To address the issue of Schule Company incorrectly recording notes payable as accounts payable at the end of Year 1, the company should record a journal entry to correct the notes payable and accounts payable balances, retrospectively restate the Year 2 balance sheet to reflect the correction; and include the nature of the error in a disclosure note. Therefore, the correct option is A, B, and D.
It is given that at the end of Year 1, Schule Company incorrectly recorded notes payable as accounts payable and the error was discovered during Year 3. The company’s Year 3 annual report includes comparative financial statements covering Years 2 and 3. The company should:
a) Record a journal entry to correct the notes payable and accounts payable balances. This is necessary to properly classify the liabilities and ensure that the financial statements accurately reflect the company's obligations.
b) Retrospectively restate the Year 2 balance sheet to reflect the correction. This allows for the presentation of comparative financial statements for Years 2 and 3 that are consistent and accurately represent the financial position of the company.
d) Include the nature of the error in a disclosure note. This is important for transparency and to provide context for users of the financial statements, allowing them to understand the reason for the restatement and the impact on the financial position.
It is not necessary to perform option c) as the error does not impact retained earnings. Since the error was discovered during Year 3 and only affects the classification of liabilities, retained earnings would not be affected by this correction. Hence, the correct answer is option A, B, and D.
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THIS IS URGENT- How did Jeff bezos change the economy when he created Amazon (I need when he first created it up to now!)
Jeff Bezos when he created Amazon had a tremendous impact in the economy as he created jobs more than any other company had created before and also helped in achieving price stability.
What is Amazon?
Digital streaming, cloud computing, online advertising, and artificial intelligence are the main areas of interest for the American multinational technology business Amazon.com. One of the most valuable brands in the world, it has been called "one of the most significant economic and cultural forces in the globe." Along with Alphabet, Apple, Microsoft, and Meta, it is one of the Big Five American technological firms. On July 5, 1994, Jeff Bezos launched Amazon from his garage in Bellevue, Washington. It began as an online book store but has since grown to include many more product categories.
Hence, Amazon contributed to the economy in terms of sales, price stability and creation of jobs and also providing a alternate option for marketplace in a economy.
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Is a fixed-rate loan recommended for first-time buyers?
Fixed-rate loans and first-time buyers go together pretty well. It allows those who aren’t experienced in repaying such a large loan amount to manage their budget with fixed payments for a set period. For the first-time buyer, fixed-rate mortgage options make a lot of sense.
However, getting a mortgage as a first-time buyer isn’t as plain sailing as many hopeful homeowners would like. There are strict criteria demanded by lenders and a host of additional costs on top of what you’re likely to pay for the house.
What is a fixed-rate loans ?
Buyers choose a fixed interest rate over a set period, allowing them a precise figure to budget for over the next two, five, or even ten years.
What is a first-time buyer?
A first-time buyer hasn’t bought or owned a home or engaged in a mortgage before, whether solely or part of a joint mortgage or a shared ownership scheme.
Is fixed rate loan a good idea?
A fixed term rate can be advantageous in a few different ways: Peace of mind that you rate is locked in and won't change for a set time. Budget consistency. Locking in when rates are a low can save you money should variable rates go up during the fixed term.
Is it better to have a fixed or variable rate loan explain?
Borrowers who prefer predictable payments generally prefer fixed rate loans, which won't change in cost. The price of a variable rate loan will either increase or decrease over time, so borrowers who believe interest rates will decline tend to choose variable rate loans.
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what level are inputs for estimating fair values are based on inputs that are readily available via prices for identical assets or liabilities in actively traded markets such as securities exchanges?
The level you are referring to is Level 1 inputs. In the context of estimating fair values, the Financial Accounting Standards Board (FASB) developed a fair value hierarchy known as the three-level hierarchy.
This hierarchy categorizes inputs used in valuation techniques into three levels based on their reliability and availability.
Level 1 inputs are considered the most reliable and are based on quoted prices for identical assets or liabilities in active markets. These inputs are readily observable and can be directly obtained from reliable sources, such as securities exchanges. Level 1 inputs provide the highest degree of transparency and objectivity in fair value measurements.
Examples of Level 1 inputs include publicly traded stocks, bonds, and other financial instruments that have readily available market prices. The prices of these assets or liabilities can be easily obtained from exchanges or other reliable pricing sources.
It's important to note that Level 1 inputs are considered the most reliable because they are based on actual market transactions and reflect current market prices.
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The US Supreme Court did what in Piscataway Board of Education v. Taxman, 521 U.S. 1117, 117 S.Ct. 2506 (1997)?
