Answer and Explanation:
This is an example of Simpson’s paradox
Use the compound interest formula for compounding more than once a year to determine the accumulated balance after the stated period. $1200 deposit at an APR of 4% with quarterly compounding for 2 years.
Answer:
1299.43
Explanation: {'=raise to the power}
A= P(1+r/n) 'nt
A= final amount, P = principal amount, r= rate of interest per time, n =no of time periods, t = no of times interest compounds in a time period.
In this case: A= ? , P= 1200, t= year, n= no of years i.e 2, t = compounding in a year i.e 4 times (quarterly), r = APR 4%.
A= 1200 (1+ 0.04/4) '(2x4)
= 1200 (1+ 0.01) '(2x4)
= 1200 (1.01) '8
= 1200 (1.083)
= 1299.43
Urfa, like much of southeast Turkey, has an economy based primarily on what economic activity?
Answer: AGRICULTURE,others include INDUSTRY(Cotton) and TOURISM.
Explanation:Urfa,also called Sanliurfa is an ancient region in Turkey people call it birth place of Agriculture,it is located about eighty(80) east of the Euphrates River. Urfa has a strong relationship with the old testament,it's population are pre-dorminantly Muslims. The major trade of the people of Urfa is Agriculture,others includes Cotton industry and tourism. Sanlıurfa accounted for about 43.3% of Turkey's cotton plantations and 40.5% of its production in 2016. Urfa has ancient history buildings and other natural endowment used for tourism.
Assume that Eric Duffy and Johnnie Gladwin operate a partnership. Their partnership agreement states that E. Duffy receives two–thirds of the partnership income or loss and J. Gladwin receives the remaining one–third. The partnership's income statement reported net income of $90,000 for the year ending December 31. Prepare the December 31 journal entry that would be required to close the Income Summary account and allocate the net income to the two partners.
Answer:
Dr Income Summary account 90,000
Cr Capital account, E. Duffy 60,000
Cr Capital account, J. Gladwin 30,000
Explanation:
The income summary account has a credit balance, and in order to close it we must debit it against capital accounts.
Since Duffy was entitled to 2/3 of the profits, then he should receive $60,000, and the remaining $30,000 would go to Gladwin.
Economic forces impact the opportunities available to entrepreneurs. Which of the following alternatives reflects a set of economic forces that would be of interest to entrepreneurs?1. Level of disposable income, new uses of old technologies, and new laws and regulations2. New technologies, consumer spending patterns, and new laws3. Interest rates, consumer spending patterns, and level of disposable income4. Social and cultural trends, level of interest rates, and what people think is "in"5. New changes in political areas, new laws, and level of disposable income
Answer:
3. Interest rates, consumer spending patterns, and level of disposable income
Explanation:
The following alternatives reflects a set of economic forces that would be of interest to entrepreneurs: Interest rates, consumer spending patterns, and level of disposable income
1. Interest Rates: Whenever there is an increase in interest rates, entrepreneurs are required to set aside more funds for the repayment of loans in the sense that the interest component becomes more expensive and looking at the total picture, the loan becomes technically bigger than what they had collected. This occurrence of higher interest rates reduces the business' net income for all periods till the loan is fully paid.
2. Consumer spending patterns: Consumer spending patterns are a very important tool or dataset for businesses which can be used to understand market potential. It reveals customers who are likely to buy certain categories of goods and services and where they are geographically located. Without this information businesses could be located in the wrong places or could target the wrong customers
3. Level of disposable income: Disposable income refers to the amount of income left after taxes are paid. This metrics is important for businesses because that is the fraction of earnings that consumers spend on to buy goods and services.The higher the disposable income, the higher the demand for firms products will be.
The interest rates, consumer spending patterns, and level of disposable income are the economic forces that would be of interest to entrepreneurs.
Interest rates, consumer spending patterns, and level of disposable income are the economic forces that would be of interest to entrepreneurs. If there is an increase in interest rates, entrepreneurs are required to give more funds for the repayment of loans which adversely affected the output of the trade.
Consumer spending patterns are a very important tool for businesses which can be used to understand market potential. This gives information to the entrepreneurs about the choice of goods and products of people.
