Closing entries Group of answer choices need not be journalized if adjusting entries are prepared need not be posted if the financial statements are prepared from the end-of-period spreadsheet are not needed if adjusting entries are prepared must be journalized and posted

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Answer 1

In Financial accounting, closing entries: D. must be journalized and posted.

What are closing entries?

Closing entries can be defined as journal entries that are made at the end of an accounting period and it involves the transfer of financial data from temporary accounts to permanent accounts.

In Financial accounting, it is a general rule that all closing entries must be journalized and posted at the end of an accounting period.

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Related Questions

Which famous landmark has an apartment built on top of it?.

Answers

The famous landmark that has an apartment built on the top of it is the Eiffel Tower.

Answer:

Eiffel Tower

Explanation:

I took the test

Adam smith suggests that increased competition will allow prices to be kept ______________________
a
low
b
unmeasurable
c
high
d
none of these

Answers

Adam Smith suggests that when there is increase in competition then the prices for the goods will be low. Thus, option a. is correct.

What is the nature of competitive market?

The competitive market is the market scenario when there is high level of competition among various companies who produce same category of goods. In this case due to competition the prices of the goods can either go low for attracting more customers.

Thus, the theory of Adam Smith says that when there is increased market competition then the businesses will keep the price low till a level then it can be unmeasurable.

Therefore, option a is correct.

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Daniel Simmons arrived at the following tax information:

Gross salary $ 62,250 Interest earnings $ 75
Dividend income $ 140 Adjustments to income $ 850
Standard deduction $ 12,400

What amount would Daniel report as taxable income?

Answers

The net taxable income of Daniel Simmons for the income statement given above will be $50,915.

What is net taxable income?

The total amount on which income tax is to be paid by the assessee during a particular financial period is known as the net taxable income of such individual.

Using the given information into the formula below,

Net Taxable Income = Gross Salary+Interests and Dividends earned+Adjustments-Standard Deduction

Net Taxable Income = $(62250+75+140+850-12400)

Net Taxable Income = $50,915

Hence, the net taxable income is as computed above.

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Suppose you start saving today for a down payment that you plan to make on a condo in 2 years. Assume that you make no deposits into the account after your initial deposit. The account has annual compounding and an APR of 5%. How much would you need to deposit now to reach your goal in 2 years

Answers

Based on the amount you need to save and the APR, the amount you need to deposit today is $4,535.15.

What amount should you deposit today?

The amount you need to deposit today is:
Future amount = Amount x (1 + rate) ^ number of years

Solving gives:

5,000 = Amount x (1 + 5%)²

Amount = 5,000 / 1.05²

= $4,535.14

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What are the three factors of producrion and what role does each factor play in the production of goods and services

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Answer:

The productive factors are commonly classified into three groups: land, labour, and capital. The first represents resources whose supply is low in relation to demand and cannot be increased as the result of production. The income derived from the ownership of this factor is known as economic rent.

At which point in the business cycle would the unemployment rate begin to increase?

Answers

Answer:

Recession

Explanation:

Recession is when output is decreasing and unemployment is increasing

Do believe that entrepreneurs are 'born' and not 'made'? Justify your answer.

Answers

Answer:

Entrepreneurs are born and not made.

Explanation:

In order to be an entrepreneur you must have good business ethic and life skills, no one can make you have the mindset and ethic of an entrepreneur only influence on the skills you are already born with.

Pastries inc. sends rollo its catalogue showcasing a variety of baked goods for certain prices. this catalogue is: group of answer choices an invitation to negotiate, not an offer. an advertisement, not an offer. an offer. a request, not an offer.

Answers

The catalogue used by Pasties Inc is an example of an advertisement, not an offer.

What is an advertisement?

This means the promotion of a product to a target audience in order to attract interest, engagement and sales.

Here, the catalogue used by Pasties Inc is an example of an advertisement, not an offer.

Therefore, the Option B is correct.

Answers

Answer:

First one:

perfect competition, monopolistic competition, monopoly, and oligopoly

Explanation:

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"Connie is a real estate investor who owns an apartment building. She adds the rental income received from her tenants to other income from the coin-operated laundry and parking garages. The sum is her ________."

