Create a general journal entry for each of the transactions described in items 1-3. In the T-accounts, note the starting balances (on the T-accounts tab). Journal entries should be posted to T-accounts.
services rendered Services Revenue debited (126,000) Accounts Receivable, credit (37,800) Payment: Cash (88,200) Accounts receivable collection: Debit: Money (25,600) Accounts Receivable, credit (25,600) issued shares of common stock for cash payment of $14,000: Debit: Money (14,000) Common Stock as Credit (14,000)Salary payments: Salary expense debit (46,000) Payment: Cash (46,000) Paid numerous incidental costs for various things: Credit: Unrelated Expense (24,800) Payment: Cash (24,800) Equipment was bought for $16,500 in cash: Charge: Equipment (16,500) Credit: 16 500 in cash.
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You open a savings account that earns a nominal interest rate of 1.3% interest a year. The current consumer price index is 117. In one year, the consumer price index is expected to go to 120. What is your expected real rate of return?
3%
2.7%
-2.56%
-1.26%
The expected real rate of return when the current consumer price index is 117 is -1.26%.
How do you calculate the real rate of return?To calculate the real rate of return, you need to subtract the expected inflation rate from the nominal interest rate. In this case, the expected inflation rate is (120 - 117) / 117 = 2.56%. So, the real rate of return is 1.3% - 2.56% = -1.26%.
What is real rate of return?The annual rate of return that is taken into account after taxes and inflation is known as the real rate of return. A nominal rate of return, on the other hand, is one that excludes taxes and inflation. Similar to this, the real rate of return is one that accounts for taxes or inflation in its computation.
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If a company borrows money by issuing a note payable at the beginning of the accounting period, as a result, it will report ________.Interest Payable on the Income StatementInterest Expense on the Income StatementInterest Revenue on the Balance SheetInterest Expense on the Balance Sheet
If a company borrows money by issuing a note payable at the beginning of the accounting period, as a result, it will report Interest Payable on the Income Statement.
Which line item on the income statement represents interest expense?On the income statement, interest expenditure often shows as a separate line underneath EBIT (Earnings Before Interest and Taxes). However, some companies choose to report this cost under SG&A (Selling, General & Administrative).
The cost and accrued interest must be recorded in your records. Debit your Interest Expense account and credit your Accrued Interest Payable account to reflect the accrued interest for a given accounting period. Your payable and expenditure accounts will grow as a result.
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On the basis of the three individual demand schedules below, and assuming these three people are the only ones in the society, determine (a) the market demand schedule on the assumption that the good is a private good and (b) the collective demand schedule on the assumption that the good is a public good. Responses go into the gray shaded cells.
Market Demand Schedule: Private Good - Horizontal (Quantity wise summation) of individual demand curves, schedules. Public Good - Vertical (Price wise summation) of individual demand curves, schedules.
What is the market demand schedule of goods? Explanation.The total quantity of goods all market buyers are able & willing to buy at a price or period of time: is graphically represented by the Market Demand Curve, and is tabularly represented by the Market Demand Schedule.
Private Good is an excludable rival good. The public good is a non-excludable non-rival good.
The market demand schedule for a private good is:
Graphically, the horizontal summation of individual demand curves
Schedule-wise, added total quantity demanded at the corresponding price.
The market Demand schedule of the public good is:
Graphically, the vertical summation of individual supply curves.
Schedule-wise added total willingness to pay for a given corresponding social quantity.
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in general, a(n)___orientation is focused on offering customers what they need rather than getting customers to buy what is available for sale.
In general, a(n) Market orientation is focused on offering customers what they need rather than getting customers to buy what is available for sale.
What is market orientation?
Market orientation perspectives include decision-making perspectives, market intelligence perspectives, culturally based behavioral perspectives, strategic perspectives, and customer orientation perspectives. Market orientation ideas are used by well-known companies such as Amazon and Coca-Cola to improve or expand their goods and services.
Firms, costs, and output in a market-oriented economy are organically regulated by consumer demand for goods and services rather than by the government: A market-driven economy can present an uncertain future. India's economy has transitioned from a mixed planned economy to a mixed middle-income emerging social market economy with significant state intervention in key industries. It is the world's fifth-largest economy in terms of nominal GDP, and the third-largest in terms of purchasing power parity (PPP).