Disposable income refers to the amount of income after taxes are paid. This aspect is important for businesses because that part of earnings used by consumers spend on to buy goods and services so we can conclude that interest rates, consumer spending patterns, and level of disposable income are the economic forces that would be of interest to entrepreneurs.
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Zync Corporation offers a block of its securities for sale to the investment banker that submits the highest price of all interested investment bankers. This procedure is known as a _____.
a. competitive bid
b. financial intermediation
c. negotiated deal
d. shelf registration
e. dual listing
Answer:
A. competitive bid
Explanation:
Competitive bid -
It is a type of bid , which is basically linked to the price and the proposal by the service provider to the firm , for any type of business , is referred to as a competitive bid.
It can be associated with many other business deals.
Hence , from the question ,
The correct option is A. competitive bid .
When Alex, the marketing manager of Hartwell Inc., realized that his plan to increase sales levels was not producing the results he desired, he took quick action to make necessary adjustments. According to this scenario, Alex was exercising the management function of ______.
Answer: Controlling function.
Explanation:
Controlling function is taken by Alex the marketing manager to determine the cause of poor recorded sales and determine ways of increasing sales. Controlling function in management occurs, when a manager of an organization monitors the outcome of his organization to check if the organization's goals are being met. If the goals are being achieved the manager finds ways to maintain it and if the goals are not being met takes corrective measures.
Vincent and Jean are two cooks who work in a village. Each of them can either bake cakes or make pizzas. Every ingredient is readily available to them, and the only scarce resource is the cook's time. Vincent can bake 10 cakes or make 5 pizzas in an hour. Jean can bake 12 cakes or make 8 pizzas in an hour. Please answer the four questions below.
A) Which cook has the absolute advantage in baking cakes?
B) Which cook has the absolute advantage in making pizzas?
C) Which cook has the comparative advantage in baking cakes?
D) Which cook has the comparative advantage in making pizzas?
Answer:
Vincent and Jean are two cooks who work in a village. Each of them can either bake cakes or make pizzas. Every ingredient is readily available to them, and the only scarce resource is the cook's time. Vincent can bake 10 cakes or make 5 pizzas in an hour. Jean can bake 12 cakes or make 8 pizzas in an hour
Which cook has the absolute advantage in baking cakes?
Jean has the absolute advantage in baking cakes
Which cook has the absolute advantage in making pizzas?
Jean has the absolute advantage in making pizzas
Which cook has the comparative advantage in baking cakes?
Vincent has the absolute advantage in baking cakes
Which cook has the comparative advantage in making pizzas?
Vincent has the absolute advantage in making pizzas
Explanation:
If a balance exists in the temporary MOH account at the end of the period, it can be ignored for purposes of preparing the company’s financial statements.
A) True
B) False
Answer:
FALSE
Explanation:
If a balance exists in the temporary Manufacturing Overhead account at the end of the period, it cannot be ignored for purposes of preparing the company’s financial statements.
The balance in the manufacturing overhead account must be included in the cost of sales which is a line item in the income statement of the company. If the balance that exists in the manufacturing overhead account is ignored in the financial statements, it means that the income statement for that period of reporting has been misstated; also the overheads figure not being adequately captured will misstate the expenses and (by extension) Income figures for the period.
The statement is false, the balance in the MOH account should be allocated to the appropriate cost of goods sold and inventory accounts.
Explanation:The statement 'If a balance exists in the temporary MOH account at the end of the period, it can be ignored for purposes of preparing the company’s financial statements' is false.
The temporary MOH account refers to the Manufacturing Overhead account, which is used to accumulate indirect manufacturing costs. At the end of the accounting period, the balance in the MOH account should be allocated to the appropriate cost of goods sold and inventory accounts.
Ignoring the balance in the MOH account would result in misstated financial statements and inaccurate representation of the actual manufacturing costs.
Muldoon Advertising has an opening balance in its supplies account of $2,400 and purchases $3,000 of supplies during the year. A year-end physical count shows $2800 in supplies inventory. Which is the appropriate journal entry at year end?
