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3 years ago

Why is it important that money is portable and acceptable? In at least two complete sentences, explain your answer

Business

1 answer:

blagie [28]3 years ago

8 0

Answer:

Portability and acceptability are all characteristic of money.

Explanation:

One of the qualities of ideal money material is PORTABILITY. A commodity fit to be used as money must be such that it can be easily and economically transported from one place to the other. That is, it must possess high value in small bulk.

Another quality is ACCEPTABILITY.

And ideal money must be acceptable

It is the very essence of money. If a person knows that the money which he accepts in exchange for his goods or services will be taken without any objection by others as well, he will accept it.

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3 years ago

Tom borrows $100,000 from his local bank to purchase inventory for his store for the upcoming holiday season. Tom's neighbor tel

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3 years ago

Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts.

umka2103 [35]

Answer:

July 1. Yardley contributed $68,000 cash to the business in exchange for common stock.

Dr cash 68,000

Cr common stock 68,000

July 5. Paid monthly rent on medical equipment, $510.

Dr rent expense 510

Cr cash 510

July 9. Paid $16,000 cash to purchase land to be used in operations.

Dr land 16,000

Cr cash 16,000

July 10. Purchased office supplies on account, $1 ,600.

Dr office supplies 1,600

Cr accounts payable 1,600

July 19. Borrowed $26,000 from the bank for business use.

Dr cash 26,000

Cr notes payable 26,000

July 22. Paid $1,100 on account.

Dr accounts payable 1,100

Cr cash 1,100

July 28. The business received a bill for advertising in the daily newspaper to be paid in August, $250.

Dr advertising expense 250

Cr accounts payable 250

July 31. Revenues earned during the month included $6,300 cash and $5,300 on account.

Dr cash 6,300

Dr accounts receivable 5,300

Cr service revenue 11,600

July 31. Paid employees' salaries $1 ,900, office rent $1 ,400, and utilities $600. Record as a compound entry.

Dr wages expense 1,900

Dr rent expense 1,400

Dr utilities expense 600

Cr cash 3,900

July 31. The business received $1 ,340 for medical screening services to be performed next month.

Dr cash 1,340

Cr unearned revenue 1,340

July 31. Paid cash dividends of $6,900.

Dr dividends 6,900

Cr cash 6,900

cash

debit credit

July 1 68,000

July 5 510

July 9 16,000

July 19 26,000

July 22 1,100

July 31 6,300

July 31 3,900

July 31 1,340

July 31 6,900

101,640

accounts receivable

debit credit

July 31 5,300

office supplies

debit credit

July 10 1,600

land

debit credit

July 9 16,000

accounts payable

debit credit

July 10 1,600

July 22 1,100

July 28 250

750

unearned revenue

debit credit

July 31 1,340

notes payable

debit credit

July 19 26,000

common stock

debit credit

July 1 68,000

service revenue

debit credit

July 31 11,600

rent expense

debit credit

July 5 510

July 31 1,400

advertising expense

debit credit

July 28 250

wages expense

debit credit

July 31 1,900

utilities expense

debit credit

July 31 600

dividends

debit credit

July 31 6,900

4 0

3 years ago

Camden Corporations agreed to build a warehouse for a client at an agreed contract price of $ 900,000. Expected (and actual) cos

weqwewe [10]

Answer:

Key figures:

2016:

Revenue = $270,000

Expenses = $202,500

Income = $67,500

2017:

Revenue = $450,000

Expenses = $337,500

Income = $112,500

2018:

Revenue = $180,000

Expenses = $135,000

Income = $45,000

Explanation:

Under this method, percentage of work completed is determined using the following formula:

Percentage of work completed = (Total Expenses incurred on the project till the close of the accounting period) ÷ (Total Estimated Cost of the Contract)

Total estimated cost = $202,500 + $337,500 + $135,000 = $675,000

2016:

Percentage of work completed = ($202,500 ÷ $675,000)×100 = 30%

Expenses in 2016 = $202,500 (answer)

Revenue in 2016 = $900,000 × 30% = $270,000 (answer)

Income in 2016 = Revenue - Expenses

Income in 2016 = $270,000 - $202,500

Income in 2016 = $67,500 (answer)

2017:

Percentage of work completed = ($337,500 ÷ $675,000)×100 = 50%

Expenses in 2017 = $337,500 (answer)

Revenue in 2017 = $900,000 × 50% = $450,000 (answer)

Income in 2017 = Revenue - Expenses

Income in 2017 = $450,000 - $337,500

Income in 2017 = $112,500 (answer)

2018:

Percentage of work completed = ($135,000 ÷ $675,000)×100 = 20%

Expenses in 2018 = $135,000 (answer)

Revenue in 2018 = $900,000 × 20% = $180,000 (answer)

Income in 2018 = Revenue - Expenses

Income in 2018 = $180,000 - $135,000

Income in 2018 = $45,000 (answer)

4 0

3 years ago

The next dividend payment by Grenier, Inc., will be $1.48 per share. The dividends are anticipated to maintain a growth rate of

SOVA2 [1]

Answer:

Required rate of return = 10.75%

Explanation:

The value of a stock using the dividend valuation model, is the present value of the expected future dividends discounted at the required rate of return. The required rate of return is the cost of equity

The model is represented below:

P = D× (1+g)/ ke- g

Ke- cost of equity, g - growth rate, p - price of the stock

This model can used to work out the cost of equity, as follows:

Ke = D× (1+g)/p + g

Ke = (1.48× 1.05)/27 + 0.05

Ke= 0.107555556

Required return = 0.1075 × 100 = 10.75

Required rate of return = 10.75%

5 0

3 years ago