Answer:
The correct answer is letter "C": terminates at the death of any one limited partner.
Explanation:
A partnership is an entity that runs a company with two or more owners. They share the profits in proportion to their relationship benefit in percentage terms. There are two types of partnerships: general partnerships (unlimited liability) and limited partnerships (liability proportional to the contribution to the partnership).
When one of the partners is removed, retires, or deceases or even when a new partner will be added, the partnership dissolves and a new partnership is formed.
Yard Designs (YD) experienced the following events in 2018, its first year of operation: 1. On October 1, 2018, YD collected $54, 000 for consulting services it agreed to provide during the next 12 months. 2. Adjusted the accounts to reflect the amount of consulting service revenue recognized in 2018. Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period. c. Ignoring all other future events, what is the amount of service revenue that would be recognized in 2019? Complete this question by entering your answers in the tabs below. Record the events under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.)
Answer:
Please see the solution below:
Explanation:
1. Accounting Equation is an equation where assets are always equal to Liabilities and Owners' Equity.
We know from the question that Yard Design (YD) has collected $54,000 for consulting services to be provided in next 12 months, and accounting period starts on 1st of January and ends on 31st of December. So when solving accounting equation for 2018, we know that consulting service fee was collected on 1st of October. Hence there will be two types of Incomes generated from this event.
2. First we have Income which is realized and should be accounted in Income Statement as our revenue, which will be in this case for 3 months from 1st of October 2018 to 31st of December 2018.
Second we have unrealized income or unearned income and should be accounted in Balance Sheet. As we know that Accounting Equation reflects the mirror image of Balance Sheet, so for the remaining 9 months unearned income will be reported in Balance Sheet and should be computed using accounting equation as follows;
a. Accounting Equation
Assets = Cash = $54,000
Liabilities = Unearned Revenue = ?
Owners' Equity = Retained Earnings = ?
Unearned Revenue = Cash x Number of Incomplete Months / 12 Months
Unearned Revenue = $54,000 x 9/12
Unearned Revenue = $40,500
Retained Earnings = Cash - Unearned Revenue
Retained Earnings = $54,000 - $40,500
Retained Earnings = $13,500
Assets = Liabilities + Owners' Equity
or
Cash = Unearned Revenue + Retained Earnings
$54,000 = $40,500 + $13,500
b.
Yard Design
Income Statement
For the Year ended December 31, 2018
Revenue $13,500
Less: Expenses $0
Net Income $13,500
Yard Design
Balance Sheet
For the Year ended December 31, 2018
Assets
Cash $54,000
Total Assets $54,000
Liabilities
Unearned Revenue $40,500
Total Liabilities $40,500
Owners' Equity
Retained Earnings $13,500
Total Owners' Equity $13,500
Total Liabilities and Owners' Equity $54,000
Yard Design
Statement of Cash Flow
For the Year ended December 31, 2018
Net Income $13,500
Add: Cash Flows from operating activities
Increase in Accounts Payable $40,500
Net Cash Flow from Operating Activities $54,000
Cash Flows from Investing Activities $0
Cash Flows from Financing Activities $0
Add: Opening Cash Balance $0
Ending Cash Balance $54,000
c. Amount of Service Revenue recognized in 2019.
Unearned Revenue = Cash x Number of Incomplete Months / 12 Months
Unearned Revenue = $54,000 x 9/12
Unearned Revenue = $40,500
Final answer:
Yard Designs records advance payment as unearned revenue, which is recognized over time as services are provided. The initial unearned revenue of $54,000 results in a recognized revenue of $13,500 for the 2018 period, with a remaining balance of $40,500 as unearned revenue to be recognized in 2019.
Explanation:
When a company like Yard Designs (YD) receives an advance payment for services to be provided in the future, it records the transaction as unearned revenue, which is a liability. As services are performed over time, this liability is converted into earned revenue, which is reported on the income statement.
