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3 years ago

Closing entries:

Business

2 answers:

Elden [556K]3 years ago

7 0

Answer:

The correct option is D

Explanation:

Closing entries must be jouralized and posted because if they are not posted the company's balance sheet will not balance since the retained earnings account will not be updated.

These are usually the last entries posted on the accounting system prior to a financial statement

Nikolay [14]3 years ago

3 0

Answer:

Must be journalized and posted.

Explanation:

Closing entries are journal entries that is made at the end of an accounting period. It involves the transfer of balances of a temporary account to a permanent account.

Organisations employ the use of closing entries to reset the balances of temporary accounts to zero.

Closing entries are carried out to bring back the revenue, expense, and drawing temporary account balances to zero in preparation for a fresh accounting period.

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a construction manager just starting in private practice needs a van to carry crew and equipment. she can lease a used van for $

Vanyuwa [196]

The most she should pay for uniform annual maintenance to make it worthwhile to buy the van instead of leasing it, if her Marr is 20% is $1,379.5.

Annual lease rent= $3,596

Cost of used van= $5,721

Salvage value= $1,052

Net cost to manager= 5721-1052= $4,669

PVFA, (20%) =2.1065

Equivalent annual cost of the equipment= 4669/2.1065= $2,216.5

Therefore, the most the manager should pay for Maintenace to make it worthwhile to buy the machine instead of leasing it is = 3596-2216.5= $1,379.5

Construction managers, frequently referred to as well-known contractors or undertaking managers, coordinate and supervise a number of projects, which includes constructing public, residential, commercial, and business systems in addition to roads and bridges.

Construction management calls for a variety of duty and tough work: You may be in fee of a creation undertaking from starting to end. In order to get the process done, there are vital features that a creation supervisor have to possess. According to the BLS, those include Analytical skills.

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6 0

1 year ago

Suppose that inflation is 2 percent, the federal funds rate is 4 percent, and real GDP is 3 percent below potential GDP. Accordi

Alex_Xolod [135]

Answer:

The Fed should decrease the real federal funds rate by 0.5%

Explanation:

The formula according to Taylor can be expressed as;

N=I+R+0.5(I-I*)+0.5(Y-Y*)

where;

N=nominal fed fund rate

I=inflation rate

R=real federal fund rate

I*=target inflation rate

Y-Y*=output gap

In our case;

N=4%=4/100=0.04

I=2%=2/100=0.02

R=unknown=R

I*=assume 2%=2/100=0.02

Y-Y*=-3%=-3/100=-0.03

replacing;

0.04=0.02+R+0.5(0.02-0.02)+0.5(-0.03)

0.04=0.02+R+0-0.015

0.04=R+0.005

R=0.04-0.005=0.035

Change=R-N

Change=0.04-0.035=0.005

The Fed should decrease the real federal funds rate by 0.5%

7 0

3 years ago

"In 2020, a customer buys a 3 3/4% U.S. Government bond maturing in 2029 at 104-16. The customer elects to amortize the bond pre

Lana71 [14]

Answer:

carrying value after 2 years = $967.64

Explanation:

the journal entry to record the purchase of the bond:

Dr Investment in bonds 1,000

Dr Premium on investment in bonds 41.60

Cr Cash 1,041.60

Assuming a straight line amortization, the yearly amortization = $41.60 / 9 years = $4.62 per year

carrying value at moment of purchase = $958.40

carrying value after 1 year = $963.02

carrying value after 2 years = $967.64

8 0

3 years ago

Selected financial statement data for Schmitzer Inc. is shown below: 2021 2020 Balance sheet: Inventories 75,000 63,000 Ratios:

kondaur [170]

The amount of net sales for 2021 is $1,035,000.

Average inventory = (Beginning inventory + Ending inventory) / 2

Average inventory = ($63,000 + $75,000) /2

Average inventory = $69,000

The formula for Inventory turnover ratio is <em>{Cost of goods sold/Average inventory]</em>

6 = Cost of goods sold / $69,000

Cost of goods sold = $414,000

Given Gross profit ratio is 40%: Gross profit = 40% on sales

Let the sales be $K

Gross profit = Sales - Cost of goods sold

0.4K = K - $414,000

0.4K = $414,000

K = $414,000 / 0.4

K = $1,035,000

Therefore, the amount of net sales for 2021 is $1,035,000.

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7 0

2 years ago

The following planned figures have been developed by a buyer for next month: sales = $25,000; reductions = $1,500; BOM stock = $

sweet [91]

Answer:

The planned purchases are given as $34,500 while the value of OTB is $28,900

Explanation:

The Planned purchases is given as

Planned Sales + Planned Markdowns + Planned End of Month Inventory - Planned Beginning of Month Inventory = Planned Purchases

So here the planned sales are 25000

The planned Reductions are 1500

The End of Month inventory is 88000

The Beginning of Month Inventory is 80000 So the value is given as

25000+1500+88000-80000= Planned Purchases

Planned Purchases =34500

The OTB is given as

OTB=Planned Purchases-Commitment

OTB=34500-5600

OTB=28900

7 0

3 years ago