Answers
Answer:
A. Credit limits
Explanation:
The term credit limit describes the maximum amount of debt or loan a financial institution grants to a client. Lenders set credit limits based on a customer's ability to pay. Customers with a bad credit history are given lower limits, while low-risk customers enjoy higher credit limits. Credit limit communicates to a customer the amount of money they can still access on credit.
Answer: credit limits
Explanation:
Related Questions
Given the company’s concerns, what should you focus on first?
a. End-user education
b. Physical security
c. Business continuity
Answers
As per the company's concerns, the focus is first on the physical security of the business. Hence option B is correct.
What is a business?A business is a regular occupation or a activity that one engages to make a living. The business is a form of activity that is carried out to meet the needs and satisfaction of the people want and needs.
In general, the company in order to be in a business needs to have physical security so that its assets and resources don't get wasted or destroyed.
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What will happen to a project's schedule if there are resource overloads and the critical path is delayed?
a. Nothing will happen to the project's schedule if the critical path is delayed.
b. The project's schedule will slip only if the float / slack period for the critical path activities is not enough to resolve the resource overload issue.
c. The project's schedule will slip only if the float/slack period for the noncritical activities is not enough to resolve the resource overload issue.
d. There is never a delay in the critical path, because it is the longest path through the network.
Answers
Answer:
b. The project's schedule will slip only if the float / slack period for the critical path activities is not enough to resolve the resource overload issue.
Explanation:
This is true because, the resource overload will be an impediment to the critical activities going on in the project. There supposed to be an equilibrium between the resource and the project schedule in-order to ensure completion of the project within the given time frame.
Suppose a group of investors pooled $750,000 and founded Best National Bank in Rochester, NY. Best National Bank used $$75,000 of this to purchase shares in the New York Federal Reserve Bank. With the remaining $675,000, the bank manager purchased a building, furniture, and equipment for the bank.
Answers
Answer:
I have no idea to wat the answer is
1._____refers to the goods or services that you offer and how they
meet your customers' needs and desires.
A. Place
B. Products
C. Price
2.
D. Promotion
is how much customers pay for your product or service, .
A. Place
B. Products
C. Price
D. Promotion
3. It refers to the way you communicate with potential customers, includes
what you say, who you say it to, what channels you use to reach them.
A. Place
B. Products
C. Price
D. Promotion
4. It is where and how a company will make its products available to its
customers.
A Place
B. Products
C. Price
D. Promotion
5. Marketing tools are the controllable variables that when properly
blended constitute the
A. Marketing mix
B. Marketing plan
C. Market research
D. Market feasibility
Answers
Answer:
1.Product
2.Price
3.Promotion
4.Place
5.Sorry,i don't know this answer
Suppose that lisa purchases 1 pizza per month when the price is $22 and 6 pizzas per month when the price is 13. what is the price elasticity of Lisa's demand curve? Use the midpoint method to answer this problem .
Answers
Answer:
123
Explanation:
The price elasticity of Lisa's demand curve is -2.77. The given the quantity and the price of the pizza.
What is demand?
The term “demand” is relying on people needs and wants to the amount of goods and services. Demand is an economic notion that deals with the connection between consumer demand for goods and services and their market prices.
P1 = $22
Q1= 1
P2= 13
Q2= 6
Calculate the price elasticity of demand -
[tex]\frac{(Q2-Q1)}{(Q2+Q1)/2} X \frac{(P2+P1)/2}{(P2-P1)}[/tex]
[tex]\frac{(6-1)}{(6+1)/2} X \frac{(13+22)/2}{(13-22)}[/tex]
[tex]\frac{(5)}{(7)/2} X \frac{(35)/2}{(-9)}[/tex]
[tex]\frac{(5)}{(3.5)} X \frac{(17.5)}{(-9)}[/tex]
[tex]\frac{87.5}{-31.5}[/tex]
The price elasticity of Lisa's demand curve is -2.77.
Therefore, -2.77 the price elasticity of Lisa's demand curve.
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1. Identify what type of investment the Farrier stock is for Bryant. 2. Journalize the transactions related to Bryant's investment in the Farrier stock during 2018. 3. In what category and at what value would Bryant's report the investment on the December 31, 2018, balance sheet
Answers
Answer:
1. Identify what type of investment the Farrier stock is for Bryant.
This investment should be classified as a long term investment since Bryant held Farrier's stock for more than one year.
