Amount of ending inventory would report on the balance sheet, on the assumptions of (b) lifo concept of the accounting principles of management.
LIFO concept of accounting is very simple which accepts the record on the basis of last in first out. As the inventory keeps on changing in the production process it is accounted under the lifo process of assumptions that it keeps changing.
The other techniques of recording the transactions is based on different entries and can be combined under the weighted average accounting.
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on march 10, blarney corporation issued for cash 10,000 shares of no-par common stock at $40. the journal entry to record this transaction would include a debit to cash for $10,000 credit to cash for $400,000 credit to common stock for $400,000 credit to common stock for $100,000
The journal entry for issuance of cash 10,000 shares at $40 will be -
Cash a/c Debit ($10,000)
To Credit to common stock ($400,000)
A journal entry is the process of maintaining records of any financial or non-financial transaction.
An accounting journal, which demonstrates a firm's both debit and credit balances, records transactions. The journal entry can be composed of multiple recordings, each of which represents either a debit or a credit. Otherwise, the journal entry is recognized inconsistent if the total of the debits does not equivalent the combined score of the credits.
Journal entries can record one-time occurrences or regularly occurring happenings like devaluation or bond amortization. Journal entries are typically entered in a separate segment from trade payables, which generally includes its own subledger that influences the general ledger implicitly.
The complete question is here:
on March 10, blarney corporation issued for cash 10,000 shares of no-par common stock at $40. the journal entry to record this transaction would include a
(a) debit to cash for $10,000
(b) credit to cash for $400,000
(c) credit to common stock for $400,000
(d) credit to common stock for $100,000
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city taxi service purchased a new auto to use as a taxi on january 1, year 1, for $36,000. in addition, city paid sales tax and title fees of $1,200 for the vehicle. the taxi is expected to have a five-year life and a salvage value of $4,000.
The amount that would be recognized on the asset disposal will be $ -2920.
What is Depreciation?The financial reporting strategy of declining an asset throughout its useful life is referred to as depreciation. This can be calculated with different methods including straight line as well as declining method.
Straight-line method of depreciation
= (cost of the asset - salvage value) useful life
Price of the asset = 36,000 + $1200 = $37,20
=($37,200 - $4,000) / 5
= $6,640.
Book value = cost of the asset - accumulated depreciation
Accumulated depreciation = $6,640 x 2 = $13,280
Book value = $37,200 - $13,280
= $23,920
Loss on the sale = $21,000 - $23,920
= $ -2920
Therefore, the loss on the sale of assets is $-2920
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The complete question is Probably
City Taxi Service purchased a new auto to use as a taxi on January 1, 2018, for $36,000. In addition, City paid sales tax and title fees of $1,200 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $4,000. Required Using the straight-line method, compute the depreciation expense for 2018 and 2019. Assume the van was sold on January 1, 2020, for $21,000. Determine the amount of gain or loss that would be recognized on the asset disposal. (Amounts to be deducted should be indicated with minus sign.)
What is the benefit of having financial security? (1 point)
O ability to avoid stress and gain a sense of control
O
ability to stop saving money
O ability to quit working and enjoy yourself
Oability to spend as much as you want
Answer:1.ability to avoid stress and gain a sense of control
2.to prioritize saving regularly without exception
3.The deposit occurs automatically, so there is less temptation to spend the money.
4.A quantity of money set aside in case something bad happens.
5.six months’ expenses
Explanation: I finished the quick check
Answer: first one is correct
Explanation:
t many airports, a person can pay only $1 for a $100,000 life insurance policy covering the duration of the flight. in other words, the insurance company pays $100,000 if the insured person dies from a possible flight crash; otherwise the company gains $1. suppose that past records indicate 0.45 deaths per million passengers. how much can the company expect to gain on one policy? on 100,000 policies?
At many airports, a person can pay only $1 for a $100,000 life insurance policy. The company can expect to gain $99,999 on one policy on 100,000 people.
Gain values : $1 ;-$999,999
The Probabilities of those gain value :
999,999.55/1000000
0.45/1,000,000
E(x) = [999999.55 - 0.45)/1000000 = 0.99999999.
