Section 1: Creating a Two-Month Budget
Imagine that you are a college student who lives away from home. You have a work-study job at your
college library, and you earn about $600 each month. You have one major long-term goal: you want to
save up money to visit your family soon, and you need at least $100 for your train tickets.
1. Create a budget that will allow you to save at least $100 by the end of October. (10 points)
Make sure your budget includes these fixed expenses:
The cost of rent ($250 each month for your shared apartment)
The cost of your bus pass ($40 each month)
The cost of books ($150, but only in September, at the beginning of the school year)
Make sure your budget considers these variable expense categories:
The cost of food
The cost of clothing
Discretionary spending (money to spend freely)
Personal Budaet
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This budget allows you to save $610 in September and $610 in October, which means you will have saved at least $100 by the end of October. To make sure that you have enough money to buy your train tickets, you can try to save more money in the discretionary spending category, or you can cut back on some of your other expenses.
Related Questions
which of these offerings below has an almost equal balance of tangible and intangible attributes? movie theater dog food advertising agency fast-food restaurant
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The "Ps" are another name for it in marketing. refers to the physical product or intangible service that the company provides to its target market. In addition to the main product, they offer the customers other goods or services.
Anything that can be felt physically is considered a tangible good, such as printed books, CDs, DVDs, lights, food, and baseball bats. Asking if something can be touched or picked up in the real world is one of the simplest methods to tell if something is substantial or not. relates specifically to the mechanical or human tasks that businesses carry out. services that cannot be felt, tasted, or seen in the same way that a pure product can. Example: A physical examination is an intangible service even if you can see and hear the doctor performing it. The production and consumption of services, such as haircuts, occur simultaneously.
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hallie is a financial manager who focuses on current assets and liabilities. hallie's chief goal is to maximize the return to the business on all of the following except
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As a manager of finances, Hallie concentrates on current assets and obligations. With the exception of accruing taxes, her main objective is to maximize returns on all of the following.
What industry is exempt from applying the accrual method of accounting?Additionally, pursuant to the general rule for accounting techniques in Section 446, the accrual method is ordinarily not required for enterprises where the sale of inventory is not a substantial role in generating income, so long as the use of the cash method is consistent and clearly shows income.
Accrued Taxes ExplainedAccrued taxes are simply taxes that have been assessed against a corporation but have not yet been paid, regardless of whether they are taxes on the firm's earned income or the value of any property the company owns.
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FILL IN THE BLANK the general electric model can be compared to swot analysis. market attractiveness corresponds to the_____element is swot analysis, whereas business strength corresponds to the_______ element.
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Swot analysis and the general electric model are comparable. In a swot analysis, company strength refers to the internal aspect, while market attractiveness corresponds to the external element.
Which of the following actions could a marketer do while conducting a situational analysis?A situational analysis determines possible clients, examines predicted growth, evaluates competitors, and creates a realistic assessment of your company using market research. It entails focusing on the specific goals of the company and determining the elements that help or hinder those goals.
When a company launches a new product or service, which growth approach is employed?Market development plan is a growth strategy used by businesses or organizations to reach target consumers they haven't yet attained or aren't already serving with their offerings.
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Anthony (29) and Vanessa (31) have lived together for the last couple of years. They are not married and do not present themselves as married. Vanessa's daughter, Sasha (9), lived with them all year. Sasha is not Anthony's daughter. Sasha's father, Ted, is not in her life, but Ted sends Vanessa $100 in child support each month. Anthony's wages were $36,291, Vanessa's wages were $23,576, and Sasha has no income.
Using 2018 tax law, who should claim Sasha as a dependent?
O Anthony.
O Vanessa.
O Ted.
O Sasha
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Using the 2018 tax law, Sasha is a dependent claim by Anthony. Thus the correct option is B.
What is claiming dependent?
A claim that someone is dependent is used to mean that person relies on others for financial help or that person is unable to cover his own bills.
In the case at hand, Sasha does not have a job, but she does get $100 in child support from her father, Ted, each month. Her mother and Ted's partner, who is not her father, are both fully responsible for Sasha.
As per the given information, The Claim that Sasha is dependent is done by her mother Venessa as she bears all her responsibility by providing her with financial support.
Her After only pays support of $100 for his child but all other responsibility is taken by the mother as well as she resides with her so she can claim her as a dependent.
Therefore, option B is appropriate.
