Based on the transaction analysis, the total amount of assets the company has at the end of the month is $76,000.
What is transaction analysis?A transaction analysis helps to achieve the following book-keeping steps:
Identifying the accounts involved in each transaction.Establishing the nature of the two or more accounts involved.Determining which account increases and the one that decreases.Applying the rules of debit and credit.Recording the transactions in journal entries.Transaction Analysis:a) Cash $60,000 Common Stock $60,000
b) Cash $12,000 Bank Payable $12,000
c) Inventory $9,000 Cash $9,000
d) Cash $15,000 Sales Revenue $15,000
d) Cost of Goods Sold $9,000 Inventory $9,000
e) Advertising Expense $2,000 Cash $2,000
f) Equipment $8,000 Cash $8,000
Tabular Analysis: Assets = Liabilities + Equity
Cash Inventory Equipment = Bank Payable + Common + Retained
Stock Earnings
a) $60,000 $60,000
b) 12,000 $12,000
c) -9,000 $9,000
d) 15,000 $15,000
d) -9,000 -9,000
e) -2,000 -2,000
f) -8,000 $8,000
Bal. $68,000 $0 $8,000 $12,000 $60,000 $4,000
Assets:Cash $68,000 ($60,000 + $12,000 - $9,000 + $15,000 - $2,000 - $8,000)
Inventory = $0 ($9,000 - $9,000)
Equipment = $8,000
Total assets = $76,000
Thus, performing transaction analysis and tabular analysis help to minimize accounting errors.
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wollongong company decided to begin using dollar-value lifo at the beginning of 20x5. the inventory value at january 1, 20x5, was $250,000. the current cost of the inventory at december 31, 20x5, was $306,000. at the end of 20x6, the current cost of the inventory was $288,750. the relevant index at the end of 20x5 was 1.02 and at the end of 20x6 was 1.05. the amounts wollongong should report for inventory at the end of 20x5 and 20x6 are:
$301,000 (20X5) and $275,500 (20X6) is the correct answer.
Cost at base-year pricing after 20X5 ending inventory adjustment is $300,000 ($306,000 1.02). Two layers are included in the $300,000 pricing at base-year prices: the 20X5 layer's initial layer costs $250,000, and its ending layer costs $50,000. $50,000 x 1.02 = $51,000 is the end of 20X5 layer adjusted to current-year prices. At the end of 20X5, inventory is stated to be worth $250,000 plus $51,000, or $301,000.
Cost at base-year pricing after 20X6 ending inventory adjustment is $275,000 ($288,750 x 1.05). Two layers are included in the $275,000 price at base-year prices: the first 20X5 layer costs $250,000, while the last 20X5 layer costs $25,000.
The layer generated in 20X5 is decreased to $25,000 ($50,000 - $25,000) because the cost at base-year pricing at the end of 20X6 is lower than the cost at base-year prices at the end of 20X5 ($275,000 vs. $300,000). End of 20X5 layer conversion to current-year prices: $25,000 x 1.02 = $25,500. At the end of 20X6, inventory is stated to be worth $250,000 + $25,500 - $275,500.
Thus, the correct answer is $301,000 (20X5) and $276,250 (20X6).
complete answer:
Wollongong Company decided to begin using dollar-value LIFO at the beginning of 20X5. The inventory value at January 1, 20X5 was $250,000. The current cost of the inventory at the December 31, 20X5, was $306,000. At the end of 20X6 the current cost of the inventory was $288,750. The relevant index at the end of 20X5 was 1.02 and at the end of 20X6 was 1.05. The amounts Wollongong should report for inventory at the end of 20X5 and 20X6 are:
$306,000 (20X5) and $276,250 (20X6).
$300,000 (20X5) and $275,500 (20X6).
$301,000 (20X5) and $276,250 (20X6).
$301,000 (20X5) and $275,500 (20X6).