On 100,000 people the company can expect to make:
Gain = 100000*0.999999999
Gain = $99,999
So, the company can expect to gain $99,999 on one insurance policy on 100,000 people.
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suppose that you have been working at your job for one year and are considering asking your boss for a raise. your super-helpful economics professor cautions you to be aware of the elasticity of demand for labor before you do. what is the elasticity of demand for labor? a measure of how much firms' profits are affected by changes to wages. a measure of the extra revenue earned by the firm resulting from hiring one more unit of labor. a measure of how upset your boss is when his employees ask for more money. a measure of how responsive firms' supply of labor is to changes in the wage rate. a measure of how sensitive the amount of labor firms will hire is to changes in the wage rate. a measure of the sensitivity of wage rates to the unemployment rate.
The right response, which is a measurement of the additional money the company generated as a result of hiring one more unit of labor, is option (b).
What is the elasticity of the labor market?The elasticity of labor demand assesses how easily the demand for labor can fluctuate in response to a change in the wage rate. It quantifies the proportional change in labor demand when the wage rate also changes proportionately, in other words.
Why does labor demand become more elastic over time?In comparison to the short run, the labor demand has a tendency to be more elastic over the long run. Given more time to acclimatize to price fluctuations over time, consumers can respond more intelligently. As a result, the demand for the workers who produce the final good is more elastic.
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power drive corporation designs and produces a line of golf equipment and golf apparel. power drive has 100,000 shares of common stock outstanding as of the beginning of 2021. power drive has the following transactions affecting stockholders' equity in 2021. march 1 issues 65,000 additional shares of $1 par value common stock for $62 per share. may 10 purchases 6,000 shares of treasury stock for $65 per share. june 1 declares a cash dividend of $2.00 per share to all stockholders of record on june 15. (hint: dividends are not paid on treasury stock.) july 1 pays the cash dividend declared on june 1. october 21 resells 3,000 shares of treasury stock purchased on may 10 for $70 per share. required: record each of these transaction
The basic accounting process of recording transaction involves a few steps. Identifying the transaction and the affected accounts is the first step. Recording in the specific accounts is the second step. Numbers entered into the debit and credit sections must be done carefully.
What is debit and credit?When money enters an account, it is recorded as a debit (dr), while it is recorded as a credit (cr), when it leaves.
Date Particulars Debit Credit
Mar 1 Cash A/c (65000 × $62) Dr 4030000
Common stock A/c (65000 × $1) 65000
Additional pain-in capital 3965000
May 10 Treasury shares A/c (6000 × $65) Dr 390000
Cash A/c 390000
June 1 Cash Dividend A/c Dr 318000
Dividend payable A/c 318000
(100000 + 65000 + 6000) × $2
July 1 Dividend payable A/c Dr 318000
Cash A/c 318000
Oct 21 Cash A/c (3000 × $70) Dr 210000
Treasury shares A/c (3000 × $65) 195000
Additional pain-in capital A/c 15000
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Lira inc. Manufactures luxury watches for men under the brand name felix. The company decides to sell luxury perfume under the same brand name to capitalize on its brand equity. This type of brand strategy is called?.
Lira inc. Manufactures luxury watches for men under the brand name Felix. The company decides to sell luxury perfume under the same brand name to capitalize on its brand equity. This type of brand strategy is called brand extension
This is further explained below.
What is a brand extension?Generally, Using the same brand name in a new product category is an example of a marketing technique known as "brand extension" or "brand stretching." This tactic is used by a company that is promoting a product that already has a positive image.
A sp\in-o\ff is a name given to a new product. This tactic is used by companies in order to boost their brand equity and maximize their potential.
In conclusion, Under the brand name Felix, Lira. creates high-end wri/stwa/tches aimed only at male consumers.
In order to make the most of its brand value, the corporation makes the decision to offer high-end perfume under the same brand name. Brand extension is the name given to this particular marketing technique.
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the primary way a website is able to personalize the content presented to a visitor is through the use of: group of answer choices cookies. accessibility rules. privacy policies. site management tools.
