Prepare the journal entries to record the following transactions for Reese Company, which has a calendar year end and uses the straight-line method of depreciation.
a. On September 30, 2017, the company sold old equipment for $46,000. The equipment was purchased on January 1, 2015, for $96,000 and was estimated to have a $16,000 salvage value at the end of its 5-year life. Depreciation on the equipment has been recorded through December 31, 2016.
b. On June 30, 2017, the company sold old equipment for $24,000. The equipment originally cost $36,000 and had accumulated depreciation to the date of disposal of $15,000.
Answers
Answer:
Reese Company Journal entries
September 30, 2017
Dr Depreciation Expense 12,000
Cr Accumulated Depreciation -Equipment 12,000
(To record depreciation expense)
Dr Cash 46,000
Dr Accumulated Depreciation-Equipment 44,000
Dr Loss on Disposal of Plant Assets 6,000
Cr Equipment 96,000
(To record sale of delivery equipment at a loss)
b)On June 30, 2017
Dr Cash 24,000
Dr Accumulated Depreciation-Equipment 15,000
Cr Equipment 36,000
Cr Gain on Disposal of Plant Assets 3,000
(To record sale of office equipment at a gain)
Explanation:
a.September 30, 2017
Calculation for Depreciation Expense and Accumulated Depreciation -Equipment
We have to record depreciation expense for the first 9 months of 2017 which is
$80,000 ÷ 5 years = $16,000 ×9/12 = $12,000
Calculation for Accumulated Depreciation-Equipment:
($32,000 + $12,000) =44,000
Calculation for Loss on Disposal of Plant Assets
($52,000 – $46,000) =6,000
b)On June 30, 2017
Calculation for Gain on Disposal of Plant Assets
($24,000 – $21,000)=3,000
Related Questions
4. Matilda and Rene are also trying to forecast what their federal and state income taxes will
be for the end of the year. If Matilda and Rene had a negative cash flow of -$150.00 per
month from January through April, but a positive cash flow of $1,000.00 per month (after
expenses) from May through December, on what dollar amount will they determine their
income taxes? What expenses could be used for tax deductions? (15 points)
Answers
Answer:
what do you need help with...
Explanation:
Economic impact of offshore banking in malaysia
Answers
Answer:
It helps them but not a major impact
Explanation:
Pls mark brainliest
If the order is accepted, by how much will monthly profits increase or decrease? (The order would not change the company’s total fixed costs.) Show and label all computations using words and numbers to explain the steps please (final answer should be incremental profits)
Answers
If the Superior Company accepts the special order, monthly profits will increase by $2,500.
By how much will monthly profits increase or decrease if order is accepted?To determine the impact on monthly profits, we need to calculate the contribution margin per unit on the special order.
Contribution margin per unit = Selling price per unit - Variable costs per unit
= $15 - ($2.50 + $3.00 + $0.50 + $1.50)
= $7.50
The contribution margin ratio is 50% ($7.50 / $15).
The fixed costs are $4.25 + $2.00 = $6.25 per unit.
If the company accepts the special order, it will produce and sell an additional 2,000 units.
Total contribution margin from the special order:
= 2,000 units x $7.50 per unit
= $15,000
Since the order would not affect regular sales, the company's total fixed costs will remain the same. Therefore, the increase in monthly profits would be:
Increase in monthly profits = Total contribution margin from the special order - Incremental fixed costs
= $15,000 - ($6.25 x 2,000)
= $2,500.
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The information on the job application should be consistent with which of the following?
Resume only
Resume and cover letter
Resume,cover letter and social media profiles only
Resume cover letter social media profiles and interview answers
Answers
Answer:
Resume and cover letter should be the only things you will need normally employers don't ask for any social media it also depends of the job you're applying for if it's a high end job 9 times out of 10 they will go through your social medias but won't request them on your application.
Explanation:
comment if i misunderstood I'll be happy to help
Answer:Resume and cover letterrr
Explanation:
What is productivity?
A. quantity of input per unit of output
B. quantity of output per unit of input
C. Quality of output per unit of input
D. quality of input per unit of output
Answers
Most retirees spend roughly half of their budget
on
A.living expenses
B. New hobbies
C.travel
D.children and grandchildren
Answers
Answer:
A.Living expenses.
Explanation:
wag mag mura kung mali
Answer:
a
Explanation:
living expenses
What does this part of the safety manual specifically indicate about workplace safety? Providing proper safety gear is a priority for this business. This company stresses the importance of using tools correctly. This company has set up regular inspection checks for all equipment. Employees receive training on the use of all equipment at this warehouse.