Answers

The sum of all of the income that Connie adds from what she receives is what is called her gross income.

What is gross income?

This is the type of income that consists of all of a persons earnings. The gross income is made up of salary and all other earnings received.

The gross income here is the addition of all of Connie's earnings from all of the jobs she did.

Answers

Financial managers should primarily strive to maximize the current value per share of existing stock. Thus the correct answer is c.

What is stock?

Stock is referred to as goods that are stored in warehouses and are ready for sale. In terms of company, it is referred to as security provided to shareholders about the participation and ownership in the organization.

The financial managers strive to maximize the current value per share of existing stock because they were selected to promote the interest of current stockholders.

Therefore, option C maximizes the current value per share of existing stock is the correct answer.

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Which interest group is an example of a public interest group?.

Answers

Answer:

NAACP

Explanation:

An interest group is a group of individuals who have common policy goals and work together to accomplish those goals through the political process. Interest groups seek their objectives in a variety of venues. Interest groups, unlike political parties, do not field their own slate of candidates. Furthermore, interest groups are frequently policy experts, whereas parties are policy generalists. Environmental (Sierra Club), consumer advocacy (Public Citizen), and civil rights organizations are examples of public interest groups (NAACP). Public interest groups, sometimes known as citizen groups, address issues that have nothing to do with the individuals' professions. Public interest organizations have developed since the 1960s to combat government regulation of individual conduct. Despite the fact that public interest groups dominate private interest groups, private interests hire the great majority of lobbyists on Capitol Hill.

At a beauty supply company, an employee created a popular line of lip balm, lip gloss, and lipstick after many hours of research and discussions with experts. Now, with their manager's encouragement, they frequently conduct workshops for other employees about lip color and other beauty products. In this scenario, which feature of the company is exemplified

Answers

Learning culture is the of the company is exemplified, as At a beauty supply company, an employee created a popular line of lip balm, lip gloss, and lipstick after many hours of research.

What is Learning culture?

Learning culture is the continuous learning and developing the new skills and experience, the members of the company are busy in understanding the trends in the market and try to develop the skills to get a competitive edge.

Thus, it is Learning culture

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2
select the correct answer.
the people of country x tend to save their income rather than spend on luxuries. to which value dimension does this behavior relate?
a. people of country x have a high indulgent vs. restraint ratio.
b. people of country x have a low indulgent vyrestraint ratio.
c. people of country x have a high uncertainty avoidance index.
d. people of country x have a low uncertainty avoidance index.
e. people of country x have a high individualism index.

Answers

The value dimension that the behavior of the people of country x relates to is b. people of country x have a low indulgent vs. restraint ratio.

What is the difference between indulgent and restrained societies?

According to Hofstede's Cultural Dimensions, an indulgent society values the satisfaction of human needs, desires, and pleasures above societal norms.

On the other hand, a restrained society curbs their desires, withholding pleasures that align with societal norms.

Thus, since the people of country x tend to save their income rather than spend on luxuries, the relevant value dimension is a low indulgent vs. restraint ratio.

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Garcia Manufacturing uses activity-based costing. It budgets $6,644,000 of overhead cost to dispose of 15,100 tons of hazardous waste. The activity rate for hazardous waste disposal based on tons of hazardous waste is:

Answers

Based on the budget for the disposal of the waste and the quantity of the waste, the activity rate is $440 per ton.

What is the activity rate for the hazardous waste disposal?

This can be found as:

= Total cost budgeted / Tons of waste

Solving gives:

= 6,644,000 / 15,100

= $440 per ton

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If bonds are issued at a premium, the stated interest rate is:.

Answers

The bonds will be issued at A premium. If bonds are issued at a premium, the stated interest rate.

What is bond?

Bond is the kind of debt security, which a borrower is used to raise the money from the investor that wiling to pay the money after a particular span of time. If the person purchase a bond, they are lending money to the issuer.

Thus, it is The bonds will be issued at A premium.

