All categories

3 years ago

The first step of the accounting cycle is to

Business

1 answer:

patriot [66]3 years ago

6 0

d: analyze business transactions

before you can start your process cycle you need to analyze what you have.

You might be interested in

Given a 7 percent interest rate, compute the present value of payments made in years 1, 2, 3, and 4 of $1,000, $1,300, $1,300, a

PolarNik [594]

Answer:

$4,199.29

Explanation:

Year 1 Payment value = $1,000

Year 2 Payment value = $1,300

Year 3 Payment value = $1,300

Year 4 Payment value = $1,400

Present value of Payments = [(FV year 1 / (1+r)^1)+(FV year 2 / (1+r)^2)+(FV year 3 / (1+r)^3)+(FV year 4 / (1+r)^4)

Present value of Payments = [(1000/(1+0.07)^1)+(1300/(1+0.07)^2)+(1300/(1+0.07)^3)+(1400/(1+0.07)^4)

Present value of Payments = $4,199.29

8 0

3 years ago

KAJ Incorporated purchased a machine costing $250,000 by paying $35,000 and signing a $215,000 note payable. How would this tran

Firdavs [7]

KAJ Incorporated purchased a machine costing $250,000 by paying $35,000 and signing a $215,000 note payable. How would this transaction be reported within the cash flow from investing activities section of the cash flow statement? ... It would not be reported in the investing activities section of the cash flow statement.

7 0

3 years ago

What item(s) are tax deductible for consumers who are buying or renting a home?

olasank [31]

Being a new home owner, I can tell you a few tax deductibles. They are:
1. Mortgage interest
2. Property taxes
3 Moving costs

4 0

4 years ago

Determine which of the following statements is correct regarding the relationship of ending inventory and beginning inventory.

antiseptic1488 [7]

The ending inventory of the previous period is the beginning inventory of the current period.

Beginning inventory is the amount of a product. A commercial enterprise has in stock at the start of an accounting length which includes a month or 12 months. due to the fact each accounting length connects to the subsequent, the beginning inventory of one length will be similar to the ending inventory of the previous.

Beginning inventory, or opening inventory, is your inventory cost at the beginning of an accounting duration. For that reason, finishing inventory, or last inventory is the cost of the stock at the top of an accounting duration.

Ending inventory is the value of goods nevertheless available for sale and held via a business enterprise at the end of an accounting length. The dollar amount of ending stock may be calculated by the usage of multiple valuation techniques.

Learn more about Beginning inventory here: brainly.com/question/24868116

#SPJ4

6 0

2 years ago

Based on the projections, Decker will have a. a financing deficit of $36 b. a financing surplus of $36 c. zero financing surplus

GalinKa [24]

Answer:

B, A financing surplus of $36

Explanation:

As the question is incomplete so firstly I am going to write the question for you first and its solution

Question: Decker Enterprises Below are the simplified current and projected financial statements for Decker Enterprises. All of Decker's assets are operating assets. All of Decker's current liabilities are operating liabilities. Income statement Current Projected Sales na 1,500 Costs na 1,080 Profit before tax na 420 Taxes (25%) na 105 Net income na 315 Dividends na 95 Balance sheets Current Projected Current Projected Current assets 100 115 Current liabilities 70 81 Net fixed assets 1,200 1,440 Long-term debt 300 360 Common stock 500 500 Retained earnings 430 650 Based on the projections, Decker will have

Solution :

We need to find total assets first

Current assets = 115

Net fixed assets = 1440

Total assets = 115+1440= 1555

Secondly, we need to find sum of liabilities and stockholder equities to compare them with Total assets.

Liabilities = current liabilities + long term debt

Liabilities = 81 + 360 = 441

Equity = Common stock + retained earnings

Equity = 500 + 650 = 1150

Total equity + liabilities = 1591

Financial Deficit/Surplus = Total assets - Total liabilities and stockholder equity

Financial Deficit/Surplus = 1555 - 1591

Financial Deficit/Surplus = -36 surplus

8 0

3 years ago