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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Translating a manual from one language to another is an example of changing one form of explicit knowledge to another form of explicit knowledge for the purpose of ________________.
Translating a manual from one language to another is an example of changing one form of explicit knowledge to another form of explicit knowledge for the purpose of expanding communication.
What is translation?Translation is required for the global dissemination of fresh information, knowledge, and ideas. It is vitally crucial for efficient communication between cultures. Translation has the potential to transform history in the process of disseminating new information.
Translation, defined as the transfer of meaning (of a text) from one language to another, is critical for information, knowledge, and (social) innovation transmission.
Itis to be noted that the principles of translation imply that rather than translating word for word, one should convey the sense of what is being spoken. This is due to the fact that languages are more than just different words. Diverse languages also have different syntax, word order, and occasionally even terms that have no analogs in other languages.
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a department adds all raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. for the month of january, there were no units in the beginning work in process inventory; 90,100 units were started into production in january; and there were 20,900 units that were 50% complete in the ending work in process inventory at the end of january. what were the equivalent units of production for conversion costs for the month of january?
79,650 equivalent units were the equivalent units of production for conversion costs for the month of January.
The following is a calculation of the equivalent units of production for the conversion cost:
We are aware of this.
Units started minus units completed = 20,900 units = 90,100 units minus units completed
So, completed units = 90,100 units minus 20,900 units = 69,200 units
The question states that 50% of the ending work in progress inventory units are completed, so completed units = 20,900 50% = 10,450 units.
And the equivalent units of production are = completed units + completed units in ending inventory = 69,200 units + 10,450 units = 79,650 units.
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a company has ordered 5 new personal computers at a cost of $1700 each. they will not be delivered for 11 months. what amount should the firm deposit in an account paying 7.32% to have enough money to pay for them?
Based on the number of computers ordered by the company, the cost, and the account interest, the amount that the company should deposit to be able to pay for the computers is $7,949.98.
How to find the amount to be deposited?First, find the total cost of the computers ordered by the company:
= Number of computers x Cost per computer
= 5 x 1,700
= $8,500
This means that the company needs to deposit an amount of money today that will grow to be $8,500 in 11 months time to enable them to pay off the cost of the computers.
That amount will be:
Future value = Amount to deposit x ( 1 + rate) ^ number of periods
8,500 = Deposit amount x ( 1 + 7.32%) ¹¹
Deposit amount = 8,500 / 1.0691844627036943510494002859615
Deposit amount = $7,949.98
In conclusion, the company needs to deposit $7,949.98 to be able to pay for the computers.
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For Questions 26 and 27, assume that two different coastal cities are competing to have their location
selected by the Federal Government to build a Major Deepwater Shipping Port for large container ships.
The cost to build the port and more highway access is $200MM but the city that gets project will get
S16MM in fees per year as well as jobs for 3,600 people. City A spends $1,280,000 on lobbyists,
presentations and trips to Washington, D.C. to try to win the project and City B spends $1,180,000 to try to
win.
This action on the part of the two cities is known as:
Rent Seeking
Regulatory Capture
Logrolling
Corruption
This action on the part of the two cities is known as rent-seeking.
Rent-seeking ( or rent-seeking) is a profitable conception that occurs when a reality seeks to gain more wealth without any complementary donation of productivity. generally, it revolves around government-funded social services and social service programs. Rent-seeking conditioning aims to gain fiscal earnings and benefits through the manipulation of the distribution of profitable coffers. Economists view similar conditioning as mischievous to frugality and society. The practice reduces profitable effectiveness through the hamstrung allocation of coffers.
An illustration of rent-seeking in an ultramodern frugality is spending plutocrats on lobbying for government subventions in order to be given wealth that has formerly been created or to put regulations on challengers, in order to increase request share.
