For each of the following accounts, indicate whether a debit or credit is used to increase (+) or decrease (-) the balance of the account. Account Debit Credit (a) Common Stock (b) Liability (c) Asset (d) Revenue (e) Dividend (f) Retained Earnings (g) Expense
Answers
Debit and Credit are the two essential terms used in accounting. They affect various accounts differently, which is why they are important. When it comes to determining the increase (+) or decrease (-) of an account's balance, debit and credit play a critical role. Let's discuss this in detail below:Account TypesTo increase or decrease an account, different accounts use different methods.
Debit and Credit are the two essential terms used in accounting. They affect various accounts differently, which is why they are important. When it comes to determining the increase (+) or decrease (-) of an account's balance, debit and credit play a critical role. Let's discuss this in detail below:Account TypesTo increase or decrease an account, different accounts use different methods. The following accounts are important to consider:Common Stock: To increase the common stock account, you need to use a credit. To decrease it, you should use a debit. Liability: To increase a liability account, use a credit. To decrease it, use a debit. Asset: To increase an asset account, you need to use a debit. To decrease it, use a credit. Revenue: To increase a revenue account, use a credit. To decrease it, use a debit. Dividend: To increase a dividend account, use a debit. To decrease it, use a credit. Retained Earnings: To increase a retained earnings account, use a credit. To decrease it, use a debit. Expense: To increase an expense account, use a debit. To decrease it, use a credit.More than 100 words:In accounting, debit and credit are important terms. Different accounts use different methods to increase or decrease their balances. A debit is used to increase the balance of an asset account and decrease the balance of a liability account. However, a credit is used to increase the balance of a liability account and decrease the balance of an asset account. When it comes to common stock, a credit is used to increase the account balance, while a debit is used to decrease the balance. Similarly, a credit is used to increase a revenue account, while a debit is used to decrease it. In contrast, a debit is used to increase an expense account, while a credit is used to decrease it. Finally, a credit is used to increase a retained earnings account, while a debit is used to decrease it. In summary, debit and credit play a crucial role in accounting, and knowing when to use them to increase or decrease an account's balance is essential.
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Related Questions
You have just deposited $10,500 into an account that promises to pay you an annual interest rate of 6.4 percent each year for the next 5 years. You will leave the money invested in the account and 15 years from today, you need to have $29,750 in the account. What annual interest rate must you earn over the last 10 years to accomplish this goal?
Answers
Answer:
7.59%
Explanation:
Calculation for What annual interest rate must you earn over the last 10 years to accomplish this goal
Future value required=[Amount of deposit*(1+6.4%)^5]*(1+I)^10
$29,750=[$10,500*(1+6.4%)^5]*(1+I)^10
$29,750=[$10,500*(1+0.064)^5]*(1+I)^10
$29,750=[$10,500*(1.064)^5]*(1+I)^10
$29,750=[$14,318.497198]*(1+I)^10
(1+I)^10=[$29,750/$14,318.497198]
(1+I)^10=2.077732013
(1+I)=2.077732013^(1/10)
(1+I)=1.07586791
Hence, annual interest rate will be:
Interest rate, I=(1.07586791-1)*100
Interest rate=0.07586791*100
Interest rate=7.586791%
Interest rate=7.59% (Approximately)
Therefore the annual interest rate that you must earn over the last 10 years to accomplish this goal is 7.59%
A company purchases a piece of machinery. This machinery is now the company's _____.
A. asset
B. liability
c. equity
D. capital
Answers
When a company purchases a piece of machinery, the machinery becomes the company's A. asset.
What is an asset?An asset is a resource owned or controlled by a business or an economic entity, which produces value or more resources.
Assets can be classified into three classes, and they generally fall into the following categories:
CurrentNon-currentPhysicalIntangibleOperatingNon-operating.Thus, the machinery does not become a liability, equity, or capital but an asset.
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what important technology has done the most
Answers
what are the three occupations business
Answers
Answer:
Agriculture, Food and Natural Resources. Architecture and Construction.
Arts, Audio/Video Technology and Communications
Education and Training
Government and Public Administration
Hospitality and Tourism
Information Technology
Manufacturing
Science, Technology, Engineering and Mathematics.
Should citizens participating in
criminal trials should have some requirements such as someone who
has a degree? Or someone who makes at least $20,000 per year? Why
or why not?
Answers
Citizens participating in criminal trials should not be required to have a degree or make a certain amount of money per year. This is because such requirements would create inequalities in the justice system and violate the principle of equal protection under the law that is enshrined in the US Constitution.
