Answer:
Revenues, expenses, income summary, dividend or withdraws account
Explanation:
The closing entries for the following accounts are presented below:
1. Service Revenue A/c Dr XXXXX
To Income Summary XXXXX
(Being revenue account closed)
2. Income summary A/c Dr XXXXX
To Expense A/c XXXXX
(Being expenses accounts are closed)
3. Income summary A/c Dr XXXXX
To Retained earning XXXXX
(Being the difference is credited to retained earning that reflected as a profit)
4. Retained earnings A/c Dr XXXXX
To Dividend A/c XXXXX
(Being dividend account is closed)
The four closing entries in accounting are used to close revenue accounts, expense accounts, income summary, and dividends account.
Explanation:The four closing entries in accounting are used to close temporary accounts at the end of an accounting period. The first closing entry is to close revenue accounts. Revenue accounts represent income earned by a company. The second closing entry is to close expense accounts. Expense accounts represent costs incurred by a company. The third closing entry is to close income summary. Income summary is a temporary account used to summarize the net income or net loss for the period. The fourth closing entry is to close the dividends account. Dividends account represents distributions of profits to shareholders.
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When you get your credit card bill, if you make a payment larger than the minimum payment
A. you are wasting your current consumption and making TVM not work for you.
B. you will reduce the payoff time.
C. you will increase the payoff time.
D. you will not affect the payoff time.
Answer:
The correct answer is letter "B": you will reduce the payoff time.
Explanation:
Making larger monthly payments on a credit card balance helps the debtor to pay the loan completely earlier. By making larger payments, the remaining balance will be lowered bit by bit until the point of fully covering the principal and interest of the debt contracted.
When you make a payment larger than the minimum on your credit card bill, you will reduce the payoff time, leading to less interest accrued and quicker debt settlement. This can also improve your credit score by reducing your credit utilization. It's important to manage credit wisely to avoid excess interest costs.
Explanation:When you get your credit card bill, if you make a payment larger than the minimum payment, B. you will reduce the payoff time. This is because, each time you pay more than the minimum, you reduce the principal balance owed more quickly. Consequently, with a lower balance, you accrue less interest, therefore decreasing the overall time it will take to pay off the debt completely. By making the minimum payment, you primarily cover the interest and only make a small dent in the principal, prolonging the time to clear your debt.
Making additional payments can be seen as a financially savvy move, not just for the short-term benefits but also for the long-term financial health. Reducing your credit card balance efficiently can improve your credit score, as it lowers your credit utilization ratio. A lower ratio is favorable in the eyes of lenders, as it indicates that you're not overly reliant on credit and are managing your debts responsibly.
Moreover, while managing debt, it's also crucial to be mindful of bad debt borrowing for consumption. It is recommended to avoid financing non-essential purchases with credit that can't be paid off promptly, as the interest costs can quickly add up, making items significantly more expensive over time.
If Miles and Hunter work together, which of the following points would NOT be on their economy-wide PPF? A. 15 dogs walked and 11 dogs groomed B. 0 dogs walked and 14 dogs groomed C. 40 dogs walked and 0 dogs groomed D. 20 dogs walked and 4 dogs groomed
Answer:
D. 20 dogs walked and 4 dogs groomed
Explanation:
The point (20,4) comes inside of the PPF, if we place all the point on a graph paper then we get a graph where the point (20,4) is inside than the other points so it is not on the PPF .
The following account balances were taken from the 2021 post-closing trial balance of the Bowler Corporation: cash, $9,500; accounts receivable, $19,500; inventory, $35,000; equipment, $210,000; accumulated depreciation, $78,000; accounts payable, $75,000; salaries payable, $31,000; retained earnings, $21,000; and common stock, $69,000.
Prepare a balance sheet
The balance sheet of the Bowler Corporation for 2021 includes total assets of $196,000 (cash, accounts receivable, inventory, and net equipment), total liabilities of $106,000 (accounts payable and salaries payable) and total equity of $90,000 (common stock and retained earnings). The sum of total liabilities and total equity equals the total assets, corroborating the fundamental accounting equation.
Explanation:The Balance Sheet of Bowler Corporation for the year ending 2021 would look like this:
AssetsCash: $9,500Accounts Receivable: $19,500Inventory: $35,000Equipment: $210,000 less Accumulated Depreciation: $78,000 equals Net Equipment: $132,000Total Assets=$196,000
LiabilitiesAccounts Payable: $75,000Salaries Payable: $31,000Total Liabilities=$106,000
EquityCommon Stock: $69,000Retained Earnings: $21,000Total Equity=$90,000
Do note that the Total Assets is equal to Total Liabilities plus Total Equity which satisfies the fundamental accounting equation.
