In this situation, the following procedures provide the best evidence for operating effectiveness select and examine canceled checks and test whether the related receiving reports are dated no later than the checks. The option (B) is correct.
By selecting and examining canceled checks and contrasting them and the related getting reports, you can confirm that the getting reports were ready previously or simultaneously as the checks were given.
This affirms that the checks were being produced in light of the appropriate documentation and that the inner control necessity of a supported getting report going with each check demand is being followed.
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This question is not complete, Here I am attaching the complete question:
An internal control questionnaire indicates that an approved receiving report is required to accompany every check request for the payment of merchandise. Which of the following procedures provides the best evidence for operating effectiveness?
Question 34 options:
(A) Select and examine receiving reports and test whether the related purchase orders are dated no later than the receiving reports.
(B) Select and examine canceled checks and test whether the related receiving reports are dated no later than the checks.
(C) Select and examine receiving reports and test whether the related purchase orders are dated no earlier than the receiving reports.
(D) Select and examine canceled checks and test whether the related receiving reports are dated no earlier than the checks.
A firm has a general-purpose machine, which has a book value of $300,000 and is worth $500,000 in the market. If the tax rate is 35 percent, what is the opportunity cost of using the machine in a project?
A. $500,000
B. $430,000
C. $300,000
D. $200,000
The correct answer is B. $430,000. The opportunity cost of using the machine in a project can be found by using the difference between the market value of the machine and the after-tax salvage value of the machine.
The opportunity cost of using the machine in a project can be found by using the difference between the market value of the machine and the after-tax salvage value of the machine. The after-tax salvage value of the machine is found by multiplying the book value by the tax rate and then subtracting the resulting value from the market value of the machine. Thus, the opportunity cost of using the machine in a project is given by:
Opportunity cost of using the machine in a project = Market value of the machine - After-tax salvage value of the machine
The market value of the machine is $500,000, while the book value is $300,000. The difference between the market value and the book value of the machine is therefore:
Market value - Book value = $500,000 - $300,000 = $200,000
This difference represents the gain that the firm would make if it sold the machine at the market value and replaced it with a machine that has the same capabilities. However, if the firm uses the machine in a project, it will have to forgo this gain. In addition, if the machine is used in a project, it will depreciate over time and will have a lower salvage value. The after-tax salvage value of the machine is given by:
After-tax salvage value of the machine = Book value x Tax rate = $300,000 x 0.35 = $105,000
Therefore, the opportunity cost of using the machine in a project is:
Opportunity cost of using the machine in a project = Market value of the machine - After-tax salvage value of the machine = $500,000 - $105,000 = $395,000
Therefore, the correct answer is B. $430,000. Note that this is the after-tax cost of using the machine in a project, which is the cost that is relevant for decision making.
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1. Analyze and discuss the causes and solutions of parallel imports and their effect on price.(25 points). You must support your analysis with examples taken from external sources or data, and you must explain why you chose your specific examples (what is particularly interesting and why).
2. Analyze and discuss how the globalization of markets affects retail distribution. Based on the course discussions and your individual research, critically review and compare the evolution of different retail channels (online vs offline) and what will their new role be?
1. Parallel imports can drive down prices of products in the target region as people opt for cheaper parallel imports. 2. The globalization of markets has significantly affected retail distribution, and the evolution of different retail channels will continue as technology advances.
1. Causes and solutions of parallel imports and their effect on price
Parallel imports are goods that are imported from one country to another without the permission of the intellectual property owner. One of the primary reasons behind parallel imports is the price differences between different regions. When there is a price difference between different regions, people tend to import goods from the cheaper regions and sell them in the more expensive regions.
The primary solution to parallel imports is to reduce price differences between different regions. Additionally, companies can also introduce unique product features, and product warranties to discourage parallel imports. However, parallel imports can have a significant effect on price. Parallel imports can drive down prices of products in the target region as people opt for cheaper parallel imports.
2. How the globalization of markets affects retail distribution
The globalization of markets has had a significant impact on retail distribution. The emergence of the internet has enabled retailers to reach customers worldwide, regardless of geographical boundaries. As a result, retailers are no longer limited to their physical locations. Retailers can now serve customers in different countries. The rise of e-commerce has made it possible for retailers to reach customers in remote locations where physical stores would not be feasible.
However, the globalization of markets has also led to the evolution of different retail channels. For instance, some retailers operate online while others operate physical stores. The new role of these channels will be to provide customers with a seamless experience across all channels.
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Which of the following statements is true? OA. The right-of-use asset is increased by prepaid lease payments, but reduced by lease incentives and the lessee's initial direct costs. B. The right-of-use asset is reduced by the lessee's initial direct costs, but increased by lease incentives and prepaid lease payments. OC. The right-of-use asset is reduced by prepaid lease payments and the lessee's initial direct costs, but increased by lease incentives. D. The right-of-use asset is increased by prepaid lease payments and the lessee's initial direct costs, but reduced by lease incentives.