First, requiring citizens to have a degree in order to participate in criminal trials would discriminate against those who cannot afford higher education. This would create an unfair advantage for those who are more affluent and better-educated, and it would prevent many people from serving on juries or as witnesses.
Secondly, requiring citizens to make a certain amount of money per year would also create inequalities. Poorer citizens would be excluded from participating in criminal trials, which would violate their rights to equal protection under the law. Moreover, wealth is not necessarily a measure of a person's ability to serve as a juror or a witness. A person's income level does not necessarily correlate with their intelligence, education, or integrity
.In conclusion,citizens should not be required to have a degree or make a certain amount of money per year in order to participate in criminal trials. Doing so would violate the principle of equal protection under the law, create inequalities, and prevent many people from participating in the justice system.
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Money you pay up front to reduce the amount you will owe is called a
A. fixed loan
B. late payment
C. down payment
D. short-term loan
Answers
Answer:
down payment
Explanation:
A down payment is money paid upfront in a financial transaction, such as the purchase of a home or car. Buyers often take out loans to finance the remainder of the purchase price.
Answer:
down payment
Explanation:
in directing economy, the federal government practices ______ level economics.
Answers
The federal government employs macroeconomics while directing the economy.
What is macroeconomics?
Macroeconomics is the study of how an economy functions, is structured, behaves, and makes decisions as a whole. For instance, controlling interest rates, taxation, and government expenditure to ensure the stability and growth of an economy. This encompasses the local, governmental, and international economies. In a 2018 analysis, economists Jón Steinsson and Emi Nakamura concluded that the "data about the impacts of various macroeconomic strategies is still relatively imperfect and vulnerable to substantial criticism."
In their research, macroeconomists look at things like GDP (Gross Domestic Product), unemployment (including unemployment rates), national income, price indices, output, consumption, inflation, saving, investment, energy, international commerce, and international finance.
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In its 1st year of business, eel electric purchased $1,000 of supplies on account. During the year, it paid $700 of the amount it owed for supplies. At the end of the year, it had $200 of supplies remaining. What is supplies expense on the income statement equal?.
Answers
The supplies expense on the income statement equal is $4,700.
It started with $500 and purchased $5,000 but only has $800 of supplies left, thus it used $4,700.
The amount used is Supplies Expense and is recorded as an adjusting entry with a debit to Supplies Expense (+E,-SE) and credit to Supplies (-A) for $4,700. The Supplies balance on the balance sheet equals $800 (the supplies left).
An income statement, also known as a profit and loss account, is one of a company's financial statements and displays the company's receipts and outlays for a specific time period.
what is in an income statement ?
An earnings assertion is a financial report detailing a organization's income and charges over a reporting period. it could also be called a earnings and loss (P&L) statement and is typically prepared quarterly or yearly. earnings statements depict a organization's monetary overall performance over a reporting period.
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Who is the leader of EG
Answers
Answer:
The company, the U.S. unit of U.K.-based EG Group Ltd has named George Fournier as its new president.
Susan Sleugh earns $89,079 annually. Income tax is charged using the following information: 1.11% on on first $45225 of taxable income 2.13% on next $83989( over $ 45225 upto $129.214) 3. 15% on $129.214 Calculate the annual income tax payable.
Answers
Susan Sleugh earns $89,079 annually. Income tax is charged using the following information: 1.11% on the first $45225 of taxable income, 2.13% on the next $83989( over $ 45225 up to $129.214), and 15% on $129.214. Susan Sleugh's total tax payable is $-3526.60.
For income below $45225, the rate of tax is 1.11%. Therefore the amount of tax that Susan has to pay for the income below $45225 is:1.11/100 × 45225 = $501.28
Next, for the next $83989( over $ 45225 up to $129.214) the rate of tax is 2.13%. Therefore, the amount of tax that Susan has to pay for this amount is 2.13/100 × 83989 = $1791.27Now, for the amount above $129.214, the rate of tax is 15%.
Therefore, the amount of tax that Susan has to pay for the amount above $129.214 is:15/100 × (89079 - 129214) = -$5829.15. Hence, her total tax payable for the year is Total tax payable = $501.28 + $1791.27 - $5829.15= -$3526.60. Susan Sleugh's total tax payable is $-3526.60.
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the highlighted structure contributes to which autonomic function? inferior view of the brain. the highlighted structure is the most inferior bunch of yellow colored tissue arising between an oblong structure situated in the middle of the brain and a large structure, each half of which embraces the roundish structure.the highlighted structure contributes to which autonomic function? stimulation of secretions of the submandibular and sublingual salivary glands
Answers
Stimulation of secretions of the submandibular and sublingual salivary glands.
