Answer:
Explanation:
The retained earning are the earnings of the business organization which is earned until the date.
The net income or net loss would reflect in the statement of the retained earning account.
The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid
The journal entry is shown below:
Retained earnings A/c Dr $3,000
To Dividend A/c $3,000
(Being dividend account is closed)
Answer:
D) Cash 45,540 Accounts receivable 45,540
Explanation:
The journal entry is shown below:
Cash A/c Dr $45,540
To Accounts receivable A/c $45,540
(Being cash is received in respect of goods sold)
The computation is shown below:
= Sold value of supplies - the sold value of supplies × discount percentage
= $46,000 - $46,000 × 1%
= $46,000 - $460
= $45,540
Since the net method is used so we debited the cash account and credited the account receivable account.
Answer:
Paco will have 335 dollars available for the car-loan
Explanation:
fromthe $490 cash flow
we should subtract the cash cost as once we obtain it through a loan we will have to handle with them as well:
490
- 60 gas
- 70 insurance
- 15 maintenance
<u> - 10 repairs </u>
335 net monthly savings after the purchase of the car.
Answer:
0.03%
Explanation:
Southwestern Bank
The Effective annual interest rate of Southwestern bank compounded monthly would be
First step
Calculation for the Effective annual rate of Riverside Bank:
rR = (1 + (0.065/12))^12 = 1.067
Second step
Calculation for the Effective annual rate of Midwest Bank:
rM = (1 + (0.07/1))^1 = 1.07
The effective annual rate of Midwest Bank is higher by :
(1.07 -1.067)
=0.003 % or 0.3%
Therefore the higher or lower is the effective annual rate charged by Woodburn versus the rate charged by Southwestern would be 0.03%