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The 2011 income statements of Leggett & Platt, Inc., reports net sales of $3,636.0 million in 2011 and $3,359.1 million in 2010. The balance sheet reports accounts and other receivables, gross of $527.9 million at December 31, 2011, and $501.0 million at December 31, 2010. Calculate the average number of days that receivables were outstanding in 2011. Explain in plain English, what this ratio means. Did it improve from 2010?
Answer:
a) Average number of days in 2011 = 53 days
b) The days are lower than 2010, so it is better than 2010.
Explanation:
the question is to calculate the average number of days that receivables were outstanding in 2011
First, the formula
= (Accounts Receivable/The Net Credit Sales for the Period) x 365 days (days in a year)
Therefore:
1) The Net Sales for 2011 = $3,636 million
Accounts receivable for 2011= $527.9 million
We then calculate the Receivable days outstanding for 2011 as follows
= 527.9 million / 3,636 million x 365 = 53 days
2) The Net Sales for 2010= $3,359.1 million
Accounts receivable for 2010= $501 million
We then calculate the Receivable days outstanding for 2010 as follows
= 501 million / 3359.1 million x 365 = 54. 4 day
It should be noted that the higher the days of receivable were outstanding then the slower the revenue collection rate after sales. Therefore, a lower number of days is better.
Based on this, 2011 is better than 2010 because the number of days have reduced from 54.4 to 53 days.
____________ is not an important middleware standard. CORBA (Common Object Request Broker Architecture Distributed Computed Environment (DCE) Asynchronous Transfer Mode (ATM) Open Database Connectivity (ODBC) None of the above is an appropriate answer
Answer:
Asynchronous Transfer Mode (ATM)
Explanation:
A middleware is a software that connects the frontend (user interface) with the backend (software core). For example when a user makes a request for data it passes throught the middleware before it gets to the backend where databases are stored.
Asynchronous transfer module (ATM) is a transfer protocol for transferring packets of data. Has more to do with networking.
'Asynchronous Transfer Mode (ATM)' is not an important middleware standard. Rather, it's a data transmission protocol. Therefore, it does not belong to the same category as CORBA, DCE, and ODBC, which are key middleware standards.
Explanation:In the context of middleware standards, 'Asynchronous Transfer Mode (ATM)' is not regarded as an important middleware standard. Middleware allows applications to communicate with each other and work cohesively in an interconnected environment. Middleware standards like CORBA (Common Object Request Broker Architecture), DCE (Distributed Computed Environment), and ODBC (Open Database Connectivity) help in achieving this objective. However, 'Asynchronous Transfer Mode (ATM)' is actually a protocol used for data transmission and does not belong to the middleware category.
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Corny Solutions processes various corn related food items. One of its facilities located in Iowa, performs some initial processing of corn on the cob once it arrives from the corn fields. The corn from that facility will be further processed elsewhere into corn for popping and corn meal. The costs incurred at the Iowa plant would be considered ________. a. common costs
b. fixed costs
c. distinct costs
d.combined costs
Answer:
correct option is a. common costs
Explanation:
solution
As common costs are those associated with operating a facility shared by the two departments
and here One facility located in Iowa and corn from the facility will be more further process into the corn for popping and the cornmeal
so as given cost at given costs at Iowa plant is common costs
so correct option is a. common costs
During the initial Forming stage, where new team members are excited yet concerned that the project work might be difficult, the project manager can help the team develop team-operating methods early - when they construct the project charter.
a. True
b. False
Answer:
The answer is a. True.
Explanation:
During the initial stages, the members might be concerned that the project work might be difficult and this can act as a demotivating factor in the long run.
Because of this, if the manager can start the initial stages of planning of the operating methods, thus will be helpful to ease the tension and the doubts among the members.
