3. A-1 Prepared by Reviewed by William, Inc. Bank Confirmation - General Account December 31, 2020 Balance per Bank at December 31, 2020 Deposit in Transit - per A-1-2 Outstanding Checks - per A-1-3 Other - Note Collected by Bank Bank Service Charge $20.200.22 * 2,000.00 # (5,200.00) (10,000.00) ^ (9.50 Balance per Books at December 31, 2020 * $8.990.72 f f Column footed. ^ Amount agrees to amount recorded as a deposit on the bank statement and description agrees with receipt enclosed with 12/31/20 bank statement. This note is the Kristopher note receivable that was recorded as a receipt by the client in the cash receipts journal on January 3, 2021. The receivable was appropriately credited and properly reflected in the January cash receipts journal. No adjustment needed as bank and books simply record this in different periods. #Agreed to December 31, 2020 bank statement. *Agreed to general ledger. Required: Above is a workpaper prepared by a staff auditor working on the audit of William, Inc. Assume that you are the senior on the audit, reviewing the workpaper. Identify at least five deficiencies that the staff auditor needs to correct.

A key difference between notes payable and accounts payable is that: each note payable is supported by a legal document describing details about the company's promise to repay a loan, but accounts payable usually don't have this type of documentation.

Notes payable typically involve formal agreements, like promissory notes, which detail the terms of repayment, including interest rates and due dates. They are often used for larger, longer-term loans or borrowings from financial institutions.

On the other hand, accounts payable represent short-term liabilities that a company owes to its suppliers or creditors for goods and services purchased on credit. These liabilities usually don't have formal legal documentation like notes payable, as they are often based on standard trade credit terms and agreements.

In summary, the main difference between notes payable and accounts payable is the presence of a legal document in the case of notes payable, whereas accounts payable typically do not have such documentation.

To know more about legal document, refer here:

https://brainly.com/question/29108865#

#SPJ11

Complete question:

A difference between notes payable and accounts payable is that:

a. accounts payable are usually outstanding for longer periods of time than notes payable.

b. accounts payable have an interest component but notes payable do not.

c. notes payable are usually for smaller amounts than accounts payable.

d. each note payable is supported by a legal document describing details about the company's promise to repay a loan, but accounts payable usually don't have this type of documentation.

Answer:

B) lower price increase quantit

Explanation:

Answer:

$441.5

Explanation:

Hours already worked = 36 hours

Rate = $10 / day

Number of hours worked on last shift :

8:05 - 11:53 = 3 hours 48 minutes

12:35 - 4:56 = about 4 hours 21 minutes

Total hours (3 hours 48) + (4 hours 21 minutes). = 8 hours 9 minutes

Hence, total hours worked that week :

36 hours + 8hours 9 minutes

44 hours 9 minutes

Rate = $10 / hour

(44*$10) + (9/60 * $10)

$440 + $1.5

Gross pay = $441.5

Answer:

Here are the journal entries for the given transactions:

a) Sold goods to Kriti on credit costing Rs. 8,000 for Rs. 10,000.

Debit: Accounts Receivable (Kriti) 10,000

Credit: Sales Revenue 10,000

Debit: Cost of Goods Sold 8,000

Credit: Inventory 8,000

Copy

b) Paid salary in advance Rs. 15,000.

Debit: Prepaid Salary 15,000

Credit: Cash 15,000

Copy

c) Rent outstanding Rs. 2,000.

Debit: Rent Expense 2,000

Credit: Accrued Rent Payable 2,000

Copy

d) Purchased furniture for Rs. 12,000 giving Rs. 4,000 in cash and balance on credit.

Debit: Furniture 12,000

Credit: Cash 4,000

Credit: Accounts Payable 8,000

Copy

e) Furniture purchased and paid by cheque rs10,000.

Debit: Furniture 10,000

Credit: Cash (or Bank if paid by cheque) 10,000

A decreasing term life insurance policy is best suited for paying off the outstanding balance of a 30-year mortgage.

A decreasing term life insurance policy is designed to provide coverage that decreases over time, which makes it an ideal choice for covering a mortgage with a decreasing balance. This policy ensures that the death benefit matches the outstanding mortgage balance, decreasing over time as the mortgage is paid off.