The right-of-use asset is increased by prepaid lease payments, but reduced by lease incentives and the lessee’s initial direct costs. Option A is the correct statement.
The right-of-use asset is reduced by lease incentives and the lessee’s initial direct costs but increased by prepaid lease payments. The right-of-use asset is initially measured at the number of the lease liability, lease incentives received, adjusted for lease prepayments, the lessee’s initial direct costs such as commissions, and an estimated cost of dismantling restoration, and removal of an asset.
A lessee’s right to use an asset over the course of a lease is known as a right-of-use asset (ROU). it is calculated based on the lease liability, payments, costs, and incentives and It is an intangible asset that is recognized on the balance sheet.
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Why are bonds known as fixed income investments? A) there is a fixed principle B) there is a fixed rate of return C) there is a fixed option of investing part of the bond D)
all of the above
Answer:
The awnser is B
Explanation:
took the test
Selected financial data from Crew Restaurant is provided below. Cash $64,000 Accounts Receivable $235,000 Food Inventory $267.000 Short-Term Investments $37,000 Land and Building $519.000 Current Portion of Long-Term Debt $34,000 Accounts Payable $123,000 Calculate the quick ratio.
The quick ratio, also known as the acid-test ratio, is a measure of a company's liquidity and ability to meet short-term obligations without relying on inventory. It is calculated by dividing the sum of cash, short-term investments, and accounts receivable by current liabilities.
Given the following financial data:
Cash: $64,000
Accounts Receivable: $235,000Food Inventory: $267,000Short-Term Investments: $37,000Accounts Payable: $123,000To calculate the quick ratio, we need to exclude the inventory from the current assets, as it is not as easily converted to cash.
Quick Assets = Cash + Short-Term Investments + Accounts Receivable
= $64,000 + $37,000 + $235,000= $336,000Current Liabilities = Accounts Payable
= $123,000Quick Ratio = Quick Assets / Current Liabilities
= $336,000 / $123,000≈ 2.73Therefore, the quick ratio for Crew Restaurant is approximately 2.73.
About InvestmentsInvestment is an activity, either directly or indirectly, with the hope that in the future the owner of the capital will receive a number of benefits from the results of the investment.
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2. (10 points) Nelter Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced
The income statement using variable costing for Nelter Corporation would include sales, expenses and net income.
What is an income statement ?An income statement, also known as a profit and loss statement, is a financial statement that provides a summary of a company's revenues, expenses, and net income or loss for a specific period.
When prepared using variable costing, the income statement focuses on the variable costs associated with producing goods or services.
The income statement is:
Sales $ 802, 500
Variable expenses
Direct materials $ 301, 740
Direct labor $ 154, 080
Variable manufacturing cost $ 19, 260
Variable selling and admin. $ 115, 560 $ 590, 640
Contribution margin $ 211, 860
Fixed expenses
Fixed manufacturing overhead $ 105, 570
Fixed selling expense $ 89, 880 $ 195, 450
Operating income $ 16, 410
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Question is:
Prepare a contribution format income statement for the month using variable costing.
a nurse is working with a health maintenance organization (hmo). the nurse knows that this organization follows a payment plan where the client pays the insurer a percentage of the total costs for each service rendered by the provider. group of answer choices true false
In a health maintenance organization (HMO), the payment plan typically involves the client paying the insurer a percentage of the total cost for each service provided by the healthcare provider. This payment model is known as a fee-for-service arrangement so this is true.
Under this system, when a client receives medical services from a healthcare provider, the provider bills the insurer for the services rendered. The insurer then pays a percentage of the total cost to the healthcare provider, and the client is responsible for paying the remaining portion, which is usually in the form of copayments or deductibles.
The purpose of this payment plan is to distribute the cost of healthcare between the insurer and the client, ensuring that both parties contribute to the expenses incurred. It also incentivizes clients to consider the cost implications of the services they receive, as they bear a portion of the financial responsibility.
It's important to note that while HMOs commonly follow this payment plan, the specific details may vary depending on the HMO and the terms of the insurance contract. Some services may have different coverage levels or payment arrangements, and certain preventive or routine services may be covered entirely by the insurer without any cost-sharing by the client.
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Q iii
Table 2: Rubber production Malaysia Glove (cartons) Tyre Glove (cartons) Tyre 520 0 1200 0 500 600 900 400 350 1100 600 650 1300 200 800 200 0 1430 0 810 Refer to Table 2 and answer the following ques
Climate, land availability, government regulations, scientific developments, and consumer demand are the main variables affecting rubber production in Malaysia. These elements have a variety of effects on the glove industry's use of cartons.
