Answer: The correct answer is 4. debit supplies expense, $3,500; credit supplies, $3,500.
Explanation: Since at the end of June, the inventory of the supply indicated $3,000 on hand, it implies that $3,500 had already been expensed (utilized) by White Laundry Company. This has to be taken out to operating expenses, in terms of passing the accounting journals, from the asset (inventory) where the total amount of $6,500 was posted.
Final answer:
The adjusting entry necessary for the White Laundry Company on June 30 is to 4. debit Supplies Expense for $3,500 and credit Supplies for $3,500, reflecting the used supplies as an expense.
Explanation:
The White Laundry Company needs to make an adjusting entry on June 30. The company started with $6,500 of supplies and ended with $3,000. The difference, which is $3,500, represents the amount of supplies that has been used up and should be recorded as an expense. Therefore, the correct adjusting entry to record the used supplies as an expense is to debit Supplies Expense for $3,500 and credit Supplies for $3,500. This is because in accrual accounting, expenses are recognized when they are incurred, not necessarily when they are paid. Hence, the adjusting entry should reflect the reduction in supplies and the corresponding increase in expenses.
Christopher works as a news anchor for a television network. In addition to his regular pay, at the end of each year, his company pays him and his co-workers additional compensation as a "thank you" for good work. This monetary reward would most likely be categorized as a
Answer:
Benefit In kind
Explanation:
The reason is that this is the amount that the employee Christopher earned all because of his job. If he was not an employee he wouldn't have earned this if he was not recruited by the company. So from tax purposes this gift will be treated as a benefit in kind which will be included in its annual salary as an employment income for calculating his tax.
Edmond, the CEO of Hartman Manufacturing, said to his new vice president of accounting, "In the past I had resistance to new ideas by employees who felt that our plans threatened their influence or their jobs. So when you tell your collections department that we just hired a collection agency to handle bad debt, you may have to sell your collections manager and his supervisors on using the agency. You also have to emphasize the fact that nobody is going to be laid off." Selling middle and supervisory managers on changes to overcome their resistance is often a necessary part of:_______________.
A. strategy implementation.
B. reality assessment.
C. strategic control.
D. operational control.
E. strategy formulation
Answer:
A. strategy implementation.
Explanation:
Strategy implementation -
It refers to the practice of complying all the strategies and plans in order to attain some goal , is referred to as strategy implementation .
The practice require proper thinking and method , in order to plan in a very proper manner to accomplish the goal .
The process require some documents or soft copy of the steps involved and the rate of progress to track the project in a very concise manner .
Hence , from the given scenario of the question ,
The correct answer is A. strategy implementation.
Downtown Coffee Roasters is a premium cafe that is reputed for its superior customer service. The coffee shop also serves gourmet food to its customers, which allows it to charge a premium price. Budget Beans, in contrast, is a chain of coffee shops that charges the lowest price in the industry due to its self-service policy. However, Perky's Coffee Inc. has found a balance between these two strategic groups by using automated ordering to free up its employees to work as master baristas and bakers, thus focusing on creating excellent products. It charges a price slightly above that of Budget Beans. In this scenario, Perky's Coffee is following a
a. liquidation strategy.
b. product diversification strategy.
c. market penetration strategy.
d. blue ocean strategy.
Answer:
D. blue ocean strategy
Explanation:
After finishing college, Nathan joined his uncle's company in Miami, FL, a(n) _______ of bauxite, copper, and other minerals from the Chile. Every day, he brokers trades with mines in Chile to buy and transport these minerals into the U.S. a. exporter. b. quota manager. c. importer.
Answer:
importer
Explanation:
Importer -
It refers to the person or an organization , which is responsible to get the goods and services from one country to another for the sale purpose , is referred to as an importer .
The process of importing enables to use the goods produced by some other country , which can not be manufactured in that country .
Hence , from the given scenario of the question ,
The correct answer is importer .
In certain African countries like Niger, Tanzania, Nigeria, and Sudan, for example, GDP per capita at the start of the 2000s was still less than $___________.
