Adjusting entries are made at end of an accounting period to ensure that the financial statements accurately reflect company's financial position and performance.
What are adjusting entries?Adjusting entries are journal entries made at the end of an accounting period to update accounts that have not been properly recorded. These entries are necessary to ensure that the financial statements accurately reflect the company's financial position and performance for the period. Adjusting entries can include accruals, deferrals, and estimates, such as recognizing revenue that has been earned but not yet received, or expenses that have been incurred but not yet paid. For example, if a company has provided services to a customer but has not yet received payment, an adjusting entry would be made to recognize the revenue earned. Adjusting entries are typically made by accountants and bookkeepers, and are an important part of the accounting cycle to ensure that financial statements are accurate and reliable.
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You are at the checkout counter at the local supermarket, use your debit card to pay for your groceries, and select "debit" when the cashier asks "Debit or credit?" Where does the money for this purchase come from?
Answer:
the Money comes from my savings account (Bank account)
Explanation:
the debit means that the money that we use is ours.
the credit means that the money is lent to us by the bank which we have gotten the card from. Choosing debit means that the money being spent comes from our own bank account.
Skysong Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at December 31, 2025, and December 31, 2026. This information is presented below.
Cost Net Realized Value
12/31/25 $318,270 $296,260
12/31/26 440,430 422,800
(a) Prepare the journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method.
(b) Prepare journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual system using the loss method.
The appropriate journal entries required at December 31, 2025, and December 31, 2026 is; Debit Cost of goods sold $22,010, Credit Allowance to reduce inventory to NRV $22,010 ; Debit Allowance to reduce inventory to NRV $4,380, Credit Cost of goods sold $4,380.
How to prepare the journal entry?Skysong Company Journal entries
a) December 31, 2025
Debit Cost of goods sold $22,010
Credit Allowance to reduce inventory to NRV $22,010
( $318,270 - $296,260 )
December 31, 2026
Debit Allowance to reduce inventory to NRV $4,380
Credit Cost of goods sold $4,380
[( $318,270 - $296,260 ) - ($440,430 - $422,800)]
b) December 31, 2025
Debit Loss due to decline inventory to NRV $29,000
Credit Allowance to reduce inventory to NRV $29,000
( $318,270 - $296,260 )
December 31, 2025
Debit Allowance to reduce inventory to NRV $4,000
Credit Recovery of Inventory loss $4,000
[( $318,270 - $296,260 ) - ($440,430 - $422,800)]
Therefore the entry at dec 31 2025 is to Debit Cost of goods sold with amount of $22,010 and to Credit Allowance to reduce inventory to NRV with the amount of $22,010.
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Nesmith Corporation's outstanding bonds have a $1,000 par value, a 7% semiannual coupon, 15 years to maturity, and an 8% YTM. What is the bond's price? Round your answer to the nearest cent.
Answer:
$913.54
Explanation:
Calculation to determine the bond's price
Using Financial calculator to solve for PV( PRESENT VALUE)
N = 2 × 15 = 30
I/YR = 8%/2 = 4%
PMT = 1,000*7%*1/2=35
FV = 1000
PV=?
Hence,
PV = $913.54
Therefore the bond's price is $913.54
What is the function of the evaporator?
Answer:
The evaporation of water is a physical process by which water changes from a liquid state to a gaseous state or water vapor. This process takes place on the surface of the water from a certain temperature and until the space is saturated with steam.
Stephen is a day trader who constantly buys and sells only medical-related stocks. Stephen has _____ asset allocation strategy and a(n) _____ security selection strategy.
Answer: a passive; active
Explanation:
When a person or institution is said to have a passive asset allocation strategy it means that they either trade the same assets over and over or apply the same weighting to the asset class every time. Stephen only trades medical-related stocks so is using passive allocation.
An active security selection strategy means that the person or institution constantly changes and trades the stocks in their portfolio much like Stephen does when he constantly trades stock. Stephen is therefore using an active security selection strategy.