First of all, more gloves may be manufactured, which would raise the demand for cartons to package and ship the gloves. Additionally, variations in rubber manufacturing may have an indirect impact on carton utilization by changing the availability and cost of raw materials used to make gloves. The adoption of eco-friendly packaging options by the glove business may also be influenced by sustainability programs and laws, perhaps resulting in a decrease in the use of cartons. Overall, the dynamics of rubber production in Malaysia have a big impact on how many cartons are used in the glove sector.
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--The complete Question is, What are the key factors influencing rubber production in Malaysia and its impact on the glove industry in terms of carton usage?--
Your parents have promised to give you as a gift €5,000 at the beginning of each year starting from this year until you graduate. Suppose you will graduate in three years, that is you will receive three payments in total. Assume you are making calculations at the beginning of the current year. a. What is the present value of all the payments? Use the interest rate of 3% to calculate the present value of the payments. b. What happens to the present value of this sequence of payments as the interest rate increases? c. What happens to the present value of this sequence of payments as future (nominal) value of payments increases?
a. The present value of the payments is €14,824.57.
This is calculated using the following formula:Present Value = ∑(Future Value / (1 + Interest Rate)^n)
where:
Future Value = €5,000
Interest Rate = 3%
n = Number of years (3)
Present Value = ∑[tex](€5,000 / (1 + 0.03)^n) = €14,824.57[/tex]
When the interest rate rises, the current worth of the payments diminishes. The reason for this is that an increased interest rate results in greater discounting of the upcoming payment's future value.
c. When the anticipated value of future payments rises, there is a corresponding increase in the current value of those payments. The rationale behind this is that when the future value is higher, the current value of the payments also increases.
To sum up, the value of a series of payments at present is influenced by the interest rate in an inverse manner and its connection with the future value of payments is direct.
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DDSB Limited is authorized to issue 60 000, $6 par value common shares. Record the journal entries for the following:
a. Issued 2 000 shares at par value.
b. Issued 500 shares at $8 per share.
c. Reacquired 700 shares at par value.
DDSB Limited is authorized to issue 60,000 common shares with a par value of $6. The journal entries for the given transactions are as follows:
a. Issued 2,000 shares at par value:
Cash (2,000 shares × $6) 12,000
Common Stock 12,000
b. Issued 500 shares at $8 per share:
Cash (500 shares × $8) 4,000
Additional Paid-in Capital 1,000
Common Stock 3,000
c. Reacquired 700 shares at par value:
Treasury Stock 4,200
Common Stock 4,200
In the first journal entries transaction, DDSB Limited issued 2,000 common shares at their par value of $6 per share. The entry records an increase in cash of $12,000 and an increase in common stock of $12,000.
In the second transaction, DDSB Limited issued 500 common shares at a price of $8 per share. The entry records an increase in cash of $4,000, an increase in additional paid-in capital of $1,000, and an increase in common stock of $3,000.
In the third transaction, DDSB Limited reacquired 700 common shares at their par value of $6 per share. The entry records a decrease in treasury stock of $4,200 and a decrease in common stock of $4,200.
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Suppose on July 1st, the nominal interest rate is 10%, and the real interest rate is 2%. Considering the Fisher Effect, what can we say about the expected inflation rate, what can we say about the expected inflation rate?
a. Because of the Law of One Price, the two values will converge to parity by the end of the year.
b. We expect the inflation rate to be around 4%
c. We expect the inflation rate to be around 8%
d. We cannot say much about the inflation rate, but a stimulus check will help control the inflation.
Based on the Fisher Effect, we can conclude that the expected inflation rate is around 8%.Option c.
According to the Fisher Effect, the nominal interest rate is equal to the sum of the real interest rate and the expected inflation rate. In this scenario, the nominal interest rate is 10%, and the real interest rate is 2%. By rearranging the Fisher Equation, we can solve for the expected inflation rate.Nominal interest rate = Real interest rate + Expected inflation rate
10% = 2% + Expected inflation rate
Expected inflation rate = 10% - 2% = 8%
The Law of One Price, which relates to the concept of purchasing power parity, is not directly applicable to this scenario. It deals with the idea that identical goods in different countries should have the same price when expressed in a common currency. It is not directly related to the Fisher Effect or the determination of inflation rates.The statement about a stimulus check controlling inflation is unrelated to the Fisher Effect or the expected inflation rate.
The impact of a stimulus check on inflation depends on various factors such as the size of the stimulus, the overall state of the economy, and how the additional money is spent. Therefore, option d is not a relevant answer in this context. Option c.
