Question 7 of 10

Having a _____ normally means you are just clocking in and out. When you have a _____, you are required to manage time well and

givi [52]

The answer is D: job/career

5 0

2 years ago

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A company purchased land for $82,000 cash. Commissions of $8,000, property taxes of $8,500, and title insurance of $2,200 were a

AleksAgata [21]

Answer:

the amount that company should record the land is $97,600

Explanation:

The computation of the amount that company should record the land is shown below:

The Amount should be recorded for land is

= Purchase price + Commission + Property tax paid on behalf of seller + Title insurance

= $82,000 + $8,000 + $5,400 + $2,200

= $97,600

hence, the amount that company should record the land is $97,600

7 0

2 years ago

On December 1, Showcase Interiors purchased a shipment of furniture from Colonial House by paying $10,500 cash and issuing an in

Westkost [7]

Answer:

A) using an excel spreadsheet and the NPV function, I calculated the present value of the note to be $24,036.49

=NPV(1.5%, 24 values of 1200 each) = $24,036.49

B)

December 1, merchandise purchase:

Dr Merchandise inventory 34,536.49

Cr Cash 10,500

Cr Notes payable - Colonial House 24,036.49

Cr Interest payable - Colonial House 4,763.51

December 31, first installment in note payable:

Dr Notes payable - Colonial House 768

Dr Interest payable - Colonial House 432

Cr Cash 1,200

Interest = $28,800 x 1.5% = $432

C) If the note payable is classified as a current liability:

Current liabilities:

Notes payable - Colonial House $23,268.49

Interest payable - Colonial House $4,331.51

8 0

2 years ago

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What is the difference between an internal obstacle and an external obstacle to time management?

wolverine [178]

Internal obstacle can rise from within the organization causing problems while external obstacle is from outside

3 0

3 years ago

What is the purpose of the owner capital account in the closing process? a.Owner capital is where the period's net income or los

Setler [38]

Answer:

The correct answer is a.Owner capital is where the period's net income or loss is transferred.

Explanation:

The income and expense accounts are canceled and closed at the end of each accounting period, transferring their balances to a summary bridge account entitled "profit and loss", where the balances are summarized. The amounts of the profit and loss account, which reflect the net profit or loss for the period, are transferred to the owner's capital account. These operations are necessary because:

Revenues really increase stockholders' equity, while expenses decrease it.
Through the accounting period these increases and decreases are accumulated in income and expense accounts, not within the owner's capital account.
Closing entries at the end of each accounting period transfer the net effect of these increases and decreases, from the income and expense accounts to the owner's capital account.

In addition, closing entries allow income and expense accounts to start each of the new accounting periods with zero balances. This is also necessary because:

The income statement reflects the income and expenses incurred during an accounting period and is prepared based on the information recorded in the income and expense accounts.
These accounts must begin each new accounting period with a zero balance, if it is desired that the end-of-period balances accurately reflect the income and expenses of said period.

4 0

3 years ago