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3 years ago

On January 14, Whispering Winds Corp. purchased supplies of $460 on account. The entry to record the purchase will include

Business

1 answer:

leonid [27]3 years ago

3 0

Answer:

Debit : Supplies $460

Credit : Accounts Payable $460

Explanation:

The entry to record the purchase of supplies will include a Debit to Asset Account - Supplies and a Credit to Liability Account - Accounts Payable at value of $460.

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David is buying a new car for $21,349.00. He plans to make a down payment of $3,000.00. If he's to

marshall27 [118]

Answer: (D) 5.90%

Explanation: David is going to buy a new car at $21,349.

The down payment is $3,000.

Loan amount (Present value) = $21,349 - $3,000

Loan amount (Present Value) = $18,349

Installment amount (pmt) = $352

As the payment is made monthly (12 months in a year),

Number of payments = 5 * 12

Number of payments = 60

Using the rate option in excel,

$=rate(nper,pmt,-pv,fv,type)$

Insert the variables into the option, we get

$=rate(60,352,-18349)$

By inserting the above formula in excel we get,

Rate = 0.47%

Rate of 0.47% is monthly, to get APR

$APR = (1+monthly rate)^12 - 1$

$APR = (1+0.0047)^12 - 1$

$APR = (1.0047)^12 -1$

$APR = 1.0586 - 1$

APR = 0.0586

APR = 5.86% or 5.90%

Therefore the correct option is 5.90%.

8 0

3 years ago

Identify the uses of generally accepted accounting principles (GAAP). A. Independent accountants use GAAP to determine the amoun

lora16 [44]

Answer:

The correct option is;

B. Companies use GAAP when preparing financial statements

Explanation:

Generally Accepted Accounting Principles (GAAP) are the guidelines with regards to the standards, principles, practices and procedures of financial statement compilation by accountants issued by the Financial Accounting Standards Board (FASB). It is a requirement that all publicly quoted companies make use of GAAP for their financial compilation.

GAAP comprises of the generally accepted accounting records reporting and recording methods as well as policy board standards of accounting procedures.

7 0

3 years ago

Define cultural intelligence<br>How important is it terms of doing business globulty

Alex17521 [72]

Cultural Intelligence can be described as the capability of a person to relate and communicate to different cultures including his own. This can be very important in terms of doing global business involving different cultures. This intelligence can be used to analyze other cultural techniques and easily relate to them.

4 0

3 years ago

g Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $276,000 and credit

abruzzese [7]

Answer:

accounts receivable = $276,000

total credit sales = $1,000,000

3% of accounts receivable will not be decollete = $276,000 x 3% = $8,280

if allowance for doubtful accounts has a credit balance of $2,200, you must add = $8,280 - $2,200 = $6,080

the adjusting entry should be:

Dr Bad debt expense 6,080

Cr Allowance for doubtful accounts 6,080

Since allowance for doubtful accounts is a contra asset account it has a credit balance that reduces the value of accounts receivable.

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3 years ago

Which organization establishes relationships with financial institutions to offer home ownership programs that include down paym

iVinArrow [24]

National Housing Federation establishes relationships with financial institutions to offer homeownership programs that include down payment assistance through grants and favorable terms.

<h3>What is National Housing Federation?</h3>

NHF housing association members provide homes for approximately six million people and are motivated by a social purpose: providing good quality housing at an affordable price.
NHF assists its members in achieving that social purpose through ambitious work that results in positive change.
The NHF offers interest-free season ticket loans and a cycle-to-work salary sacrifice scheme that covers the cost of a bike and accessories.
NHF also provides an interest-free loan to assist you with a deposit when renting a home.
The National Housing Federation works with financial institutions to offer homeownership programs that include down payment assistance in the form of grants and favorable terms.

Therefore, National Housing Federation establishes relationships with financial institutions to offer homeownership programs that include down payment assistance through grants and favorable terms.

Know more about National Housing Federation here:

brainly.com/question/899282

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7 0

2 years ago