Are there any answer options? I know the answer if you have options
Answer:
The accounts receivable balance on May 31 is $17850
Explanation:
First we need to determine the amount of credit sales for the month of May. The credit sales for May will be 70% of the total sales for May. Thus, the credit sales for May are,
Credit sales- May = 34000 * 0.7 = $23800
The accounts receivable balance at the end of May will contain the amount due from credit sales that are made in May that are still not collected and will be collected in the next month as per the company's policy.
Accounts receivable at the end of May = 23800 * 0.75 = $17850
Answer:
changes in private savings offset any changes in the government deficit
Explanation:
Ricardian equivalence means that private saving changes offset any changes in the government budget. Therefore, if the deficit increases by 30, private saving also increases by 30 but the trade deficit and the budget deficit will not change.
In case of the Ricardian equivalence, economic agents are assumed to be perfectly rational. According to them, higher taxes are required to repay the debt in case of an increase in deficit-financed government spending.
Answer: Please see below
Explanation:
a. Journal to record the entry to establish the petty cash fund.
Account Particulars Debit Credit
Petty Cash $750
Cash $750
b. Journal to record the entry to replenish the petty cash fund.
Account Particulars Debit Credit
Office Supplies $248
Misc Selling Expense $212
Miscellaneous administrative expense, $96.
Cash Short and Over $18
Cash $574
To calculate Cash Short and Over= $750-(248+212+ 96)= 750 -556= $194
but the money in the pettycash fund On April 1 is $212.
therefore Cash short and over = $212-$194 = $18
The answer is savings account A.
Since savings account A compounds the interest quarterly it adds interest to the account every quarter. This makes it a more profitable account than one that compounds the interest semiannually. The reason is that the bank is adding interest more frequently, so you are earning interest on the interest that the bank has already paid you.