Answers
Answer:
b
Explanation:
Answer:
B. This company stresses the importance of using tools correctly.
Explanation:
Happy holidays! Right on ED2021, goodluck!
Q1. A manufacturing firm has discontinued production of a certain unprofitable product
line. This created considerable excess production capacity. Management is considering to
devote this excess capacity to one or more of three product 1,2 and 3. The available capacity
on the machines which might limit output are given below:
Machine type Available time
(in machine hours per week)
Milling
machine
250
Lathe 150
Grinder 50
The number of machine hours required for each units of the respective product is given
below;
Machine type Productivity (in machine hours/unit)
Product 1 Product 2 Product 3
Milling 8 2 3
Lathe 4 3 0
Grinder 2 0 1
The unit profit would be 20 birr, 6 birr and 8 birr for products 1,2 and 3. Find how much of
each product the firm should produce in order to maximise profit ? Solve the problem by
simplex method.
Answers
The simplex method is a linear programming technique used to find the maximum value of a linear objective function subject to constraints represented by linear equations or inequalities.
How do we use this method?Here's how you can solve this problem using the simplex method:
Formulate the problem as a linear program:
The objective is to maximize the total profit, which is given by 20x1 + 6x2 + 8x3, where x1, x2, and x3 are the number of units of products 1, 2, and 3, respectively. The constraints are the available machine time, which are:
8x1 + 4x2 + 2x3 <= 250 (milling machine)
3x1 + 3x2 <= 150 (lathe)
x3 <= 50 (grinder)
Create a simplex tableau:
The simplex tableau is a matrix used to keep track of the variables and the coefficients of the objective function and the constraints. The first row of the tableau is the objective function, the rest of the rows are the constraints. The last column is called the "result" column and contains the values of the variables and the objective function.
Choose a basic variable:
In the first iteration, we will choose x1 as the basic variable, since it is the only non-negative variable in the objective function. We will write x1 in terms of x2 and x3 using the first constraint:
x1 = (250 - 4x2 - 2x3)/8
Update the simplex tableau:
Substitute x1 in the objective function and in the rest of the constraints:
20 * (250 - 4x2 - 2x3)/8 + 6x2 + 8x3
3x2 <= 150
x3 <= 50
Check for optimality:
Check if all the coefficients in the objective function are non-negative. If so, the current solution is optimal and the problem is solved. If not, choose the next basic variable and repeat steps 3 and 4.
Repeat steps 3 to 5 until optimality is reached:
In the second iteration, we will choose x2 as the basic variable. Substitute x2 in the objective function and in the rest of the constraints, and check for optimality. Repeat this process until the coefficients in the objective function are non-negative, indicating that the solution is optimal.
The final solution will give the number of units of each product that the firm should produce in order to maximize profit.
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What was the opening price of Dow Jones Industrial Average on Mar 08, 2018?
Answers
Answer:
$24,853.41
Explanation:
Results from online research show the opening price of Jone Industrial Average om Mar 08, 2018, was $24,853.41. The rest of the information on that day is as below
Date open High Low Close
Mar 08, 2018 $24,853.41 $24,950.49 $24,703.05 $24,895.21
You are on a business trip from Portugal to the United States for 90 days, and you have a per diem expense account of 400 euros, no receipts required. This per diem is advanced to you before the trip (36,000 euros). You deposit it into your checking account and use your Portuguese (euro) credit card to cover your costs while in the United States. After the first two weeks of your trip, the dollar weakens against the euro by 15 percent. What ethical dilemma might this currency fluctuation present for you? How will you handle it?
Answers
The ethical problem is whether to save the extra Euro for personal use and not disclose it to the firm because no receipt is necessary, spend the whole sum of 400 Euros by engaging in other activities, or just return the money.
The activity should be motivated by intent and will adhere to the deontological perspective.
According to this approach, the action should be to spend Euros while on a business trip to obtain additional valuable information for the organization, such as understanding local market conditions, discussions with channel partners, and other activities that go beyond the scope of the business trip within the budget of 400 Euros.
Following that, any Euro saved should be returned to the organization together with a declaration of the dollar's depreciation and any further information obtained.
It will assist the organization in growing and setting a positive ethical example for the personnel, and it will take the utilitarian perspective into account.
Here,
Due to the weakening of the dollar, a less number of euros will be used to buy the same basket of goods and services.