Accounting Equation
Assets = Liabilities + Equity
1. Upon receiving the $54,000:
Cash (Asset) increases by $54,000
Unearned Revenue (Liability) increases by $54,000
2. At the end of 2018 (assuming a 3-month period of revenue recognition out of 12 months):
Unearned Revenue decreases by $13,500 ($54,000 / 4, because 3 of 12 months have passed)
Service Revenue (Equity) increases by $13,500
Income Statement for 2018
Revenues: $13,500 (Recognized portion of the advance payment)
Expenses: $0 (No expenses have been reported)
Net Income: $13,500
Balance Sheet as of December 31, 2018
Assets:
Cash: $54,000
Total Assets: $54,000
Liabilities:
Unearned Revenue: $40,500 (Remaining liability)
Total Liabilities: $40,500
Equity:
Retained Earnings (Net Income): $13,500
Total Equity: $13,500
Total Liabilities and Equity: $54,000
Statement of Cash Flows for 2018
Operating Activities:
Net Income: $13,500
Changes in Operating Liabilities (Unearned Revenue): +$40,500
Net Cash Provided by Operating Activities: $54,000
Investing Activities: $0
Financing Activities: $0
Net Increase in Cash: $54,000
Cash at Beginning of Period: $0
Cash at End of Period: $54,000
Service Revenue in 2019
The amount of service revenue that will be recognized in 2019 is the remaining balance of the unearned revenue at the end of 2018, which is $40,500.
During the early morning hours, customers arrive at a branch post office at the average rate of 45 per hour (exponential interarrival times), while clerks can handle transactions on an average of 4 minutes each (exponential). What is the minimum number of clerks needed to keep the average time in the system under 5 minutes?
a. 2
b. 3
c. 4
d. 5
e. 6
Considering the average customer arrival rate and the clerks' service capacity, a minimum of 4 clerks would be needed to keep the average time in the post office system under 5 minutes.
Explanation:To answer your question, we need to consider the average arrival rate of customers and the average time a clerk can handle a transaction. The average arrival rate is 45 customers per hour, and we know clerks can handle transactions every 4 minutes, which equates to 15 transactions per hour per clerk.
To keep the average time a customer spends in the system under 5 minutes, the service capacity needs to be greater than the arrival rate. We're looking for the minimum number of clerks needed, which can be found by dividing the arrival rate by the service capacity of each clerk and rounding up.
Doing the math, 45 customers per hour divided by 15 transactions per hour per clerk equals 3 clerks. However, to ensure the system remains under 5 minutes even under pressure, an additional clerk may be required to counter any potential customer-surges. Thus, the minimum number of clerks needed would be 4 (option c).
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Smith Law Firm specializes in the preparation of wills for estate planning. On October 1, 2021, the company begins operations by issuing stock for $12,000 and obtaining a loan from a local bank for $24,000. By the end of 2021, the company provides will preparation services of $31,000 cash and pays employee salaries of $22,000. In addition, Smith pays $1,900 in cash dividends to stockholders on December 31, 2021. Determine the amount of financing cash flows Smith would report in 2021.
Answer:
Cash flow from financing $34,100
Explanation:
The amount of financing cash flows that Smith would report in year 2021 is as follows:
Issuance of stock by Smith law firm $12,000
Loan from local bank $24,000
Dividends paid to stockholders ($1,900)
Cash flow from financing $34,100
A concern voiced by critics of globalization is that today's increasingly interdependent global economy shifts economic power toward
(A) True
(B) False
Answer: I found the complete question:
A concern voiced by critics of globalization is that today's increasingly interdependent global economy shifts economic power toward
A) the communist states of eastern Europe and central Asia.
B) nations that have authoritarian forms of government.
C) supranational organizations such as the World Trade Organization.
D) the national governments of the countries participating in globalization. E) the medium-size and small U.S. multinationals.
The correct answer is "C) supranational organizations such as the World Trade Organization.".
A concern voiced by critics of globalization is that today's increasingly interdependent global economy shifts economic power toward supranational organizations such as the World Trade Organization.