The price for a fidget spinner is $5 with the quantity demanded at 7,000 a day. As time goes on the price for a fidget spinner drops to $3 and the quantity demanded increases to 12,500 a day. What is the price elasticity of demand for fidget spinners using the midpoint method? Group of answer choices
Answer:
Price elasticity of demand using midpoint method is -1.1282
Explanation:
Formula of price elasticity of demand using midpoint method is as follows:
Price elasticity of demand = (Change in Demand / Average of demands) / (Change in Price / Average of Prices)
Price elasticity of demand = ( 12,500 - 7,000 ) / [( 12500 + 7000 ) /2 ] / ( 3 - 5 )/[( 3 + 5 ) /2]
Price elasticity of demand = (5500 / 9750) / ( -2 / 4)
Price elasticity of demand = 0.5641 / -0.5
Price elasticity of demand = -1.1282
The price elasticity of demand for fidget spinners is approximately 1.1282 using the midpoint method.
Explanation:The price elasticity of demand measures how responsive the quantity demanded of a good is to changes in its price. To calculate the price elasticity of demand using the midpoint method, we use the formula:
Price Elasticity of Demand = [% Change in Quantity Demanded] / [% Change in Price]
In this case, the initial price is $5 and the final price is $3. The initial quantity demanded is 7,000 and the final quantity demanded is 12,500. Applying the formula, we can calculate the price elasticity of demand as:
Price Elasticity of Demand = [(12,500 - 7,000) / ((12,500 + 7,000) / 2)] / [(3 - 5) / ((3 + 5) / 2)]
Price Elasticity of Demand = [(5,500 / 9,750) / (-2 / 4)]
Price Elasticity of Demand = (-0.5641) / (-0.5)
Price Elasticity of Demand ≈ 1.1282
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A revenue center manager:
a. would normally be held accountable for producing an adequate return on invested capital.
b. does not have the ability to produce revenue.
c. may be the manager who oversees the operations of a retail store.
d. may be involved with the sale of new marketing programs to clients.
e. often oversees divisional operations.
Answer:
d. may be involved with the sale of new marketing programs to clients.
Explanation:
A revenue center manager -
It refers to the person , who is responsible for the generation of the sales , is referred to as a revenue center manager .
A good revenue center manager is determined by his or her ability to generate the sales , not by the cost incurred .
Hence , from the given question,
The correct option is d.
Adjusting Entry at Balance Sheet Date
Yum! Brands, Inc. has the following receivables and payables denominated in foreign currencies, prior to closing on December 31. The spot rates at December 31 are also given.
Item Current $ balance FC balance December 31 spot rate
1. Receivable $65,000 1,000,000 Mexican pesos $0.06
2. Receivable 165,000 225,000 Canadian dollars 0.75
3. Payable 556,000 400,000 Jordan dinar 1.41
4. Payable 56,000 200,000 Saudi Arabian riyal 0.27
Prepare the adjusting entry recorded by Yum! Brands at December 31.
Answer:
The entries are prepared and explained in the explanations.
Explanation:
The question is to prepare the adjusting entries recorded by Yum! Brand
Number 1:
Account Items Debit Credit
Cash $60,000
Foreign Exchange loss $5,000
Accounts Receivable $65,000
(1,000,000 x 0.06= $60,000
65,000 - 60,000= $5,000 loss)
Number 2:
Account Items Debit Credit
Cash $168,750
Account Receivable $165,000
Foreign Exchange gain $3,750
225,000 x 0.75= 168, 750
$168,750- $165,000 = $3,750
Number 3:
Account Items Debit Credit
Accounts Payable $556,000
Foreign Exchange loss $8,000
Cash $564,000
400,000 x $1.41 = $564,000
564,000-556,000= $8,000
Number 4:
Account Items Debit Credit
Accounts Payable $56,000
Foreign Exchange gain $2,000
Cash $54,000
200,000 x $0.27= $54,000
56,000- 54,000=$4000
Relational integrity constraints enforce business rules vital to an organization's success and often require more insight and knowledge than relational integrity constraints. Question 33 options: True False
Relational integrity constraints ensure data quality and consistency in a relational database, while business rules are broader guidelines for organizational success. Relational integrity constraints focus on the database, while business rules consider the organization as a whole.
Explanation:Relational integrity constraints are rules that are applied to the data in a relational database to ensure its quality and consistency. These constraints can include primary key constraints, foreign key constraints, and other rules that define the relationships between tables in the database. They ensure that data is correctly and consistently stored and manipulated.
On the other hand, business rules are specific rules or guidelines that are defined by an organization to ensure its success and operational efficiency. These rules can include policies, regulations, and best practices that govern the behavior and actions of the organization's members.