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a pay adjustment matrix considers two factors—the employee's level of performance as rated in an appraisal and the employee's position in the pay range, which is often related to experience and tenure.
The employee's position within the salary range and their level of performance as determined by an appraisal (their current pay-level quartile),
How would you classify your employees?Employees are divided into two categories: tasks that are mission-critical and tasks that are not mission-critical. This classification is crucial for determining future needs for resources, such as the purchase of PPE and training, according to Phelps.
What does a level employee do?There are some characteristics that "A" level workers share. They are really engaged and feel a connection to the business. They eagerly anticipate going to work and, for the most part, take pleasure in their employment. They are aware of what to do in the event of failures and losses.
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are most necessary where local members work on a project basis and move between employers as work is finished on one project and becomes available on anothe
Business agents are most needed when local members work on projects and move between employers.
What is a Business Agent?Corresponds to a professional position where an individual is responsible for running a business of a company for the time, conditions and responsibilities provided for by a contract.
This professional can act in different ways in an organization or a group, being a project leader, financial manager, carrying out negotiations, being public relations of the company and others, depending on the needs of the company in question.
Therefore, a business agent is a positive way for a company to achieve a certain objective, such as a project with a certain time to start and end, being the agent responsible for managing the course of actions for the company to achieve its objectives and goals.
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everything else held constant, an increase in the value of the dollar relative to all foreign currencies means that the price of american goods purchased by foreigners
Everything else held constant, an increase in the value of the dollar relative to all foreign currencies means that the price of American goods purchased by foreigners decreases.
What is exchange rate?The rate at which one currency will be exchanged for another is known as an exchange rate in the world of finance. It can also be thought of as the value of one currency in comparison to another. Money dealers will provide various purchasing and selling prices in the retail foreign exchange market. The ratio used to convert one currency into another is known as the exchange rate. It represents the cost of one currency reflected in another. Because currencies differ in value from one another, exchange rates are necessary.
The increase or decrease of the value of the dollar affects its exchange rate.
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del gato clinic's cash account shows an $13,942 debit balance and its bank statement shows $12,654 on deposit at the close of business on june 30. outstanding checks as of june 30 total $1,610. the june 30 bank statement lists a $100 bank service charge. check no. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on june 15. del gato clinic mistakenly recorded it with a debit to utilities expense and a credit to cash in the amount of $398. the june 30 cash receipts of $2,807 were placed in the bank’s night depository after banking hours and were not recorded on the june 30 bank statement.
All cash transactions are recorded by the business in its general journal under the cash account. As a result, the cash account ought to be a true reflection of the company's financial position.
The similar purpose is served by the bank statement. However, the cash balance shown in the general diary and the sum shown on the bank statement frequently differ. As a result, bank reconciliations are created that show the variables that affected the balances' variations and match the balances up.
Both the adjusted book balance and the adjusted bank statement balance are $11,582.
Statement that reconciles the balance in the entity's bank account with the balance in its books of accounts is known as a bank reconciliation statement. When there are changes to the balance according to the books, a bank reconciliation needs journal entries. These adjustments are the result of things that were on the bank statement but were not reflected in the general ledger accounts of the business.
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seemore lens company (slc) sells contact lenses fob destination. for the year ended december 31, the company reported inventory of $79,000 and cost of goods sold of $438,000.
Journal Entries in order to correct the balances presently reported below.
Seemore Lens Company (SLC)
Particulars Inventory Cost of goods sold
For the year ended Reported
on December 31 $79,000 $438,000
a. Less: Lenses held on
consignment $13,000
b. Less: Office supplies $6,500
c. Add: Lenses in the
warehouse $9,500 $9,500
d. Less: Inventory which is damaged with
no scrap value $3,750
Balance $71,250 $440,500
So, in order to achieve the balance of the inventory we simply added the report ended on Dec 31 and lenses which is in the warehouse and deduct the lenses endured consignment.
Hence, the journal entries in order to correct the balances was presently reported.
