Savings, scholarships and state aid are good preparations steps for one to take before applying for federal financial aid because They help one to
save enough money to be able to pay for college and also prevent serious debt after graduating.
Financial intelligence is a vital and indispensable virtue one must cultivate,just like the question stated, before going high as to seek federal aid,it is imperative to start from savings, scholarships and state aid because those can help you after graduating and not put you through serious debt after graduating.
If you must apply for federal aid,that implies that you have tried other better, easier means and all proved abortive and the only option that is left is the federal aid.
And while on federal aid,plans must be made on the means to pay back all sorts of financial issues so that once graduated,the financial burden will be minimal.
Explanation:
The adjusting entry is as follows
Insurance expense A/c Dr $4,800
To Prepaid insurance A/c $4,800
(Being the insurance expense is recorded)
The computation is shown below:
= Beginning balance + debited amount - unexpired insurance amount
= $6,600 + $2,300 - $4,100
= $4,800
So while preparing the adjusting entry, we debited the insurance expense account and credited the prepaid insurance account
Answer:
0.75 wheat
Explanation:
Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.
the opportunity cost of producing cars, is the quantity of wheat that would have to be forgone to produce one car
18 / 24 = 0.75 wheat
Answer: a car
Explanation:
While making purchase decisions, the product that is most likely to elicit the greatest reference group influence will be a car.
This because when an individual has a car, other people see the person and use that as a reference group. It should also be noted that a good thatbis considered public good has a strong influence group.
Answer and Explanation:
The computation is shown below
1. The adjusted balance in the retained earning is shown below:
= beginning balance of retained earning + adjusted net income
where,
beginning balance of retained earning is $860,000
And, the adjusted net income is
= $68,000 × (1 - 0.35)
= $44,200
So, the adjusted balance in the retained earning is
= $860,000 + $44,200
= $904,200
2. Now the journal entry is
Inventory $68,000
To Retained earning $44,200
To Tax payable $23,800 ($68,000 × 35%)
(Being the adjustment of ending inventory is recorded)
It increased the inventory and along with it it also increased the equity and liabilities so the respective account is debited and credited