In comparison, while relational integrity constraints primarily focus on the data integrity and consistency within a database, business rules encompass a broader scope and consider the overall goals and requirements of the organization. Both are important for the success of an organization, but business rules often require more insight and knowledge specific to the organization.
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The market for public utilities, such as gas and electricity, does not exhibit the two primary characteristics that define perfectly competitive markets."A. TrueB. False
Answer:
A. True
Explanation:
Gas and electricity are called necessity goods. They are deemed too important to do without. They are essential to life. These categories of goods are insensitive to changes in income level.
Two primary characteristics that define perfectly competitive markets that necessity goods deviate from are:
· Demand is elastic. In perfect competition demand is inelastic i.e. Increase in price will lead to a significant change in quantity demanded. This is not so in necessity goods because these goods are essential to life. So increase in price of these categories of goods or decrease in income level of households will not have effect on the consumption of the goods.
· Bargaining Power of Supplier is high. In perfect competition, bargaining power of supplier is low i.e. suppliers have little power in influencing the price of goods but for necessity goods, reverse is the case. The bargaining power of suppliers is a little bit higher. Suppliers can influence price while consumers adjust.
A manager asks an employee, "Should we distribute tickets to the concert on a first-come-first-served basis or through a lottery?"
The manager's question is best classified as which one of the following fundamental economic questions?
a. How to produce?
b. For whom to produce?
c. What to produce?
Answer:
The correct answer is letter "B": For whom to produce?
Explanation:
"For whom to produce?" is one of the three economics questions after "What to produce?" and "How to produce?" that societies must solve to resolve the problem of scarcity efficiently. "For whom to produce?" refers to determining who will get how much of the production of the goods and services.
What is the present value of a cash flow that begins with $1,500 deposited at the end of year 1 and increases by $500 per year thereafter through year 30 (so year 2 deposit is $2,000, and the last deposit will be at the end of year 30)? Assume interest is 6% annual rate compounded annually.
Answer:hahah
Explanation:u are so unsmart hahah lol
Harlan Gravity Grips produces spike sets for track shoes. CEO Brittany Harlan has gathered the following information about the company’s sales volume and marketing cost for the past six months. Sales Volume Total Marketing Costs January 550,840 $82,788 February 390,728 $72,871 March 561,080 $83,092 April 543,000 $82,188 May 546,336 $82,492 June 552,544 $82,864 Collapse question part (a) Using the high-low method, compute the variable marketing cost per spike set. (Round unit cost to 2 decimal places, e.g. 12.50.) Variable marketing cost = $ per spike set sold
Answer:
0.06 per spike set sold
Explanation:
The computation of the variable marketing cost per spike set is shown below:
Variable cost per spike set = (High total marketing cost - low total marketing cost) ÷ (High sales volume - low sales volume )
= ($83,092 - $72,871) ÷ (561,080 - 390,728)
= $10,221 ÷ 170,352
= 0.06 per spike set sold
Hence, the variable marketing cost per spike set is $0.06
When you were born, your grandfather established a trust fund for you in the Cayman Islands. The account has been earning interest at the rate of 66% per year. If this account will be worth $120 comma 000120,000 on your 2323th birthday, how much did your grandfather deposit on the day you were born?
Answer:
$1.0391
Explanation:
The question is asking for the calculation of the present value of a future sum.
First, the Future Value = $120,000 = FV
The number of years to achieve the value is = 23 years = N
and the earning interest rate per year is 66%= r
Based on these information, the formula for calculating the future value is as follows:
FV / (1/ (1+ r)∧)n)
Using the formula, we have the following:
$120,000/ [1/(1+0.66)∧23]
$120,000 /(1/115474.48258)
$120,000/ (0.0000086599)
=$1.0391
Using the compound interest formula and provided the interest is compounded annually, it's calculated that the grandfather deposited approximately $138.51 in the trust fund upon the student's birth.
Explanation:This problem is about understanding compound interest. The formula for compound interest is A = P(1 + r/n)nt where:
A is the money accumulated after n years, including interest. P is the principal amount (the initial money). We’re trying to find this. r is the interest rate (decimal). In this case, it's 0.66. n is the number of times that interest is compounded per unit t. t is the time the money is invested for in years. Here it's 23 years.
Since we don’t have the details on how many times the interest is compounded, we’ll consider it compounded annually. So n = 1.
Plugging in the known values into the compound interest formula gives us:
120,000 = P(1 + 0.66)23
Solving for P, we find that the amount of money that your grandfather deposited on the day you were born would have been approximately $138.51.