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which of the following securities is (are) exempt from state registration and filing of advertising materials? new york city municipal revenue bonds montreal bonds guaranteed by the province of quebec preferred stock of the national bank, n.a., a member of the federal reserve system preferred stock of local county bank, organized and regulated solely by the banking laws of the state of illinois
The correct option is d) i.e. all the statement given are exempted from state registration and filing of advertising materials.
i) Municipal revenue bonds issued by the city of New York.
ii) The province of Quebec guarantees Montreal bonds.
iii) Preferred stock of National Bank, N.A., A Federal Reserve System member.
iv) Local County Bank's referred stock, which is organized and regulated solely by the banking laws of the state of Illinois.
all of the above are exempted from state registration and filing of advertising materials.
The Securities and Exchange Commission is amending the Investment Advisers Act of 1940 in order to update rules governing investment adviser marketing. Exempt securities do not need to be registered because of their nature, whereas exempt transactions allow the sale of non-exempt unregistered securities if certain conditions are met.
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The complete question is:
Which of the following securities is(are) exempt from state registration and filing of advertising materials?
i) New York City municipal revenue bonds.
ii) Montreal bonds guaranteed by the province of Quebec.
iii) Preferred stock of the National Bank, N.A., a member of the Federal Reserve System.
iv) Preferred stock of Local County Bank, organized and regulated solely by the banking laws of the state of Illinois.
A) I only.
B) I and III.
C) IV only.
D) I, II, III and IV.
the president of eastbury society decided to hold a nation-wide protest against the government with the aim of improving the nation's legislations for offenses related to terrorism. most members of the society were not interested to participate in the protest. however, each member wanted everyone else to take part in the protest as it would force the government to control terrorist acts and ensure the safety of all citizens. which of the following was being experienced by the members of the eastbury society?
1) tragedy of the commons
2) state of nature
3) resource curse
4) collective efficacy
4) The collective efficacy of the Eastbay society members was experiencing this.
What exactly is the idea behind collective efficacy?
A shared belief that the staff at the school can improve student achievement despite other factors in the students' lives that hinder their success is referred to as collective efficacy. When teachers see themselves as members of a team working for their students, they exhibit collective efficacy.
What exactly is community collective efficacy?
What residents are willing to do to improve their communities is referred to as collective efficacy. The capacity for informal social control and the willingness to intervene are at the heart of collective efficacy, despite the fact that social cohesion is the foundation of collective efficacy.
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Suppose that Ciana is deciding whether or not to buy a pair of sneakers that she has been researching online, and also the best place to make her purchase. Three different stores in the area sell the sneakers she likes, but some stores are more convenient for Ciana to reach than others. One option is her local shoe store located only 15 minutes away from where she works, where they charge a marked-up price of $139 for the sneakers: A map of an area that displays Ciana's office and three stores. The store with the marked-up price is the closest to Ciana's office toward the northwest. The discounted price store is the farthest and it is toward the northeast of Ciana's office in a different area, and the store with the original price is towards the east of Ciana's office (across the river). Store Travel Time Each Way Price of a Sneakers (Minutes) (Dollars per sneakers) Local Shoe Store 15 139 Different Neighborhood in Town 30 104 Rural Outlet 60 73 Ciana earns an hourly wage of $50 at her job. In order to purchase her sneakers she will have to take time off work, so each hour away from her job costs her $50 in lost income. Assume that Ciana’s travel time is the same each way (to and from the store) and that it will take her 30 minutes once she reaches a store to complete her shopping. Assume throughout the question that Ciana incurs no additional costs other than the sneakers, such as gas. Complete the following table by computing the opportunity cost of Ciana's time and the total cost of shopping at each location. Store Opportunity Cost of Time Price of a Sneakers Total Cost (Dollars) (Dollars per sneakers) (Dollars) Local Shoe Store 139 Different Neighborhood in Town 104 Rural Outlet 73 Assume that Ciana considers both her opportunity costs and the price of sneakers when making her shopping decision. Ciana will minimize her cost of buying the sneakers if she shops at the .