2. Journalize the transactions related to Bryant's investment in the Farrier stock during 2018.
January 1, 2018, purchase of 3,750 shares of Farrier stock
Dr Investment in Farrier stock 60,000
Cr Cash 60,000
August 1, 2018, dividends received from Farrier stock
Dr Cash 6,375
Cr Investment in Farrier stock 6,375
December 31, 2018, Farrier reports net income
Dr Investment in Farrier stock 12,500
Cr Investment revenue 12,500
3. In what category and at what value would Bryant's report the investment on the December 31, 2018, balance sheet
This investment should be reported under non-current assets as a long term investment. The book value of this investment = $60,000 - $6,375 + $12,500 = $66,125
In a traditional economy, which group is most responsible for producing the goods people in society need?
A. private business
B. Family members
C. International corporations
D. Government agencies
Answers
Answer:
B. Family members
Explanation:
A traditional economy is based upon the customs, beliefs, and history of the community. Age-old traditions and beliefs guide economic decisions of production and distribution. The traditional economy is motivated by the social well being of its members and not by profits.
The main economic activities under the traditional economy revolves are subsistence farming, fishing, and hunting. These activities are carried out in family settings. In other words, family members provide labor for economic activities.
The answer is Family Members for A P E X
On January 1, 2020, a borrower signed a long-term note, face amount, $260,000; time to maturity, three years; stated rate of interest, 8%. The market rate of interest of 10% determined the cash received by the borrower. The note will be paid in three equal annual installments of $100,888 each December 31 (which is also the end of the accounting period for the borrower).Required:1. Compute the cash received by the borrower. $ 231,593 2. Prepare a debt amortization schedule.2. Provide the required entries for the borrower for the issuance of the note on January 1, 2020, and the interest payments in 2020, 2021, and 2022.Date Cash Interest Expense Reduction in NP. Carrying valueJan. 1, 2020 231,593Dec. 31, 2020 93,127 23,159 699,680 161,625Dec. 31, 2021 93,127 16,163 76,964 84,661Dec 31, 2022 93,127 8,466 848,661 0 Total 279,381 47,788 0Date Account Name Cr. Dr.Jan. 1, 2020 Cash 231,590 0 Note Payable 8,410 8,410 Dec. 31, 2020 Interest Expense 23,159 0 Cash 69,968 0Dec. 31, 2021 Interest Expense 0 93,127 Note Payable 16,163 0 Cash 76,964 0Dec 31, 2022 Interest Expense 0 93,127 Note Payable 8,466 0
Answers
As it relates to the European Union, what is the ECB?
a. The Euro Currency Board, responsible for pegging exchange rates.
b. The European Currency Bureau, responsible for issuing the euro.
c. The Economic Council of Banks, responsible for oversight of the European banking industry.
d. The European Central Bank, responsible for monetary policy within the European Union.
Answers
Answer:
d. The European Central Bank, responsible for monetary policy within the European Union.
Explanation:
The full form of the ECB is European Central bank. It is the bank that is responsible for the monetary policy for those countries who are the members of the European union that means the person who have adoptred the currency of the euro
So according to the given options, the option d is correct as it met the condition
Therefore the other options are wrong
As the price level rises ceteris paribus people holding some of their wealth in monetary form because:_____
a. less wealthy and they buy less.
b. more wealthy and they buy more.
c. less wealthy and they buy more.
d. more wealthy and they buy less
Answers
Answer:
a. less wealthy and they buy less.
Explanation:
we are assuming a situation where the price level rises (inflation rises), so anyone holding cash will be able to purchase a smaller amount of goods with the same amount of cash simply because the goods are more expensive. E.g. you purchased 10 goods with $100, but if the inflation rate increases to 10%, you will be able to purchase only 9 goods with the same $100. As inflation rises, people holding cash (or other monetary form) will lose wealth and purchasing power.
Compute the missing amounts.
King Company Queen Company
Sales Revenue 56000 ?
Sales Returns and Allowances ? 5000
Net Sales 50000 ?
COGS 33000 80000
Gross Profit ? 32000
Operating Expenses 12000 ?