Answer:
$ 300
Explanation:
GDP per capita is an economic measure of a country's output. It is an economic measurement parameter that takes into consideration the number of people. It is obtained by dividing the country's GDP by the total population of people in that country. As such, it a precise measure of a country's standard of living. It also serves as an indication of a country's wealth from the perspective of the people. It represents somewhat the purchasing power of the average citizen of a country
Mathematically represented thus:
GDP per capita = GDP / Population
At the start of the 2000s, the average citizen of these countries had a purchasing power of less than $ 300
In the early 2000s, certain African countries such as Niger, Tanzania, Nigeria, and Sudan had a GDP per capita of less than $300, indicating significant economic disparity compared to other regions like Russia, Argentina, and Mexico.
Explanation:In certain African countries such as Niger, Tanzania, Nigeria, and Sudan, despite the economic growth waves other countries have experienced, the GDP per capita at the start of the 2000s was still less than $300. For comparison, countries like Russia, Argentina, and Mexico had a mid-tier per capita GDP of about $6,000-10,000 in the same timeframe. The figure of $300 for these African countries is a striking indication of socio-economic disparity, despite progress in other parts of the world, such as the growth observed in China (population: 1.4 billion) and India (population: 1.3 billion).
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A U.S. manufacturer is willing to assume the trading risk in a foreign country but maintains the right to establish policy guidelines and prices and to require its agents to provide sales records and customer information. What type of middleman should the company choose?
Answer:
Agent middlemen
Explanation:
An agent middleman (or middlewoman) works in a commission basis and is responsible for arranging contracts (but not signing them) and sales agreements in the foreign country. He/she must follow the company's guidelines and policies including prices. They are also responsible for keeping all sales records and customer information.
Answer:
Agent middlemen
Explanation:
The company should choose an agent middlemen because they work on commission and make arrangement for sales in the foreign country but do not take title to the merchandise. By using agents, the manufacturer assumes trading risk but maintains the right to establish policy guidelines and prices and to require its agents to provide sales records and customer information
Cricket Corp. issued, without consideration, rights allowing stockholders to subscribe for additional shares at an amount greater than par value, but less than both market and book values. When the rights are exercised, how are the following accounts affected?
Answer:
The capital issued due to issuing of rights issues will recorded as under:
Dr Cash received
Cr Share Capital at the rate par value
Cr Share Premium at the rate (amount received per share - Par value)
Explanation:
So these are the accounts that will be affected and all the remaining accounts will not be affected.
Sarah Covington, a sales manager at Synergy Corporation Bank, often keeps low expectations of her team. She feels that they are underqualified for their job and do not have substantial experience to sell a large number of accounts. Covington's team does not feel motivated enough and invariably underperforms and misses targets on a regular basis. Which of the following concepts best explains Covington's team's poor performance?
Answer:
Self-fulfilling prophecy
Explanation:
Self-fulfilling prophecy is the term which is defined as the phenomenon of socio- psychological of expecting something or predicting and this prediction comes true as one believes it will and the consequences behaviors align for fulfilling those beliefs.
In short, it states that the people belief could influence their actions.
So, in this case, the concept which state the team poor performance is the self- fulfilling prophecy.
Expectancy Theory explains the poor performance of Sarah Covington's team due to low expectations, lack of motivation, and confidence.
Expectancy Theory best explains the poor performance of Sarah Covington's team. According to this theory, employees' performance is influenced by their belief that effort will lead to performance, performance will lead to rewards, and the rewards will be valuable to them.
When a manager like Covington has low expectations of her team and doubts their abilities, it can create a self-fulfilling prophecy where the team underperforms due to lacking motivation and confidence. To improve team performance, it is crucial to address the factors affecting employees' expectancy, instrumentality, and valence perceptions, thereby enhancing motivation and productivity.
Jeff and Rob have a difficult time getting along at work. Most days, Jeff spends a lot of time cracking jokes and goofing off, while Rob constantly nags him and tells him to act like a grown up. On days when Jeff is more reserved, Rob does not nag him, hoping that this will result in improved behavior down the road. This is an example of which form of behavior modification?A. Empowerment.B. Extinction.C. Punishment.D. Avoidance learning.E. Positive reinforcement.
Answer:
D. Avoidance learning
Explanation:
Based on the information provided within the question it can be said that this is an example of avoidance learning. This term refers to a when an individual removes themselves from a situation in order to avoid a stressful or unpleasant situation. Which is exactly what Rob is doing by not nagging Jeff on his good days in order to avoid Jeff acting immature later.
