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Marina CMI [18]
3 years ago
15

6) On June 4rd Chandler & Monica Grocery Store collected sales of $5,000 and sales taxes of $200. What is the journal entry

that Chandler & Monica Grocery Store needs to record for this activity? (You may or may not need all rows of this textbox)
Business
1 answer:
Mademuasel [1]3 years ago
6 0

Answer:

Explanation:

The journal entry is shown below:

Cash A/c Dr $5,200

     To Sales revenue A/c $5,000

      To Sales tax payable A/c $200

(Being the cash is collected in respect of sales and sales tax)

Since the cash is collected so we debited the cash accounts and the sale is made. Along with it, the sale tax is also collected so these two accounts are credited.

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Springfield mogul Montgomery Burns, age 80, wants to retire at age 100 so he can steal candy from babies full time. Once Mr. Bur
masha68 [24]

Answer:

Springfield mogul, Montgomery Burns

How large of an annual deposit must be made to fund Mr. Burns retirement plans:

= $94,644,751.67

Explanation:

a) Data and Calculations:

Age of Mr. Burns now = 80 years

Retirement age = 100 years

Annual withdrawal at the beginning of each year for 10 years = $500 million

Special offshore account pays interest = 18% annually

Investment for funding retirement:

Deposits = 20 equal end-of-the year deposits in the same special offshore account above.

b) Calculation of Future value of annual deposit after 20 years:

FV (Future Value) $13,877,572,093.01

PV (Present Value) $2,651,510,914.01

N (Number of Periods) 10.000

I/Y (Interest Rate) 18.000%

PMT (Periodic Payment) $500,000,000.00

Starting Investment $0.00

Total Principal $5,000,000,000.00

Total Interest $8,877,572,093.01

c) Calculation of Annual Deposit to reach the future value target of $13,833,567,810.87:

FV (Future Value) $13,877,567,810.87

PV (Present Value) $506,609,362.98

N (Number of Periods) 20.000

I/Y (Interest Rate) 18.000%

PMT (Periodic Payment) $94,644,751.67

Starting Investment $0.00

Total Principal $1,892,895,033.42

Total Interest $11,984,672,777.45

d) Mr. Burns will need to contribute $94,644,751.67 at the end of each period to reach the future value of $13,877,572,093.01.  Both the future value of deposits of $13,877,567,810.87  and the annual periodic payment of $94,644,751.67  are determined using online financial calculator.

4 0
3 years ago
All of the following are functions of a knowledge management system EXCEPT: a. designing information systems. b. improving colla
Alika [10]

Answer:

designing information systems

Explanation:

knowledge management system are system designed to managed the knowledge of a company. The design of IT Systems is not under it scope.

7 0
3 years ago
On the basis of this information, what were total maintenance costs when the company experienced 23,000 machine hours of activit
spayn [35]

Answer:

Results are below.

Explanation:

<u>First, we need to calculate the total cost for each activity level:</u>

High activity level= 27,000*27.3= $737,100

Low activity level= 23,000*34.3= $788,900

<u>Now, using the high-low method, we can determine the variable and fixed costs:</u>

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (788,900 - 737,100) / (27,000 - 23,000)

Variable cost per unit= $12.95 per machine-hour

Fixed costs= Highest activity cost - (Variable cost per unit * HAU)

Fixed costs= 788,900 - (12.95*27,000)

Fixed costs= $439,250

Fixed costs= LAC - (Variable cost per unit* LAU)

Fixed costs= 737,100 - (12.95*23,000)

Fixed costs= $439,250

<u>Finally, for 25,000 hours:</u>

Total cost= 439,250 + 12.95*2,5000

Total cost= $763,000

8 0
3 years ago
What do you call a person who calls your bank or other financial institution pretending to be you or someone else who is authori
frosja888 [35]

A pretexter is a person who calls your bank or other financial institution pretending to be you or someone else who is authorized on the account.

What is pretexting?

  • Pretexting is the act of creating and using an invented scenario (the pretext) to engage a targeted victim in a manner that increases the chance the victim will divulge information or perform actions that would be unlikely in ordinary circumstances.
  • An elaborate lie, it most often involves some prior research or setup and the use of this information for impersonation (e.g., date of birth, Social Security number, last bill amount) to establish legitimacy in the mind of the target.
  • As a background, pretexting can be interpreted as the first evolution of social engineering, and continued to develop as social engineering incorporated current-day technologies. Current and past examples of pretexting demonstrate this development.
  • This technique can be used to fool a business into disclosing customer information as well as by private investigators to obtain telephone records, utility records, banking records and other information directly from company service representatives.
  • The information can then be used to establish even greater legitimacy under tougher questioning with a manager, e.g., to make account changes, get specific balances, etc.
  • Pretexting can also be used to impersonate co-workers, police, bank, tax authorities, clergy, insurance investigators or any other individual who could have perceived authority or right-to-know in the mind of the targeted victim.
  • The pretexter must simply prepare answers to questions that might be asked by the victim. In some cases, all that is needed is a voice that sounds authoritative, an earnest tone, and an ability to think on one's feet to create a pretextual scenario.

To learn more about Pretexting: brainly.com/question/10311345

#SPJ4

8 0
1 year ago
What happened to the American and Filipino troops that surrounded on the Philippines
cestrela7 [59]
On this day in 1942, U.S. Lieutenant General Jonathan Wainwright surrender all U.S. troops in the Philippines to the Japanese
4 0
3 years ago
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