BUSINESS HIGH SCHOOL

The following is a list of balances for company XYZ ltd. Sales 1,000,000 Purchases 265,000 Vehicles 647 000 Creditors 650 000 Debtors 673 000 Rent 75 000 Wages 90 000 Loan from bank 100,000 Prepare a trial balance for company XYZ ltd.

Answers

Answer 1

Answer:

Answer:

Here is the trial balance for company XYZ ltd:

Sales: $1,000,000

Purchases: $265,000

Vehicles: $647,000

Creditors: $650,000

Debtors: $673,000

Rent: $75,000

Wages: $90,000

Loan from bank: $100,000

To ensure the trial balance is balanced, we need to calculate the total debits and credits. In this case, the debits are Sales, Purchases, Vehicles, Rent, Wages, and Loan from bank, while the credits are Creditors and Debtors.

Total Debits:

$1,000,000 (Sales) +

$265,000 (Purchases) +

$647,000 (Vehicles) +

$75,000 (Rent) +

$90,000 (Wages) +

$100,000 (Loan from bank) = $2,177,000

Total Credits:

$650,000 (Creditors) +

$673,000 (Debtors) = $1,323,000

Since the total debits ($2,177,000) do not equal the total credits ($1,323,000), there may be an error in the trial balance. Double-checking the calculations and reviewing the account balances will help identify any discrepancies.

Please note that the trial balance only lists the balances and does not account for specific account types or financial statements. It serves as a tool to ensure the total debits and credits are in balance before preparing financial statements.

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The following may be claimed as a tax deduction except _____.donations to charity
money spent on household expenses
interest on a home mortgage
some medical expenses

Answers

The following may be claimed as a tax deduction except money spent on household expenses. The correct option among all the options that are given in the question is the second option. The other choices can be avoided. I hope that this is the answer that has come to your great help.

Money Spent on Household expenses- Gradpoint

A firm with $900,000 in sales, cash on hand of $1,150,000, liabilities of $400,000 and total assets of $2 million has a total asset turnover of ______ times.

Answers

Answer:

0.45

Explanation:

Total Asset turnover is the relationship between the total asset and the total sales. It measure the turnover generated by assets and shows how fully a company is utilizing its assets.

It is calculated as Net Sales / Average Total asset.

Average total asset is calculated as Asset at Beginning + Asset at closing / 2

Applying the formula

The total sales = $900,000 while the total asset is $2, 000,000

$900,000/$2,000,000 = 0.45

Note: The beginning and closing Asset were not given so $2,000,000 is regarded to as the average asset.

Valencia Corp. has permanent productive capacity devoted to the production of goods and services to be marketed in Asian markets. In addition to this, the primary focus of operations and production is to service domestic market needs in the United States. In the context of international marketing involvement, Valencia Corp. is most likely at the _____.A) internal marketing stage.
B) global marketing stage.
C) domestic marketing stage.
D) no direct foreign marketing stage.
E) regular foreign marketing stage.

Answers

Answer:

E) regular foreign marketing stage.

Explanation:

Regular foreign marketing stage -

At this stage , the firm has the capacity for permanent productivity for the production of goods for marketing in the foreign markets .

In this stage , the firm employs domestic and foreign overseas intermediaries to import in the market .

The main goal of the production and operations is to fulfill the needs of the domestic needs .

But as the demand overseas grows , production get allocated for the foreign markets .

Hence , from the information , the correct option is E) regular foreign marketing stage .

Which is a true statement about the trend in higher education cost

Answers

Here are some true statements about the trend in higher education cost :
- The cost of education has risen 3 times more than it is 13 years ago
- Average american student already have about $26,000 dollar worth of student loan debt the moment they graduate
- It increases the demand of part time jobs around campuses's' area

D. Higher education costs continue to rise and create problems for students.

Which type of agreement assures that a broker will receive compensation regardless of who procures the buyer?a. Net listingb. Exclusive right to sellc. Open listingd. Exclusive agency

Answers

Answer:

b. Exclusive right to sell

Explanation:

-Net listing is when the agent is able to keep the difference when a property is sold for more than the asking price.

-Exclusive right to sell is when the seller gives the agent the right to market the property and accepts to pay the comission to the agent if the property is sold during the period of the listing.

-Open listing is when a property has different agents and the one that gets the buyer receives the comission.

-Exclusive agency is when the seller gives an agent the right to market a property but the seller is able to sell the property to a buyer that was not found by the agent and in that case, the seller doesn't have to pay the comission to the agent.

According to this, the answer is that the type of agreement that assures that a broker will receive compensation regardless of who procures the buyer is exclusive right to sell because the agent is granted the right to sell the property and the seller agrees to pay the comission if the property is sold during the time of the listing last and it doesn't matter who finds the buyer.

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