RunHeavy Corporation needs to make accrual and deferral adjustments to properly report its financial results, including revenue recognition, expenses, and tax calculations.
In the given scenario, RunHeavy Corporation (RHC) engaged in various activities during its first month. To prepare accrual and deferral adjustments and report the results on the balance sheet and income statement, several adjustments need to be made.
First, the investment of $12,200 cash made by the band leader on January 3 should be recorded as an increase in common stock on the balance sheet.
Next, the purchase of music equipment for $3,000 cash and the signing of a $9,200 promissory note payable should be recorded as increases in equipment and promissory note payable, respectively, on the balance sheet.
Since the band was booked for six concert events at $3,000 each, the revenue should be recognized even though no cash was collected yet. Therefore, an accrual adjustment should be made to record $18,000 in concert revenue on the income statement.
Out of the six events, four were completed between January 10 and 20, and cash was collected for three of them on January 22. The cash collected should be recorded as an increase in cash on the balance sheet, and the revenue for the events completed should be recognized on the income statement.
On January 24, half of the fee for one February concert was collected. This should be recorded as unearned revenue on the balance sheet since the service is not yet provided.
The cash payment of $4,140 for travel-related costs on January 27 should be recorded as a decrease in cash on the balance sheet.
The cash payment of $2,700 for salaries and wages on January 28 should be recorded as a decrease in cash and an expense on the income statement.
As of January 31, the wages for the fourth event completed in January were not paid but will be paid in February. Therefore, no adjustment is needed at this time.
Finally, the monthly depreciation expense of $201 on the equipment and the interest expense of $69 on the promissory note should be recorded as expenses on the income statement.
Applying the 10% tax rate, the income tax expense can be calculated by multiplying the taxable income before tax by the tax rate.
In summary, by making appropriate accrual and deferral adjustments, RunHeavy Corporation can accurately report its financial results on the balance sheet and income statement, reflecting the various transactions and events that occurred during its first month.
For more question on financial visit:
https://brainly.com/question/26240841
#SPJ8
IS 100 POINTS will mark brainliest
Keep track of your income and expenses for one month. List all your assets and liabilities (debts owed) in a spreadsheet. Based on these documents, develop a monthly budget and a net worth statement.
When you order a sweater from an l.l.bean mail-order catalog, what type of marketing channel are you and the company using?
A. Cash and carry marketing channel
B. Intensive distribution channel
C. Selective distribution channel
D. Indirect marketing channel
E. Direct marketing channel function.
(E) Direct marketing channel function type of marketing channel are you and the company using.
What is Direct marketing?The act of presenting an offer directly to a target client and providing them with a way to respond immediately is known as direct marketing. It is sometimes referred to as direct response marketing among practitioners. Advertising, in contrast, is a form of mass messaging. Toll-free phone numbers, reply cards, envelope-mailable reply forms, websites, and email addresses are all examples of response methods. The CAN-SPAM Act mandates that customers in the United States be given the option to opt-out due to the ubiquity of direct marketing and the unwanted nature of some communications. Based on vendor-defined criteria, such as the average income for a specific ZIP code, purchase history, and inclusion on other lists, intended targets are chosen from wider groups.
To know more about Direct marketing visit:
https://brainly.com/question/27538940
#SPJ4
marco and ruby, married taxpayers who file a joint return, have taxable income of $380,100, of which $300,000 is attributable to an accounting sole proprietorship that pays wages of $40,000 to employees. for 2022, the taxpayer has an applicable percentage of:
For the tax year 2022, Marco and Ruby, who are married taxpayers and file a joint return, have taxable income of $380,100. This income includes the earnings from an accounting sole proprietorship, which is $300,000 and includes wages of $40,000 paid to employees.