Explanation:
Supranational organizations are those that are above the nation or a state, generally their objectives are to engage in dialogue with the different states on equal terms and to contract or agree to different conditions.
In this way, the globalization that makes countries more interdependent every day gives these organizations greater power since they serve as a link between the different states.
Explain several implications of IFRS on financial reporting by health care organizations.
Final answer:
IFRS has major implications on financial reporting for healthcare organizations, enhancing consistency and comparability of financial data, necessitating transparent allocation of resources and risk reporting, and requiring a balance between transparency and privacy.
Explanation:
International Financial Reporting Standards (IFRS) impose significant implications on financial reporting by health care organizations. Firstly, IFRS adoption can lead to greater consistency and comparability of financial statements, making it easier for investors and stakeholders to assess the financial health of organizations across borders. However, health care organizations may also face challenges due to diverse health financing systems such as fee-for-service and HMOs. For instance, the allocation of resources and the calculation of reimbursements must be transparently reported under IFRS. Furthermore, risks such as adverse selection in insurance markets need careful disclosure to accurately represent the organization's financial position. Finally, privacy concerns around health records must be balanced against the transparency required by financial reporting regulations.
Milden Company is a merchandiser that plans to sell 12,000 units during the next quarter at a selling price of $100 per unit. The company also gathered the following cost estimates for the next quarter: Cost Cost Formula Cost of good sold $35 per unit sold Advertising expense $210,000 per quarter Sales commissions 6% of sales Shipping expense $28,000 per quarter + $9.10 per unit sold Administrative salaries $145,000 per quarter Insurance expense $9,000 per quarter Depreciation expense $76,000 per quarter
Answer:
Part 1 – Milden Company – Contribution format income Statement
Sales (12000 × 100) = 1,200,000
Less: Variable Cost
COGS (12000 × 35) = 420,000
Sales Commissions (1,200,000 × 6%) = 72,000
Shipping Exp. (12000 × 9.10) = 109,200
Total Variable Cost = 601,200
Contribution Margin = Sales – Variable Cost
Contribution Margin = 1,200,000 – 601,200
Contribution Margin = 598,800
Less: Fixed Cost
Adm. Salaries exp. = 145,000
Advertising exp. = 210,000
Shipping exp. = 28,000
Depreciation exp. = 76,000
Insurance exp. = 9000
Total Fixed cost = 468,000
Net Income = Contribution Margin - Total Fixed cost
Net Income = 598,800 – 468,000
Net Income = 130,800
Part 2 – Milden Company – Traditional format income Statement
Sales (12000 × 100) = 1,200,000
Less: COGS (12000 × 35) = 420,000
Gross Profit = 780,000
Less Operating expense
Sales Commission (1,200,000 × 6%) = 72,000
Shipping exp. (12000 × 9.10) + 28,000 = 137,200
Adm. Salaries exp. = 145,000
Advertising exp. = 210,000
Depreciation exp. = 76,000
Insurance exp. = 9000
Total Operating Expense = 649,200
Net Income = Gross Profit - Total Operating expense
Net Income = 780,000 – 649,200
Net Income = 130,800
To calculate the total revenue, multiply the quantity of units sold by the selling price. The total cost can be found by summing up all the individual cost estimates provided. The total revenue is $1,200,000 and the total cost is $1,275,000.
Explanation:To calculate the total revenue, we multiply the quantity of units sold by the selling price. So, the total revenue for the next quarter would be 12,000 units multiplied by $100, which equals $1,200,000.
The total cost of goods sold can be found by multiplying the cost per unit sold by the number of units sold. In this case, it would be 12,000 units multiplied by $35, resulting in a total cost of goods sold of $420,000.
To calculate the total cost, we sum up all the individual cost estimates provided. So, the total cost would be $210,000 (advertising expense) + 6% of sales (sales commissions) + $28,000 (shipping expense) + $145,000 (administrative salaries) + $9,000 (insurance expense) + $76,000 (depreciation expense), which equals $1,275,000.