Here's the completed table:
Store Opportunity Cost of Time Price of Sneakers Total cost
Local Shoe Store 50 * (15 + 30) / 60 = 25 139 164
Different Neighborhood
in Town 50 * (30
+ 30) / 60 =
50 104 154
Rural Outlet 50 * (60 + 30) / 60
= 100 73 173
China will minimize her cost of buying the sneakers if she shops at the Different Neighborhood in Town, as it has the lowest total cost of 154 dollars. It'll cost her $50 to spend on shopping for an hour a day and I'll take her half an hour to go through the shops and select the items she wants.
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regional economic integration (rei) refers to agreements among countries in a geographic region to reduce, and ultimately remove, tariff and nontariff barriers to the free flow of goods, services, and factors of production among them
Regional economic integration involves agreements among countries in a geographic region to reduce, and ultimately remove, tariff and nontariff barriers to the free flow of goods, services, and factors of production between each other. The statement is True
By regional economic integration we mean arrangements among nations in a geographic district to diminish, and eventually eliminate, tax and nontariff hindrances to the free progression of merchandise, administrations, and variables of creation between one another.
Regional economic integration is a cycle wherein at least two nations consent to take out financial boundaries, with the ultimate objective of improving efficiency and accomplishing more noteworthy monetary reliance. There are four fundamental kinds of territorial monetary combination -
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Complete Question -
Regional economic integration involves agreements among countries in a geographic region to reduce, and ultimately remove, tariff and nontariff barriers to the free flow of goods, services, and factors of production between each other. True or False ?
I NEED THE 3 HIGHLIGHTED QUESTIONS ANSWERED ASAP!!!
1. The advice that I will give someone considering a similar move today is to ensure that they have another skill rather than depending on the company alone.
2. The company influenced their lifestyle as they were more socially inclined.
3. The risk that I see going forward is about new competition from other.
How to explain the excerpt?It should be noted that the story is about three sisters who set up their own company after realizing the harsh economic conditions they faced in their previous company.
This shows the importance of skills and believing in oneself. In this case, going forward, they will face competition from new businesses.
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A company that uses job order costing reports the costs incurred below. Overhead is applied at the rate of 54% of direct materials cost. The company has no beginning Work in Process or Finished Goods inventories. Jobs 1 and 3 are not finished by the end of the month, and Job 2 is finished but not sold by month-end.
Job 1 Job 2 Job 3
Direct materials used $ 6,100 $ 8,100 $ 2,600
Direct labor used $ 9,800 $ 4,200 $ 3,200
1. Prepare job cost sheets that have direct materials, direct labor, and overhead applied for each of the three jobs for the month.
2. Determine the total dollar amount of Work in Process Inventory at the end of the month.
3. Determine the total dollar amount of Finished Goods Inventory at the end of the month.
Starr Company shows the following information for the month.
Raw materials purchased on credit $ 79,000 Direct materials used $ 55,600 Direct labor used $ 20,450 Overhead rate 125% of direct labor cost
Prepare journal entries to record the following.
1. Raw materials purchased.
2. Direct materials used.
3. Direct labor used.
4. Applied overhead.
Job Cost Sheets:
Job 1:
Direct materials used: $6,100
Direct labor used: $9,800
Overhead applied: $6,100 * 54% = $3,294
Total cost: $6,100 + $9,800 + $3,294 = $19,194
How to prepare journal entries to record the following?Job 2:
Direct materials used: $8,100
Direct labor used: $4,200
Overhead applied: $8,100 * 54% = $4,374
Total cost: $8,100 + $4,200 + $4,374 = $16,674
Job 3:
Direct materials used: $2,600
Direct labor used: $3,200
Overhead applied: $2,600 * 54% = $1,404
Total cost: $2,600 + $3,200 + $1,404 = $7,204
Total dollar amount of Work in Process Inventory at the end of the month: $19,194 + $16,674 + $7,204 = $43,072
Total dollar amount of Finished Goods Inventory at the end of the month: $0 (since Job 2 is finished but not sold by month-end)
Journal Entries:
To record raw materials purchased:
Debit: Raw Materials Inventory $79,000
Credit: Accounts Payable $79,000
To keep track of purchased raw materials:
Debit: Direct Materials Used $55,600
Credit: Raw Materials Inventory $55,600
Direct materials recorded with:
Debit: Direct Labor Used $20,450
Credit: Wages Payable $20,450
To record applied overhead:
Debit: Overhead Applied $25,563 (20,450*125%)
Credit: Manufacturing Overhead $25,563
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In the Payment Card Industry Data Security Standard (PCI DSS), which of these goals would benefit from encrypted data transmission?
