Answer:
a. Budgets are detailed forward-looking financial reports based on expected income and expenses.
Explanation:
A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year. Budgets are usually compiled, analyzed and re-evaluated on periodic basis.
The first step of the budgeting process is to prepare a list of each type of income and expense that will be part of the budget.
The final step by the management of an organization in the financial decision making process is making necessary adjustments to the budget.
The benefits of having a budget is that it aids in setting goals, earmarking revenues and resources, measuring outcomes and planning against contingencies.
It is typically used by various organizations or companies due to the fact that, it's tied directly to the strategy and tactics of a company on an annual basis. Also, it is used to set a budget for marketing efforts while anticipating on informations about the company.
Answer: $14,426.43
Explanation:
At the end of 4 months and assuming a 12 months and 365 days in a year, the formula to be used to calculate how much Rahul owes is;
We use the formula:
Amount owed = Present Value ( 1 + rate/365 ) ^ 365 * time period
Amount owed = 14,000 * ( 1 + 0.09/365 ) ^ (365 *4/12 )
Amount owed = $14,426.43
Answer:
C)Failing to make payments
<h3>
What is failure to make payments?</h3>
- Default is the failure to make required interest or principal repayments on a debt, whether that debt is a loan or security.
- Individuals, businesses, and even countries can default on their debt obligations. Default risk is an important consideration for creditors.
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Answer:
Credit Treasury Stock $20,000
Explanation:
Treasury shares are those share which is bought back by the company. Treasury stock account is the contra equity account which is deducted from the equity value.
Journal Entry for Re-issuance of treasury stock
Dr. Cash ( 1,000 x $11 ) $11,000
Dr. Add-in capital Treasury stock $9,000
Cr. Treasury Stock ( 1,000 x $20 ) $20,000
Due to debit nature of treasury stock it is credit to reduce the balance of treasury stock.