When a large marketing company contracts with a payroll service company to process employee checks for them, they
are
a diversifying the workforce
b. outsourcing
C. telecommuting
d. completing the business cycle
Answer:
its b
Explanation:
The CPI for this year was reported at 163.65. If inflation was 3.1 percent, what must the CPI have been last year
The consumer price index last year must have been 158.58.
What was the consumer price index last year?
The consumer price index is used to measure inflation. It does this by measuring the changes in the price of a basket of good.
CPI = (cost of basket of goods in current period / cost of basket of goods in base period) x 100
CPI last year = (100 - 3.1) x 163.65 = 158.58
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A state savings bond can be converted to $100 at maturity six years from purchase. If the state bonds pay 8% annual interest (compounded annually), at what price must the state sell its bonds
Answer:
The state must sell its bonds at the price of $63.02.
Explanation:
The at which the state must sell its bond can be calculated using the present value (PV) as follows:
PV = FV / (1 + r)^n ......................... (1)
Where;
PV = Present value or the price at which the state must sell its bond = ?
FV = Future value of the bond or the value the state savings bond can be converted to at maturity = $100
r = Annual interest rate = 8%, or 0.08
n = number of years = 6
Substituting the values into equation (1), we have:
PV = $100 / (1 + 0.08)^6
PV = $100 / (1.08)^6
PV = $100 / 1.586874322944
PV = $63.02
Therefore, the state must sell its bonds at the price of $63.02.
If the amount of gasoline purchased per car at a large service station has a population of $15 and a population standard deviation of$4 then 99.73% of all cars will purchase between $3 and $27
The range between $3 and $27 is three standard deviations away from the mean.
Since we know that 99.73% of the data falls within three standard deviations of the mean, we can estimate that 99.73% of all cars will purchase gasoline between $3 and $27.
According to the given information, the population mean is $15, and the population standard deviation is $4.
This means that 99.73% of all cars will purchase gasoline within three standard deviations of the mean, using the empirical rule.
Therefore, we can use the empirical rule to estimate the percentage of cars that will purchase gasoline between $3 and $27.
The empirical rule is also known as the 68-95-99.7 rule, which states that:Approximately 68% of the data falls within one standard deviation of the meanApproximately 95% of the data falls within two standard deviations of the meanApproximately 99.7% of the data falls within three standard deviations of the mean.
To find the number of standard deviations that correspond to $3 and $27, we need to calculate the z-scores.
The z-score formula is given as:z = (x - μ) / σwhere z is the standard score, x is the value of the variable, μ is the population mean, and σ is the population standard deviation.
To find the z-score for $3, we plug in the values:z = (3 - 15) / 4z = -3To find the z-score for $27, we plug in the values:z = (27 - 15) / 4z = 3.
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A promissory note can best be described as __________., a. an interest-bearing IOU, b. a guarantee of a line of credit, c. a commitment to lend money to someone, d. a government-backed bond
A promissory note can best be described as: a. an interest-bearing IOU.
What is promissory note?Promissory note can be defined as a written note that help to shows that a person who lend a money from another person promise to payback. The note contains a promise by the borrower to pay back the lender within a stipulated period of time.
A promissory note can tend to be described as IOU which full meaning is I OWE YOU which implies that a borrower is telling the lender that he/she owe the lender some certain amount of money which the borrower will have to payback.
A promissory note also contains the terms and conditions of the agreement and this terms and agreement includes the following :
The principal amountThe loan maturity dateThe interest etcTherefore we can conclude that the correct option is A.
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Answer the following questions on the basis of the monopolist's situation is illustrated in the following graph.
a. At what output rate and price does the monopolist operate?
b. In the equilibrium, approximately what is the firm's total cost and total revenue?
c. What is the firm's economic profit or loss in equilibrium?
The following answers are based on a monopoly economy.
