Answer:
The account that includes transactions like imports and exports, income earned by Americans abroad, and net transfers to other countries.
Explanation:
A current account can be defined as an account that record the different transactions a country carries out with another country. A current account comprises of net primary income, earnings from foreign investors that have occurred within a particular period of time.
Almost all countries are involved in trading of goods and services with another country, a current account helps to evaluate the manner in which a particular country traded their different goods with foreign markets.There tends to be a postive balance of a country exports more goods than it imports.
Answer:
Adjusting Journal Entries:
December 31:
Debit Insurance Expense $2,900
Credit Prepaid Insurance Account $2,900
To record the insurance expense for the year.
Debit Supplies Expense $10,450
Credit Supplies Account $10,450
To record the supplies expense for the year.
Explanation:
a) The whole portion of Prepaid Insurance has expired since payment was made for 6 months on July 1. This covers the period from July 1 to December 31.
b) The total supplies inventory for the year will be $12,100 ($8,400 + 3,700). Since the physical count shows $1,650 of supplies available, it means that the difference $10,450 ($12,100 - 1,650) had been used. This portion is therefore expensed in accordance with the accrual concept.
The necessary adjusting entries for Lopez Company would be debiting Insurance Expenses and crediting Prepaid Insurance. For Zim Company, used supplies would be debited to Supplies Expense and credited to the Supplies account.
The two situations mentioned involve adjusting entries for prepaid and consumed expenses. It is necessary to adjust these periodically to accurately present the financial statements of a company.
In the case of Lopez Company, they paid $2,900 for six months of insurance coverage starting July 1. As it is now December 31, five months of the insurance has been used, with one month still not used (prepaid). Thus, the necessary adjusting entry would be a debit to Insurance Expense of $2,416.67 (5/6 x $2,900) and a credit to Prepaid Insurance of $2,416.67.
For Zim Company, their total supplies for the year is the beginning balance plus additional purchases ($8,400 + $3,700 = $12,100). As of December 31, only $1,650 worth of supplies are still available. This means $10,450 worth of supplies have been used. This would be debited to Supplies Expense and credited to the Supplies account.
#SPJ3
Answer:
$995.00
Explanation:
Calculation for how much money will she have in her account in 11 years
Using this formula
Future Value = Present Value + Present Value * Interest Rate ×Time Period
Let plug in the formula
Future Value = $500 + $500 ×0.09 × 11
Future Value =$500+$495
Future Value = $995.00
Therefore the amount of money she will have in her account in 11 years will be $995.00
Emma will have $995 in her savings account after 11 years with a fixed interest rate of 9%.
To calculate how much money Emma will have in her savings account after 11 years with a fixed interest rate of 9%, we can use the formula:
Future Value = Principal + (Principal * Interest Rate * Time)
Substituting the values, we get:
Future Value = $500 + ($500 * 0.09 * 11) = $500 + $495 = $995
Therefore, Emma will have $995 in her account after 11 years.
#SPJ3
Answer:
The solution to the given problem is done below.
Explanation:
(a) Depreciation
for Financial Depreciation for Temporary
Year Reporting Purposes Tax Purposes Difference
2017 $160,000 $264,000 (104,000)
2018 $160,000 $360,000 (200,000)
2019 $160,000 $120,000 40,000
2020 $160,000 $56,000 104,000
2021 $160,000 0 $160,000
$800,000 $800,000 0
(b) 2018 2019 2020 2021 Total
Future taxable
amounts:
Depreciation $(200,000) $40,000 104,000 $160,000 $104,000
Deferred tax liability: $104,000 × 40% = $41,600 at the end of 2017.
B. $80.00
C. $77.50
D. $72.50
Answer:
Weighted average contribution margin= $77.5
Explanation:
Giving the following information:
Product A Product B
Unit selling price $100 $150
Unit variable cost $30 $70
Number of units produced and sold 20,000 60,000
First, we need to determine the sales proportion:
Product A= 20,000/80,000= 0.25
Product B= 0.75
To calculate the weighted-average contribution margin, we need to use the following formula:
Weighted average contribution margin= (weighted average selling price - weighted average unitary variable cost)
Weighted average contribution margin= (0.25*100 + 0.75*150) - (0.25*30 + 0.75*70)
Weighted average contribution margin= 137.5 - 60
Weighted average contribution margin= $77.5
Answer:
Prior principal approval must be obtained and a copy of the speech must be retained in your firm's Office of Supervisory Jurisdiction
Explanation:
Because the speech is to be givento 35 attendees, it is under the Retail Communication. Every speech should be honest and of good taste; and the speech must be informational, but far from promotional.
It is not required that the speech content has to be pre-filed with the SEC. A copy must be kept a period of f 3 years for inspection by FINRA examiners. The speech script would be kept on file in the firm's supervisory compliance office that is the Office of Supervisory Jurisdiction.
Answer:
a. Gross pay for the week = $2,240
b. net pay for the week = $683
Explanation:
a) gross pay for the week = total amount earned, before the deduction of taxes and other charges, it is calculated as follows:
amount earned per hour = $32
amount earned in excess of 40 hours = 1.5 × 32 = $48 per hour
Total hour worked = 60 hours
This means that in the first 40 hours, the employee earned 32$ per hour and $48 per hour for the next 20 hours
∴ amount earned in the first 40 hours = 32 × 40 = $1,280
amount earned in the next 20 hours = 48 × 20 = $960
∴ Gross pay for the week = 1,280 + 960 = $2,240
b) net pay for the week = Gross pay - (Total deductions)
Deductions are as follows:
social security tax rate = 6.0% of gross pay = 0.06 × 2,240 = $134.4
Medicare tax rate = 1.5% of gross pay = 0.015 × 2,240 = $33.6
Federal income tax = $515
Total deductions = 134.4 + 33.6 + 515 = $683
∴ Net pay for the week = 2,240 - 683 = $1,557