The question is incomplete, the complete question is-
Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $79,000 and Cost of Goods Sold of $438,000.
a) Included in the Inventory (and Accounts Payable) are $13,000 of lenses SLC is holding on the given consignment.
b) Included in SLC’s Inventory balance are $6,500 of office supplies held in SLC’s warehouse.
c) Excluded from the SLC’s Inventory balance is $9,500 of lenses in the warehouse, ready to send to customers on Jan 2. SLC reported these lenses as sold on December 31, at a price of $18,000.
d) Included in SLC’s Inventory balance are $3,750 of lenses that were damaged in December and will be scrapped in January, with zero realizable value.
Required: Prepare the table and show the balances presently reported for Inventory and Cost of Goods Sold, and then display the adjustment(s) needed to correctly account for each of items (a)-(d), and finally determining the appropriate Inventory and Cost of Goods Sold balances.
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scott, the sales and marketing manager, says that modern-shed is insulated from what’s going on in the general marketplace. part of the reason for this is modern-shed’s structure. by using avirtual structure, modern-shed is able to:
By using a virtual structure, Modern-shed is able to: B. easily expand and contract the company without assuming increased financial risk.
What is virtualization?Virtualization can be defined as the creation of an abstract layer over computer hardware primarily through the use of a software, in order to enable the operating system (OS), storage device, server, etc., to be used by end users over the world wide web (WWW) or Internet.
Additionally, some of the components (features) which are not required in Cloud computing for a successful virtualization environment include the following:
Host machineHypervisorsVirtual machineWhat is risk management?Risk management can be defined as a strategic process which involves the identification, evaluation, analysis, and control of potential threats (risks) that are mainly present in a business as an obstacle to its capital, revenues, and profits.
In this context, we can reasonably infer and logically deduce that a virtual structure would avail Modern-shed an opportunity and ability to easily expand its business and contract the business organization (company) without bearing an increased financial risk.
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Complete Question:
Scott, the sales and marketing manager, says that Modern Shed is insulated from what's going on in the general marketplace. Part of the reason for this is Modern Shed's structure. By using a structure, Modern Shed is able to:
Create dual lines of authority throughout the organization that respond to marketplace changes
Easily expand and contract the company without assuming increased financial risk
Bring positions in-house so work can be more closely monitored and controlled
Manufacture standardized products that can be sold at lower prices
company z is just starting to make a brand new product it has never made before. it has completed two units so far. the first unit took 32 hours to complete and the next unit took 26 hours.
A brand strategy is the comprehensive method used to increase a brand's recognition and favorability among current and potential customers.
What exactly is a new product?
Brand-new goods or services are developed and advertised in marketing under a new brand. Along with the brand-stretching, line-extension, and multi-brand strategies, this is a brand strategy. The emphasis of the new strategy is on successfully developing and introducing new items.
What determines a brand's success?
Possess a unique personality that is suitable for your intended audience. Make sure that your messaging and design are consistent, reiterating your viewpoint, commitment, and personality at every touchpoint. Show how your business adds value to the customer and how that value is produced.
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a corporation that funds an employee training program to build computer skills could be seen as investing in which main category of complementary assets? auxiliary social governmental managerial organizational
In a case whereby a corporation whereby there is a funds of an employee training program to build computer skills could be seen as investing in the main category of complementary assets is managerial complementary assets.
What is managerial complementary assets?Managerial complementary assets can be described as the type of asset that is been used in the organization which is one that offer support for change as well as incentive systems .
It should be noted that the managerial complementary assets focus on the improvement of the team as well as the progress of the organization this can come in form of a training program as well as the provision of insensitive and anything that can help the individuals that are part of the company so that their productivity can be improved.
In conclusion , the Managerial complementary assets help to bring improvement to the team as well as to the organization at large.
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the economic value of ecotourism
Answer:
Explanation:
Ecotourism is a type of tourism to conserve and improve natural rural areas. It fuses the ideas of environmental protection, cultural awareness, and low impact travel for vacationers.