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A decision maker who uses the maximax criterion when solving a problem under coriditions of uncertainty is: O making a serious mistake; maximax is not appropriate for conditions of uncertainty O an economist. O an optimist O an optometrist.
A decision maker who uses the maximax criterion when solving a problem under conditions of uncertainty is an optimist.
The maximax criterion is a method of making decisions that emphasizes getting the biggest reward or result possible without taking into account the probabilities connected to various outcomes. It is frequently employed by decision makers who have a positive outlook and are prepared to assume greater risks in the hopes of getting the best results.
However, under uncertain circumstances where the probabilities of various outcomes are unknown or uncertain, the maxima criterion is not appropriate. It only considers the best case scenario and ignores the likelihood of less desirable outcomes. This may result in unrealistic decisions and a failure to take potential risks and uncertainties into account.
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Autonomous investment is income_____
Elastic
Rigid
Inelastic
Flexible
Autonomous investment is income inelastic, meaning that changes in income do not significantly affect the amount of autonomous investment.
Autonomous investment is the investment spending that occurs regardless of changes in income and is typically funded through retained earnings, rather than borrowing. It is often associated with long-term capital investments that are not directly linked to the level of economic activity in the short run.
Inelastic demand refers to a situation in which changes in price have little effect on the quantity demanded. In the same way, autonomous investment is not significantly influenced by changes in income, meaning that it is also income inelastic. This means that even if the income of a country changes or increases, the autonomous investment remains stable.
For example, if a company has a plan to invest $10 million in a new factory, it will likely go through with the investment regardless of fluctuations in its income. The decision to make this investment is not dependent on the current level of income, but rather on the long-term strategic goals of the company. This is why autonomous investment is considered income inelastic.
In summary, autonomous investment is income inelastic, which means that changes in income do not significantly affect the amount of autonomous investment. Autonomous investment is independent of the level of economic activity in the short run and is usually associated with long-term capital investments that are not directly related to the level of income.
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[CLO-6| A company is producing pen for 5 years, the investment
value for the company is $700,000, the market value for the company
is $10,000, while the annual expenses is $100,000. Monthly tax to
be
The company does not need to pay any monthly tax as it has no taxable income.
To calculate the monthly tax to be paid by the company, we need to determine the annual tax amount and then divide it by 12 to obtain the monthly tax.
In this case:
Investment value: $700,000
Market value: $10,000
Annual expenses: $100,000
To calculate the annual tax, we need to find the taxable income of the company. The taxable income is the difference between the market value and the investment value, minus the annual expenses.
Taxable income = Market value - Investment value - Annual expenses
Taxable income = $10,000 - $700,000 - $100,000
Taxable income = -$790,000
Since the taxable income is negative, indicating a loss, the company will not have any taxable income and therefore will not owe any taxes.
Therefore, the annual tax amount is $0.
To find the monthly tax, we divide the annual tax amount by 12:
Monthly tax = Annual tax / 12
Monthly tax = $0 / 12
Monthly tax = $0
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In your own words, explain what is negative a goodwill and how it is calculated? (3 marks) Does historic cost principle apply when accounting for negative goodwill? Explain (4 marks) Consolidated financial statements are primarily for the benefit of which group of shareholders? Explain (4 marks)
1- The negative goodwill (NGW) amount is the gap between the asset's purchase price and its fair market value, 2- No, historical concept do not apply to negative goodwill. 3- The consolidated financial statements are primarily prepared for the parent company's stockholders.
1) Negative goodwill, like goodwill, is an accounting term that was developed to address the difficulty of measuring the value of intangible assets such as a company's reputation, patents, customer base, and licensing. These intangible assets are distinct from tangible assets like equipment or inventories.
Most acquisitions entail goodwill, in which purchasers pay more than the worth of the selling company's tangible assets. Negative goodwill arises in rare instances, where the value of the intangible assets must be represented as a gain on the buyer's income statement.
Subtract the total fair value of the company's assets found in the previous step from the company's purchase price. Assuming the acquisition price was less than the asset value, the consequence will be negative goodwill.
2) In accounting, the historical cost of an item refers to its original monetary worth or purchase price. The historical cost principle dictates that a business's transactions be reported at their historical costs. The notion is related to the cost principle, which states that assets, equity investments, and liabilities should be documented at the time of acquisition.
3) Consolidated financial statements are the financial statements of a company that has many divisions or subsidiaries. Companies frequently use the term "consolidated" loosely in financial statement reporting to refer to the aggregated reporting of their entire organization collectively.
Private corporations have less requirements for financial statement reporting, but public companies must report financials in accordance with the Financial Accounting Standards Board's Generally Accepted Accounting Principles (GAAP).