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question content area prior to adjustment on august 31, salary expense has a debit balance of $334,450. salaries owed but not paid as of the same date total $2,430. journalize the entries to record the following:
Answer: Please see below for the answer
Explanation:
Entry for accrued salaries
Date August, 31
ACCOUNT TITLE DEBIT CREDIT
Salary expense $ 3,760
Salaries payable $3,760
Entry for Closing salary Expense
Date: August, 31
ACCOUNT TITLE DEBIT CREDIT
Income summary (258,370+3,760) $262,030
Salaries expense $262,030
Hannah's Pool Service Company Statement of Owner’s Equity For the Year Ended December 31
Hannah Roberts Capital Jan, 1st $303,110
Investments during the year $20,810
Net income (add) $58,430
Withdrawals during the year(subtract)$39,530
Owners equity $39,710
Capital for December 31st $342,820
*Capital for December 31st is capital on January 1st plus owner's equity.
as the price of good y rises from $5 to $8, quantity demanded falls from 100 to 80. based upon this information, you can conclude that the demand for y is
2.333
(C) The formula for elasticity of demand is as follows:
= Change in quantity demanded / Change in price
Change in Quantity demanded: Q1 - Q0/(Q1+Q0/2)
= 30-100/(130/2) = 70/65
Change in Price: P1 -P0/(P1+P0/2)
= 8-5/(8+5/2)
= 3 /6.5
Now, put the values in the formula shown above,
= (70/65) / (3/6.5)
= (70/65) * (6.5/3)
= 1.0769 * 2.1667
= 2.333
Information about your business is data that is pertinent, valuable, or meaningful to it. Any materials that satisfy the requirements for being pertinent, valuable, or meaningful for your organization would be included, including reports, spreadsheets, metrics, regulatory reporting, web pages, documents, dashboards, etc.
It consists of material written by the company itself as well as by reporters or specialists from the outside world. The most common type of corporate data that is easily available to the general public is market research. This includes the operational and financial information that businesses provide as well as the analysis that business and investment professionals have done using that information. Public companies are obligated by law to publish information in order to keep shareholders and potential investors informed of the company's operations.
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separating the responsibilities for purchasing, receiving, and paying for equipment is an example of the control procedure: separating operations, custody of assets, and accounting.
Separating the responsibilities for purchasing, receiving, and paying for equipment is an example of the control procedure: separating operations, custody of assets, and accounting. This statement is false.
The division of duties idea forbids assigning ownership of asset acquisition, asset custody, and associated record-keeping to a single person. One person could, for instance, make an order to purchase an asset, but another person would have to register the transaction in the accounting records.
Since at least two persons must cooperate in order to conduct fraud, which is considerably less likely than if one person is in charge of every aspect of an accounting transaction, it is much more difficult when duties are separated.
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The question was incomplete. Check below the full question.
Separating the responsibilities for purchasing, receiving, and paying for equipment is an example of the control procedure: separating operations, custody of assets, and accounting.
A. True
B. False
When an entrepreneur creates economic value by changing their personal tacit knowledge about a novel business process or innovation into explicit knowledge that can be franchised, this is an example of what knowledge management activity?.
Since the entrepreneur creates economic value by changing their personal tacit knowledge, this is an example of Changing (converting) of tacit knowledge into that of explicit knowledge.
How can tacit knowledge be transferred?Because it is internal and ingrained in people, tacit knowledge must be transferred through human interactions. Thus, individuals might share tacit information in the form of experience or skills during the socialization process.
On the other side, externalization is the process of making implicit knowledge explicit. Externalization, or turning internal and implicit knowledge external and explicit, is the process through which tacit knowledge is transformed into explicit knowledge.
Only when it is able to officially codify and communicate such knowledge, in forms associated with Explicit Knowledge, can tacit knowledge be made explicit. They put their knowledge into an encoded form.
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for a perfectly competitive firm, assume the price equals a rising marginal cost at 200 units of output. at this output, average total cost is $8 and average variable cost is $5. if the price is $4, by how much can this firm reduce its losses by shutting down?
