It is important to check your credit history to
track my current debt
What is credit history?Credit history helps to show the record of individual transactions including how the person managed his or her credit. This include past transactions.
Therefore, It is important to check your credit history to track my current debt
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Which account(s) are found on an income statement? Select all that apply:
Owner's Equity
Cost of goods sold
Checking
Loan Payable
Accumulated depreciation
Answer:
accumulated depreciation
Explanation:
Accumulated depreciation is the total amount of depreciation expense that has been recorded so far for the asset. Each time a company charges depreciation as an expense on its income statement, it increases accumulated depreciation by the same amount for that period.
Accumulated depreciation and checking are found on an income statement. Thus, options C and E are correct.
What is accumulated depreciation?Accumulated depreciation is the total depreciation that has been applied to the single point to the assets. Each time, depreciation is recorded and added in the beginning period of the accumulated depreciation.
The example of accumulated depreciation is the net book value of a piece of printing equipment is $65,000 if a business paid $100,000 for it and has accrued $35,000 in depreciation. $100,000 - $35,000 = $65,000. The cost of an asset cannot be exceeded by accumulated depreciation.
Thus, option C and E are correct.
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Nihon Company had the following transactions involving notes payable.
July 1, 2017 Borrows $50,000 from First National Bank by signing a 6-month, 12% note.
Dec. 31, 2017 Prepares adjusting entries.
Apr. 1, 2018 Pays principal and interest to First National Bank.
Prepare journal entries for each of the transactions.
The preparation of the journal entries for each of the transactions for Nihon Company is as follows:
Journal Entries:July 1, 2017 Debit Cash $50,000
Credit Note Payable (First National Bank) $50,000
To record the receipt of loan on note payable at 12% for 6-months.Dec. 31, 2017 Debit Interest Expense $3,000
Credit Interest Payable (First National Bank) $3,000
To accrue interest expense.Apr. 1, 2018 Debit Interest Expense $1,500
Credit Interest Payable (First National Bank) $1,500
To accrue interest expense.Debit Note Payable (First National Bank) $50,000
Debit Interest Payable (First National Bank) $4,500
Credit Cash $54,500
To record the payment of note payable and interest.Transaction Analysis:July 1, 2017 Cash $50,000 Note Payable (First National Bank) $50,000
a 6-month, 12% note.
Dec. 31, 2017 Interest Expense $3,000 Interest Payable (First National Bank) $3,000
Apr. 1, 2018 Interest Expense $1,500 Interest Payable (First National Bank) $1,500
Note Payable (First National Bank) $50,000 Interest Payable (First National Bank) $4,500Cash $54,500
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When analyzing job options you should only concern yourself with the present demand for that job. True False
Answer:
obviously false
What are the copyrights that you encounter in your daily lives?
Copyright is something we often encounter in our daily lives. The songs we listen to, the movies we watch, and the social media posts we read are all protected by copyright.
What is copyright?Copyright protects expressions of ideas by granting the copyright owner of the work a bundle of rights. This bundle of rights grants the copyright owner exclusive rights to reproduce, publish, perform, communicate and adapt his or her work.
Copyright does not protect inventions or a company’s brand. Those are protected by patents and trademarks, respectively.
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Wise Company had the following transactions.
1. Issued 7,000 shares of common stock with a par value of $10 for $130,000.
2. Issued 2,000 shares of $100 par preferred stock at $108 for cash.
3. Purchased 500 shares of treasury stock for $20 per share
4. Sold treasury 250 shares of treasury stock at $22 per share
Instructions
Prepare the journal entries to record the above stock transactions.
