All categories

3 years ago

Refer to the given list of assets.

Business

1 answer:

Cloud [144]3 years ago

8 0

Answer:

a. Items 1,5,9 and 10

Explanation:

M1 refers to Money Supply which includes physical currencies, coins, demand deposits, amounts in checking accounts, liquid cash and other forms of cash that can be withdrawn immediately eg in ATM.

<u>Items under M1 from the question are:</u>

3. Currency (coins and paper money) in circulation

6. Checkable deposits

M2 refers to money supply that comprises of the items in M1 and also include other types of deposits eg Savings deposits, mutual funds by individuals, time deposits. Funds that even though cannot be readily converted to cash but can be withdrawn with more effort.

<u>Items under M2 from the question are:</u>

2. Non-checkable savings deposits

4. Small-denominated (under $100,000) time deposits

7. Money market deposit accounts

8. Money market mutual fund balances held by individuals

You might be interested in

Harrod Company paid $4,800 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The b

Cerrena [4.2K]

Answer:

Debit Insurance Expense, $2,400; credit Prepaid Insurance, $2,400.

Explanation:

The journal entry is given below

Insurance expense A/c Dr $2,400

To Prepaid Insurance $2,400

(Being insurance expense is recorded)

The computation is shown below:

= Insurance premium ÷ number of months × required months

= $4,800 ÷ 4 months × 2 months

= $2,400 months

The 2 months is taken from November 1 to December 31

6 0

3 years ago

Dove and Eagle formed a business entity in which they are equal owners. Dove contributed cash of $100,000, and Eagle contributed

nlexa [21]

Answer:

S corporation

Explanation:

In the given case, The eagle basis at the closing of the year is 70,000 i.e. $40,000 + $30,000 (50% of $60,000)

In the case when the entity was a general partnership so 50% of $10,000 i.e. $5,000 would be added to the basis of Eagle

So here the type of entity that was formed is S corporation

The same is relevant

4 0

3 years ago

The Sarbanes-Oxley Act was created in response to corporate accounting scandals in the early 21st century to reform the accounti

Firlakuza [10]

Answer:

The answer is "Option A"

Explanation:

In this Act, the U.S. Congress in 2002 to financing offers against the risk of corporate accounting fraud. To enhance account statements on firms as well as reduce financial crimes, its Sarbanes Oxley Act (SOX) authorized information pertinent.

The SOX has been introduced in the early 2000s throughout responding to its accounting irregularities.

The Shareholder commitment within financial reports has been shattered by controversies in everything from Enron, Tyco, and WorldCom and a rewrite in regulatory requirements.

5 0

3 years ago

Software Solutions was hired by Jones Company on December 1 to install and updated software. The total entire amount of $1,800 i

Talja [164]

Answer:

Software solutions was hired to install and update software.

When job was completed,

Total revenue paid by Jones company = $1,800

As of December 31,

software installation completed = 1/2

Service revenue = 0.5 × $1,800

= $900

Therefore, the adjusted journal entry for the revenue is as follows:

On 31st December,

Accounts receivable A/c Dr. $900

To Service revenue $900

(To record revenue earned)

8 0

3 years ago

Overdraft protection means the bank will protect your funds from excessive taxation.

Varvara68 [4.7K]

The correct answer is (a.) True. Overdraft protection means the bank will protect your funds from excessive taxation. This protection is most likely to be offered by small business since it helps them to gain additional income fees.

5 0

3 years ago

Read 2 more answers