Answer:
The case was never heard in the United States Supreme Court.
Explanation:
The board of education of Piscataway High School, New Jersey desired to remove one teaching position from the Business Education department. A hindrance to this was the fact that the two teachers being considered had indefinite appointments, and were equal in seniority. According to the state law, tenured teachers can be relieved of their duties in reverse order of seniority. Either Sharon Taxman, a white teacher, or Debra Williams an African-American teacher were to be relieved of their positions.
Taxman was chosen because African-Americans were a minority. Taxman contested this in the court. The case was never heard at the U.S Supreme court because some civil rights group wanted the case to be settled out of court. The United States Court of Appeal ruled in favor of Taxman.
During January, Ajax Co. Incurs 1,850 hours of direct labor at an hourly cost of $11.80 in producing 1,000 units of its finished product. Ajax standard labor cost per unit of output is $22 (2 hours x $11.00). Compute the total, price, and quantity labor variances for Ajax Co. For January. Identify whether the variance is favorable or unfavorable?
Answer:
Std rate per hour: 11.00
Std hours = 1000*2 =2000
Actual hours = 1850
Actual rate = 11.80
Labor cost variance = Std cost - Actual cost
Labor cost variance = (2000*11) - (1850*11.80)
Labor cost variance = 170 Unfavorable
Labor rate variance = Actual hrs (Std rate - Actual rate)
Labor rate variance = 1850 *(11-11.80)
Labor rate variance = 1480 Unfavorable
Labor qty variance = Std rate (Std hrs-Actual hrs)
Labor qty variance = 11 (2000-1850)
Labor qty variance = 1650 Favorable.
once you've found your target market, your business is on track, and your customers seem satisfied, ongoing market research can
Once you've found your target market, your business is on track, and your customers seem satisfied, ongoing market research can product quality before creating a product, a company conducts extensive market research. This statement is True.
To ensure that it will fully satisfy the needs of its customers. Research is being done on client requests and wants. Continuous research can enhance the quality of your product once the target market has been identified, the company is operating smoothly, and the clients are happy.
Continual research will provide us with insight into the shifting consumer preferences, and with the aid of this research, a company may improve the quality of its product in accordance with the degree of customer happiness. You can still gain from market research if your business is already well-established and your customers are devoted to your brand and its items.
Future trends that people would want to buy can be discovered through market research. With this knowledge, you may foresee new trend products and be among the first to introduce them.
Complete question:
once you've found your target market, your business is on track, and your customers seem satisfied, ongoing market research can produce products quality. This statement is True or false.
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A company has received a special order from a customer to make 5,000 units of a customized product. The direct materials cost per unit of the customized product is 15 , the direct labor cost per unit is 5 , and the manufacturing overhead per unit is 18 , including 6 of variable manufacturing overhead. If the company has sufficient available manufacturing capacity, what is the minimum price that can be accepted for the special order.a. 24 b. 26 c. 32 d. 38
A company has received a special order from a customer to make 5,000 units of a customized product. The direct materials cost per unit of the customized product is $15 , the direct labor cost per unit is $5 , and the manufacturing overhead per unit is $18 , including $6 of variable manufacturing overhead. If the company has sufficient available manufacturing capacity, the minimum price that can be accepted for the special order is $26. So, the correct option is b.
The increment cost per unit for the special order is calculated as:
Direct Material = $15.00
Direct Labor = $5.00
Variable Factory Overhead = $6.00
Incremental cost per unit = Direct Material + Direct Labor + Variable Factory Overhead
i.e. $15.00 + $5.00+$6.00
= $26.00
The incremental cost per unit is $26, which should be the minimum price that can be accepted for the special order. Therefore, the correct option is b.
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What, if anything, can advertising sales tell us about the state of various types of media? Advertising sales cannot tell us anything useful about the state of various types of media. Advertising sales can tell us many things about various types of media, but it depends entirely on the type of ads sold. Advertising sales can tell us how well a type of media is doing—if ad sales are high, then the media is doing well. Advertising sales can tell us about who is buying the media—if ad sales are low, then people are not buying the media for the ads.
Answer:
The thing advertising sales can tell us about the state of various types of media is:
Advertising sales can tell us how well a type of media is doing—if ad sales are high, then the media is doing well.
Explanation:
Advertising sales (or ad sales) are the sales of media spaces for advertising purposes. Organizations create awareness of their products and services by buying media spaces. The proceeds from an advertising business are known as Advertising Sales. The business is usually conducted by Advertising agencies and representatives of media houses.