The preparation of the Journal Entries to record the stock transactions of Wise Company is as follows:
Journal Entries:1. Debit Cash $130,000
Credit Common Stock $70,000
Credit Additional Paid-in Capital- Common Stock $60,000
To record the issuance of 7,000 shares at $10 for $130,000.2. Debit Cash $216,000
Credit Preferred Stock $200,000
Credit Additional Paid-in Capital- Preferred Stock $16,000
To record the issuance of 2,000 shares of $100 at $108.3. Debit Treasury Stock $5,000
Debit Additional Paid-in Capital- Common stock $5,000
Credit Cash $10,000
To record the purchase of 500 shares at $20.4. Debit Cash $5,500
Credit Treasury Stock $2,500
Credit Additional Paid-in Capital- Common Stock $3,000
To record the sale of treasury shares at $22.Transaction Analysis:1. Cash $130,000 Common Stock $70,000 Additional Paid-in Capital- Common Stock $60,000
2. Cash $216,000 Preferred Stock $200,000 Additional Paid-in Capital- Preferred Stock $16,000
3. Treasury Stock $5,000 Additional Paid-in Capital- Common stock $5,000 Cash $10,000
4. Cash $5,500 Treasury Stock $2,500 Additional Paid-in Capital- Common Stock $3,000
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Choose the letter of the item that best completes the statement or answers the question. Last year Jackson earned $500,000, Velez earned $50,000, and Bari earned $5,000. According to their states’s tax laws, each one had to pay a tax of $500. Which one of the following terms best describes this tax? (a) progressive (b) proportional (c) regressive
(d) inexpensive.
2. Which one of the following is an example of an excise tax? (a) individual income tax (b) tax on perfume (c) corporate income tax
(d) ticket of admission to Yosemite National Park.
3. Rose Chin just purchased $12 worth of school supplies. The state
sales tax is 5 percent. How much did Rose have to pay for the supplies? (a) $12.60 (b) $11.40 (c) $18 (d) $6.
4. Which of the following would be an example of a property tax? (a) a
tax based on the value of one's home (b) admission to Yellowstone
National Park (c) a tax deducted from one's weekly wages (d) a tax
added to the price of gasoline.
5.
Which one of the following is the best example of the ability-to-pay
principle? (a) bridge toll (b) income tax (c) sales tax (d) property tax.
6. Which one of the following is an example of a tax based on the benefits-received principle? (a) bridge toll (b) income tax (c) sales tax
(d) property tax.
7. In the United States, taxes are used to accomplish all of the following except (a) help pay for the cost of government (b) take from the
rich and give to the poor (c) determine which brands consumers
buy (d) keep certain goods out of the country.
8. Brown owns an apartment house in the city. There are 50 units
in the building. Brown must pay $7,200 a year in property taxes
to the city. To make up for this tax, Brown has added $12 to the
monthly rent on each apartment unit. For the apartment tenants,
the tax is (a) an indirect tax (b) a direct tax (c) an income tax (d) a
sales tax.
9. Who ultimately bears the burden of the tax in question 8? (a) the
city (b) Brown (c) the tenants and Brown (d) the tenants.
10. Which one of the following is an example of a protective tariff?
(a) tax on theater tickets (b) sales tax on clothing (c) bridge toll
(d) tax on the importation of foreign-made cars.
1. According to their states’ tax laws, which require each one to pay a tax of $500 despite their different earnings, the best description of the tax is (c) regressive.
What is a regressive tax system?A regressive tax system is one where taxpayers pay a disproportionate share of the tax burden, given their earning levels.
A regressive tax system is not proportional or progressive.
2. An example of an excise tax is (b) tax on perfume.
3. The amount Rose Chin paid for the purchase of school supplies based on the state sales tax of 5% is a) $12.60 ($12 x 1.05).
4. An example of a property tax is a) a tax based on the value of one's home.
5. The best example of the ability-to-pay principle is b) income tax.
6. An example of a tax based on the benefits-received principle is (a) bridge toll.
7. In the United States, taxes are used to accomplish all of the following except (c) determine which brands consumers buy.
8. For the apartment tenants, the tax is d) a sales tax.
9. The ultimate tax-burden bearer in question 8 is (d) the tenants.
10. An example of a protective tariff is (d) tax on the importation of foreign-made cars.
Thus, while income tax is mostly progressive in the United States, sales taxes are proportional, while some taxes are regressive because the amount paid is fixed and does not depend on the ability-to-pay principle.
