In a partnership where Jenkins, Willis, and Trent invested different amounts. With no special agreement on profit distribution, the profit will be allocated based on the partners' capital contributions.
To close the firm's income summary account and allocate the profit to the partners, we need to follow these steps:
Close the income and expense accounts: Transfer the balances of all income and expense accounts to the income summary account.
Income Summary Dr. $603,000
Sales Cr. $603,000 (or any other relevant income and expense accounts)
Allocate the profit to the partners: Distribute the profit among the partners based on their capital contributions.
Jenkins' Capital Account:
Opening balance $204,000
Share of profit ($603,000 * $204,000 / $1,020,000) = $121,176
Closing balance $204,000 + $121,176 = $325,176
Willis' Capital Account:
Opening balance $357,000
Share of profit ($603,000 * $357,000 / $1,020,000) = $210,588
Closing balance $357,000 + $210,588
= $567,588
Trent's Capital Account:
Opening balance $459,000
Share of profit ($603,000 * $459,000 / $1,020,000) = $271,236
Closing balance $459,000 + $271,236
= $730,236
By allocating the profit to the partners based on their capital contributions, we ensure a proportional distribution of the firm's earnings among the partners. The closing entries for the income summary account would be followed by adjustments to each partner's capital account to reflect their share of the profit, resulting in updated capital balances for each partner.
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name four commercial services which are useful to a manufacturer
A Blank______ does not require consumers to do anything other than buy a ticket or fill out a form for a chance to win some type of prize.
Sweepstakes does not require a consumer to purchase anything aside from the the ticket they will fill out for a chance to win prices.
What is Sweepstakes?Sweepstakes is a form of gambling in which everyone involved in the contest pay a certain amount of money and the winner is awarded with a price or the money contributed.
Therefore, Sweepstakes does not require a consumer to purchase anything aside from the the ticket they will fill out for a chance to win prices.
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which material would be the best insulator?
a) Plastic
b) copper
c) steel
d) wool
Which one of the following manufacturing processes is likely to result in the best surface finish? (a) arc welding, (b) grinding, (c) machining, (d) sand casting, or (e) sawing?
Grinding is likely to result in the best surface finish among the given manufacturing processes.
Grinding is a process specifically designed to achieve a high-quality surface finish. It involves using an abrasive wheel or tool to remove material from the workpiece, resulting in a smooth and precise surface. Grinding can be performed using various techniques, such as precision grinding or surface grinding, which are known for their ability to produce fine finishes. The process allows for close tolerances and excellent control over the surface characteristics, making it ideal for achieving superior surface finishes.
On the other hand, the other manufacturing processes mentioned have limitations in terms of surface finish. Arc welding involves the fusion of metal parts using high heat, which can result in rough and uneven surfaces. Machining, although capable of producing good surface finishes, may still require additional processes like grinding or polishing to achieve the desired smoothness. Sand casting and sawing generally result in rougher finishes compared to grinding.
In summary, while all manufacturing processes have their own advantages and applications, grinding is specifically designed for achieving superior surface finishes, making it the most suitable choice among the options provided.
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The federal reserve can affect you through
As the Federal Reserve conducts monetary policy, it influences employment and inflation primarily through using its policy tools to influence the availability and cost of credit in the economy.
cash dividends are paid on __________ stock. a.issued b.authorized c.treasury d.outstanding
Cash dividends are paid on a. issued stock.
What are cash dividends ?A cash dividend is a payment made from the corporation's current earnings or accumulated profits to issued stockholders in general. Instead of being distributed as a stock dividend or another kind of value, cash dividends are paid in cash.
The company's net profits from the financial year are used to pay the cash dividend. A firm is not required to issue dividends; alternatively, the money may be reinvested in other corporate growth initiatives. However, to maintain investors' interest, the majority of well-established companies announce dividends annually or every two years.