Net Income ? 14000
Required:
Calculate the profit margin and the gross profit rate for each company. (Round answers to 2 decimal places, e.g. 15.25.)
a. King Company;
b. Profit Margin %
c. Gross Profit Rate %
d. Queen Company;
e. Profit Margin %
f. Gross Profit Rate %
Answers
Answer:
King Company Queen Company
Sales Revenue $56,000 $117,000
(112000+5000)
Sales Returns & Allowance $6,000 $5,000
(56000-50000)
Net Sales $50,000 $112,000
COGS $33,000 $80,000
Gross Profit $17,000 $32,000
(50000-33000)
Operating Expenses $12,000 $18,000
Net Income $5,000 $14,000
Profit Margin % = [Net Income / Net Sales]
King Company = 5,000/ 50,000* 100 = 10.00%
Queen Company = 14,000 / 112,000 * 100 = 12.50%
Gross Profit Rate % = [Gross Profit / Net Sales]
King Company = 17,000 / 60,000 = 34.00%
Queen Company = 32,000 / 112,000 = 28.57%
a. What is the significance of voting rights to the ordinary shareholders? What is a proxy? Why do proxy fights occur?
b. Briefly explain the factors that influence the planning of the capital structure in practice.
c. ‘Bonus shares represent simply a division of corporate pie into a large number of pieces.’ Explain.
Answers
Answer:
a. What is the significance of voting rights to the ordinary shareholders? What is a proxy? Why do proxy fights occur?
Voting rights, to ordinary shareholders, is the upside of holding common stock, with the downside being that they have less preference of payment than bondholders, and preferred stock holders.
A proxy is a group of shareholder activists who attempt at enacting a particular change within the company. Proxy fights occur because proxies often meet resistance from the firm's current board.
b. Briefly explain the factors that influence the planning of the capital structure in practice.
There are many factors that influence the planning of the capital structure. For example, if interest rates are low, the board may plan for more debt and less equity, while the opposite would occur if interest rates are high.
In general terms, boards and managers tend to like debt because they represent the chance of leveraging the company, and a high leverage can increase returns to shareholders by a large margin if the economic performance of the firm is good.
c. ‘Bonus shares represent simply a division of corporate pie into a large number of pieces.’
Bonus shares are stock issued in place of dividends. In other words, when profits are distributed, stockholders get even more stock, instead of cash. Bonus shares, therefore, increase the amount of the firm's stock by the value of current profit, slicing the corporate pie into a larger number of pieces.
3. Which part of a letter identifies the address of the person writing the letter
Answers
Answer:
Return Address
Explanation:
There are primarily 7 parts of a letter and these are the following:
1. Letterhead/Heading (business) or Return Address (an individual)
2. Date
3. Inside Address
4. Salutation/Greeting
5. Body
6. Complimentary Close
7. Signature
The "Return Address" refers to the address of the sender. This includes the name of the sender as well. This is very important especially if the letter requires a response from the recipient.
In Real Estate, the type of deed that transfers the greatest protection for the
buyer is _______?
Answers
Answer:
general warranty deed
Explanation:
The answer is a general warranty deed provides the most protection for the buyer; a quitclaim deed provides the least protection for the buyer. A general warranty deed provides the greatest protection of any deed.
Answer:
warranty deed
Explanation:
In Real Estate, the type of deed that transfers the greatest protection for the
buyer is a warranty deed. A warranty deed is a document that has the most amount of protection for the purchaser of said property.
If the growth rate in an economy is 3%, then its GDP will double in about:
A.
20 years.
B.
23.33 years.
C.
70 years.
D.
245 years.
Answers
Answer:
B. 23.33 years.
Explanation:
If we are going to make use of rule of seventy (70) to help us know the actual time that it takes for a country to double their economy GROSS DOMESTIC PRODUCT (GDP) which means that it will take up to 14 years for a country that has 5% growth rate to double their GDP but in a situation where a country economy has a growth rate of 3% it will takes actually takes 23 .3 years to double their GDP or 10 years to double their GDP.
Which of the following most accurately describes the difference between
common stock and preferred stock?
A. Preferred stock can only be bought and sold by a stockbroker
B. Preferred stock has a higher value at the initial public offering
C. Preferred stock pays a higher percentage of profits as dividends
D. Preferred stock pays out earnings at fixed, regular dividends
Answers
Answer: Preferred stock pays out earnings at fixed, regular dividends.
Explanation: I got it right on the test :)
Preferred stock pays out earnings at fixed, regular dividends is the most accurately describes the difference between common stock and preferred stock. Thus, option (d) is correct.
What is stock?The term stock refers to the product are the ready to the sale for the bulk in the production. The stock are always in the bulk in items. The stock are the measure according to the quantity. The stock was ready to deliver to the wholesaler. There are the company stock as the common stock and preferred stock.
