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3 years ago

What statement about minimum payments is incorrect

Business

1 answer:

Oksana_A [137]3 years ago

3 0

"If you send in the minimum payment, you will be charged a late fee."

This is an INCORRECT statement, because you will not be charged a late fee just for making the minimum payment. Minimum payments are not a good idea because you will be charged interest on the remaining amount and will have a harder time paying off the balance, but you will not be charged a late fee.

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One example of a microeconomic question is, "How will prices in the clothing industry change if the government bans imports from

fredd [130]

Answer:

True

Explanation:

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The question is looking at the effect of price on an industry. This is what microeconomics study

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3 years ago

Which of the following is a likely reason that a company would move its facility from one location to another?

Finger [1]

A likely reason that a company would move its facility from one location to another is that they would like to access various modes of transportation, such as boats and/or railroad.

7 0

3 years ago

Shane is a newly hired inventory manager at a manufacturing firm. What can he do to avoid shortages or excess quantity of invent

vovangra [49]

Answer:

take inventory on how much product he has and how much he needs

Explanation:

6 0

2 years ago

After you have put a marketing plan in place,it is importantly to do what

statuscvo [17]

I found the options online. it would be to monitor the results

3 0

3 years ago

Recording Transactions Using Journal Entries and T-Accounts Receive $40,000 cash in exchange for common stock. Purchase $4,000 o

Paladinen [302]

Answer:

a. See the explanation below for the journal entries.

b. each of the following accounts have an ending balance (in red color) after the recording as follows:

Cash, $27,000;

Common stock, $40,000;

Accounts payable, $4,000;

Accounts receivable, $3,000;

Equipment, $10,000.

However, each of the other accounts will have a zero ending balance.

Explanation:

a. Recording Transactions Using Journal Entries

The journal entries will look as follows:

Accounts Name Dr ($) Cr ($)

Cash 40,000

Common stock 40,000

(To record cash receipts for common stock.)

Inventory 4,000

Accounts payable 4,000

(To record inventory purchase.)

Account receivable 6,000

Sales 6,000

(To record credit sales.)

Cost of sales 4,000

Inventory 4,000

(To record cost of sales.)

Cash 3,000

Account receivable 3,000

(To cash collected from credit sales.)

Equipment 10,000

Note payable 10,000

(To record purchase of equipment by issuing note.)

Wages 2,000

Cash 2,000

(To record wages paid in cash.)

Note payable 10,000

Cash 10,000

(To record note due paid.)

Dividend 4,000

Cash 4,000

(To record cash dividend paid.)

b. Recording Transactions Using T-Accounts

Note: See the attached excel file for the T-Accounts.

From the attached excel file, each of the following accounts have an ending balance (in red color) after the recording as follows:

Cash, $27,000;

Common stock, $40,000;

Accounts payable, $4,000;

Accounts receivable, $3,000;

Equipment, $10,000.

However, each of the other accounts will have a no or zero ending balance.

Download xlsx

8 0

2 years ago