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Suppose a lite insurance company selis a $200,000 1-year lecms iffe insurance policy to a 20yoat-old female for $230. According to the Nabional Vial Statistics Report. 58(21) the probablity that the female survives the year is 0999544 Compute and interpret the expected value of this pollcy to the insurance company The expected valje is s (Round to the nearest cent as needed) Which of the folowing interpretations of the expected valise is correct? Select the correct choice below and fir in the answer box to complete your choice (Round to the nearest cent as needed) A. The insurance company expects to make a maximum profit of 5 on every 20 -year-old fermale it insures for 1 year. B. The insurance company expects to make a profit of : on every 20-year-old female it insures for 1 month C. The irsurance company expecis to make a minimum proft of A on every 20 -year-old female it insures for 1 month D. The insurance compary empecta ta make a profit of 3 on every 20 -yeat-old female it inscires for 1 year
The expected value of this policy to the insurance company is $229.95. The correct interpretation of the expected value is "The insurance company expects to make a minimum profit of $229.95 on every 20-year-old female it insures for 1 year." Therefore, the correct option is C.
Expected value of this policy to the insurance company can be computed as follows:
Expected Value = (Probability of Survival * Amount Paid by the Policy Holder) - (Probability of Death * Amount Paid to the Policy Holder)
Probability of survival is given as 0.999544 and hence the probability of death is 1 - 0.999544 = 0.000456
Amount paid by the policyholder is given as $230 and amount paid to the policyholder in case of death is $200,000
Expected Value = (0.999544 * $230) - (0.000456 * $200,000)
Expected Value = $229.95
The expected value of this policy to the insurance company is $229.95. The correct interpretation of the expected value is "The insurance company expects to make a minimum profit of $229.95 on every 20-year-old female it insures for 1 year." Therefore, the correct option is C.
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A mail-order firm processes 4,400 checks per month. Of these, 70% are for $34 and 30% are for $66. The $34 checks are delayed three days on average; the $66 checks are delayed four days on average. Assume 30 days in a month.
a-1. What is the average daily collection float? (Do not round intermediate calculations. )
a-2. How do you interpret your answer? (Do not round intermediate calculations. )
b-1. What is the weighted average delay? (Do not round intermediate calculations and round your answer to 2 decimal places, e. G. , 32. 16. )
b-2. Calculate the average daily float. (Do not round intermediate calculations. )
c. How much should the firm be willing to pay to eliminate the float? (Do not round intermediate calculations. )
d. If the interest rate is 6% per year, calculate the daily cost of the float. (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e. G. , 32. 16. )
e. How much should the firm be willing to pay to reduce the weighted average float to 1. 5 days? (Do not round intermediate calculations. )
a-1) The average daily collection float is $22,088
a-2) There is $22,080 that is uncollected and not available to the firm.
b-1) The weighted average delay is $191,840
b-2) The average daily float is $22,061.60
c) The firm be willing to pay to eliminate the float is $22,061.60
d)The average daily interest 3.46
e) New average daily float is: $9,591.99
Cash on collection:Cash on collection is said to be a function that explains the process whereby a company recovers cash from several businesses to whom it has previously issued a bill. These bills are issued with the duration of payment.
a-1 Calculating the average daily collection float :
Average daily collection float = (4,400× 70% × $34 × 3) + (4,400 × 30% × $66 × 4 ) / 30 days
= $22,088
a-2) On average, there is $22,080 that is uncollected and not available to the firm.
b-1)Calculating the weighted average delay
Total collection= 4400 × 70% × $34 + 4400 × 30% × $66
= $191,840
b-2) Calculating the average daily float
Average daily float = Weighted average delay × (Total collection/ 30 days)
= 3.45 × ($191,840/ 30 days)
= $22,061.60
c) $22,061.60 is the firm be willing to pay to eliminate the float
d) Calculating average daily interest
(1 + Interest rate) = \((1+R)^3^6^5\)
(1+ 0.06) = \((1+R)^3^6^5\)
R = 0.01596% per days
Daily cost of float = Average daily float × R
= $22,061.60 × 0.01596%
= 3.46
e) New average daily float = 1.5 days (Total collection/ 30 days)
= 1.5 days × ($191,840/30days)
= $9,591.99
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A company’s code of conduct is likely to include rules on
A. hourly pay
B. processes for handing outside contractors
C. personal use of company confidentiality agreement
Answer:
c for sure
Explanation:
thats one of the main things especially if you work in the healthcare industry.