To calculate their applicable percentage, you need to determine their marginal tax bracket. The marginal tax bracket is the tax rate applied to the last dollar of taxable income earned. In 2022, the tax brackets for joint filers are:
10% on taxable income up to $19,900
12% on taxable income between $19,901 and $81,050
22% on taxable income between $81,051 and $172,750
24% on taxable income between $172,751 and $329,850
32% on taxable income between $329,851 and $408,200
35% on taxable income between $408,201 and $608,350
37% on taxable income over $608,350
In this case, since the taxable income of Marco and Ruby is $380,100, they would fall into the 24% marginal tax bracket. This means their applicable percentage for 2022 is 24%. It is important to note that their taxable income will be reduced by deductions and exemptions to determine their taxable income. Their actual tax liability will depend on various factors, including their deductions, exemptions, and credits.
Learn more about sole proprietorship here:
https://brainly.com/question/1428023
#SPJ4
Project: How Entrepreneurs Improve the Economy
This project will focus on researching different ways that entrepreneurs improve the economy. You will then explore these ways and
explain whether you agree or disagree with how each can improve the economy.
During this project, you'll accomplish the following:
O Objectives
• Research at least five ways that entrepreneurs improve the economy and explain whether you agree or disagree with each.
Directions
Use the Internet to research different ways that entrepreneurs improve the economy. You will need to have at least five ways. Be sure
to include the URL links you used as resources in the space below.
Now that you have completed the research, record your findings in the table below and include the links,
1 Fillin five ways that entrepreneurs improve the economy
Answer:
time management
make best decision
saving the budget
having ideas
never relaxed
Which of the following is an example of an illegal business activity?
A Bait-and-switch advertising
B. Network marketing
C. Cold calling
D. Price fixing
Answer:
D. Price Fixing
An example of an illegal business practice is price fixing. As a result, choice (D) is the correct reaction.
What is price fixing?Price fixing is an anticompetitive agreement made between players on the same side of a market to only buy or sell a good, service, or commodity at a set price, or to keep the market's conditions so that the price is kept at a specific level by managing supply and demand.
Price fixing may have the purpose of fixing, pegging, reducing, or stabilizing prices, but it may also have the intention of driving up a product's price as much as possible, generally resulting in profits for all sellers. Any price agreement, whether explicit or implicit, is what distinguishes price fixing from other types of pricing.
A conspiracy between buyers or sellers is necessary for price fixing. Coordination of pricing is done for the merchants' mutual interest.
Hence, option (D) is accurate.
Learn more about price fixing, from:
brainly.com/question/17204814
#SPJ6
Chenglei, an IT manager, has been studying the actions that his workers perform in an attempt to improve their productivity. Chenglei is utilizingA) job evaluationB) management science.C) behaviorism.D) the Hawthorne effect.E) scientific management
Answer: scientific management
Explanation:
Dev is an enterprising youngster who wants to start a business of manufacturing men's accessories. However, he is facing shortage of funds. Suggest to him various forms in which credit can be availed from banks
Answer:
small business loan, real estate loan, personal credit line
Explanation:
There are various types of loans that banks can offer an individual like Dev. Some of these include a small business loan, real estate loan, personal credit line. Each of these has different requirements that need to be presented in order to be accepted for such a loan. The small business loan is available to individuals wanting to start a business and have all of the details and equipment already planned. The real estate loan can help Dev purchase the necessary real estate for his business. Finally, the personal credit line can help Dev pay for the necessary day-to-day expenses of the business.
companies are not required to estimate expected future returns as part of the end-of-period adjusting entry process. (True or False)
The statement "Companies are not required to estimate expected future returns as part of the end-of-period adjusting entry process" is true because estimating expected future returns is not a part of this process, as it pertains to future periods rather than the current accounting period.
During the end-of-period adjusting entry process, companies typically focus on reconciling account balances, recording accrued expenses and revenues, and adjusting asset and liability accounts. Estimating expected future returns is not a part of this process, as it pertains to future periods rather than the current accounting period.
End-of-period adjusting entry process ensures that the financial performances of a company or a business is truly reflected in the financial statement by allocating them in the correct period of time when these expenses or income were incurred.
To learn more about "end-of-period", visit: https://brainly.com/question/26511117
#SPJ11
The statement "Companies are not required to estimate expected future returns as part of the end-of-period adjusting entry process" is true because estimating expected future returns is not a part of this process, as it pertains to future periods rather than the current accounting period.