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Typically included in the project charter, the ____ section describes how the project objectives will be met, provides a list of important assumptions, and often gives references to related documents.
Answer: The correct answer is PROJECT APPROACH
Explanation:
The Project Approach is a section in the Project Charter that describes in words the thinking that goes into the creation of the project schedule. It describes how the objectives of the project intend to be met, enlists important assumptions, and often gives references to related documents.
Answer:
Project Approach
Explanation:
Project Approach Section
A project charter should also include a Project Approach section, which gives anl overview of how and when the project will be completed. There are eight key standard components that normally comprise this section.
Project Deliverables: The major deliverables of the project and include when these goals should be achieved.
Responsibilities and Roles: A summary of all parties that will be involved in the project and what their roles will be.
Project Resources: Not only the human component,but what other resources will be needed for satisfactory completion of the project?
Risk Management Overview: A summary of the risks that may be met during the project as well as how these risks may be minimized.
Project Process Summary: The organization’s project management methodologies that will be employed for this project.
Project Life Cycle Overview: A basic breakdown of the project life cycle, and the various stages that your project will go through.
Basic Project Control and Communication Plan: The project control component explains the tools that will be used to assist the project manager in tracking the project’s progress.
Project Schedule: A basic schedule overview that lists, among other things, the key milestones and stages of the project.
In this sampling method we believe there are significant differences between groups comprising the population. Here we assign the population into groups and then try to replicate those percentages present in the population in our sample.
As a result we randomly select people out of each group to try and get a representative sample from each of the groups of interest.
Which sampling method is this?
a.Purposive
b.Systematic
c.Stratified
d.Cluste
Answer:
C. Stratified Sampling
Explanation:
Stratified sampling is a form of sampling in which the populations in divided into sub groups called strata, each sub groups must be representative of all the elements found in the population. After this, a random sampling method is applied to select for study as seen in the study conducted in this question.
Answer:
C) Stratified
Explanation:
It is stratified sampling because you want to get information from groups that are mutually exclusive while also maintaining representative sample of the population.
You are going to a dinner whith three (3) friends, one who likes steak, another wine, and the third is a vegetarian (which is assumed to be the least expensive). Which is true?a. The vegetarian will be better off with equal shares.b. Equal sharing of the bill ensures that people order a similar dollar amount of food.c. How the bill is shared has no effect on what and how much people choose to eat.d. The wine-drinker will argue for equal shares, and will drink as fast (and/or as much) as possible.
Answer:
The correct answer is letter "C": How the bill is shared has no effect on what and how much people choose to eat.
Explanation:
Regardless of the price, the friend who likes steak, the other who drinks wine, and the vegetarian are unlikely to change their eating preferences. Just because the bill is to be shared it does not imply that the vegetarian will eat stake or that the friend who eats steak will prefer to choose wine.
The accounting department of a garment manufacturing company has estimated that the variable cost will be $21 per unit for a new designer-labeled dress to be introduced for teenage girls. Fixed costs are anticipated to be $1M per year. Forty percent of the business for this garment will be with one preferred customer and will be charged $28 per unit. The remaining 60% of the business will be with several other customers who will be charged $40 per unit. i. Compute a. the breakeven volume for this plant. b. the unit cost if 100,000 units are made per year. c. the annual profit for this quantity. ii. The management wants to know if it should really make this garment if it expects a profit of at least $500,000 per year on this venture.
Answer:
i.
a. Break-even volume: 70,423 units;
b. Unit cost if 100,000 units are made: $31;
c. Annual profit at 100,000 units made: $420,000.
ii.
The company should make this garment if the company should be able to manufacture and sell 105,634 units per year.
Explanation:
i.
a. Break-even volume:
Denote x is the break-even volume, then we have:
1,000,000 = 0.4* X * ( 28 - 21) + 0.6 * X * ( 40 -21) <=> 14.2X = 1,000,000 <=> X = 70,423 units;
b. Unit cost if 100,000 units are made:
Total cost if 100,000 units are made = 1,000,000 + 100,000 * 21 = $3,100,000;
Unit cost = 3,100,000 / 100,000 = $31.
c. Annual profit at 100,000 units made = Total revenue - Total cost = 100,000*0.4*28 + 100,000*0.6*40 - 3,100,000 = 3,520,000 - 3,100,000 = $420,000.
ii.