In case of the insured's death, the policy payout is paid to the beneficiaries, who can use the money to pay off the remaining mortgage balance. This type of policy is typically less expensive than other types of life insurance policies, such as whole life or universal life, which offer coverage for a lifetime and can provide a cash value component.

However, decreasing term life insurance policies do not offer any investment or savings component, and the death benefit decreases over time, making it important to ensure that the policy coverage matches the mortgage balance.

For more questions like Insurance click the link below:

https://brainly.com/question/2782277

#SPJ11

For Goforless, it would be interesting to adopt a decentralized organizational structure, where the hiring of new employees was focused on the development of innovative and creative work.

As Goforless is a technology company, the work environment should be more:

Where each work team was included in the decision-making process, generating greater agility and valorization of the work.

In an application development company, it is essential that your employees have experience and skills with:

Therefore, a work team managed by a participative leader, would be more motivated, trained and integrated, would generate greater productivity and innovation to Goforless processes, to:

Thus fulfilling the company's general objectives.

Learn more here:

https://brainly.com/question/1288780

Answer:

im your boss

Explanation:

The typical pattern revealed in a budget constraint model shows that as the quantity consumed rises the cost of good purchased also increases.

The models shows the amount of goods and services that an individual consumer can purchase based on a given income.

The income of the individual could be inform of salary.

Therefore, The typical pattern revealed in a budget constraint model shows that as the quantity consumed rises the cost of good purchased also increases.

learn more on Budget below,

https://brainly.com/question/8647699

#SPJ1

Answer:

D

Explanation:

A good has negative externality if the costs to third parties not involved in production is greater than the benefits. an example of an activity that generates negative externality is pollution. Pollution can be generated at little or no cost, so they are usually overproduced. Government can discourage the production of activities that generate negative externality by taxation. Taxation increases the cost of production and therefore discourages overproduction. Tax levied on externality is known as Pigouvian tax.

Government can regulate the amount of externality produced by placing an upper limit on the amount of negative externality permissible

Coase theorem has been proposed as a solution to externality. According to this theory, when there are conflicting property rights, bargaining between parties involved can lead to an efficient outcome only if the bargaining cost is low

Another solution to negative externality is through the activities of charities. Charities can raise donations to limit or regulate the activities of firms that constitutes a negative externality.

Answer:

Save

Measure

Notes

Services

Money

Barter

Swapped

Forms

The reorder point should be,

From the standard normal table, the indicated z score for the area of 0.0500 subtract from 1, and the indicative area of 0.9500 is 1.645.

x = μ+ (2xσ)

=15+ (1.645×6)

= 24.87

The reorder point should be 24.87

An economic order quantity should assist in identifying what will be the best most fulfilling order quantity at the business enterprise's lowest rate. Much like EOQ, the reorder point will recommend when to place an order for specific products based on their ancient call.

Small corporations can use the reorder point formulation to calculate when gadgets want to be replenished before their inventory ranges hit 0. Using this stock management device can help keep away from an unwanted out-of-stock message for your clients, that may frequently be disruptive to their purchasing experience.

The reorder point (ROP) is the minimal stock or inventory degree for a particular product that triggers the reordering of more inventory while reached. While calculating the reorder points for special SKUs, the lead time it's going to take to refill inventory is factored in to ensure inventory tiers don't attain 0.

Learn more about reordering points here

https://brainly.com/question/18914985

#SPJ4

The expected return of investment is 9.68% and the volatility of investment is 7.6%.

a. Expected return of investment:

The expected return of investment can be calculated using the formula:

Expected return = Risk-free rate + Beta * (Market return – Risk-free rate)

Here, Beta = (Amount invested in the market / Total amount invested)

Beta = (160,000 / 210,000)

Beta = 0.76

Expected return = 4% + 0.76 * (11% – 4%)

Expected return = 9.68%

Therefore, the expected return of investment is 9.68%.

b. Volatility of investment:

The volatility of investment can be calculated using the formula:

Volatility of investment = Beta * Market volatility

Here, Beta = 0.76

Market volatility = 10%

Volatility of investment = 0.76 * 10%

Volatility of investment = 7.6%

Therefore, the volatility of investment is 7.6%.