The number of euros required after 2 weeks (after depreciation in dollars) = 400 x .85 = 340 Euros per day
Therefore, the ethical dilemma is whether to spend the entire 400 Euros on other activities, refund the money, or preserve the additional Euro for personal use while keeping it a secret from the company because there is no need for a receipt.
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how do I calculate the gain on disposal of these assets
Answers
To calculate the gain on disposal of assets, you need to use the following formula:
Gain on disposal = Proceeds from disposal - Carrying amount of the asset (i.e. Cost of the asset - Accumulated depreciation)When an asset is sold, the company receives cash which is known as the proceeds from disposal.
The carrying amount of the asset represents the historical cost of the asset less accumulated depreciation on the asset over its useful life.
Suppose a company sells a machine for $20,000. The original cost of the machine was $30,000, and its accumulated depreciation is $10,000. Then, the gain on disposal of the machine will be:Gain on disposal = $20,000 - ($30,000 - $10,000) = $20,000 - $20,000 = $0
Therefore, in this case, there is no gain or loss on the disposal of the machine.
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Assignment Directions
Select a single stock issue, then perform each of the ratio valuations covered in the lesson. Compare the information and make a recommendation on the value of the stock and whether it is a good investment.
Submission Requirements
Your submission must list the name of the stock, the date the information was obtained, the source from which the information was drawn, and a list of each of the ratio models, showing the results. Also, prepare a narrative of at least two paragraphs that analyzes your findings and indicates your recommendations.
Answers
It's important to remember that stock valuation aids in forecasting future prices or probable market prices, which allows investors to time the sale or purchase of stocks. Its value is the stock's intrinsic value, which displays the company's profitability.
How much is Apple Inc.'s stock currently worth?Take Apple Inc. (AAPL), a technological business that creates, produces, and sells personal computers, portable digital music players, and mobile communication and media devices, as our example company for this analysis.
Investors may use the Price-to-Earnings Ratio (P/E ratio) as one important ratio assessment to determine the worth of Apple Inc. In this ratio, the current stock price is measured against the company's earnings per share. (EPS). A high P/E ratio indicates that, in light of the firm's projected earnings, investors are ready to pay a premium for the stock.
We would divide the current stock price by the current EPS for AAPL to arrive at the P/E ratio. In comparison to the industry average P/E ratio of roughly 24, AAPL's P/E ratio as of 2022 was over 28.Investors may use the Price-to-Earnings Ratio (P/E ratio) as one important ratio assessment to determine the worth of Apple Inc.
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You become the manager of a team historically accustomed to a very
"old-fashioned": the employees had no say in the matter, they were
considered as executors and in the service of their former manager. THE
performances were no longer there, the team being used by these
very top-down practices.
What would be your first actions as a new
manager of this team?
Answers
As the new manager of a team that has historically experienced top-down practices and low performance, my first actions would focus on creating a positive and collaborative work environment while addressing the performance issues.
Here are some steps I would take:
Build Relationships: I would make an effort to get to know each team member individually, understand their strengths, challenges, and career aspirations. Communicate a New Vision: I would clearly communicate a new vision and goals for the team, emphasizing the importance of collaboration, empowerment, and individual contributions. Encourage Employee Input: I would actively seek input and ideas from team members, encouraging them to share their perspectives, opinions, and suggestions. Delegate Authority: I would delegate meaningful tasks and responsibilities to team members, giving them opportunities to showcase their skills and take ownership of their work. Provide Support and Development: I would identify training and development needs within the team and provide resources and support to enhance their skills and knowledge. Foster Collaboration: I would promote a collaborative work environment by encouraging teamwork, cross-functional collaboration, and knowledge-sharing. Recognize and Reward Performance: I would establish a system for recognizing and rewarding exceptional performance, whether through formal recognition programs, public praise, or performance-based incentives. Regular Feedback and Performance Reviews: I would implement regular feedback mechanisms, such as one-on-one meetings or performance reviews, to provide constructive feedback, set goals, and track progress.For such more question on performance:
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a competitive market is guided by the economic self-interest of employers seeking the lowest labor costs and consumers seeking the least-expensive products and services.
Answers
The statement that a competitive market is guided by the economic self - interest of employers and consumers falls in line with A. Wage differential will be eliminated.
What is the Wage differential ?Wage differentials are defined as the differences in pay between employees with different skill sets working in the same industry or between employees with similar skill sets working in other locations or industries.