A) Dr Supplies Expense $2,600
Cr Supplies $ 2,600
B) Dr Supplies Expense $2,800
Cr Supplies $ 2,800
C) Dr Supplies $2,600
Cr Supplies Expense $ 2,600
D) Dr Supplies $3,000
Cr Cash $3,000
Answer:
A) Dr Supplies Expense $2,600
Cr Supplies $ 2,600
Explanation:
The supplies account had an opening balance of $ 2400. Purchases were made of $ 3000 so the total debit balance was $ 5400. The year end showed a debit balance of $ 2800.
So $ 5400- $ 2800= $ 2600 Supplies were used and credited .
An expense account would be used to show this so
Supplies Expense is debited with $ 2600 and
Supplies Account is credited with $ 2600 showing a net debit balance of $ 2800 at the end of the year.
Identify the type of planning used to develop multiple-year plans based on a situational analysis, competitive assessments, and external factors of the organization.
Answer:
Strategic Planning
Explanation:
Strategic planning are used to develop multiple year plan, and are usually generated by senior level managers based on a situational analysis, competitive assessments, and external factors of the organization.
Which of these are goals of an expansionary policy? Check all that apply. a. increased available credit b. decreased available credit c. increased money supply d. increased inflation e. increased interest rates f. decreased interest rates
Answer:
a. increased available credit
c. increased money supply
f. decreased interest rates
Explanation:
Expansionary policy is a policy pursued by either the government or the monetary authority to stimulate aggregate demand in the economy. This can be achieved through the use of either the fiscal policy tool by the government or the monetary policy tool by the Federal Reserve.
The policy target of expansionary policy are any of the economic goals of the government, such as economic growth, control of inflation, favorable balance of payment, e.t.c.
The three goals of expansionary policy includes increased available credit, increased money supply and decreased interest rates.
Expansionary policy is an economic policy used by the government or monetary authority to stimulate the aggregate demand in the economy.
The purpose of Expansionary policy is achieved through use of fiscal policy by government or monetary policy by Federal Reserve.
The economic goals of use of the Expansionary policy includes to achieve economic growth, to control inflation, to achieve favorable balance of payment e.t.c.
Therefore, in the question, the goals of the expansionary policy includes increased available credit, increased money supply and decreased interest rates.
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Vac N' Sew will give customers $100 for a used vacuum cleaner, regardless of condition, when they purchase a new vacuum or sewing machine. This essentially reduces the price by $100. What is this type of discount called?
Answer:
Trade-in allowance
Explanation:
A trade-in allowance is a type of discount in which the price of a good is reduced by the value of a another good that the buyer gives to the seller.
In this question, we have a trade-in-allowance because buyers give a product (a used vacuum cleaner) valued at $100 in exchange for a discount by the same amount of the total price of the new vacuum that they want to buy.
Making sales to a customer on credit is an example of a ________ decision, and would be the responsibility of the __________.
Correct/Complete Question:
Making sales to a customer on credit is an example of a ________ decision, and would be the responsibility of the __________.
A) Working Capital; Controller
B) Capital Structure; Controller
C) Capital Budgeting; Treasurer
D) Capital Structure; Treasurer
E) Working Capital; Treasurer
Answer:
E, Working Capital, Treasurer
Explanation:
A working capital refers to the capital required by a business to ensure its day-to-day business operations. It can also be said to be the capital available to businesses, the government,as well as other firms in need.
A treasurer in the other hand is an individual responsible for the financial management of an organization. By financial management of an organization, a treasure has the responsibility of analyzing and balancing the organization's bank statements, choosing what banks to be used by the organization, etc among other things.
Since a treasurer is responsible for managing financial service. of an organization, the treaurer reserves the power to sell to anyone on credit the treasure will know how to include that in the financial statement.
Cheers.
Moral theorizing essentially involves
a. trying to decide what is right or wrong on a case-by-case basis.
b. trying to come up with general moral principles that apply to many different cases.
c. consulting the relevant laws and the Constitution.
d. trying to explain what causes people to make the moral judgments they do.
trying to come up with general moral principles that apply to many different cases.
