The ending balance in the Accounts Receivable account at the end of December is $17,400.
To prepare the journal entries for each transaction, follow these steps:
1. Borrowed $2,300,000 from the bank on December 1, signing a note payable due in six months.
- Debit: Cash = $2,300,000
- Credit: Note Payable = $2,300,000
2. Purchased a new snowplow for $98,000 cash on December 31.
- Debit: Snowplow = $98,000
- Credit: Cash = $98,000
3. Purchased ski equipment inventory for $35,000 on account to sell in the ski shops.
- Debit: Ski Equipment Inventory = $35,000
- Credit: Accounts Payable = $35,000
4. Incurred $62,000 in routine repairs expenses for the chairlifts; paid cash.
- Debit: Repairs Expense = $62,000
- Credit: Cash = $62,000
5. Sold $390,000 of January through March season passes and received cash.
- Debit: Cash = $390,000
- Credit: Unearned Revenue = $390,000
6. Sold a pair of skis from inventory in a ski shop to a customer for $700 on the account.
- Debit: Accounts Receivable = $700
- Credit: Sales Revenue = $700
7. The cost of the skis sold in (6) was $400.
- Debit: Cost of Goods Sold $400
- Credit: Ski Equipment Inventory $400
8. Sold daily lift passes in December for a total of $320,000 in cash.
- Debit: Cash = $320,000
- Credit: Sales Revenue = $320,000
9. Received a $3,500 deposit on a townhouse to be rented for five days in January.
- Debit: Cash = $3,500
- Credit: Unearned Revenue = $3,500
10. Paid half the charges incurred on account in (c).
- Debit: Accounts Payable = $17,500
- Credit: Cash = $17,500
11. Received $400 on account from the customer in (f).
- Debit: Cash = $400
- Credit: Accounts Receivable = $400
12. Paid $245,000 in wages to employees for the month of December.
- Debit: Wages Expense = $245,000
- Credit: Cash = $245,000
To determine the ending balance in the Accounts Receivable account based on transactions (1) through (11), we need to consider the beginning balance in Accounts Receivable.
Given that Vail Resorts had a $1,000 balance in Accounts Receivable at the beginning of December, we need to add the credit side and subtract the debit side of the transactions involving Accounts Receivable.
Credit side: $700 (transaction 6) + $400 (transaction 11) = $1,100
Debit side: $1,000 (beginning balance) + $17,500 (transaction 10) = $18,500
Ending balance in Accounts Receivable:
$18,500 - $1,100 = $17,400
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Company A has a patent with a book value of $500,000. At December 31, 2019, the fair value of the patent is determined to be $450,000. The expected future cash flows associated with the patent is $650,000. What amount of impairment should Company A record on this patent at 12/31/19?
Answer:
$50,000
Explanation:
A patent should be recorded at fair market value. When the book value of a patent is higher than its market value, then its book value should decrease. This decrease in the book value is called impairment.
In this case, the patent's book value is $500,000, but its market value is $450,000. The impairment loss = $500,000 - $450,000 = $50,000.
Karen makes custom jewelry. In order to sell her jewelry, Karen rents a small kiosk at the local mall for $50 per month. She must buy blank medallions, stones, and chains to make her custom necklaces. These supplies cost approximately $30. Karen sells her necklaces for $55 each. How many necklaces must she sell to cover her costs?
Answer:
She will break even each month / cover her costs by selling 2 necklaces
Explanation:
If it's $50 a month, that is Karen's total monthly costIt costs $30 to make each necklaceShe sells the necklace for $55 eachTotal profit for each necklace therefore = sales price - cost, or $55 - $30, which is $25 profit per necklaceTo cover rent, which is $50, you take rent / profit per necklace or $50 / $25 profit per necklace, which is 2 necklaceswhat is an economic and non economic activity explain me in short and give one example each
Answer:Economic activities are those activities of man which are undertaken for earning money. Whereas non economic activities are those activities that are not undertaken for any monetary gain.
Explanation:
car prices can vary a lot in belgium the vw golf costs $1000 less than in britain
Is this even a question??