Striving to be the low-cost provider is a particularly attractive competitive strategy when ___________.
Answer:
Buyers are large and have significant power to bargain down prices.
Explanation:
Low cost provider are the strategy to sell goods at the lowest cost possible, which help firms to gain more market share in the market and attract more customer, which can earn more profit for the firm. It is very helpful when number of buyer is very high and have the ability to bargain down the price of product. Low cost strategy will be attractive to buyer as they can switch at very low cost.
Companies often use social media influencers popular with their target market to promote their products. In this case, the influencers represent a(n) _______. a. dissociative reference group b. subculture c. aspirational reference group d. social class e. membership reference group
Answer:
C) aspirational reference group
Explanation:
An aspirational reference group can be described as a group of individuals with whom a person (or many millions in this case) wish to be associated with. This person will try to imitate their behavior, and most importantly their purchase behavior since he/she doesn't belong to that group but wishes he/she could.
Answer: In this case, the influencers represent an ASPIRATIONAL REFERENCE GROUP.
Explanation: An aspirational reference group can be said to be a reference group consisting of individuals that other individuals express a hope or intention to be associated with but doesn't belong to. So to be associated with or belong, other individuals copy the behavior of the aspirational reference group. In this scenario, the social media influencers represent the aspirational reference group who other people wants to be associated with..
Under the terms of a divorce agreement entered into in 2017, Lanny was to pay his wife Joyce $2,000 per month in alimony and $500 per month in child support. For a 12-month period, Lanny can deduct from gross income (and Joyce must include in gross income):
a. $0
b. $30,000
c. $6,000
d. $24,000
e. None of these
Answer:
d. $24,000
Explanation:
A divorce agreement is a contract that is formed between a husband and wife that states conditions under which they are dissolving their marriage. It includes the terms that they will both agree to fulfil on marriage dissolution.
Once the contract is signed by both parties it becomes binding on them.
Under the alimony terms the amount that will be included as gross income deduction is the amount that is going to the recipient.
In this case the $2,000 for 12 months. The $500 will be paid as child support and not included in the gross income deduction.
Child support payments are not included in alimony.
Gross income deduction= 2,000* 12= $24,000
Answer:
B. $ 30,000
Explanation:
Given:
Monthly payments deducted
Child support = $ 500
Alimony = $ 2000
1 year = 12 months
Total amount payable in 1 year = child support in 2017 + alimony in 2017
= ($500 × 12) + ($2000 × 12)
= $6000 + $ 24000
= $30000
4) Which of the following increases the supply of a product? * (See Chapter 4, section 4.2) A) lower prices for the resources used to produce the product B) some producers going bankrupt and leaving the industry C) a higher price for the product D) an increase in the expected future price of the product E) a decrease in productivity\
The lower prices for the resources used to produce the product increases the supply of a product.
Option: A
Explanation:
If the price of any manufacturing factor like labor, raw materials, machinery reduces, the amount that manufacturers are willing (and ready) to deliver at a given price rises. Manufacturers with lower prices at a given price will often be able to create more of a commodity than those with increased costs. Hence a reduction in the prices of production would increase the supply. Likewise, the amount provided at a given price would decline if the manufacturing costs rise. Increased costs imply that manufacturers must generate less in order to be able to sell a commodity at a specified price.
The ________ are quite dynamic in terms of processing trades and incorporating information in prices and thus are considered very efficient markets. foreign bond markets fixed income markets equity markets domestic bond markets
Answer:
The correct answer is equity markets.
Explanation:
The equity markets are quite dynamic in terms of processing trades and incorporating information in prices and thus are considered very efficient markets.
The efficient market hypothesis (EMH) is a theory in finance and economics which suggests that the stock market or equity market is all knowing and therefore, the price is always right. Equity markets are considered as the meeting points for buyers and issuers of stocks. Equity markets use most effective trade instruments and thus are considered very efficient markets. Market efficiency refers to the degree of transparency of all available and relevant information in a stock market.
Mr. Thomas wanted to remodel his business, so he got a loan of $43,000 at a rate of 6% He paid the loan off in 8 months. How much did Mr. Thomas pay in interest.