The variety of occupations and industries present in a nation's economic sphere of activity has a direct bearing on wage disparities. Jobs that require a particular skill are paid more or less than jobs that require a different skill, whether they are in the same industry or not. Numerous variables contribute to this.
Because of this, a competitive market is driven by the financial self-interest of consumers and businesses looking for the most affordable goods and services and employers looking to reduce labor expenses.
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Options for this question include :
Wage differential will be eliminated.Wage differential will continue to exist.Which of these are not a way to innovate?
luck
vision
process
imitation
Answers
Answer:
Maybe luck and imitation
The 2017 balance sheet of Kerber’s Tennis Shop, Incorporated, showed $2.2 million in long-term debt, $710,000 in the common stock account, and $6.4 million in the additional paid-in surplus account. The 2018 balance sheet showed $3.9 million, $905,000, and $8.4 million in the same three accounts, respectively. The 2018 income statement showed an interest expense of $200,000. The company paid out $610,000 in cash dividends during 2018. If the firm's net capital spending for 2018 was $850,000, and the firm reduced its net working capital investment by $155,000, what was the firm's 2018 operating cash flow, or OCF?
Answers
The firm's 2018 operating cash flow, or OCF is -$2,219,500
How do we determine the operating cash flow?
The operating cash flow can be determined from the cash flows from assets formula where cash flow from assets is the operating cash flow minus net capital spending and net change in working capital
cash flow from assets=operating cash flow-net capital spending+ net increase in working capital
Cash Flow from Assets = Cash Flow to Creditors + Cash Flow to Stockholders
Cash Flow to Creditors = Interest Expense - Net New Long-term Debt
Cash Flow to Creditors=$200,000-($3,900,000-$2,200,000)
cash flow to creditors=$200,000-$1700,000
cash flow to creditors=-$1,500,000
Cash Flow to Stockholders = Dividends - Net New Equity
cash flow to stockholders=$610,000-($905,000+$8,400,000-$710,000-$6,400,000)
cash flow to stockholders=-$1,585,000
Cash Flow from Assets =-$1,500,000-$1,585,000
Cash Flow from Assets =-$3,085,000
operating cash flow=unknown(assume it is x)
net capital spending=$850,000
net increase in working capital=$155,000
-$3,085,000=x-$850,00-$155,000
x=-$3,085,000+$850,000+$155,000
x=OCF=-$2,219,500
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What is market environment
Answers
Answer:
The market environment is the combination of external and internal factors that affect a company's ability to establish a relationship with and serve its consumers.
Explanation:
The internal factors relate to the company itself, such as owners, workers, materials, components, etc.
The external factors are divided into macro and micro components. The macro component is the broad environment which includes societal forces that affect society as a whole. The micro component is task-related, which includes factors that influence the production, manufacturing and distribution of a product or service.
Explain the reason for conducting a sample survey rather than a
full-scale survey
Answers
Answer:
Samples are easier to collect data from because they are practical, cost-effective, convenient, and manageable. It also reduces the time needed to collect and process the data and produce results as it requires a smaller scale of operation.
Explanation:
The reason for conducting a sample survey rather than a full-scale survey is primarily based on cost and time considerations.
Sample surveys are often more feasible and cost-effective than conducting a full-scale survey, especially when the population size is very large.
For instance, in social studies or business research, sample surveys are often conducted to gather information on a particular demographic group or industry sector.
Sample surveys provide an accurate representation of the population under study and allow for the collection of data that can be analyzed to make informed judgments and decisions.
Furthermore, in the economy and accounting fields, sample surveys can provide insight into the demand for certain goods or services, helping businesses adapt to changing market conditions.
While full-scale surveys may be more comprehensive, they may not always be necessary or practical. By using a representative sample, researchers can gather data that is statistically significant and can provide insights into the overall population.
Overall, sample surveys are an essential tool for gathering data in a cost-effective and efficient way.