The output rate and the price at which the monopolist operates based on the graph is 100 quantities at $10.In the market equilibrium, the firm's total cost and total revenues are $750 and $1000 respectively. The firm's economic profit in the equilibrium is $250.What is a monopoly?A monopoly, as defined by Irving Fisher, is a market with "no competition," resulting in a scenario in which a certain individual or organization is the exclusive supplier of a given product.
To arrive at answer a, we need to recall that the equilibrium of a monopolist is when the Marginal Cost equals the Marginal Revenue and the Marginal Cost Curve (MC) cuts the Marginal Revenue Curve (MR ) from below.
At this point, the equilibrium output is 100, and the equilibrium price is $ 10 for every unit of production.
For the answer is b, given that the firm is producing 100 units of goods at an average total cost of $7.5 (derived from the point that aligns with MR = MC), therefore,
Total Cost = Equilibrium Output * ATC (Average Total Cost)
= 7.5 * 100
= $750
To arrive at answer c,
Recall that Economic profit is the difference between the money collected from the sale of a product and the expenses of all inputs utilized, as well as any opportunity costs, is the economic profit or loss.
Hence, Economic Profit = Total Revenue (TR) Less Total Cost (TC)
= $1000 - $ 750
= $250
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ABG
Question 14
Some fast-food restaurants sell only chicken, others sell only tacos and burritos, and still others sell only hamburgers. This is an example of the economic concept of
investment
А
B
business cycles
C
specialization
D
elasticity
Answer:
i think it is eaither b or c
Explanation:
Answer: C- specialization
Explanation:
If research in the management area cannot be 100% scientific, why bother to do it at all? Comment on this question
Answer:
I can rearrange the words and add a couple of them to this statement and say that scientific research cannot be 100% accurate, so why bother to do it at all?
Management is a social science, therefore, most of the research carried out will not follow the scientific method since the number of variables are virtually infinite, e.g. there are trillions of variables in an economy like personal tastes and preferences of each individual, different income levels, how taxes affect each individual, individual savings habits, how marketing affects each individual, etc.
Some microeconomics research follows the scientific method but under very specific and controlled circumstances.
Research is an important tool for planning, and planning is one of the basic functions of management. Research can help a manger to predict future events, usually based on existing data and including new factors that can alter consumers' habits and decisions, e.g. research that tries to determine the future demand of hybrid (or electric or any other type of alternative fuel) vehicles based on historical demand of vehicles plus how will consumers' habits and preferences change in the future regarding green technologies.
Since we are dealing with humans, and humans are extremely unpredictable, research can serve management as a guide, but it doesn't represent an exact figure.
This is the same reason why no two analysts value stocks or companies in the same way, since subjective factors always exist, e.g. will large numbers of consumers accept electric cars, or will they prefer only hybrids, or would they accept other technologies like hydrogen instead. The previous Honda Civic which ran on compressed natural gas used to be the greenest car, but very few people accepted it. The Honda clarity runs on hydrogen, but still only Californians seem to like it. But Tesla is now the most valuable car company even though it barely sells any cars at all. According to market research, everyone will start buying Teslas in the near future and no one will buy any other brand (Tesla is worth more than virtually all other car companies combined), but is that research accurate? Only time will tell.
Robert is a high school junior who likes studying diseases and medicine but doesn't want to have direct patient contact. He's also very good at computer science and programming and wants to find a college major that combines his two interests. The phrase that describes the scientific discipline that is concerned with the cognitive, information-processing, and communication tasks of the healthcare practice, education, and research, including the information science and technology to support these tasks is:
(A) Health Informatics
(B) HIM
(C) Data Analytics
(D) Epidemiology
The phrase which best describes the scientific discipline that is concerned with the cognitive, information-processing is:
(A) Health InformaticsWhat is Health Informatics?This refers to the practise of health data management which involves the use if info-processing to manage data and also for the administration and control.
With this in mind, we can see that the name which is given to the scientific discipline which would help Robert to study diseases and not have direct contact with them is Health Informatics.
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Please visit Atlantic Cape's website and evaluate for being user friendly. What message does it communicate? How would you improve the site.
