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OlgaM077 [116]
3 years ago
6

Once a trial balance has been prepared, the next step of the accounting cycle involves: a. Classifying the transactions into log

ical categories. b. Preparing financial statements such as the balance sheet, income statement, and statement of cash flows. c. Completing a balance sheet and ratio analysis. d. Posting the information to the correct ledger accounts.
Business
1 answer:
Mice21 [21]3 years ago
3 0

Answer:

The correct answer is letter "B": Preparing financial statements such as the balance sheet, income statement, and statement of cash flows.

Explanation:

A trial balance is a worksheet listing the debit and credit balances of all the ledger accounts for an entity. Under accounting theory, the total of all the debits must equal the total of all the credits. Since the trial balance is a list of all the accounts it serves as an accuracy check before the company prepares the financial statements including the <em>Balance sheet, Income </em>and <em>Cash Flows Statements</em>.

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An account with a financial institution used to pay taxes and insurance is called _____
Otrada [13]

An account with a financial institution used to pay taxes and insurance is called An escrow account.

Answer is An escrow account

5 0
3 years ago
Read 2 more answers
Using the summary of the accident, calculate the total dollar value of the property damage
NARA [144]

Answer:

The summary of the accident, calculate the total dollar value of the property damage  Stephanie caused is explained below in detail.

Explanation:

The term 100/300/100 coverage indicates that a character has coverage of $100,000 physical damage mortgage coverage per person, $300,000 total physical damage mortgage insurance per accident, and $100,000 property loss accountability per accident.

So, in case Stephanie prompted a property and accident destruction, then $1,00000 will be sustained by the insurance corporation and above this value, it will be paid by Stephanie.

8 0
3 years ago
Assume that you finance a new car when you graduate. It will cost $120,000 and you will finance it with a 84 month contract havi
shusha [124]

Answer: $1942.89

Explanation:

Since the car will cost $120,000 and it will be financed with a 84 month contract having a nominal rate of 9.20%, then the monthly payment will be:

= PMT(9.2%/12, 84, -120000)

This will be slotted into the Excel calculator and the answer gotten will be $1942.89

Therefore, the monthly payment will be $1942.89.

6 0
3 years ago
Xie Company identified the following activities, costs, and activity drivers for this year. The company manufactures two types o
san4es73 [151]

Answer:

Results are below.

Explanation:

<u>First, we need to calculate the plantwide predetermine manufacturing overhead rate:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

total estimated overhead costs for the period= (625,000 + 900,000 + 105,000 + 175,000 + 300,000 + 75,000)

total estimated overhead costs for the period= $2,180,000

Predetermined manufacturing overhead rate= 2,180,000 / 125,000

Predetermined manufacturing overhead rate= $17.44 per direct labor hour

<u>Now, we can allocate overhead to each product line:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

<u>Deluxe:</u>

Allocated MOH= 17.44*2,500

Allocated MOH= $43,600

<u>Basic:</u>

Allocated MOH= 17.44*6,000

Allocated MOH= $104,640

6 0
3 years ago
Andrew paid $30 to buy a potato cannon, a cylinder that shoots potatoes hundreds of feet. He was willing to pay $45. When Andrew
irinina [24]

Answer:

The total surplus from Andrew's sale to Nick is $35.

Explanation:

The total surplus is the sum of producer surplus and consumer surplus.

The consumer surplus is the difference between the maximum price a consumer is willing to pay for a product and the price he/she actually has to pay.

While producer surplus is the difference between the minimum price a producer is willing to accept for a product and the price he/she actually gets.

Consumer surplus for Nick

= $80 - $60

= $20

Producer surplus for Andrew

= $60 - $45

= $15

Total surplus from generated from Andrew's sale to Nick

= $20 + $15

= $35

3 0
3 years ago
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