The primary way a website is able to personalize the content presented to a visitor is through the use of cookies.
A website is a collection of interconnected web pages that generally reside on the same server containing a collection of information provided by individuals, groups, or organizations. The website is a collection of components consisting of text, images, sound, animation, video so that it is more of an interesting medium of information to visit.
The inventors of the website were Sir Timoty and Tim Berners Lee, while the first network-connected website appeared in 1991. On April 30, 1993, CERN (where Tim worked) announced that the WWW could be used free of charge by the public. WWW is a program invented by Tim Berners Lee in 1991.
At first Berners Lee just wanted to find a way to keep the archives of his research. He developed a system for personal use. The system was a software program dubbed Equire. WWW was first developed at the European Research Center for Particle Physics (CERN), Geneva, Switzerland. In the summer of 1991, the official WWW was widely used on the Internet.
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one group that relies on both the adequate collection and transformation of data for decision-making purposes for an organization is group of answer choices management. interested outsiders. competitors. the government.
The correct option is (A) management
One group that relies on both the adequate collection and transformation of data for decision-making purposes for an organization is management.
What is management?Coordination and arrangement of corporate activities is referred to as business management.
Operations are overseen by managers, who also assist staff in maximising production.
Assisting a company in achieving its operational and financial goals, a manager of a business may also supervise or train new hires.
To accomplish a goal, tasks are coordinated and managed through management.
These administrative tasks involve determining the organization's strategy and coordinating the staff's efforts to achieve these goals by utilising the resources at hand.
In order to make sure that their company succeeds, business managers are essential.
It is impossible to exaggerate how important these individuals are because they oversee and control everything from budgeting to human resources.
The art of management is to maximise efficiency in a social process, a way to accomplish tasks with the help of others, a plan of action, and its direction by a cooperative group working towards a common goal. Management is the skillful use of available resources to accomplish a single goal.
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Suppose someone believes that if a per-unit tax is placed on the producers of good y, the consumers of good y will end up paying the full tax. This person assumes that the demand curve for good y is.
Suppose someone believes that if a per-unit tax is placed on the producers of good y, the consumers of good y will end up paying the full tax. This person assumes that the demand curve for good y is perfectly inelastic.
What do you mean by perfectly inelastic good?The demand for a good or service would not fluctuate independent of price if it were perfectly inelastic, but neither of these things exists. The difference between elastic and inelastic is that the latter experiences considerable variations in demand when the price changes.
Which demand curve is perfectly inelastic?The demand curve is said to be perfectly inelastic when there is no change in demand regardless of price. As a result, the demand curve is a vertical curve that is perpendicular to the OY axis.
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A company’s hr department is overwhelmed with a constant flood of résumés submitted through its website and in response to the ads it places for job vacancies. Derrick, the department’s manager, is concerned that the company will overlook excellent candidates because employees don’t have time to carefully evaluate or remember all the applicants. How might an applicant-tracking system help the department?.
Answer: The answer to the question, How might an applicant-tracking system help the department; is pretty simple. What this question really asks for is to explain the innovation of the Applicant Tracking System (commonly abbreviated as ATS). So the foremost thing to do is to describe the Applicant tracking system. Application tracking tracking systems (ATS from hereon), are digital systems that are designed to make the recruitment process for employers way less tedious than it normally should be. Imagine you had to hire for a huge company like Microsoft that could receive tens of thousands of applications everyday for a specific role. It would be pretty tedious to determine the most qualified for the role if you had to go through all the applications yourself. Even if you had a team of people, it would still be stressful and error prone because, as humans we can make mistakes and slip in the wrong file for an interview or even misplace an application or mix something up somewhere. Now imagine if you didn't have to do all that because a computer program can do it with more precision and speed than you and your whole team are capable of. That would be splendid, right? Well, you don't have to. Aanya in the question above does not have to bother the department with the tedious work. The ATS will take care of a good chunk of the work. Here's how it works. The ATS is comprised of bots that are programmed to scan through applications and arrange them in order of qualification and matching of requirements. A bot is software application that's preset to run programs automatically, usually over the internet. So when people apply on Mega Corporation's platform, the applications are sent through to the scanning of the ATS. Now the requirements for the job role will be filled in by the department ATS so it knows what it's looking out for. For example, if one of the requirements for the job is a Master's degree in Psychology, applications without Master's degrees will be grouped separately from those that have. Same thing for other criteria like years of experience, Age, etcetera. The ATS receives all these applications and groups them such that, at the deadline of the application process, the ATS would have screened a good portion of the applicants and only the most qualified would be left for the next stage of screening. This is how the Applicant Tracking System would help the Human Resource department at Mega Corporation.