To know more about investment visit:

https://brainly.com/question/32453941

#SPJ11

Answer:

The AutoSum option can be found in two areas: It is contained in the Editing group of the ribbon, as shown in the first example above. It can also be found under the Formulas tab.

Answer: See Image Below

The adjusting entries for Skysong, Inc. for March is prepared from the given   selected accounts before adjusting entries have been prepared.

Adjusting entries are journal entries that are typically made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. Under accrual-basis accounting, the revenue recognition principle serves as the foundation for making adjusting entries for unearned and accrued revenues.

The adjusting entries are as follows:-

No.   Date           Account Tiles and Explanation       Debit        Credit

1.      March 31        Depreciation expense                      756

                       Accumulated Depreciation expense                        756

2.     March 31    Unearned Rent revenue                        5580

                            Rent revenue                                                        5580

3.     March 31      Interest Expense                                360

                            Interest payable                                                   360

4.    March 31        Supplies Expense                            1935

                               Supplies                                                             1935

5.    March 31       Insurance Expense                             1080

                            Prepaid Insurance                                                    1080

Therefore, the adjusting entries are prepared on March 31.

To learn more about adjusting entries, click here:

https://brainly.com/question/28903353

#SPJ2

The prepayment of expenses is a practice used by many businesses to secure goods and services for the upcoming period. The concept of prepayments of expenses deals with the recognition of expenses for goods.

Journal Entries to Record Cash Payments:

a. April 1: Prepaid Building Rent

Prepaid Building Rent 7,272

Cash 7,272

b. October 1: Prepaid Insurance

Prepaid Insurance 3,660

Cash 3,660

c. October 15: Office Supplies

Office Supplies 4,800

Cash 4,800

d. November 1: Prepaid Repairs and Maintenance

Prepaid Repairs and Maintenance 528

Cash 528

Adjusting Entries for Prepayments at December 31:

a. Prepaid Building Rent (April 1 Prepayment):

Rent Expense X

Prepaid Building Rent X

b. Prepaid Insurance (October 1 Prepayment):

Insurance Expense X

Prepaid Insurance X

c. Office Supplies:

Office Supplies Expense X

Supplies X

d. Prepaid Repairs and Maintenance (November 1 Prepayment):

Repairs and Maintenance Expense X

Prepaid Repairs and Maintenance X

In each adjusting entry, the expense account is debited to reflect the portion of the prepaid expense that has been used up or expired. The corresponding prepaid expense account is credited to reduce the prepaid amount on the balance sheet.

Note: The specific amounts for each adjusting entry are not provided in the question, so the "X" represents the appropriate amounts that need to be determined based on additional information or assumptions

Know more about  Prepaid Insurance here

https://brainly.com/question/30361066#

#SPJ11

The impact of the lease on MUHC Ltd.'s statement of financial position in the first month is as follows: Right-of-use Asset at the End of January: $364,788, Lease Liability at the End of January: $354,348.

MUHC Ltd. recognizes a right-of-use asset and a corresponding lease liability for the leased microsurgical staple gun. The right-of-use asset is initially recognized at the present value of the minimum lease payments, which was $364,788 at the time of entering into the lease. This amount represents the capitalized cost of the leased asset. The lease liability is also initially recognized for the same amount, reflecting the present value of the lease payments to be made.

In terms of the impact on MUHC's statement of income in the first month:

Depreciation Expense: $6,083

Interest Expense: $895

MUHC Ltd. records depreciation expense for the leased asset over its useful life. With the staple gun having a useful life of five years, the monthly depreciation expense is calculated as $364,788 divided by 60 months, resulting in $6,083. Interest expense is recognized based on the lease liability and the interest rate. For the first month, the interest expense is calculated as ($354,348 multiplied by 3% divided by 12 months), amounting to $895. These figures represent the depreciation expense and interest expense reported in MUHC's statement of income for the initial month of the lease.

Therefore, the lease has an impact on MUHC's statement of financial position, resulting in a right-of-use asset of $364,788 and a lease liability of $354,348 at the end of January. Furthermore, MUHC's statement of income shows a depreciation expense of $6,083 and an interest expense of $895 during the first month.