Answer:
$973.13
Explanation:
Using a loan calculator we can determine the amount of interest that Mr. Thomas paid:
principal = $43,000APR = 6% n = 8 monthsmonthly payment = $5,496.64
total payments (8) = $43,973.13
total interest paid = $973.13
Wholesome Pet Food has successfully specialized for 20 years in high-quality pet food made from all-natural ingredients and organically raised lamb. This brand has a strong following and is recommended by veterinarians who practice in affluent neighborhoods. Wholesome's main supplier of lamb has announced that the price for lamb will be 15 percent higher next year. Which of the following statements is true?A. Wholesome will probably be able to pass the cost on to its customers because they are less sensitive to price increases than the average buyer.B. Companies pursuing Wholesome’s business strategy are especially vulnerable to this risk.C. If Wholesome raises its pet food prices, customers will turn to less expensive brands such as Purina.D. Wholesome probably operates on very thin margins, and a cost increase will threaten its ability to earn average returns.
Answer:
A. Wholesome will probably be able to pass the cost on to its customers because they are less sensitive to price increases than the average buyer.
Explanation:
Wholesome pet foods has been providing services for 20 years and the are considered specialists in high quality pet foods. Their Strang brand following will make it possible to pass on the increased 15% cost of lamb next year.
Their clients have developed an attachment to the brand so they will be less sensitive to price increases, knowing they will always get quality product from Wholesome Pet foods.
If the M1 multiplier is 3 and the Fed engages in open-market purchases in the amount of $3 billion, then monetary base will Group of answer choices increase by $3 billion. decline by $9 billion. decline by $3 billion. increase by $9 billion.
Answer:
A
Explanation:
By definition, open-market operations change the monetary base.
In this exercise, the Fed engages in open-market purchases, which means that the Fed expands the amount of money in the banking system. Therefore the monetary base will increase by an amount equal to the amount of open-market purchases.
So monetary base will increase by $3 billion.
Which of the following employees has the largest gross pay? a. Employee A: Total employee benefits $1,500 Total job benefits $49,800 b. Employee B: Total employee benefits $1,050 Total job benefits $51,200 c. Employee C: Total employee benefits $1,000 Total job benefits $51,900 d. Employee D: Total employee benefits $3,000 Total job benefits $52,300 Please select the best answer from the choices provided A B C D
When adding the total employee benefits and total job benefits, Employee D has the largest gross pay at $55,300.
Explanation:To determine which employee has the largest gross pay, we need to add together the total employee benefits and total job benefits for each employee. Gross pay generally refers to the total earnings of an employee before any deductions such as taxes.
Employee A: $1,500 (employee benefits) + $49,800 (job benefits) = $51,300Employee B: $1,050 (employee benefits) + $51,200 (job benefits) = $52,250Employee C: $1,000 (employee benefits) + $51,900 (job benefits) = $52,900Employee D: $3,000 (employee benefits) + $52,300 (job benefits) = $55,300Therefore, Employee D has the largest gross pay at $55,300.
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Over the last few months, Juan and his colleagues have analyzed the current business situation and identified target markets for his firm's personal care products. Finally, they developed the products, prices, distribution, and promotion that should appeal to each of those target markets. In doing so, Juan has also identified what he believes is an advantage his competitors cannot match. Juan and his colleagues have been developing:_________.
A. a business mission statement.
B. a strategic vision.
C. team-building exercises.
D. a marketing strategy.
E. competitive assessments.
Answer:
D. a marketing strategy.
Explanation:
Marketing strategy: It is long term approach to develop or penetrate market. Every stage of product life cycle require different marketing strategy. There are different analysis been done to come out with one marketing strategy that will help the company to achieve their primary objective. Strategy for marketing mix, such as product, prices, distribution and promotion are one of the most important strategy to tap the market and gain competitive advantage.
In the given case, Juan and his colleagues have developed a marketing strategy to gain more market share in their target market and how they can gain competitive advantage.
Elasticity is a. a measure of how much buyers and sellers respond to changes in market conditions. b. the study of how the allocation of resources affects economic well-being. c. the maximum amount that a buyer will pay for a good.
Answer:
Elasticity is a measure of how much buyers and sellers respond to changes in market conditions.