It has three main goals. They are:
1. To economically and socially benefit local people
2. Conserve the existing culture and habitat of a region.
3. Prevent harmful impacts to the environment.
Ecotourism celebrates the hyper-local importance of regional biodiversity, nature and geography. It helps appreciate the beauty of animals and plants without impacting them with pollution, excessive water and energy use and overcrowding.
Countries like Costa Rica, Madagascar, Kenya, and Ecuador have adapted ecotourism very integrally.
Some of the possible economic benefits of ecotourism are that it can provide job opportunities to the local community which will provide them with a source of income and improved lifestyle for the locals. It can bring foreign currency into the country when the foreigner pays for entrance fees, local food, souvenirs etc.
According to United Nations World Tourism Organization there were an estimated 25 million tourist arrivals in 1950, but that number increased drastically by 2018, reaching an astonishing 1.4 billion tourist arrivals. In 2019, global travel and tourism contributed to 8.9 trillion to the world's GDP.
Ecotourism should also include education and interpretation for cultural bridge building. This fosters respect between staff, visitors, community members and increase its economic value. It not only maintains a healthy ecosystem but also provides economic support to those who need it.
companies establish time fences in order to? companies establish time fences in order to? limit the amount of time production planners have to create orders minimize the impact of changes and costly disruptions measure how long it takes to produce products
Companies establish time fences in order to Minimize the impact of changes and costly disruptions
Time fences represent divisions within the planning horizon between several time frames.
They outline short-term areas where planning restraints avoid expensive disruptions to supplier and shop floor schedules. Time fences also offer guidance for determining when and where different limitations or modifications to operational operations occur.
For instance, it is simple to make modifications to the MPS outside of the cumulative lead time, while it is more challenging to make changes inside of the cumulative lead period.
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Felicia believes strongly in buying from minority-owned businesses whenever possible. Which term best describes the motivation for her purchasing behavior?.
The term that best describes the motivation for Felicia purchasing behavior is called customer loyalty.
What is customer loyalty?This is when customers sticks to a particular brand of products irrespective of how much offer they receive from other competitors. It is as a result of continuous purchases of such brand of product.
Before a customer can be loyal to a firm's brand, he or she must have tested the firm's products overtime. The product must have meet and exceed the customer's expectation reason for continuous patronage.
Hence, customer loyalty is a term which best describes Felicia's desire and belief to buy from minority-owned businesses.
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statistical discrimination results from ambiguous laws that allow this type of discrimination. firms having imperfect information regarding the actual productivity or skill of a potential employee. firms needing to make very quick judgments. firms hiring managers who explicitly favor some groups over others.
Due to unclear regulations that permit this kind of discrimination, statistical discrimination occurs. organizations with limited knowledge of a potential employee's actual productivity or expertise.
The required details for statistical discrimination in given paragraph
Due to the lack of information that businesses have about potential employees, they base their assessment of a candidate's productivity level on either their gender or race, depending on the statistics that pertain to that groups.
These statistics are frequently the result of previous prejudice that made the group's members less productive, but they are occasionally still applied. As an illustration, a woman who is applying for a job might not be selected because it is thought that she would need more paid sick days than a guy.
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Pitt's pit stop sold 15,490.50 worth of gasoline yesterday. regular sold for 3.30 a gallon and premium sold for 3.45 a gallon. if the gas staton sold 380 more gallons of regular then premium part a) how many of each type of gasoline were sold part b) if the profit on a regular gas is 0.05 per gallon on premium is 0.18 per gallon what was the stations total profit?
a). The number of gallons for each gasoline sold is:
Regular gasoline sold = 2530 gallons
Premium gasoline sold = 2109 gallons
b). The station's Total profit = $506.12
To get the the number sold by both type of gasoline,
Let:
Amount of regular gasoline sold = x gallons
Amount of premium gasoline sold = y gallons
Rate of regular gasoline = $3.30 per gallon
Rate of premium gasoline = $3.45 per gallon
"The station sold 380 more gallons of regular than premium gasoline."