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includes determining which risks may adversely affect the project objective and what the impact of each risk might be if it occurs.
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Risk identification includes determining which risks may adversely affect the project objective and what the impact of each risk might be if it occurs.
Risk can be characterized as the chance that something bad will occur. Risk, which is frequently focused on undesirable and unpleasant outcomes, is uncertainty about how a decision will affect or connect to something that people value highly.
Numerous distinct definitions have been improved. The worldwide definition of risk for use in various applications is "the influence of uncertainty on targets. Risk is understood, approached to assessment and management, interpreted, and even defined differently in different fields of expertise. This article includes links to additional articles that cover these subjects in greater detail.
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If the average variable cost of producing 4 burritos is $20 and the average variable cost of producing 5 burritos is $25, then the marginal cost of increasing output from 4 to 5 burritos is...
A. $5
B. $25
C. $45
D. $30
E. $50
Answers
The marginal cost is the relationship between the change in the production of a product and the amount of product produced. It is calculated when it can be determined that the business activities are becoming profitable. The marginal cost equation is known as:
Marginal Cost = (Changes in Costs) / (Changes in quantity)We can conclude that if marginal cost is less than average variable cost always declines and it is minimum. Marginal cost is the known as cost of producing every additional unit whereas the average variable cost is the average cost of producing every unit.
Hence, the marginal cost of the increasing unit is option c $45.
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For each of the tests of controls for sales and receivables, indicate the assertion that is supported by placing the correct number in the blank 1. Accuracy 2. Completeness 3. Occurrence 4. Completeness 5. Accuracy A. Scan sales invoices for missing numbers in sequence. B. Perform arithmetic recalculation of a sample of recorded sales invoices. C. For a sample of recorded sales, determine whether credit was approved. D. Trace a sample of credit memos to postings in customers accounts. E. Select a sample of customer accounts and vouch debits to sales invoices
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Indicate the claim that is supported by placing it next to each controls test for sales and receivables Completeness ,Accuracy, Occurrence, Accuracy , Completeness .
How can accuracy be explained?A measurement's degree of accuracy in respect to its actual value. The level to which the same results are produced by repeated observations under the same circumstances is known as precision.
What is an example of accuracy?A measurement's degree of accuracy in proportion to a standard or known value. For instance, your measurement is inaccurate if you determine in a lab that a substance weighs 3.2 kg when the true or actual weight is 10 kg. Your measurement does not match the known value in this situation.
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While searching for the best interest rate on a certificate of deposit (CD), Chet noted that two online banks had better rates than traditional banks that had physical presence in his town. A logical reason why these banks were offering higher interest for depositors is Multiple Choice the traditional banks have more customers, which translates into more expenses per customer. the traditional banks are not making as many home loans as they did in the past, which decreases their profits. online banking may pay higher interest rates according to federal banking rules. online banks do not have the overhead and labor costs that traditional banks must cover. With expenses at a minimum, they can pass along that savings to depositors.
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Online banks do not have the overhead and labor costs that traditional banks must cover. With expenses at a minimum, they can pass along that savings to depositors. So, option (d) can be considered as suitable.
Give a brief account on Online banking.Online banking, sometimes referred to as internet banking, online banking, or home banking, is a type of electronic payment system that enables bank or other financial institution customers to conduct a range of financial transactions online at the banking institution. The online banking system will often connect to or be a component of the main banking system run by a bank to give consumers access to financial services supplementary to or in place of conventional branch banking. By reducing reliance on a branch network, online banking significantly lowers the operating costs of the banks and provides greater convenience to some customers by the convenience of being able to make financial transactions even when bank branches are closed, as opposed to the necessity of visiting a branch location.
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In your internship with Lewis, Lee, & Taylor Inc. you have been asked to forecast the firm's additional funds needed (AFN) for next year. The firm is operating at full capacity. Data for use in your forecast are shown below. Based on the AFN equation, what is the AFN for the coming year?
Last year's sales = S0 $200,000 Last year's accounts payable $50,000
Sales growth rate = g 40% Last year's notes payable $15,000
Last year's total assets = A0* $120,000 Last year's accruals $120,000
Last year's profit margin = PM 20.0% Target payout ratio 25.0%
Answers
Based on the AFN equation, the Additional Funds Needed for the coming year are $-38,000.
What is the AFN equation?The AFN equation is equal to the projected increase in assets – spontaneous increase in liabilities – any increase in retained earnings.