Protecting cardholder data to protect cardholder data, cardholder data transmission across open networks must be encrypted.
PCI DSS Requirement 4: Encrypt cardholder data transmission across open, public networks. In this requirement, you must secure the card data when it is transmitted over an open or public network, similar to requirement 3. (e.g. Internet, 802.11, Bluetooth, GSM, CDMA, GPRS).
Encryption, tokenization, masking, and hashing are all critical components of protecting cardholder data. If an attacker circumvents other security measures and gains access to encrypted data without the necessary encryption keys, the data cannot be read or used by that individual.
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Ferguson Finance Company provides other firms with funds to expand operations. If Kennedy strictly complies with existing laws, the firm will:a. fulfill some business ethics obligations.
b. fulfill all business ethics obligations.
c. not need to fulfill any business ethic obligations.
d. fulfill no business ethics obligations.
Ferguson Finance Company provides other firms with funds to expand operations. If Kennedy strictly complies with existing laws, the firm will fulfill some business ethics obligations.[a]
Does abiding by the law always meet all responsibilities under business ethics?
All ethical requirements are not always met by following the law. It could be unethical to prioritize a company's short-term revenues over its long-term requirements without taking those needs into account. An action's legality is never in doubt.
Ferguson Finance Company provides funding for other businesses to grow their operations. Kennedy will fulfill some corporate ethical duties if it properly abides by the law.
Therefore, A typical cause of ethical issues in business is an overemphasis on long-term profit maximization.
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Securities traders would consider which of the following to be the most relevant indicator of expected market volatility?
A)
The advance/decline ratio
B)
The market's beta
C)
The VIX Index
D)
The S&P 500 Index
(A) The advance decline ratio securities traders would consider which of the following to be the most relevant indicator of expected market volatility
Increased market volatility is usually caused by economic or policy factors,including changes in other markets, interest rate hikes, and the Fed current monetary policy.Political instability and other global events,like a pandemic or a war,can also lead volatility.Subtract the number of stocks that finished lower on the day from the number of stocks that finished higher on the day.This will give you the Net Advances means the number of stocks closing at a higher price than the previous day's close, and declines is the number of stocks closing at a lower price than the previous day's close.Advance Volume refers to the cumulative total number of shares traded for all stocks from the group of the decline Volume refers to the total cumulative number of shares traded for all stocks from the group of the Declining stocks within a given time frame.
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An investment banking firm upgraded Skechers, saying it could rise 40%. What do you think, buy, short, stay away? why?
Answer: Buy
Explanation: Because i have been listening to rich dad poor dad and skechers is a big brand and all that but it will get you your money back and the money will work for you ... sorry if i'm wrong
cormac purchased furniture from a local business with no payments for 12 months at 0% interest. six months later, he was told he owed the original amount, plus interest and late fees. when he finally reported the company, he correctly reported them to the:
Cormac purchased furniture from a local business with no payments for 12 months at 0% interest. six months later, he was told he owed the original amount, plus interest and late fees. when he finally reported the company, he correctly reported them to the: Consumer Financial Protection Bureau
The United States government's Consumer Financial Protection Bureau (CFPB) is the organization in charge of overseeing consumer protection in the financial industry. Banks, credit unions, securities companies, payday lenders, mortgage-servicing businesses, foreclosure relief services, debt collectors, and other American-based financial businesses fall under the purview of the Consumer Financial Protection Bureau (CFPB). Since its inception, the CFPB has kept an eye on how financial institutions targeted consumers using social media and algorithmic targeting.The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010 as a legislative response to the financial crisis of 2007–2008 and the ensuing Great Recession, gave the green light for the establishment of the Consumer Financial Protection Bureau (CFPB).To know more about Interest here
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Furniture was bought by Cormac from a nearby store with no payments for a year and no interest. He was informed that he owed the initial sum plus interest and late fees six months later. When he did report the business, he did so to the appropriate agency: Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau supports customers by taking complaints and offering instructional resources. It regulates banks, lenders, and significant non-bank organisations such credit reporting agencies and debt collection firms.