There are the difference between common stock and preferred stock are:
Common stock
The term common stock refers to the ownership in a company. The common stock of the company are the right to vote decision.Preferred stock
The term preferred stock refers to distributes assets to shareholders. Preferred stock are the no voting right decision.As a result, the significance of the difference between common stock and preferred stock are the aforementioned. Therefore, option (d) is correct.
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Madeline has a credit score of 648. According to the following table, her
credit rating is considered to be which of these?
Il your FICO credit score is
Your credit rating is considered to be
750 - 850
660 - 749
620 - 659
350 - 619
Excellent
Good
Fair
Poor
A. Fair
B. Good
O
C. Excellent
D. Poor
SUMIT
Answers
Answer: Fair
Explanation:
Based on the given table, Madeline's credit score of 648 falls within the range of 620-659, which is considered as a "Fair" credit rating.Hence option A is correct.
A credit score is a numerical representation of a person's credit worthiness, and it is calculated based on various factors such as credit history, payment history, credit utilization, and length of credit history. A higher credit score is generally considered more favorable by lenders as it indicates a lower risk of defaulting on loans or credit cards.
A "Fair" credit rating suggests that Madeline may have some negative items on her credit report, such as late payments, collections, or high credit utilization. While she may still qualify for credit products, she may have to pay higher interest rates or put down a larger deposit to secure a loan or credit card.
It's essential for Madeline to continue building her credit score by making timely payments, keeping credit utilization low, and avoiding new credit applications unless necessary.
With consistent efforts, she can improve her credit score and move up to a higher credit rating, which may provide better borrowing opportunities and lower interest rates.
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2. Suppose the State bank of Pakistan instructs its Trading Desk to purchase Pkr 5 billion of securities. Analyze the result of this transaction on the balance sheets of the State bank of Pakistan and commercial banks?
Answers
Answer:
The definition has always been listed throughout the clarification section downwards as per the query.
Explanation:
One such trade infuses the community with extra cash as well as raises the Federal Reserve Business's resources.
The Changes In accounting estimates law implemented here seems to be:
⇒ [tex]Total \ Assets = Total \ Liabilities + Capital[/tex]
Above that, the trade would have an impact mostly on income statement including its Federal Reserve System for almost the similar positive and negative number, without any adjustment mostly on the liability side. Although the trade will have a two-way influence on the investment banking institutions:Everything always raises investments towards commercial banks, leading to increased obligations, as well as increases the accounts receivables with financial firms, leading to an increase throughout reserves. And whether the capital expenditure acquired by that of the Central Bank takes into account another commitment including its financial institutions, then perhaps the expenditure including its financial institutions is decreased as well as the free margin requirement including its banking institutions is raised, consisting in something like a simultaneous decline or rise throughout reserves.The following table shows the approximate value of exports and imports for the United States from 1997 through 2001.
Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth.
Answers
Answer:
Year Exports - Imports Percentage of GDP
1997 -101.4 1.22%
1998 -161.8 1.84%
1999 -262.1 2.80%
2000 -382.1 3.84%
2001 -371 3.61%
We can see that the deficit in grew every year except for the year 2001, when it was reduced a bit. This was because the U.S. began to import more goods than it exported.
The completion of the table with the calculation of the surplus or deficit is as follows:
Year GDP Exports Imports Exports - Imports = Surplus /Deficit
Billions Billions Billions Deficits Percentage of GDP
1997 $8,332.0 $954.4 $1,055.8 ($101.4) 1.22%
1998 $8,794.0 $953.9 $1,115.7 ($161.8) 1.84%
1999 $9,354.0 $989.3 $1,251.4 ($262.1) 2.75%
2000 $9,952.0 $1,093.2 $1,475.3 ($382.1) 3.84%
2001 $10,286.0 $1,027.7 $1,398.7 ($371.0) 3.61%
Thus, the exports exceeded the imports each of the years and the percentage of deficits to GDP continued to rise by 50%.
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Willie Lohmann travels from city to city for business. Every other year he buys a used car for about $15,000. The dealer allows about $8000 as a tradein allowance, so Willie spends $7000 every other year for a car. Willie keeps accurate records of his expences, which total 32.3 per mile. Willie's employer has two plans to reimburse car expenses: Actual expenses: Willie will recieve all his operating expenses, and $3500 each year for the car's decline in value. Standard mileage rate: Willie will recieve 56.5 per mile but no operating expenses and no depreciation allowance. If Willie travels 18,000 miles per year, which method gives him the larger reimbursement? At what annual mileage do the two methods give the same reimbursement?
Answers
Answer:
Plan B is better.