A negative value shows that there are no external funds required for the project. Instead, the project will generate excess income for external investment.
On the other hand, a positive AFN indicates the additional funding required to execute the project.
Total liabilities = $185,000 ($50,000 + $15,000 + $120,000)
Increase in assets = $48,000 ($120,000 x 1.4 -$120,000)
Increase in liabilities = $74,000 ($185,000 x 1.4 - $185,000)
Last year's retained earnings = $30,000 ($40,000 - $10,000)
Projected retained earnings = $42,000 ($56,000 - $14,000)
Increase in retained earnings = $12,000 ($42,000 - $30,000)
Last year's sales = S0 $200,000
Sales for the projected year = $280,000 ($200,000 x 1.4)
Sales growth rate = g 40%
Last year's total assets = A0* $120,000
Total assets for the projected year = $168,000 ($120,000 x 1.4)
Increase in assets = $48,000 ($168,000 - $120,000)
Last year's accounts payable = $50,000
Last year's notes payable $15,000
Last year's accruals = $120,000
Total liabilities = $185,000
Total liabilities for the projected year = $259,000 ($185,000 x 1.4)
Increase in liabilities = $74,000 ($259,000 - $185,000)
Last year's profit margin = PM 20.0%
Profit for last year = $40,000 ($200,000 x 20%)
Profit for the projected year = $56,000 ($280,000 x 20%)
Target payout ratio 25.0%
Dividends = $10,000 ($40,000 x 25%)
Dividends for the projected year = $14,000 ($56,000 x 25%)
Retained earnings last year = $30,000 ($40,000 - $10,000)
Retained earnings for the projected year = $42,000 ($56,000 - $14,000)
Increase in retained earnings = $12,000 ($42,000 - $30,000)
AFN = $48,000 - $74,000 - $12,000
= -$38,000
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Put the four evolutionary stages in the correct historical order, with the oldest on the top and the newest on the bottom.
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The four Ps of the marketing mix are these four components: Product: a product, service, or concept to meet the needs of the customer.
Price: what is traded for the item. Promotion: a way for the buyer and seller to communicate.
What aspects of the marketing concept are included?The four pillars of the marketing concept are: target market, client needs, incorporated showcasing and benefit.
How does the era of marketing concepts differ from the era of production?In the marketing concept era, businesses had to figure out what their customers wanted and needed before making products that met those needs. This was different from making products and then trying to get people to buy them.
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the sales force of a company that provides the company's product specifications to the customer acts as a(n) question 46 options: 1) decoder. 2) interpreter. 3) receiver. 4) message channel. 5) noise.
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A company's sales force serves as a messaging channel by providing the customer with information about the company's product characteristics.
Which of the following is a tactic to encourage consumers to distribute a brand's message rapidly and dramatically?Viral marketing is a tactic used to persuade customers to broadcast a marketer's message widely and quickly, frequently via email or online video.
What enables the sender and receiver to communicate so that the sender can learn whether the message was correctly received and decoded?Feedback cycle enables communication between the sender and the recipient, letting the sender know whether the message was properly received and decoded. Senders frequently modify their messages to fit the medium and the characteristics of the receiver because each recipient may interpret the sender's message differently.
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What is the term used to describe a person who feels isolated from his or her own culture or is prevented from participating in society?
a. Assimilation
b. Acculturation
c. Alienation
d. Anti-socialization
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a person who feels isolated from his or her own culture or is prevented from participating in society is know as Alienation.
What is psychological alienation?Alienation happens when a person withdraws or isolates themselves from their surroundings or other people. People who exhibit signs of estrangement frequently reject their loved ones or society. They could also exhibit sentiments of separation and estrangement, possibly even from their own emotions. a lack of awareness of one's own ideas, emotions, or identity as well as a sense of detachment from these things. self-alienation emotions. In social sciences, alienation is the state of feeling cut off or distant from one's surroundings, one's work, one's work products, or oneself.
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which statement describes a drawback of investing in bonds
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The principal (face value) of the bonds must be paid at maturity, and periodic interest payments must be made. These are the two main drawbacks of using bonds.
What do you mean by the Bonds?An IOU-like debt security called a bond. Bonds are issued by borrowers to attract capital from investors ready to extend a loan to them for a specific period of time.
When you purchase a bond, you are making a loan to the issuer, which could be a corporate, government, or municipality.