When certain activities may be in violation of federal consumer finance law, the CFPB will occasionally issue recipients a warning letter. These are not wrongdoing-related claims. Instead, they are intended to assist recipients in reviewing specific processes to make sure businesses adhere to federal law.
The CFPB has monitored how financial institutions targeted customers through social media and algorithmic targeting ever since it was established.
The Consumer Financial Protection Bureau was authorised by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was established in 2010 in response to the financial crisis of 2007-2008 and the accompanying Great Recession (CFPB).
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attrition is a method of reducing the size of the workforce by permitting people who are within a few years of retirement to retire early with full benefits.
a. true
b. false
The given sttament that "attrition is a process of reducing the size of the workforce by enabling individuals who are within a few years of retirement to retire early with complete benefits" is false. Because it refers to departure of employees from the company for any reason, involuntaryor voluntary or , including termination, resignation, death or retirement.
Attrition refers to the gradual reduction of a workforce through the natural process of employees leaving an organization, either through voluntary or involuntary means. It is also referred to as "churn rate" or "employee turnover."
Voluntary attrition is when an employee chooses to leave the company, for example, by quitting or retiring, while involuntary attrition is when an employee is laid off, fired or terminated.
Thus, attrition refers to departure of employees from a company for any reason, involuntaryor voluntary or , including termination, resignation, death or retirement.
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micah sherman works in the payroll department at radiance windows. the employer has determined that the payroll functions should be moved to a cloud-based platform that can support its 500 employees, be used remotely, and have requested recommendations. what options could micah propose? note: you may select more than one answer. single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. any boxes left with a question mark will be automatically graded as incorrect. check all that apply administration of payroll
The options that Micah could Micah propose are employee security and confidentiality and administration of payroll. Thus, options (a and b) are considered to be correct.
Give a brief account on payroll.A payroll is a list of the employees of a company who are eligible for payments as well as other work benefits, together with the amounts that should be paid to them. Payroll can refer to a company's records of payments made to employees in the past, such as salaries and wages, bonuses, and taxes withheld, or it can refer to the department within the company that deals with compensation, in addition to the amounts that each employee should receive for time worked or tasks completed. A business has the option of managing every step of the payroll process internally or outsourcing certain steps to a payroll processing firm. Employee exemptions, record-keeping standards, and tax laws are among the federal, state, and local restrictions that apply to payroll in the United States.
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The complete question is attached below :
Which of the following supermarket strategies to increase sales would be most consistent with a neoclassical economics (versus behavioral economics) approach?
A. Holding posted prices constant but reducing package sizes.
B. Providing discounts for buying in bulk.
C. Placing the most frequently purchased items at the back of the store.
D. Positioning high-profit kids cereals on the lower shelves of the cereal aisle.
A concept is a Neo-classical approach, the consumer's first concern is to maximize personal satisfaction, also known as utility. An answer is option, C.
Place your most purchased items at the bottom of the store. Neoclassical economics emerged as a theory in the 20th century. Neoclassical economists believe that the primary concern of the consumer is maximizing personal satisfaction, also known as utility.
Therefore, they make purchasing decisions based on their assessment of the usefulness of a product or service. Features of the neoclassical methodology: methodological individualism, rationality, balance, and the importance of the price mechanism.
These are mainly three elements of neoclassical management theory. It's about the Hawthorne experience, the human relations movement, and organizational behavior.
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management science uses ---select--- considerations in order to establish policies that are in the best interest of the organization. A. only quality B. only quantitively C. both quality and quantitively
The Management Science and Quantitative Methods (STEM) area of interest expands knowledge, abilities, and experience in the disciplines of science, technology, engineering, and math as they relate to management in for-profit, public, and non-profit organizations.