The recruiting manager can use an ATS to manage applications, choose applicants for interviews, and move the hiring process along. The correct ATS can reduce costs associated with hiring and raise the net hiring score.
What is the interview?An interview is an organized dialogue in which one person asks questions and the other responds. The term “interview” is commonly used to refer to a one-on-one talk between an interviewer and an interviewee. Individual and group interviews are the two forms of interviews. Interviews with individuals:
With the help of an ATS, manual tasks may be automated, the recruitment team's visibility into the hiring process is increased, and communication opportunities are expanded along the candidate journey. 78% of recruiters who use an ATS claim that it has raised the caliber of applicants they are able to hire.
In order for vacancies to be filled promptly and for candidates to have a positive experience working with your organization, you need to maintain a consistent pace. You can learn more about the status of your job vacancies and the candidates who have applied for them by using an applicant tracking system.
Therefore, An ATS can be used by the hiring manager to manage applications and choose candidates for interviews.
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the 2007–2009 recession began with reductions in investment and consumption spending, precipitated by a financial crisis. this explanation for the recession is consistent with
Based on the fact that the recession in 2007–2009 started with investment and consumption spending reducing, this explanation goes along with the C. the mainstream view of macroeconomic instability.
What happened in 2007 - 2009 economically?The period between 2007 and 2009 saw one of the worst economic problems the world had ever gone through with the Great Recession. During this time, the United States and many nations around the world, saw their economies go into recession and unemployment rates go through the roof.
Before this recession happened, there were signs that it was coming such as the reduction in investment and consumption spending, which are factors that drive economic growth.
This shows that the explanation by the mainstream view of macroeconomic instability on why recessions happen is correct, as this view believes that a slowdown in economic factors like investment, will cause economic recessions.
Options for this question are:
A. the monetarist view of macroeconomic instability.B. the rational expectations view of macroeconomic instability.C. the mainstream view of macroeconomic instability.D. none of these views of macroeconomic instability.Find out more on recessions at https://brainly.com/question/15849581
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the acmeville metropolitan bus service currently charges $0.77 for an all-day ticket, and has an average of 588 riders a day. the bus company is not earning a profit, but according to their contract with the city, they cannot cut the number of buses on the road. they must therefore find a way to increase revenues. the bus company is considering increasing the ticket price to $ 0.88 . the marketing department's studies indicate this price increase would reduce usage to 337 riders per day. calculate the absolute value of the price elasticity of demand for bus tickets using the simple percentage change method. round your answer to one decimal place.
The absolute value of the price elasticity of demand for bus tickets is -2.98.
What is Price elasticity of demand?Price elasticity of demand (PED) measures how responsive changes in price are to changes in quantity desired. The PED calculation formula is shown below. We also consider PED's absolute value.Producers can charge high prices for products with inelastic demand, but they can also charge low prices for products with elastic demand. Therefore, in order for management to maximize profit, awareness of demand elasticity is crucial.More Overall Revenue denotes the ability of businesses who sell inelastic goods or services to raise prices, resulting in slightly lower sales but larger revenues. As a result, companies that provide goods with low price elasticity are better positioned to maximize profits and withstand economic downturns.Price elasticity of Demand = % change in quantity / % change in price
% change in quantity = [(337 - 588) / 588] x 100 = -42.68%
% change in price = [($0.88 - $0.77) / $0.77] x 100 = 14.28%
PED = -42.68%/ 14.28% = -2.98
Hence, the absolute value of the price elasticity of demand for bus tickets is -2.98.