Corporate bonds, municipal bonds, government bonds, and agency bonds are the four different types of bonds that can be categorized.
The relationship between the Bond prices and the Coupon Rate is inverse. When the rate of interest rises, bond prices fall, and when the rate of interest falls, bond prices rise.
Therefore, the principal (face value) of the bonds must be paid at maturity, and periodic interest payments must be made. These are the two main drawbacks of using bonds.
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When competitors attempt to share some activities or join together in the performance of a function, they are performing ______.
A. derivative activities
B. appellate activities
C. preemptive activities
D. arbitrated activities
E. concerted activities
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When competitors attempt to share the activities or join together in performance of function, they are performing concerted activities.
What is a concerted activity?Employees typically engage in concerted behavior when they come together for one another's protection or support. This includes things like talking about their employment's terms and circumstances, like compensation, perks, how management treats them, dress regulations, workplace rules, or scheduling. Consequently, it is illegal for employers to try to prevent their workers from participating in concerted activity or to retaliate against them if they do. Supervisors must exercise their independent judgment and real power in order to qualify for exemption. Additionally, employers should be aware that it is quite simple for an employee to qualify for protection under the act if they are discussing the terms and circumstances of their employment in a physical setting with coworkers or managers or in a shared virtual workspace.
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given the following distances between destination nodes, what is the minimum distance that connects all the nodes?
Answers
The minimum distance in the following calculations connecting all of the destination nodes is 750 miles.
Destination nodes: what are they?One of the destination choice (network nodes and virtual nodes) that cannot be reached during route selection is represented by one network-qualified reference station name in the target node list structure.
What do server nodes do?Nodes are devices or CPUs that function as Entire Strategy To build nuclei or Whole System Azure servers and carry out operating system requests. Similar to how database IDs identify between various Adabas databases, they can be recognized by numerical identifiers.
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What needs to be done prior to scheduling the project approval meeting?
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Answer: The planning should be perfect.
Explanation: Make a solid project strategy, design a resource plan, specify goals and performance metrics, inform team members of their roles and duties, expand the workforce, foresee hazards, and develop backup plans. Before the project approval meeting, these things need to be planned. By doing all of this in a perfect way and manner, the likelihood that the project will be approved will increase. Everything pertaining to the project needs to be planned beforehand; talk through all the issues with the team; discuss the budget; and talk through every aspect of the project.
Employees who receive compensation in the form of ___ stock do not have to pay for it, but forfeit ownership if they quit before the ____ date.
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Employees who receive compensation in the form of restricted stock do not have to pay for it, but forfeit ownership if they quit before the vesting date.
Give a brief account on restricted stock.The term "restricted stock" describes unregistered shares of stock in a company that are given to employees, such as executives and directors. The Securities and Exchange Commission (SEC) has specific rules that must be followed while trading restricted stock because it cannot be transferred. The limitations are meant to prevent early sales that might be harmful to the business. Under a multi-year, graded vesting schedule, restricted stock often becomes tradable. Other names for restricted stock include "letter stock" and "section 1244 stock."
While restricted shares provide employees a stake in their company, they are worthless prior to vesting. Employees are incentivized to perform effectively and stick with a company by vesting, which grants rights to employer-provided assets over time.
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____ is the pmbok guide 6e process that determines how project procurement decisions, approach, and dealing with sellers will be accomplished and documented.
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Conduct Contract Reviews is the pmbok guide 6e process that determines how project procurement decisions, approach, and dealing with sellers will be accomplished and documented.
An agreement's important terms can be found and analyzed through a procedure known as a contract review. A legal expert will carefully read each contract to comprehend the terms and circumstances and to identify any hazards or important information.The contract review checklist is a thorough list of every important element that has to be evaluated before you sign a contract. It serves as the bare least that should be done before agreeing to anything, but it cannot take the place of a qualified contract review attorney.To know more about Contract here
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between 1861 and 1864, the cost of goods in the confederacy rose by group of answer choices 3,000 percent. 9,000 percent. 1,000 percent. 200 percent. 600 percent.
Answers
Between 1861 and 1864, cost of goods in confederacy rose by 3,000 percent.
What is a confederation?A confederation is a grouping of independent nations or states joined for shared objectives. Confederations of states are frequently founded by treaties to deal with important issues like defense, international affairs, domestic trade, or currency. The central government is obligated to support all of the confederation's members. Confederalism is a key example of intergovernmentalism, which is defined as any connection between nations that is based on their sovereign independence or system of government. There are many different types of relationships between the member nations that make up a confederation. A variety of relationships and power structures exist between the member states and the federal government. International organizations can be compared to some looser confederations.
