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3 years ago

All of the following are advantages of having a savings account except

Business

1 answer:

expeople1 [14]3 years ago

5 0

Answer:

Funds held in a savings account are highly liquid

Explanation:

The purpose of a savings account is the assist a customer achieve their saving objectives. A savings account is a secure way of accumulating funds for an intended purpose or keeping money that does not have immediate use.

Financial institutions that offer savings account limit on withdrawals to help a customer achieve planned saving objective. It means money saved is not accessible at will. Penalties apply should a customer insists on more than the acceptable number of withdrawals.

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For each separate case below, follow the 3-step process for adjusting the prepaid asset account at December 31. Step 1: Determin

svetoff [14.1K]

PART A

Answer:

Insurance expense debit for 3,800

Insurance prepaid credit for 3,800

Explanation:

a.- Prepaid Insurance. The Prepaid Insurance account has a $4,700 debit balance to start the year. A re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end.

Step 1: Currently equals to $4,700

Step 2: It should equal $900

In this Case: It is giving us the begining balance, and then it proceeds to tell us the ammount unexpired, which means the ending balance. So the diference will be the adjuting entry

Step 3: $4700 - $900 = $3,800

insurance expense debit for 3,800

insurance prepaid credit for 3,800

PART B

Answer:

insurance expense 1040 debit

prepaid insurance 1040credit

Explanation:

b.- Prepaid Insurance. The Prepaid Insurance account has a $5,890 debit balance at the start of the year. A review of insurance policies and payments shows $1,040 of insurance has expired by year-end.

Step 1: Curently equals to $5,890

Step 2: 5,890 - 1,040 expired portion = 4,850 unexpired portion

The blaance should be 4,850

In this Case: It is giving us the begining balance, and then it proceeds to tell us the ammount expired, which means the adjusting entry. So the diference will be the ending balance

Step 3

The adjusting entry must be made for 1,040 which is the expired portion

insurance expense 1040 debit

prepaid insurance 1040credit

PART C

Answer:

rent expense 4,000 debit

prepaid rent 4,000 credit

Explanation:

C.- PrepaidRent. On September 1 of the current year, the company prepaid $24,000 for 2 years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $24,000.

Step 1 Current balance is 24,000

In this Case: It is giving us the begining balance, and then it proceeds to tell us information about the contract, which means we are going to work to get the expired portion and with that calculate the ending balance like on part B

Step 2 We are at December 31th the expired portion will be 4 months (September, October, November and December) so:

24,000

----------------------------- x 4 months expired = 4,000 expired portion

24 month of contract

24,000 - 4,000 = 20,000

begining - expired = ending AKA "unexpired"

The balance should be equal to 20,000

Step 3: the adjusting entry should be done for 4,000 which is the expired portion of the rent.

rent expense 4,000 debit

prepaid rent 4,000 credit

7 0

3 years ago

According to their comparative advantage: a. Wilson should decorate cupcakes and Kendall should decorate cookies. b. Kendall sho

blsea [12.9K]

Answer:

Explanation:

This economic law was recognized by a political economist, David Ricardo in his book, ‘Principles of Political Economy and Taxation’ in 1817.

Comparative advantage refers to the ability of a country to produce particular goods or services at lower opportunity costs as compared to the others in the field.

According to this law, if Kendall is good at decorating cupcakes and Wilson is the best at decorating cookies, then Kendall should decorate cupcakes and Wilson should decorate cookies becuase they can do it with lower costs.

The following are the assumptions of the Ricardian doctrine of comparative advantage:

-There are only two countries, assume A and B.

-Both of them produce the same two commodities, X and Y.

-Labour is the only factor of production.

-The supply of labour is unchanged.

-All labour units are homogeneous.

-Tastes are similar in both countries.

-The labour cost determines the price of the two commodities

-The production of commodities is done under the law of constant costs or returns.

-The two countries trade on the barter system.

-Technological knowledge is unchanged.

-Factors of production are perfectly mobile within each country. However, they are immobile between the two countries.

-Free trade is undertaken between the two countries. Trade barriers and restrictions in the movement of commodities are absent.

-Transport costs are not incurred in carrying trade between the two countries.

-Factors of production are fully employed in both the countries.

-The exchange ratio for the two commodities is the same.

7 0

3 years ago

2. A Canadian confectionary company has Indian distributors for a specific small cake product. The distributor has put in a requ

user100 [1]

Based on the above scenario, Since it is in its growth phase, I believe that the manufacturer should agree to make this changes.

<h3>Why agree to the changes?</h3>

Note that there are regulations on how to use of the existing food coloring and as such it is vital for the company to see or consider this change.

Note that since it is in its growth phase, the product is widely accepted and there are lot of holiday sales.

Therefore, Based on the above scenario, Since it is in its growth phase, I believe that the manufacturer should agree to make this changes.

Learn more about confectionary from

brainly.com/question/24150134

#SPJ1

7 0

2 years ago

The Full Employment and balanced Growth Act of 1978 formally established a specific unemployment target for the economy of

Advocard [28]

The Full Employment and Balanced Growth Act of 1978 formally established a specific unemployment target for the economy of what percentage?

Answer:

4 percent

Explanation:

The Full Employment and Balanced Growth Act of 1978 formally established a specific unemployment target for the economy of 4 percent

The Act also declared that on or before the year 1983 the federal government should achieve an adult unemployment rate of at most 3 percent, a civilian unemployment rate of at most 4 percent, and an inflation rate of at most 3 percent.

Hence, in this case, the correct answer is 4 percent.

7 0

3 years ago

Jai Li just lost her job, and she has not yet started looking for a new one. The Bureau of Labor Statistics counts Jai Li as Gro

zysi [14]

Answer:

neither in the labor force nor unemployed

Explanation:

Since in the question it is mentioned that the Jai Li lost her job and neither she has not yet started looking for a new job

So according to the Bureau of Labor Statistics she counted as a neither in the labor force nor unemployed because labor force includes the combination of employed people + unemployed people

She does not qualify any of the above criteria

Hence, the last option is correct

4 0

3 years ago