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(Related to Checkpoint 9.2) (Yield to maturity) Abner Corporation's bonds mature in 22 years and pay 15 percent interest annually. If you purchase the bonds for $850, what is your yield to maturity? Y
The yield to maturity (YTM) of Abner Corporation's bonds is approximately 17.65%.
What is the yield to maturity (YTM) of Abner Corporation's 22-year bonds with a 15% annual interest rate, purchased for $850?The yield to maturity (YTM) is the annualized rate of return an investor can expect to earn if they hold the bond until maturity. It represents the discount rate that equates the present value of the bond's future cash flows to its current market price.
In the given scenario, Abner Corporation's bonds have a maturity of 22 years and pay an annual interest rate of 15%. The purchase price of the bonds is $850.
To calculate the YTM, we need to find the discount rate that makes the present value of the bond's cash flows (annual interest payments and the final principal payment) equal to $850.
Using financial formulas or a financial calculator, the YTM of the bonds is determined to be approximately 17.65%.
This means that if you purchase the bonds for $850 and hold them until maturity, you can expect to earn an annualized rate of return of around 17.65%.
It's important to note that YTM assumes the bondholder reinvests all interest payments at the same rate, and there are no defaults or changes in market conditions during the bond's life.
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An oil refinery finds that it is necessary to treat the waste liquids from a new process before discharging them into a stream. The treatment will cost $20,000 the first year, but process improvements will allow the costs to decline by $2,000 each year. As an alternative, an outside company will process the wastes for the fixed price of $10,000/year throughout the 11 year period, payable at the beginning of each year. Either way, there is no need to treat the wastes after 11 years. Use the annual worth method to determine how the wastes should be processed. The company's MARR is 5%.
Based on the annual worth method, it is more economical to treat the wastes internally rather than using the services of the outside company.
Calculating the annual worth of treating the wastes internally:
Cost of treatment in the first year: $20,000
Annual cost reduction due to process improvements: $2,000
Annual Worth = Cost of the first year + Annual cost reduction / Annual Worth Factor
Annual Worth Factor = (1 - (1 + MARR)^(-n)) / MARR
Annual Worth Factor = (1 - (1 + 0.05)^(-11)) / 0.05
Annual Worth Factor = 7.526
Annual Worth = $20,000 + ($2,000 / 7.526)
Annual Worth = $20,000 + $265.74
Annual Worth = $20,265.74
Annual worth of using the outside company:
Annual Worth (outside company) = $10,000
Since $20,265.60 > $10,000, the wastes should be treated internally.
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Everything else equal, if you expect a larger interest rate increase than other market participants, you should _________.
Multiple Choice
A. buy long-term bonds
B. buy short-term bonds
C. buy common stocks
D. buy preferred stocks
the answer is B. short term bonds
Everything else equal, if you expect a larger interest rate increase than other market participants, you should option B. buy short-term bonds.
Usually, the interest rate is associated with the interest rate offered on a bond. If the Federal Reserve or any other central bank boosts interest rates, the rate of return on a bond will increase. The market then reduces the value of existing bonds, causing the interest rate on those bonds to rise. The rise in interest rates results in lower bond values since investors prefer newer, more lucrative alternatives. Therefore, it is crucial to assess the market to determine whether to hold, purchase, or sell bonds.
The value of short-term bonds is lower than that of long-term bonds. Because short-term bonds mature more quickly, they are less vulnerable to variations in interest rates than long-term bonds. As a result, if you expect a larger interest rate increase than other market participants, you should buy short-term bonds.
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A__ is a graphical method of presenting a large amount of data by way of bars, to reflect the distribution frequency and proportion for each. a. Gantt chart O b. Histogram O c. Project roadmap O d. No
The correct answer is b. Histogram Graphical Method.
A histogram is a graphical method used to present a large amount of data by using bars to reflect the distribution frequency and proportion for each category or interval. It is particularly useful for displaying the distribution of numerical data and identifying patterns or trends.
In a histogram, the horizontal axis represents the range of values or intervals, while the vertical axis represents the frequency or proportion of occurrences for each interval. The height of each bar represents the frequency or proportion of data falling within that interval. The bars are typically adjacent and touch each other to emphasize the continuous nature of the data.
Histograms provide a visual representation of the distribution of data, allowing analysts to identify patterns such as central tendency, dispersion, skewness, or any other characteristics of the data. They are commonly used in statistics, data analysis, quality control, and various fields where understanding the distribution of data is crucial.
Gantt charts, on the other hand, are used for project management and display the schedule and progress of tasks over time. Project roadmaps are visual representations of project plans or strategies. While both Gantt charts and project roadmaps are useful tools in project management, they do not specifically represent the distribution of data as histograms do.
