Lori is a student who teaches golf on the weekend and in a year
earns $30,000 after paying her taxes.
At the beginning of 2016 , Lori owned $2,500 worth of books,
DVDs, and golf clubs and she had $3,000 in a savings account at
the bank.
During 2016 , the interest on her savings account was $150 and
she spent a total of $ 20,000 on consumption goods and services.
The market value of her books, DVDs, and golf clubs did not
change.
How much did Lori save in 2016 ? What is her wealth at the end
of2016 ?
In 2016 , Lori saved $ HOW MUCH?
Lori's wealth at the end of 2016 is $ HOW MUCH
In: Economics
What types of taxes do we pay throughout the year and to whom?
In: Economics
The rate of increase in velocity is 2 percent a year, the money growth rate is 17 percent a year, and the inflation rate is 12 percent a year.
What is the real GDP growth rate?
The real GDP growth rate is __ percent a year.
In: Economics
Ritania is calculating its balance of payments for the
year. All transactions for the year are listed below (all amounts
are expressed in US dollars). Ritania received weapons worth $200
from the US under its military program; no payment is necessary. A
Ritanian firm exported $400 of cloth. A Ritanian resident is paid
$10 in interest on a loan to a foreigner. Foreign tourists visited
Ruritania and spent $100 in traveler’s checks. Ritanian investors
invested $200 overseas and received $50 in interest on the
investment that same year. A Japanese construction firm received a
$150 installment payment for work done in Ruritania.
Calculate Ritania’s current account (CA) and Financial
Account (FA) balances. Briefly (in one, very short sentence)
interpret the CA balance.
What change in the official reserve (OR) account is
implied such that the balance of payments balances? Interpret (in
one, very short sentence) this change.
In: Economics
For the past year, Coach, Inc., had a cost of goods sold of
$68,382. At the end of the year, the accounts payable balance was
$11,889.
How long on average did it take the company to pay off its
suppliers during the year? (Do not round intermediate
calculations and round your answer to 2 decimal places, e.g.,
32.16.)
Days’ sales in payables
days
In: Finance
For the past year, Coach, Inc., had a cost of goods sold of
$59,882. At the end of the year, the accounts payable balance was
$13,589.
How long on average did it take the company to pay off its
suppliers during the year? (Do not round intermediate
calculations and round your answer to 2 decimal places, e.g.,
32.16.)
Days’ sales in payables
days
In: Finance
Tonken Company had $300 of supplies at the beginning of the year. They purchased $1,350 of supplies throughout the year. At the end of the year, they had $520 of supplies on hand. How would Tonken record the supplies used throughout the year?
a. Debit Supplies Expense: $520, credit Cash: $520.
b. Debit Supplies Expense: $1,130, credit Supplies: $1,130
c. Debit Supplies Expense: $520, credit Supplies: $520.
d. Debit Supplies Expense: $1,130, credit Cash: $1,130
In: Accounting
Which of the following would require an adjusting entry at the end of the current year?
a. | Unpaid salaries at the end of the year. | |
b. | Estimated bad debts in the following year | |
c. | Cash received from customers for services to be performed next year | |
d. | All of the above | |
e. | A and B |
Timberline Co. generally provides services for $1,200, but offers a $200 discount to senior citizens. When providing a service on account to a senior citizen for $1,000, Timberline would record the following:
a. | Credit Service Revenue for $1,000 | |
b. | Debit Sales Discounts for $200 | |
c. | Credit Accounts Receivable for $1,200 | |
d. | Credit Service Revenue for $1,200 | |
e. | Debit Accounts Receivable for $1,200 |
The accounting group responsibility for the establishment of worldwide financial accounting rules is:
a. | The International Accounting Standards Board | |
b. | United Way | |
c. | International Organization of Securities Commissions | |
d. | The World Bank | |
e. | The Financial Accounting Standards Board |
Hayes Corporation issues 100 shares of its $1 par value common stock for $15 per share. The entry to record the issuance will include a:
a. | Debit to Cash $1,500. | |
b. | Credit to Additional Paid-In Capital $1,400. | |
c. | Credit to Common Stock of $100. | |
d. | Debit Dividends for $1,500 | |
e. | Three of the above answers are correct.. |
The net increase/decrease in cash reported in the Statement of Cash Flows equals:
a. | Net income reported in the Income Statement | |
b. | The change in stockholders’ equity reported in the Statement of Stockholders’ Equity | |
c. | Stockholders’ Equity reported in the Balance Sheet | |
d. | The change in the balance of the Cash account reported in the Balance Sheet | |
e. | The amount of revenues less expenses and dividends during the year |
In: Accounting
Edgar needs to close out $670 in the dividends account at the end of the year. What closing entry will he use? a. Income summary (debit) 670; dividends (credit) 670 b. Retained earnings (debit) 670; dividends (credit) 670 c. Dividends (debit) 670; income summary (credit) 670 d. Revenue (debit) 670; dividends (credit) 670 e. Cash (debit) 670 ;dividends (credit) 670
In: Accounting
When the last day of the year falls on Tuesday, the entry for accrued wages is a debit to Wages Expense and a credit to Wages payable for, 2. When the last day of the year falls on Friday, the entry for accrued wages is a debit to Wages Expense and a credit to Wages payable for, 3. When the last day of the year falls on Monday, the entry for the payment of wages is a debit to Wages Expense for, a debit to Wages Payable for, and a credit to Cash for, 4. In every version, wages for the last week of December are per day.
In: Accounting