The opportunity cost of an action is always equal to: the things you could have done instead of the action you chose to undertake. the money you give up to undertake the action. the time you give up to undertake the action. the next-best alternative for the resources used to undertake the action.
Answer:
the things you could have done instead of the action you chose to undertake
Explanation:
Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.
I hope my answer helps you.
Bob was recently promoted to the engineering manager position because of his knowledge and ability to perform all the functions required in the engineering department. Bob was promoted because of his______________.
Answer:
technical
Explanation:
Technical skills are the job-specific skills required to perform a particular type of work or occupation at a high level.
Jamison Company has the following obligations at December 31: For each obligation, indicate whether it should be classified as a current liability. (Assume an operating cycle of less than one year.) a. A note payable for $100,000 due in 2 years.b. A 10-year mortgage payable of $300,000 payable in ten $30,000 annual payments.c. Interest payable of $15,000 on the mortgage.d. Accounts payable of $60,000.
Answer:
Explanation:
The current liability is that liability in which the obligation is arise for one year or less than one year.
So, the categorization is shown below:
a. A note payable for $100,000 due in 2 years. = It is not a current liability as it is due in 2 years that come under the long term liability
b. A 10-year mortgage payable of $300,000 payable in ten $30,000 annual payments. = Current liability for first annual payment only and rest is consider to be long term liability
c. Interest payable of $15,000 on the mortgage. = Current liability as it is arise within one year
d. Accounts payable of $60,000. = Current liability as it is arise within one year
The current liability is shown on the liabilities side of the balance sheet.
The note payable and mortgage payable are long-term liabilities, while the interest payable and accounts payable are current liabilities.
Explanation:a. The note payable for $100,000 due in 2 years should be classified as a non-current liability as it will not be paid within the operating cycle of the company, which is less than one year.
b. The 10-year mortgage payable of $300,000, payable in ten $30,000 annual payments, should be classified as a long-term liability as the payments extend beyond the operating cycle.
c. The interest payable of $15,000 on the mortgage should be classified as a current liability as it is due within the operating cycle.
d. The accounts payable of $60,000 should be classified as a current liability as it is due within the operating cycle.
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On January 6, Windsor Co. sells merchandise on account to Harley Inc. for $9,700, terms 2/10, n/30. On January 16, Harley pays the amount due. Prepare the entries on Windsor Co.’s books to record the sale and related collection. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Answer:
Explanation:
Jan. 6
Dr Accounts receivable $9,700
Cr Sales $9,700
Jan. 16
Cash $10,506
Sales discounts($9,700 * 2%) $194
Accounts receivable $10,700
The journal entries are the initial recording of the business transactions in the books of accounts. The entries are prepared in chronological order .i.e. the order of their occurrence. This helps the accountant to prepare the general ledger accounts of each account head.
The journal entries for the sale of merchandise and its amount payment is attached in the image below:
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Brad proposed the purchase of a new Toshiba copier to his boss, Chin. Chin said that he has always used and liked Xerox copiers, but when he thinks about it later, he realizes he does not really feel strongly about the brand of copy machine used in the office. Chin should probably adopt a(n) ________ conflict-handling style when trying to resolve this matter with Brad.
Multiple Choice
avoiding
accommodating
compromising
forcing
collaborating
Pizza Hearth is in the process of deciding on the mode of entry into the Eastern European countries. Which phase of the international planning process is Pizza Hearth currently in? A. Preliminary analysis.B. Defining market segment.C. Developing the marketing plan.D. Implementation and control.E. Standardization of the marketing mix.
Answer:
Letter C is correct. Developing the marketing plan.
Explanation:
As Pizza Hearth is in the process of deciding how to enter Eastern European countries, it can be said that the company is at the stage of developing the marketing plan in the international planning process.
A marketing plan is a document that complements the business plan and contains written in detail all the plans and actions of an organization that will be necessary to achieve its marketing objectives.
As Pizza Hearth is planning to enter a new market, the development of the marketing plan will provide essential subsidies for the company to define the best strategies for reaching the target audience according to its demographic characteristics, such as culture, tastes, lifestyle and others.