To meets the minimum expected profit given costs, selling price and sell structure remains the same, the company should be able to manufacture and sell Y units per year, with Y is calculated as below:
0.4 * Y * (28-21) + 0.6 * Y * (40-21) - 1,000,000 = 500,000 <=> 14.2Y - 1,000,000 = 500,000 <=> 14.2Y = 1,500,000 <=> Y = 105,634 units
So, it should make this garment if the company should be able to manufacture and sell 105,634 units per year.
Investment Assets at Year End $170,000 Investment Assets at Beginning of Year $125,000 Savings $25,000 Employer Match to 401(k) $4,800 Gross Income $120,000 Total Assets at Year End $650,000 Total Assets at Beginning of Year $610,000 Total Liabilities at Year End $235,000 Total Liabilities at Beginning of Year $240,000. What was the return on assets (ROA) for the year?
a. 1.67%.
b. 3.25%.
c. 6.56%.
d. 13.74%.
Answer:
correct option is a. 1.67%
Explanation:
given data
Total Assets at Year End = $650,000
Total Assets at Beginning = $610,000
Total Liabilities at Year End = $235,000
Total Liabilities at Beginning = $240,000
Savings = $25,000
Gross Income = $120,000
Employer Match = $4,800
solution
we get here return on assets that is express as
return on assets = (Total Assets at at year end - ( Total Assets at Beginning + Savings + Employer Match ) ) ÷ Total Assets at Beginning .........................1
put here value and we get
return on assets = [tex]\frac{650000-610000+25000+4800}{610000}[/tex]
return on assets = 0.016721
return on assets = 1.67 %
so correct option is a. 1.67%
The return on assets (ROA) for the year is approximately 30.51%.
Explanation:To calculate the return on assets (ROA), we need to determine the change in investment assets and the average investment assets for the year. The change in investment assets is calculated by subtracting the investment assets at the beginning of the year from the investment assets at the end of the year. ($170,000 - $125,000 = $45,000)
The average investment assets for the year can be calculated by adding the investment assets at the beginning of the year to the investment assets at the end of the year and dividing by 2. (($125,000 + $170,000) / 2 = $147,500)
Now we can calculate the ROA by dividing the change in investment assets by the average investment assets and multiplying by 100 to express it as a percentage. (($45,000 / $147,500) * 100 = 30.51%)
Therefore, the return on assets (ROA) for the year is approximately 30.51%.
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In the venture life cycle, moving from the development stage to the startup stage frequently begins with the preparation of a business plan. The business plan is a written document that describes the proposed venture in all of the following terms except:
a. the proposed product or service opportunity
b. the accounting data for the last five years
c. current resources available to the venture
d. financial projections
Answer:
The correct answer is letter "B": the accounting data for the last five years.
Explanation:
A Business Plan is a written document that states how a company will achieve its goals. Few good companies last long without one. Business plans give direction to new companies, while established ones used them to determine new ventures. A business plan should paint a clear picture of the costs and drawbacks that come with each important decision.
Requesting and analyzing accounting data for the last five years is not included in the making of a business plan.
Vore Corp. bought equipment on January 2, 20X4 for $200,000. This equipment had an estimated useful life of five years and a salvage value of $20,000. Depreciation was computed by the 150% declining balance method. The accumulated depreciation balance at December 31, 20X5 should be:
Final answer:
The accumulated depreciation of Vore Corp.’s equipment at December 31, 20X5, using the 150% declining balance method, is calculated by applying a 30% depreciation rate to the diminishing book value each year. After two years, the accumulated depreciation is $102,000.
Explanation:
To calculate the accumulated depreciation for Vore Corp.’s equipment at the end of two years using the 150% declining balance method, we need to apply the accelerated depreciation rate to the book value at the beginning of each year. As the equipment was purchased for $200,000 with a salvage value of $20,000, the depreciation base is $180,000. The annual depreciation rate is therefore 150% divided by the useful life of the equipment, which is 5 years, resulting in a 30% annual depreciation rate.
For the first year (20X4), the depreciation expense is 30% of $200,000, which is $60,000. The book value at the end of the first year will be $200,000 - $60,000 = $140,000. For the second year (20X5), we apply the 30% rate to the new book value of $140,000, resulting in a depreciation expense of $42,000 for that year. Therefore, the total accumulated depreciation at the end of 20X5 would be the sum of the two years’ depreciation expenses, which is $60,000 + $42,000 = $102,000.