Moral theorizing essentially involves trying to come up with general moral principles that apply to many different cases. Option B is the correct answer.
Moral theorizing involves the process of developing general moral principles that can be applied to various situations. These principles serve as ethical guidelines to help individuals make consistent and informed decisions. Option B is the correct answer.
Moral theorizing is a philosophical endeavor that aims to explore and understand the nature of morality and ethical decision-making. It goes beyond individual cases and seeks to establish overarching principles that can be universally applied. By formulating general moral principles, moral theorists aim to provide a framework that guides ethical behavior across different contexts. These general moral principles are designed to address a wide range of moral dilemmas and ensure consistency in moral judgments. They often focus on fundamental values and principles such as fairness, justice, human rights, and respect for autonomy.
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Until January 1, 2012, the price for ethanol consumers in the United States was higher than world free-market price by $0.54 per gallon because of the $0.54 per gallon tariff imposed by the U.S. government on ethanol imports. This is an example of a(n) _____ tariff.
a. specific
b. preferential
c. ad valorem
d. custom
e. generalized
Answer:
Specific tariff
Explanation:
Specific tariff - it is referred to as the charge that is imposed by the US government on any imported item. it is applied per unit items. it can be considered as the tax that the US government levied on import items. it is referred to as a trade barrier focus to reduce the amount of import from tie-up countries
Fir above context, $0.54 as import tax is applied by the US government on imports of ethanol.
A new mall will be constructed in a large city. Why are business owners most likely viewing a topography map before construction? a. to find flat areas of land for building b. to identify key landforms in the area c. to calculate an area’s contour interval d. to locate steep slopes for road construction
Answer:
A) to find flat areas of land for building
Explanation:
Topography maps show the elevation of the terrain and how flat a terrain is. Malls are usually very large buildings that occupy a large piece of land, and terrains with varying altitude increase the building costs of any type of structure.
If someone wants to build a large mall (that includes many parking spaces), they must look for some lot that is flat or can be flatten out easily.
Explanation: The answer is a.
Changing personnel responsibilities to suit an information system is more disruptive to an organization than ordering additional hardware for the information system.
True / False.
Answer: True
Explanation:
Changing personnel responsibilities might in one way or the other enhance information risks increasing the probability of disruption and unauthorized access to information system in an organization.
Vision Tech is a software company based out of San Francisco. Its stockholders are mostly individual investors and there is relatively little institutional ownership. If several pension and mutual funds were to take large positions in Vision Tech's stock, would direct shareholder intervention be more or less likely to motivate the firm's management?
Answer:
With respect to financial performance and position, yes maybe but for other matters not.
Explanation:
The interventions by large institutional investors like Pension and Mutual funds in Vision Tech's case can have a impact on its financial performance and position. If the current business outlook of Vision Tech is weak, the large institutional investors can guide the management on how to improve the business financially in the future, if they have specialization in the sector in which Vision Tech conducts its business. Backed up by funding support and sound guidance, the management can be motivated towards working for better business conditions in the future. However, it all depends upon the good attitude of the promoters and the management towards the organization as a whole rather than taking care of their own self interests.
However, if the matters are like related to society welfare like impact on the environment from the firm's operations or other Corporate Social Responsibility actions, the management is less likely to be motivated. The large institutional investors show on paper that they are concerned with social welfare kind of matters, but in reality they don't even care about it as it doesn't impacts their pocket revenue from the stock.
Even if the accounts are manipulated or deliberately made to look great, the institutional investors in reality may not even care as long as their dividend incomes and stock investment increases are protected.
Final answer:
Institutional investors like pension and mutual funds can decrease the need for direct shareholder intervention in a company's management due to their ability to influence strategy through more sophisticated and coordinated actions than individual investors.
Explanation:
When pension and mutual funds take large positions in a company's stock, such as Vision Tech, it can potentially lead to less direct shareholder intervention in motivating the firm's management. These institutional investors have financial expertise and resources to engage in more sophisticated means of influencing company management, such as direct conversations with management or exercising influence through the board of directors. Furthermore, institutional investors often prefer to work behind the scenes to influence company strategy and are less reliant on direct intervention.