Through this strategic tool it is possible to identify the strengths, weaknesses, opportunities and threats that the micro and macro environment provides the company, assisting in the development of objectives and goals, in the knowledge of competitors and the wishes and needs of potential customers.
An organization decides to improve its raw material handling process by buying a material handling robot. This is an example of using
Answer:
B. Automation
Explanation:
Option A is incorrect as a human resource cannot be a material handling robot.
Option C is wrong as statistical quality control cannot do the same task as a material handling robot can. Statistical quality control can ensure quality by minimizing risk.
Options D and E are incorrect, respectively, as flexible manufacturing cannot improve the raw materials, and fixed layouts cannot be the element of the raw material process.
Option B is correct as a material handling robot is a machine. Therefore, automation is necessary to improve the raw materials handling process.
Final answer:
The organization's decision to buy a material-handling robot exemplifies an investment in automation to increase efficiency and reduce human error in the production process.
Explanation:
An organization deciding to improve its raw material handling process by buying a material handling robot is an example of an investment in automation and technology. This step is taken to enhance operational efficiency, reduce labor costs, and minimize human error. Automation in the production process can lead to significant improvements in productivity and can be a part of a broader strategy to implement lean manufacturing principles.
Define the opportunity cost of getting your degree by analyzing what steps and economic factors a potential student must make when choosing to pursue an education. Given your answer, is getting a formal college education worth your opportunity costs? Why?
Answer:
An opportunity cost is the cost that measures the opportunity that is lost or sacrificed when the choice of one course of action requires that the other course of action be given up.
Explanation:
For example if we take the example of not going to college and working instead the opportunity cost would be earning maybe 500 $ for the next five years without any raised funds or bonuses etc. But if we decide to go to college and study further the opportunity cost would not only be the fees paid but also the amount which could have been earned in those years.
Yes getting formal college education is worth an opportunity cost because after getting educated we may earn at a rate much higher and even get better chances of professional growth rather than a typical job of a certain level, meaning we could get jobs of higher positions where the earning maybe twice or sometime thrice the job wee would be doing without that education
Opportunity cost of earning a degree includes both financial expenses and forgone alternatives, such as lost earnings from not working. Deciding on the value of a college education entails comparing future benefits with present sacrifices. This assessment must account for both tangible and intangible factors.
The opportunity cost of getting a degree encapsulates not only the direct financial costs such as tuition, fees, and books, but also the value of alternatives given up to pursue education. This includes the potential earnings from a job that a student foregoes while dedicating time to studying and class attendance. When deciding if a formal college education is worth the opportunity costs, one must weigh the potential for future earnings enhancement and the intrinsic value of education against what is being sacrificed in the present.
Considering the opportunity cost is critical in making an informed decision about pursuing a college education. A student evaluates the out-of-pocket expenses alongside the opportunity costs of lost earnings during the time spent in academic pursuits. This analysis often goes beyond simple monetary terms, as the value assigned to learning and potential future earnings plays a significant role.
Theresa, an outside sales person, uses her car for both business and pleasure. Last year, she traveled 30,000 miles, using 900 gallons of gasoline. Her car gets 40 mpg on the highway and 25 mpg in the city. She can deduct all highway travel, but no city travel, on her taxes. How many miles should Theresa deduct as a business expense?
Answer:
Miles should Theresa deduct as a business expense=20,000 miles
Explanation:
Given:
Total Miles=30,000 miles
Total Gasoline gallons=900
Highway Mileage=40 mpg
City Mileage=25 mpg
Find:
Miles should Theresa deduct as a business expense=?