During the end-of-period adjusting entry process, companies typically focus on reconciling account balances, recording accrued expenses and revenues, and adjusting asset and liability accounts. Estimating expected future returns is not a part of this process, as it pertains to future periods rather than the current accounting period.
End-of-period adjusting entry process ensures that the financial performances of a company or a business is truly reflected in the financial statement by allocating them in the correct period of time when these expenses or income were incurred.
To learn more about "end-of-period", visit: https://brainly.com/question/26511117
#SPJ11
Jean has created a self improvement plan so she can meet her goal of getting a raise in six months. Which of these is an element of a good self improvement plan?
a.
Track goals only when they are completed
b.
Track goals in progress and revise as necessary
c.
Track goals only when they are assigned
d.
Track goals in progress and never revise
Answer:
b
Explanation:
A good self improvement plan should track goals in progress and revise as necessary. This allows for flexibility in adjusting the plan as needed to ensure progress towards the desired outcome. Therefore, option b is correct.
What do you meant by self improvement?Self-improvement refers to the process of taking intentional actions to enhance one's skills, knowledge, and overall well-being.
It involves setting goals, identifying areas of weakness or areas that need improvement, and working on developing oneself in those areas. This could include developing new habits, learning new skills, or improving existing ones.
The goal of self-improvement is to become a better version of oneself, both personally and professionally. It can lead to increased confidence, self-awareness, and a sense of fulfillment.
Self-improvement can be achieved through various means such as reading, taking courses, seeking mentorship, attending workshops, or engaging in physical exercise, among others. It is a continuous process that requires dedication, commitment, and a willingness to learn and grow.
Learn more about self improvement here:
https://brainly.com/question/890495
#SPJ3
Benefits of being a tax compliant
Tax laws provide for the charging of additional tax and penalties equal to the defaulted amount and interest, where a client fails to adhere to its provisions. In some instances, fines, prosecution and imprisonment may be effected depending on the nature of the default.
Hope it helps
Have a good day
According to your results of the test, write a 4-5 sentence summary of your personality.
My test results describe me as a ______ parrot______ (animal), which means that I…
WHOEVER HELPS GETS 20 POINTS
Answer: am rebellious, outgoing, and expressive
Explanation:
what challenges to your monthly budget do you except if you have a spouse and children to your life?
Answer:
If you have a spouse and children, there can be several challenges to your monthly budget, including:
Increased expenses: The addition of more people in your family means an increase in expenses, including food, clothing, housing, and healthcare.
Childcare costs: If both you and your spouse work, you may need to pay for childcare, which can be a significant expense.
Education expenses: As your children grow up, they may need to attend school or college, which can be expensive.
Unforeseen expenses: With more people in your family, there may be more unforeseen expenses, such as medical emergencies or car repairs.
Saving for the future: When you have a family, it is important to save for the future, including retirement and your children's education.
To manage these challenges, it is important to create a realistic monthly budget that takes into account all the expenses associated with having a family. You may also need to make some lifestyle adjustments, such as eating out less or finding ways to reduce your energy bills, to help you stay within your budget.
Explanation:
Do you think apple should be responsible for ethical lapses made by individuals further down its supply chain
Yes, trying to meet a huge demand at a low price is one of the reasons for this unethical conduct.
Is the supply chain for Apple moral?Wherever they produce goods or offer services for Apple, the company's suppliers are obligated to ensure a safe working environment, treat employees with respect and dignity, behave fairly and ethically, and adopt environmentally friendly methods.
What are breaches in ethics?Business-related wrongdoing like fraud, bribery, insider trading, and environmental disasters caused by carelessness or neglect are examples of ethical shortcomings. They also cover personal ethical transgressions like exaggerated resumes and immoral sexual behavior.
To Know more about demand
https://brainly.com/question/29761926
#SPJ1
If the economy is in long run equilibrium with 6% inflation and 3% economic growth, and the federal reserve permanently decreases the rate of money supply growth, the long run result will be?.
An inflation rate less than 6%, and economic growth rate of 3%.
