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3 years ago

Explain what ‘closing the ledger’ means

Business

1 answer:

Aneli [31]3 years ago

8 0

Explanation:

The purpose of the closing entry is to reset the temporary account balances to zero on the general ledger, the record-keeping system for a company's financial data. ... All revenue and expense accounts must end with a $0 balance because they are reported in defined periods and are not carried over into the future.

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Two months ago, Lisa was honorably discharged from the Air Force where she spent four years training as an airplane mechanic. Af

Colt1911 [192]

Answer:

The maximum mortgage payment (PITI) a lender would allow for a conventional loan based on the housing expense ratio is:

$1,506.40

Explanation:

a) Data and Calculations:

Lisa works 40 hours at $18 an hour

Lisa weekly income = 40 * $18 = $720

Lisa monthly income = 40 *$18 * 4 = $2,880

Dave weekly income = $625

Dave's monthly income = $625 * 4 = 2,500

Total joint monthly income = $5,380

b) If Lisa and Dave, her husband, file jointly for taxes, then the maximum mortgage payment (PITI) they can make is 28% of the gross income.

Therefore PITI = $5,380 * 28% = $1,506.40

c) The housing expense ratio is the percentage of your gross monthly income devoted to housing expenses, which should not exceed 36% of your monthly or annual gross income. According to the general rule, the household expense payments, primarily rent or mortgage payments, cannot exceed more than 28% of the monthly or annual income.

7 0

3 years ago

________ is the investment in social relations with the expectation of returns in the marketplace.

marishachu [46]

Answer:

Social capital is the investment in social relations with the expectation of returns in the marketplace

Explanation:

4 0

3 years ago

"Cleaners & Solvents, Inc. (CSI), engages in deceptive advertising when it markets its product Dirt Remover as able to kill

ser-zykov [4K]

Answer: A multiple product order

Explanation:

A multiple product order is an order by the regulating body (Federal Trade Commission) to curb and desist from deceptive advertising of not only the target product but all the products produced by a particular firm that is engaged in deceptive advertising. Such as in the case above, the order to CSI is not only to stop its false advertising of dirt remover but also other products produced by CSI

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3 years ago

Help Asap! Answer All 4 Questions Please

aleksandrvk [35]

Answer:

i cant see that

Explanation:

8 0

3 years ago

Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the process, and conversion

Agata [3.3K]

Answer:

$2.38

Explanation:

Note : I have uploaded the full question below as an image

Step 1

Calculate the Equivalent units of production with respect to conversion costs

Units Completed and Transferred (81,000 x 100%) = 81,000

Plus Units in Ending Work In Process (9,000 x 20%) = 1,800

Total Equivalent Units = 82,800

Step 2

Calculate the Total Conversion Costs during the period

Total Conversion Costs = $197,380 (given)

Step 3

Calculate Cost per Equivalent Unit

Cost per Equivalent Unit = Total Cost ÷ Equivalent Units

= $197,380 ÷ 82,800

= $2.38

6 0

3 years ago