HIPAA is extremely important... invasion of provacy or violating the act can set you into jail
zach company owns 40% of the voting stock of tomas corporation and uses the equity method in recording this investment. tomas corporation reported a $16,000 net loss. zach company's entry would include a
Zach Company's investment in Tomas Corporation account will be debited $6,400 (40% of the $16,000 net loss).
The equity technique gives a corporation enormous influence over the investee but not control over its decisions and activities. The equity method debits or credits the investor's proportionate part of the investee's profits or loss. Zach's business, which owns 40% of Tomas Corporation's voting stock, must record $6,400 ($16,000 x 40%) of the net loss. Zach company's input would debit its investment in the Tomas Corporation account and credit its income or loss account by $6,400.
Journal entry: Debit Investment in Tomas Corporation $6,400 Credit Loss on Investment $6,400 Zach company's net income will decrease by $6,400 due to an investment loss.
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what sentence describes the human resources department?
1. "he builds strategies to deal with the challenge that the business faces due to the changing economic policies of the government, and market competition"
2. "he ensures that all of the company's activities and policies comply with the labor laws"
3. "he uses software applications to track production of goods. he also tried to target and reach the right custumers"
Answer:
Sentence 1 "he builds strategies to deal with the challenge that the business faces due to the changing economic policies of the government, and market competition" does not describe the human resources department specifically. It describes a management role in general, and some responsibilities may be shared between different departments such as finance, operations, marketing, etc. However, the HR department could be involved in strategizing how to manage the human capital of the company in light of the external challenges that the business is facing. The human resources department plays an important role in aligning the workforce with the business goals and objectives, and in creating policies and procedures to ensure that the company is able to adapt to changes in the external environment.
Sentence number 2 "he ensures that all of the company's activities and policies comply with the labor laws" describes the human resources department. The Human Resources department is responsible for ensuring that the company complies with labor laws and regulations, and is also responsible for managing the company's employees, including hiring, training, and benefits. The HR department also plays a key role in creating policies and procedures to ensure that the company is a fair and equitable workplace.
Sentence 3 "he uses software applications to track production of goods. he also tried to target and reach the right customers" does not describe the human resources department specifically. It describes a manufacturing or operations role, or a role in sales and marketing. The Human Resources department is responsible for managing the company's employees, including hiring, training, and benefits. The HR department also plays a key role in creating policies and procedures to ensure that the company is a fair and equitable workplace. It also ensures that the company complies with labor laws and regulations and also helps in aligning the workforce with the business goals and objectives.
Explanation:
true false Stocks, or equity securities, represent the purchase of ownership in a business corporation.
It is true that stocks or equity securities represents the purchase of ownership in a business corporation.
Stocks is also called (equity securities) and refers to the security that represents the ownership of a fraction of the corporation.
These fraction of ownership are owned by the Shareholders who wishes to own a share of the company.
So, these shareholder are paid dividend depending on how the company performs in the accounting year.
Therefore, it is true that stocks or equity securities represents the purchase of ownership in a business corporation.
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majid corporation sells a product for $215 per unit. the product's current sales are 42,700 units and its break-even sales are 36,195 units. what is the margin of safety in dollars?
Therefore, the margin of safety for Majid Corporation is $1,613,075. This means that the company can afford to lose up to $1,613,075 in sales before it starts incurring losses.
The margin of safety is an important financial metric that helps businesses understand how much sales they can afford to lose before they start incurring losses. In this case, the margin of safety can be calculated by subtracting the break-even sales from the current sales and then multiplying the result by the selling price per unit.