Solution:
We are going to make two equations:
Let H be for highway, C for city
Highway Gallons+City Gallons=900
H+C=900 Eq (1)
Highway Miles+City Miles=30,000
40 H+25 C=30,000 Eq (2)
From Eq (1)
C=900-H (Put in Eq (2))
40H + 25(900-H)=30,000
H=500 gallons (Gallons use on highway)
Miles should Theresa deduct as a business expense=40*500
Miles should Theresa deduct as a business expense=20,000 miles
Among the most powerful institutions for supporting good incentives are: Select one:
a. government price controls.
b. monopolies.
c. legal limits on excessive profits.
d. property rights
Answer:
The answer is d. Property Rights
Explanation:
The correct answer is Property Rights because strong economy of a country requires good incentive and support by powerful institutions. The important incentives include Property Rights, competition and open market instead of monopolies, dependable legal system instead of legal limits on excessive profits, honest and stable government.
Before 1837, all states employed mandatory death penalty statutes that required anyone convicted of a designated capital crime to be sentenced to death.
a. True
b. False
Answer:
The statement is TRUE
During 2017, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. a. $0 b. $400 c. $1,000 d. $2,000 e. Some other amount
To calculate the maximum contribution for an educational savings account, we need to consider the IRS limits. Based on Carl's income, the maximum contribution is $1,000.
Explanation:To calculate the maximum contribution Carl is allowed for an educational savings account, we need to consider the limits set by the IRS. For 2017, the maximum contribution for an individual taxpayer is $2,000. However, this limit is phased out for taxpayers with higher incomes. To determine the phase-out limit, we need to calculate Carl's Adjusted Gross Income (AGI).
Carl's AGI is his salary of $91,500 plus his interest income of $11,000, which equals $102,500. Since his AGI exceeds the phase-out threshold of $95,000 for single taxpayers, the maximum contribution for an educational savings account is reduced.
We can calculate the reduction amount by subtracting the phase-out threshold from Carl's AGI. In this case, $102,500 - $95,000 = $7,500. Next, we divide the reduction amount by $15,000 (which represents the range over which the reduction occurs) and multiply the result by the maximum contribution limit ($2,000). So, $7,500 / $15,000 * $2,000 = $1,000.
Therefore, the maximum contribution Carl is allowed for an educational savings account is $1,000 (option c).
On January 4, 2017, Trycker, Inc. acquired 40% of the outstanding common stock of Inkblot Co. for $2,400,000. This investment gave Trycker the ability to exercise significant influence over Inkblot. Inkblot’s assets on that date were recorded at $8,000,000 with liabilities of $2,000,000. There were no other differences between book and fair values.
During 2012, Inkblot reported net income of $500,000 and paid dividends of $300,000. The fair value of Inkblot at December 31, 2012 is $7,000,000. Trycker elects the fair value option for its investment in Inkblot.
At what amount will Inkblot be reflected in Trycker's December 31, 2012 balance sheet?
(A) $7,000,000.
(B) $2,800,000.
(C) $2,400,000.
(D) $2,280,000.
(E) $2,480,000.
Answer:
correct option is (B) $2,800,000
Explanation:
given data
acquired = 40%
outstanding common stock = $2,400,000
assets = $8,000,000
liabilities = $2,000,000
net income = $500,000
paid dividends = $300,000
fair value = $7,000,000
solution
we get here amount that is reflected in December 31, 2012 balance sheet
as we know fair value, investment reported at fair value
so amount that reported in balance sheet is share in fair value
so amount reflected is = 40% share of fair value
amount reflected = 40% × $7000000
amount reflected = $2800000
so correct option is (B) $2,800,000
Given the fair value of Inkblot Co at the end of 2012 and Trycker’s 40% ownership, Trycker's investment would be reflected as 40% of $7,000,000. Thus, the amount at which Inkblot will be reflected in Trycker's December 31, 2012 balance sheet is $2,800,000.
Explanation:When a company elects the fair value option for its investment under the equity method, that means it chooses to adjust its investments to their fair value each reporting period. In this specific case, Trycker, Inc. elected the fair value method for its investments in Inkblot Co.
As such, Trycker adjusts its investment each reporting period to reflect its fair value. Given that the fair value of Inkblot Co at the end of 2012 was $7,000,000, and Trycker owns 40% of Inkblot, Trycker's investment would be reflected as 40% of $7,000,000.