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Student Presentation Graphic Organizer
* Business Communications * Mrs. Menz * 2022 - 2023 *
Step One (6.01) Choose an audience
Highlight one or write in your response:
Your classmates
OR: you can role play for a different audience
A hiring committee A third-grade class A local community
organization
A club or team
A group of teachers A group of co-
workers
Your family Write in your own:
Step Two (6.01) Choose a category
Highlight one:
Informative Persuasive Instructional
The purpose of this
category is to give
background on an item, not
to convince someone to
think a certain way
The purpose of this
category is to move the
audience to action
The purpose of this
category is to demonstrate
proper technique or inform
on how to apply a skill
Works well with:
presentations on animals,
locations, biographies, and
historical events
Works well with:
environmental causes;
encouraging healthy
practices; giving music,
book, or song
recommendations;
Works well with: describing
sports techniques, teaching
how to make a recipe,
creating a product
Step Three (6.01) Choose a topic
Write in your response
Step Four (6.03) Finding appropriate sources
At least two sources of information
Name of Website: URL:
(Before completing the project, you will revisit your cites to gather details for APA
citation. “Knight Cite” by Calvin College is a handy resource)
Step Five (6.03) Determining Key data
Write in five to ten measurable facts
Step Six (1.03) Create an APA reference list for your sources
Create an APA citation for all sources that will be included on your final slide
Resources:
Purdue University Online Writing Lab (OWL)
Calvin College Knight Cite
Step Seven (7.03) Create a visually pleasing slide deck to share your information
Include at least two graphics / visuals. Credit sources in your works cited.
Time limit: 1 to 3 minutes, using audio recording on PowerPoint
Content is suitable for purpose and topic and includes 5 – 10 facts.
Additional resources:
https://piktochart.com/
Canva.com
Student PowerPoint Presentations
* Business Communications * Mrs. Menz * 2022 - 2023 *
Grading Criteria:
Content (8 points total)
The topic and purpose are clear
The message is appropriate for the target audience
Includes five to ten facts
Delivery (5 points total)
Presentation is between one and three minutes
Speaking voice is clear and confident
Visual Presentation (3 points total)
At least two visuals included
Visual effects add value to the presentation and do not distract from the message
References (4 points total)
At least two sources referenced
References are listed in APA format
Answers
Business Communications * Mrs. Menz * 2022 - 2023
For my student presentation in Business Communications with Mrs. Menz during the 2022-2023 academic year, I have chosen the following options:
Step One: Audience
I have decided to present to a hiring committee. This audience will allow me to showcase my skills and knowledge in a professional setting.
Step Two: Category
I have chosen the persuasive category for my presentation. The purpose of my presentation will be to persuade the hiring committee to consider me as a strong candidate for a specific job or role.
Step Three: Topic
I will focus on presenting the benefits of implementing a remote work policy in a company. I will discuss how remote work can improve employee productivity, work-life balance, and cost savings for the organization.
Step Four: Sources
I will gather information from at least two sources. The names of the websites and their URLs will be determined later after conducting research.
Step Five: Key Data
I will include measurable facts such as statistics on increased productivity in remote work environments, cost savings from reduced office space, and employee satisfaction surveys.
Step Six: APA Reference List
I will create an APA citation for each source I use in my presentation, ensuring proper credit for the information.
Step Seven: Slide Deck
I will create a visually appealing slide deck using PowerPoint, including at least two graphics or visuals related to remote work. I will credit the sources of these visuals in my works cited.
Overall, I will aim to meet the grading criteria by ensuring that my content is clear, appropriate for the hiring committee, includes five to ten persuasive facts, and is delivered within the time limit.
Additionally, I will focus on creating a visually pleasing slide deck that enhances my presentation without distracting from the message.
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Question 5 Shop A charges $275.00 for an oil change and has a gross oil profit percent of 39.1% for its total oil gross profit 96. Shop B charges $275.00 for an oil change and has a gross oil profit percent of 28.4% for its total oil gross profit . Both shops pay $21.25 per gallon of oil. What is the Profit per Lube for Shop B?
Answers
To calculate the Profit per Lube for Shop B, we need to determine the total profit made from each oil change and then divide it by the amount of oil used.
First, we need to find the total oil gross profit for Shop B. We know that Shop B charges $275.00 for an oil change and has a gross oil profit percent of 28.4%. This means the gross oil profit is calculated as a percentage of the total price.
Gross oil profit for Shop B = 28.4% of $275.00
= (28.4/100) * $275.00
= $78.10
Next, we need to calculate the amount of oil used for each oil change. We are given that both shops pay $21.25 per gallon of oil.
Amount of oil used for each oil change = $275.00 / $21.25 per gallon
= 12.94 gallons (rounded to two decimal places)
Finally, we can calculate the Profit per Lube for Shop B by dividing the total oil gross profit by the amount of oil used.
Profit per Lube for Shop B = Gross oil profit for Shop B / Amount of oil used
= $78.10 / 12.94 gallons
≈ $6.03 per gallon
Therefore, the Profit per Lube for Shop B is approximately $6.03 per gallon.
