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3 years ago

Which of the following is not an example of a liability?

Business

2 answers:

algol [13]3 years ago

5 0

Answer:

Explanation:

You are renting so you are temporarily living there, unlike a home owner. They own the home meaning they are responsible for the upkeep. Renters that responsability falls upon the land lord.

finlep [7]3 years ago

3 0

D , because liability means to be responsible for something, especially by law.

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if a trial balance totals do not agree, the difference must be entered in a. nominal account b. the profit and loss account C. t

Lena [83]

Answer:

d. the suspense account

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP).

Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.

In Financial accounting, if a trial balance totals do not agree, the difference must be entered in the suspense account

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3 years ago

Suppose that you won a lawsuit and were awarded a series of payments of $10,000 a year for 10 years. Assuming an interest rate o

DochEvi [55]

Okay. So it's $10,000 per year, which is $100,000 in 10 years. I'm not so sure how to solve it exactly, but I found a lump sum calculator online. I put the information on that and according to the calculator, today's payment in a lump sum would be $50,894.93. The future value is $100,000 with 10 periods (in this case, years) of the interest rate of 7% once per year. I think that the answer is $50,894.93.

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3 years ago

Mitch is a director and officer of Numero Uno, Inc. Mitch makes a marketing decision that results in a dramatic decrease in prof

Stells [14]

Answer:

As long as Mitch acted in good faith and tried to make the best possible decision regarding all available information, and his decision was something that any other person could have made, his mistake has to be considered a bad or negative business judgement (business judgement rule). He thought that his actions would benefit the corporation, but he was wrong and the corporation lost money. That types of mistakes are considered normal and just that, mistakes that anyone can make.

In regards with the second issue, that Mitch is a shareholder and a director of a firm that will directly compete with Numero Uno, he must inform the board about this and resign to either Numero Uno or One of a Kind.

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3 years ago

alderwood company has provided the following information prior to any year-end bad debt adjustment: cash sales, $455,000 credit

nordsb [41]

If sales discounts, $57,000 allowance for doubtful accounts credit balance, $3,800 alderwood prepares an aging of accounts receivable and the result shows that 5% of accounts receivable is estimated to be uncollectible. The bad debt expense is:$13,450.

<h3>How to determine the Bad debt expenses ?</h3>

First step is find the Required Balance using this formula

Required Balance =Accounts Receivables × Percentage of Uncollectible

Let plug in the formula

Required Balance =$345,000 × 5%

Required Balance =$17,250

Now let find the bad debt expenses using this formula

Bad debt expenses = Required Balance - Existing Credit Balance

Let plug in the formula

Bad debt expenses = $17,250 - $3,800

Bad debt expenses = $13,450

Therefore we can conclude that the Bad debt expenses is the amount of $13,450.

Learn more about Bad debt expenses here: brainly.com/question/24871617

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1 year ago

Use the following compound interest formula to complete the problem. A = P (1 StartFraction r over n EndFraction) superscript n

Tatiana [17]

Credit cards are the card which is given by banks to the customers for withdrawing some amount beyond the account balance. The card I's is increased by $1579.3 than card H.

<h3 /><h3>What is a credit card?</h3>

A credit card refers to a payment mechanism that helps both consumer and commercial business proceedings, including purchases and cash advances.

Computation of credit card's balance:

<u>Amount of </u><u>Card H </u><u>after 3 years:</u>

Given,

Principal(P) = $1,186.44

Interest Rate(r) = 14.74%

Number of time period(n) = 3 years.

Applying the above values in the formula given in the question:

$\text{A} = \text{P}(1+ \dfrac{r}{n} )^n^t\\\\\\\text{A} =\$1,186.44(1+ \dfrac{14.74\%}{3} )^3\\\\\\\text{A}= \$1792.2$