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ella [17]
2 years ago
13

TB MC Qu. 04-99 K. Canopy, the proprietor of Canopy Services... K. Canopy, the proprietor of Canopy Services, withdrew $6,200 fr

om the business during the current year. The entry to close the withdrawals account at the end of the year is:_______.
Debit K Canopy, Withdrawals $6,200; credit Cash, $6,200 Debit K.
Canopy, Capital $6,200; credit K. Canopy, Withdrawals $6,200 Debit K.
Canopy, Withdrawals $6,200; credit K. Canopy, Capital $6,200 Debit K.
Canopy, Capital $6,200, credit Salary Expense $6,200 Debit Income Summary $6,200; credit K. Canopy, Capital $6,200
Business
1 answer:
Svetlanka [38]2 years ago
4 0

Answer:

Debit K Canopy, Capital $6,200;

Credit K Canopy Withdrawals $6,200

Explanation:

With regards to the above, the entries to close the withdrawals account at the end of the year would be;

Debit K Canopy, Capital $6,200

Credit K Canopy Withdrawals $6,200

Capital is being debited because cash is being taken from the business, hence it will be debited, while withdrawal account would be credited since its receiving cash.

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If you put up $21,000 today in exchange for a 8.25 percent, 14-year annuity, what will the annual cash flow be
BartSMP [9]

Answer:

$2,584.34

Explanation:

we can use the present value of an ordinary formula to calculate this:

present value = annual payment x annuity factor

  • present value = $21,000
  • PV annuity factor, 8.25%, 14 periods = 8.12586

annual payment = present value / annuity factor = $21,000 / 8.12586 = $2,584.34

When the interest rates are not whole number, e.g. 4%, instead of trying to use a present value annuity table, you should look online for annuity calculators that will calculate the annuity factors for you.

8 0
2 years ago
Peter was in the market for a new boat to use at his lake house. He attends the local boat show with his neighbor Sean. He sees
liq [111]

Answer:

As the salesperson person gave the offer to Peter which he was not sure about, Peter said that he will come back in an hour but Peter didn't came instead his neighbour Sean came and asked salesperson to buy that boat on the price he told to person to according to the rule of offer this offer was made to Peter not Sean. If Peter would have accepted it then salesperson and Peter would be in contract but in this case now the offeror is Sean and Offeree if salesperson so it is up to him to accept the offer. Until the salesperson does not accept the offer then contract has not been form. If the salesperson accepts the offer of 35,750  then the contract will be formed.

3 0
3 years ago
'Partnership business can't be successful without mutual understanding'.justify this statement.​
Colt1911 [192]

Answer: See explanation

Explanation:

A partnership is a form of business operations that takes place between two or more people who come together, join their skills and resources together so as to achieve organizational aims, and make profit.

For a partnership to succeed, there must be a mutual understanding between the partners that are involved. The mission and the visions of the organization must be shared by all the partners and understood.

When the partners don't have an agreement in place and a clear understanding about how the partnership will be handled and decisions will be made, this will eventually being about the downfall of the partnership.

3 0
2 years ago
A call option has an exercise price of $70 and matures in six months. The current stock price is $71, and the risk-free rate is
zmey [24]

Answer:

=$0.98

Explanation:

GIVEN DATA:

amount to be matures is $70

current stock price is $71

risk free rate 4%

since standard deviation for stock is given as 0 therefore price os stock is remain same i.e. $71

pay off amount is $71 -$70 = $1

maturity period is of 6 month thus amount of call is calculated as

= 1 \times e^{-0.04 \times 0.5}

= 1\times 0.9801

=$0.98

7 0
3 years ago
You are putting the final touches on a proposal. It all looks good, but you realize you forgot to include the material costs. Th
disa [49]

Answer:

A phone call

Explanation:

In this case where the supply chain specialist who has the information is not online, the best way to contact him is via telephone call.

It is so, because it's very easy to reach out to people via telephone call.

One advantage of the telephone calls is that, calls can be made at anytime 24 hours a day, 7 days a week

Lastly, fhe telephone call, which serves as a connection between a caller with via human voice, creates a connection that's not present in other media.

6 0
3 years ago
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