Computation:
Total travel = 180,00 miles
Plan A:
Actual Expenses
Total Reimbursement = $3,500 + [18,000 x 32.3]
Total Reimbursement = $3,500 + $5,814
Total Reimbursement = $9,314
Plan B:
Standard Mileage
Total Reimbursement = 18000 x 56.5
Total Reimbursement = $10,170
So,
Plan B is better.
Difference in fixed reimbursement = $3500 Plan A
Difference in mileage rate = 56.5 - 32.3
Difference in mileage rate = 24.2 cents per mile
Difference in mileage rate = $0.242 per mile
Difference in fixed reimbursement = $3500 Plan A
a. The method that gives Willie Lohmann the larger reimbursement is Plan A.
b. The annual mileage where the two methods give the same reimbursement to Willie is 144.63 miles.
Data and Calculations:
Cost of used car = $15,000
Trade-in Allowance 8,000
Amount spent yearly = $7,000
Total expenses per mile = $32.3
Amount reimbursed with Plan A = $32.3 m + $3,500
Amount reimbursed with Plan B = $56.5 m
where m = per mile
Distance traveled per year = 18,000
Reimbursement from Plan A = $584,900 ($32.3 x 18,000 + $3,500)
Reimbursement from Plan B = $1,017,000 ($56.5 x 18,000)
For Plan A to equal Plan B, $56.5 m = $32.3 m + $3,500
From the equation, $56.5 m - $32.3 m = $3,500
Therefore, $24.2 m = $3,500
m = 144.63 ($3,500/$24.2)
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The amount of the average investment for a proposed investment of $184,000 in a fixed asset with a useful life of 4 years, straight-line depreciation, no residual value, and an expected total income of $20,600 for the 4 years is
Answers
Answer:
$92,000
Explanation:
Average Investment = (Initial Investment + Scrap Value) / 2
Average Investment = ($184,000 + $0) / 2
Average Investment = $184,000 / 2
Average Investment = $92,000
Thus The amount of the average investment for a proposed investment is $92,000
What is the major purpose of an
imprest petty cash fund?
Answers
The major purpose of an imprest petty cash fund is defined below in the explanation segment.
This same printing system would be an accounting method for such payment as well as reimbursement of little amounts. Whenever the little currency represents dollar hundred, a debit account value of dollar hundred would be reported by the Petty Cash flow or statement. The little cash keeper pays this same cheque as well as adds the amounts towards the remaining cash.
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Rhian believes he was unfairly passed over for a promotion, so he meets with his union steward to complain. The steward meets with management, but they refuse to make any changes. Which of the following would most likely occur if Rhian decides to push the issue further?
Multiple Choice
(A) The steward would submit the issue for mediation.
(B)The union would initiate a boycott of company products.
(c)The steward would organize a formal sickout (D) The NLRB would issue a temporary court injunction.
(E) the union arbitrator would plead the case to management
Answers
A firm with a WACC of 10% is considering the following mutually exclusive projects:
0 1 2 3 4 5
Project 1 -$200 $60 $60 $60 $220 $220
Project 2 -$600 $300 $300 $100 $100 $100
Which project would you recommend?
a. Project 2, since the NPV2 > NPV1.
b. Both Projects 1 and 2, since both projects have NPV's > 0.
c. Neither A or B, since each project's NPV < 0.
d. Both Projects 1 and 2, since both projects have IRR's > 0.
e. Project 1, since the NPV1 > NPV2.
Answers
Answer:
Option e is the correct answer.
As the NPV of project 1 is higher than Project 2's NPV, Project 1 is recommended,
Explanation:
To determine which project to choose, we will calculate the net present value (NPV) of both projects and the project with the higher NPV will be chosen.
NPV is the present value of the future cash flows inflows expected from the project less any initial cost. The formula for NPV is as follows,
NPV = CF1 / (1+WACC) + CF2 / (1+WACC)^2 + ... + CFn / (1+WACC)^n - Initial outlay
Where,
CF1, CF2,... is the cash flow in year 1, Year 2 and so onNPV - Project 1 = 60 / (1+0.1) + 60 / (1+0.1)^2 + 60 / (1+0.1)^3 +
220 / (1+0.1)^4 + 220 / (1+0.1)^5 - 200
NPV - Project 1 = $236.076 rounded off to $236.08
NPV - Project 22 = 300 / (1+0.1) + 300 / (1+0.1)^2 + 100 / (1+0.1)^3 +
100 / (1+0.1)^4 + 100 / (1+0.1)^5 - 600
NPV - Project 2 = $126.1861 rounded off to $126.19
As the NPV of project 1 is higher than Project 2's NPV, Project 1 is recommended,
if aggregate demand is growing faster than long run aggregate supply, the federal reserve is most likely to
Answers
Answer:
.sell securities on the open market
Explanation:
Aggregate demand is simply a schedule or a curve. It said to shows the total quantity of goods and services demanded (purchased) at various price level.