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a bond futures contract with one deliverable bond has a maturity date in 2 years from now have, par value of $100, and annual coupon of $8. if the futures delivery date is in 1 year, determine the futures price if r0,1
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The futures price is 93.72. The correct answer is option (c).
What is Future price?The futures price is the price that two parties agree upon in a contract (known as a futures contract) for the sale and delivery of the item at a future date. The current spot price plus the carry cost are added to determine the notional price of a future contract. The supply and demand of the underlying stock, however, have a significant impact on the real price of the futures contract.
A futures contract in finance is a standardized legal agreement between unidentified parties to purchase or sell something at a fixed price for delivery at a specific period in the future.
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The full question is,
a bond futures contract with one deliverable bond has a maturity date in 2 years from now have, par value of $100, and annual coupon of $8. if the futures delivery date is in 1 year, determine the futures price if R(0,1) = 5%, R(0,2)=10%
a). 100
b). 102.86
c). 93.72
d). 98.18
e). none of the above
Apply the life cycle concept to a company you are familiar with or are interested in. What stage is the company currently in? Analyze and describe each stage in depth.
Answers
The business cycle concept to a company you are familiar with or are interested in growth in this stage. There was the based on the five stages.
What is business cycle?
The term “business cycle” refers to the expansion of a business as well as the rise and fall of the economy. The business cycle refers to the various economic factors such as interest rates, investment, the trading system, profit, and production costs.
One problem that the business cycle is encountering at this level is the need to control its complexity and the possibility of conflict as it grows and evolves. In order to successfully navigate this stage. Organizations in the growth stage enjoy a rise in resources and an extension of their operations.
As a result, the business cycle concept to a company you are familiar with or are interested in growth in this stage. There was the based on the five stages.
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analysis of an income statement, balance sheet, and additional information from the accounting records of gadgets, incorporated, reveals the following items.
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The activities of the cash flow statement verify the various operational activities that judge the accounting records of the firm. The growth and the survival of the firm emphasize financial stability.
How does cash flow work?The amount of money a business brought in or spent overall over a period of time is measured by its cash flow. On the statement of cash flows, a common financial statement, the cash flow is commonly divided into cash flow from operating operations, cash flow from investing activities, and cash flow from financing activities.
What kind of cash flow would this be?The expenses made as part of daily operations are included in cash flow from operations. These cash outflows include things like rent, utilities, payroll, and cost of goods sold. When a corporation operates heavily on the seasonal cycle, cash outflows might vary greatly.
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Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Sales Variable expenses Fixed expenses (total) Units produced and sold Budgeted $ 300 per unit $ 120 per unit $125,000 1,200 Actual $435,000 $172,000 $122,000 1,400 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results Variances $ 435,000 172,000 Sales Variable expenses Contribution margin Fixed expenses I Income from operations Fav./Unf. Favorable Unfavorable Favorable Favorable Favorable 122,000
Answers
To show how actual outcomes compare to projected amounts, a budget report is created. Columns for actual and planned amounts, as well as the variations between them, are included.
The process for creating a flexible budget?The following outcomes are listed for May in the Lewis Co. image. Make a flexible budget report outlining the differences between expected and actual results. Sales Amounts that fluctuate Unchanging costs (total) Production and sales of units Each unit is allocated $300. $120 per unit Actual cost: $125,000 1,200; $172,000, 122,000, and 1,400; $435,000. Separately list your fixed and variable costs. Choose from positive, unfavorable, and no variance to indicate the impact of each variable. For the month that ended on May 31, LEWIS COFlexible .'s Budget Performance Report A Flexible Budget Differences in actual results $ 435,000 172,000 Sales Amounts that fluctuate.
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assume that the jpy and cny are highly correlated. a u.s. firm anticipates the equivalent of $1 million cash outflows in cny and the equivalent of $1 million cash outflows in jpy. during a____cycle, the firm is______affected by its exposure.
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assume that the jpy and CNY are highly correlated. a u.s. firm anticipates the equivalent of $1 million cash outflows in CNY and the equivalent of $1 million cash outflows in jpy. during a strong dollar cycle, the firm is favorably affected by its exposure.