In contrast, when a company has a broad base of individual investors, these investors may not have the same level of coordination or power to influence management effectively. Individual investors also might not have the same depth of information about the firm's operations as institutional investors or venture capitalists, who often take an active role in company oversight and strategy.
The Occupational Safety and Health Act (OSHA) mandated that first-aid kits be available in business establishments employing more than three people. A newly formed company was successful in developing first-aid kits that allowed companies to comply with the standards of the act. This is an example of: Select one: a. distribution channels as an excellent source for new ideas. b. existing products and services as a source for new ideas. c. potential consumers as a source for new ideas. d. government regulations as a source for new product ideas.
Answer:
The correct answer is D
Explanation:
OSHA stands for Occupational Safety and Health Act, which is passed in order to encourage the safer workplace conditions in the U.S. They set the standards as well as perform the inspections at the job sites.
OSHA made mandatary the first aid kits to be available in the business who are employing more than 3 years people. So, this newly formed company was successful in developing the kits, this is example of the government regulations as a source for the ideas of the new products.
A bank sent out questionnaires to a simple random sample of customers asking whether they would like the bank to extend its hours. Eighty percent of those returning the questionnaire said they would like the bank to extend its hours. Of the questionnaires, were returned.
Answer:
This is an example of non-response bias.
Explanation:
Non-response bias happens when potential participants of a study refuse to do so.
The bank carried out a voluntary response survey which is generally not very reliable since only those that have a strong opinion about the issue are likely to respond and participate in the survey. Those who really didn't care very much about the banking hours just didn't respond to the survey. That explains why such a high percentage of participants (80%) responded that they would like the bank to extend its working hours.
__________Issued by money-centered financial firms, these short- or medium-term insured debt instruments pay higher interest than a regular savings account. They are low-risk instruments and have low returns.
Answer:
Certificate of Deposits.
Explanation:
Certificate of Deposits (CDs) as defined in the question, are time based deposits that are usually issued by banks, credit unions and other money-centered financial firms.
Because it is time based, the CDs are short to medium term and they pay higher interests than the regular saving accounts. Also CDs have low returns and low risk involved.
CDs can be done by individuals by simply walking into his/her bank and pledging to have a certain amount saved for a certain period of time. The bank then pledges to pay you more interest than you would normally get on a regular savings account and a document to that effect is written signed by both parties.
CDs are insured federally and as such returns are sure.
Cheers.
Sugar Corporation wishes to purchase all of Spice Corporation's bakery equipment. Sugar Corporation does not have to:_______.
a. ensure that it has adequate funding for the purchase.
b. form a purchase contract with Spice Corporation.
c. obtain the approval of its board of directors.
d. obtain share-holder approval for the purchase.
Sugar Corporation does not have to obtain share holder approval for the purchase.
Explanation:
Share-holders elect the board of directors for management purposes which includes looking over the purchase of equipments. Since, Sugar Corporation wishes to purchase all of Spice Corporation's bakery equipment, the approval of board of directors of sugar corporation is enough to carry out the purchase. Also, ensuring existence of adequate funding for the purchase and formation of contract with spice coporation is also an important requirement. The share holders are involved in cases like mergery i.e merging of two or more companies to form one so in this case share holder approval is not required.
Final answer:
Sugar Corporation is typically required to ensure proper funding, form a purchase contract, and obtain board approval when purchasing Spice Corporation's bakery equipment. Shareholder approval is not always necessary unless required by company bylaws or if the transaction size is significant.
Explanation:
When Sugar Corporation wishes to purchase all of Spice Corporation's bakery equipment, several steps have to be taken to ensure the legality and success of the transaction. However, one step that may not be strictly necessary is obtaining shareholder approval for the purchase unless the purchase is so significant that it impacts the corporation's overall strategy or requires a disbursement of funds that requires shareholder approval under corporate bylaws or applicable law.
In most cases, the corporation would still need to ensure adequate funding for the transaction, form a purchase contract with the selling corporation, and potentially obtain the approval of its board of directors, especially if the transaction size warrants it. Shareholder approval may only be required if the purchase represents a substantial investment concerning the overall size of the company, or if explicitly required by the company's charter or bylaws.
