How do businesses maintain a formal record of financial transactions?
a) Publish an income statement b) Publish a balance sheet
c) Maintain a general journal
d) Utilize the Matching Principle

Answers

Answer 1

Businesses maintain a formal record of financial transactions through publication of income statement and balance sheet.

A formal record of financial transaction entails publication of periodic financial statement to allows users them to understand the financial position of the company.

The process of Bookkeeping with helps to record all financial transactions helps to publish an income statement and balance sheet.

The income statement and balance sheet are the two main financial record which depict the accurate position of the firms position.

Therefore, the Option A and B is correct.

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Related Questions

difference between associative and commutative property

Answers

Answer:

The associative property of addition states that you can group the addends in different ways without changing the outcome. The commutative property of addition states that you can reorder the addends without changing the outcome.

Explanation:

what did antonie van leeuwenhoek call his discovery

Answers

Answer:

Antonie Van Leeuwenhoek called his discovery "wee animalcules"

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how has globalization impacted operations management

Answers

Answer:

Findings show that different aspects of globalization such as competitive intensity, technological change, cost pressure, and new opportunities, affect different aspect of operational performance, namely quality improvement, cost reduction, flexibility, speed of delivery.

Explanation:

Niki makes the same payment every two months to pay off his $61,600 loan. The loan has an interest rate of 9. 84%, compounded every two months. If Niki pays off his loan after exactly eleven years, how much interest will he have paid in total? Round all dollar values to the nearest cent. A. $39,695. 48 b. $10,294. 26 c. $3,126. 29 d. $39,467. 12.

Answers

The total amount of interest paid by Niki is  $39,695.48.

The loan is termed as the amount that is borrowed by the lender and is paid off back at some defined amount of interest.  

Computation of amount of interest to be paid by Niki:

 

The given information is:

 P is the periodic payment.

PV = $61,600

r = 0.0984

t = 6

n = 11 years  

[tex]\begin{aligned}PV = \frac{P(1 - (1 +\frac{r}{t}^{nt}))}{\frac{r}{t}}\end{aligned}[/tex]

[tex]\begin{aligned}61600 =\frac{P(1 - (1 +\frac{0.0984}{6}^{11\times6})}{\frac{0.0984}{6}}\end{aligned}[/tex]

[tex]\begin{aligned}61600 =\frac{P(1 - (1 + 0.0164)^{66} )}{ 0.0164}\end{aligned}[/tex]

[tex]61600\times0.0164 = P(1 - (1.0164)^{66} )[/tex]

[tex]\begin{aligned}1010.24&=p\times(1-0.341769)\\1010.24&=0.658321\times p\\p&=\frac{1010.24}{0.658321}\\p&=1534.78\end{aligned}[/tex]

Niki pays $1534.78 every two months continuously for eleven years.

[tex]\begin{aligned}\text{The total payment made by Niki} &= \text{Tenure Period} \times 6 \times \text{Amount of interest}\\\text{The total payment made by Niki}&=11\times6\times\$1534.78\\\text{The total payment made by Niki}&= \$101295.48\end{aligned}[/tex]

[tex]\text{Interest paid} = \text{Total Payment} - PV\\\text{Interest paid} = 101295.48-61600\\\text{Interest paid} =\$39,695.48[/tex]  

Therefore, the correct option is A.

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The Bridal Shop bought a dress from a supplier for $105 wholesale and applied a 65% markup to the price. If a 7. 5% sales tax were added after a 20% discount was used, what would be the total cost to purchase the dress?.

Answers

Based on the various additions as well as discount, the total cost of the dress would be $149.00

The cost of the dress after the markup would be:

= Wholesale cost x ( 1 + markup)

= 105 x (1 + 65%)

= 105 x 1.65

= $173.25

After the discount, the cost is:

= 173.25 x (1 - 20%)

= $138.60

The cost after the sales tax is:

= 138.60 x (1 + 7.5%)