You are considering stock A and B. The discount rate is 12% for both stocks. Each of the stocks is expected to pay a dividend of $2 in the upcoming year. The expected growth rate of dividends is 9% for stock A and 10% for stock B. The intrinsic value of stock A _____.
The intrinsic value of stock A is $66.67. This means that if the current market price of stock A is lower than $66.67, it may be undervalued and worth considering as an investment opportunity.
To calculate the intrinsic value of stock A, we need to use the dividend discount model. The formula for this is:
Intrinsic value = Dividend / (Discount rate - Growth rate)
In this case, the dividend is $2 and the discount rate is 12%. The growth rate for stock A is 9%, so we can plug these values into the formula:
Intrinsic value of stock A = $2 / (0.12 - 0.09) = $66.67
It's important to note that this calculation is based on certain assumptions and future growth rates may not always be predictable or guaranteed.
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Is anyone a Steelers fan? Or Washington FT fan
Answer:
steelersssss all the way babyyyy
Explanation:
the amount of interest charged on a debt but not yet collected is called...
Accrued interest is the total amount of interest that has accumulated but not yet been paid on a bond or other type of financial obligation.
What does accumulated interest on a bond mean?Accrued interest is the term for interest that has been generated on a debt obligation, such a bond, but has not yet been paid. A loan or bond's coupon payment triggers the start of interest accrual; however, coupons are only paid twice a year.
The amount of interest that had already accumulated but had not yet been paid out as of a specific date on a loan or other financial obligation is referred to as accumulated interest in accounting. In the form of accrued interest revenue or expense, both the lender and the borrower may incur cumulative interest.
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What are the eight differences between personal selling (direct contact) and non-personal selling (indirect contact, such as Internet sales)?
Answer:
internet banking facility
To meet the needs of its customers and help it achieve its company goals, a drugstore offers a large assortment of products, known as its product.
To meet the needs of its customers and help it achieve its company goals, a drugstore offers a large assortment of products, known as its product mix.
A product mix is the total variety of product lines and individual products or services an organization offers. To boot noted as product assortment or product portfolio. Product combines vary from company to company. Some have multiple product lines with many products in every line.
For example, an organization could sell multiple product lines, with the merchandise lines being fairly similar, like dentifrice, toothbrush, or solution, and alternatives such as toiletries.
Product mix, additionally called product assortment, refers to the entire variety of product lines an organization offers its customers. The four dimensions of a company's product combine embody breadth, length, depth and consistency.
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Given below are lease terms at the local dealership. What is the total cash
due at signing?
Terms:
• Length of lease = 24 months
• MSRP of the car = $17,500
• Purchase value of the car after lease = $9900
• Down payment = $2400
• Monthly payment = $425
• Security deposit = $375
• Acquisition fee = $500
Answer:
$3700
Explanation:
The items that have to be paid for at the signing include
1. The deposit: $,2,400.00
2. Monthly payments : $425.00
3. Security deposit: $375.00
4. Acquisition fee: $ 500.00
Total due $3,700.00
Answer:
$3700
Explanation:
Took the test, this is the correct answer.
If you were a director, how would you try to determine whether your firm was engaged in earnings management (see Cornett et al for reference)? Would you try to discourage this practice? If so, how?
Earnings management is the process of influencing or manipulating accounting records to produce financial reports that can help a company meet its financial goals, such as increasing profits or achieving desired financial targets. +, "Earnings management" refers to a company's use of accounting techniques to manipulate its financial statements to meet certain financial objectives. It is a technique used by businesses to make their financial results seem more favorable than they are.
To determine whether or not a company is engaging in earnings management, as a director, I would undertake the following steps: Reviewing and evaluating the company's accounting procedures and policies in depth; Assessing the company's governance policies and structure in terms of its impact on its financial reporting; Taking a thorough look at the company's financial statements and examining any irregularities; Obtaining explanations from the management for any inconsistencies; Comparing the company's financial results with those of its rivals; Examining any recent auditor reports and working closely with the auditor to determine the reason behind any negative comments or concerns. Earnings management is considered unethical, and directors must uphold high ethical standards while representing the interests of their companies. As a result, if I discovered that a company was engaging in earnings management, I would undoubtedly discourage the practice as a director.