Aggregate demand-aggregate supply (AD-AS) model is macroeconomic model that uses aggregate demand and aggregate supply to determine and explain the price level and the real domestic output.
Question 5/10
Choose the statement that is true about health
insurance.
You do not need health insurance if you do not have
a full time job.
You don't need health insurance if you are young
and healthy.
You don't need health insurance if you are under
age 26.
You should always have health insurance,
regardless of your circumstances.
Answers
Answer:
The correct statement is the last one. You should always have health insurance, regardless of your circumstances.
The correct statement is - "You should always have health insurance, regardless of your circumstances". Thus, option fourth is correct.
What is insurance?Insurance is a form of financial loss protection in which one party promises to reimburse another party in the case of a certain loss, damage, or injury in exchange for a fee. It is a type of risk management that is primarily used to mitigate the risk of a contingent or uncertain loss.
In exchange for a monthly premium payment, an insurance company offers to pay for some or all of your medical expenditures under a health insurance policy.
Health insurance covers the expenditures of small and significant medical difficulties, such as operations and treatment for life-threatening diseases and disabling disorders.
"You should always get health insurance, regardless of your circumstances," is the accurate statement. As a result, option four is correct.
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Flint Corporation commenced operations in early 2020. The corporation incurred $58,500 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its formation.
Required:
Prepare journal entries to record the $58,500 expenditure and 2020 amortization, if any.
Answers
Answer and Explanation:
The journal entry is shown below:
1. Organization expense Dr $58,500
To cash $58,500
(Being organization expense is recorded)
Here organization expense is debited as it increased the expenses and credited the cash as it decreased the assets. Also the assets and expenses contains normal debit balance
2. No entry is required as the amortization is recorded for only intangible assets
One of the biggest problems associated with renting a home is:
A. the money invested does not build wealth.
B. the renter is responsible for all maintenance costs.
C. the initial required investment is very high.
D. the renter is required to pay huge insurance fees.
Answers
Answer:
The money invested does not build wealth
Explanation:
The biggest problem associated with renting a home is that the money invested does not build wealth. The correct option is A.
Why property investment is not good?Even after purchasing the property, you will still need to pay for repairs, society maintenance, and property tax. Also, if you rent out your property, there is a potential that it can sustain damage, adding to your costs. Real estate is not a wise choice for investment because of all these costs.
When renting, the monthly payments go toward the landlord's mortgage and other expenses, rather than toward building equity in a property. In contrast, when owning a home, the mortgage payments go towards building equity in the property, which can be a valuable asset over time. Renters do not benefit from any appreciation in the property value and do not have any ownership stake in the property.
Thus, the ideal selection is option A.
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Norma Richard's monthly budget allows her to spend $125 for entertainment. In June she spent $185. How much more or less did she spend than budgeted?
Answers
Answer:
$60 More
Explanation:
Norma monthly budget is set at $125
In June, she spent $185
The amount spent over and above the budget is
June spending - allowed budget
=$185 -$125
=$60 More
Kenai Company sold $600 of merchandise to a customer who used a National Bank credit card. National Bank deducts a 3% service charge for sales on its credit cards. Kenai electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record the collection from the credit card company would be:________
a. Debit Accounts Receivable-National $582; debit Credit Card Expense $18 and credit Sales $600.
b. Debit Cash $582 and credit Sales $582.
c. Debit Cash of $618 and credit Accounts Receivable-National $618.
d. Debit Cash of $618; credit Credit Card Expense $18 and credit Sales $600.
e. Debit Cash $582; debit Credit Card Expense $18 and credit Sales $600.
Answers
Answer: E. Debit Cash $582; debit Credit Card Expense $18 and credit Sales $600.
Explanation:
Based on the scenario in the question as we are informed that Kenai Company sold $600 of merchandise to a customer who used a National Bank credit card and that National Bank deducts a 3% service charge for sales on its credit cards.
The journal entry to record the collection from the credit card company would be:
Dr Cash $582
Dr Credit card expense = 3% × $600 = 0.03 × $600 = $18
Cr Sales $600
Therefore, he correct option is E.