= $148.995

= $149.00

In conclusion, the cost of the dress is $149.00

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Liam has purchased a fee-for-service health insurance plan from Leroux Health Insurance. Plan A includes a $248. 00 monthly premium and an annual deductible of $5,500. 00 (not including co-pays). Liam is a fairly healthy young man. He visits his primary care physician three times a year on scheduled visits. He sees a chiropractic specialist every week to help with lower back pain. He has no current prescriptions that need refilling regularly. Assuming Liam maintains his regular visits with his primary care physician and his chiropractor, and avoids any trips to the emergency room or urgent care, how much will Liam pay in health care related fees this year? Leroux Health Insurance Plan A Cost: Monthly Premium: $248. 00 Annual Deductible: $5,500. 00 Co-pays: Brand-name Prescriptions $35. 00 Generic Prescriptions $15. 00 Visits: Primary Care Physician: $40. 00 Specialist: $60. 00 Urgent Care: $125. 00 Emergency Room: $325. 00 a. $716. 00 b. $3,816. 00 c. $5,500. 00 d. $6,216. 0.

Answers

Liam would have to pay $6216 in health care related fees this year. Option D is right

The total expenses that Liam's health would incur are:

Monthly premium at 248 * 12 months in a year

= 2976

52 visits to the specialist at 60 dollars

= 52*60

= $3120

3 Visits to the primary care physician at 40 dollars

= 3*40

= $120

Then Liam's total expenses would be =

$2976 + $120 + $3120

= $6216

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besides starting the vehicle, what else can 2022 versa’s available remote engine start in do?

Answers

Answer:

Warm or cool the interior before driving.

what does it mean when the feds lower interest rates

Answers

Interest rates are lowered by the Fed in order to boost economic development. Reduced finance costs might entice people to borrow and invest. When interest rates are excessively low, however, they might stimulate excessive growth and perhaps inflation. On the other hand, if growth becomes excessive, the Fed will boost interest rates.

at land rover, voluntary discussion groups of 4 to 12 employees met weekly to identify cost savings, improve product quality, and discuss work-related problems. although the teams were later phased out, their work was, in part, responsible for almost doubling production at land rover from 1993 to 1996.

Answers

Explanation:

you would have 5000

i hope i help you

A cross-functional work team is having difficulties in operating smoothly, and friction has developed among some of the members. Many of the strongest complaints are from the representatives of management who complain that the research scientists are disorganized, haphazard, and undisciplined. Managers complain that the scientists do not adhere to any fixed rules or procedures. On the other hand, the research scientists complain that the managerial representatives are excessively rule-oriented bureaucrats and have no flexibility or spontaneity. The MAIN problem with this team seems to be centered around differences in: _________

a interpersonal orientation
b.time orientation
c goal orientation
d. formality of structure

Answers

The main problem with this team seems to be centered around differences in the formality of structure.

Cross-functional Work Team

This type of work team happens when individuals or groups of different functions come together to work together towards a common goal. This can either be done by two or more team leads to take the initiative or if there is a certain company project where employees of specific skills are required from different departments to do the job.

Problems with Cross-functional Team

There are certain problems faced when working in cross-functional teams. One of which is time management, where the team must meet up to manage the project and to discuss its further development. In the given question "time orientation" this certainly is not the main problem.

Another important factor is that employee success is based on goals and objectives. In doing so, the individual becomes more focused on their personal goals and loses sight of what is more important to prioritize, which is the company as a whole. Of course, this means that neither the interpersonal nor the goal orientation is the main problem arising between the team.

Finally, when more individuals come together to form a team, there is a chance that there might be dominating personalities in the group. This would cause difficulties among the group unless a leader is determined to manage the team. Now, this is the main problem here, as there is no formality of structure defined. Resulting in the dispute between managers and scientists. To avoid any further dispute formal structure must be laid out and a leader should be appointed amongst them.

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You took out a $5000 car loan from a bank that is going to charge you month 4% APR for the next 3 years list how much interest you pay for this loan, list how much the loan will cost you overall and your monthly payment for the loan.

Answers

The final values ​​of the loan would be:

The cost of the payment for each month is: $ 138.88 + $ 16.66 = $ 155.54 (interest)The total cost of interest is: $ 600 = $ 200 × 3 years.The total cost of the loan is $ 5000 + $ 600 = $ 5600 (3-year interest)

What is the APR?

APR is an acronym for the percentage interest rate on a loan that a bank charge for each year that the loan is repaid. According to the above, in a loan of $ 5000, we must pay 3 times the 4% because the payment will be made within 3 years.

