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3 years ago

Closing entries are journalized and posted:_______.

Business

1 answer:

Gnoma [55]3 years ago

6 0

Answer:

The correct answer is letter "B": after the financial statements are prepared.

Explanation:

A closing entry is a journal entry after the preparation of the financial statements, at the end of an accounting period. This closes a temporary account and moves all the information either to a permanent balance sheet or to the income statement. Temporary accounts include revenue, expenses, and dividends and must be closed at the end of the year.

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Exercise 4-15A Calculate net cash flows (LO4-7) Below are several transactions for Meyers Corporation for 2021. Issue common sto

Maru [420]

Answer:

$12,600

Explanation:

Particulars Amount

a. Issue common stock for cash $40,000

b. Purchase building and land with cash, -$25,000

c. Provide services to customers on account $6,000

d. Pay utilities on building -$500

e. Collect $4,000 on account from customers $4,000

f. Pay employee salaries -$8,000

g. Pay dividends to stockholders -$3,900

Net Cash Flow $12,600

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2 years ago

You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money? A) Com

Allisa [31]

D) Compounding daily
................

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2 years ago

The U.S. consumer market is large, but other markets may offer what advantage?

Inga [223]

The difference other markets; apart from the US market, have is tht they have exotic wishes which need to be fullfilled but more importantly they have other goods, perhaps not created on the US market. This makes other economies a viable way to earn more mone for the US economy.

3 0

3 years ago

Read 2 more answers

If you receive a ticket to a concert at no charge, what, if anything, is your opportunity cost of attending the concert?

spin [16.1K]

Answer:

The opportunity cost of attending the concert=$0

Explanation:

An opportunity cost is the total monetary loss that one has when they choose a given option. It can also be defined as the gain that one misses when the individual or business chooses one alternative over the other. Opportunity costs are not heavily considered in financial reports, however individuals or businesses who have the opportunity to choose from many alternatives at the same time need to consider the opportunity cost to make a more valuable decision in the long-run. Opportunity costs helps individuals and businesses to make better decisions on the options they have at their disposal.

The opportunity cost can be Determined using the following expression;

OC=FO-CO

where;

OC=opportunity cost

FO=return on best forgone option

CO=return on chosen option

Since in our case, the forgone option was not attending the concert, the cost would be=0

Also since the chosen option was the ticket at no charge, the cost would be=0

In our case;

OC=unknown

FO=0

CO=0

replacing;

OC=0-0=0

The opportunity cost of attending the concert=$0

7 0

2 years ago

Determine the combined present value as of December 31, 2021, of the following four payments to be received at the end of each o

Alenkasestr [34]

Answer:

The question is incomplete, see the complete question below:

Determine the combined present value as of December 31, 2021, of the following four payments to be received at the end of each of the designated years, assuming an annual interest rate of 8%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1). Find N as well.

Payment Year Received

9,000 2022

9,600 2023

11,200 2025

13,400 2027

Combined present value 33,313.9

Explanation:

Present Value:The worth today of a sum receivable or payable in the future is called Present Value. It is premised on the concept of time value of money- that $1 today is worth more than $1 tomorrow. Why?

Because of the opportunity to invest; if invested, the $1 of today would earn interest so making it worth more than $1 dollar on the maturity day.

To calculate the present value of a future cash flow, we simply adiscount it using an appropriate discount rate which is the required rate of return. The discount rate is 8% in this question.

We can quickly calculate the Present Value (PV) using this formula:

PV = FV × (1+r)^(-n)

where FV - Future value, r- interest rate- 8%, n- number of years.

We can now apply these concepts to this question:

Year Present Value

2022 9000 × (1.08)^(-1) 8,333.3

2023 9,600 × (1.08)^(-2) 8230.5

2025 11,300 × (1.08)^(-4) 8305.8

2027 13,400 × (1.08)^(-6) 8,444.3

Combined present value 33,313.9

6 0

3 years ago