Explanation:
Elasticity is a measure of a variable's responsiveness to a variation in another variable, most generally this consciousness is the variation in price applicable to fluctuations in other factors. It is predominantly practiced to evaluate the shift in consumer interest as a consequence of a variety in a good or service's price.
A product is supposed to be elastic if the quantity requirement of the product evolves drastically when its price rises or drops. Conversely, a product is deemed to be inelastic if the volume requirement of the product varies very little when its value alternates.
Elasticity is a measure of how much buyers and sellers respond to changes in market conditions. It helps economists understand consumer and producer behavior and make predictions about market outcomes.
Explanation:Elasticity is a measure of how much buyers and sellers respond to changes in market conditions. It is a concept used in the study of economics to understand how people react to changes in price, income, or other factors affecting demand and supply.
For example, if the price of a product increases and the quantity demanded decreases significantly, we say that the product has high price elasticity of demand. On the other hand, if the quantity demanded does not change much with a price increase, the product has low price elasticity of demand.
Elasticity helps economists and policymakers make predictions and analyze the effects of changes in market conditions on the behavior of consumers and producers.
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An investor at the firm insists on buying a stock in order to receive the dividend, despite being advised against this by their registered representative. The stock's record date is Monday, October 23rd. Assuming a regular-way settlement, the latest that this investor could buy the stock and still receive the dividend is
[A] Wednesday, October 18th.
[B] Thursday, October 19th.
[C] Friday, October 20th.
[D] Saturday, October 21st.
Answer:
B] Thursday, October 19th.
Explanation:
For the dividend to be received, the investor has to buy the stock before the formal date in order for the investor to receive the dividend. The formal date according to this scenario is Friday, October 20th, which is a business day preceding the record date. Therefore, the investor would be needing to purchase the stock on or before a date prior to Thursday, October 19th, so as for the dividend to be received.
Garage Magic, Inc., contracts for the sale of a certain number of garage door openers to Home & Yard Hardware stores. Ian buys one of the openers. The applicable statute of limitations prescribes a period of four years. To bring a product liability claim against Garage Magic, Ian must file a suit within four years of
Answer:
A) Ian's discovery of an injury caused by the opener
Explanation:
The statute of limitations for product liability sets the maximum time that the buyer has to present a legal claim against a manufacturer from the date that an injury happened. In this case, the statute of limitations is set at four years, so that means that Ian has four years after he (or someone else) suffered an injury when they were suing the garage opener.
Ian must file a product liability claim against Garage Magic within four years from when the injury was discovered or should have been discovered, due to the statute of limitations. The claim must be initiated within this time frame, or Ian may lose the right to compensation.
To bring a product liability claim against Garage Magic, Ian must file a suit within four years of the date of the injury or the date when the injury was or should have been discovered.
This is due to the statute of limitations which prescribes a period of four years for product liability actions.
The timer for the statute of limitations generally starts when the claimant discovers or should have reasonably discovered the harm caused by the product, rather than the date of purchase.
It is important to note that this can vary based on jurisdiction and specific circumstances of the case, and if Ian does not initiate legal action within this period, he risks forfeiting his right to seek compensation.
The CFO of company ABC wants to give every employee a 3% raise, but would like a report to confirm if this is possible. Write an SQL statement that would pull this report from the Employee table. They are requesting just the Employee ID, Current Salary, and Salary plus 3%. Salary is saved in the database for the employees annual pay.
Answer:
For such a report , the sql query required would be:
SELECT emp_id, curr_salary, curr_salary*1.03 AS inc_salary FROM Employee;
Explanation:
For such a report , the sql query required would be:
SELECT emp_id, curr_salary, curr_salary*1.03 AS inc_salary FROM Employee;
In the above sql query employee id is emp_id , curr_salary is the current salary column. "curr_salary*1.03" is been made because an increment of 3% means salary + salary*3% , that is , salary*1.03.
Blake Edwards has done some research and has discovered that economists believe interest rates will rise significantly over the next two years. Blake believes that this will lead to fewer homes being sold and fewer jobs in the banking and mortgage industries. This is an example of __________________ influencing jobs in the future.
Answer:
Economic conditions
Explanation:
Based on the scenario being described within the question it can be said that this is an example of Economic conditions influencing jobs in the future. These conditions are the different aspects that affect the overall economy of a country which include GDP growth potential, the unemployment rate, inflation, as well as policy orientations.