What is Management Science and Quantitative Methods?Students pursuing an MBA can gain expertise in one of the industries with the quickest rate of growth by pursuing this area of interest.The study of Management Science and Quantitative Methods is an official concentration that students can choose to pursue (STEM). In order to complete the MSQM concentration, students must have been enrolled in the Atkinson School during the 2019–20 academic year, declare MSQM as a concentration, complete a minimum of five (5) courses from the following list of elective courses with a grade of B (3.0) or higher, and satisfy all other graduation requirements.Students who fulfill the aforementioned prerequisites will have Management Science and Quantitative Methods listed as a concentration area on their final MBA transcript.Digital and e-commerce marketing, management analytics, and seminar benefit-cost analysis are all topics covered in GSM 6004, 6014, and 6203, respectively.GSM 6216, "Business/Economic Forecasting," GSM 6220, "Lean Six Sigma," GSM 6222, "Business Dynamics," GSM 6223, "Enterprise Data Management," GSM 6249, "Project Management," GSM 6270, "Negotiation, Bargaining, and the Economics of Strategy," GSM 6272, "Data Sciences for Strategic Applications," GSM 6283, "Corporate Finance," and GSM 6291.To Learn more About Management Science refer To:
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Management science uses only quality considerations in order to establish policies that are in the best interest of the organization.
What is Management Science and Quantitative Methods?Students pursuing an MBA can gain expertise in one of the industries with the quickest rate of growth by pursuing this area of interest.The study of Management Science and Quantitative Methods is an official concentration that students can choose to pursue (STEM). Students must have been enrolled in the Atkinson School during the 2019–20 academic year, declare MSQM as a concentration, complete a minimum of five (5) elective courses from the following list with a grade of B (3.0) or higher, and meet all other graduation requirements in order to complete the MSQM concentration.Students who fulfill the aforementioned prerequisites will have Management Science and Quantitative Methods listed as a concentration area on their final MBA transcript.Digital and e-commerce marketing, management analytics, and seminar benefit-cost analysis are all topics covered in GSM 6004, 6014, and 6203, respectively.To learn more about Management Science refer to:
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10 points ebookprintreferencescheck my workcheck my work button is now enableditem 10 consider a mutual fund with $204 million in assets at the start of the year and with 12 million shares outstanding. the fund invests in a portfolio of stocks that provides dividend income at the end of the year of $6 million. the stocks included in the fund's portfolio increase in price by 8%, but no securities are sold, and there are no capital gains distributions. the fund charges 12b-1 fees of 1.00%, which are deducted from portfolio assets at year-end.
Year's first day NAV equals shares outstanding / (market value of assets - market value of liabilities) = $200,000,000 / $10,000,000 = $20
What is meant by Rate of return?The percentage change in the value of an investment is represented by the annual rate of return. Expecting, for instance, that you get a 10% annual rate of return means you're assuming that the investment's value will rise by 10% annually. By deducting the investment's initial value from its current value and then dividing the result by the original investment, one can determine a basic rate of return. The majority of investors would consider a long-term return on investment in the stock market to be 10% or more on average annually. Although this is an average, keep in mind that. In other years, returns will be lower or even negative. Returns from subsequent years will be noticeably higher.The 8% price increase less the 1% 12b-1 charge is the basis for the end-of-year NAV:
NAV at year's end is $20.108 (1 minus 0.01), or $21.384.
Given that there are $0.20 in dividends per share, the following equation can be used to get the rate of return:
Rate of return = (change in NAV) + payouts / NAV at the beginning of the year = ($21.384 - $20) + $0.20) / $20
= 0.0792
= 7.92%
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In which of the following choices are both the stock and options positions on the same side of the market?
I. Long call/short stock
II. short call/ long stock
III. long put/short stock
IV. short put/short stock
The stock and option positions reside on the same market's opposite side in the following options: Long call/short stock & Long put/short stock.
What exactly is a market, then?The market is the total quantity of customers and sellers in the area or region underneath consideration. The sector might be a country, a state, a city, or the entire planet. The patterns of the supply and demand upon that market influence the cost pricing, and costs of trade in products.