A client arrives at the emergency department experiencing tingling and weakness in the lower extremities that started when getting out of bed. The client reports the symptoms seem to be progressing upward. Which statement by the client is most important for the nurse to pursue during the assessment process?1. "My grandfather had polio when he was young."2. "I have been a vegetarian for several months now."3. "Things have been stressful at work lately."4. "We have been in the final preparations for a trip overseas."
Answer:
4. We have been in the final preparation for a trip overseas- CORRECT
Explanation:
The information or statement that should be taken as most important will depend on relatedness, severity and possible degeneration.
Option 4 is correct because immunizations are usually given when preparing for oversea trips and the danger is that immunizations are possible triggers of the onset of the neurological symptoms of Guillain Barre syndrome.
A critical issue is that this requires further investigation because, the symptoms of the syndrome can rapidly progress. Furthermore, since it is progressing upward (which is not usually the case), it becomes an emergency case that should be treated urgently.
The greatest concern of the nurse should be to prevent respiratory compromise that may result from muscle weakness of the respiratory system
Note: Guillain Barre syndrome represents autoimmune disease that will usually affect areas such as swallowing, speech, facial expression and respiration.
What is the most recent publication of property and casualty Insurance License Exam Cram by Bisys Educational Services?
Answer and explanation:
The most recent publication of the "Property and Casualty Insurance License Exam Cram" by Bisys Educational Services was on November 12th, 2004. The book is a guide for people interested in property and casualty insurance so they can have an idea of how the exam to get their license is going to be. The book provides concepts, laws, and state regulations that could be considered for the test.
"The most recent publication of ""Property and Casualty Insurance License Exam Cram"" by Bisys Educational Services is the 6th Edition, which was published in 2017.
To determine the most recent edition of the ""Property and Casualty Insurance License Exam Cram"" by Bisys Educational Services, one would typically check the latest offerings from the publisher or look for the most recent publication date available in bookstores, libraries, or online databases.
As of the knowledge cutoff date in 2023, the 6th Edition, released in 2017, is known to be the latest edition. It is always recommended to verify with the publisher or a reliable bookseller for the most current edition, as newer versions may have been released after the knowledge cutoff date."
Gina was recently At Panther Lighting Fixtures, employees were asked how the quality of the company's customer service could best be measured, and management then implemented a survey system based on the feedback. The company has overcome which of the following barriers to success of control systems
Answer:
To little employee participation
Explanation:
This a system of organization where the management hardly involves the the general employees in strategy formulation and it has a negative effect on the growth pace of the organisation because it reduces communication between management and employees.
Mr. Able wants to set up a tax-deductible fund to be used to support young talented individuals to enhance their abilities. What would you recommend Mr. Able do?
Answer:
Mr. Able have to open a Private Foundation to set up a Tax-deductible fund.
Explanation:
They will exclude donations up to 30 per cent to 60 per cent of our income, based on the charity's existence and tax-exempt status.You will state your expenses to assert a charitable deduction on your tax return.Private foundation contributions are tax deductible up to 30 percent of the adjusted gross benefit for assets and up to 20 percent of the income for assessed shares, with a five-year hold forward.therefore Mr Able must donate his funds
Final answer:
Mr. Able should consult with a tax advisor or attorney, establish the fund as a nonprofit organization with 501(c)(3) status for tax-deductible contributions, and set clear criteria for supporting young talents. Additionally, Mr. Able should manage the fund with an oversight committee, engage in fundraising and outreach, and possibly collaborate with other organizations.
Explanation:
If Mr. Able wants to set up a tax-deductible fund to support young talented individuals, it is essential for him to follow a series of steps to ensure that the fund is established correctly and effectively.
Firstly, Mr. Able should consult with a tax advisor or attorney specializing in charitable organizations to understand the legal requirements and tax implications. This professional will provide guidance on the structure of the fund and the process for ensuring it is tax-deductible for the donors.
