Contra entry is recorded in?

Answers

Answer 1

Answer: I hope this is correct! A contra entry is recorded when the debit and credit affect the same parent account and resulting in a net zero effect to the account. These are transactions that are recorded between cash and bank accounts

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untastic operates on a calendar year. On January 1st, 2017, Funtastic Company placed a new asset into service. The cost of the asset was $50,000 with an estimated 5-year life and $10,000 salvage value. What is the depreciation expense for 2017 if Funtastic Company uses the straight-line method of depreciation

Answers

Answer:

$8,000

Explanation:

If untastic operates on a calendar in 2017, the asset was operational for a full year.

Depreciation for the asset will be

Asset cost - salvage value

=$50,000 -$10,000

=$40,000.... depreciable amount

The rate of depreciation = 1/5 years x 100

= 20%

Depreciation for 2017 will be = 20/100 x $40,000

= 0.2 x $40,000

=$8,000

The lower-of-cost-or-market rule requires a company to ________.

Answers

Answer:

value its inventory

Explanation:

In the lower of cost or market inventory valuation method, as the name implies, inventory is valued at the lower of original cost or market value.

Final answer:

The lower-of-cost-or-market rule requires a company to record its inventory at the lesser of the cost to produce it or its current market price. This rule helps to prevent the inflation of inventory values and to indicate potential losses due to market price decreases.

Explanation:

The lower-of-cost-or-market (LCM) rule requires a company to record its inventory at the lower of the cost to produce it or the market price. This accounting method is used to prevent the overstatement of the inventory's value. For example, if the cost to produce a product is $2 but its market price drops to $1.65, under the LCM rule, the company should record the inventory at $1.65. This rule is developed to prevent businesses from inflated reporting of their assets and to reflect potential losses in the value of inventory due to decreases in market price, rather than keeping them on the books at unrealistically high costs.

Lower-of-cost-or-market rule, inventory value, and accounting practices are key factors in business finance, especially for companies dealing with physical goods. The goal of this rule is to provide the most accurate picture of a company's financial position.

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) describe the importance and benefits of valuing and promoting cultural diversity in work with children and young people

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The importance and benefits of valuing and promoting cultural diversity in work with children and young people are the following:
1. It promotes equality with the rest of the cultures.
2. It creates awareness of the different cultures of other races. With the awareness, children would gain respect for other races.
3. It creates a positive working environment.

It is common practice for people today to use products that are produced or assembled in various nations around the world. This is a reflection of ___________.

Answers

The common practice for people today to use the products all over the world that are assembled in various nations is due to the reflection of globalization

Explanation:

The way in which the people of different countries interact and they they integrate by importing and exporting commodities from one country to another is called as globalization

This makes the people more interactive and it connect countries to make the people more advanced in their own technologies and they will have a wide knowledge about other countries economy and this will also make the international trade easier

Giselle wants to buy a condo that has a purchase price of $163,000. Giselle earns $2,986 a month and wants to spend no more than 25% of her income on her mortgage payment. She has saved up $33,000 for a down payment. Giselle is considering the following loan option: 20% down, 30 year at a fixed rate of 6.25%. What modification can be made to this loan to make it a viable option, given Giselle’s situation?

Answers

Answer:

Giselle should purchase points to lower the interest rate of the mortage, this will make the cuota decrease.

Explanation:

163000 x20% = 32,600

163,000 - 32,600 = 130,040

current mortgage cuota:

$C * (1-(1+r)^(-time) )/(rate) = PV\n$

$C * (1-(1+0.0625/12)^(-30*12) )/(0.0625/12) = 130,040\n$

C= 800.68

800.68/ 2,986 = 0.2681 = 26.81%

this cuota exeeds the desired amount Giselle wants.

her couta can be as much as 2,986 x 25% = 746.5

Giselle should purchase points to lower the interest rate of the mortage, this will make the cuota decrease.

Answer:

Explanation:

Edge 2020 your welcome

gomez corporation uses the allowance method to account for uncollectibles. on january 31, it wrote off an $1,600 account of a customer, c. green. on march 9, it receives a $1,100 payment from green. prepare the journal entry for january 31. prepare the journal entries for march 9; assume no additional money is expected from green.

Answers

The journal entries for Gomez Corporation for January 31 and March 9 are being prepared below. This would record the partial recovery of the previously written-off amount.

Journal Entries in the books of Gomez Corporation

(as on January 31)

For January 31, when Gomez Corporation writes off the $1,600 account of customer C. Green using the allowance method, the journal entry would be:

1. Debit Allowance for Doubtful Accounts: $1,600
2. Credit Accounts Receivable - C. Green: $1,600

Journal Entries in the books of Gomez Corporation

(as on March 9)

The journal entries for March 9, when Gomez Corporation receives a $1,100 payment from C. Green and no additional money is expected, are as follows:

1. Debit Cash: $1,100
2. Credit Allowance for Doubtful Accounts: $1,100

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