To learn more about financial position, Click here: brainly.com/question/31826522

#SPJ11

Answer:

Explanation:

I don't have a personal opinion, but I can provide some information that may be helpful in answering your question.

The North American Free Trade Agreement (NAFTA) is a trade agreement between the United States, Canada, and Mexico that was signed in 1994. While NAFTA has helped to increase trade between the three countries, it does not include provisions for a common currency.

There are arguments for and against the adoption of a common currency among the NAFTA countries. Proponents argue that a common currency could help to facilitate trade and investment between the three countries, reduce transaction costs, and increase economic integration. It could also help to stabilize exchange rates and reduce the risk of currency fluctuations.

Opponents, on the other hand, argue that adopting a common currency would be difficult due to the economic and political differences between the three countries. It could also lead to a loss of economic sovereignty for each country, as well as potential inflationary pressures.

Ultimately, the decision to adopt a common currency would be a political one that would require the agreement of all three countries. While there are potential benefits to a common currency, there are also potential drawbacks that would need to be carefully considered.

c. Therefore, the bank would want Sue to pay -69.18 after revealing the pre−payment penalty.

a, b. Assuming the monthly payments are the same for each month, the total of the last five payments would be: 5000 x (1 + 13.25%/12)^4 = 6556.71

b. To calculate the amount the bank wants Sue to pay after revealing the pre-payment penalty, you need to subtract the total of the last five payments from the original loan amount. The pre-payment penalty would be the difference between the original loan amount and the remaining balance after deducting the last five payments.

5000 - 6556.71=−556.71

c. The pre-payment penalty would be:

556.71 x 13.25%/12 = -

69.18

69.18

Therefore, the bank would want Sue to pay -69.18 after revealing the pre−payment penalty.

To know more about monthly payments refer here : brainly.com/question/26192602

#SPJ11

Option D is correct. Within a company, cross-functional teams of divisional managers are close to their markets. They are often called middle management.

Middle management is the middle administration level of a progressive association that is subordinate to the chief administrative and answerable to 'group driving' line directors as well as 'expert' line supervisors. Center administration is by implication (through line the board) answerable for junior staff execution and efficiency.

Not at all like line the board, Middle management is viewed as a senior (or semi-chief) position as centre supervisors are approved to talk and follow up for the association to line directors, junior staff and clients. In this degree of the board are incorporated division, plant and division chiefs.

Know more about Middle Management - https://brainly.com/question/28140620

#SPJ4

Answer:

French Loan Schedule   $33,437.97

German Loan Schedule $27,250

Explanation:

As there is no information attached about the kind of loan schedule I'm ghoing to resumethe work for the two possible options:

French Loan (equal payment across year)

This will be an annuity of 6 year at 9% interest:

\(PV \div \frac{1-(1+r)^{-time} }{rate} = C\\\)

PV 150,000.00

time 6

rate 0.09

\(150000 \div \frac{1-(1+0.09)^{-6} }{0.09} = C\\\)

C  $ 33,437.967

German Loan (equal amortization across the loan-life)

$150,000 / 6 = 25,000 amorization per year

Last year payment will be the 25,000 plus the interest accrued during this time:

25,000 x ( 1+ 0.09) = $27,250

----------------------------------

If the question what about different principal payment across times then, there do another question an attach that information.

The program that allowed for parents to receive a voucher for the amount their state spent on education for their child referred to School choice.

Under the concept of school choice, the state government would give a voucher to parents who elected to use homeschooling.

This voucher would be of the same amount that the government would have spent on educating the child if they had gone to public school.

Find out more on homeschooling at https://brainly.com/question/3624340.

#SPJ4

Private decisions about consumption of common resources and production of public goods usually lead to an inefficient allocation of resources and external effects. Therefore, the correct option is D.

This is because individuals tend to make decisions based on their own self-interest, without considering the impact on others or the overall welfare of society. In the case of common resources, such as clean air or water, individuals may overconsume these resources, leading to depletion and pollution.