In January 2000 Ecuador officially replaced its national currency, the Ecuadorian sucre, with the U.S. dollar. This practice is known as: A. bi-currencyism B. a Yankee bailout C. securitization D. dollarization
Answer: D. Dollarization
Explanation: Ecuador officially changing its currency to the US dollar means that it has substituted its Sucre with the Dollar. This is termed dollarization, also known as currency substitution, a process whereby a country, officially, or its residents, unofficially, adopting the US dollar or other foreign currency in parallel to or instead of the domestic currency. It has its advantages as well as disadvantages. Some of the advantages include lower administrative costs, a firm basis for a sounder financial sector, and lower interest rates. Its disadvantages ranges from the loss of monetary autonomy, national symbol as well as greater vulnerability to foreign influence among others.
Analytical CRM tools can slice-and-dice customer information to create made-to-order views of _________________. Multiple Choice customer spending customer value All of these are correct. customer segmentation
Answer:All of these are correct.
Explanation:CRM(customer relations management) is a concept applied by Organisations to help them manage their relationship with their customers,it helps to know what customers need and do the necessary changes or actions to meet them.
Analytical customer relationship management has to do with the analysis(slicing and dicing)carried out on customer information in order to understand the values customer have for a given product or service, customer spending choices and customer segmentation. Analytical CRM is very useful in making effective customer satisfaction and customer relationship.
An economy produces computer chips and fish. In 2014, one pound of fish costs $10, a computer chip costs $10, and the economy produces 10 pounds of fish and 10 computer chips. In 2015, when the economy produces 5 pounds of fish and 20 computer chips, one pound of fish costs $20 and a computer chip costs $5. Real GDP in 2015 (at 2014 prices) was _____ dollars.
Answer:
Real GDP (2014 price) = $ 250
Explanation:
GDP is the total value (PxQ) of goods & services, produced by an economy during a period of time. Real GDP is the value at constant base year prices.
Given [2015] : Fish Quantity = 5 , Computer Chip Quantity = 20
Base Year [2014] price : Fish = $10 , Computer Chip = $10
2015 Real GDP at 2014 base year price = Price 2014 x Quantity 2015
= (Fish PXQ) + (Computer Chip PXQ)
= (10 x 5) + (10 x 20)
= 50 + 200
= $ 250
The Real GDP in 2015 (at 2014 prices) is calculated by multiplying the quantities of goods produced in 2015 by their 2014 prices, resulting in a total of $250.
The student's question involves calculating the Real GDP in 2015 using 2014 prices. To find the Real GDP for 2015, we use the quantities of goods produced in 2015 and multiply them by the prices from 2014. For fish, in 2015, 5 pounds were produced, and the 2014 price was $10 per pound. For computer chips, 20 were produced in 2015, with the 2014 price being $10 each.
The Real GDP in 2015 at 2014 prices can be calculated as follows:
Real GDP from fish = Quantity in 2015 imes Price in 2014 = 5 pounds imes $10/pound = $50
Real GDP from computer chips = Quantity in 2015 imes Price in 2014 = 20 chips imes $10/chip = $200
Adding these values together gives:
Real GDP in 2015 (at 2014 prices) = $50 + $200 = $250 dollars.
Urban Window Company had gross wages of $240,000 during the week ended june 17. The amount of wages subject to social security tax was $240,000, while the amount of wages subject to federal and state unemployment taxes was $35,000. Tax rates are as follows:
Social security 6.0%
Medicare 1.5%
States unemployment 5.5%
Federal unemployment 0.8%
The total amount witheld from employee wages for federal taxes was $48,000.
Required:
a. Journalize the entry to record the payroll for the week of June 17.
b. Journalize the entry to record the payroll tax expense incurred for the week of June 17.
Answer:
Wages expense 240,000
medicare payable 3,600 credit
social security payable 14,400 credit
wages payable 222,000 credit
payroll taxes 20,205 debit
FUTA payable 280 credit
SUTA payable 1,925 credit
medicare payable 3,600 credit
social security payable 14,400 credit
Explanation:
MEDICARE 1.5% Social Security 6&
OASDI/HI $ 240000 3600 14400
FUTA&SUTA $ 35000 SUTA: 5.5% = 1925 FUTA 0.8% = 280
NET WAGES:
240,000 - 3,600 - 14,400 =222,000
payroll taxes:
the employe pays the same amount for OASDI and HI and also pays FUTA and SUTA
14,400 + 3,600 + 1,925 + 280 = 20,205
Which of the following are included in the typical bond indenture? I. the basic terms of the bond; II. details of the protective covenants; III. sinking fund arrangements; IV. call provisions
Answer:
D. I, II, III, IV. All of the above
Explanation:
Bond indentures are legal contracts between the issuer and the trustee that specifies the scope and responsibilities of everyone involved (borrower, trustee and lender) and also the features of the bond like maturity date and so on.
