Answer:
at the end
Explanation:
Adjusting entries are made at the end of an accounting period after a trial balance is prepared to adjust the revenues and expenses for the period in which they occurred.
Answer: Option (A) is correct.
Explanation:
Each of the buyer and seller are small when we are relating it with the whole market. so, there will be no power in the hands of a single decision maker and if a firm wants to change their prices then it will not have any influence on the market price. In a competitive market, there are large number of buyers and sellers, thus, one buyer or seller doesn't have any impact on the market price.
Answer: d. Net income is part of the computation for ending retained earnings.
Explanation:
In the statement of owner's equity, Retained earnings are calculated and it is done with the Net Income. This is why when the net income is calculated from the Income Statement it is transfered to the SOE and used to calculate Retained Earnings.
Retained Earnings are calculated by the formula,
Ending Retained = Opening Retained Earnings + Net Income (losses) - Dividends
Net income is added to (or subtracted from if it is a Net loss) the Opening Retained earnings balance. Net dividends are also subtracted.
Answer: Please refer to Explanation
Explanation:
According to the Federal Deposit Insurance Corporation, the limit to the amount a person can be insured for is, $250,000 per depositor, per insured bank.
That means that Tony's account at a balance of $120,712 is covered completely as it is well below $250,000.
Their Joint account is also completely covered at $60,099.
Cynthia however does not have complete coverage as her bank account exceeds to the coverage limit by $3,629 which will not be covered.
Should be noted that should she transfer this excess to the joint account then she should be fully covered.