To achieve better, faster, and less expensive methods of software development, ____ designed the Capability Maturity Model (CMM), which improves quality, reduces development time, and cuts costs.
pilot operation
parallel operation
SEI (Software Engineering Institute)
"To achieve better, faster, and less expensive methods of software development, the SEI (Software Engineering Institute) designed the Capability Maturity Model (CMM), which improves quality, reduces development time, and cuts costs." Option C is correct.
The Capability Maturity Model (CMM), designed by the Software Engineering Institute (SEI), aims to enhance software development by achieving better, faster, and cost-effective methods. By providing a framework for assessing and improving an organization's software development processes, the CMM enables companies to improve quality, reduce development time, and cut costs.
It establishes a five-level maturity model, ranging from initial (Level 1) to optimizing (Level 5), where each level represents a higher degree of process maturity and effectiveness. Through systematic process improvement, organizations can identify and address weaknesses, optimize workflows, enhance communication, and ultimately achieve more efficient software development practices, resulting in improved outcomes and resource optimization.
Option C holds true.
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When must the scope of appointment be obtained for an in-person or telephonic sales presentation?.
If meeting was set up as an in person meeting then it would have to be obtained.
What is an in person meeting?This is the term that is used to refer to a meeting that is set up by people themselves.
This type of meeting would have the people present in body instead of having a representative.
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What skills do you need be a marketing manager?
what objects are necessary for the formation of shadows ?
Answer:
The following three things are required for a shadow to form:
a source of light.
an opaque object.
a screen or surface behind the object.
Explain the importance of office for an organization long answer
Answer:
The answer to this question is given below in this explanation section.
Explanation:
" importance of office for an organization"
An office is the center point of organization.It is a place to perform different activities of a business organization.The office is the brain of the whole organization.The office performs a critical function such as information collection,collection,recording analyzing distribution of information and executive function such as planning,organization,policies formulation,decision making etc.
It is used by management for the purpose of planning,organizing,staffing,directing,and controlling.Office not only keep record of information but also pay the role of reliable channel of communication the information.It is required for smooth functioning of the organization.
Proper organisation facilities the intensive use of human capital.Organization stimulates creativity.By providing well defined areas of work and ensuring delegation of authority,Organization provides sufficient freedom to the managers and encourages their initiative,independent thinking and creativity.
monopoly arises when a firm produces a good or service for which substitutes exist, and A. no close; produces an output at which diseconomies of scale exist B. no close; is protected by a barrier that prevents other firms from selling that good or service C. close; can influence the market price D. close; is protected by a barrier that prevents other firms from selling that good or service monopoly arises when a firm produces a good or service for which substitutes exist, and A. no close; produces an output at which diseconomies of scale exist B. no close; is protected by a barrier that prevents other firms from selling that good or service C. close; can influence the market price D. close; is protected by a barrier that prevents other firms from selling that good or service
C. close; can influence the market price. A monopoly arises when a firm has exclusive control over the production and sale of a particular good or service.
In this scenario, substitutes for the firm's product exist, meaning there are alternative goods or services that consumers could choose instead. The key characteristic of a monopoly is that it can influence the market price of its product. By having no close competitors and controlling the entire market, a monopolistic firm possesses significant market power. This allows it to manipulate prices to maximize its profits. Since consumers have limited alternatives, the firm can set higher prices without fear of losing customers to competitors.
The other options are not accurate descriptions of a monopoly. Option A suggests that a monopoly arises when a firm faces diseconomies of scale, which is unrelated to the presence of substitutes or market power. Option B mentions a barrier preventing other firms from selling the same good or service, but this does not necessarily lead to a monopoly unless the firm can influence the market price. Option D repeats the barrier to entry concept but does not address the firm's ability to influence prices.
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what is the best job to make a hole lot of money
Answer:
drop shiping
Explanation:
it's the perfect job
taylor what happened
Answer:
whos taylor?
Explanation:
i dont know anyone named taylor so...
Answer:
do fish get thristy? this is a assignment for health
What tobacco product heats tobacco or synthetic nicotine without burning it?
The tobacco product that heats tobacco or synthetic nicotine without burning it is called a "heat-not-burn" tobacco product.
What is a heat-not-burn tobacco product?A heat-not-burn tobacco product, also known as a heated tobacco product, is a type of smoking alternative that heats tobacco or a nicotine-containing liquid, such as synthetic nicotine, without burning it. This is thought to reduce the number of harmful chemicals produced by smoking cigarettes by avoiding combustion.
