Which of the following is NOT a common credit card fee?

What type of relationship exist between money supply and prices?

Anna35 [415]

Supply and price are both linked to the demand of a product. The higher the demand the higher the consumer(s) are willing to pay a price for a specific good and or service.

6 0

3 years ago

Read 2 more answers

Today, about _____ of households nearing retirement have 401(k)-type of accounts.

butalik [34]

About 1,000

Thousands of housholds will have 401(k)s

4 0

3 years ago

Indigo Corporation purchased trading investment bonds for $55,000 at par. At December 31, Indigo received annual interest of $2,

babunello [35]

Answer:

(a) the purchase of the investment

Dr. Investment in trading security $55,000

Cr. Cash $55,000

(b) the interest receive

Dr. Interest receivable $2,200

Cr. Interest on Investment (income) $2,200

Dr. Cash $2,200

Cr. Interest receivable $2,200

(c) the fair value adjustment

Dr. Unrealized Loss $2,500

Cr. Investment in trading security $2,500

Explanation:

Trading Investment Bonds are recorded as assets and these are reported at fair value. Any gain or loss arising from the fair value adjustment will be recorded. Fair value adjustment should be made at end of each reporting period and when a significant difference arose. Gain from the fair value adjustment will increase the value of Investment in trading security and loss will decrease the value.

Unrealized gain = Current Book value of Investment - Fair value

Unrealized gain = $55,000 - $52,500

Unrealized gain = $2,500

6 0

3 years ago

During 2018, TRC Corporation has the following inventory transactions.

Soloha48 [4]

Answer:

Results are below.

Explanation:

Giving the following information:

Jan. 1 Beginning inventory 48 $40 $1,920

Apr. 7 Purchase 128 42 5,376

Jul. 16 Purchase 198 45 8,910

Oct. 6 Purchase 108 46 4,968

For the entire year, the company sells 427 units of inventory for $58 each.

Ending inventory units= 482 - 427= 55

1)

Under the FIFO (first-in, first-out) method, the ending inventory is calculated using the cost of the lasts units remaining in inventory.

Ending inventory= 55*46= $2,530

COGS= 48*40 + 128*42 + 198*45 + 53*46= $18,644

Revenue= 427*58= $24,766

Gross profit= 24,766 - 18,644= $6,122

2)

Under the LIFO (last-in, first-out) method, the ending inventory is calculated using the cost of the firsts units remaining in inventory.

Ending inventory= 48*40 + 7*42= $2,214

COGS= 108*46 + 198*45 + 121*42= $18,960

Revenue= 427*58= $24,766

Gross profit= 24,766 - 18,960= $5,806

3)

First, we need to calculate the weighted-average cost:

weighted-average cost= (40 + 42 + 45 + 46) / 4= $43.25

Ending inventory= 55*43.25= $2,378.75

COGS= 427*43.25= $18,467.75

Revenue= 427*58= $24,766

Gross profit= 24,766 - 18,467.75= $6,298.25

6 0

3 years ago

Which item are mis-categorized balance sheet?

ivann1987 [24]

Answer:

B and C are mis-categorized balance sheet.

Explanation:

A. Accounts Payable: Accounts payable refers to amounts that are due to be paid by a company to vendors or suppliers of goods or services received without making payments yet. This is a liability item and the categorization is correct.

B. Prepaid expenses: These are advanced payments made by a company for commodities yet to receive. This is an asset item and the categorization is not correct.

C. Accounts Receivable: These refers to amounts that are owed to a company by its debtors for goods or services supplied to them for which they are yet to pay for. This is an asset item and the categorization is not correct.

D. Accrued expenses: These refers to expenses that have been incurred by a company but which the company is yet to pay for. This is a liability item and the categorization is correct.

E. Unearned revenue: This refers to advanced payment received by a company in respect of goods it is yet to deliver or services it is yet to render. This is a liability item and the categorization is correct.

F. Long-term debt: This refers to the amount of of outstanding debt of business with a maturity of 12 months or longer. This is a liability item and the categorization is correct.

Conclusion

Only B and C are mis-categorized balance sheet. The reason is that they are both asset items, current assets to be specific, not liability items.

6 0

3 years ago