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2 years ago

What are possible red flags or signs of a scam when buying a car?.

1 answer:

lisabon 2012 [21]2 years ago

8 0

The price is below market value: If the price of a used vehicle seems too good to be true Fake escrow services: Though escrow services are a legitimate way to protect your money, fraudsters may attempt to trick you into using a fake escrow service.

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Which of the following statements is CORRECT?

Lera25 [3.4K]

Answer:

c. The "apparent," but not necessarily the "true," financial position of a company whose sales are seasonal can change dramatically during a given year, depending on the time of year when the financial statements are constructed.

Explanation:

Financial statements are used to show the financial activity of a business within a given period.

One of the principles of a accounting is periodicity. This requires businesses to report their financial position at regular intervals consistently, and not in an inconsistent manner. So if a business reports their finances twice a year. At year end and at mid year, it is possible that at mid year due to seasonal sales performance will be high and business is perceived to be highly profitable.

But financial report at end of year in the off-season will show low performance.

So for seasonal businesses there can be apparent view of a business during the year that can change dramatically because of time at which reports are made.

3 0

3 years ago

Identify the framework for the entire accounting process and describe its components and how they fit together to form this fram

jeka57 [31]

Accounting is the process of constructing and maintaining financials. 
The framework for the entire accounting process is referred to as definitional framework. The framework provides a categorized structure that classifies the basic elements in accounting. The accounting equality shows that the assets of a business are equal to its equities. This means that Assets = Equities. Assets were defined earlier as the things of value owned by the business, or the economic resources of the business.

5 0

3 years ago

Read 2 more answers

Cheese Factory Incorporated reported the following information for the fiscal year ended August 31, 2015.

liraira [26]

Answer:

1. Income statement for 2016.

Sales revenue ($1,661,000 + $15,000) $1,676,000

Less Cost of Sales

Purchases ($1,490,000 + $145,000) ($1,635,000)

Gross Profit $41,000

Less Expenses

Office Expense $95,000

Salaries and wages expense $955,000

Utilities Expense $530,000 ($1,580,000)

Net Loss ($1,539,000)

2. Statement of retained earnings for the fiscal year ended August 31, 2015.

Retained Earnings Beginning $410,000

Dividends $10,000

Retained Earnings Closing $400,000

Explanation:

Income statement calculates profit : Profit = Gross Profit (Sales - Cost of Sales) - Expenses. Whilst Statement of retained earnings calculates closing balance in Retained Earnings : Closing Balance = Opening Balance + Profit for the year - Dividends

7 0

3 years ago

Cash paid to retire notes $ 112 Common shares acquired for treasury 172 Proceeds from issuance of preferred stock 254 Proceed

arsen [322]

Answer:

$176 million

Explanation:

The calculation of net cash inflows from financing activities is shown below:-

Net cash inflows from financing activities

Proceeds from issuance of preferred stock $254 million

Proceeds from issuance of subordinated bonds $292 million

Less: Cash dividends paid on preferred stock (86) million

Less: Cash paid to retire note ($112) million

Less: Common shares acquired for treasury (172) million

Net cash inflows from financing activities $176 million

The positive sign represents the cash inflow and the negative sign represents the cash outflow

6 0

3 years ago

Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amou

valentina_108 [34]

Answer:

The journal entries required as at 30 September,2015 as well as the post-closing trial balance are hereby attached.

Explanation:

In preparing the journal entries, the golden rule of double of entry which opined that for every debit there must a corresponding credit and versa.

This implies each transaction event has two impacts in the books of accounts,as a result,both must be shown to ensure proper of keeping records and smooth accounting processes.

Download xlsx

4 0

2 years ago