To know the value of the interest on the loan we must divide the value of the loan by 100 and multiply the result by 4 as shown below:

$ 5000 ÷ 100 = $ 50$ 50 × 4 = $ 200

According to the above, the value of the interest is $ 200. To know the total value of the interest we must multiply $ 200 by the years that we are going to pay the loan as shown below:

$ 200 × 3 = $ 600

Finally, to know how much we must pay each month we must divide the total value of the loan by the number of months that we are going to pay the loan. On the other hand, we must divide the total value of the interest by the number of months that we are going to pay the loan and add it to the total value of each month as shown below:

$ 5000 ÷ 36 = $ 138.88$ 600 ÷ 36 = $ 16.66138.88 + $ 16.66 = $ 155.54

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How can a person harness the power of pre-commitment, for example, with their tax return?

Answers

Answer:

You would have to commit to your future self about tax returns.

Explanation:

People projected that adopting a commitment device, which allows them to commit to saving before receiving their tax refund, would boost savings.

What is tax refund meaning?

A tax refund is a payment issued to taxpayers who have overpaid their taxes due to employers withholding too much from their salaries.

According to the US Treasury, over three-quarters of taxpayers have too much money withheld, resulting in tax refunds.

Thus, people are more like to make long term judgement.

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which trade sanction (embargo or subsidy) would be more effective in protecting domestic jobs? EXPLAIN WHY!!!

Answers

Answer:

International trade increases the number of goods that domestic consumers can choose from, decreases the cost of those goods through increased competition, and allows domestic industries to ship their products abroad. While all of these effects seem beneficial, free trade isn't widely accepted as completely beneficial to all parties

In simplest terms, a tariff is a tax. It adds to the cost borne by consumers of imported goods and is one of several trade policies that a country can enact. Tariffs are paid to the customs authority of the country imposing the tariff. Tariffs on imports coming into the United States, for example, are collected by Customs and Border Protection, acting on behalf of the Commerce Department.6 7 In the U.K., it's HM Revenue & Customs (HMRC) that collects the money.

Specialties in the property management field include all of the following EXCEPT A) resort housing. B) asset management. C) concierge services. D) land-use planning.

Answers

The answer choice which is not one of the specialties in the property management include:

C, Concierge services

Property management

Property management refers to all the processes which are involved in the handling, the organization, the leasing and management of a piece of property, usually by a realtor.

Concierge services

With this in mind, we can see that concierge services includes the coordination of the guests in a lodging by making reservations and bookings and everything else which makes the customer service better and this is NOT a specialty in property management.

Therefore, the correct answer is option C

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QUESTION 7 of 20: Money market refers to:

Answers

Money market refers to trading in short-term debt investments. It facilitates the lending and borrowing of money on a short-term basis.

is it more common for a firm to fail due to lack of sales or poor financial management?

Answers

Answer:

Poor financial management

Explanation:

Poor financial management.

what are the common reason firm fail financially?

The most common financial problems are (1) capital shortages, (2) inadequate cash flow management, and (3) inadequate spending management.

The most common reasons for SMEs to fail include lack of capital and funding, poor management team maintenance, flawed infrastructure and business models, and failed marketing initiatives.

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Discuss five of the essential components of the venture formation process.

Answers

Answer: It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth.

Lopez Corporation, a manufacturer of household paints, is preparing annual financial statements at December 31, 2007. Because of a recently proven health hazard in one of its paints, the government has clearly indicated its intention of having Lopez recall all cans of this paint sold in the last six months. The management of Lopez estimates that this recall would cost $800,000.

Requried:
What accounting recognition, if any, should be accorded this situation?

Answers

The accounting recognition to be accorded in this situation is operating expense of $800,000 and liability of $800,000.

Basically, an accounting recognition refers to the act of recording a business transaction in the firm's accounting records.

Because the management of Lopez estimates that this recall of all cans of paint sold in the last six months would cost $800,000, then, the entry will be as follows

In conclusion, the accounting recognition to be accorded in this situation is operating expense of $800,000 and liability of $800,000

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according to the long-run phillips curve, in the long run monetary policy influences

Answers

Answer: only in the short run.  According to the long-run Phillips curve, in the long run monetary policy influences. the inflation rate but not the unemployment rate.