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2. What kind of good is it? Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. Private Good Public Good Common Resource Club Good A new drum set for you to play in your friend's band' O O A large, beautiful fountain in a town square A dock on a lake that is open to the public O O
A new drum set for you to play in your friend's band: This is a private good.
A large, beautiful fountain in a town square: This can be categorized as a public good.
A dock on a lake that is open to the public: This can be classified as a common resource.
A new drum set for you to play in your friend's band: It is excludable, meaning access to the drum set can be restricted to specific individuals, and it is rivalrous, as one person's use of the drum set diminishes the availability for others.A large, beautiful fountain in a town square: It is non-excludable, as it is accessible to the public without any restrictions, and it is non-rivalrous, as one person's enjoyment of the fountain does not diminish its availability for others.A dock on a lake that is open to the public: It is non-excludable, as it is open to the public, but it is rivalrous, as the capacity of the dock is limited, and multiple individuals using it simultaneously may lead to congestion or reduced availability for others.
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--The complete Question is, What kind of good is it?
Determine whether each of the following goods is a private good, a public good, a common resource, or a club good.
Private Good Public Good Common Resource Club Good
1. A new drum set for you to play in your friend's band'
2. A large, beautiful fountain in a town square
3. A dock on a lake that is open to the public--
On December 31, 2020, Extreme Fitness has adjusted balances of $840,000 in Accounts Receivable and $63,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $14,000. Required: Assume that on February 2, 2021, Extreme Fitness received a payment of $900 from one of the customers whose balance had been written off. Prepare the journal entries to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 1 at Journal entry worksheet 3 1 > Record the reversal of a customer account previously written off in the amount of $900. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Clear entry View general journal inces Record entry
The journal entry for the given transaction will include Dr. Accounts Receivable $900 and Cr. Allowance for Doubtful Accounts $900.
The given table represents the General Journal of Extreme Fitness to record the reversal of a customer account previously written off in the amount of $900. The general journal is as follows:
General Journal Debit Credit
Accounts Receivable 900
Allowance for Doubtful Accounts 900
In the given scenario, the customer account of $14,000 had already been written off. Therefore, the balance of Accounts Receivable and Allowance for Doubtful Accounts is $840,000 and $63,000, respectively. However, on February 2, 2021, Extreme Fitness received a payment of $900 from one of the customers whose balance had been written off.
Therefore, the journal entry will be required to record the received payment. In this case, the journal entry is:
Debit Accounts Receivable $900
Credit Allowance for Doubtful Accounts $900
The Accounts Receivable account is debited because it will increase the account balance, whereas Allowance for Doubtful Accounts is credited because the allowance is decreased.
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A question on Factor Pricing (Microeconomics):
In the staging of a concert or theatrical performance, there are many people involved including those that work behind the scenes such as sound engineers, lighting technicians, production assistants, ticket booth personnel, etc. The people behind the scenes put in more hours of work than the performers or artists themselves. Yet, the performers or artists earn more money than the behind-the-scenes people. Use the general principle of factor pricing to explain this seemingly paradoxical situation. (3-5 sentences)
In the staging of a concert or theatrical performance, the performers or artists earn more money than the behind-the-scenes people despite the latter putting in more hours of work. This can be explained using the general principle of factor pricing.
According to the principle of factor pricing, a factor of production is paid according to its contribution to the production process. Factors that contribute more are paid more, and those that contribute less are paid less. Hence, the wages of workers depend on their productivity.The performers or artists are considered to be highly productive because they are the ones who attract the audience.
They are the main reason for the event and are responsible for generating most of the revenue. The behind-the-scenes workers, on the other hand, play a supportive role and are responsible for the smooth running of the event. Their work is important, but not as critical as that of the performers or artists.The income earned by the performers or artists is an economic rent, which is a payment made to a factor of production that is in limited supply. There are a limited number of people who can perform at a high level, and they are in high demand.
As a result, their wages are high. The income earned by the behind-the-scenes workers is a normal profit. They are paid according to their contribution to the production process, which is less than that of the performers or artists.
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Marissa converted an RRSP balance of $125,000 into an RRIF that will pay her $1,850 at the end of every month for 9 years. What is the nominal annual rate of interest compounded semi-annually? 11.58% 0.97% 11.92% 5.79%
The nominal annual rate of interest compounded semi-annually is approximately 11.92%.