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Answer:
1. c
2.b
3.a
4.A
5.b
6.a
7.C
8.A
9.d
10.d
***straight from Penn Foster Chapter 27***
A friend has been awarded a settlement in a law suit that specifies he be paid $30,000 at the start of each quarter for the next 6 years. Additionally at the end of year 6 he will receive a one-time payment of $500,000.00. He wishes to renegotiate this settlement to a single lump sum payment due today. If we assume that your friend can earn 8% per annum compounded quarterly on sums invested, what is the minimum amount that he should accept in the renegotiated settlement?
Based on the amount that your friend will be paid every quarter and the amount he will receive at the end of 6 years, the minimum amount he should take is $889,616.
What amount is the minimum your friend should accept?The amount your friend will receive is constant so this is an annuity. It is an annuity due because it comes at the start of the period.
The minimum amount your friend should take is:
= Present value of annuity due + Present value of end of 6 year payment
The period is: The rate is:
= 6 years x 4 quarters = 8% / 4 quarters
= 24 quarters = 2% per quarter
The minimum amount is:
= (Annuity x Present value of Annuity Due interest factor, 2%, 24 periods) + (500,000 x Present value factor, 2%, 24 periods)
= (30,000 x 19.2922) + (500,000 x 0.6217)
= $889,616
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Jamal runs a successful small business in the United States and has decided to expand internationally. When Jamal
attempted to obtain the necessary government permit in a developing country, he most likely learned that
Multiple Choice
The news media expert a kickback so Jamal won’t receive any bad publicity.
It’s easier to open a business without a permit
The uniform commercial code has streamlined the permit process
Corrupt public officials expect him to pay bribe money to get the permit.
Answer:
It’s easier to open a business without a permit
Explanation:
it just is. until somebody finds out. it is more difficult to get a bussiness permit than not
While Jamal attempt to get a govt license in a developing country then he comes to know that it is easy to set up a business even without a license.
Option B is the correct answer.
What is a license?A license is a record or a document that signifies permission to an individual to do something.
Small businesses are the entities set up in the small-scale economy of a country. The business can be set up by Jamal very easily in the developing nation as it requires no license in the beginning but can require them for further growth in the business.
Therefore, the explanation provided in Part B is something that is being learned by Jamal while trying to get a license.
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7. When Professor Park travels for business, she always rents her car through Station Rental
Company because no matter the office location they honor her corporate rate. On her most recent
three business trips, Professor Park has rented her car through Station Rental Company and she
received her normal rate for the first two trips to Idaho and Florida, but she received a higher rate
for the last trip to Oklahoma. Professor Park completed an online survey to express her
disappointment that her normal rental rate was not honored at the Oklahoma rental office. This
scenario is an example of which service characteristic?
Omarketability
O inseparability
O variability
O intangibility
The provided scenario gives an example of variability in the service provided by the rental company.
Option C is the correct answer.
What is meant by corporate rate?The corporate rate is the fees levied by the hotel or rental company for a stay from their guests.
The variability in service by the rental company can be analyzed from the charging of two standard rates for the initial two trips done by the Park in respect of renting a car. But for the third trip, Park has to give a much higher amount for the same company for the renting service.
Therefore, the levying of higher charges for the third trip creates variability in the rental services provided by the company.
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Susan observed that the advertisement of a competitor of her company was deceptive. She decided to complain about the advertisement to the proper authorities. This led to a dispute between her company and the competitor. Which agency is likely to solve the dispute between Susan’s company and the competitor? The is likely to solve the dispute between Susan’s company and the competitor.
The agency that is likely to solve the dispute between Susan’s company and the competitor is the Federal Trade Commission.
What is an Advertisement?This refers to the creation of awareness about a particular good or service to potential customers by listing the benefits of using the good or service.
Hence, we can see that based on the fact that the advertisement of a competitor is believed to be deceptive by Susan, she makes a formal complaint, and the agency that can solve this dispute is the Federal Trade Commission.
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Answer:
Federal Trade Commission
Explanation:
These are the guys that solve disputes between companies.