Explanation:

By 2030, what will Elon Musk's, net worth will be?

Answers

Well currently, as of December 2021, his total net worth is totaled to around $266 billion. I believe, in my opinion, he will become a trillionaire within the next 10-20 years, that is unless Elon’s Tesla operation in China eventually bankrupts him. But considering his current net worth, and if he continues with SpaceX and other futuristic projects offering huge investments, 2030 could get him to around $500 billion.

THREE government regulations that guides the establishment and operation of a business.

Answers

Labor, privacy, and health

When the quantity supplied is greater than the quantity demanded:

Answers

Answer:

... you have lots of extra products lying around and often prices will drop.

jorDANTHE GOD HOW ARE U

Answers

Answer:

uhm- hi

Explanation:

thxs for the points....

difference between qualified and ordinary dividends

Answers

Answer:

A qualified dividend is taxed at the capital gains tax rate and ordinary dividends are taxed at standard federal income tax rates. Qualified dividends must meet special requirements put in place by the IRS.

Explanation:

On July 1, 2022, Jenks Company purchased the copyright to Jackson Computer tutorials for $424,000. It is estimated that the copyright will have a useful life of 5 years and a remaining legal life of 9 years with an estimated salvage value of $24,000. The amount of Amortization Expense recognized for the year 2022 would be: ____________

Answers

Based on the cost of the copyright and the period of amortization, the amortization in 2022 will be $40,000

First find the annual amortization expense:

= (Cost of copyright - Salvage value) / Useful life

= (424,000 - 24,000) / 5

= $80,000

The amortization for 2022 will however be for 6 months as the copyright was purchased on July 1.

= 80,000 x 6/12 months

= $40,000

In conclusion, the amortization expense will be $40,000

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On December 28, Kerr Manufacturing Co. purchased goods costing $50,000. The terms were F.0.B. destination. Some of the costs incurred in connection with the sale and delivery of the goods were as follows.

Packaging for shipment $1,000
Shipping 4,500
Special handling charges 2,000

These goods were received on December 31. In Kerr's December 31 balance sheet, what amount of cost for these goods should be included in inventory?

Answers

Answer: $50,000


Explanation: This is why I believe the answer is $50,000
- When the shipping terms are FOB
destination, the seller has the responsibility of all costs of
transporting the goods to the buyer.
Therefore, the seller is responsible for the
payment of packaging costs ($1,000),
shipping costs ($4,500), and the special
handling charges ($2,000). The only
amount to be included as the buyer's cost
of the inventory purchased is the purchase
price ($50,000).

Export Production,

Increases the country's stock of wealth

Allows family members to make productive use of their time

Saves money on imports

Produces enough to support the needs of the community

Answers

Answer:

Increases the country's stock of wealth

Explanation:

There are two types of businessesImportExportImport means to buy things which are made otherwhere from other countries to our own country.Export means to transfer things which are made in our country to outside

Can someone help me with this question?

Answers

I would think it’s social media marketing

Answer:

My opinion social media marketing

aaron is earning 5% interest on his savings account. he starts with $5,000.00. how much money will he have in 6 months?

Answers

Answer:

I think the answer is $1,500.

Explanation:

I hope this helps. If the answer is wrong then sorry and you don't have to give me the points. In here I think I did the calculation wrong.

A savings account is an interest-bearing deposit account held at a bank or other financial institution. Aaron will have approximately $5,124.51 in his savings account after 6 months.

To calculate how much money Aaron will have in his savings account after 6 months, Compound interest is to be used,

A = P{1 + r/n[tex]\left \} }nt} \atop[/tex]

Where:

A = the final amount (including interest)

P = the principal amount (starting amount)

r = the annual interest rate

n = the number of times interest is compounded yearly

t = the time period in years

Given,

P = $5,000.00 (starting amount)

r = 5% = 0.05

n = 12 (compounded monthly)

t = 6 months = 6/12

n×t = 12 × 6/12 = 6

By calculating we get,

A = 5000(1.004166)⁶

A = 5000(1.02490)

A = 5124.51

After 6 months, Aaron will have approximately $5,124.51 in his savings account.