So, the amount at which Inkblot will be reflected in Trycker's December 31, 2012 balance sheet is 40% of $7,000,000, which equals $2,800,000. Therefore, the correct answer is (B) $2,800,000.
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An agreement between Nextflix and Flixbuster to each supply 250 subscriptions is an example of:
a. price discrimination.
b. Bertrand competition.
c. price leadership.
d. collusion.
e. increasing marginal costs
Answer:
correct answer is d. collusion
Explanation:
Nextflix and Flixbuster both did an agreement for supply every 250 subscriptions so it is collusion because collusion is that when 2 or more companies get together and make a secret agreement
and it is possibly unethical so collusion is an illegal practice and there is Antitrust law to preventing collusion between 2 or more companies
because these type of company operate to detriment of the third party
and these type of secret agreement occur for sale and purchase and advertising
so correct answer is d. collusion
At the end of last year, the company's assets totaled $879,000 and its liabilities totaled $749,500. During the current year, the company's total assets increased by $59,900 and its total liabilities increased by $24,950.
At the end of the current year, stockholders' equity was $______.
Answer:
$ 164,450
Explanation:
Opening assets = $879,000
Opening liabilities = $ 749,500
Increase in Assets = $59,900
Increase in Liabilities = $24,950
Closing assets = Opening Assets + Increase in Assets
= $879,000 + $59,900
= $ 938,900
Closing Liabilities = Opening Liabilities + Increase in Liabilities
= $749,500 + $24,950
= $ 774,450
At the end of the current year,
Stockholder's Equity = Total Assets- Total Liabilities
= $ 938,900 - $ 774,450
= $ 164,450
Developing an audit finding involves comparing the condition to the relevant standard or criterion. Which of the following choices best represents an appropriate standard or criterion to support a finding?
A: A quality standard operating procedure (number and date) for the department.
B: An internal accounting control principle, cited and copied from a public accounting reference.
C: A sound business practice, based on the internal auditor's knowledge and experience obtained during many audit assignments within the company.
D: All of the above
Answer:
D: All of the above
Explanation:
All the options are correct
Which of the following cash flows are NOT considered in the calculation of the initial outlay for a capital investment proposal?
All of the above should be considered
Sunk costs
After-tax salvage value of old equipment
Cost of Installing new equipment
Increase in net working capital requirements
Answer:
Sunk costs
Explanation:
The sunk cost is the cost already generated that will not be recovered in the future. However, it is also referred to as past expenses.
It is irrelevant at the time of decisions with respect to capital investment as this cost is useless.
So at the time of the capital investment proposal, the sunk cost should not be considered. The other cost which is related to the initial outlay would be considered
Why should USAA collect data on which auto parts are fixed most frequently? What could it do with this data?
Answer:
To devise their business strategy accordingly
Explanation:
The USAA is an auto-insurance company and with a wide array of customers, information such as will lead them to further invest and provide more services that can cater the singular most serviced auto part. This can lead to a rise in the trust and loyalty of the customers.
The collection of such data can be beneficial for the company as it can use it to devise the information to shape its policies accordingly. The most frequently fixed auto part information can lead the company to provide more easy and accessible service to its customer. This would ensure a geometric growth in the customers. By providing relaxed services and lesser charges on the service, USAA can garner a lot of new customers.
Final answer:
USAA should collect data on auto part repairs to manage risks, customize insurance offerings, and enhance customer satisfaction by providing personalized maintenance advice. The data's value might change if compromised, affecting customer trust, making data security crucial.
Explanation:
USAA should collect data on which auto parts are fixed most frequently to facilitate effective risk management and tailor their insurance offerings. By analyzing this data, they can identify patterns in repairs and adjust their coverage plans and pricing accordingly. For instance, if certain parts are prone to failure, USAA could offer enhanced coverage options for those parts. Additionally, understanding repair frequency can inform preventative maintenance recommendations, contributing to customer satisfaction and reduced claims.