You work for the sales department of an apparel manufacturing company. Company XYZ, with which you have met during a recent trade fair, is going to visit your facilities next week. You understand that this company wants to “buy low” but normally places large orders. However, you want to “sell high.” Your company might not be able to deliver very large orders unless you invest in new facilities. Company XYZ says it will send over a team of three people: the vice president of marketing, the purchasing manager, and a designer. They are interested in developing a collection for the next season and going over a “price exercise” with you. In addition, they are interested in placing a trial order at the price of a bulk order (i.e., large order). Delivery of the order is to be made in two weeks. Unfortunately, this trial order is well below the minimum quantity you’re willing to accept, and your company normally needs one month to fill a new order.
How do you convey this information to the other departments within your company to prepare for this meeting? Will you invite your boss to the meeting? Why?
Using a negotiations worksheet, plan your responses to the following statements made by the purchasing manager: (a) We are concerned that you will not be able to meet our quality requirements; (b) Your price is too high; (c) Either take this trial order or we will look for another vendor. Decide at what point in the negotiations on price and delivery date you will decide to turn down the offer or accept the offer. Role-play your response to each of these statements.
One can convey this information to the other departments by telling them that it is a good offer for the company and they should try to get in a negotiated deal.
How to convey the information?The first thing that one should do is talk this out to my sales manager, and talk to him about the benefits of having a deal.
He can then inform the heads of different departments and then they could arrange for a meeting to discuss this. They should then call for a staff meeting, and the company should discuss on whether to take up that project as two weeks is a very short period.
This meeting is basically to see and discuss if things would work and is possible. If the things can work then the boss cold be informed eventually and his approval can be taken. The negotiation worksheet provides a guide to help one think through your upcoming negotiations.
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Which of the following is an example of a secured loan?
A. A student loan
B. A personal loan
C. A car loan
D. A credit card
It is a real problem for us’, said Angnyeta Larson, ‘We now have only ten working days between all the expense claims coming from the departmental coordinators and authorizing payments on the next month’s payroll. This really is not long enough and we are already having problems during peak times.’ Angnyeta was the department head of the internal financial control d department of a metropolitan authority in southern Sweden. Part of her department’s responsibilities included checking and processing expense claims from staff throughout the
Metropolitan authority and authorizing payment to the salaries payroll section. She had 12 staff
Who were trained to check expense claims and all of them were devoted full-time to processing the claims in the two weeks (10 working days) prior to the deadline for informing the salaries
section. The number of claims submitted over the year averaged around 3,200, but this could
vary between 1,000 during the quiet summer months up to 4,300 in peak months. Processing
claims involved checking receipts, checking that claims met with the strict financial allowances
for different types of expenditure, checking all calculations, obtaining more data from the
claimant if necessary and (eventually) sending an approval notification to salaries. The total
processing time took on average 20 minutes per claim.
(a) How many staff does the process need on average, for the lowest demand, and for the
highest demand?
(b) If a more automated process involving electronic submission of claims could reduce the
average processing time to 15 minutes, what effect would this have on the required
staffing levels?
(c) If department coordinators could be persuaded to submit their batched claims earlier (not always possible for all departments) so that the average time between submission of the claims to the finance department and the deadline for informing salaries section was increased to 15 working days, what effect would this have?
The number of staffs that the process need on average, for the demand will be zero since the twelve staffs are well trained already.
What is demand?Demand simply means the number of goods as services that an individual is willing to purchase at a price and given time.
Here, the number of staffs that the process need on average, for the demand will be zero since the twelve staffs are well trained already.
When a more automated process involving electronic submission of claims could reduce the average processing time to 15 minutes, the effect is that the profitability of the company will increase as there is more output due to reduced time.
When the department coordinators could be persuaded to submit their batched claims earlier, this will minimize the mistakes made by the finance department as there is more time to work effectively.
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Making the choice to spend money on post secondary
education pays off in the long run because:
You or your parents can write it off your taxes.
There are less expensive options for obtaining a
post secondary education.
The salary you will earn with a degree will pay back
the cost of college over your career.
You can get grants and scholarships to pay for post
secondary education while you are there.
Answer:
Explanation:
This is one of those questions where all the choices are true. I guess the trick is picking the best one.
A: is true, but you pay a great deal more than the benefit of tax relief.
B: is also true. The Great Courses offers many courses in the field that you intend to study. But you get what you pay for. Who will recognize the good education that you got? An even better possible answer is night school, but that takes a tremendous amount of dedication.