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Which of the following items is included in U.S. GDP? Group of answer choices final goods and services that are purchased by the U.S. federal government intermediate goods that are produced in the U.S. but that are unsold at the end of the GDP accounting period goods and services produced by foreign citizens working in the U.S. All of the above are included in U.S. GDP.
Answers
Answer:
final goods and services that are purchased by the U.S. federal government
goods and services produced by foreign citizens working in the U.S
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
goods and services produced by foreign citizens working in the U.S
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Net export = exports – imports
When exports exceed import there is a trade deficit and when import exceeds import, there is a trade surplus.
Items not included in the calculation off GDP includes:
1. services not rendered to oneself
2. Activities not reported to the government
3. illegal activities
4. sale or purchase of used products
5. sale or purchase of intermediate products
Infor Tech (Pty) Limited (“Infor Tech”) is a company in the WIFI industry. One of MTC Namibia’s biggest competitors to date. The company offers a complete Wi-Fi package to the public, including the supply of a Wi-Fi modem and the Wi-Fi antenna. The installation of the antenna and Modem as well as a monthly subscription to Wi-Fi packages is structured as follows: Monthly subscription to Wi-Fi is as below: The buyer is required to enter into a 24-month contract with Infor Tech for the monthly subscription. As an incentive to buy the package, the first 2 months subscription of the contract is offered free, after which a subscription of N$457 per month is charged a month in arrears up to the end of the contract. The contract also specifies the price for the Wi-Fi antenna, modem and the installation fee. The Modem is paid back by the buyer interest free in 24 equal monthly instalments, payable in arrears. The antenna and installation fee are however payable within 30 days, with a 5% settlement discount if the debtor pays on time. All the prices above are inclusive of 15% VAT. Infor Tech also has a number of registered technicians that are able to repair modems free if they break. This is a separate service offered by Infor Tech as and when it is required by the user and does not form part of the package. Assume an interest rate of 10% for the year. Ignore INCOME TAX
REQUIRED: (a) Discuss the correct recognition and measurement of one Wi-Fi package in the 25 accounting records of Infor Tech (Pty) Ltd. Your answer should address the below: Initial recognition Identified performance obligations Determination of the transaction Price Allocation of transaction price to each performance obligation Recognition of revenue at satisfaction of the identified performance obligations (b) Prepare Journal entries of one typical Wi-Fi package in the books of Infor Tech (Pty) Ltd.
Answers
For one Wi-Fi package to be properly recognised and measured in Infor Tech's accounting records, the performance requirements must be identified, the transaction price must be established, and the price must then be allocated to each obligation.
Which Indian accounting standard applies to the recognition of revenue?The recognition of revenue on this basis is likewise required by Ind AS 11. For transactions involving the provision of services, the standards of that Standard are generally relevant to the recognition of revenue and the related costs.
Which accounting standard addresses the mcq of revenue recognition?According to the matching idea, businesses must record both revenues and the expenses that go along with them in the same accounting period.
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Match the items below by entering the appropriate code letter in the space provided.A twelve month accounting periodExpenses paid before they are incurredCost less accumulated depreciationDivides the economic life of a business into artificial time periodsA contra asset accountRecognition of revenue when the performance obligation is satisfiedRevenues recognized but not yet receivedExpenses incurred but not yet paidA cost allocation processAn optional tool which facilitates the preparation of financial statements.A temporary account used in the closing process.Balance sheet accounts whose balances are carried forward to the next period.Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent stockholders’ equity account.Entries to correct errors made in recording transactions.The exact opposite of an adjusting entry made in a previous period.A. Fiscal yearB. Income SummaryC. Revenue recognition principleD. Closing entriesE. Accrued expensesF. Accumulated depreciationG. Book valueH. Prepaid expensesI. WorksheetJ. Accrued revenuesK. Reversing entryL. DepreciationM. Time period assumptionN. Correcting entriesO. Permanent accounts
Answers
Answer:
A. Fiscal year: A twelve month accounting period.
H. Prepaid expenses: Expenses paid before they are incurred.
G. Book value: Cost less accumulated depreciation.
M. Time period assumption: Divides the economic life of a business into artificial time periods.
F. Accumulated depreciation: A contra asset account
C. Revenue recognition principle: Recognition of revenue when the performance obligation is satisfied.
J. Accrued revenues: Revenues recognized but not yet received.
E. Accrued expenses: Expenses incurred but not yet paid.
L. Depreciation: A cost allocation process.
I. Worksheet: An optional tool which facilitates the preparation of financial statements.
B. Income Summary: A temporary account used in the closing process.
O. Permanent accounts: Balance sheet accounts whose balances are carried forward to the next period.
D. Closing entries: Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent stockholders' equity account.
N. Correcting entries: Entries to correct errors made in recording transactions.
L. Reversing entry: The exact opposite of an adjusting entry made in a previous period.
The lowest amount a manufacturer can pay factory workers is an example of
an incentive.
a price floor.
a price ceiling.
an elastic service.