The cost to replace this data can be substantial, not only in monetary terms but also in terms of lost insights and customer trust. Replacing lost data could be challenging, and its value may change if it is compromised, affecting both the company's competitive edge and its relationship with customers. Data privacy is essential, so USAA must ensure that data collection is transparent and compliant with regulations, carefully outlining what data is collected, why, and who has access to it.
Moreover, using the collected data, USAA can potentially communicate with customers to offer personalized driving tips and maintenance advice, thereby enhancing their car care experience. The data can also enable USAA to advocate for improved safety regulations in the automotive industry based on empirical evidence of part failure rates.
Refer to "Terrorism Preparedness" in your assigned readings. According to the article, identify what local, county, and state assets you feel need to be in place as an answer to counter terrorism preparedness and why.
Answer: As a terorrism preparedness, local, country and state assets need to be in place as an answer to counterterrorism preparedness. National infrastructure preparedness plan which outlines how government and private sector participants in the community can work together to manage risks and achieve security and resilience outcomes.
The National Infrastructure and Computer Intrusion Program also have a role in preventing terrorist act by identifying, protecting, preventing and detecting of computer intrusions. Assets include the major electrical, communications, and water facilities; transportation hubs; energy plants and other infrastructure which are instrumental in terrorism attack.
Explanation:
The total cost per device for production of 66,000 devices, excluding marketing costs, could be used as the cost basis.
Answer: No
Explanation: Acording to the principles of cost accounting, the three main factors must be taken into account, the cost of raw material or the creation of the good, the cost of modifying the raw material and the marketing costs.
For example: To calculate the unit cost, the sum of these three costs divided by the number of devices is required. As one of the components is missing if it is divided into 66,000 it would not be complete
Summarize your understanding of how management and leadership can utilize paradoxical thinking to improve the organization
Answer:
Management and leadership realize how paradoxical thought can be used to enhance organization.
Explanation:
Paradoxical thinking a current method to understand fully and externalize the measures to improve our conflicting qualities can lead to actual leadership and achievement.Successful executives and administrators will realize that, in their job, members need the skills to deal with inconsistencies and accept opposing powers to maximize efficiency and meet the corporate objectives.When determining its marketing mix for a new product, a company decides to price the item in the discount category, with low-cost packaging. The company would most likely choose a minimal promotions strategy with few, if any, broad communications.
O True O False
The given statement " When determining its marketing mix for a new product, a company decides to price the item in the discount category, with low-cost packaging. The company would most likely choose a minimal promotions strategy with few, if any, broad communications " is TRUE.
Explanation:
The marketing mix relates to the series of measures or strategies used by a corporation to sell a commodity or product on the marketplace.
The 4Ps represent a traditional marketing blend, including price ,product ,promotion and place.
Define the firm's Single Sales Proposal (USP). Describe the brand target audience. Define in depth the element. Develop a product pricing plan. Recognise the market location of the product. Specify the advertising techniques you are using for the product.Explain the kind of economic goods that are hot dogs and hot dog buns are with respect to each other, and then explain what is likely to happen to the demand for hot dogs when the price for hot dog buns decreases.
Answer:
Compliments
The demand for hot dogs would increase
Explanation:
Compliment goods are goods that are demanded together. Hot dog and hot dog bins are consumed together so they are demanded together. If the demand for hot dog increases, the demand for hot dog buns also increases.
If the price of hot dog buns falls, the demand for hot dog increases.
I hope my answer helps you
_______ achieves organizational change through business process changes and dilivery of supporting business systems with a minimal customization
Answer:
The correct word for the blank space is: Business System Acquisition Testing & Deployment.
Explanation:
The Business Capability Acquisition Cycle is an approach used by the U.S. Department of Defense (DoD) to perform business acquisition processes efficiently. This is carried out as a cycle with five (5) steps: Capability Need Identification, Business Solution Analysis, Business System Functional Requirements & Acquisition Planning, Business System Acquisition Testing & Deployment, and Capability Support.
In the Business System Acquisition Testing & Deployment, the DoD supports business systems with the ultimate goal to generate a change without deploying too many specialized personnel.