Next, it is recommended to establish the fund as a nonprofit organization, such as a private foundation or a public charity, which would allow for tax-deductible contributions. The fund will need to apply for 501(c)(3) status from the Internal Revenue Service, a designation that requires adherence to specific regulations but provides the benefit of tax-exempt status.
Once the legal structure is in place, Mr. Able should develop clear criteria for selection of beneficiaries as well as a transparent application and assessment process to identify and support the most deserving young talents. It's also important to set up an oversight committee to manage the fund and make decisions on its disbursements.
Additionally, as part of fund management, Mr. Able should create a detailed plan for fundraising and outreach. This could involve marketing the fund to potential donors, organizing fundraising events, and applying for grants. He could also consider collaborating with educational institutions or community organizations to reach more potential beneficiaries and increase the impact of the fund.
Controlling the flow of information is important, because people tend to learn better when a little bit of new information is presented to them at a time.True/false
Answer:
True
Explanation:
Controlling the flow of information is important since too much flow of information eventually leads to more loss of information and distortion of facts as less is grasped, comprehended and retained.
It is essential to control and regulate the flow of information as excessive flow of information also results into confusion and the intended meaning gets lost.
So it is recommended to learn by being exposed to little bit of new information at a time rather than huge quantity of information whose comprehension and retention both would be difficult.
A company has the following accrual-basis balances at the end of its first year of operation: Un-earned consulting fees $ 2,000, Consulting fees receivable 3,500, Consulting fee revenue 25,000. The company’s cash-basis consulting revenue is what amount?
A. $30,500.
B. $19,500.
C. $26,500.
D. $23,500.
Answer:
D. $23,500.
Explanation:
Company’s cash-basis consulting revenue
= Consulting fee revenue - Consulting fees receivable + Unearned consulting fees
= $25,000 - $3,500 + $2,000
= $23,500
Therefore, The company’s cash-basis consulting revenue is $23,500.
How do bank loans help the nation’s economy? A. They ensure consumer spending and confidence.B. They ensure the success of new businesses. C. They allow businesses to expand and improve. D. They allow consumers to quickly pay off debts.
Answer:
C. They allow businesses to expand and improve.
Explanation:
The bank is a financial intermediary that makes money and financial instruments received from individuals and institutions with surplus available to individuals and institutions with deficit. This is usually at a cost to such individuals and institutions.
The bank makes loans available to business who may want to expand but lack the funds required to finance such expansion. This is of key benefit to the economy.
A bank loans can impact positively on a nation’s economy because they allow businesses to expand and improve.
What is the loan bank function?One of the function of bank is to give loan to people at interest from the depositors money with them.
The bank makes loans available to business who may want to expand but lack the funds required to finance such expansion.
Also, this allows entrepreneur to flourish and impact the economy positively in GDP and employment rate.
Therefore, the Option C is correct
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BC Corporation had sales of $1,000,000 and costs of goods sold of $450,000 for the year. Inventory at year end was $180,000. What is the inventory turnover?
Answer: The inventory turnover is 2.5
Explanation: Inventory turnover is calculated by dividing the cost of goods sold by the average inventory. It indicates how many times a company sells and restocks its stock of goods during a period.
Therefore, $450,000/ $180,000 = 2.5
Answer:
5.56 times (using sales as numerator), or 2.5 times (using cost of goods sold as numerator)
Explanation:
[tex]Inventory Turnover = \frac{sales}{Average Inventory}[/tex]
Average Inventory = (Opening Inventory + Closing Inventory)/2
However, since opening inventory was not given, we can derive it from the Cost of Goods Sold (COGS) formula
COGS = Opening Inventory + Purchases - Closing Inventory.
But, we do not have any figure for purchases, and as such, cannot compute opening inventory.
The proxy for Average Inventory will therefore be Closing inventory.
Thus,
[tex]Inventory Turnover = \frac{1,000,000}{180,000} = 5.56.[/tex]
Sometimes, Cost of goods sold is also used instead of sales in computing inventory turnover,
In that case, inventory turnover will be
[tex]\frac{COGS}{average inventory} = \frac{450,000}{180,000} = 2.5 times.[/tex]