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what is the third step in the actions employers should take when creating and implementing electronic communications policies? monitor electronic use for business purposes only. develop an electronic communications policy. communicate the policy to employees. obtain signed permission from employees to say they understand the policies.
Get staff members to confirm that they understand the policy by signing as the third stage in the procedures companies should follow when developing and putting into place electronic communications rules.
Policy is a planned set of rules intended to direct choices and produce logical results. A policy is an intention declaration that is put into practice by a method or routine. A governance body inside a company typically adopts policies. a collection of recommendations or a strategy for action that has been officially accepted by a group of individuals, a commercial organization, a government, or a political party. In a nutshell, an employee is defined as "a person who works for another in exchange for financial or other compensation." 3 Independent contractors would seem to be considered employees based on that description. A solid and enduring organization is built on its workforce. Regardless of level, workers are in charge of the company. This means that they cannot be valued as assets based on their strength, dedication, and emotional connection to the company.
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A wedding party hired a sole proprietorship to cater their wedding. In this situation the sole proprietorship is a corporation and the employee who handled the job is a partner. If the sole proprietorship is a corporation and its employee poisons the cake, can the shareholders of the corporation be liable?
often
sometimes
rarely
always
If the sole proprietorship is a corporation and its employee poisons the cake, the shareholders of the corporation can be always liable.
So, the correct option is D.
The employee of the sole proprietorship is also responsible because he finished the entire assignment. A wedding party hired a caterer to cater their celebration. In this case, the sole proprietorship is a partnership, and the employee who fulfilled the task is a partner. A sole proprietorship is managed and owned by a single person.
To assist in managing the company, the owner may hire staff. The workers do not continue to be employees; they are business partners. Any debts incurred by the business are seen as the owner's responsibility.
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In our road trip to 10 haunted us highways, we included route 44 in rehoboth, massachusetts. For more than three decades, drivers there have reported encounters with a ghostly hitchhiker who mysteriously appears where?.
For more than three decades, drivers there have reported encounters with a ghost passerby who mysteriously appears where the empty back seats are.
Highways can be divided into two types, namely by type and function. Types of highways based on their function are divided into four namely arterial roads, local roads, collector roads and environmental roads.
1. Arterial Road
Arterial roads are public roads used by private vehicles and transportation vehicles. Arterial roads can be divided into two types, namely primary arterial roads and secondary arterial roads.
2. Local Road
Local roads are roads used by local transportation only. Local roads only have short distances, low speeds and there are barriers at the entrance. Local roads are also divided into two types, namely primary local roads and secondary local roads
3. Collector Street
Collector road is a road that is indicated for general collector or distribution vehicles. The main feature of this road is a moderate speed limit and medium vehicle speed and there is a limit. Collector roads are divided into two, namely secondary collector roads and primary collector roads.
4. Environmental Road
The last is environmental roads, environmental roads are public roads that are only shown for environmental transportation. The characteristics of this road are low mileage and there is a low-speed limit. Environmental roads are also divided into two, namely secondary environmental roads and primary environmental roads.
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he starts his presentation by saying this pathway includes careers which involve the planning, management, and control of the physical distribution of materials, products, and people. what career pathway is jim talking about?
Logistics Planning and Management Services is the career pathway about which the Jim is talking about .
What is Logistics Planning ?
The movement (flow and storage) of items, information, products, and services within the supply chain is the emphasis of logistics strategy, whereas manufacturing inside the supply chain, materials handling, and inventory management are the focus of logistics operations.
From a product's point of origin to its point of consumption, logistics is the effective movement and storage of that commodity. Contrarily, operation planning refers to an organization's approach that influences every area of production. Workforce activities and product delivery are also included in these initiatives.
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Suppose a basket of goods and services has been selected to calculate the cpi. In 2002, the basket’s cost was $80; in 2008, the basket’s cost was $92; and in 2010, the basket’s cost was $108. The base year must be?.
Good and services -The available data makes it impossible to determine the base year.
What is good and services?