Equation will be, x = y + 380 --------(1)
"Pitt's Pit shop sold $15490.50 worth of gasoline."
Equation for the statement will be,
3.30x + 3.45y = 15490.50 ----------(2)
Now we substitute the value of x from equation (1) to equation (2)
3.30(y + 380) + 3.45y = 15490.50
3.30y + 1254 + 3.45y = 15700.50
6.75y = 15490.50 - 1254
6.75y = 14236.50
y = 14236.50/6.75
y = 2109 gallons
By substituting the value of y in equation (1)
x = 2150 + 380
x = 2530 gallons
Regular gasoline sold = 2530 gallons
Premium gasoline sold = 2109 gallons
b). Since:
Profit on regular gas = $0.05 per gallon
Profit on the premium gas = $0.18 per gallon
Therefore, total profit of the station = 2530*0.05 + 2109(0.18)
= $126.5 + $379.62
= $506.12
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an investor makes three deposits into a fund, at the end of 1, 3, and 5 years. the amount of the deposit at time t is 100(1.025)t. find the size of the fund at the end of 7 years, if the nominal rate of discount convertible quarterly is 4/41.
The size of the fund at the end of 7 years is $483.110
What is Nominal discount rate?A nominal discount rate of denotes a per-time period effective discount rate of. If the effective discount rate is per time period, then the discount factor is per time period. If the nominal discount rate is, then the discount factor is per time period. The real discount rate is used to calculate the difference between one-time and annualized costs. he annual real discount rate (also known as the real interest rate or interest rate) is calculated by HOMER using the "Nominal discount rate" and "Expected inflation rate" inputs.Therefore,
Number of quarters = 4
We are given that the nominal rate of discount convertible quarterly is 4/41
Discount rate in each quarter = 4/41(4) = 1/41
Let A is the value after discount and X is the original value:
A = X - X (1/41)
A = X (1- (1/41))
A = (40/41) X
X = (41/40) A
Now To calculate the value after 7 years we need to multiply each value by the interest raised to the correct power.
A = 100 × [tex]1.025^{1}[/tex] × [tex]\frac{41}{40} ^{(7-1)\times4}[/tex] + 100 × [tex]1.025^{3}[/tex] × [tex]\frac{41}{40} ^{(7-3)\times4}[/tex]
+ 100 × [tex]1.025^{5}[/tex] × [tex]\frac{41}{40} ^{(7-5)\times4}[/tex]
A=483.110
Hence the size of the fund at the end of 7 years is $483.110
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a company's balance sheet shows: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payable $17,000. what is the amount of owner's equity?
$71,000 is the amount of owner's equity if a company's balance sheet shows: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payable $17,000.
Owner's equity is $71,000 if a company's balance sheet includes the following items: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payable $17,000.
Owner's equity is the percentage of the total asset worth of a company that its owners (single proprietors or partners) and shareholders may claim (if it is a corporation). It is computed by subtracting every liability from the overall asset value.
1. Amount of owner’s equity = Total Assets – Liabilities
= [Cash +accounts receivable+ office equipment] – Account Payable
= [22,000+16,000+50,000] – 17,000
= 88,000 – 17,000
= 71,000
i.e. $71,000 is correct answer.
If the owner or owners (in the event of a partnership) increase the size of their capital contribution, the value of the owner's equity will rise. Additionally, increased income from higher sales or lower expenses raise the owner's equity.
By withdrawing money, the owner can reduce the equity. Depending on the amount removed, the owner may be required to pay capital gains tax since the withdrawals are regarded as capital gains. A loan taken out to buy a business asset and shown as a liability on the balance sheet is another approach to reduce owner's equity.