Things found in a bond indenture may include but not all
1. The name of the issuer.
2. Terms of the bond
3. Its features such as the principal value, coupon rate, dates when interest payments will be made, and maturity date.
4. Issuer’s obligations.
5. If the bonds are secured or not.
6. Protective Covenants details
7. call provisions.
8. Bondholders’ rights
9. Sinking fund arrangements.
Four of which are mentioned in the question, hence the answer given.
Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $18,000 cash. After those seven transactions, the ledger included the following accounts with normal balances. Cash $ 37,600 Office supplies 890 Prepaid insurance 4,600 Office equipment 12,900 Accounts payable 12,900 Common stock 18,000 Dividends 3,370 Engineering fees earned 36,000 Rent expense 7,540 Required: 1. Prepare a trial balance for this business as of the end of May.
Answer:
Trial balance for Yi Min
on the May 31, YY
Dr. Cr.
$ $
Cash 37,600
Office supplies 890
Prepaid insurance 4,600
Office equipment 12,900
Dividends 3,370
Rent expense 7,540
Accounts payable 12,900
Common stock 18,000
Engineering fees earned 36,000
66,900 66,900
The trial balance includes all the accounts and balances. The total debit is $66,900 and total credit is $66,900, so the trial balance is balanced.
Explanation:To prepare a trial balance, you list all the accounts titles and their balances. In trial balance, debits will be listed on the left and credits on the right. We start with assets accounts followed by liabilities, equity, revenue, and finally expenses. The sum of debit balance should be equal to the sum of credit balance.
Here is the trial balance for Min Engineering at the end of May:
Debit: Cash $37,600Debit: Office Supplies $890Debit: Prepaid Insurance $4,600Debit: Office Equipment $12,900Credit: Accounts Payable $12,900Credit: Common Stock $18,000Debit: Dividends $3,370Credit: Engineering Fees Earned $36,000Debit: Rent Expense $7,540Total Debit = $37,600 + $890 + $4,600 + $12,900 + $3,370 + $7,540 = $66,900
Total Credit = $12,900 + $18,000 + $36,000 = $66,900
The totals of debit and credit match, so the trial balance is balanced.
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Read the email below and identify four areas where improvement could be made in grammar and sentence structure. next create one recommendation for each area of improvement.
staff, it has come to my attention that many of you are leaving early from ! because of you all like to leave early, many patients task are not getting accomplished on the due date. i am not going to tolerate misbehavior and disrespect. some of you do not know this but "i call the shots" around here. i thought i was a role model for you all because i arrive on time to work evry day i am organized, i am dedicated to job i am honest and i am reliable. i expect the same in ! i expect y'all come to work on time and leave when your time is over. i will not tolerate misbehavior and disrespect any more.
The email contains several areas where improvements can be made in grammar and sentence structure, including incomplete sentences, subject-verb agreement errors, apostrophe misuse, and informal language. Recommendations for improvement include revising incomplete sentences, ensuring subject-verb agreement, using apostrophes correctly, and replacing informal language with formal language.
Explanation:In the email, there are several areas where improvements can be made in grammar and sentence estructur:
The use of incomplete sentences and sentence fragments: sentences like 'because of you all like to leave early' and 'some of you do not know this but I call the shots around here' need to be revised.Subject-verb agreement: the sentence 'many patients task are not getting accomplished on the due date' should be 'many patient tasks are not getting accomplished on the due date'.Apostrophe misuse: 'i thought i was a role model for you all' should be 'I thought I was a role model for all of you'.Informal language: phrases like 'y'all' and contractions like 'evry' should be replaced with formal language.Recommendations for improvement:
Revise incomplete sentences and sentence fragments by adding necessary words or phrases to complete the thoughts.Ensure subject-verb agreement by using the correct verb form with the subject.Use apostrophes correctly by indicating possessive form or contraction.Replace informal language with formal language to maintain a professional tone.Learn more about Improvement in grammar and sentence structure here:https://brainly.com/question/33575274
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