Items that are typically (but not always) tangible are referred to as goods. Examples include pens, real books, salt, apples, doctors, lawn care providers, dentists, barbers, waiters, online servers, digital books, digital video games, and digital movies. All economic activity and trade are supported by the production, distribution, and consumption of goods and services when taken as a whole. Although businesses also consume goods and services in the process of producing other goods and services, economic theory assumes that consumption of goods and services results in utility (satisfaction) for the consumer or end-user (see: Distribution: Channels and intermediaries).
A time series' starting point in time is referred to as the base year. Base years are often years that divide evenly by five. Base year is indicated in releases as, for instance, 2010 = 100 or 2015 = 100. The base year's average index point value is 100.
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janie is 15 years old and lives in tampa, florida. this summer she was hoping to get a job as taking care of kids at the large childcare facility near her home. the day that school gets out, she heads over to the facility to apply for a job. why won’t janie be able to get this job?
Janie cannot get this job as she applies because mere work experience does not help to get a job, one must also have a dedicated full time degree in that field to be specialized which would increase probability of getting that job.
The faculty of the job needs to be specialized in child care and psychology for the better development and understanding of the child and its mind. The child psychology is an area of work experience mandatory to handle children in childcare facility.
A full time degree for equipping well knowledge of handling various kinds of children is able to get a good job with a suitable profile.
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Compare the public sector with a sole trader by
Ownership
Control
Finance
The public sector is controlled by different governments and the sole trader, the business is wholly managed and controlled by the individual proprietor.
Describe the public sector.The public sector is the segment of the economy that is made up of all tiers of government and businesses that are under government control. Private businesses, nonprofit organizations, and households are excluded.
What is a sole proprietor?A self-employed person who owns and operates their firm as an individual is known as a single trader. Since a sole proprietorship lacks a distinct legal identity from its owner, many people believe that the sole proprietor is also the business.
Contrast the public sector with a sole proprietorshipThe sole proprietorship, also known as a sole trader or sole proprietorship, is an unincorporated business with a single owner who pays personal income tax on business profits, as opposed to the private sector, which includes government ownership or control rather than just function and as a result includes, for example, the exercise of public authority.The area of an economic system that is under the jurisdiction of national, state or provincial, and municipal governments is known as the public sector. The business is fully and entirely under the sole proprietor's management and control.A sole trader is a self-employed individual who owns and manages a firm, whereas public finance refers to the administration of a nation's income, outlays, and debt load through various governmental and quasi-governmental agencies.Learn public sector: https://brainly.com/question/28255257
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Describe the role of the entrepreneur in the decision making process.
Outline the following roles of an entrepreneur in economic development:
a) collaborating;
b) providing goods and services to satisfy citizens;
c) creating jobs ; and,
d) contributing to nation building
The following roles of an entrepreneur in economic development is generally and actually providing goods and services to satisfy citizens Option(b) is correct.
What is Economic Development?In the economics investigation of the public area, economic and social development is the cycle by which the economic prosperity and personal satisfaction of a country, district, neighborhood local area.
The term has been utilized often in the twentieth and 21st hundreds of years, yet the idea has existed in the West for far longer. "Modernization", "Westernization", and particularly "industrialization" are different terms frequently utilized while talking about economic development.
Therefore Option(b) is correct By and large, economic development arrangements zeroed in on industrialization and foundation; since the 1960s, it has progressively centered around neediness decrease.
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n a direct conversion, if a taxpayer defers the recognized gain on the exchange of property, the adjusted basis in the property received is equal to the
If a taxpayer defers the recognized gain on the exchange of property in a direct conversion, the adjusted basis in the property received is equal to the taxpayer's basis in the property involuntarily converted.
If qualified replacement property is obtained within the replacement period, a property owner may be able to postpone acknowledging profit on an involuntary conversion.
If individuals obtain property that is identical or similar in offering or function to the converted property, individuals do not report the gain. The new property's basis is the same as the converted property's basis. The profit on the involuntary conversion is postponed until there is a taxable sale or exchange.
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suppose that society decided to reduce consumption and increase investment. a. how would this change affect economic growth? b. what groups in society would benefit from this change? what groups might be hurt?
