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3 years ago

Circular errors are caused by adding the cell name of an _________ cell formula?

1 answer:

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The answer is an active cell. A circular reference occurs when a cell in an Excel 2010 worksheet refers to itself.

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You want to invest $20,000 today to accumulate $32,000 for graduate school. If you can invest at an interest rate of 10% compoun

uranmaximum [27]

Answer:

N = 5 years

Explanation:

At first we have to calculate the number of periods to determine at which part of the table we should look at.

Given,

PV = $20,000

FV = $32,000

Interest rate, i = 0.10 (10%)

Number of periods, n = ?

We know, Future value, FV = PV × $(1+i)^{n}$

or, $32,000 = $20,000 × $(1 + 0.10)^{n}$

or, 1.6 = $1.10^{n}$

As the factor is 1.6, we will look at the following image which is the FV factor table to find the number of periods.

We can find it in a different way too.

log 1.6 = n log 1.10

or, n = $\frac{log 1.6}{log 1.10}$

or, n = 4.93 years

Therefore, n = 5 years

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3 years ago

MacHeath Inc. bought 60% of the outstanding common stock of Nomes Inc. in an acquisition that resulted in the recognition of goo

kiruha [24]

Answer:

c) $600,000.

Explanation:

$600,000.00 is the value that will be attributed to land in a consolidated balance sheet at the date of acquisition?

In the acquisition process, assets and liabilities of the business being bought get evaluated to ascertain their true worth. Assets such as land, buildings, and machinery undergo valuation. Their market value or fair value is recorded in the books of the acquiring entity as the actual value of the asset at the time of acquisition.

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3 years ago

ECG Company recorded two sales on March 1 of $20,000 and $30,000 under credit terms of 3/10, n/30 (3% discount if paid within 10

AlladinOne [14]

Answer:

In net method the discount not given is recorded as revenue and in gross method the discount allowed is recorded as expense.

Explanation:

ECG Company

Journal Entries

Net Method

Date Particulars Debit Credit

1 March Accounts Receivable 19400

Accounts Receivable 29,100

Sales 48500

( Calculation of net Sales ( 20,000* 3% = 600, 30,000* 3%= 900) 20,000- 600= 19,400 and 30,000- 900= 29,100)

8 Mar Cash 19400

Accounts Receivable 19400

Receipt of 20,000 Sales within discount period.

25 Mar Cash 30,000

Accounts Receivable 29,100

Interest Revenue 900

Receipt of payment after discount time period.

Gross Method

1 March Accounts Receivable 20,000 Dr

Accounts Receivable 30,000 Dr

Sales 50,000 Cr

Transactions of Sales on gross method. Here discount is not calculated unless given.

8 Mar Cash 19400 Dr

Discount Allowed 600 Dr

Accounts Receivable 20,000 Cr

Receipt of 20,000 Sales within discount period.

25 Mar Cash 30,000 Cr

Accounts Receivable 30,000 Cr

Receipt of Sales of 30,000 after the discount period.

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3 years ago

Merchandise with a sales price of $5,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would in

Savatey [412]

Answer:

Debit to sales discounts for $100

Explanation:

Please see journal entry to record the sales below;

a. Dr accounts receivable $5,00

To sales revenue account $5,000

(Being merchandise that is sold on credit basis)

Suppose payment is made within 10 days, the journal entry will be;

Dr Cash account $4,900

Sales discount account $100

(5,000 × 2%)

To accounts receivable $5,000

(Being cash that is received)

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3 years ago

Click and drag the term to correspond with its correct definition. Not all terms will be used. Corporate action in which one com

bagirrra123 [75]

Answer:

Explanation:

Corporate action in which one company buys the assets and obligations of another company and assumes control. - Acquisition

The joining of two or more business entities into a single entity. - Merger

Business entity owned, controlled and operated by a group of users for their own benefit. - Cooperative

Form of business in which one party gives another rights to sell its products or services and use its business format in a certain geographic area. - Franchise

Individual who has shared ownership in a partnership but takes no part in managing it and has limited liability. - Limited Partner

Entity taxed like a sole proprietorship or partnership but maintains benefits of incorporation like limited liability. - S Corporation

An unincorporated business with one owner. - Sole Proprietorship

Business entity with two or more owners who share management and profits or losses. - Partnership

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3 years ago