The perfectly competitive firm in the market is producing 200 units of the goods for $5. The total revenue is 1000, and the total cost is also 1000. If the firm shuts down, it will lose 00 dollars because the firm here is at the break-even level.
Break-even is the point at which revenue and total costs are equal, i.e., the company is neither earning a profit nor a loss. A company can find out how many products it needs to sell to break even from its output by using the break-even level (BEP).
Utilize the formula below to determine the break-even point in units: The method for calculating the break-even point in sales dollars is the Break-Even point (sales dollars) = Fixed Costs Contribution Margin. Break-Even Point (units) = Fixed Costs (Sales price per unit - Variable costs per unit).
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increasingly consumers are using social media to voice complaints that have not been resolved through other means. how are organizations responding to social media complaint? deleting unfriendly posts adding non-disparagement clauses in consumer contracts increasing the legal staff in the organization zeroing in one statement that is not true and ignoring the rest.
The way organizations respond to consumer complaints is to collect the complaints they feel. then the organization can hold internal meetings to find solutions to the problems at hand.
Every customer-oriented organization needs to provide opportunities and easy and convenient access for its customers to submit their suggestions, criticisms, opinions, and complaints. Complaints are one part of the negative expression that results from the fact that reality does not match one's wishes. Consumer complaint behavior is a term that includes all the different actions consumers take when they are dissatisfied with a purchase or service.
Complaint categories are classified into four, namely:
a. Mechanical Complaints This type of complaint is caused by an error that occurs in the equipment in the restaurant. For example, a dead light in a restaurant, a broken table or chair, or an air conditioner that is not cold.
b. Attitudinal Complaint Types of complaints caused by staff or employees having a bad attitude in serving customers.
c. Service – Related Complaints This type of complaint is caused by poor service provided in a restaurant. For example, waiting too long for food or drinks that have been ordered, unavailability of cutlery on the table, and others.
d. Unusual Complaints Customers can also complain because there is no special room for non-smokers or because of the uncomfortable atmosphere in the restaurant.
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Grandma’s bakery wants to begin selling gluten-free products and vegan products. The c-suite executives have made the decision and are now wanting the change implemented. Whose planning will move this from the decision level into production?.
The planning of functional managers will move this from the decision level into production.
A functional Manager is a person who has the authority to administer an organizational unit such as a company, department within a company, or other organization.
Functional Manager means a business unit that directly oversees one or more Project/Program Team Resources and/or has direct responsibility for the functionality affected by or impacted by a Project/Program Delivery Item. /A person with administrative rights in a department. ).
Functional Manager are responsible for specific business units or areas. B. Finance or Sales. Here's an example of a feature manager: Customer service manager. sales manager.
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a company doing marketing research finds that a 10 percent decrease in its product's price would create a 12 percent increase in the quantity demanded
A company conducting marketing research discovers that a 10% increase in the price of its product results in a 5% decrease in the quantity demanded of its product Elastic.
What is Quantity demanded?In economics, quantity demanded refers to the total amount of a good or service that consumers demand over a given time period. It is determined by the price of a good or service in a market, regardless of whether or not the market is in equilibrium. Demand is the quantity of a good or service that consumers are willing and able to purchase at a given price over a given time period. The quantity demanded is the amount of a good or service that people will buy at a specific price and at a specific time. This equation can be used to calculate the quantity demanded: Qd = a + b(P), where an is the x-axis intercept, b is the demand curve's slope, and P is the price of the good.To learn more about Quantity demanded, refer to:
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the four elements of comparison used in the sales comparison approach include the terms and time of sale, as well as location and physical elements about the property.
The four elements of comparison used in the sales comparison approach include the terms and time of sale, as well as location and physical elements about the property are location, square footage, age, condition, lot size, and sale date.