What triggers the secretion of salivary glands?The parasympathetic nerves and neuropeptides like substance P play a major role in the mechanism of salivary gland secretion, which also includes adrenergic signaling by sympathetic nerves. A mixed serous and mucous discharge is produced by submaxillary (mandibular) glands. The saliva that sublingual glands produce has a mucous composition in the majority of cases.
How can you increase salivation?Increase your fluid intake by regularly sipping on cold water or an unsweetened beverage. Chew sugar-free gum or suck on sugar-free candies to encourage saliva production in your mouth. Sucking on an ice cube will wet your mouth as it slowly melts.
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In a game of pool, the white cue ball hits the #5 ball and stops, while the #5 ball moves away with the same velocity as the cue ball had originally. Both balls have the same mass. This type of collision is-
Answers
This type of collision is an example of an elastic collision.
In an elastic collision, the total kinetic energy of the system is conserved, and the objects bounce off each other with no loss of energy due to deformation or other factors.
Kinetic energy is a type of energy that an object possesses by virtue of its motion. It is defined as the energy that a moving object has due to its motion and is dependent on the object's mass and velocity.
In this case, the #5 ball moves away with the same velocity as the cue ball had originally, indicating that the two balls had an elastic collision.
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How can you tell if a guy doesnt put the effort in being with you anymore, its online and long distant cause he lives 8 hours away from me and were both 17 have already experienced heartbreak, it was great and fun at first and he was so shy and loving and wanted to meet but now he’s dodging to see eachother and every night we call before we both go to bed and sleep while on call but after my mother passed away June 29th hes been distant and mostly plays his game Smite idk if he’s serious about me i mean he tells me he loves me and ofc i love him back hes my entire world in my mind, im always very wholesome with him he says but when i ask how he feels he says he doesnt know and i dont show it to him but that kinda hurts when the guy doesnt know... anyway if you have any advice please tell me im desperate and i cant seem to keep my feelings from leaking out and it just hurts i dont wanna tell him cause then he will be upset and i dont want that..
Answers
Answer:
his body language would change around you and when a guy says he doesnt know means he doesnt know hes processing about how he really feels about you.
The return on the Rush Corporation in the state of recession is estimated to be -22% and the return on Rush in the state of boom is estimated to be 31%. The return on the Oberman Corporation in the state of recession is estimated to be 42% and the return on Oberman in the state of boom is estimated to be -15%. Given this information, what is the covariance between Rush and Oberman if there is a 0. 60 probability that the economy will be in the state of boom and an 0. 40 probability that the economy will be in the state of recession. Place your answer in decimal form and not as a percentage
Answers
Based on the return on Rush Corporation at different phases of the economy, and that of the Oberman Corporation, the covariance between both companies is -0.079.
What is the covariance between Rush and Oberman Corporation?First find the returns on both companies:
Rush Corporation:
= (0.60 x -22%) + (0.4 x 31%)
= 0.4%
Oberman Corporation:
= (0.60 x 42%) + (0.4 x -15%)
= 19.2%
The Covariance is:
= 0.6 x (-0.22 - 0.004) x (0.42 x 0.192) + 0.4 x (0.31 - 0.004) x (-0.22 – 0.1780)
= -0.079
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In 2-5 paragraphs, discuss the process you would use to determine whether Internet resources are suitable and reliable sources of information.
Answers
Keeping your _____and _____in mind will dictate what you say and how you say it.
Answers
1.4 Why is Canada considered to have a branch-plant economy?
Answers
Answer:
Manufacturing companies set up branch plants to serve the Canadian market, thereby avoiding high freight costs and import duties.
Explanation:
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Cain Company reports net cash provided by operating activities of $35,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement of cash flows (using the indirect method).
Answers
It can be seen from the solutions given that Cain's net income is $24,000.
Here is the solution:Net income = Net cash provided by operating activities - Adjustments
= $35,000 - $6,000 - $10,000 + $4,000 + $7,000 + $4,000
= $24,000
Therefore, Cain's net income is $24,000.
Here is a breakdown of the adjustments:
To determine cash flow from operations, it is necessary to include the gain on equipment sales in the net income as it is a non-cash entry.
A rise in accounts receivable implies that customers are prolonging payment of their invoices, resulting in decreased cash flow from the company's activities.
The depreciation expense is classified as a non-cash expense, hence it must be included in the calculation of cash from operations by adding it back to the net income.
A decrease in inventory indicates that the company is experiencing faster turnover of its inventory, leading to increased cash flow generated by its operations.
A rise in prepaid expenses denotes that the company is channeling more funds towards prepaid expenditures like insurance and rent, implying a reduced cash inflow from its operational activities.