What is required by the market?The practical demands, desires, and goals of a target audience are referred to as market needs. A company could see a void in the needs of the market and create a product to meet it. If such a community does indeed have a lot of requirements, the firm may generate a sizable profit.
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TRUE OR FALSE financial accounting provides information for (internal/external) users, while managerial accounting provides information for (internal/external) decision makers.
Financial accounting provides information for external users such as investors and creditors, while managerial accounting provides information for internal decision makers such as managers and business owners. The statement is true.
The process of documenting, compiling, and reporting transactions and revenue-expense generation over a period of time is known as financial accounting. Before expressing interest in working with the company, for instance, investors or sponsors must confirm an account statement.
Capital budgeting is a tool used by managerial accountants to estimate anticipated cash inflows and outflows associated with various business choices.
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prepare a journal entry for the purchase of office equipment on february 19 for $31,400, paying $6,000 cash and the remainder on account. refer to the chart of accounts for the exact wording of the account titles. know journals do not use lines for journal explanations. every line on a journal page is used for debit or credit entries. know journals will automatically indent a credit entry when a credit amount is entered.
A journal entry is a record of a financial transaction made by a company and kept in its accounting records.
A business's transactions are tracked in a journal, which also shows the debit and credit balances. These particular entries can aid in the authentication of transactions and make it easier to determine whether they are backed by bills. In the given case, $,6000 is paid in cash while the remainder is in the account.
The Journal entry will be -
Office Equipment. Dr $31,400
To Cash A/c $6,000
To Accounts Payable $25,400
( Being office equipment purchased)
Working Notes
Accounts payable = Total amount of office equipment - Amount paid in cash
= 31,400 - 25,400
= 6000
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which of the following is most likely to be a value-driven firm? multiple choice question. one that has active and engaging social media channels one that brings goods to market when it is convenient for the firm one that collects scant data about its customers one that thinks about its customers but not its community or society
One that has active and engaging social media channels is most likely to be a value-driven firm.
An organization that places a strong emphasis on its basic principles is known as a values-based organization (VBO). This is distinct from the traditional structure, which emphasizes an authoritarian relationship or a strict organizational structure and is more machine-like in nature. A values-based organization has a culture that is defined by a set of unambiguous guidelines that serve as the basis and compass for decisions, deeds, and a sense of belonging. Employees in a culture that is values-driven discover alignment between their own values and those of the company, which fosters a cohesive and inspired workforce. Management and leadership serve as role models for their teams and uphold the principles they promote.Though rarely altered, deeply held value systems are adaptable enough to cope with shifts in strategy or external factors like the economy or competition. Strongly held values-based cultures or purposes that are defined by productivity and employee dedication will endure longer.
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on january 1, year 1, sip co. signed a 5-year contract enabling it to use a patented manufacturing process beginning in year 1. a royalty is payable for each product produced, subject to a minimum annual fee. any royalties in excess of the minimum will be paid annually. on the contract date, sip prepaid a sum equal to two years' minimum annual fees. in year 1, only minimum fees were incurred. the royalty prepayment should be reported in sip's december 31, year 1, financial statements as
The royalty prepayment should be reported in sip's december 31, year 1, financial statements as a current asset and an expense.
Option B is correct.
What exactly are prepaid royalties?
As a percentage of Net Sales, prepaid royalties refer to royalties paid in advance of or in excess of those due. Until the pre-paid royalties are used up, any obligations above the minimum payment obligations can be offset.
How much do royalties cost?Royalty Expenses refers to royalties or other payments due to a third party in accordance with their technology rights and/or patents in order to carry out commercialization in accordance with the Collaboration Agreement.
What accounting treatment is given to royalty?The lessee's books will treat royalties in the following way: royalties are deducted from the Trading or Manufacturing Account because they are considered normal business expenses. However, the Profit & Loss Account is debited for the royalty that is based on sales.
Question is incomplete:
on january 1, year 1, sip co. signed a 5-year contract enabling it to use a patented manufacturing process beginning in year 1. a royalty is payable for each product produced, subject to a minimum annual fee. any royalties in excess of the minimum will be paid annually. on the contract date, sip prepaid a sum equal to two years' minimum annual fees. in year 1, only minimum fees were incurred. the royalty prepayment should be reported in sip's december 31, year 1, financial statements as
A. An expense only.
B. A current asset and an expense.
C. A current asset and noncurrent asset.
D. A noncurrent asset
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which of the following are negative affects of the north american free trade agreement? (check all that apply.)
