Answer:
Insurance reduces one asset and increases another
Purchase of supplies on account increases liabilities and increases asset
Receipt of unpaid utility bill increases liability and reduces capital
Payment of accrued utility bill reduces asset as well as liability
Explanation:
The purchase of 36-month insurance brings about increase in asset,insurance prepayment and reduction in another asset,cash.
The purchase of supplies on account brings about increase in liability,accrued liabilities or other accounts payable as well as increase in asset,inventory of supplies.
The receipt of utility bill yet to be paid,increases liability,accrued expenses and reduces capital,since an increase in expenses reduces retained earnings which is an integral part of capital
Payment of utility reduces asset,cash and at the same time reduces liability,accrued expenses
Answer:
Lars is paid on a <u>FIXED INTERVAL</u> schedule of reinforcement, and Tom on a <u>FIXED RATIO</u> schedule of reinforcement.
Explanation:
A fixed interval payment schedule refers to being paid after a set amount of time. In this case Lars gets paid an amount every two weeks.
A fixed ratio payment schedule refers to being paid a fixed percent of the total sales made. In this case, Tom is paid a certain commission for every pair of shoes that he sells.
Answer:
The security is worth $30,570.77.-
Explanation:
Giving the following information:
Annual payment (3 to 9)= $7,000
Interest rate= 5.1%
<u>First, we need to determine the value of the security 3 years from now:</u>
FV= {A*[(1+i)^n-1]}/i
A= annual payment
FV= {7,000*[(1.051^6) - 1]} / 0.051
FV= $47,833.35
PV= FV/(1+i)^n
PV= 47,833.35 / 1.051^6
PV= $35,490.70
The value of the security in 3 years is $35,490.70.
<u>Now, the present value:</u>
PV= 35,490.70 / 1.051^3
PV= $30,570.77
The security is worth $30,570.77.-
Answer:
A financial planner
Explanation:
A financial planner is an expert in budgeting and money management matters. They help individuals and companies plan and achieve long term financial objectives. A financial planner assesses the client's financial aspects such as income, investment, savings, and expenditure and advice them accordingly.
Jared must be a financial planner. His responsibilities revolve around assisting people in making long-term financial plans.