A decline in the amount of wages that the company owes indicates that it is not promptly compensating its workforce. Consequently, this implies that the company's operational cash flow is reduced.
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business communication helps establish, build and maintain our __________ with our audience.
Answers
Business communication helps to establish, build and maintain our relationship with our audience.
Business communication is the act of sharing information and messages between those that work in a business and the public.
Effective communication in the business place is very necessary because it helps to foster a better relationship in the work place.
It helps the organization also to meet with its goals and improve the business as well as the reduction of errors.
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Let's denote the price of a nonmaturing bond (called a consol) as P. The equation that indicates this price is P=. where I is the annual net income the bond generates and r is the nominal market interest rate. a. Suppose that a bond promises the holder $400 per year forever. The nominal market interest rate is 4 percent. Calculate the bond's current price: $. (Round your answer to the nearest whole dollar.)
Answers
Denote the price of a non maturing bond as P. The equation that indicates this price is P = I/r, where I is the annual net income the bond generates and r is the nominal market interest rate. For a bond that promises the holder $400 per year forever, I = $400, r = 4% = 0.04. Hence, the bond's current price is:P = I/r= $400/0.04= $10,000.
Rounding to the nearest whole dollar, the bond's current price is $10,000, the current price of the bond is $10,000.
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Question 2 of 10
Which of the following is a benefit of contributing to a retirement account?
A. The amount of income that's taxable is reduced.
B. Contributions double each timbs they are deposited.
C. As long as you contribute, you don't have to pay any taxes.
D. Money deposited can be taken out at any time.
SUBMIT
Answers
It should be noted that a benefit of contributing to a retirement account is A. The amount of income that's taxable is reduced.
What is the benefit of retirement account?It should be noted that employee contribution can help in reducing taxable income.
Contributions and investment gains won't be taxed until they're distributed.
Therefore, the benefit of contributing to a retirement account is the amount of income that's taxable is reduced.
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Which aspect of writing business reports relates to the component of credibility known as competence?.
Answers
Providing facts that help decision makers' aspect of writing business reports relates to the component of credibility known as competence.
Competence is the capacity to perform an action successfully. You have the ability to complete a task or job successfully. The knowledge and abilities required to solve a quadratic equation are examples of competence. Alternately, it could include the considerably more extensive and varied sets of talents required to run a multinational organization.
The objective and subjective aspects of a source's or message's plausibility are included in credibility. The concept of "Ethos" is concerned with the speaker's persona.
Trustworthiness and expertise, which both have objective and subjective components, are the two main components of credibility. Although established reliability is an objective criterion, trustworthiness is primarily based on subjective criteria.
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The ___ inkblot test employs a series of inkblot cards designed to reveal a person's unconscious desires, fears, and conflicts.
Answers
The Rorschach inkblot test employs a series of inkblot cards designed to reveal a person's unconscious desires, fears, and conflicts.
This psychological test, developed by Hermann Rorschach in the early 20th century, is based on the principle that individuals will project their thoughts and feelings onto ambiguous stimuli, such as the inkblot images.
During the test, the individual is presented with a series of inkblot cards, one at a time, and asked to describe what they see in each image. The responses are then analyzed based on various factors, including content, location, determinants, and popular responses. These interpretations provide insights into the individual's perception, thought processes, emotional state, and underlying psychological dynamics.
The Rorschach inkblot test is rooted in the psychodynamic theory, which suggests that individuals' perceptions are influenced by their unconscious mind. By presenting the individual with unstructured stimuli, the test aims to tap into their unconscious thoughts and feelings, allowing the examiner to gain a deeper understanding of their inner world.
It is important to note that the Rorschach test is a complex and nuanced assessment tool that requires extensive training and expertise to administer and interpret accurately. The test results are subject to multiple interpretations, and the examiner considers various factors to derive meaningful insights.
Overall, the Rorschach inkblot test provides a unique window into the individual's unconscious mind, allowing psychologists to explore their innermost thoughts, desires, fears, and conflicts. It is often used in clinical settings to aid in the assessment, diagnosis, and treatment planning for individuals with psychological disorders.