China uses the renminbi (CNY) as its official currency legalized by the communist government. It is one of the most traded currencies in the world, coming in at number five. Japan's national currency is the yen (JPY). After the US dollar and the euro, it is the third most traded currency on the foreign exchange market. It has a subunit known as the Sen. It is also commonly utilized as a third reserve currency. Price pressure results from an increase in the cost of importing goods from the United States when a nation's currency depreciates versus the dollar.
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mary manages a manufacturing plant. two inputs are used to produce the product. to minimize the costs of production, mary should continue to hire inputs up to the level at which the
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Mary manages a manufacturing plant. two inputs are used to produce the product. to minimize the costs of production, Mary should continue to hire inputs up to the level at which the (marginal product × price) of each input is equal. Thus, option (c) is correct.
Mary should keep hiring inputs up to the point when the marginal product price of each input is equal in order to reduce production costs.
This is so because an input's price is the cost of purchasing an extra unit of that input, whereas an input's marginal product is the additional output created by adding one more unit of that input.
To keep costs to a minimum, the marginal product price of an input should match the cost of hiring that input. This additional revenue is obtained by adding one more unit of that input.
As a result, the significance of the Mary should continue to hire inputs up to the level at which the (marginal product × price) of each input is equal are the aforementioned. Therefore, option (c) is correct.
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Your question is incomplete, but most probably the full question was.
Mary manages a manufacturing plant. two inputs are used to produce the product. to minimize the costs of production, Mary should continue to hire inputs up to the level at which the
(A) price of each input is equal
(B) marginal product of each input is equal
(C) (marginal product × price) of each input is equal
(D) (marginal product + price) of each input is equal
(E) (marginal product - price) of each input is equal
you choose to open an auto shop that specializes in work for rental fleets, leasing companies, and dealerships. of the following, which customer group will you support?
Answers
Businesses customer group will support you when opening an auto shop that specializes in work for rental fleets, leasing companies, and dealerships.
What are customer groups?Customer groups are collections of customers who cooperate to consume data on a specific issue and then provide comments. Producers, resellers, governments, and institutions make up the four fundamental kinds of business purchasers. Companies that produce are those that buy products and services to turn into other goods.
Both producers and service providers fall under this category. Customer groups are collections of customers who cooperate to consume data on a specific issue and then provide comments. Client segmentation is the activity of breaking down a customer base into groups of people who are comparable in particular ways useful to marketing, such as age, gender, interests, and spending patterns.
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harry is married and file joint tax return on which he uses the standard deduction if he make $1000charitable contribution in 2022 how much of contributionis deductible
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Harry is married and file joint tax return on which he uses the standard deduction if he make $1000 charitable contribution in 2022. So, Deductible contribution is $2000.
What do you mean by Contribution?The amount of earnings left over after all direct expenses have been deducted from revenue is known as the contribution. This balance is the sum that can be used to cover any fixed expenses a company may have within a reporting period.
Contributions of money or commodities to a tax-exempt entity, like a charity, are considered tax-deductible donations. Donations that are tax deductible may lower taxable income. You must itemize your deductions on Schedule A of IRS Forms 1040 or 1040-SR in order to deduct donations from your taxes.
The standard deduction for single filers in 2022 is $12,950, while for married couples filing jointly, it is $25,900. Additionally, you won't be able to deduct charitable contributions on an itemized basis in 2022 if you choose the standard deduction.
Therefore, Deductible contribution is $2000 for Harry.
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if actual gdp is 500 billion and there is a negative gdp gap of 10 billion potential gdp is 520 million 490 billion 10 billion 990 million
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With a negative GDP gap of $10 billion and an actual GDP of $500 billion, the potential GDP is $510 billion.
What percentage of the actual GDP falls short of the potential GDP?The discrepancy between the real GDP level as it is today and its potential level is known as the output gap. Inflation is likely to occur when the output gap is positive or when GDP exceeds potential because the economy is operating above its sustainable capacity. If GDP is below potential, the production gap is negative.
What exactly is a negative GDP gap?As a result of insufficient demand, a negative gap means that the economy has excess capacity. When there is an output gap, resources are either being employed inefficiently or insufficiently in the economy.
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On July 1, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 39,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following transactions occur from July 1 through December 31.
Jul. 1 Sell $19,500 of common stock to Suzie.
Jul. 1 Sell $19,500 of common stock to Tony.
Jul. 1 Purchase a one-year insurance policy for $4,320 ($360 per month) to cover injuries to participants during outdoor clinics.