What are the elements of a sales comparison approach?The sales approach evaluates a subject property against recently sold comparable properties that are similar. The sales comparison technique, also referred to as the SCA, considers property attributes such location, square footage, age, condition, lot size, and selling date. Finding comparable houses that have recently sold, are presently under contract, or are on the market is the first stage in the sales comparison strategy. Making modifications based on variances between the home being evaluated and the comparables is crucial for determining a home's value more precisely. Sales comparison methodology -The method by which the market estimate is created by researching comparable properties on the market. The market worth of a property is directly correlated with the prices of Similar, competing properties, which is a key tenet of the sales comparison approach.
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because it was able to deliver merchandise overnight, in the required quantities, and at a lower delivery cost than its competitors, a sportswear company was given exclusive rights to sell clothing with school logos for the school district. the company demonstrates blank excellence.
Because it was able to deliver merchandise overnight, in the required quantities, and at a lower delivery cost than its competitors, a sportswear company was given exclusive rights to sell clothing with school logos for the school district. The company demonstrates operational excellence. (Option C)
What is Operational Excellence?Dr. Joseph M. Juran initially developed the notion of operational excellence in the early 1970s while training Japanese company leaders on how to increase quality. Operational excellence is a component of organizational leadership and intelligence.
The ultimate objective of operational excellence is to guarantee that customer expectation are satisfied on an ongoing basis by continually enhancing the procedures that a firm uses.
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Full Question:
Because it was able to deliver merchandise overnight, in the required quantities and at a lower delivered cost than its competitors, Joe's Sports Shack was given exclusive rights to sell clothing with school logos for the school district. Joe's demonstrates ________ excellence.
a. customer
b. product
c. operational
d. locational
e. place
according to the view, international production should be distributed among countries according to the theory of comparative advantage. multiple choice radical conservative pragmatic nationalist free market
The free market is distributed among countries according to the theory of comparative advantage.
In economics, a free marketplace is an idealized cognitive version of an economic system wherein the charges of products and offerings are determined by means of supply and demand expressed with the aid of sellers and shoppers.
Such markets, as modeled, operate without the intervention of the presidency or every other outside authority.
Proponents of the unfastened marketplace as a normative perfect evaluation it with a regulated market, wherein a central authority intervenes in delivery and demand by using various methods such as taxes or guidelines. In an idealized free marketplace economy, fees for goods and services are set entirely by way of the bids and gives of the contributors.
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buying materials and components from suppliers instead of making them in your company-owned operations, is known as? buying materials and components from suppliers instead of making them in your company-owned operations, is known as? insourcing offshoring outsourcing selective sourcing
Based on the fact that the materials and components are being bought from suppliers instead of being made, this is called Outsourcing.
What is outsourcing?Outsourcing to the practice of engaging the services of another company to make certain goods and services instead of you. When that company then finishes the production of those goods or services, you then take it as your own.
Outsourcing can therefore be used to describe a situation where materials and components are not made by a company, but instead are purchased from another company that makes them and then used.
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if discouraged workers are included in the determination of the unemployment rate, what effect will it have on the computed rate? group of answer choices there is no relationship between discouraged workers and the unemployment rate determination. there will be no impact. it will raise it because there are always discouraged workers. it will lower it because it will reduce the number of unemployed.
If discouraged workers are included in the determination of the unemployment rate, there will be no impact.
Who are discouraged workers?Discouraged workers are workers who after searching unsuccessfully for employment stop actively searching for work. Discouraged workers are not considered to be unemployed or part of the labour force.
Unemployment rate is the ratio of those who are unemployed to the total labor force. If discouraged workers are included in the unemployment rate, both the number of unemployed workers are the labor force would increase by the same amount. Thus, there would be no change in the unemployment rate.
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Answer:
It will raise it because there are always discouraged worker.
Explanation:
Okay so, if you add more people to a certain group of people, doesn’t the overall percentage increase? Like take 8 unemployed but actively searching for work people which make up umm… 3 percent but then you add 3 discouraged workers that are not looking for work, the percent will increase.
The other answers would be wrong because…
1) Even if there is no relationship between discouraged workers and the unemployment rate in real life, in this situation there is because you are including one in the other.
