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What is the process for calculating and monitoring the personalized rate of return for my 401k account?
To calculate and monitor the personalized rate of return for your 401k account, you need to track the contributions you make, the performance of your investments, and any fees or expenses. You can use a formula to calculate your rate of return over a specific period, such as the time-weighted return method. Monitoring involves regularly checking your account balance, comparing it to your contributions, and assessing the overall performance of your investments.
What is the difference between periodic and perpitual inventory system?
Periodic Inventory System Inventory account and cost of goods sold are non-existent until the physical count at the end of the year. Purchases account is used to record purchases. Purchase Return account is used to record Purchases Returns account. Cost of goods sold or cost of sale is computed from the ending inventory figure For goods returned by customers there are no inventory entries. Perpetual Inventory System Account and the balance of costs of goods sold and inventory account exist all the time. No individual purchases account but the purchases are recorded in the Inventory Account. No individual Purchase Returns account but the purchases return are recorded in the Inventory Account. Record cost of goods sold/cost of sale - inventory is reduced when there is a sale. Returns from customers are recorded by reducing the cost of goods sold and adding back into inventory.
Is a mortgage same as overdraft?
No. Overdraft is a facility wherein a customer can withdraw money from his account even if he does not have sufficient balance to cover for it. He would have to eventually return the money to the bank but still he can take cash for his requirements anytime he wants. Mortgage is a facility wherein a customer borrows money from a bank to purchase a home. The only similarity between overdraft and mortgage is the fact that you will be paying an interest to the bank in return for the cash you borrowed from them.
Do banks take money out of your account to cover bank fees?
Yes. The bank has the rights to deduct any fees or transaction charges from the cash balance you have in your account in return for the services availed by you. For Ex: If I do a NEFT funds transfer from my HDFC account to my ICICI Account, HDFC charges me Rs. 5/- as fee for that and deducts it from my account a day or two after I do the NEFT transaction.
How can compound interest be utilized within a brokerage account to maximize investment growth?
Compound interest can be utilized in a brokerage account by reinvesting the interest earned on investments, allowing the account balance to grow faster over time. This can maximize investment growth by increasing the overall return on the initial investment.
Purchase Return and Allowances is a contra account and its normal balance would be...?
a debit and credit
Purchase Return and Allowances is a contra account and its normal balance would be.?
a debit and credit
True or false that purchase return and allowances is contra account and its normal balance would be credit?
true
What is the balance for purchase return and allowances?
CREDIT
Is purchase return is contra account?
Purchase return is a contra account because it reduces the balance in the Purchase account in an attempt to determine cost of goods sold. This is like sales returns and allowances being used to determine net sales on an entity's income statement.
What kind of an account are sales return and allowances?
Sales Returns and Allowances is a contra income account.
When a purchase return and allowance becomes a contra account?
A purchase return and allowance account becomes a contra account when it is used to offset the total purchases in financial statements. This occurs when a business records returns of goods purchased or allowances granted to customers, effectively reducing the overall purchase expense. By classifying it as a contra account, it provides a clearer picture of net purchases, allowing for more accurate financial reporting. The balance in this account is subtracted from total purchases to arrive at net purchases for the accounting period.
How should a return of merchandise purchased on account be recorded?
As a debit to the accounts payable account and a credit to the purchases returns and allowances account
A sales return for credit on account would be recorded in what type of journal?
General Journal Sales Returns and Allowances - A company with sales returns and allowances can record them in the General Journal.
What are the net sales of a company that has the following account balance sales 563400 sales returns and allowances 18690 cost of goods sold 371560 operating expenses 123520?
Sales 563400less:sales return 18690Net Sales 544710
What is a purchase return is in a contractor account and is normally balance would be?
A purchase return in a contractor's account refers to the return of goods previously purchased, which can occur due to defects, overordering, or project changes. This transaction reduces the total cost of materials and may affect the contractor's overall expenses and profits. Typically, the balance after a purchase return would reflect a decrease in the accounts payable or inventory accounts, depending on how the return is processed. Consequently, the contractor's financial statements would show lower material costs and potentially improved cash flow.
When a seller records a return of goods the account that is credited is?
When a seller records a return of goods, the account that is credited is typically "Sales Returns and Allowances." This account is a contra-revenue account that reduces the total sales revenue reported on the income statement. Additionally, the inventory account may be debited to reflect the return of goods to stock.
