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3 years ago

Select the correct answer.

Business

1 answer:

Schach [20]3 years ago

3 0

Answer:

с. Purchases and Creditors

Explanation:

A goods account is hardly created in the general ledger. Accountants and bookkeepers use the purchases account to record goods bought by the company.

When a business makes purchases, it can either pay cash or in credit. Cash payments are recorded in the cash account. They reduce cash held by the business.

Credit purchases increase creditors and are recorded in the creditor's account.

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3 years ago

On the day before his presentation, Jamie was advised to.

stellarik [79]

Answer:

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3 years ago

On January 1, Smith Industries leased equipment to a customer for a four-year period, at which time possession of the leased ass

KiRa [710]

Answer:

The amount of the annual lease payments is $98,124.

Explanation:

This can be calculated using the formula for calculating loan amortization as follows:

P = (A * (r * (1 + r)^n)) / (((1+r)^n) - 1) .................................... (1)

Where,

P = Annual lease payments = ?

A = Amount to be recovered through periodic lease payments = Equipment cost - Residual value = $425,000 - $100,000 = $325,000

r = interest rate = 8%, or 0.08

n = Number of years of lease term = 4

Substituting all the figures into equation (1), we have:

P = ($325,000 * (0.08 * (1 + 0.08)^4)) / (((1+0.08)^4) - 1)

P = $98,124.2614475627

Rounding to the nearest whole dollar as required, we have:

P = $98,124

Therefore, the amount of the annual lease payments is $98,124.

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3 years ago