2) if you add more people to the unemployment rate, you are not lowering the rate…
also, just answered this question and got it right so I’m answering it on here but you do you if you don’t think I have the right answer.
a forecast based on the previous forecast plus a percentage of the forecast error is a(n): part 2 a. naive forecast. b. weighted moving average forecast. c. qualitative forecast. d. exponential smoothing forecast. e. moving average forecast.
A forecast based on the previous forecast plus a percentage of the forecast error is an exponential smoothing forecast.
Forecasting is the process of making predictions based on past and current data. Later you can compare these to what is actually happening. For example, a company may estimate revenue for the next year and compare it to actual results.
For small business owners, forecasting is the process of examining historical and current data and market trends to predict the future financial performance of their business. This allows you to estimate how much revenue you are likely to generate in a given period of time, allowing you to budget for large expenses.
Forecasts are valuable to an enterprise and enable you to make informed business decisions. Financial forecasts are educated guesses and there is risk in relying on historical data and methods that may not include certain variables.
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Select the correct answer.
Aster Inc. invested $20,000 in bonds that will mature in eleven months. Where will Aster record this investment?
A. current assets
B. fixed assets
C. investments
D. owner’s equity
The investment might be either a short-term investment or a long-term investment from the perspective of the accounting period.
The required details for short-term investment in given paragraph
If you hold an investment for less than a year, it is considered short term. In the example provided, Aster Inc. spent $20,000 in bonds that will mature in eleven months, making this investment a short-term investment that should be recorded under the heading "Investment." Short-term investments frequently come in the form of certificates of deposit (CDs), money market accounts, high-yield savings accounts, government bonds, and Treasury bills.
Short-term investments often have lower rates of return, are very liquid, and allow investors to swiftly withdraw money if necessary. Financial investments with a short term horizon are those that are easily convertible to cash.
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tyler, a self-employed taxpayer, travels from denver to miami primarily on business. he spends five days conducting business and two days sightseeing. his expenses are $685 (airfare), $230 per day (meals at local restaurants), and $355 per night (lodging).
Tyler's deductible expenses in year is 3610
What is expenses?
An expense is the cost of processes incurred by a business in order to generate revenue. It is simply described as the amount of money required to obtain something. "It costs to make money," as the adage goes. Supplier payments, employee salaries, factory lease agreements, and equipment depreciation are all common expenses. Business owners can deduct tax-deductible expenditures on their income tax returns to reduce their taxable income and thus their tax liability; even so, this same Internal Revenue Service (IRS) has strict rules about which expenses businesses can deduct. Profit maximisation is one of the primary goals of corporate management teams. This is accomplished by increasing revenues while decreasing expenses.
Tyler's deductible expenses in year 2022=685+(5*230)+(5*355)= 3610
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Sean just bought new headphones for $50. Later that day, sean sees a friend who said they got the same headphones for $30. Sean assumes that these cheaper headphones must be knockoffs. Which logical fallacy is sean suffering from in this example?.
In this case where Sean bought new headphones for $50 and sees a friend who got the the same at lesser price which makes him assumes that these cheaper headphones must be knockoffs, the logical fallacy that he is suffering in this example is known as anchoring.
What is an anchoring bias?Basically, an anchoring bias refers to a faulty heuristic that occurs when someone focus on one piece of information when making a decision or solving a problem. Often time, such people make an inaccurate final estimates due to inaccurate adjustments from an initial value.
In essence, it mainly happens when we rely too much on pre-existing or first information they find when making decisions.
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better deals, inc. has 6 units in inventory on december 31. the units were purchased in november for $155 each. the price lists from the suppliers indicate that the same items would now cost the company a total of $960. what would be the amount reported as ending merchandise inventory on the balance sheet?
The amount reported as ending Merchandise Inventory on the balance sheet will be $930
Merchandise inventory is the cost of finished goods that a retailer or wholesaler has currently to sell to its customers during an accounting period. For a bookstore, merchandise inventory would contain the cost of the books or magazines it had for sale.