The shift from reducing consumption and increasing investment would positively affect economic growth, which would grow faster and better due to new resources.
What groups would benefit or be harmed by this change?The groups in society that would benefit from this change would be consumers and workers. Consumers as a consequence of increased economic growth could have their income increased and could increase their purchasing power. Workers could be better resourced to perform higher quality work, increasing productivity.
The groups that could be harmed could be the owners of industries in the field of supplying consumer goods, due to the reduction in consumption, which could generate a drop in their income during the period of economic transition, until reaching a situation of economic balance.
Therefore, with the increase in investment in an economy, there is a greater stock of capital that can be used for various purposes, fostering economic growth, which generates an increase in work, income and financial stability in a place.
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lamont communications has amortized a patent on a straight-line basis since it was acquired beginning of 2015 at a cost of $50 million. during 2018 management decided that the benefits from the patent would be received over a total period of 8 years rather than the 20-year legal life being used to amortize the
A patent balance of $34 million. A patent is classified as an intangible asset because it lacks physical substance but provides long-term value to the entity that owns it.
What exactly is a patent in a balance sheet?As a result, patent accounting is the same as that of any other intangible fixed asset, which is: The first recording. An intangible asset is one that lacks a physical form. Goodwill, brand recognition, and intellectual property such as patents, trademarks, and copyrights are examples of intangible assets.According to Accounting Tools, a patent is an intangible asset. These are non-physical assets with a useful life of more than a year, also known in accounting as "multi-period useful life." Patents, copyright, trademarks, customer lists, and broadcast rights to sporting events are examples of intangible assets.Therefore,
A patent balance of $34 million
[($50-$7.5)/(8-3) years] $50m-16m=$34m
$50=given
$7.5= (2.5x3yrs)
2.5= 20 yr legal life/8 total years
8= life of the patent
3= # of years passed
16= (2.5x3)
The complete question is:
Lamont communications has amortized a patent on a straight-line basis since it was acquired in 2015 at a cost of $50 million. During 2018 management decided that the benefits from the patent would be received over a total period of 8 years rather than the 20-year legal life being used to amortize the cost. Lamont's 2018 financial statement should include:
A. A patent balance of $50 million
B. Patent amortization exp of $2.5 million
C. Patient amortization exp of $5 million
D. A patent balance of $34 million
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determine if each example represents a barrier to entry or not. a. pfizer is the only firm that is legally allowed to produce and sell lipitor, a best‑selling cholesterol drug. b. debeers owns nearly all of the world's diamond mines. c. boeing already serves a large fraction of the jumbo jet market and is able to produce at a lower average cost than any potential competitors. d. tinseltown theaters shows almost all the most popular newly‑released movies.
Nearly all of the diamond mines in the world are owned by DeBeers. is difficult to enter since it is almost a monopoly. DeBeers owns nearly all of the world's diamond mines Option B
What is happening in diamond mines?Generally, The jumbo jet market is already heavily served by Boeing, which can also build its products at a lower average cost than any possible rivals. - is a natural monopoly, which makes it an obstacle to entrance.
There is no access barrier since other theaters may also play the majority of the most well-liked recently released films like Tinseltown Theaters does.
Only Pfizer is authorized by law to manufacture and distribute Lipitor, one of the most popular cholesterol medications. is an entrance barrier since it is a lawful monopoly.
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what is the purpose of preparing an adjusted trial balance? multiple choice question. to ensure that all transactions have been recorded to ensure that total debits equal total credits after the adjustments have been recorded to ensure that the correct accounts have been adjusted to ensure that there have been no errors in recording the transactions
The purpose of preparing an adjusted trial balance to ensure that total debits equal total credits after the adjustments have been recorded.
A trial balance is a financial report that shows the closing balances of all accounts in your general ledger at a point in time. Creating a trial balance is the first step towards closing the books at the end of the accounting period.
There are three types of Trial Balance: Unadjusted Trial Balance, Adjusted Trial Balance, and Post-Closing Trial Balance. Each is used at different stages of the billing cycle.