An effective contract writing will describe all _________________ to be conveyed or excluded in the sale in detail.
An effective contract writing will describe all terms and conditions to be conveyed or excluded in the sale in detail.
An effective contract writing will describe all the essential elements and provisions to be conveyed or excluded in the sale in detail. These elements encompass a wide range of aspects that need to be clearly defined to ensure the rights, obligations, and expectations of both parties are accurately outlined.
Firstly, the contract should outline the identification of the parties involved, including their legal names, addresses, and any other pertinent details that establish their identities. This ensures clarity and avoids any confusion regarding the individuals or entities responsible for fulfilling the contract's terms.
Next, the contract should explicitly define the subject matter of the sale. This includes a comprehensive description of the goods, services, or property being transferred, along with any specifications, quantities, quality standards, or other relevant details. Clearly stating what is included and what is excluded in the sale helps prevent misunderstandings and potential disputes in the future.
Furthermore, the contract should outline the purchase price or compensation, including any payment terms, installment schedules, or contingencies. It should specify the currency in which the payment will be made and any applicable taxes, fees, or additional costs that may be incurred during the transaction.
Additionally, the contract should cover the timeframe and conditions of the sale, including delivery or transfer dates, inspection and acceptance procedures, and any warranties or guarantees provided by either party. It should also address any contingencies or conditions that must be met before the sale can be completed.
Moreover, an effective contract writing should incorporate provisions related to the allocation of risks and liabilities. This includes clarifying who bears responsibility for loss or damage during transit or after delivery, as well as any limitations of liability or indemnification clauses that protect the parties involved.
Lastly, the contract should address dispute resolution mechanisms, such as arbitration or mediation, to provide a framework for resolving conflicts should they arise. It should also include provisions related to the termination or cancellation of the contract and any associated penalties or remedies.
In conclusion, an effective contract writing comprehensively describes all the terms and conditions to be conveyed or excluded in the sale. By addressing the aforementioned aspects in detail, the contract minimizes ambiguity, establishes clear expectations, and protects the interests of both parties involved in the transaction.
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Explain instances which render leadership unnecessary
Leadership is not needed when:
It will make processes inefficient due to time wasting It is being used to oppress people Subordinates don't need leadershipLeadership is usually quite good as it can galvanize subordinates to be better workers due to better organization as well as inspiration.
There are instances where it is not needed however such as when:
It slows down processes - sometimes leaders will need to give permission for a subordinate to do something. If this thing is time conscious and the leader is not available to give their ascent, the whole process could suffer. It oppresses people - when a leader is an oppressive one and acts in such a way that their subordinates suffer, that leadership is not needed. Subordinates are fine without it - sometimes workers have the necessary skills and experience to operate independently without a leader. In such a case, a leader is not needed.In conclusion, while a leader is quite important in many ways, there can be situations where it is best that they are not used.
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Determine whether each of the following is direct financing or indirect financing.
1) selling stock on the stock market A) direct funding B) Indirect funding
2) selling bonds on the capital market A) direct funding B) indirect funding
3) taking out a loan at a commercial bank A) direct funding B) Indirect funding
4) investing in a mutual fund A) direct funding B) indirect funding
Answer:
1. A
2. A
3. B
4. B
Explanation:
Just took the test.
Direct financing refers to a condition where no intermediaries are involved in the financial matters ; whereas, indirect financing includes the role of intermediaries.
What is direct and indirect financing?Selling a stock on the stock market platforms like NASDAQ does not involve any intermediary, and hence it is an example of direct funding.To sell bonds on the capital markets, again there is no such involvement of intermediaries, which makes it an example of direct funding. To take a loan at a commercial bank involved middlemen like bank agents, and hence it is an example of indirect funding. The mutual fund managers pool money and invest in different classes, and thus investing in a mutual fund is an example of indirect funding.Hence, it can be stated that selling stocks or buying bonds are examples of direct funding; whereas, taking commercial bank loans or mutual fund investments are types of indirect financing.