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1 pts Compassion International is a nonprofit organization dedicated to releasing poor children from spiritual, economic, social and physical poverty. What would be the most likely goal for an advertising campaign for this international organization

Answers

The most likely goal for an advertising campaign for this international organization is how to tackle poverty.

What is poverty?

It should be noted that poverty simply means a situation whereby one is poor to afford the basic and necessary things that they want.

In this case, the most likely goal for an advertising campaign for this international organization is how to tackle poverty.

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Who are the market participants in the foreign exchange market? Explain how each participant contributes to market activities.

Answers

The market participants in the foreign exchange market are commercial banks, Foreign exchange brokers, Central bank, MNCs and Individuals and Small businesses.

What is Market?

Market is the place where exchange of goods and services takes place in return of the money. Money is the value provided by the buyer to the seller of the product.

The commercial banks provides the deposits of the public as the saving to the people who are need of the money in this way they supply the money in the market.

The Central bank regulates the flow of the money by implementing the monetary policy and keeps in check the inflation rates in the market. All the MNC's and small businesses launches the product in the market and fulfills the need of the customer.

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Answer:Central banks and treasuries: Central banks use their respective nation’s foreign exchange reserves to influence the rate at which their own currency trades in the forex market. Because they absorb losses readily (to protect the value of their currency), they are a unique participant in the forex market.

Foreign exchange brokers: Foreign exchange or forex brokers assist forex dealers with transactions by providing the necessary currencies in case of a shortage of foreign exchange funds. They act as agents to facilitate effective trade transactions, and they charge a fee for their services.

Speculators and arbitragers: Speculators and arbitragers trade in the market for profit. They usually do not serve any clients and trade only for themselves. Arbitragers attempt to generate profit by trading on the differences of several currencies.

Retail customers: Retail customers (such as importers, exporters, multinational firms, and other investors) trade in the forex market through commercial banks. Their trade transactions are usually for investment or commercial purposes.

Foreign exchange dealers: Foreign exchange dealers are the main traders in the forex market. They generate profit by purchasing a currency at a particular bid price, and then reselling it at a higher asking price. They maintain an inventory position in particular currencies and specialize in those currencies.

Explanation:

Edmentum

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How does scarcity affect a society like Venezuela?

Answers

Answer:

scarcity affect a society like vanezuela by following ways:

they may suffer from different types of diseases due to insufficient of nutritious food.

It may also lead to people's death

As the people will be weak because of scarcity there will be less development

People will have conflicts for survival and food

Explanation:

.........

What will collision insurance cover in the event of an accident?.

Answers

Regardless of who is at fault, assists pay for the fix or replacement of your vehicle is collision insurance cover in the event of an accident.

What is collision insurance?

Collision insurance is the insurance when the car met with the accident, the company gives the replacement or repair expenses of the person's vehicle. Collision coverage is usually needed by the lender if a person is leasing or financing car.

Thus, Regardless of who is at fault, assists pay for the fix or replacement

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Suppose that Coca-Cola were to divide its market up into segments based on the amount of soda consumers drink (heavy, medium, and occasional soda drinkers). What type of segmentation does this represent

Answers

Answer:

Market Segments

Explanation:

During market testing, Rembrandt Cosmetics realized that the cosmetics industry was dominated by multiple, well-established brands. These brands mostly sold their products in exclusive outlets and departmental stores. Rembrandt Cosmetics management realized that a new entrant would require a different business model to be successful. Thus, Rembrandt Cosmetics started selling its products through direct marketing. In this scenario, Rembrandt Cosmetics accomplished substitution primarily through

Answers

In the given scenario, Rembrandt Cosmetics accomplished its substitution primarily through strategic planning of equivalence.

What is strategic planning?

When the differences between two different strategic plans are identical, with other things being constant, such a situation is called as a strategic planning of equivalence.

Hence, strategic planning holds true regarding the given situation.

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Question 18 of 20
Increasing her income is one way that Sasha can:
O A. reduce her monthly spending.
O B. lower her monthly expenses.
C. manage additional expenses in her budget.
D. manage additional financial loss.

