Answer:
a. It is a collection of all accounts with their activity and balances that exist in a business. - A general ledger
The General Ledger is the central record in an accounting system and contains a record of all financial transactions in the company.
b. It is a book of original entry that includes a chronological record of all transactions that Have occurred within a business during a period occurred. - A Journal
When a transaction takes place in a business, it is recorded first in a Journal. As such, a journal contains a chronological record of all transactions that have occurred within a business during a period occurred.
c. It is a list of each account and its balance at any given time and is used to verify that debits = credits
. - Trial Balance
The Trial Balance helps a business balance its debits and credits by listing them so then equating them to verify that indeed the debits match the credits.
d. It is a list of all ledger accounts which exist in a business and includes an identification number assigned to each account
. - A chart of accounts
Answer: $2100
Explanation:
From the question, we are informed that Oakley Company does not ring up sales taxes separately on the cash register and that the total receipts for February amounted to $32,100 and the sales tax rate is 7%.
The amount that must be remitted to the state for February's sales taxes will be:
= $32,100/(1+7%) × 7%
= $32100/(1 + 0.07) × 0.07
= $32100/1.07 × 0.07
= $2100
Answer:
$2,200,000 gain
Explanation:
When the amount received from the disposal of an asset is lower than the carrying or net book value (NBV) of the asset, the company makes a loss on disposal otherwise, the company makes a gain on disposal.
The carrying amount of the asset is the difference between the asset's cost and accumulated depreciation as at the date of disposal.
Asset NBV = $2,000,000 - $1,200,000
= $800,000
Gain/(loss) on disposal = $3,000,000 - $800,000
= $2,200,000
Answer: D. Occupational license
Explanation: Occupational licenses are issued by government agencies are a form of validation that a worker has completed a certain type of education or passed a certain test.
Answer:
The correct option is C ,$15,300
Explanation:
GDP is a short form of Gross Domestic Product which is an indicator of total goods produced in an economy in a period of one year.
Using the expenditure method,GDP van be computed using the below formula:
GDP=C+I+G+(X-M)
C is the consumption in the economy which is $9000
I is the level of investment at $3,000
G is the government expenditure of $3,500
X is the export of $2,500
M is the import of $2,700
GDP=$9000+$3000+$3500+($2500-$2700)
GDP=$15,300
Hence the GDP is $15,300