Jul. 2 Pay legal fees of $1,300 associated with incorporation.
Jul. 4 Purchase office supplies of $1,400 on account.
Jul. 7 Pay for advertising of $280 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 on the day of the clinic.
Jul. 8 Purchase 10 mountain bikes, paying $17,200 cash.
Jul. 15 On the day of the clinic, Great Adventures receives cash of $2,500 from 50 bikers. Tony conducts the mountain biking clinic.
Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $2,950.
Jul. 24 Pay $720 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $130 in advance or $180 on the day of the clinic.
Jul. 30 Great Adventures receives cash of $7,800 in advance from 60 kayakers for the upcoming kayak clinic.
Aug. 1 Great Adventures obtains a $46,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6% annual interest is due each year on July 31.
Aug. 4 The company purchases 14 kayaks, paying $13,200 cash.
Aug. 10 Twenty additional kayakers pay $3,600 ($180 each), in addition to the $7,800 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic.
Aug. 17 Tony conducts a second kayak clinic, and the company receives $129,600 cash.
Aug. 24 Office supplies of $1,400 purchased on July 4 are paid in full.
Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $4,680 ($390 per month) in advance.
Sep. 21 Tony conducts a rock-climbing clinic. The company receives $14,400 cash.
Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $18,200 cash.
Dec. 1 Tony decides to hold the company’s first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $520.
Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $60 in salary for each team that competes in the race. His salary will be paid after the race.
Dec. 8 The company pays $1,000 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense.
Dec. 12 The company purchases racing supplies for $2,100 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse.
Dec. 15 The company receives $20,800 cash from a total of forty teams, and the race is held.
Dec. 16 The company pays Victor’s salary of $2,400.
Dec. 31 The company pays a dividend of $4,600 ($2,300 to Tony and $2,300 to Suzie).
Dec. 31 Using his personal money, Tony purchases a diamond ring for $3,600. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married!
The following information relates to year-end adjusting entries as of December 31, 2021.
Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $6,080.
Six months’ of the one-year insurance policy purchased on July 1 has expired.
Four months of the one-year rental agreement purchased on September 1 has expired.
Of the $1,400 of office supplies purchased on July 4, $220 remains.
Interest expense on the $46,000 loan obtained from the city council on August 1 should be recorded.
Of the $2,100 of racing supplies purchased on December 12, $290 remains.
Suzie calculates that the company owes $13,800 in income taxes.
I have to make a general journal, Income statement, statement of SE, and balance sheet with this info. Any help?
Answers
The articles of incorporation state that the corporation will sell 39,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership.
July 1
dr.Cash on (20800 *7)
$185,000\sCR Common Shares
(To record common stock issued)
Organisational costs for
July 1
($1,000*7) $7,000\sCR 7% of Common Stock
$2800\s(To record Common Stock Issue) (To record Common Stock Issue)
Aug 7
DR $290
DR for land, $460,000
DR for a building, and $13800
CR for equipment $560,000 in Common Stock
CR. Common stock was paid in capital in excess of par value for $160,000. (To record Exchange of common stock for PPE).
DR Building $400,000
DR Equipment $70,000
CR Common Stock $560,000
CR Paid in capital excess of par value - Common
stock $160,000
(To record Exchange of common stock for PPE)
Dec 31
DR Cash (25,000 * 44) $25000
CR Preferred Stock (25,000*40) $1,000,000
Paid in Excess Capital of Par Value Preferred
Shares $100,000
(To record issue of Preference Shares).
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As the chief financial officer, you identify that your firm needs to raise additional funds by selling new shares of stock. What specialist would be able to assist your firm in the issue and sale of new securities? Group of answer choices
O an investment banker
O a commodities broker
O an officer of the Securities and Exchange Commission (SEC)
O an institutional investor advisor
Answers
The company could use the help of an investment banker to help with the issuance and sale of new securities. Therefore, choice (A) is the acceptable answer.
Who is an investment banker?Investment bankers serve institutional clients in tasks like capital raising and mergers and acquisitions by combining their knowledge of the financial services sector, analytical brilliance, and persuasive communication abilities.
Investment bankers assist their clients in raising finance on the capital markets by selling debt or equity in the businesses. Other responsibilities include guiding clients through mergers and acquisitions (M&As) and providing them with information on specialized investment options like derivatives.
Hence, option (A) is accurate.
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