A ledger is an account-by-account summary of business transactions recorded in a journal. A mock trial Balance sheet is a statement produced at the end of a fiscal year to show the debit or credit balances of all general ledger accounts.
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effect of omitting adjusting entry the adjusting entry for accrued fees was omitted at the end of the current year. indicate which items will be in error, because of the omission, on (a) the income statement for the current year and (b) the balance sheet at the end of the year. also indicate whether the items in error will be overstated or understated.
The understatement of revenues, net income, assets (accounts receivable), and owner's equity results from the omission to record correcting entries for accrued fees.
At the conclusion of the current year, the impact of removing the adjusting item for accrued fees was removed. This implies that the omitted items—revenues, net income, assets (accounts receivable), and owner's equity—will contain errors.
a) An income statement shows the recurring revenues, expenses, and profitability of a company. It is also sometimes referred to as a profit-and-loss (P&L) or earnings statement. Your sales revenue for products and services is shown. Accounts Receivable, costs associated with running your business and making money.
b) Why is a balance sheet produced at the end of the year?
The balance sheet shows the financial condition of a company on December 31 at the end of an accounting period. A company's balance sheet reveals its: Assets (resources gained through previous deals) (resources that were acquired in past transactions) Liabilities (debts from customers and commitments) (obligations and customer deposits).
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lenore, incorporated gathered the following information from its accounting records and the october bank statement to prepare the october bank reconciliation:
If Lenore, Inc. gathered the following information from its accounting records and the October bank statement. The up-to-date ending cash balance on October 31 is: $6,710.
Ending cash balanceUsing this formula to determine or find the up-to-date ending cash balance
October up-to-date ending cash balance = Ending cash balance per books + Interest received from the bank − Bank service charge − NSF
Let plug in the formula
October up-to-date ending cash balance = $5,400 + $1,800 − $220 − $270
October up-to-date ending cash balance = $6,710
Therefore we can conclude that the ending cash balance is the amount of #6,170
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The complete question is:
Lenore, Inc. gathered the following information from its accounting records and the October bank statement to prepare the October bank reconciliation:
Ending cash balance per books, 10/31 $ 5,400
Deposits in transit 530
Interest received from bank 1,800
Bank service charge for check printing 220
Outstanding checks 3,900
NSF check of T. Owens 270
The up-to-date ending cash balance on October 31 is:
.
Additional benefits such as health insurance, retirement benefits, or life insurance that are paid by the employer are called benefits. True or false?.
True usually requires that firms with 20 or more employees in the previous year offer employees and their families group health benefits.
What health advantages come with retirement?Health insurance that some employers, unions, and trusts may provide to retiring employees and their spouses is known as retiree health coverage. It usually consists of group health insurance comparable to the programs provided to active employees. Each employer's retiree plan has its own set of rules regarding eligibility, enrollment, coverage, and other issues.
What does it mean when an employer pays all or a portion of a cost, like health insurance?Premiums are agreed-upon costs that are paid in exchange for medical benefits coverage for a specific benefit period. Employers, unions, employees, or both the covered person and the plan sponsor may contribute to the cost of premiums.
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waupaca company establishes a $320 petty cash fund on september 9. on september 30, the fund shows $61 in cash along with receipts for the following expenditures: transportation-in, $51; postage expenses, $78; and miscellaneous expenses, $116. the petty cashier could not account for a $14 shortage in the fund. the company uses the perpetual system in accounting for merchandise inventory. prepare (1) the september 9 entry to establish the fund, (2) the september 30 entry to reimburse the fund, and (3) an october 1 entry to increase the fund to $380.
Most firms have petty cash on hand, which is a small sum of money kept on site to cover the bare minimum operating cash requirements.
Petty cash needs to be regularly watched to prevent theft since it is frequently kept in cash in a place that is visible to employees, which increases the risk of accidentally missing receipts to account for funds used. All expenses are supported by a receipt to support the expense and for trial coding purposes, and petty cash is kept under control.
What Is Petty Cash?
A petty cash fund is a small sum of company money that is frequently kept on hand (for example, in a secured drawer or box) to cover unimportant or trivial expenses like office supplies or employee reimbursements.
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