Answers
Answer:
The answer to this question is given below in the explanation section.
Explanation:
The correct answer to this question is the price floor.
The Price floor is the lowest amount that is imposed by the government or group-imposed lowest price limit for a product or service. The government uses the price floor to keep prices at a certain level from going to low. So price floors for workers set by the government that the employer should not pay less than the set amount.
while other options are not correct because::
The price ceiling is the high amount set by the government or the by other groups for a product or service.
An incentive is an amount or something that can be given to employees or someone for motivation or encouraging them to do something.
An elastic service is given by amazon to develop and run the application with different tools etc.
Answer:price floor
Explanation:
Presented below are a number of operational guidelines and practices that have developed over time. Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices.
a. Fair value changes are not recognized in the accounting records.
b. Financial information is presented so that investors will not be misled.
c. Intangible assets are amortized over periods benefited.
d. Agricultural companies use fair value for purposes of valuing crops.
e. Each enterprise is kept as a unit distinct from its owner or owners.
f. All significant post-balance-sheet events are disclosed.
g. Revenue is recorded when the product is delivered.
Answers
Answer:
a. Fair value changes are not recognized in the accounting records.
Appropriate Selection: Historical Cost Principle
b. Financial information is presented so that investors will not be misled.
Appropriate Selection: Full Disclosure Principle
c. Intangible assets are amortized over periods benefited.
Appropriate Selection: Expense Recognition Principle
d. Agricultural companies use fair value for purposes of valuing crops.
Appropriate Selection: Measurement Principle
e. Each enterprise is kept as a unit distinct from its owner or owners.
Appropriate Selection: Economic entity assumption
f. All significant post-balance-sheet events are disclosed.
Appropriate Selection: Full Disclosure Principle
g. Revenue is recorded when the product is delivered.
Appropriate Selection: Revenue Recognition Principle
Give account of the political argument against outsourcing practiced by US firms.
Answers
Answer:
The political argument against outsourcing practiced by U.S. firms can be summarized in three arguments:
Explanation:
The trade balance argument: this factor is both economic and political, and those who agree with it argue that outsourcing contributes to the decline of American exports while raising the amount of imports at the same time, since those goods and services produced abroad by outsourcing have to be imported to the U.S. if they are to be consumed by American consumeres.
The American worker argument: outsourcing creates a job loss in the U.S. that affects American workers, specially those without a tertiary education. Those who agree with this argument state that outsourcing increases economic inequality, urban decay, rates of mental disease and drug use, and so on.
The national security argument: this argument applies to specific industries like the weapon industry or pharmaceutical. Supporters of this argument say that there are several industries and economic sectors that should not be outsourced on the basis of national security.
Which of the following does Content Marketing helps with?
Answers
Content Marketing helps with Option D. All the above.
Content marketing is a strategic marketing approach that aims to create valuable, relevant, and engaging content for the targeted audience to increase their engagement and loyalty towards the brand. It involves the creation and sharing of various types of content, such as blog posts, articles, videos, infographics, and social media posts, to attract and retain customers.
Content marketing can help businesses achieve various objectives, including:
SEO (Search Engine Optimization): Content marketing can help businesses improve their SEO ranking by creating and publishing high-quality, relevant, and valuable content that includes relevant keywords, meta descriptions, and tags. When the audience engages with this content, it signals to search engines that the content is useful and relevant, which can improve the website's ranking on search engine result pages.
Brand building: Content marketing can help businesses establish themselves as thought leaders in their industry by creating and sharing high-quality content that offers value to their target audience. By consistently creating valuable content, businesses can build trust, credibility, and authority among their target audience, which can ultimately lead to increased brand awareness, loyalty, and advocacy.
Social media reach: Content marketing can help businesses increase their social media reach by creating and sharing valuable and engaging content on social media platforms. By creating shareable content, businesses can attract more followers, increase engagement, and drive traffic to their websites, ultimately leading to increased conversions and sales.