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an example of a digital buyer who is engaged in product-focused shopping is someone who

Answers

Answer:

repurchased toothpaste from Amazon

Explanation:

Other Questions
Can some pretend to be a news reporter for football this is 70 points. Factor the following expression completely: 3x^2+9x+6 what is a paint brush All living things are made of In 14 days, the daily high temperature in Cedar Hills dropped by 16.8 degrees Fahrenheit. What is the average daily rate of change in the high temperature in degrees Fahrenheit?A. +2.2B. +1.2C. +1.1D. -1.2E. -2.2 PLEASE HELP WILL MARK BRAINIEST!!!!! Using the information in your graphic organizer, write a paragraph in the space below explaining how theme develops in the story "The Nest."Write a topic sentence that mentions the theme, title, and author.Then follow your graphic organizer and write your ideas about how protagonist, antagonist, conflict, falling action and resolution, mood, and setting develop in the story.Be sure to include the theme of the story.End with a sentence that restates your idea about the theme.The Nestby Violet SorzanoRandall squinted up through the trees, trying to gauge the time, but gave up quickly. He should have paid attention when his father taught the family to read the position of the sun. He should have paid attention, too, before sneaking off this morning on his first solo hike, forgetting the whistle his mother stressed he always bring.He pictured his parents now at their camp beneath the tree with the eagles nest, wondering where he was. Randall was wondering the same thing. Lost and out of food, he feared he had but a few hours before darkness closed in, trapping him in the bitter cold with the creatures of the night.He closed his eyes to fight back tears, when he heard it in the distance. Water! His fathers words came flowing into his mind; one tip he actually remembered. If youre ever lost, find a river and follow it.In a flash, he was on his feet, scaling fallen trees, tearing through brush, frantically following the sound. The sky grew darker, but the noise grew louder, and Randall, tired and scared, forged ahead until he found it. He reached the river bank and was mulling his next move when a sudden splash caught his eye.A majestic eagle rose from the water, soaring skyward with a freshly caught fish in its talons. Could it be the same eagle nested above his camp? It glided triumphantly into a high nest a short distance away, eager to greet its family. Randall smiled, equally triumphant, eager to do the same as he followed the eagles flight.In the distance, he saw his mother, his whistle clutched in her hand. HELP ME PLEASE(NO LINKS PLEASE FOR REAL NO LINKS PLEASE)1. A student and a teacher work together to make toy cars. The student made 2/7 of the total toy cars, 21 less than the teacher. How many toy cars are there? 1. Which figure comes next in the pattern below? Thc hin php tnh 2 The area of the Mountain Island Educational State Forest in North Carolina is 3 square miles. What is the area, in square yards, of this forest What is the slope of this graph?0.3-3los13312 3 4 5 A cyclist travels 4 miles in 20 minutes and then a further 6 miles in 30 minutes without stopping. Calculate the cyclist's average speed in mph. Look for the country labeled T on the map. What country is this? Why were the Iroquois successful during the colonial period ? Construction of a new road system splits a population of a rare snail species into three sub- populations, J, K and L. Each of these populations is reproductively isolated.The table shows the sizes of the three populations immediately after the building of the roadand again ten years later. DNA analysis was used to find:p the relative frequency of the dominant allele of a geneq the relative frequency of the recessive allele of this gene.The three areas of habitat remained the same as each other over the ten year immediately after road buildingafter 10 yearspopulation p q size1000 0.52 0.48 100 0.63 0.37 10 0.20 0.80population p sizeJ 1000 0.50 K 100 0.49 L 10 0.40q0.50 0.51 0.60 Which statements are supported by this data?Statement 1: Statement 2: Statement 3:Natural selection is occurring in populations K and L.The Founder Effect is strongest in population L.The observed allele frequency changes result from genetic drift.A. 1, 2 and 3 C. Only 2 and 3B. Only 1 and 2 D. Only 1 Silfra is a rift valley that runs along part of the Mid-Atlantic Ridge in Iceland. This picture of Silfra shows an area where large cracks formed as the North American Plate and the Eurasian Plate moved away from each other. In this area, the rift cuts through an underwater spring, causing the cracks to fill with crystal-clear water. Because the water is so clear, it is a popular spot for scuba divers. which graph best represents the solution set of y< -4x? 2. What problem did astronaut Eugene Cernan encounter while on an EVA? How did it relate toNewton's third law of motion? an example of contractionary fiscal policy would be: