A journal entry is a method of recording all business transaction. It shows all the accounts affected, money involved, and whether those accounts are to be debited or credited.
Journal entries in the books of Tundra Co. is as follows:
Jan 15:
Cash A/c Dr. $42,000
Sales Revenue A/c Cr. $42,000
(Being sale of goods for cash recorded)
Cost of goods sold A/c Dr. $28,500
Inventory A/c Cr. $28,500
(Being cost of goods sold recorded)
Jan 17:
Accounts Receivable A/c Dr. $15,800
Sales Revenue A/c Cr. $15,800
( Being sale of goods on account, terms 2/10, n.30 recorded)
Cost of goods sold A/c Dr. $10,500
Inventory A/c Cr. $10,500
( Being cost of goods sold recorded)
Jan 20:
Cash (MasterCard) A/c Dr. $290,080
MasterCard Expense A/c Dr. $5,920
Sales Revenue A/c Cr. $296,000
(Being sale of goods via MasterCard recorded)
Cost of goods sold A/c Dr. $198,000
Inventory A/c Cr. $198,000
(Being cost of goods sold recorded)
Jan 25:
Cash A/c Dr. $68,400
Bank Charges A/c Dr. $3,600
Sales Revenue A/c Cr. $72,000
( Being sale of goods via debit card recorded)
Cost of goods sold A/c Dr. $48,200
Inventory A/c Cr. $48,200
(Being cost of goods sold recorded)
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The complete question is:
On January 15, Tundra Co. sold merchandise to customers for cash of $42,000 (cost $28,500). Merchandise costing $10,500 was sold to customers for $15,800 on January 17; terms 2/10, n/30. Sales totaling $296,000 (cost $198,000) were recorded on January 20 to customers using MasterCard, a credit card that charges a 2% fee. On January 25, sales of $72,000 (cost $48,200) were made to debit card customers. The bank charges Tundra a flat fee of 0.5% on all debit card transactions.Required:
Prepare journal entries for each of the transactions described (assume a perpetual inventory system).
Q1. What are possible solutions to reduce the impact of using fossil fuels? On your discussion board you will write at least 4 solutions (for businesses and individuals each) to reduce the hazardous impact of using fossil fuels.
Fossil fuels such as coal, oil, and gas provide us with energy that powers . Here are four solutions each for businesses and individuals to reduce the hazardous impact of using fossil fuels:
Solutions for businesses:1. Use renewable energy sources: Businesses can switch to renewable energy sources such as solar, wind, and hydroelectric power instead of relying on fossil fuels. .2. Implement energy-efficient measures: Businesses can install energy-efficient equipment, lighting, and HVAC systems to reduce their energy consumption and carbon emissions. 3. Offset carbon emissions: Businesses can offset their carbon emissions by investing in projects that reduce greenhouse gas emissions or sequester carbon. This can help them mitigate their environmental impact while also contributing to sustainable development 1. Reduce energy consumption: Individuals can reduce their energy consumption by turning off lights and appliances when not in use, using energy-efficient light bulbs, and adjusting their thermostat. This can help them save money on energy bills and reduce their carbon footprint.
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which among the followng is not a qualitative technique of forcasting select one: a. naive approach b. jury opinion c. consumer market survey d. trend projection
Jury opinion is not a qualitative technique of forecasting. In this case, option B is correct.
Making educated guesses about specific business metrics, whether they reflect the particulars of a business, like sales growth, or forecasts for the economy as a whole, is called business forecasting. Economic conditions and the uncertain future are taken into account when making financial and operational decisions.
Forecasting is important for businesses so they can make strategic decisions.
Financial projections are essentially educated guesses, and relying on historical data and techniques that exclude specific variables entails risks.
Quantitative and qualitative models are both used in forecasting techniques.
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Content Area At the end of the current year, Accounts Receivable has a balance of $133,820; Allowance for Doubtful Accounts has a debit balance of $4,628; and sales for the year total $1,040,000. Bad debt expense is estimated at 1/2 of 3% of sales. a. Determine the amount of the adjusting entry for bad debt expense. $__________
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Accounts Receivable $______ Allowance for Doubtful Accounts _______ Bad Debt Expense __________ c. Determine the net realizable value of accounts receivable. $_________
The adjusted balances of Accounts Receivable
a. Adjusting entry: Bad debt expense 15,600.
b. Balances: Accounts Receivable 129,192, Allowance 4,628, Bad Debt Expense15,600.
c. Net realizable value: Accounts receivable 124,564.
a). The amount of the adjusting entry for bad debt expense can be calculated as follows:
Bad Debt Expense = (Sales * 3% * 1/2)
Sales = 1,040,000
Bad Debt Expense = (1,040,000 * 3% * 1/2)
Bad Debt Expense = 15,600
b). To determine the adjusted balances:
Accounts Receivable = (Accounts Receivable - Allowance for Doubtful Accounts)
Accounts Receivable = (133,820 - 4,628)
Accounts Receivable = 129,192
Allowance for Doubtful Accounts remains unchanged at 4,628.
Bad Debt Expense remains unchanged at 15,600.
c). The net realizable value of accounts receivable can be calculated as:
Net Realizable Value = (Accounts Receivable - Allowance for Doubtful Accounts)
Net Realizable Value =129,192 - 4,628)
Net Realizable Value = 124,564
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Write all Profitability, Liquidity, Working Capital, Interest
Coverage, Valuation and Operating Return Ratio with the
interpretation of each ration.
Profitability Ratios: These ratios measure how well a company is generating profits in relation to its sales, assets, and equity. For example, the return on assets (ROA) ratio measures how much profit a company can generate from its assets.
Liquidity Ratios: These ratios measure how well a company is able to pay its short-term obligations with its current assets. For example, the current ratio measures the ability of a company to meet its short-term obligations with its current assets.
Working Capital Ratios: These ratios measure how well a company is managing its working capital. For example, the quick ratio measures how quickly a company can convert its current assets into cash.
Interest Coverage Ratios: These ratios measure how well a company is able to cover its interest payments. For example, the interest coverage ratio measures how many times a company can cover its interest payments with its profits.
Valuation Ratios: These ratios measure the value of a company in relation to its sales, assets, or equity. For example, the price-to-earnings (P/E) ratio measures the current market price of a company's stock in relation to its earnings.
Operating Return Ratios: These ratios measure how well a company is generating profits from its operating activities. For example, the operating margin ratio measures how much profit a company can generate from its sales.
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if the federal reserve decided to raise interest rates, it could
buy bonds to lower money supply
creating a budget is about your wishes and hopes for what you want your income to be.
True
False
Answer:
False.
Explanation:
Creating a budget is not about your wishes and hopes for what you want your income to be, but must be done by having a realistic perception of the income and expenses that each person has from month to month. In this way, you can project responsibly, avoiding incurring debts or other negative consequences.
the list price of a computer was $100,000. the sales tax on the computer was 5%. the delivery cost was $1,000. the cost to assemble the computer was $500. the equipment account should be debited for a total of ______.
The equipment account should be debited for a total of $106,500.
Using this formula
Equipment account=List price+(Sales tax × List Price)+ Delivery cost+ Assemble cost
Where:
List price=$100,000
Sales tax=5%
Delivery cost=$1,000
Assemble cost=$500
Let plug in the formula
Equipment account=$100,000+(5%×$100,000)+$1,000+$500
Equipment account$100,000+$5,000+$1,000+$500
Equipment account=$106,500
Inconclusion the equipment account should be debited for a total of $106,500.
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What are 20 things to do at home when I have nothing to do and have done all my online school?
When Sydney borrowed $8000 from her parents, they made her give them some collateral. What would be the MOST logical thing for Sydney to do to handle their request?
Answer: d) Give them the title to her car.
Explanation:
If they want some collateral then Sydney would have to give them collateral and a car is one of the best known examples of collaterals there is.
Sydney can give them the title of the car which means that if she defaults on the loan, her parents will be able to sell the car to get back the amount that they loaned her. She cannot sell the car until she pays them and she may have to add them as beneficiaries to any car insurance that she may have on the car.
What two factors influence an economic school of thought?(1 point)
Answer:
Free-market, or laissez-faire, economics and Keynesian theory.
Explanation:
The economic school of thought can largely be influenced by prevailing societal values and the historical context in which the theory is developed.
There are many factors that might influence an economic school of thought, but the two key elements are often prevailing societal values and historical context. Prevailing societal values can drastically influence an economic philosophy.
Furthermore, the historical context in which an economic thought emerges is crucial. Economists develop their theories in response to the economic challenges and realities of their time. The Great Depression deeply influenced Keynesian economics, and the stagflation of the 1970s prompted a shift towards monetarism.
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(15%) This year firm A generates $100 M sales. In order to achieve a 25% sales growth rate, firm A will maintain a 20% net profit margin and a 48% dividend payout ratio. In addition, the ratio of total investment in net fixed asset and net working capital over the sales will be maintained at 68%.
(a) How much money does firm A need to raise externally for next year?
(b) If firm A does not wish to issue new equity, how much additional long-term debt does firm A need to borrow for next year?
(c) If firm A wants to hold its long-term-debt-to-equity ratio constant at 1/3, how much additional long-term debt and additional new equity does firm A need to issue for next year?
(a) Firm A's target sales growth rate is 25%, which would result in sales of $100 million * 1.25 = $125 million for the next year.
The ratio of total investment in net fixed asset and net working capital over sales is 68%, so the amount of money firm A needs to raise externally is $125 million * 0.68 = $85 million. (b) If firm A does not want to issue new equity, it needs to raise the required funds through long-term debt. The net profit margin is 20%, so The dividend payout ratio is 48%, so the dividends to be paid out would be $25 million * 0.48 = $12 million. Thus, the additional long-term debt needed would be $85 million - $12 million = $73 million. (c) Firm A wants to maintain a long-term-debt-to-equity ratio of 1/3. To calculate the additional long-term debt and new equity needed, we first determine the equity required. Therefore, to find the additional long-term debt and additional new equity needed for next year, we need the values of Increase in sales, Net profit margin, Retained earnings, and the desired Long-term debt-to-equity ratio.
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An investor whose highest priority is getting the largest gains possible, even if
it requires a lot of risk, would most likely invest in ________.
A. Hedge funds
B. Bonds
C. Mutual funds
D. Saving accounts
The investor whose highest priority is getting the largest gains possible would invest in hedge funds. (option A)
What are hedge funds?Hedge funds are alternative investments that pool the financial resources of different high net worth people together in order to invest in different ventures. Hedge funds are known to invest in different risky and illiquid investments. This increases the rate of their returns relative to other options.
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The U.S. Constitution grants Congress the power over the confirmation of presidential appointments so that Congress _____.
functions as a check and balance against the power of the executive branch of the government
The U.S. Constitution gives Congress broad investigative powers, the only prerogative to confirm or reject numerous Presidential nominations, and the unique authority to create legislation and declare war.
Where in the US Constitution does the Congress's power come from?All legislative authority granted in Article I, Section 1 is given to the United States Congress, which consists of a Senate and a House of Representatives. A representative, bicameral Congress is given full authority over all federal legislative matters under the Constitution.
What does the American separation of powers entail?Overview. The three parts of government—executive, legislative, and judicial—are maintained separate under the constitutional notion of separation of powers.
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Explain why pricing goods is easier than pricing services.
Answer:
The answer is below
Explanation:
pricing goods is easier than pricing services because price goods will require you to measure the cost of inputs to make the goods. This will include the cost of raw materials, cost of labor, cost of marketing, and other associated costs that can easily be derived before the final goods are produced.
However, pricing services is difficult because, to measure the value of the time you used in delivering your services is not straight forward, and also, measuring the actual value of the services rendered is not easier to conduct, because it is not direct either.
Assume that your neighbour smokes, while you hate "passive smoking" (secondhand smoke makes you sick). Suppose your neighbour has the property right to the air. In order to reach an efficient outcome through private bargaining, ____
a. Your neighbour will make compensation to you in order to smoke.
b. You will make compensation to your neighbour to let him smoke less.
you can create an environment where both parties can negotiate and find a mutually agreeable solution that promotes your well-being while respecting your neighbour's property rights.
In order to reach an efficient outcome through private bargaining, you will make compensation to your neighbour to let him smoke less. Given that your neighbour has the property right to the air, they have the legal freedom to smoke. However, recognizing the negative effects of passive smoking on your health, you have a strong preference for reducing the smoke exposure. To align your interests and incentivize your neighbour to smoke less, you may offer compensation in various forms. This compensation could take the form of financial incentives, such as offering to cover the cost of smoking cessation programs or providing alternative amenities to your neighbour that can mitigate their desire to smoke. By offering compensation.
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Pina Corporation purchases a patent from Blossom Company on January 1,2025 , for $59,000. The patent has a remaining legal life of 15 years. Pina estimates the patent will have a useful life of 10 years, based on expected product innovations in the market. Prepare Pina's journal entries to record the purchase of the patent and 2025 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
The journal entries to record the purchase of the patent and 2025 amortization for Pina Corporation would be as follows:
Purchase of the patent:
Date: January 1, 2025
Patent (Asset) $59,000
Cash (or Accounts Payable) $59,000
Explanation: This entry records the purchase of the patent from Blossom Company. The patent is recorded as an intangible asset on the balance sheet, and the cash (or accounts payable) is decreased by the amount paid for the patent.
2025 Amortization:
Date: December 31, 2025
Amortization Expense (Operating Expense) $5,900
Patent (Asset) $5,900
This entry records the amortization expense for the year 2025. The patent's useful life is estimated to be 10 years, so the annual amortization expense is calculated as the purchase price divided by the useful life. In this case, $59,000 divided by 10 years equals $5,900. The amortization expense is recognized as an operating expense, and the patent's carrying value is reduced accordingly.
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The annual master budget file includes the ________ from last year because it is needed for the schedule of expected cash collections.
The complete sentence is summarized below:
The annual master budget file includes the budget from last year because it is needed for the schedule of expected cash collections.
A sentence about annual master budget files
Annual master budget files are a collection of files with detailed lists of cash movements inside, from and to a business. This information is useful to predict and estimate expected cash movements and to construct expected budget in terms of costs and time for the next fiscal year.
For this reason, an annual master budget file must include the budget from last year. The complete sentence is summarized below:
The annual master budget file includes the budget from last year because it is needed for the schedule of expected cash collections.
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Which of the following is a benefit of outsourcing? a. It makes employees self-reliant. b. It helps a firm meet its expansion needs. c. It eliminates jobs that tend to be repetitious. d. It reduces a firm's risk of facing intellectual property theft.
Answer:
C. It eliminates jobs that tend to be repetitious.
Explanation:
Outsourcing is usually engaged in business to beat down the cost of production, it is the act in which a particular company invite another company from outside to carry out some service for them on agreement however, this service is been carried out at home.
It should be noted that one of the benefit of outsourcing is that It eliminates jobs that tend to be repetitious.
Shelee is the owner of Racing Formula Inc., a local race track. Her employees are often impressed with how much she knows about individual drivers, automobile racing teams, racetrack operators, referees, and officiating crews. Shelee is the classic leader with ______.
Shelee is the classic leader with exceptional knowledge and expertise in the field of automobile racing. Her ability to understand and analyze the intricate details of individual drivers, racing teams, racetrack operators, referees, and officiating crews is a testament to her extensive experience and passion for the sport.
As a leader, Shelee's knowledge and expertise allow her to make informed decisions and provide valuable guidance to her employees. She is able to identify areas for improvement and implement strategies that enhance the overall performance and success of Racing Formula Inc.
Moreover, Shelee's expertise also enables her to establish strong relationships with her employees, clients, and partners in the racing industry. Her ability to communicate effectively and build trust and respect within the community contributes to the long-term success of the company.
Overall, Shelee's exceptional knowledge and expertise make her a valuable asset to Racing Formula Inc. and a classic example of a knowledgeable and effective leader in the automobile racing industry.
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Why was agricultural sector declared as critical industry and exempt from the hardest lockdown regulations
Answer:
Kindly check explanation
Explanation:
Food production and consumption is critical and key to survival, no matter an established and generally accepted number of daily square meal of 3 is widely adopted. This gives a clue tgta, no matter a country's problem or issues they face, aspects which concerns food and generally agriculture would be treated preferentially. Following the outbreak and severe spread of the deadly virus, it became imperative that affected nations introduced critical measures to try and curtail its spread, stringent measures include ; restriction of movement, strict emphasis on social distancing, hence, the need to reduce the number of people on a particular site or work area, travel restrictions, among others. This restrictions had s here effect on the agriculture and the food supply chain and its effect was quickly very noticeable as people would eventually die of hunger if nothing was done. This prompted government to introduce exemptions and preference afforded to the agricultural sector ; such as keppibg trade channels open in other to facilitate food distribution, timely observation and monitoring of food crisis among others.
The following information applied to Fenn, Inc., for the year just ended:Merchandise purchased for resale $400,000Freight-in 10,000Freight-out 5,000Purchase returns 2,000Fenn’s inventoriable cost for the year wasA. $400,000B. $403,000C. $408,000D. $413,000
The sum an investor pays for an investment is appertained to as the purchase price, and that quantum becomes the investor's cost base for determining gain or loss when the investment is vended.
Important literacy. Cost is frequently the disbursement made for producing a good or service that a business sells. A client's amenability to pay for a good or service is reflected in the price. The price of a product and the profit made from its trade are directly identified with the cost of manufacturing that thing. Lower purchase price($,000-$,000) = $,000 for the purchase return. Addition$,000 for freight Cost of Inventoriable is$,000.
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on january 1, 2016, ruby company purchased a piece of equipment with a list price of $60,000. the following amounts were related to the equipment purchase: terms of the purchase were 2/10, net 30. ruby paid for the purchase on january 8. freight costs of $1,000 were incurred. a state agency required that a pollution control device be installed on the equipment at a cost of $2,500. during installation, the equipment was damaged and repair costs of $4,000 were incurred. architect's fees of $5,900 were paid to redesign the work space to accommodate the new equipment. ruby purchased liability insurance to cover possible damage to the asset. the three-year policy cost $8,000. ruby financed the purchase with a bank loan. interest of $3,000 was paid on the loan during 2016.
If on january 1, 2016, ruby company purchased a piece of equipment with a list price of $60,000 and the terms of the purchase were 2/10, net 30. ruby paid for the purchase on january 8. freight costs of $1,000 were incurred. The acquisition cost of the equipment is $72,200.
Acquisition cost of the equipmentUsing this formula to determine or to find the acquisition cost of the equipment
Acquisition Cost = Net purchase cost + Freight inward cost + Repair cost + Cost of pollution control device + Architect's fees
Let plug in the formula
Acquisition Cost of equipment = ( $60,000 ×98%) + $1,000 + $4,000 + $2,500 + $5,900
Acquisition Cost of equipment = $58,800 + $1,000 + $4,000 + $2,500 + $5,900
Acquisition Cost of equipment = $72,200
Therefore we can conclude that $72,200 is the acquisition cost.
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The complete question is:
on january 1, 2016, ruby company purchased a piece of equipment with a list price of $60,000. the following amounts were related to the equipment purchase: terms of the purchase were 2/10, net 30. ruby paid for the purchase on january 8. freight costs of $1,000 were incurred. a state agency required that a pollution control device be installed on the equipment at a cost of $2,500. during installation, the equipment was damaged and repair costs of $4,000 were incurred. architect's fees of $5,900 were paid to redesign the work space to accommodate the new equipment. ruby purchased liability insurance to cover possible damage to the asset. the three-year policy cost $8,000. ruby financed the purchase with a bank loan. interest of $3,000 was paid on the loan during 2016.
Required: Determine the acquisition cost of the equipment.
What is the best explanation for the relatively horizontal area of the short run aggregate supply curve?
The best explanation for the relatively horizontal area of the short run aggregate supply curve is that, "with an economy operating below potential output, an increase in aggregate demand causes real output to increase."
The short-run aggregate supply curve is horizontal. This happens because in the short-run production can be increased without any real effect on the average costs of production.
The horizontal short-run aggregate supply curve shows that even if the output increases, the price remains the same. So here the aggregate demand curve can shift to the right and can meet the aggregate supply curve at a new point.
Hence, here the price level will remain unchanged.
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Hugo was completing his end-of-day balance sheet for his music store. He wanted to make sure his projections were correct and confirm the business was on track financially. What is one entry he would make on his balance sheet?
A. Gross profit
B. Cost of goods sold
C. Accounts receivable
D. Net profit before taxes
As Hugo wanted to make sure his projections were correct and confirm the business was on track financially, an entry which he can make on his balance sheet is an Accounts receivable. The Option C is correct.
What is an account receivable?In accounting, an accounts receivable refers to an asset account on the balance sheet that represents money due to a company in the short term. They are created when a company lets a buyer purchase their goods or services on credit and it is similar to accounts payable but instead of money to be received, they are money owed.
An account receivable are always recorded as a debit in the assets section of a balance sheet. It is a short-term asset because normally it's going to be realized within a year.
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High school is referred to as _____ education.
fundamental
secondary
vocational
primary
Answer:
secondary
Explanation:
as 10 class is rrferred to as secondary education
plz folliw me
Answer: High school is referred to as secondary education. :)
Being able to make decisions effectively can make a worker more independent.
Please select the best answer from the choices provided
T
F
Answer: True
Explanation:
When we are able to make decisions effectively, this can make a worker more independent. This is true.
It should be noted that when one makes decisions effectively, ones confidence is enhanced and one believes more in himself or herself.
When this occurs, as individuals, we trust ourselves and our abilities to make the right decisions which ultimately make us more independent.
Answer:
True
Explanation:
Just took the quiz
please help
Why is engaging communication a two-way process?
Answer:
Two-way communication allows both participants to exchange ideas, they can develop a sense of mutual understanding. The result is a better relationship between them. Increase effectiveness
Effective communication depends on the proper understanding of the message by the sender and receiver.
Explanation:
Hope you can helpWhat is one benefit of purchasing saving bonds saving bonds are purchased from the government and guaranteed to increase in value?
you can postpone paying federal taxes on the interest until you redeem the bond or it matures. savings bonds are utilized for qualified educational expenses, tax benefits are accessible to eligible taxpayers.
The amount of interest that is due each period and is expressed as a percentage of the amount lent, deposited, or borrowed is known as the interest rate. The total amount of interest charged on a sum lent or borrowed depends on the principal amount, interest rate, frequency of compounding, and length of the loan, deposit, or borrowing. The interest rate that is determined over a year is the annual interest rate. According to one definition, the interest rate "measures the preference for a dollar of present income over a dollar of future revenue." The loan recipient is ready to repay the debt.
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Which of the following are considered red flags of a company when analyzing its financial statements (check all that apply) A. Having a net income lower than cash flow from operating activities B. Net income decreasing significantly over several years C. Days' sales of receivables keeps growing D. A debt ratio much lower than the industry average
The red flags of the company when they are analyzing financial statements are:
b) Net income decreasing significantly over serveral yearsc) Days sales of receivables keeps growingWhat is a financial statement?Financial statements are official records of a person, business, or other entity's financial situation and actions. Structured and simple to comprehend presentations of pertinent financial data are made.
A financial statement is a document that details the operations and performance of a company's finances. Lenders and investors use it to evaluate a company's financial stability and earnings potential.
The following are the warning signs that the company looks for when examining financial statements: b) Net income that has considerably decreased over several years c) Days sales of receivables that are increasing.
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If you have saved $4,000 in your savings account that earns 0.3% interest annually, what will most likely happen to the purchasing power of your savings over time?
If You have more money, but your purchasing power is lower. You will actually lose money if your savings don't increase at a rate that keeps up with inflation. Hence purchasing power will be $ 4012 .
What is Purchasing power ?If inflation reduces your purchasing power every year when you are retired and living off of your savings, you won't be able to maintain the same level of life. This is particularly true in the United States, where medical costs frequently increase more quickly than other prices.
Long before retiring, inflation can be detrimental. Let's say you are diligently setting aside money for a specific purpose, like a home down payment or a college fund for your kids. While you're saving, your money's purchase power can decrease.
Given in que
Saving $ 4,000
interest = 0.3%
\(4000+0.3%= 4,012\\$ 4012\\\)
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