Margin of Safety = (Current Sales - Break-even Sales) x Selling Price per Unit
Using the figures provided, we can calculate the margin of safety as follows:
Margin of Safety = (42,700 - 36,195) x $215
Margin of Safety = 7,505 x $215
Margin of Safety = $1,613,075
It's worth noting that having a high margin of safety is a good indicator of financial stability and resilience, as it means that the business has a buffer to absorb any unexpected downturns in sales.
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The Hartford Symphony Guild is planning its annual dinner-dance. The dinner-dance committee has assembled the following expected costs for the event. The committee members would like to charge 35 per person for the evening's activities.
(b) Assume that last year only 300 persons attended the dinner-dance. If the same number attend this year, what price per ticket must be charged in order to break even?
$40 price per ticket must be charged in order to break even.
Giving the following information:
2) Q= 300 P=?
300=6000/(P-20)
300*(P-20)= 6000
300P=12000
P=$40.
The break-even point is the point at which total costs equal total revenue. In other words, there is no loss and no profit for SMEs. This means that we have reached a stage of production where the cost of production equals the revenue of the product.
To calculate the break-even point in units, use the following formula: Break-even point (units) = fixed cost ÷ (selling price per unit – variable cost per unit) or in sales dollars, using the following formula: break-even point - points (sales) = fixed costs ÷ contribution margin.
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In which of the years was libertyville most likely experiencing a trough in its business cycle?
In the year 2016, Libertyville most likely experienced a trough in its business cycle.
What do you mean by trough?The level of the economy's enterprise cycle that marks the cessation of a duration of declining enterprise pastime and the transition to expansion is known as a trough.
The enterprise cycle is the upward and downward motion of gross home product and includes recessions and expansions that lead to peaks and troughs.
Thus, In the year 2016, Libertyville most likely experienced a trough in its business cycle.
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Which of the following types of software is best suited for tasks that are unique to a
particular business?
A) collaborative
B) custom
C) groupware
D) packaged
E) ready-made application
Answer: B
Correct, the best suited type of software for tasks that are unique to a particular business is custom software (option B).
Custom software refers to software that is specifically developed or tailored to meet the unique requirements and needs of a particular business. It is designed and built from scratch, taking into account the specific processes, workflows, and functionalities of the business. Custom software provides the flexibility to address the specific challenges and requirements of the business, offering a highly customized and tailored solution. This type of software is often developed by a team of software developers or hired professionals who work closely with the business to understand its unique needs and build a solution accordingly. In contrast, other options like collaborative software, groupware, packaged software, or ready-made applications are more generic and may not offer the same level of customization and fit for a specific business's unique tasks.
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What is FDIC compliance?
FDIC is an agency that keeps a check on the financial institutions of the country in order to ensure the safety and security of the consumers. It ensures the fair exchange of finances.
FDIC stands for Federal Deposit Insurance Corporation. It is an independent agency. The FDIC compliance includes the basic rules and etiquettes for the transactions and responsibilities of the authorities.
Finances are the money spent by a person, business, company, or any organization in order to pay for something. Finance is simply the give and take process that includes money. However the term also includes the proper planning and measures of how the money could be spent efficiently.
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Using Your Formal Authority And Power To Resolve A Conflict, While Largely Ignoring The Needs Of The Other Party, Is Characteristic Of The ________ Conflict-Handling Style. Compromising Forcing Avoiding Integrating Obliging
Using Your Formal Authority And Power To Resolve A Conflict, While Largely Ignoring The Needs Of The Other Party, Is Characteristic Of The Conflict-Handling Style.
When a person uses his authority to force someone to comply with his desires, he is not concerned with the other party's opinion. The main ingredients of this method of conflict resolution are force and a disregard for the concerns of others.
We can consciously choose how to respond to others in a conflict situation if we have a better understanding of the impact our personal conflict style has on others.
Hence, the correct answer is the "FIRST" option.