How to calculate the nominal annual rate of interest compounded semi-annually for Marissa's RRIF?To calculate the nominal annual rate of interest compounded semi-annually, we can use the following formula:
Nominal Rate = [(Payment Amount * Number of Periods) / Present Value] [tex]^ (1 / Number of Periods)[/tex] - 1
Given:
Payment Amount = $1,850
Number of Periods = 9 years * 12 months = 108 months
Present Value = $125,000
Let's calculate the nominal annual rate of interest:
Nominal Rate = [($1,850 * 108) / $125,000] [tex]^ (1 / 108)[/tex] - 1
Nominal Rate = (199,800 / $125,000) [tex]^ (1 / 108)[/tex] - 1
Nominal Rate = (1.5984) [tex]^ (1 / 108)[/tex] - 1
Nominal Rate ≈ 0.01192 or 1.192%
Therefore, the nominal annual rate of interest compounded semi-annually is approximately 1.192% or 11.92%.
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_______ involves using all of the promotional tools and resources to deliver a comprehensive, unified way to create a positive brand image and achieve the strategic marketing objectives of the firm.
Integrated marketing communications (IMC) involves using all of the promotional tools and resources to deliver a comprehensive, unified way to create a positive brand image and achieve the strategic marketing objectives of the firm.
IMC is a customer-centric approach to marketing that uses various promotional tools such as advertising, personal selling, sales promotions, public relations, and direct marketing to communicate a consistent message about the brand to customers. In this approach, the company creates a unified message and strategy across all channels to reach the target market in the most effective way possible.IMC involves combining the traditional marketing tools with modern communication tools like social media, email, and mobile apps. It is designed to deliver a consistent message across all touchpoints with the customer. It seeks to establish a two-way communication between the firm and its customers, with the aim of creating long-term relationships between them.
Furthermore, an integrated marketing communications approach enables companies to effectively reach their target audience by creating a cohesive message. It ensures that all marketing messages are consistent, which increases the likelihood that customers will remember the brand and take action. By using a strategic approach that integrates all of the promotional tools, businesses can achieve their marketing objectives and create a positive brand image.
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Which of the following would normally fall under general education requirements at a college?
A. Literacy, natural sciences, social sciences, and physical education B. Music, physical education, world languages, and behavioral sciences
C. Math, music, physical education, and military history
D. Math, literacy, natural sciences, and social sciences
Answer: D. Math, literacy, natural sciences, and social sciences
Explanation:
General Education Requirements prepares students with the skills that are needed to enhance their employability and also help them in course of life. Some of these skills include oral and written communication, problem solving, critical thinking, etc.
Some of the subjects that would normally fall under general education requirements at college are Writing, Mathematics, Social science, Natural science, Global awareness, Diversity. etc.
When a company establishes the structure of formal task relationships that determines formal communication channels and how departments are to coordinate their work they are: designing. leading. controlling. organizing. OO
When a company establishes the structure of formal task relationships that determines formal communication channels and how departments are to coordinate the work they are organizing.
Organizing is a management function that involves developing an organizational structure and allocating human resources to ensure that an organization's goals are met. Organizing involves identifying jobs to be done, grouping the jobs into manageable units, establishing patterns of authority and communication, and developing means for coordinating and controlling group activities.
Organizing as a management function is concerned with creating formal structures that promote coordinated efforts, communication, and specialization. The aim of organizing is to create a structure that will help achieve the goals of the organization.
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Suppose you invest in 100 shares of Harley-Davidson at 540 per share and 210 shares of Yahoo at $25 per share the price of Harley-Davidson increases to $50 and the price of Yahoo decreases to $20 per share, what is the return on your portfoto? OA - 10.50% OB 1225 OC -5.20% OD -0.54%
The return on the portfolio, given the change in the value of the shares of Yahoo and Harley - Davidson is D. - 0. 54 %.
How to find the return on the portfolio ?Initial investment in Harley-Davidson = Number of shares x Initial price per share
= 100 shares x $40/share
= $ 4, 000
Initial investment in Yahoo = Number of shares x Initial price per share
= 210 shares x $25/share
= $5, 250
Final value of Harley-Davidson investment = Number of shares * Final price per share
= 100 shares x $50/share
= $5, 000
Final value of Yahoo investment = Number of shares * Final price per share
= 210 shares x $20/share
= $4, 200
The return on the portfolio is calculated as:
Return = (Final Value - Initial Value) / Initial Value x 100%
= ( ( 5, 000 + 4, 200 ) - ( 5, 250 + 4, 000 )) / Initial Value x 100%
= ( 9, 200 - 9, 250 ) / 9, 250 x 100 %
= - 0.54 %
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You are the business analyst for a mid-sized sales and marketing
company. The company is interested in acquiring a new Human
Resources Information System (HRIS). You have been asked by the
company CEO
As a business analyst for a mid-sized sales and marketing company, I have been asked by the CEO to acquire a new Human Resources Information System (HRIS). Here's the long answer to this question.What is HRIS?A Human Resource Information System (HRIS)
is a software application that is designed to streamline and automate human resource management and employee data management processes. An HRIS solution can help companies with HR tasks such as employee onboarding, personnel data management, payroll processing, benefits administration, time and attendance tracking, and many more.What are the features of an HRIS?The main answer to this question is that HRIS solutions can have several features depending on the needs of a business. However, some of the essential features of an HRIS are as follows
Employee information management Performance tracking Payroll processing Benefits administration Applicant tracking Recruitment management Time and attendance tracking Employee self-service HR analytic What are the benefits of using an HRIS An HRIS can provide numerous benefits to a company. Some of the key benefits include Efficiency and accur acyImproved data managementCost savingsReduced workloadImproved complianceEnhanced employee experienc eImproved decision-makingHow to select an HRIS?When selecting an HRIS, it is important to consider the following Compatibility with existing systems and softwareEase of useScalabilityVendor support and customer serviceCost and ROI The implementation processAn HRIS can help your company streamline HR tasks, increase efficiency, and improve the employee experience. Therefore, it is a crucial investment for businesses.