Elaborate:On nov. the units were purchased at $155
The replacement cost is $960
So,Merchandise inventory on balance sheet:
155 × 6= $ 930
Why is merchandise inventory credited?The merchandise inventory account is credited for the amount that the retailer paid for the inventory and the cost of goods sold account is debited for the same . Actually , all merchandise is capitalized when it is bought and recorded on the balance sheet as a current asset.
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kelly is in the process of buying a house. the seller has performed some of the required duties by the required date, but not all of them. can kelly discharge the contract?
Yes; kelly can discharge the contract because partial performance is a valid reason for a party to discharge the contract.
Contract
A contract is a legally binding agreement that establishes, defines, and governs the mutual rights and obligations of its parties. A contract usually involves the exchange of products, services, or money, or the promise to exchange any of these at a later period. If a contract is breached, the damaged party may seek court remedies such as damages or rescission. Contract law, or the law of obligations relating to contracts, is founded on the concept that agreements must be honoured. Contract law, like other aspects of private law, differs from country to jurisdiction.
A contract can be discharged by performance, which is the most common type of contract discharge. A contract will be discharged if the parties satisfy their contractual obligations. If only one participant in a contract fulfils the specified promise, he is dismissed.
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When the goal, scope and product domain are not understood by the scrum team, the scrum master should?.
As a coach, mentor and guide, the Scrum Master is expected to help them to clear doubts and smoothen the progress of the project.
How do you handle a person's reluctance in a Scrum environment?Avoiding an escalation of the issue is essential to overcoming any opposition. Having a disagreement over something as simple as pointing out someone's error could cause the project to fail. It's your responsibility as a Scrum Master to justify the team's preferred method of operation and the reasons why their plan would fail.
What is a scrum master's one responsibility?By overseeing the scrum process, the scrum master's main responsibility is to deliver delivery leadership, experience, and expertise, enhancing their organization's capacity to create a valued, pertinent product.
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who would pay the most as a percentage of income under a regressive tax? (1 point) group of answer choices lawyer earning $110,000 per year teacher earning $45,000 per year ceo earning $2.5 million per year roofer earning $18,000 per year
Roofer earning $18,000 per year would pay the most as a percentage of income under a regressive tax. A regressive tax is one that is applied uniformly.
A regressive tax is one in which the mean tax burden decreases as income increases. Low-income taxpayers bear a disproportionally large share of the tax burden, while middle- and upper-income taxpayers bear only a minor portion. A regressive tax is one that is applied uniformly, taking a higher percentage of income from poorer people than from high-income earners.
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creation of a social media campaign for a new video game that will appeal to 12- to 16-year-olds is best described as what part of the final step in the marketing research approach, to take marketing actions?
Implement the action recommendations in the marketing research approach, to take marketing actions.
Marketing research is the systematic accumulating, recording, and evaluation of qualitative and quantitative data about troubles regarding advertising and marketing products and services.
The purpose is to identify and examine how converting elements of the advertising blend affects patron conduct.
Interviews are a commonplace type of primary market study that can be either in-depth or as easy as asking a question.
An instance of an interview in marketplace research is whilst a business calls a modern purchaser to invite how they are playing with a product they currently bought.
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camp gear, inc., makes and sells a camp stove to devin. camp gear fails to exercise "due care" to make the stove safe, however, and devin is injured as a result. camp gear is most likely liable for group of answer choices
camp gear, inc., makes and sells a camp stove to devin. camp gear fails to exercise "due care" to make the stove safe, however, and devin is injured as a result. camp gear is most likely liable for negligence
According to law, Negligence, is the failure to meet the standard of the behaviour which has been established to protect the society against unreasonable risks. Negligence is known as the cornerstone of tort liability and also act as a key factor in most of the personal injury and property-damage trials.