USMCA superseded NAFTA on July 1, 2020. NAFTA had main flaws despite its economic benefits. These disadvantages hurt American, Mexican, and environmental employees.
NAFTA - North American Free Trade Agreement
USMCA - United States-Mexico-Canada Agreement
Many US manufacturers moved some production to Mexico because labor is cheaper there. U.S.-Mexico trade imbalances reached $97.2 billion from 1994 to 2010. Mexico also took 682,900 U.S. jobs. The 2008 financial crisis may have displaced 116,400 of such positions.
Manufacturing lost 80%. California, New York, Michigan, and Texas suffered the most. They had many factories that migrated to Mexico. Automobiles, textiles, computers, and appliances were these industries.
Some companies in these industries threatened to move to Mexico to deter unionization. Workers preferred to keep the factory over joining the union. Workers lacked bargaining power without unions. That lowered wages.
According to Kate Bronfenbrenner of Cornell University, many corporations migrating to Mexico threatened to close their manufacturing. 64% of those U.S. industrial enterprises deployed that threat between 1993 and 1999. 71% by 1999.
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which of the following accurately explain the importance of the ceteris paribus assumption for an economic model? check all that apply.it allows economists to incorporate association in the economic model.it allows economists to study all the variables that can possibly be include
Explanation:
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Examples of company-wide applications, called ____, include order processing systems, payroll systems, and company communications networks.
a. enterprise applications
b. network operating systems (NOS)
c. operating applications
d. legacy systems
Examples of company-wide applications, called enterprise applications (A), include order processing systems, payroll systems, and company communications networks.
Let's discuss each option we have.
Enterprise application (EA) refers to a large software platform that was designed to operate in a corporate environment. EA integrates computer systems and enables cooperative workflows.
Network operating systems or NOS is computer operating system designed to support workstations, personal computers, and LAN-connected terminals. NOS allows multiple devices to communicate and share resources within them.
Operating applications or operational applications are applications used to drive a specific decision-making process and allow its users to capture their decisions via data writeback.
Legacy sytem refers to an outdated computing system that is still in used because it still meets its original-designated needs.
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a firm would record which of the following accounting entries after purchasing $1,750 of supplies on account?
Assets and stockholders equity increase when stockholders make an investment in the business.A trial balanceis an accounting record that includes a list of accounts and their balances at a given time
A trial balance would help in detecting a journal entry that is posted twice.The normal balance for retained earnings is a credit.Suppose that, as a firm, you have sought to raise capital and were able to do this by issuing $750,000 of common stock and taking on a $500,000 debt. What would your journal entries Debit Cash $1,250,000, Credit Common Stock $750,000, Credit Notes Payable $500,000 Issuing Common Stock and obtaining a long-term loan will increase cash.Assets decrease when expenses are paid in cash. and a $1,750 increase to Accounts Payable.An error is an unintentional mistake while an irregularity is an intentional misstatement.Amounts are transferred to the ledger,after transactions have been entered in the journal.A debit to an asset account indicates a(n) increasehe asset. accounting transactions are economic events that require recording in financial statements.
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item2 item 2 if argentina imposes a 20 percent tax on natural gas exports to be paid by suppliers. other things equal, this causes the:
If Argentina imposes a 20 percent tax on natural gas exports to be paid by suppliers. other things equal, this causes the supply of natural gas exports to shift to the left.
What is petroleum tax?Net revenue from oil and gas finds made with petroleum authorizations issued on or after June 18, 2014, is subject to PPT. The tax must be paid in addition to the current 25% Corporation Tax (CT) rate that applies to excluded trades.
Which tax is applicable on natural gas?Natural gas is still subject to central excise duty, state VAT, and central sales tax even if it is now exempt from the GST. Although the central government doesn't impose excise taxes on natural gas sold in gaseous form, it levies a 14% tax on compressed natural gas (CNG).
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