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Suppose Sally wins the Publishers Clearinghouse $10 million sweepstakes (not the future value). The money is paid in equal annual installments of $500,000 over 20 years. If the appropriate discount rate is 5%, how much is the sweepstakes actually worth today? And if Publishers Clearinghouse offered you $5 million today, is that offer more or less valuable than the value of the annuity? A) $6,546,789; offer is less B) $10,000,000; offer is less C) $6,231,105; offer is less D) $4,121,212; offer is more E) none of the above
The present value of the annuity is $6,546,789.09. Publishers Clearinghouse's $5 million deal is less valuable than the annuity.
How do we calculate it?
An annuity is a series of cash payments or receipts that are made at equal intervals. An annuity due is one in which the cash flows are made at the beginning of each period, whereas an ordinary annuity is one in which the cash flows are made at the end of each period.
Because Publishers Clearinghouse pays annual installments, it is an ordinary annuity.For this ordinary annuity, we have to calculate the present value. Because the annuity payments are identical, the present value can be calculated using the following formula.
PV = PMT [(1 - (1 / (1 + i)n)) / i] Where:PV is the present value of the annuity payments.PMT is the annuity payment per year.i is the rate of discount per year.
n is the number of periodsThe PV of the annuity payment will be:PMT = $500,000, i = 5%, n = 20
PV = $6,546,789.09Since $6,546,789.09 is The present value of Sally's winnings, Publishers Clearing house's $5 million offer is less valuable than the annuity.Answer: A) $6,546,789; offer is less
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3 Book Hint rint ences Ollie Company experienced the following events during its first-year operations: 1. Acquired $72,000 cash from the issue of common stock. 2. Borrowed $26,000 from the First City
Ollie Company's stockholders' equity increased to $91,000 during its first year of operations, primarily due to the issuance of common stock and the generation of net income.
OLLIE COMPANY
Statement of Changes in Stockholders' Equity
For the Period Ended December 31, Year 1
Beginning common stock: $0
Plus: Common stock issued: $72,000
Ending common stock: $72,000
Beginning retained earnings: $10
Plus: Net income: $16,000
Less: Dividends: $7,000
Ending retained earnings: $19,000
Total stockholders' equity: $91,000
In the first year of operations, Ollie Company experienced several events that affected its stockholders' equity. The company acquired $72,000 cash from the issue of common stock, which increased the common stock balance. The beginning common stock of $0 was augmented by the common stock issued during the year.
The company also generated $59,000 of cash revenue from its operations, which contributed to the net income. The beginning retained earnings balance of $10 was increased by the net income of $16,000. However, the company paid $7,000 in cash dividends to the stockholders, which reduced the retained earnings balance.
After considering all the events, the ending common stock balance was $72,000, and the ending retained earnings balance was $19,000. These two components, along with the beginning common stock and beginning retained earnings, contribute to the total stockholders' equity of $91,000. This statement provides a summary of the changes in stockholders' equity during Ollie Company's first year of operations.
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Complete question:
3 Book Hint rint ences Ollie Company experienced the following events during its first-year operations: 1. Acquired $72,000 cash from the issue of common stock. 2. Borrowed $26,000 from the First City Bank. 3. Earned $59,000 of cash revenue. 4. Incurred $43,000 of cash expenses. 5. Paid a $7,000 cash dividend. 6. Paid $43,000 to purchase land. Required Prepare a statement of changes in stockholders' equity. OLLIE COMPANY Statement of Changes in Stockholders' Equity For the Period Ended December 31, Year 1 Beginning common stock $ 0 Plus: Common stock issued 72,000 Ending common stock Beginning retained earnings 10 Plus: Net income 16,000 Less: Dividends Ending retained earnings Total stockholders' equity $ $ 72,000 9,000 81,000