How does low inflation lead to economic growth?Because the price level growth rate is simply another term for the inflation rate, the inflation rate must fall.Increased economic growth means more products for money to "chase," putting downward pressure on the inflation rate. The lower the inflation rate, the greater are the productive effects of a reduction.Economic growth is assessed by the rate of increase in national income, deflated by the cost of living index.National income was deflated in constant prices by the population indices to account for population growth. Low inflation usually indicates that demand for products and services is lower than it should be, which slows economic growth and lowers wages.This poor demand can even cause a recession with increased unemployment, as we witnessed during the Great Recession a decade ago.To learn more about growth rate of inflation refer
https://brainly.com/question/29230049
#SPJ4
Explain how herbs are used in treating any
5 diseases
Answer:
An herb is a plant or plant part used for its scent, flavor, or therapeutic properties. Herbal medicines are one type of dietary supplement. They are sold as tablets, capsules, powders, teas, extracts, and fresh or dried plants. People use herbal medicines to try to maintain or improve their health.
Explanation:
Hope it helps u
FOLLOW MY ACCOUNT PLS PLS
when auditing pp&e, the auditor's approach is generally to
When auditing PP&E (property, plant, and equipment), the auditor's approach is generally to make sure the assets exist and record the assets' fair value. However, when auditing PP&E, the auditor's approach is generally to ensure the assets exist and record the assets' fair value.
To assess the completeness and accuracy of PP&E, auditors conduct analytical procedures. For auditing PP&E, the auditor's strategy is as follows: Physical verification of PP&E: The auditor performs physical verification of PP&E. The auditor usually investigates the property and physically counts the assets to ensure that they exist.
Recording of PP&E: The auditor reviews the company's financial statements and supporting documentation to determine whether the assets' values have been recorded correctly. The auditor also considers if the asset has been depreciated properly and if there are any impairments.The Auditor's assessment of PP&E is crucial because the value of assets has a direct effect on a company's financial statements and disclosures.
To know more about assets visit :
https://brainly.com/question/14826727
#SPJ11
From what you read in the Content, who is the college student that wanted to create
a tutoring app?
Vicky
Xavier
Isaiah
Lisa
Answer:
vicky..........................
which practice is advisable when an investigator gives a deposition?
When giving a deposition as an investigator, it is advisable to prepare thoroughly, be honest and truthful, listen carefully to questions, stay calm and composed, answer only what is asked, ask for clarification if needed, be aware of body language, and consult with legal counsel when necessary.
These practices include:
Prepare thoroughly: Familiarize yourself with the case, relevant documents, and any evidence beforehand. Review your notes and refresh your memory on the details of the investigation.Be honest and truthful: Depositions are taken under oath, so it is crucial to provide accurate and honest answers to the best of your knowledge. Avoid guessing or speculating if you are unsure about something.Listen carefully: Pay attention to the questions asked and ensure you understand them before providing your response. Take your time to comprehend the question and gather your thoughts before answering.Stay calm and composed: Maintain a professional demeanor throughout the deposition. Avoid getting defensive or argumentative, and respond in a calm and respectful manner.Answer only what is asked: Stick to the specific questions asked and provide concise, direct answers. Avoid volunteering additional information that was not requested, as it can potentially open new lines of questioning.Ask for clarification if needed: If a question is unclear or you need further clarification, do not hesitate to ask for it. It is better to seek clarity than to provide an inaccurate or misunderstood response.Be aware of your body language: Pay attention to your body language and non-verbal cues. Maintain eye contact, sit upright, and avoid fidgeting or showing signs of nervousness that could be misinterpreted.Consult with legal counsel: If you have any concerns or uncertainties about the deposition process, it is advisable to consult with your legal counsel. They can provide guidance and help ensure that your rights and interests are protected.Remember that the specific practices may vary depending on the legal jurisdiction and the nature of the investigation. It is always recommended to consult with legal counsel who can provide advice tailored to your specific circumstances.
Learn more about Investigation: https://brainly.com/question/31449385
#SPJ11
In business writing, the main idea of a written work should be located
a. At the end of the first paragraph
b. In the body of the document
At the beginning of the first paragraph
d. In the salutation of the document
C.