What is the mechanism behind it?The tobacco is heated to a temperature of about 350 to 500 degrees Fahrenheit (180 to 260 degrees Celsius) using an electric heating element in a heat-not-burn tobacco product. This produces an aerosol or vapor that is inhaled, much like the smoke produced by a cigarette. Because there is no combustion, the resulting aerosol contains fewer harmful chemicals than cigarette smoke.
Heat-not-burn tobacco products, like vaping, have been shown to have a lower risk profile than traditional cigarettes. They can also help smokers who are trying to quit by providing a less harmful alternative. Heat-not-burn tobacco products have not been found to be entirely safe, and they are not a good choice for non-smokers or young people.
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The Harris Company purchased equipment for $15,000 on December 1. It is estimated that annual depreciation on the computer will be $3,000. If financial statements are to be prepared on December 31, the company should make the following adjusting entry
The entry will include Depreciation Expenses for $1,750 and Accumulated Depreciation for $1,750
Here, we are to first calculate the Depreciation expenses while observing that the date runs for 1 month (From December 2 - December 31).
The depreciation expense will equals Annual depreciation of computer * 1/12
Depreciation expense = $3,000 * 1/12
Depreciation expense = $250
The adjusting entry will entails:
Date Account titles and explanation Debit Credit
31 Dec Depreciation expenses $250
Accumulated depreciation $250
(Entry to record depreciation expenses)
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Stormie Zanzibar owns a bakery in the fictitious country of Olombia. Each month the government’s market ministry mails her a large list of the regulated price of goods which include products like bread, muffins and flat bread. The list also dictates the types of goods she can sell at the bakery and what she is to charge. Because of the regulations placed on these goods, Stormie has increased her production of sweets, pies, cakes, croissants and buns and decreased her supply of breads, muffins and flat bread. She has taken these steps because the sweet goods’ prices are not government controlled. Stormie Zanzibar lives under what type of economy?
Answer:
The correct answer is: a centralized planned economy.
Explanation:
To begin with, a planned economy is a type of economic system where the investment, the production and more take place under a production plan develop by the organization in charge, in this case, the government. Moreover, a centralized form of planned economy characterizes by the qualities of not letting the people and the market decide freely by instead is the government who takes all the decisions that will impact in the economy.
The fact that Stormie receive a list with all the information about the prices and restrictions in the economy indicates that she lives under a centralized planned economy system.
can u give me an example of destructive and constructive? don't mind the subject by the way.
i believe constructive is like building something up (constructive criticism)
destructive is the opposite
here is 20 points cause you earned it king/queen
Who’s the intended audience in news articles
Newspaper readers have typically been more educated, wealthy, and older than non-newspaper audiences.
Who is a research's primary target audience?
The people who read your work are referred to as the "audience." A term paper or thesis, for example, may be produced for a professor or committee of professors. More frequently, a paper is produced for peers in your field, for others who pursue similar academic interests.
Who are the media's intended consumers or target audiences?A group of people who you've identified and wish to appeal to is what we refer to as a social networking target audience. Based on factors like age, occupation, income level, degree of education, geography, or behavior, for example. your target market for social media
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f(5) =
f(3) =
f(-5) =
f(-3) =
Answer:
53636363633636336366363
A prospective buyer made an offer to purchase a property. The owner responded with a counteroffer. While the buyer was reviewing the counteroffer, the owner received a better offer. The owner can accept the second offer if
1. it satisfies or exceeds all terms included in the counteroffer.
2. the owner withdraws the counteroffer before it is accepted.
3. the owner gives the first buyer notice that another offer was received and an opportunity to revise the bid.
4. the first buyer is informed, in writing, of the owner's intent to accept another offer.
Answer:
2, the owner withdraws the counteroffer before it is accepted.
Explanation:
When an offer is met with a counteroffer, until the counteroffer is accepted, there is always still the chance to withdraw the counteroffer. This usually happens when there is a new development as regards the offer.
From the above question, it can be seen that the owner of the property responded with a counteroffer to the buyer's offer. Now, while the counter offer is being considered by the buyer, the owner gets a better offer and as such needs to withdraw the counteroffer given to the buyer.
Since there hasn't been any positive response to signify interest or agreement to the counteroffer, the counteroffer can still be withdrawn by the buyer as there is no contract yet.
In the event that, the buyer accepts the counteroffer of the owner, the new offer will have to be forgone as there is an agreement already.
Cheers.