Overall, content marketing is a powerful marketing tool that can help businesses achieve various objectives, including SEO, brand building, and social media reach. It involves creating and sharing high-quality, relevant, and valuable content that resonates with the targeted audience to increase engagement, loyalty, and conversions. Therefore, the correct option is D.
The question was incomplete, Find the full content below:
Which of the following does Content Marketing helps with?
A. SEO
B. Brand Building
C. Social Media Reach
D. All the above
Know more about Content Marketing here:
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Do you think parents should monitor the sports and entertainment celebs that their children follow based on the celebrities’ behavior?
Answers
Economic Stimulus Act of 2008
Explanation for the reason for Economic Stimulus Act of 2008. What are the main causes of the legislation. What occurred in the economy to prompt the government to pass or enact such legislation or act?
Answers
Answer:
The Economic Stimulus Act of 2008 was a United States federal law enacted on February 13, 2008, to provide economic relief amid the Great Recession. The act provided tax rebates to individuals and tax incentives for businesses. It also increased the limits on mortgages eligible for purchase by government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac. The total cost of the act was projected at $152 billion for 2008.
The main causes of the legislation were:
The subprime mortgage crisis, which began in 2007, led to a decline in housing prices and a rise in foreclosures. This had a negative impact on the economy, as it led to a decrease in consumer spending and investment.The financial crisis of 2008, which began in September 2008, led to a collapse of the GSEs and a severe tightening of credit markets. This made it difficult for businesses to borrow money, which further slowed economic growth.The government enacted the Economic Stimulus Act of 2008 in an attempt to:
Boost consumer spending and investment, which would help to create jobs and stimulate economic growth.Prevent the financial crisis from worsening, which would have had a devastating impact on the economy.The act was controversial, with some economists arguing that it was not large enough to have a significant impact on the economy. However, the act did provide some relief to individuals and businesses, and it is generally credited with helping to prevent the Great Recession from becoming even worse.
The Giant Machinery has the current capital structure of 65% equity and 35% debt. Its net income in the current year is $250,000. The company is planning to launch a project that will requires an investment of $175,000 next year. Currently the share of Giant machinery is $25/share.
Answers
Complete Question:
The Giant Machinery has the current capital structure of 65% equity and 35% debt. Its net income in the current year is $250 000. The company is planning to launch a project that will requires an investment of $175 000 next year. Currently the share of Giant machinery is $25/share. Required: a. How much dividend Giant Machinery can pay its shareholders this year and what is dividend payout ratio of the company. Assume the Residual Dividend Payout Policy applies? b. If the company is paying a dividend of $2.50/share and tomorrow the stock will go ex-dividend. Calculate the ex-dividend price tomorrow morning. Assuming the tax on dividend is 15%? c. Little Equipment for Hire is a subsidiary in the Giant Machinery and currently under the liquidation plan due to the severe contraction of operation due to corona virus. The company plans to pay total dividend of $2.5 million now and $ 7.5 million one year from now as a liquidating dividend. The required rate of return for shareholders is 12%. Calculate the current value of the firm’s equity in total and per share if the firm has 1.5 million shares outstanding?
Answer:
A.) $136,250 ; 54.5%
B.) $22.875
C.) 7.27
Explanation:
Given the following :
Investment plan = $175,000
Capital structure:
Equity = 65%, Debt = 35%
Income = $250,000
Capital project takes priority before the residual income is shared as Dividend, according to the residual Dividend payout policy.
DEBT component of investment :
35% × 175,000 = $61,250
Equity component = 65% × 175000 = $113,750
Dividend = Income - Equity
Equity here is the amount to be reinvested.
Dividend = $(250,000 - 113,750) = $136,250
Dividend payout ratio = Dividend / income
= $136,250 / 250,000 = 0.545 = 54.5%
B.) current price = $25/share
Dividend = 2.50/share
Tax rate = 15% = 0.15
Outstanding shares = 1,500,000
E-Dividend price :
[current price - (Dividend(1 - tax rate)]
[$25 -($2.50(1-0.15)]
$25 - ($2.50(0.85)
$25 - $2.125 = $22.875
C.)
Payment now (D0) = $2.5 million
Payment after 1 year = $7.5 million
Rate of return = 12% = 112% = 1.12
current value per share is calculated by:
(Current value of shares / shares outstanding)
Current value : (D0 + (D1 × 1.12))
$2,500,000 + ($7,500,000 × 1.12)
= 2500000 + 8400000 = 10900000
Current value per share:
10900000 / 1500000 = 7.27