In the case of public goods, such as national defense or public parks, individuals may undercontribute to their provision, leading to underprovision and a suboptimal level of public goods. These actions can also have external effects on others, such as pollution affecting the health of nearby residents or the lack of public goods impacting the overall well-being of society.

Therefore, government intervention is often necessary to ensure an efficient allocation of resources and to address the external effects of private decision-making. The correct answer is option D: inefficient allocation of resources and external effects.

Learn more about Public goods:

https://brainly.com/question/24825090

#SPJ11

Answer: true

Explanation:

Answer: The Indian Red Cross Society is a voluntary humanitarian organization to protect human life and health based in India.

Explanation: It is part of the International Red Cross and Red Crescent Movement, and so shares the Fundamental Principles of the International Red Cross and Red Crescent Movement.

Answer:

Sales to small businesses that typically purchase from dealerships represent almost Three million vehicles per year.

Explanation:

If you desire your company to bring in more business, there are simply 4 Techniques to Increase Revenue: increasing the number of consumers, progressing average purchase size, improving the repetition of transactions per consumer, and increasing your prices.

Tips on how to enhance sales for your small enterprise

The first entry records the sale of products or services for $243,000, with a debit to Sales Revenue and a credit to Income Summary.The second entry records a sales discount of $2,110, with a debit to Income Summary and a credit to Sales Discounts.

To record the closing of the given account balances for Sheffield Company, we need to prepare journal entries that will transfer the balances to the Income Summary account.

1. Close the Sales Revenue account:
 - Debit Sales Revenue for $243,000
 - Credit Income Summary for $243,000

2. Close the Sales Discounts account:
 - Debit Income Summary for $2,110
 - Credit Sales Discounts for $2,110

3. Close the Cost of Goods Sold account:
 - Debit Income Summary for $116,900
 - Credit Cost of Goods Sold for $116,900



To summarize, the journal entries to close these accounts to Income Summary are as follows:

1. Debit Sales Revenue $243,000; Credit Income Summary $243,000
2. Debit Income Summary $2,110; Credit Sales Discounts $2,110
3. Debit Income Summary $116,900; Credit Cost of Goods Sold $116,900

Learn more about Revenue  : https://brainly.com/question/16232387

#SPJ11

Answer:

International trade increases the number of goods that domestic consumers can choose from, decreases the cost of those goods through increased competition, and allows domestic industries to ship their products abroad. While all of these effects seem beneficial, free trade isn't widely accepted as completely beneficial to all parties

In simplest terms, a tariff is a tax. It adds to the cost borne by consumers of imported goods and is one of several trade policies that a country can enact. Tariffs are paid to the customs authority of the country imposing the tariff. Tariffs on imports coming into the United States, for example, are collected by Customs and Border Protection, acting on behalf of the Commerce Department.6 7 In the U.K., it's HM Revenue & Customs (HMRC) that collects the money.

The quantity of manufacturing workers demanded will fall, the wage of manufacturing workers will rise and the quantity of manufacturing workers supplied will rise.

In the macroeconomic model, a union among workers will increase the wage rate, thereby the supply of manufacturing workers will also increase.

This phenomenon is associated with a decrease in the demand and quantity of manufacturing workers.

In conclusion, the quantity of manufacturing workers demanded will fall, the wage of manufacturing workers will rise and the quantity of manufacturing workers supplied will rise if manufacturing workers formed a union.

Learn more about the macroeconomic model here:

https://brainly.com/question/23160076

#SPJ1

To think about two business trends that are likely to occur in the year 2030, that is, 8 years from now, it is necessary to analyze the current business context, which is highlighted by globalization and automation.

This is a trend that is expanding and is slowly being implemented in medium and small organizations, due to its high acquisition and maintenance price.

In 2030, it is possible to imagine that artificial intelligence will already be more developed and accessible to any organization, through processes and automation that can use data processing to assist in decision making and learning.

Therefore, two trends that can be further developed in the coming years in the business scenario is globalization, which will be increasingly consolidated, with companies seeking profitability by marketing and producing in other countries.

As well as automation, which will make the business more competitive and dynamic, reducing decision time and facilitating organizational processes.

Find out more information about automation here:

https://brainly.com/question/24356450