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Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for $1,250 (cost of goods sold of $725). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $195). Cycle Wholesaling uses a perpetual inventory system, and it allows returns only within 15 days of initial sale. Required:
Answers
Answer:
1. 1-Feb
Dr Accounts receivable 1,250
Cr Sales revenue 1,250
2 . 1-Feb
Dr Cost of goods sold 725
Cr Inventory 725
3. 9-Feb
Dr Sales revenue 312.50
Cr Accounts Receivable 312.50
4. 9-Feb
Dr inventory 195
Cr Cost of goods sold 195
5. 2-Mar
Dr Cash 937.50
Cr Accounts receivable 937.50
B. Gross profit percentage=43.47%
Explanation:
A. Preparation of the journal entries to record sales , goods return on February 9 and Cash collected on March 2
1 to 3 Preparation of the journal entries to record sales
1. 1-Feb
Dr Accounts receivable 1,250
Cr Sales revenue 1,250
2 . 1-Feb
Dr Cost of goods sold 725
Cr Inventory 725
3. 9-Feb
Dr Sales revenue 312.50
Cr Accounts Receivable 312.50
(1/4*1,250)
4. Preparation of the journal entry to record goods return on February 9
9-Feb
Dr inventory 195
Cr Cost of goods sold 195
5. Preparation of the journal entry to record collected on March 2
2-Mar
Dr Cash 937.50
Cr Accounts receivable 937.50
(1,250-312.50)
B. Calculation for the gross profit percentage for sales to Sarah's Cycles
First step is to find the gross profit
Net sales 937.50
Less Cost of goods sold (530)
(725-195 )
Gross profit 407.50
Now let calculate the Gross profit percentage using this formula
Gross profit percentage = Gross profit/Sales
Let plug in the formula
Gross profit percentage=407.50/937.50
Gross profit percentage=0.4347*100
Gross profit percentage=43.47%
Inkamva Lethu was established to offer counseling service for drug addicts and raise substance abuse awareness at no cost, identify form of ownership for this statement
Answers
Answer: Nonprofit Corporation
Explanation:
A Nonprofit corporation is one where the organization works to promote the good of the public in general either through charity, education, science, health and the like. These organizations provide their services at no cost and therefore rely on donations from benefactors to keep them going.
Inkamva Lethu is a Nonprofit corporation as it works for the public good by counseling drug addicts and raising awareness of substance abuse. They do this at no cost as well so they are a nonprofit corporation.
Which best describes the facilities involved in the Healthcare cluster?
Some facilities are privately owned, some are funded and run by the government, and some are run by nonprofit organizations.
Some facilities are privately owned businesses that are owned by people who want to make money, and some facilities are nonprofit hospitals.
Most facilities are funded by taxes and run by the government, while a small few are privately owned facilities run by people who want to make money.
Many facilities are nonprofit clinics with the rest of the facilities owned and operated by private individuals to make a profit.
Answers
Answer: (C) Most facilities are funded by taxes and run by the government, while a small few are privately owned facilities run by people who want to make money.
Answer:
C. government
An economic result of the decrease in population as a result of the black death was?.
Answers
This terrible disaster was the Black Death. Peasants' salaries did rise as a result of the plague's population decline, though. Peasants started to experience a higher standard of living and more freedom as a result.
Even experts who are familiar with the broad strokes find the Black Death to be a surprise. Between 30 and 50 percent of Europe's population perished in the plague. Beginning in 1348 when the plague entered London, between 75 and 200 million individuals perished over the course of a few years.
There were numerous effects of this horrific tragedy. Wars stopped, and trade suddenly dropped, although these effects only lasted a short while.
Due to the deaths of so many workers, a more serious and long-lasting effect was the drastic reduction in the area under cultivation.
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PLEASEE! unit test in progress!!
A tax accounting software company is trying to help potential customers understand how other tax firms are already using certain platforms to complete their work. What type of primary research might they use to BEST tell that story?
a. Websites about tax firms’ busy season
b. Account textbooks
c.an interview with a single client
d. 10 case studies of existing clients
Answers
Answer:
It is D
Explanation:
.
If you own a candy bar factory, the
"capital" for your factory would
include all of the following EXCEPT
which one?
A. The ingredients such as sugar and cream used in
making chocolate.
B. The machines that make the candy bars.
C. The employees who run the machines and
package the candy.
D. The rules and regulations that keep employees
and customers safe.
Answers
Answer:
C
Explanation:
Capital isn't the employees working, but the tools needed to help the employees work efficiently.
Answer:
A. The ingredients such as sugar and cream used inmaking chocolate.
Explanation:
An Angel Investor with specific industry knowledge and connections is known as? a) Leveraged Investor b) Leveraged partner c) Smart money d) Connected expert
Answers
An Angel Investor with specific industry knowledge and connections is known as option c, "smart money." "Smart money" investor brings not only financial support but also valuable expertise and connections within a particular industry, which can be crucial for the success of a startup.
The angel investors are the ones who are also called informal investors, angel funders or private investor. These investors are rich and wealthy and give capital or money for startups in exchange for ownership equity or convertible debt.
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