The doctrine of negligence is originally applied to the “public” professionals which includes innkeepers, blacksmiths, and surgeons, but it was generally prompted by industrialization as well as the increased occupational accidents. At first, liability was very harsh, but then it was softened to a great extent in order to encourage industrial growth.
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the top management of darryl's detailing center decides that the company's objective for the next two years will be to expand the overall business to include locations in other states. this is an example of
If the top management decides that the company's objective for the next two years will be to expand the overall business to include locations in other states, it indicate of strategic planning.
Strategic planning can be defined as a process in which an organization's leaders define their vision for the future and identify their organization's goals and objectives. The process of strategic planning includes establishing the sequence in which those goals should be realized so that the organization can reach its stated vision. There are 3 steps of strategic planning, such as strategy formulation, strategy implementation, and strategy evaluation.
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suppose televisions are a normal good and buyers of televisions experience a decrease in income. as a result, consumer surplus in the television market group of answer choices
Assume that televisions are a common product and that consumers who purchase them see a decline in their income. Thus, the consumer surplus in the television market could rise, fall, or stay the same.
What outcome results from a product's price dropping and buyers' propensity to purchase it?
The substitution effect happens when a good's price decreases and leads consumers to switch to other, now comparatively more costly ones.
What three premises underlie consumer preferences?
There are three different categories of assumptions: transitivity, non-satiation, and completeness. Completeness: Completeness presupposes that consumers are equipped with all the knowledge necessary to decide on a product and their own preferences intelligently.
What are the top 3 elements that have an impact on consumer demand?
Unfortunately, a variety of factors, including product price, consumer income, and expectations, have an impact on the demand for consumer goods.
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the following is a december 31, 2021, post-closing trial balance for the jackson corporation. account title debits credits cash $ 44,000 accounts receivable 38,000 inventory 79,000 prepaid rent (for the next 8 months) 20,000 investment in equity securities (short term) 14,000 machinery 165,000 accumulated depreciation $ 15,000 patent (net) 83,000 accounts payable 10,000 salaries payable 6,000 income taxes payable 36,000 bonds payable (due in 10 years) 180,000 common stock 140,000 retained earnings 56,000 totals $ 443,000 $ 443,000 required: prepare a classified balance sheet for jackson corporation at december 31, 2021, by properly classifying each of the accounts. (amounts to be deducted should be indicated by a minus sign.)
The preparation of a classified Balance Sheet for Jackson Corporation at December 31, 2021, is as follows:
Jackson Corporation
Classified Balance SheetDecember 31, 2021
Assets
Current Assets:Cash $ 44,000
Accounts receivable 38,000
Inventory 79,000
Prepaid rent
(for the next 8 months) 20,000
Investment in equity securities
(short-term) 14,000 $195,000
Long-term Assets:Machinery $165,000
Accumulated depreciation (15,000)
Patent (net) 83,000 $233,000
Total Assets $428,000
Liabilities and Equity
Current Liabilities:Accounts payable $10,000
Salaries payable 6,000
Income taxes payable 36,000
Total current Liabilities $52,000
Long-term Liabilities:
Bonds payable (due in 10 years) $180,000
Total liabilities $232,000
Equity:Common stock $140,000
Retained earnings 56,000 $196,000
Total liabilities and equity $428,000
What is a classified balance sheet?A classified balance sheet is a statement of the financial position of an entity at a point in time, with assets classified according to their short and long-term natures.
The equity is also indicated separately with common stock and retained earnings.
Jackson Corporation
Post-closing Trial BalanceDecember 31, 2021
Account Titles Debits Credits
Cash $ 44,000
Accounts receivable 38,000
Inventory 79,000
Prepaid rent
(for the next 8 months) 20,000
Investment in equity
securities (short term) 14,000
Machinery 165,000
Accumulated depreciation $ 15,000
Patent (net) 83,000
Accounts payable 10,000
Salaries payable 6,000
Income taxes payable 36,000
Bonds payable (due in 10 years) 180,000
Common stock 140,000
Retained earnings 56,000
Totals $ 443,000 $ 443,000
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