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Define/explain the following in your own words:
1). Liquidity 2). Discounting and Compounding 3). Inflation 4).
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- To calculate the withdrawal amount from an account in which you want to decrease the balance, you use the __________________ formulaQ2. A. What are current assets?Explain it. B. Why need for balance accounts? Note: Use only your own words (NO COPY AND PASTE).Test: Second Exam F17 This Question: 1 pt The entry to write off an account receivable under the allowance method will T A. increase total assets O B. increase net income C. reduce net income D. have no effect on net income Click to select your answer Search the web and Windows
- Directions: Read the following sentences. Write the letter “T” if the statement is True and “F” if the statement is False. Write your answer on the space before the number. You may view this test at our google class. __________1. An excess of equity over current assets is equal to liabilities. __________2. The asset is cash or cash equivalent restricted to settle a liability for more than twelve months after the reporting period is classify as current assets. __________3. Assets are classified as noncurrent if the assets are reasonably expected to be realize in cash or consume beyond the normal operating cycle. __________4. LCNRV should always be equal to net realizable value. __________5. Lower of cost and net realizable value gives the lowest valuation if applied to individual item of inventory. __________6. The amount of any writedown of inventory to net realizable value and all losses of inventory should be recognized as operating expense in the period the…Moving to another question will save this response. Question 5 The purchase of good on credit require: O A. Amount of payment O B. Timing of payment O C. Credit terms O D. All the answers are correct Moving to another question will save this response.An amortization table ________. A. breaks each payment into the amount that goes toward interest and the amount that goes toward the principal B. is a special table used in a break room to make people feel equitable C. separates time value of money tables into present value and future value D. separates time value of money tables into single amounts and streams of cash
- T-ACCOUNT FORMULAS I need to know how to solve for missing amounts on T-Accounts. I know what T-Accounts are, so I do not necessarily need that explanation. I need a mathematical type of equation formula. For Ex: Beginning Balance=Ending Balance + Debits -Credits. I need to know the formulas for each instance. 1) Beginning Balance that is on the DR side 2) MIssing transaction amount on the DR side 3) Ending Balance on the DR side 4) Beginning Balance that is on the CR side 5) Missing transaction amount that is on the CR side 6) Ending Balance that is on the CR side.Complete the problem below using these accounts as needed: Cash Accumulated Depreciation Party Bus Loss on Sale of Party Bus Depreciation Expense Gain on Sale of Party Bus PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no account name or DR/CR is needed, please use "None" and if no dollar amount is needed, please use "$0" - no quotation marks for either. You are to refer to the examples in the text for the proper order of the accounts. Party Hearty Co. owns a party bus that, all tricked out, costs $247,500, with accumulated depreciation of $123,450. Party Hearty Co. sells the party bus for cash. Record the journal entry for the sale of the party bus if Party Hearty Co. were to sell the party bus for the following amounts: Sold party bus for $118,635 cash: DR DR / CR? DR / CR? CR Sold party bus for $124,050 cash: DR DR…sub : finance provide the answer ASAP. please type the solution. no chatgpt. i ll upvote. Thank You
- Q#3: How is accidental loss of goods treated in final account in case: Why is it necessary to keep the issue of bad debts into consideration always? How I this placed in the final accounts.To increase Notes Payable a debit entry is needed. Question 3Select one: True FalseQ1. Prepare Income statement in order to get gross profit and net profit/loss. Note: Use only your own words (NO COPY AND PASTE).