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What two things do you need for supply
Answer:
To be honest I don't know.
Explanation:
"Alicia"! shouted David to the company's HR specialist. I've got a problem,and you've got to solve it. I can't get people in this factory to work as a team. As if i don't have enough trouble with the company competitor's, the current Corvid pandemic and our past due accounts. Now i have to put up with running a zoo here at the company. You're responsible for seeing that the staffs gets along. I want a training proposal on my desk by Monday next week.
QUESTIONS:
Assume you are Alicia
(i). Discuss if lack of training is the cause to the above problem?
(ii). Explain how you would conduct a needs assessment in the above situation.
The cause of the above problem is not due to lack of training, but to a weakened organizational culture that does not allow integration and cooperation in the work environment.
It is therefore necessary to conduct a needs assessment in the situation above, which helps managers to better understand the problem of the difficulty of teamwork.
An organizational needs assessment could be done according to these steps:
1. Assessment of needs and definition of objectives.
2. Identification of organizational resources and capabilities.
3. Identification of target audience and data sources.
4. Strategic planning and implementation.
5. Getting feedback.
Therefore, a needs assessment will help the company to understand the cause of team integration problems, in addition to improving the quality of processes, communication, feedback, cooperation and employee motivation.
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if i move will my IP address change??
Answer:
yes it will change.
Explanation:
Cori's Corporation, has a book value of equity of $14,130. Long-term debt is $8,150. Net working capital, other than cash, is $2,140. Fixed assets are $19,470 and current liabilities are $1,760.
How much cash does the company have?
Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.
What is the value of the current assets?
Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.
Answer: To calculate the amount of cash that the company has, we need to use the accounting equation:
Assets = Liabilities + Equity
We can rearrange this equation to solve for assets:
Assets = Liabilities + Equity
Assets = Long-term debt + Net working capital, other than cash + Fixed assets + Current liabilities + Book value of equity
Assets = $8,150 + $2,140 + $19,470 + $1,760 + $14,130
Assets = $45,650
Now, to find the amount of cash the company has, we need to subtract all the other assets from the total assets:
Cash = Assets - (Long-term debt + Net working capital, other than cash + Fixed assets)
Cash = $45,650 - ($8,150 + $2,140 + $19,470)
Cash = $15,890
Therefore, the company has $15,890 in cash.
To find the value of the current assets, we can add the net working capital, other than cash, to the current liabilities:
Current assets = Net working capital, other than cash + Current liabilities
Current assets = $2,140 + $1,760
Current assets = $3,900
Therefore, the value of the current assets is $3,900.
Which one of the following is not an example of collaborators? O Public relations companies O Customers O Savings and loans O Marketing research firms
The Savings and loans are not an example of collaborators. Option B
What are collaboratorsCollaborators typically refer to individuals, groups, or entities that work together or cooperate on a project, initiative, or business endeavor. They often have some shared goals, interests, or responsibilities. Let's break down the other options to understand how they fit the concept of collaborators:
Public relations companies: These companies help businesses manage their public image and communications. They collaborate with businesses to shape their messaging, handle media relations, and enhance their reputation.
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Although all could potentially act as collaborators, Savings and Loans, being primarily financial institutions, are less commonly associated with the role of collaborators.
Explanation:In the context of business and organizational collaboration, the options provided - Public relations companies, Customers, Savings and loans, and Marketing research firms, all can be considered as potential collaborators. However, if we focus on the most traditional definition, savings and loans, which generally refers to specific financial institutions, might be less associated with the role of collaborators in a standard business scenario. Unlike public relations companies, customers, and marketing research firms, savings and loans are primarily engaged in the sphere of financial transactions rather than collaborations for business strategy or product/service development.
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identify 2 challenge that are experienced by tertiary sector
Answer:
Explanation:
Two challenges commonly experienced by the tertiary sector include technological disruption and increasing customer expectations.
