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2 years ago

Which of the following correctly describes a general ledger?

Business

1 answer:

OLEGan [10]2 years ago

6 0

Answer:

A listing of all asset, liability, owners' equity, revenue, expense, and dividend accounts sorted according to its debit or credit balance.

Explanation:

A general ledger stores and summarizes all accounts a business operates. It is the source of financial information required to prepares financial statements.

The general ledger is a summary of a company bookkeeping system. It arranges or sorts the business accounts as the balance sheet order. Assets accounts appear first, then liability accounts, and lastly, the equity accounts.

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Kirov, Inc. reports credit sales of $200,000 for the year ending December 31, 2015. The year- end unadjusted balance of its Allo

Korvikt [17]

Answer:

D. $12,000

Explanation:

Allowance for Doubtful accounts = Credit sales * Rate

Allowance for Doubtful accounts = $200,000 * 6%

Allowance for Doubtful accounts = $12,000

Allowance for doubtful account

Particulars Particulars

Balance brought forward $9,000 Bad debts $12,000

Balance carried forward $3,000

Total $12,000 Total $12,000

Therefore, the amount to be debited to Bad debts and credited to Allowance for Doubtful accounts is $12,000.

4 0

2 years ago

Comfort Cords produces curtain cords. In the process of manufacturing those cords, it also produces hair ties which are sold sep

hoa [83]

Answer:

$609,000

Explanation:

The revenue in June for Comfort Cords is the sum of the revenue from cords and hair ties.

The revenue from each is the product of the unit selling price and the quantity sold.

= 50000 * $12 + 9000 * $1

= $600,000 + $9000

= $609,000

3 0

3 years ago

Vance has a vested account balance in his employer-sponsored qualified profit-sharing plan of $40,000. He has two years of servi

Maurinko [17]

Answer: $5,000

Explanation:

Per the requirements of qualified plans that permit loans, the maximum amount that an individual can withdraw is whichever is lesser between $50,000 and 50% of their Vested Account Balance.

Vance in this scenario has a vested account balance of $40,000.

50% of that would be $20,000.

That means that he can be loaned $20,000. However, he already has an outstanding loan balance that must be accounted for of 15,000.

Subtracting those figures we have,

= 20,000 - 15,000

= $5,000

The maximum loan that Vance can take from the qualified plan is $5,000

7 0

3 years ago

Sister Pools sells outdoor swimming pools and currently has an aftertax cost of capital of 11.6 percent. Al's Construction build

Aloiza [94]

Answer:

$1,952 (Positive NPV)

Explanation:

Year Annual CF ($) PV factor at 10.30% PV of Cash Flow ($)

1 17,000 0.90662 15,413

2 17,000 0.82196 13,973

3 17,000 0.74520 12,668

4 17,000 0.67561 11,485

5 17,000 0.61252 10,413

6 17,000 0.55532 9,441

7 17,000 0.50347 8,559

TOTAL 1.73554 81,952

Net Present Value (NPV) = Present value of annual cash flows - Initial Cost

Net Present Value (NPV) = $81,952 - $80,000

Net Present Value (NPV) = $1,952 (Positive NPV)

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3 years ago

What is the term of shipping directly from the supplier to the end consumer rather than from the seller, saving both time and r

Citrus2011 [14]

The term which describes the shipping who directly supplies from the supplier to the end consumer rather than from the seller, saving both time and reshipping costs is "Drop Shipping."

<h3>What is drop shipping?</h3>

When a vendor creates a website & sells items that they do not maintain in stock, this practice is known as drop-shipping.

Some key features of drop shipping are-

A third party, such as a manufacturer, another store, or a wholesaler, receives an order from the seller and ships the products straight to the customer.
A rapidly spreading trend involves online middlemen who charge you more money by keeping the difference between both the wholesale and prices.
Although drop-shipping is not prohibited, there is a lot of potential for issues and abuse on the part of both customers and sellers.
Following an online purchase, the drop-shipping company sends the ordered item directly to the consumer.
It provides both big and small businesses with a way to source goods, earn some extra cash, and free up some storage space.

To know more about drop shipping, here

brainly.com/question/13959949

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7 0

1 year ago