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Earning and Spending Unit Test
What is typically included in COGS? (1 point)
O raw materials
O storage costs for the inventory
O wages associated with creating the item
O All of the answers are correct.
Answer:
all the answers are correct
Explanation:
The cost of goods sold include raw materials, storage cost for inventory, and wages. The correct option is D.
COGS include raw materials, inventory storage costs, and wages associated with creating the item. D is the correct answer.
What is covered by a service provider's COGS?It encompasses any expense directly related to creating a good or providing a service. These expenses can cover labour, supplies, and shipping. The goal of COGS is to quantify all variable expenses that are directly related to producing a good or providing a service.All direct expenses incurred to produce the goods a business sells are included in COGS. The majority of these expenses are the product's variable manufacturing costs, such materials and labour, although others may be fixed expenses, like factory overhead.Costs of Goods Sold (COGS) are the expenses incurred over a specific time period to produce your goods. COGS is calculated as starting inventory less purchases minus ending inventory.To Learn more About COGS, Refer:
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Read the following scenario. John James stopped the bus, bought a ticket for $2.00 and went for a drive to the countryside.
Identify if a market situation exists. Give reasons for your answer.
The market situation state of affairs phase of our plan consists of research and analysis of our target market, competition, enterprise challenges, and your company's competitive differentiators.
John James is an American businessman and political candidate. After graduating from the united states navy Academy, he served 8 years in the U.S. military, participating in multiple excursions of obligation inside the Iraq war. After leaving the military, James joined his family's delivery chain enterprise.
James ran as the Republican nominee for the U.S. Senate elections in Michigan in 2018 and 2020, losing the elections to Democratic incumbents Debbie Stabenow and Gary Peters, respectively. After dropping the 2020 race, James initially declined to concede and made claims of electoral fraud.
Despite their tandem paintings and capability to speedy and without difficulty find solutions to just about any obstacle thrown at them, the pair aren't associated in any manner.
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which quality management concept—often set at the beginning of a project—uses multiple guidelines, such as reliability and usability, to ensure its desired outcome?
Quality standards uses multiple guidelines, such as reliability and usability, to ensure its desired outcome.
Documents that would provide guidelines, specific requirements, regulations, or features that can be used continuously to ensure that components, goods, mechanisms, and facilities are fit for their purpose are referred to as quality standards.
Clear requirements and standards make it simpler for businesses to meet what their customers consider "quality," and they enhance the overall vision of what the business should strive for.
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one of the primary reasons for investing in equity securities includes: group of answer choices acquiring debt of competing companies. appreciation in the value of the stock. earning interest revenue. deducting dividend payments for tax purposes.
One of the main justifications for purchasing debt securities is generating interest income.
A Debt Security is what?
A debt security is a financial instrument that includes fundamental terms like the notional amount (the amount borrowed), interest rate, and maturity and renewal dates defined and can be bought or traded between two parties.
A government bond, corporate bond, certificate of deposit (CD), municipal bond, or preferred stock are a few examples of debt securities. Debt securities may also take the form of collateralized securities, such as zero-coupon securities, mortgage-backed securities issued by the Government National Mortgage Association (GNMA), and collateralized debt obligations (CDOs).
Debt securities are typically regarded as a less dangerous kind of investment compared to equity investments such as stocks because the borrower is legally compelled to make these payments. Of course, as is often the case when investing, a security's actual risk will rely on its unique features.
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Two mechanics worked on a car. the first mechanic charged $ 95 per hour, and the second mechanic charged $ 75 per hour. the mechanics worked for a combined total of 20 hours, and together they charged a total of $ 1800 . how long did each mechanic work?
While mechanic B only put in five hours, mechanic A put in fifteen.
Mechanic A's hourly rate is $95
$75 is the hourly rate for mechanic B.
20 hours were worked in all.
$1800 is the total amount charged.
Let, x are the hours worked by mechanic A.