TECHNOLOGICAL DISRUPTION: The rapid advancement of technology has significantly impacted the tertiary sector. Automation, artificial intelligence, and digitalization have led to the emergence of new business models and processes, disrupting traditional service industries. Tertiary sector businesses must adapt to these changes by integrating technology into their operations, upskilling their workforce, and redefining their service offerings to remain competitive.
INCREASING CUSTOMER EXPECTATIONS: In today's digital age, customers have higher expectations when it comes to service quality, convenience, and personalization. They demand seamless online experiences, instant responses, and customized solutions. Meeting these expectations requires tertiary sector organizations to invest in customer relationship management systems, improve their digital presence, and provide personalized and efficient services.
The consumer price index is meant to measure prices of goods and services due to _______.
A. None of these.
B. The relationship between aggregate demand and aggregate supply.
C. The effect inflation has on prices in comparison to a base year.
D. The forces that compel companies to raise prices.
Please answer it correctly and asap
Answer:
the answer is option B. nice to be of to u by the way am gracey
What are some Benefits of Government Debt?
Answer:
Increasing the debt allows government leaders to increase spending without raising taxes.
It can help deal with a crisis.
Explanation:
If the price of corn in the market increases, what happens in the market for milk?
decrease because corn depends on milk so the prices of them can't increase at the same time
The price of milk is decrease because price of corn is increse
how do I calculate the gain on disposal of these assets
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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7) Using a fictional product or service, create a simple business plan by
answering the three questions business owners must consider.
The three questions a business owners must consider are;
1 What good will be produced?
2 How should it be produced?
3 For whom should it be produced?
What good will you produce, or what service will you provide?
Answer:
i will make legos
It will be produced in a production facility in denmark
will be produced for all genders ages 5+
Explanation:
Using a fictional product, my simple business plan would be based on these economic theories that is what to produce, how to produce and for whom to produce.
What to produce – I will produce herbal hair shampoo.How to produce – I would use both labor intensive and machine incentive techniques equally for production.Whom to produce- The core niche would be the women aged between 15 to 60.What is a business plan?A business plan is a written strategy that outlines the objectives and strategies for accomplishing the objectives of the business. It describes a company's go-to-market strategy, financial forecasts, market analysis, corporate objectives, and mission statement. The business plan may also include a timeframe and information about key personnel who are in charge of reaching the objectives.
A business plan is a crucial document intended for both internal and external audiences of a company. For instance, before a business has built a solid track record, a business plan is utilized to entice investment. Securing financing from financial entities might also be beneficial.
A business plan serves three purposes: it explains the organization's strategy to execute it over the long term, obtains funding from investors, and aids in projecting future company demands.
What is an economic theory?An economic theory is a body of concepts and precepts that describes how various economies operate. An economist may use theories in many ways depending on their specific function. For instance, some theories seek to explain certain economic phenomena, such inflation or supply and demand, as well as the reasons behind them.
Economic theories seek to analyze the causes and effects of economic occurrences, as well as the optimal course of action for influencing or resolving them. They are an extensive set of presumptions, theories, definitions, and guidelines on what should be done in various economic circumstances. Positive and normative approaches to economic theory are the two main categories.
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How can you begin applying your knowledge of Fiscal Policy with, stabilizing and/or corrective capabilities, to the current political dialog among the many elected Public officials, as well as those who are seeking election, at the Federal and State Levels, who are expressing their Macroeconomic ideas that are thought to be the only possible policy cures that will actually redirect and strengthen the recovery of the U.S. economy?
Federal and State Levels, are the expressing the recovery of the U.S. economy are the economic growth, and the wages and prices, and the employment.
What is economy?
The mechanism through which a nation or region organizes its money, industry, and trade is concerned to as its “economy.” The economy is the important part of the country. The primary sector of the economy is the industrial sector and agriculture sector.
According to the Federal and State Levels, there are the express the recovery of the U.S. the employment are the created the wages and the economy of the economic growth.
As a result, in the Federal and State Levels, are the expressing the recovery of the U.S. economy are the economic growth, and the wages and prices, and the employment.
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