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What is a major function of the public sector
Answer:
Public sector provides many services such as; education, health and social care.
Blackmon Brothers law firm used 165 legal pads over the last three weeks (15 days). It takes them three days to get more, and they want to keep two day's worth as a safety stock. How low can their stock get before they need to order more?
Answer:
55 legal pads.
Explanation:
The level at which Blackmon Brothers should order more legal pads is the re-order point.
The calculate re-order point, we require
Average daily usage
Delivery lead time
Safety stock is needed.
For Blackmon, Average daily usage will be 165 divided by 15 days
=165/15
=11 legal pads per day.
Lead time is 3 days
Formula for getting the re-order point
= (average daily usage x delivery time) + requires safety stock
For Black man
= (11 x 3)+ (11 x 2)
=33 + 22
=55 legal pads.
They should re-order when they have a balance of 55 legal pads.
The financial statement that reports the changes in the retained earnings and common stock for a period of time is known as the.
The statement of owner's equity—also called the statement of retained earnings—shows the change in retained earnings between the start and end of a period (e.g., a month or a year). The record reflects a company's solvency and financial position.
What are the three financial statements?The earnings report , record , and statement of money flows are required financial statements. These three statements are informative tools that traders can use to research a company's financial strength and provide a quick picture of a company's financial health and underlying value.
What is the statement of retained earnings ?
Reports the way that net and the distribution of dividends affected the financial position of the company during the accounting period. the sum of the share of net income which is not paid to the shareholder as dividend. the aim of the retained earnings is reinvestment
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Do you think shiny glass would benefit from a new order processing system? if so, why? what is wrong with the current order processing system?
I think that shiny glass would help greatly with a new order processing system. This is because the current system exists not working appropriately as it should and therefore a few changes should be made.
What is order processing system?The order processing system is a way to gather all the information required about a customer and the order. While most procedures are becoming more technological, some processing systems may still be manual. A third-party logistics provider is coordinated by an order management system (OMS), which checks stock levels across warehouses, merges order data from various channels, and expedites delivery of goods to customers.
But selecting and utilizing an OMS involves more than just sending order data through the software. An example of order processing software is Zoho Inventory and demand planning software. You can monitor the price per order, the typical number of orders, and the time it takes to process and deliver an order by using this software.
Hence, I think that shiny glass would help greatly with a new order processing system. This is because the current system exists not working appropriately as it should and therefore a few changes should be made.
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Name and briefly describe the quantitative methods of control (ABM)
Mathematical and statistical techniques are the two main categories of quantitative management methods.
What is quantitative management?Computers and mathematical methods are used in quantitative management to sort through financial statistics and choose stocks. Managers use previous quantitative linkages they have observed to inform "models" that aid in stock selection.
Screening is the process of examining historical information on businesses using a computer. A quantitative manager may develop a program to screen 2,000 stocks based on a specific set of traits or criteria.
The manager might prove, for instance, that historically, stocks with low price-to-earnings ratios and rapid earnings growth during the previous two years outperformed the market the following year.
The simplicity of using a model once it is established is the obvious advantage. Given the constantly shifting landscape of the financial markets, developing the model is the challenging aspect.
It might be challenging to incorporate enough adaptability into a model in quantitative management without adding too many additional variables.
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which curve reflects the probable speed distribution for ne(g) at 500k, if curve 3 is the distribution at 298 k?
Because the greatest number of molecules have the speed at the top of the curve, it is referred to be the most probable speed.
Introduction
The motion of a molecule in an ideal gas under a certain set of circumstances is ascertained using the kinetic molecular theory. It is, however, impossible to determine the velocity of every molecule at every point of time when observing a mole of a perfect gas. Therefore, to ascertain the number of molecules travelling between velocities v and v + dv, the Maxwell-Boltzmann distribution is applied. Assuming that the one-dimensional distributions are distinct from one another and that the x velocity is unaffected by the y or z directions, we can consider the Maxwell-Boltzmann distribution as an example
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What can be a benefit of using interviews to select employees to hire?