Answers

Sasha can manage additional expenses in her budget by increasing her income. Hence, Option C is the correct statement.

What do you mean by income?

Income is described in exceptional methods relying on the context for example, for functions of taxation, financial accounting, or monetary analysis. For people and businesses, earnings usually manner the value or quantity that they obtain for their labor and products.

Hence, Sasha can manage additional expenses in her budget by increasing her income. Option C is the correct statement.

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Answer:

manage additional expenses in her budget

Explanation:

just took test

A notary signing agent wants to stand out from other nsas by guaranteeing to borrowers and contracting companies that all of her loan signings will take 30 minutes or less. this is:

Answers

A notary signing agent wants to stand out from other NSA's by guaranteeing to borrowers. This is prohibited if it is stated to be a guarantee.

Who is borrower?

A borrower refers to any person or organization taking out loan from a bank under an agreement to pay back it with interest.

As per a notary signing agent wants to stand out from other NSA's by guaranteeing to borrowers and contracting companies that all of her loan signings will take 30 minutes or less. This is prohibited if it is stated to be a guarantee.

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There are two main method of release planning, fixed scope and fixed date, which do you think works best for product development and why

Answers

The fixed scope works best for product development because it has to do with the timelines, milestones, and dates of a project.

What is Release Planning?

This refers to the tactical document that is used to track a project and its features for an upcoming release.

Hence, we can see that in product development, the use of both fixed scope and date are essential and the concept that works best in my opinion is the fixed scope because it is more concerned with the predictability and control of the project.

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Which category of physical infrastructure management is concerned with providing the required it resources at the right time, at the right cost, aligned with the current and future requirements of the internal customer?

Answers

The category of physical infrastructure management that provides resources that are necessary for the internal customer is the Resource Capacity Management

What is Resource Capacity Management?

This refers to the definition of the work that is meant to be done by a person and carefully allocating resources necessary to complete the tasks.

Hence, we can see that in physical infrastructure management, there is the allocation of resources that helps one to use the right resources at the right time and proper measure and this is the Resource Capacity Management.

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14. Over a given year, nominal GDP increased by about 2.5%. Over that year, the GDP deflator decreased by about 4%. From this information (and using our Aggregate Supply and Demand framework for analysis), we infer that over this year, Group of answer choices real GDP decreased, and we had a decrease in Aggregate Supply. real GDP decreased, and we had an increase in Aggregate Demand. real GDP increased, and we had an increase in Aggregate Demand. real GDP increased, and we had a decrease in Aggregate Demand. real GDP increased, and we had an increase in Aggregate Supply.

Answers

The answer is 1,009 and thats your answer

If Julie has an employee stock option that allows her to purchase 1,000 shares of stock at a strike price of $10.00 and she is currently 50% vested in her stock options, how much money would she have to pay to exercise the option contract today

Answers

The amount would she have to pay to exercise the option contract today is: $50,000.

Exercise option

Using this formula

Exercise option=(Stock per shares×Strike price)×Percentage vested in stock option

Let plug in the formula

Exercise option=(1,000 shares×$10)×50%

Exercise option=$100,000×50%

Exercise option=$50,000

Therefore the amount would she have to pay to exercise the option contract today is: $50,000.

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You are going to deposit $20,500 today. you will earn an annual rate of 3.9 percent for 14 years, and then earn an annual rate of 3.3 percent for 17 years. how much will you have in your account in 31 years

Answers

You are going to deposit $20,500 today, what you will have in your account in 31 years is mathematically given as

A=60824.276

What is Compound Interest?

Generally, the equation for Compound Interest is mathematically given as

A=P(1+r/100)^n

Therefore

A=$20500*(1.039)^14*(1.033)^17

A=$20500*2.967038158

A=60824.276

In conclusion, the compound interest

A=60824.276

Answers

The reason why it is useful to create a yearly budget is that Certain expenses are variable, so it is impossible to budget them with a shorter timeframe.

What is a budget?

This can be defined as the estimation of the income that a person has and the expenditures they have over a period of time.

Budgets are useful because they help to match the expenditures such as cars and housing which can nit be taken care of by a weekly budget.