Please select the best answer from the choices provided
Ο Α
B
С
OD
Answer:
c
Explanation:
cccccccccccccccccccccccccc
Answer:
well i blive its c
Explanation:
How does a command economy differ from a mixed market economy?
A. In a command economy, citizens have fewer property rights. In a mixed market economy, citizens have more property rights.
B. In a command economy, citizens have more property rights. In a mixed market economy, citizens have fewer property rights.
C. In a command economy, citizens own all public property. In a mixed market economy, the government owns all private property.
D. In a command economy, citizens own all private property. In a mixed market economy, the government owns all public property
Answer:
A mixed economy is partly run by the government and partly as a free market economy, which is an economic system that includes no government intervention and is mainly driven by the law of supply and demand . A command economy is an economic system where the government has control over the production and pricing of goods and services.
Explanation:
a) 1259.71, 19.71
b) 6848.47, 3848.47
Suppose you invest $1000 in an account paying 8% interest per year.
a. What is the balance in the account after 3 years? How much of this balance corresponds to "interest on interest"?
b. What is the balance in the account after 25 years? How much of this balance corresponds to "interest on interest"?
After 3 years, the balance is $1,259.71, with $19.71 as "interest on interest." After 25 years, the balance is $6,848.47, with $3,848.47 as "interest on interest."
a) After 3 years, the balance in an account with an 8% annual interest rate can be calculated using the compound interest formula: \(A = P(1 + r/n)^{(nt)\), where A is the final amount, P is the principal, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years. Assuming annual compounding (n=1), we have:
\(A = 1000(1 + 0.08/1)^{(1*3)} = 1000(1.08)^3 = 1259.71\)
So, the balance after 3 years is $1,259.71. To find the "interest on interest," we'll subtract the simple interest from the compound interest. The simple interest is calculated as:
Simple Interest = Principal * Rate * Time = 1000 * 0.08 * 3 = 240
Then, subtract the simple interest from the total interest:
Interest on Interest = (1259.71 - 1000) - 240 = 19.71
b) To find the balance after 25 years, we'll again use the compound interest formula:
\(A = 1000(1 + 0.08/1)^{(1*25)} = 1000(1.08)^{25} = 6848.47\)
So, the balance after 25 years is $6,848.47. Now, let's calculate the "interest on interest" for 25 years:
Simple Interest = Principal * Rate * Time = 1000 * 0.08 * 25 = 2000
Interest on Interest = (6848.47 - 1000) - 2000 = 3848.47
In summary, after 3 years, the balance is $1,259.71, with $19.71 as "interest on interest." After 25 years, the balance is $6,848.47, with $3,848.47 as "interest on interest."
Learn more about interest :
https://brainly.com/question/30393144
#SPJ11
. A quadratic polynomial whose one zero is 6 and the sum of the zeroes is 0, is x*2-6
True
False
pls tell fast
Answer:
False
Explanation:
From the question, we can see that a quadratic polynomial is made up of two elements or variables called zeros in this question
From the question, we are told that one variable (zero) = 6
The second variable (zero) = unknown , therefore we can represent the second variable as Y
We are told that the sum of the variables = 0
This means:
6 + Y = 0
Therefore, Y = 0 - 6
Y = -6.
The second variable ( zero) = - 6
Since it is a quadratic polynomial,
The roots of the polynomials are the variables 6 and -6
Hence, we have:
(x + 6) (x - 6) = 0
Expanding the brackets
x² - 6x + 6x - 36 = 0
= x² - 36 = 0
Therefore, a quadratic polynomial whose one zero is 6 and sum of the zero is 0 is x² - 36 = 0
This means the statement made in the question above "A quadratic polynomial whose one zero is 6 and sum of the zero is 0 is x²-6" is false
Need help fast please!!
8. Jill Jantzen's gross weekly pay is $298.00. Her earnings to date for the year total $14,900.00. What amount is
deducted from her pay each week for Social Security, which is taxed at 6.2%?
$30.88
$14.52
$18.48
$21.33
Internships are usually paid.
True or False
Answer:
Depending on you're position. Can not be paid
Explanation:
Although Many Employee's do pay their interns, and some of there companies recognize the value in training for somebody became an after they finished college.