These are the hours worked by mechanic B.
based on the provided statement;
x+y=20 Eqn 1
95x+75y=1800 Eqn 2
Eqn 1 multiplied by 95
95(x+y)=2
95x+95y=1900 Eqn3
Subtracting Eqn 2 from Eqn 3
(95x+95y)-(95x+95y)=1900-1800
95x+95y-95x-75y=100
20y=100
Dividing both sides by 20
[tex]\frac{20y}{20}=\frac{100}{20}[/tex]
y=5
Putting y=5 in Eqn 1
x+5=20
x+20-5
x=15
Mechanic A worked for 15 hours and mechanic B worked for 5 hours.
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demonstrate an understanding of ethics and social etiquette and sensitivity to audience needs including cross-cultural situations that are applicable in a business environment.
Social responsibility and moral conduct both reflect on individual employees and the company they work for.
Select a line of ethical reasoning that you want to illustrate. Following the law, upholding social norms, or acting in accordance with your conscience are examples of ethical behavior. A variety of values may be mixed together in ethical philosophy.Be fair. Hold everyone, including yourself, to the same ethical standards once you've settled on your ethical principles.Observe decency. Avoid prejudice, oppose harassment, and demonstrate care for the welfare of others.Be sincere. Share your thoughts, opinions, and ethical position through open communication.Be able to regulate yourself. Inhibit both your physical and emotional inclinations. Don't indulge excessively. Replace your rage with concern.Be courageous and behave honorably. When everything is going well, it is simple to make the appropriate decision.Learn more about Ethical reasoning, here
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Question 2 (1 point)
If you wanted to make sure a company has enough money available to pay its bills, which financial statement would be most helpful?
A Balance sheet
B. Income statement
C. Statement of owners' equity
D. Cash flow statement
on december 31 before adjusting entries, accounts receivable for calegari company had a debit balance of $200,000, and the allowance for doubtful accounts had a credit balance of $6,000. credit sales for the year were $1,600,000.
The balance of the allowance for doubtful accounts will be $22,000 after adjustment, if credit losses are estimated at 1% of credit sales.
After-adjustment allowance for doubtful accounts:
= Credit balance of Allowance for Doubtful Accounts + Estimated percentage of Credit Sales for the Year
= $6,000 + 1% of $1,600,000
= $6,000 + $16,000
= $22,000
The balance of the allowance for doubtful accounts will be $22,000 after adjustment.
Here is the complete question-
On December 31, 2016 before adjusting entries, Accounts Receivable for Nickolas Company had a debit balance of $200,000, and the Allowance for Doubtful Accounts had a credit balance of $6,000. Credit sales for the year were $1,600,000. If credit losses are estimated at 1% of credit sales:
a. The balance of the Allowance for Doubtful Accounts will be $10,000 after adjustment.
b. The balance of the Allowance for Doubtful Accounts will be $22,000 after adjustment.
c. The balance of the Allowance for Doubtful Accounts will be $16,000 after adjustment.
d. Bad Debts Expense for the year will be $22,000.
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Q.1 Discuss whether or not an increase in income tax rates will improve economic performance. [8]
Because lower tax rates increase the after-tax benefit of working, saving, and investing, they have a beneficial impact on the size of the economy.
Briefing:-Through substitution effects, these larger after-tax incentives encourage workers to put in more labor, save more money, and invest more.
What transpires when income taxes rise?A tax rise will cut into discretionary income since it depletes household finances. A tax cut will result in higher discretionary income for households since they will have more money. Consumer demand, which makes up two thirds of all demand, is primarily driven by disposable income.
How does taxation impact economic expansion?mostly by way of the supply side. Specific tax preferences can have an impact on how economic resources are allocated, whereas high marginal tax rates can discourage work, saving, investing, and innovation. Tax cuts, however, can also reduce long-term economic development by raising deficits.
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at the reading of the will, you learn that your inheritance will allow you to receive the amount of $540 at the end of each year for a total of 11 consecutive years. however, because of your young age, these amounts will not begin until the end of 5 years. if the interest rate is 9.00%, what is the equivalent present value of the inheritance?