Buying an existing business is beneficial because: a.it does not require a large initial capital. b.it has an established relationship with lenders. c.it does not need to be nurtured. d.it has financial support from the government.
Buying an existing business is beneficial because it does not require large initial capital.
Option a
Explanation:
The idea of buying an existing business is much easier than that of starting a business. Buying an existing business includes lesser risks. When we are buying a business, it means that we are taking over an operation that is already generating some profits or cash flows.
Moreover, it does not need enormous amount of capital since, majority of the setups will already be there and all we have to do is just to reconstruct and maintain it. We cannot be sure that whether the previous business holder had professional financial dealings with the government side so, it sometimes may become our duty to initiate the papers and get financial support from the government if required.
In addition, there are cases in which the lenders that the previous owner dealt with will not be the same as ours. Therefore, the answer would be option a.
Hope College is planning for the next biennium. School administrators know that the enrollment is on the decline, but still need to offer students the best experience possible. They want to shrink their payroll slowly. They can accomplish this through:_______.A. temporary employees.B. pay reduction.C. downsizing.D. demotions.E. early retirement.
Answer: Early Retirement.
Explanation:
From the question in order for Hope college to give their students the best possible experience at school, they need to employ staff on a short term basis to avoid cost of paying long term staff very high salaries. This short term employment of staff would help the college save cost as the income the school receives is on the decline.
GANTT refers to the Generalized Activity Network Tracking Technique which was developed to better understand how variability in the duration of individual activities impacts the expected project duration.
Answer:
False
Explanation:
A Gantt chart is named that way because it was originally developed by Henry Gantt. A Gantt chart represents a project schedule and it depicts the relationship between the activities that are being carried out and their schedule status. It includes the start and finish dates of the project's main activities, tasks, dependencies and milestones.
Early in 2022, Stevenson Incorporated switched to a JIT (just-in-time) inventory system. Financial information for the two most recent years is listed below: How many times did inventory turnover increase as a result of the switch to the JIT system?
Answer:
3.8 times
Explanation:
Inventory turnover indicates how many times a company sells and replaces its stock of goods during a particular period. The formula for inventory turnover ratio is the cost of goods sold divided by the average inventory for the same period.
$ 320,000 / 63,000 = 5.1 times in 2022
$283,500 / 32,000 = 8.9 times in 2023
Therefore inventory turnover increase as a result of the switch to the JIT system by 8.9 times - 5.1 times = 3.8 times
If the price of a pack of post it notes increases from $2.00 to $2.80 and as a result quantity demanded falls from 160 to 80 units, what is the price elasticity of demand
Answer:
The price elasticity of demand is 1.25
Explanation:
The price Elasticity of Demand (PED) ia used to show the responsiveness of the demand of a good or service to a change in price. The PED can be either elastic (when the % change in demand is more than % change in price), or inelastic (when the % change in demand is less than the % change in price).
mathematically, it is represented as;
PED = (% change in demand) ÷ (% change in price)
Let us calculate the percentage changes.
% change in demand = (change in demand)/original demand × 100
= (160 - 80)/160 × 100 = 80/160 ×100 = 50%
% change in price = (change in price)/original price × 100
= (2.80 - 2.0)/2.0 × 100 = 0.8/2.0 × 100 = 40%
∴ PED = 50 ÷ 40 = 1.25 (elastic)
An organization has decided to increase the amount of customer data it maintains and use it for targeted sales. The privacy officer has determined that this data is PII. Which type of assessment should be completed to ensure the organization is complying with applicable laws and regulationsrelated to this data?
Answer:
Privacy Impact Assessment (PIA)
Explanation:
If an organisation has decided to increase the amount of customer data it maintains and use it for targeted sales. The privacy officer having determined that this data is PII, then the type of assessment should be completed to ensure the organization is complying with applicable laws and regulationsrelated to this data is the Privacy Impact Assessment (PIA)
The assessment to be Conducted - Privacy Impact Assessment (PIA) is to determine, for each type or classification or PII (Personally Identifiable Information) , how it is collected, where it is stored, and how it is disposed of, as well as the potential security risks for each type of PII.