1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
KIM [24]
3 years ago
10

The accounting cycle starts with a.closing out the periodic accounts. b.recording the transaction based on the information in a

source document. c.preparing the financial statements. d.preparing the adjusting entries.
Business
1 answer:
saul85 [17]3 years ago
6 0

Answer:

letter b, recording the transaction based on the information in a source document

Explanation:

The "Accounting Cycle" follows a series of steps in order to assist the accounting transactions of a company or business. It starts with the "Transaction step" <em>(the first step</em>) where<u> </u><u><em>the source documents have to be examined in order to analyzed transactions.</em></u> This also includes the recording of the transaction in the journal.

This step is followed by <em>Posting the Entries into the Ledger Accounts, Preparing the Unadjusted Trial Balance, Adjusting the Journal Entries, Preparing the Adjusted Trial Balance, Recording Reversing Entries, Preparing Post-Closing Trial Balance, Record Closing of Entries and Preparing Financial Statements.</em>

You might be interested in
Johnson Enterprises uses a computer to handle its sales invoices. Lately, business has been so good that it takes an extra 3 hou
Masteriza [31]

Answer:

The incremental cost is ($10,360)

Explanation:

<u>Analysis of total cost over the 5 year period</u>

                                                      Retain Old Machine   Buy New Machine

<em>Variable / Incremental Operating</em>

<em>Costs</em>

Old Machine                                          124,750    

New Machine                                                                              97,800

<em>Old Machine Book Value</em>

Retain: Annual depreciation                    8,430                      

Buy : Lump sum written off                                                         8,430

Old Machine Disposal                                                                (8,490)

Purchase Cost of New Machine                                               25,080

Total Cost                                               133,180                       122,820

The use of new machine will result in lower cost for the next 5 years.The incremental cost is ($10,360)

8 0
3 years ago
Burton Corp. is growing quickly. Dividends are expected to grow at a rate of 29 percent for the next three years, with the growt
maw [93]

Answer:

The Current share price is $94.79

Explanation:

Dividend Growth Model determines the share price of a company which offers perpetual dividend with stable growth. It is the expected dividend of a share divided by the net return rate of growth rate .

According to given data

Last dividend = D0 = $3.40

Rate of return = 15%

Growth rates:

For 3 years = 29% per year

After 3 years = 7.3% in perpetuity

Dividend after 3 years = D3 = 3.40 x ( 1 + 0.29 )^3 = $7.30

We can calculate the price of share using following formula:

Price of share = D3 / Rate of return - Growth rate

Price of share = $7.30 / 15% - 7.3% = $7.30 / 7.70% = $94.79

4 0
3 years ago
A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimate
natta225 [31]

Answer:

1. Vacation pay expense Dr. 3500

Vacation pay payable 3500

2. It is recorded at the company's balance sheet as the accrued liabililty at the liabilities portion.

3. The amount will be removed once the vacation pay is paid and is debited to income account.

4 0
3 years ago
Mint Co.'s cash balance in its balance sheet is $1,300,000, of which $300,000 is identified as a compensating balance. Additiona
Natasha2012 [34]

Answer:

Correct option is B Yes and Yes

Yes - Compensating shall be reported, And Restricted shall also be reported.

Explanation:

Compensating balance is the minimum balance to be maintained in the company's bank account as this is used by bank for offsetting loan, and used by company to set up the loan amount.

Restricted balance is a choice made by the company to not use the funds and use it later for company's growth or future projected, but still since it cannot be used it shall also be reported accordingly.

Therefore the company has the need to report such restricted balance also and compensating balance has to be reported as well.

Therefore correct option is B

Yes - Compensating shall be reported, And Restricted shall also be reported.

7 0
3 years ago
PLEASE HELPPP 50 pts!
soldi70 [24.7K]

Answer:

Her investing plan is saving up by finding a place to keep money you should probably worry on other things save up then spend if not you'll probably lose more money than needed find a place where they dont change much based on your money find a place where theres no scams you need to research to find a plan and a safe place.

3 0
3 years ago
Other questions:
  • What's going on here? As soon as Dewey Cheatum and Howe Motors increase the prices on their SUVs, then so does their only compet
    11·1 answer
  • Direct materials $ 74,000 Direct labor $ 37,500 Variable manufacturing overhead $ 17,000 Fixed manufacturing overhead 29,500 Tot
    5·1 answer
  • The pre-tax cost of debt for a firm: is based on the yield to maturity on the firm's outstanding bonds. is equal to the coupon r
    14·1 answer
  • What type of object can ground static
    6·2 answers
  • Office Depot promises an exceptional online shopping experience, free delivery for purchases over $35, buy-online-collect in sto
    13·1 answer
  • Leach Inc. experienced the following events for the first two years of its operations:
    15·1 answer
  • When you would like to send an e-mail to your coworkers about planned maintenance on the network, where is the best place in the
    12·2 answers
  • Which of the following steps in the college application process should be done as a junior, rather than as a senior?
    13·1 answer
  • Choose all that apply.<br> Spreadsheets can be used to
    13·1 answer
  • poornima gupta is retiring soon, so she is concerned about her investments providing her steady income every year. she is aware
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!