Answer:
$8,000
Explanation:
The computation of the interest expense is shown below:
= Note payable × interest rate × number of months ÷ total number of months - Note payable × interest rate × number of months ÷ total number of months
= $200,000 × 12% × 6 months ÷ 12 months - $200,000 × 12% × 2 months ÷ 12 months
= $12,000 - $4,000
= $8,000
The 6 months is calculated from November 1, 20X1 to May 1, 20X2
And, the 2 months is calculated from On November 1, 20X1 to December 31,20X1
We assume the accounts are closed on December 31
Or we can do one thing also
Take the 4 months from Jan 1, 20X2 to May 1, 20X2
= $200,000 × 12% × 4 months ÷ 12 months
= $8,000
Answer: c. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.
Explanation:
Closing entries are the journal entries that are made at the end of an accounting period in order to be able to transfer temporary accounts to the permanent accounts.
The primary purpose of closing entries is to reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.
Therefore, the correct option is C.
Answer:
Employee wellness program
Explanation:
Based on the offerings, Connor has introduced an employee wellness program by making available a set of communications, activities, and facilities designed to change health-related behaviors in ways that reduce health risks and subsequent medical costs.
An employee wellness program which are undertaken by employers focuses on improving specific health risks, such as high blood pressure, high cholesterol levels, smoking, and obesity.
Answer:
Consider the following explanation
Explanation:
Mentioned below benefits we can obtain from a effectively managed budget:
- Budget compels and motivates management to make an early and timely study of its problems. It generates a sense of caution and care, and adequate study among managers before decisions are made by them.
- Budget provides a valuable means of controlling income and expenditure of a business as it is a “plan for spending.”
- Budget provides a tool through which managerial policies and goals are periodically evaluated, tested and established as guidelines for the entire organization.
- Budget helps in directing capital and other resources into the most profitable channels.
- Budget enables management to decentralize responsibility without losing control of the business. It reveals weaknesses, inefficiencies, deviations in the organization very promptly which can be checked immediately to achieve a desired goal.
In Contrast there are below demerits an organization will suffer for budget if the budget is not accomplished effectively:
- Planning, Budget or forecasting is not an exact science; it uses approximations and judgment which may not be fully accurate. At best, a budget is an estimate; no one knows precisely what will happen in the future.
- The success and utility of Budget depends on the cooperation and participation of all members of management. All persons should direct their efforts according to the plan. The top management also should adhere to the budget and provide cooperation. Many a time Budget has failed because executive management has paid only lip service to its execution.
- A budget is only a tool and neither eliminates nor takes over the place of management. A budget cannot be substituted for management but should only be used by management for accomplishing managerial functions. Executives generally feel “circled in” by a budget and its related figures. They fail to understand that budget is meant to provide detailed information, goals and targets which may help them in achieving the company objectives
- The establishment of a Budget process took time. Also, sometimes too much is expected from a budget and in case expectations are not fulfilled, the blame is put on the budget. An efficient Budget programme requires that responsible persons should understand the philosophy, objectives and essentials of Budget.
- Excessive emphasis on Budget may result in attempts by lower level management and employees to buck the system by providing inaccurate estimates of future costs and revenues, and by failing to take advantage of changes in the environment because to do so would result in a deviation from plan, they would be considered as operating contrary to the budget. Under an unbalanced budget programme, employees will tend to overestimate costs and underestimate revenues, thus creating budget slack.
Answer:
B) decrease; decrease
Explanation:
When a private bank repays a loan to the FED, the amount of reserves held by the banking system will decrease. The monetary base will also decrease since the banks have the ability to create money, and all the money held by the FED is not included in the monetary base.