C: I think I'd pick C. This is a business question. You have to decide what the best benefit is.
D: You can get grants which will lessen the burden, but it won't eliminate it entirely, I still think C is the best answer.
What is the distinction between debtor and creditor?
Answer:
A creditor is a person who lends money or extends credit to another person. A debtor is a system or person that owes money to another orginization or party (AKA a company or individual who owes money.)
Explanation:
Hope this helps you! Good luck :)
Debtor → A company or individual who owes money.
Creditor → A person to whom a debt is owed especially.
Basically the debtor is the borrower and the creditor is the lender.[tex]\large{\red{\bold{ { \underline{\overline{{ \purple{hope \: this \: helps \: you \: \:}}}}}}}}[/tex]
How is creative thinking similar to a child’s thinking? A. Neither process restricts itself to logical solutions. B. Both thought processes always come up with fresh ideas. C. Both thought processes are simplistic. D. Both thought processes are linear
Answer: D. Both thought processes are linear
Explanation: I think I'm not too certain.
Global marketing strategies that affect customer volume include strategies that: Attract new customers to grow in market share. Grow the market demand by bringing more customers into a market. Enter new markets to create new sources of customer volume Require some level of marketing effort to achieve a certain level of market share. A. (i), (iii) and (iv) B. (i), (ii) and (iii) C. (i) and (ii) only D. (i), (ii), (iii) and (iv)
The option D is true as all the statements refers to the global marketing strategies that affect the customer.
What are Global marketing strategies?Global marketing strategies are a part of an overall business plan. It is the process of adjusting the marketing strategies of a company to better fit the needs of potential customers in other countries.
Entering a new international market can give a company access to a new customer base, which can increase company revenue.
This may also have several other benefits, such as reduced labor costs, access to additional resources, and the ability to diversify risks.
Hence, Option D is true as it covers all the Global marketing strategies that affect customer volume.
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Set up abs solve an equation for the following business situation
Regular keyboards $83 wireless 115 sales the regular keyboard sold 3 times more than the Wirless 5460 how many of each were sold
The number of times each was sold, i.e., regular keyboards and wireless keyboards are sold are 15 and 45 times respectively for the business situation.
How many of each keyboard was sold?Let us assume the number of sales times as "m"
Given information:
Price of regular keyboards = $83
Price of wireless keyboard = $113
The equation to find out the number of times sales
⇒ [tex]83(3m)+115(m) = 5460[/tex]was
⇒ [tex]249m+115m=5460[/tex]
⇒ [tex]364m = 5460[/tex]
⇒ [tex]m=15[/tex]
⇒[tex]3(15) = 45[/tex]
[tex]\text{PC sold 42 regular keyboards and 14 wireless keyboards}[/tex]
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Communication response time must be faster than in the past to succeed in the modern workplace. please select the best answer from the choices provided t f
Due to the nature of the work environment now, it is true that communication response time must be faster than in the past to succeed in the modern workplace.
What is communication response time?Communication response time refers to the time it takes for information passed between two or more persons to be received, processed and responded to by the individuals receiving the information.
The current work environment is fast-paced and requires faster communication response time.
Therefore, it is true that communication response time must be faster than in the past to succeed in the modern workplace.
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The potential benefits a person or business gives up when making an
economic decision is called the
O A. profit margin
B. capital investment
C. opportunity cost
O D. production possibility
The potential benefits a person or business supplies when getting an
economic decision is called the opportunity cost.
What is an opportunity benefit in economics?Opportunity cost is the decision that one takes in order to get something. The benefit is the decision that a person gives in personal or professional life.
If the outcome of the decision is in favor than the opportunity cost is in benefit and if the decision has consequences than the opportunity cost is in loss.
Thus, option C is correct.
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Cryptocurrency is a form of payment that:
A. can be exchanged online for goods and services.
B. can only be exchanged for specific things.
C. can be used for digital or face-to-face transactions.
D. exists online and in local banks.
Answer:
The answer is A. can be exchanged online for goods and services.
