companies

=$42 + $ 41.4

=$83.4

5 0

4 years ago

Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2023.The following items are taken f

Aliun [14]

Answer:

A) See attached file for Balance Sheet

B) Current ratio = 1.26

C) Debt to Asset ratio = 18%

The Current ratio tells us that the company has 1.26 dollars of current assets to cover 1 dollar of current debt. That is a good thing, but to know if it´s enough covers, further information is needed. Others ratios can help to complete the picture as for example, quick ratio, assets turn over, inventory turn over, receivables turn over, etc. The debt to assets ratio. Tells us that the company owes 18% of its assets. The rest belongs to the stockholders. Again, it´s a good thing, but further information can help us to know if the company can invest in new projects, financing it with debt in a profitable way, for example, if Return on Assets is higher than debt rate.

Explanation:

B) Current ratio = Current Assets / Current Liabilities

Current ratio = 52,140 / 41,400

Current ratio = 1.26

C)Debt to Asset ratio = (Total Liabilities / Total Assets)*100

Debt to Asset ratio = (121,400 / 691,400)*100

Debt to Asset ratio = 18%

The current ratio measures a company's ability to pay short-term obligations or those due within one year, by relating current assets with current liabilities (liquidity ratio). The debt to total assets ratio shows the percentage of a company's total assets that were financed by creditors (financial ratio).

3 0

4 years ago

The ability to attract and manage _________may be the most important skill a strategic leader must have.

Mars2501 [29]

Answer:

Human Capital

Explanation:

A leader must be able to control a team (human capital), lead it, and push them to obtain the results needed.

6 0

2 years ago