The equivalent present value of the inheritance is $2,388.37
The payout annuity formula:
P = C . [1 - (1 + r)⁻ⁿ] / r
Where P is the present value
C = periodic payment
r = interest rate per period
n = number of periods
In the given problem,
n = 11
C = $540
r = 9% = 0.09
Hence,
P = 540 . [1 - (1 + 0.09)⁻¹¹] / 0.09
= 3674.8
However, this present value of $3674.8 is the present value 5 years later, or the future value from now.
Use the future value formula:
FV = PV (1 + r)ⁿ
n = 5 years
3674.8 = PV (1 + 0.09)⁵
PV = 2388.37
Therefore, the equivalent present value of the inheritance is $2,388.37
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Which of the following choices is not found in a decision-making grid?
opportunity cost
revenue
benefit not taken
benefit
Benefit not taken s not found in a decision-making grid. Students can use the Decision Making Grid (DMG) as a tool to aid in making informed decisions in a variety of situations.
The Benefit tool is meant to assist students in choosing what is financially best for them. Each requirement is used in relation to the goods and services (one criterion at a time). A decision-making is a tool for comparing and choosing the best option from a variety of options. This tool is especially helpful if you are choosing between numerous options and need to weigh a number of different considerations before making your final choice.
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A factory owner wants his workers to produce as many widgets as they can so he pays his workers based on how many widgets they produce. however, in order to make sure that the workers do not rush and produce a large number of poorly made widgets, he checks the widgets at random at various stages of their manufacture. If a defect is found in a widget, the pay of the entire section of the factory responsible for that defect is docked. How is this factory owner seeking to solve the agency conflict problem in this case?.
The factory owner seeks to solve the agency conflict in this case by supplying incentives so the agents act in the way the principal desires.
Conflict is the term used to describe the discord brought on by opposing beliefs, objectives, and circumstances. Internal and external conflicts have two subtypes each, and there are two branches of each.
An incentive refers to anything that motivates someone to achieve something or work harder. When it comes to workers, rewards and incentives at work are advantageous to both employers and employees. Employee morale, work happiness, and motivation may all be enhanced when employers recognize employees for their performance and productivity.
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if an auditor is unable to perform the audit procedures necessary to determine whether the statements are prepared in accordance with gaap, the auditor must issue a(n) opinion.
If an auditor cannot perform the audit procedures necessary to determine whether the statements are prepared in accordance with GAAP, the auditor must issue an opinion.
An opinion is a statement that expresses a feeling, attitude, judgment, or belief. Facts are stated as statements that can be verified or proven to be true. An opinion is an expression of a judgment or belief about something. Facts are based on observations or research, while opinions are based on assumptions. Facts are objective realities, while opinions are subjective statements.
A fact is a statement that can be proved to be true or false. Also, facts should be impartial and should not be presented objectively by taking a single point of view. Opinions can be based on facts or feelings, and can also be used to mislead people.
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an expected value or expected profit calculation is a great way to evaluate a classification model. they rely on some fairly restrictive assumptions, though. briefly, what are those assumptions?
They rely on some fairly limiting assumptions, those assumptions are called expected value.
The expected value (also known as EV, expectation, mean, or mean value) is the long-term average value of a random variable. It also shows the probability weighted average of all possible values. Expected value is a commonly used financial concept. In finance, it indicates the anticipated future value of an investment. By determining the possible scenarios that may occur, one can determine the EV of the scenario.
This concept is often used with multivariate models and scenario analysis. Scenario Analysis is a technique used to analyze decisions by speculating on various possible outcomes in financial investments. In financial modeling, this. This is directly related to the concept of expected returns. Expected Return The expected return on an investment is the expected value of the probability distribution of the possible returns that it can provide to the investor. Return on investment is an unknown variable that has different values associated with different probabilities.
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