Comments allow you to make suggestions without changing the contents of a document.
T or F
Anika, a division manager, is purchasing materials to ensure she has enough to meet customers' demands. Anika is engaging in the ________. A) planning function B) directing function C) controlling function D) decision function
Anika, a division manager, is purchasing materials to ensure she has enough to meet customers' demands. Anika is engaging in the directing function. Thus, the correct option is B.
What is Directing function?Directing function can be said to be a process in which the managers instruct, guide, and oversee the performance of all the workers of the organization to achieve predetermined goals. Directing function is said to be the heart of the management process in an organization. Planning, organizing, staffing have got no importance if the direction function does not take place properly.
There are four primary elements of the directing function which include supervising, motivating, leadership, and communication. The importance of Directing function include initiating actions, ensures co-ordination, improves efficiency, facilitates change and assists stability and growth.
Therefore, the correct option is B.
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From each paycheck of your afterschool job, you’re able to save $45 toward the coat. You get paid twice a month. How many months will it take you to save enough money to buy your North Face jacket.
Answer:4
Explanation:The total in 4 months would equal 360
4 months will it take you to save enough money to buy your North Face jacket.
Saving per month based problem;What information do we have?
Amount save per paycheck = $45
Amount of jacket = 350 (Missing data)
Amount save per month = 2 × Amount save per paycheck
Amount save per month = 2 × 45
Amount save per month = $90
Number of months need = 350 / 90
Number of months need = 3.88
Number of months need = 4 months
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Which index of economic freedom is based on 10 indicators?
1.
IMF Index
2.
Heritage Foundation on Index
3.
WTO Index
4.
Bloomberg Index
What law is the most widely practiced theocratic law?
1.
African law
2.
Russian law
3.
Islamic law
4.
Chinese law
Who argued that development should be assessed less by material output and more by opportunities that people enjoy?
1.
Milton Friedman
2.
Amartya Sen
3.
Adam Smith
4.
Bill Clinton
The index of economic freedom based on 10 indicators is the "Heritage Foundation Index." It measures the economic freedom of countries based on factors such as property rights, government integrity, tax burden, government spending, monetary freedom, trade freedom, investment freedom, financial freedom, business freedom, and labor freedom.
The most widely practiced theocratic law is "Islamic law" (option 3). Islamic law, also known as Sharia law, is a religious legal system derived from the teachings of the Quran and the Hadith (the sayings and actions of Prophet Muhammad). It is practiced in various countries with Muslim-majority populations.
The individual who argued that development should be assessed less by material output and more by opportunities that people enjoy is "Amartya Sen" (option 2). Amartya Sen is an Indian economist and philosopher who emphasized the importance of considering human capabilities and freedoms in evaluating development.
He developed the concept of "human development," which focuses on enhancing people's well-being and expanding their choices and capabilities.
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Explain why the credit industry wants you to believe that you need a credit score
Answer:
Because the credit industry gains a profit from it's users. Credit is a tool, and if used wisely can be beneficial for many people who don't have enough cash to pay for things. Having "good" credit score means that it's easier for you to receive a loan.
Let understand that Credit score refers the score which tells about a consumer's creditworthiness.
In practice, the higher the credit score of an individual, the higher the rate of repayment of credit gotten.
The Credit scoring is used the lenders to help them decide whether to borrow, extend or deny credit.
Therefore, the credit industry wants one to believe you need credit score because its helps them to ascertain your creditworthiness.
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Computing Payroll Costs; Discussion of Labor Costs LO 9-1 (The following information applies to the questions displayed below.] Oaks Company has completed the payroll for the month of January, reflecting the following data: Salaries and wages earned Employee income taxes withheld FICA payroll taxes* $ 86,000 10,000 6,000 "Assessed on both employer and employee (i.e., $6,000 each). E9-3 Part 2 2. List the liabilities and their amounts reported on the company's January 31 balance sheet, assuming the employees have been paid but that no transfers have been made to government agencies
The total liabilities reported on the balance sheet would be $102,000 ($86,000 + $10,000 + $6,000).
Total liabilitiesBased on the information provided, the liabilities and their amounts reported on the company's January 31 balance sheet would be:
Salaries and wages payable: $86,000Employee income taxes payable: $10,000FICA payroll taxes payable: $6,000 (both employer and employee portions)Therefore, the total liabilities reported on the balance sheet would be $102,000 ($86,000 + $10,000 + $6,000).
These amounts represent the company's obligation to pay its employees and to remit the appropriate taxes to government agencies.
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