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2 years ago

What is accounting

Business

1 answer:

andre [41]2 years ago

4 0

Answer:

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position, and cash flows. Accounting is the recording of financial transactions along with storing, sorting, retrieving, summarizing, and presenting the results in various reports and analyses. Accounting is also a field of study and profession dedicated to carrying out those tasks.

Explanation:

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Your firm's last three years of sales have been $1 million, $2 million, and $3 million (oldest to most recent). Year-end invento

Nitella [24]

Answer:

we will save 500,000 dollars worth of inventory.

Explanation:

If sales are 4,000,000 then the expected inventory will be 1,000,000

Giving an inventory turnover of:

4,000,000 / 1,000,000 = 4

IF we double the inventory turnover then:

4,000,000/inventory = 8

So the inventory will be of: 4,000,000/8 = 500,000

the difference is for 500,000

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2 years ago

On average, LB Inc. receives 138 payments each day with an average value of $42 each. These payments clear the bank in an averag

Oxana [17]

Answer: c) $7,535

Explanation:

The Collection Float refers to the time that it takes for a deposited check to become available to the account owner after the check has been deposited.

The Average amount is calculated thus;

= No. of payments * Clearing days * average value of payment

= 138 * 1.3 * 42

= $7,535

6 0

1 year ago

Simon graduated from Lessard University last year. He financed his education by working part-time and borrowing $16,000. During

elena55 [62]

Answer:

$1,400

$280

Explanation:

According to Internal Revenue code the interest expense can only be deductible as adjusted gross income deduction, if the qualified education loan is used only for study credit, higher educational expenses like enrollment in the course, cost of books and accommodation cost.

The maximum allowable interest deduction is $2,500.

Amount of Interest paid on the educational loan $1,400

Allowable deduction is Lesser of

maximum allowable interest deduction of $2,500.
Interest Payment on educational loan of $1,400.

Adjusted Gross Income $77,000

Formula

Educational Interest rate = (AGI - $65,000) / $15,000

Placing values in the formula

Educational Interest rate = ($77,000 - $65,000) / $15,000

Educational Interest rate = 1.13 = 0.8%

Allowable interest deduction = [ (lesser of interest deduction or interest payment on the educational loan) x ( 1 - Educational interest rate)

Allowable interest deduction = $1,400 x ( 1 - 0.8 ) = $280

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2 years ago

John Cotton is an employee at Radiance Senior Living. He received the following benefits from his employer during 2021 on the co

sertanlavr [38]

The amount of these benefits that is taxable for 2021 is $1,680.

<h3>Benefits that is taxable for 2021</h3>

The Benefits that is taxable for 2021 is Personal protective equipment of the amount of $140 per months.

Hence:

Taxable benefit=$140×12 months

Taxable benefit=$1,680

Therefore the amount of these benefits that is taxable for 2021 is $1,680.

Learn more about Benefits that is taxable for 2021 here:brainly.com/question/26652580

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1 year ago

Sonya makes it a practice to consult with her staff before making major decisions that affect the department. She believes it is

grandymaker [24]

The correct option is B. Participative leaders take steps to ensure that their employees take part in making decisions that affect the company. This type of leadership is especially effective when the employees have high degree of ability and when the decisions are personally relevant to them.

7 0

2 years ago

What is accounting ​

What is accounting