Explanation:
Cryptocurrencies are used primarily outside existing banking and governmental institutions and are exchanged over the Internet.Describe four principles or organizations brought about by the Bretton Woods Agreement that remain important to international business and trade today.
The Bretton Woods Agreement established four ideas or organizations that are still crucial to international commerce and trade today, that are the International Monetary Fund, Exchange Rate, Promote Economic Growth, and Prevent Competitive Regulations.
What is Bretton Woods Agreement?The Bretton Woods Agreement was the system that was established to use gold as the worldwide benchmark for creating a fixed currency exchange rate.
This agreement was signed by the 44 representatives from countries. Which led to the establishment of the International Monetary Fund (IMF) and the World Bank.
The four main ideas that were established by this agreement were the Exchange Rate, International Monetary Fund, Prevent Competitive Regulations, and Promote Economic Growth.
Therefore, the four ideas of this agreement is important to the businesses.
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Wesley has asked his assistant to prepare an income and expense statement for a meeting. Which costs can the assistant include in the
operating expenses in the statement?
OA. loan payments
OB. taxes
OC. cost of land purchase
O D.
cost of the purchase of heavy machinery
OE inventory expenses
The cost that the assistant can include in the operating expenses in the statement include:
A. loan paymentsB. taxesD. cost of the purchase of heavy machineryE inventory expensesWhat are operating expenses ?An expense a business faces as a result of ongoing operations is referred to as an operating expense. Operating expenses, which are frequently referred to as OPEX, include rent, tools, inventory costs, marketing, payroll, insurance, step charges, and money set aside for R&D.
Operating expenses, which are frequently referred to as OPEX, include rent, tools, inventory costs, marketing, payroll, insurance, step charges, and money set aside for R&D.
Loan payments, taxes, and inventory expenses should therefore be included by Wesley's assistant.
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At work, great employees:
Select one:
○ like all of their co-workers.
○ do their best to get along with difficult co-workers.
○ attempt to make personal friends with all co-workers.
Answer:
I think the most likely answer is choice B: "do their best to get along with difficult co-workers."
Explanation:
Select the correct answer.
Which term describes the ability to use different types of reasoning for different situations and analyze the possible outcomes of a decision?
OA critical thinking
OB. goal setting
OC. decision making
OD. planning
Answer:
D.the answer is planning
Substantive law can best be described as:
substantive law is a set of known and defined laws which govern how members of the society behave. it also have a relationship with procedural law which is a set of procedures for making and enforcing substantive law.
Substantive law defines rights and responsibilities in civil law, and crimes and punishments in criminal law. It may be codified in statutes or exist through precedent in common law.
i hope this helps..
What is owner's equity?
Nonsense = Reported
Thank you ~
Hii :))
Owner's equity is defined as the amount of money invested by the owner in the business minus any money taken out by the owner of the business.
~
The business entity assumption is important because?
A. It limits the amount that a company can record for its transactions in the accounting records.
B. It requires that the company record all of its economic transactions in accordance with GAAP.
C. It requires that all transactions be recorded in the period in which they occur
D. It limits economic data in the accounting system to data directly related to the activities of the business
The business entity assumption is an accounting principle that makes a legal distinction between the transactions carried out by a business.
What do you mean by business entity assumption?A business entity assumption refers to an accounting principle that makes a legal distinction between the transactions carried out by a business and the transactions of the owner.
It is important because it limits economic data in the accounting system to data directly related to the activities of the business.
Therefore, D is the correct option.
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Installing a security system is an example of this operating expense.
O insurance
O improvements
O inventory
O professional services
Installing a security system is an example of an improvement operating expense. Option B. This is further explained below.
What is security system?Generally, a security system is simply defined as a system of security when someone attempts to break in, an electrical gadget sends off an alert.
inconclusion, An example of an improved operational expenditure is the installation of a security system.
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7. Which of the following is a product that is considered a commodity?
feed corn for cattle
writing paper
Feed corn as well as writing paper are considered as commodity products.
What is a commodity?Any stationary thing having a definite value, which has a purpose of use or consumption, and can be easily bought and sold is regarded as a commodity.
Hence, the inclusions of commodity are aforementioned.
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