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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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What percentage of each dollar of sales affected net income given Sales of $120,000; Cost of Goods Sold of $70,000; Operating Ex

Romashka [77]

Answer: 25%

Explanation:

3 0

2 years ago

Prepare traditional and contribution margin income statements (Learning Objective 6) The Willowick Ice Cream Shoppe sold 8,700 s

Leto [7]

Answer:

Sales Revenues 26100

COGS 5655

gross profit 20445

rent expense 1600

depreciation expense 200

operating expense 2600

net income 16045

Sales Revenues 26100

Variable Cost 6305

Contribution margin 19795

rent expense 1600

depreciation expense 200

fixed operating expense 1950

net income 16045

Explanation:

traditional:

COGS

$12 tub / 30 ice cream cones = $0.40

+ 0.25 ice cream cones

total per unit 0.65

8,700 x 0.65 = 5655

Gross profit: sales revenue less COGS

then, we subtract the rent expense, depreicaiton expense and operatign expenses to get net income.

contribution the variable cost will be subtracted from the sales revenues

that will include the 75% of the operating expenses

The difference between sales revenue and variable cost is called contribution margin.

6 0

2 years ago

Springfield mogul Montgomery Burns, age 80, wants to retire at age 100 so he can steal candy from babies full time. Once Mr. Bur

masha68 [24]

Answer:

Springfield mogul, Montgomery Burns

How large of an annual deposit must be made to fund Mr. Burns retirement plans:

= $94,644,751.67

Explanation:

a) Data and Calculations:

Age of Mr. Burns now = 80 years

Retirement age = 100 years

Annual withdrawal at the beginning of each year for 10 years = $500 million

Special offshore account pays interest = 18% annually

Investment for funding retirement:

Deposits = 20 equal end-of-the year deposits in the same special offshore account above.

b) Calculation of Future value of annual deposit after 20 years:

FV (Future Value) $13,877,572,093.01

PV (Present Value) $2,651,510,914.01

N (Number of Periods) 10.000

I/Y (Interest Rate) 18.000%

PMT (Periodic Payment) $500,000,000.00

Starting Investment $0.00

Total Principal $5,000,000,000.00

Total Interest $8,877,572,093.01

c) Calculation of Annual Deposit to reach the future value target of $13,833,567,810.87:

FV (Future Value) $13,877,567,810.87

PV (Present Value) $506,609,362.98

N (Number of Periods) 20.000

I/Y (Interest Rate) 18.000%

PMT (Periodic Payment) $94,644,751.67

Starting Investment $0.00

Total Principal $1,892,895,033.42

Total Interest $11,984,672,777.45

d) Mr. Burns will need to contribute $94,644,751.67 at the end of each period to reach the future value of $13,877,572,093.01. Both the future value of deposits of $13,877,567,810.87 and the annual periodic payment of $94,644,751.67 are determined using online financial calculator.

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3 years ago

What is the most likely illegal scheme to evade estate taxes?

nata0808 [166]

I belive this is Undervaluing asserts.
hope this helps!

5 0

3 years ago

A summary of the time tickets for the current month follows:

tester [92]

Answer and Explanation:

The journal entry to record the factory labor cost is shown below:

Work in progress ($2,060 + $1,710 + $3,130 + $3,520 + $2,150 + $1,410 + $9,540) $23,520

Factory Overhead $10,980

To wages payable $34,500

(to record the factory labor cost)

Here work in process and factory overhead is debited as it increased the assets and expenses and credited the wages payable as it also increased the liabilities

8 0

3 years ago