A. Insights from employees' examples
B. Accurate prediction of honesty
C. Good measurement of intelligence
D. Errors from employee bias
Answer:
B. Accurate prediction of honesty
Explanation:
Interviews are one of the most effective tools that human resource managers use to determine if a candidate is a match or not for a specific job. Flexibility is the key word here. That allows both the candidate and the interviewer, the possibility of understanding what are the skills needed for a certain job and if the candidate possesses them. When someone answers a test, you can tell if the candidate knows about the subject or not, but when he/she is interviewed, you can ask for more detail and examples that help clarify the candidate's ideas, expectations and capabilities. E.g. a candidate states that he/she knows how to use WordPress very well, and the interviewer can ask him/her about specific tasks to verify if that is true.
Answer:
A. Insights from employees’ examples
Explanation:
Just took the quiz.
a company that builds stakeholder coalitions to influence government is using which strategy?
The company is using a strategy known as advocacy or lobbying. This approach involves the process of engaging with stakeholders such as industry associations, non-governmental organizations, and community groups to build coalitions and collaborate towards achieving a common goal.
The company's objective is to influence government policies, legislation, and regulations that are relevant to their operations or industry.
The process of advocacy or lobbying can involve various activities such as research, stakeholder engagement, communication, and direct engagement with policymakers. The company may use their expertise and knowledge of the industry to provide evidence-based arguments to policymakers in support of their position. They may also engage in public awareness campaigns to create support for their cause or to counter opposition from other stakeholders.
The success of advocacy or lobbying depends on the company's ability to build effective coalitions with other stakeholders and to maintain a consistent message throughout the process. The strategy can be a powerful tool for influencing government decisions, but it requires careful planning, management, and execution. Overall, advocacy or lobbying is a common strategy used by companies to shape public policy and protect their interests.
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Which of the external and internal business environment has greater influence on business organization?
Internal environments, also known as micro environments, are unique and have a direct impact on the business.
What is internal environment?
The internal environment is the conditions, entities, events, and factors within an organization that influence its activities and choices, especially with regard to the behavior of its employees. These conditions can include a variety of factors, such as corporate culture, organizational structure, management practices, and employee attitudes.
The external environment, also known as the macro environment, has an impact on all company groups even if it has no direct impact on any single organization.
What is external environment?
External environment refers to factors outside of a company’s control that can have a significant effect on its performance and decision-making. Examples of external environmental factors include economic conditions, technological advances, natural disasters, government policies, social change, and competition.
An organization's internal environment can help determine the success or failure of its external environment, as well as how the company will respond to changing external conditions. By understanding and managing the internal environment, businesses can better prepare for and respond to external conditions, as well as create a more successful organizational culture.
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organizations design and implement systems to capture the details of transactions involved in each business
Organizations design and implement accounting information systems to capture the details of transactions involved in each business.
What is accounting information?Accounting information is fed into an accounting information system that uses computers to process data. It records and tracks all the accounting activity of the business by making use of information technology systems and resources.
A firm employs an accounting information system (AIS) as a framework to gather, organize, process, retrieve, and report its financial data so that accountants, consultants, business analysts, managers, chief financial officers (CFOs), auditors, regulators, and tax agencies may use it.
To assure the highest level of accuracy in a company's financial transactions and record-keeping, as well as to make financial data easily accessible to those who legitimately need access to it—all while keeping data intact and secure—specially trained accountants closely collaborate with AIS.
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Please help worth bonus points!
Answer:
the 4th and 5th one is for france
Explanation:
this is done in france France, it is called french silver service, it's a method of food service at the table, it's known as à l'anglaise (English service)
4=the staff utilizes platters to serve cooked food
5=the last one
1= america, the first one.
2=Russia
3=russia
if I got anything mixed up, pls inform me.
Your finance rate is determined by your credit history and credit rating.
True
False
Answer: True!
Explanation: