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3 years ago

The capital account records Question 2 options:

Business

1 answer:

Paraphin [41]3 years ago

3 0

Answer:

c. transactions involving foreign investment in the United States and U.S investment abroad.

Explanation:

The capital account provides the record of foreign investment transactions occurring between a country and another country. It gives an idea of money coming in and out of the state. A surplus in the capital account record is indicative of the inflow of money in the country, while a deficit indicates the loss of money.

Debt accrued by a country, banking, loans and investment are all reflected in the capital account record. So, for a person to determine a nations assets and liabilities, the capital account would provide an accurate insight to that information.

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The adjusted trial balance of Concord Company shows the following data pertaining to sales at the end of its fiscal year, Octobe

Sonbull [250]

Answer:

Sales revenue 728,400

Sales R&A (25,320)

Delivery Expense (12,780) * considered freight-out

sales discount <u> (12,380) </u>

net sales: 677,920‬

sales revenue 728,400 debit

income summary 728,400 credit

--to close revenues accounts--

income summary 50,480

Delivery Expense 12,780

Sales Returns and Allowances 25,320

Sales Discounts 12,380.

--to close the contra account to sales---

Income summary 677,920

Retained Earnings 677,920

Explanation:

4 0

3 years ago

These bonds are collateralized securities with first claims in the event of bankruptcy. These bonds are not backed by any physic

nasty-shy [4]

Answer:

Subordinated debentures - Ranks the lowest in terms of priority with regards to claim on assets, is the riskiest of all. Higher the risk, higher would be the return offered on the bond.

Debentures - These bonds are those which are not backed by any collateral. Issued by both corporations as well as governments, debentures are backed only by the general creditworthiness and reputation of the issuer.

Senior Mortgage Bonds - 'Senior' means they rank high in terms of claims on assets and 'Mortgage' implies they are backed by collateral.

3 0

3 years ago

Credit and debit

MrRissso [65]

Answer:

Motorcycle A/c Dr. 65,000

To Cash A/c 65,000

Motorcycle is asset

asset will be Dr. when increase

Cash is asset and

asset will be Cr. when decrease

buying motorcycle from cash,

Motorcycle coming cash going

Motorcycle → Debit

Cash → Credit

6 0

3 years ago

Read 2 more answers

During the current year, the Guileman Manufacturing Company signed a noncancelable contract to purchase 1,000 lbs. of a raw mate

Dovator [93]

Answer:

B) A loss of $6,000 in the income statement.

Explanation:

The appropriate journal entry should be:

December 31 (recognition of loss on purchase commitments)

Dr Loss on Purchase Commitments account 6,000
Cr Accrued Loss on Purchase Commitments account 6,000

Since the price of raw materials lowered by $6,000, the company lost money on its purchase commitments:

Purchase commitments loss = contracted price - market value = $32,000 - $26,000 = $6,000

The loss on purchase commitments is an expense, and accrued loss on purchase commitments is a liability.

5 0

3 years ago

According to the law governing mortgage loan brokers, what is the maximum commission Broker Claire can charge for securing a $50

swat32

The maximum commission that Broker Claire can charge for securing a $50,000 first mortgage is $2,500.

Basically, a broker is entitled to a commission as a compensation.

The law governing mortgage loan brokers states that the maximum commissions for loans of a period of 2 years is 5% of the principal of a loan of less than 3 years.

Since the broker secure a $50,000 first mortgage.

Commission = $50,000 * 5%

Commission = $2,500

In conclusion, the maximum commission that Broker Claire can charge for securing a $50,000 first mortgage is $2,500.