A speed boat bought for $13,000 depreciates at 10% per annum compounded continuously. What is its value after 7 years? Round the answer to nearest dollar.
Answer:
6,456
Explanation:
Substitute the given values into the formula: A=Pe^-rt, where A represents the future value and P represents the initial (current) value.
The amount of value after 7 years when the purchase value of the speed boat is $13,000 should be considered as the $6,456.
Calculation of the amount:Since the speed bought purchase value is $13,000
The depreciation rate is 10% per annum compounded continuously
The time period is 7 years
So here the amount should be
= $13,000 * e^-0.70
= $6,456
hence, The amount of value after 7 years should be considered as the $6,456.
Learn more about interest rate here: https://brainly.com/question/24455071
Is A the actually answer?
Which step is a major part of the merchandising accounting equation but not the service accounting equation?
The major step that is part of the merchandising accounting equation but not the service accounting equation is "Cost of Goods Sold (COGS).
The merchandising accounting equation and the service accounting equation are both fundamental principles of accounting that are used to calculate the financial transactions of a business. The merchandising accounting equation is unique in that it involves a key step that is not part of the service accounting equation, which is the calculation of cost of goods sold (COGS). Cost of goods sold is the total cost of the products sold during a specific period. In a merchandising business, the cost of goods sold includes the cost of purchasing inventory, shipping and handling fees, and any other costs associated with getting the inventory to the store shelves. To calculate the cost of goods sold, the following formula is used: Beginning Inventory + Purchases - Ending Inventory = Cost of Goods Sold. In contrast, the service accounting equation only deals with the revenues earned from providing services and the expenses incurred in the process of providing those services. It does not involve the purchase or sale of physical goods, and therefore does not require the calculation of cost of goods sold.
for more such questions on service
https://brainly.com/question/24553900
#SPJ11
Which of the following is TRUE regarding unexpected expenses?
They usually don’t affect your budget.
They usually don't affect your ability to pay bills.
They should not be included in your budget.
They should be planned for.
Answer:
They should be planned for.
Explanation:
Unexpected expenses include emergencies and other unforeseen costs that a person incurs in day to day activities. These unexpected expenses must be paid for, which means resources must come from somewhere to effect the payments.
The best way to cater to unexpected expenses is to include them in the budget. Contingencies is the term used to describe funds kept aside to settle unexpected expenses. Without a contingency arrangement, unexpected expenses will affect the budget and a person's ability to pay normal bills.
Answer:
D. They should be planned for.
Explanation:
When the results of quality control are unacceptable, what is the next step?.
When the results of quality control are unacceptable, the next step is to investigate and identify the root cause of the problem.
This involves analyzing the data collected during the quality control process to determine what went wrong and where in the production process the issue occurred. Once the root cause has been identified, corrective action can be taken to prevent the issue from recurring.
The corrective action may involve reworking or discarding the affected products, adjusting the production process or equipment, providing additional training to employees, or making changes to the quality control process itself.
It is important to document the investigation and corrective action taken, and to monitor the process to ensure that the problem has been fully resolved and that the quality control measures in place are effective in preventing similar issues in the future.
To know more about quality control refer to-
https://brainly.com/question/31682767
#SPJ11
if domestic saving is less than investment then, other things equal, we would expect to see exports __________ imports, that is, a financial __________
If domestic saving is less than investment, other things equal, we would expect to see exports being less than imports, that is, a financial deficit.
When domestic saving is less than investment, it means that the country is relying on external sources of funding to meet its investment needs. This creates a situation where imports exceed exports, leading to a trade deficit. A trade deficit occurs when a country imports more goods and services than it exports, resulting in a negative balance of trade.
To finance the trade deficit, the country needs to borrow from foreign sources, which leads to a financial deficit or a current account deficit. This indicates that the country is spending more on imports than it is earning from exports, creating a shortfall that needs to be financed by borrowing or attracting foreign investment.
Overall, when domestic saving is less than investment, it often leads to a trade deficit and a financial deficit, reflecting an imbalance between a country's consumption and investment patterns.
To know more about investment please visit:
https://brainly.com/question/15105766
#SPJ11