The following steps can be taken to discourage earnings management: Making sure that employees are aware of the importance of honesty and transparency in financial reporting; Creating an environment that promotes ethical behavior; Ensuring that all financial reports are made by relevant accounting standards; Taking disciplinary action against anyone found to be involved in earnings management to send a message to others.
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a savings ratio calculated from an income and expense statement represents the:
A savings ratio calculated from an income and expense statement represents the proportion of income that is saved or not spent on expenses.
The savings ratio, calculated from an income and expense statement, measures the amount of income that is not consumed by expenses. It is determined by dividing the amount of savings or retained earnings by the total income.
The numerator of the savings ratio represents the amount of money that is saved or retained for future use. This can include contributions to savings accounts, investments, or retained earnings for businesses. It reflects the portion of income that is not immediately spent on expenses.
The denominator of the savings ratio represents the total income generated or earned during a specific period. This includes all sources of income, such as salaries, wages, revenues, or profits.
By dividing the savings or retained earnings by the total income, the savings ratio provides a percentage or fraction that represents the proportion of income that is saved or not spent on expenses.
A higher savings ratio indicates a higher proportion of income being saved, which implies stronger financial discipline and a greater ability to allocate funds for future needs or investments.
In conclusion, the savings ratio calculated from an income and expense statement represents the proportion of income that is saved or not spent on expenses. It serves as an indicator of an individual or organization's ability to save and allocate funds for future use or investment purposes.
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Why would the stock exchange insitst that all listed compaines abide by a strict code of rules and procedures
In order to maintain the integrity of the stock market and protect investors, stock exchanges typically require all listed companies to abide by a strict code of rules and procedures.
The stock exchange is a marketplace where publicly traded companies can raise capital by selling shares of their stock to investors. One key reason for this is to ensure transparency and accountability.
Companies that are listed on a stock exchange are required to disclose certain financial information and adhere to strict accounting standards, which helps to provide investors with a clear picture of the company's financial health and performance.
Another reason for these rules and procedures is to prevent insider trading and other forms of market manipulation. By requiring all listed companies to follow the same set of rules and procedures, the stock exchange can help to ensure a level playing field for all investors.
Finally, these rules and procedures help to maintain investor confidence in the stock market. By ensuring that all listed companies are held to the same high standards, the stock exchange can help to prevent fraudulent activity and other forms of misconduct that could undermine investor confidence and lead to a loss of trust in the market.
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Answer this question before making any changes to spending percentages. According to the 2012 budget, which two functions received the least spending?.
The two functions that received the least spending according to the 2012 budget were transportation and natural resources and the environment.
According to the 2012 budget, the two functions that received the least spending were transportation and natural resources and the environment. The U.S. government allocated approximately $98 billion in total to transportation and natural resources and the environment.
The total budget of $3.8 trillion included the following spending percentages: Social Security, Unemployment, and Labor: 33 percent Medicare and Health: 26 percent Defense and International Security: 19 percent Net Interest: 6 percent Transportation: 3 percent Natural Resources and Environment: 2 percent Science, Energy, and Technology: 2 percent Agriculture: 1 percent Commerce and Housing Credit: 1 percent Education, Training, Employment, and Social Services: 1 percent Veterans Benefits: 1 percent Justice: 1 percent General Government: 1 percent.
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Wes Ottey would like to buy an apartment in Sydney in six years. He is looking to invest $75,000 today in a share that is expected to earn a return of 18.3 percent annually. How much will he have at the end of six years? (Round to the nearest dollar.)
Answer: 82350
Explanation: I say this cause mathematically speaking 18.3% of 75000 = 13725, then multiplied by 6 (6 years) should be 82350. It does say the end of 6 years though but the end of 6 years isn't 7 years so I'd still say 82350 or something like that.
In 2012, the Pandora Box Company made a rights issue at €9 a share of one new share for every four shares held. Before the issue there were 9.4 million shares outstanding and the share price was €10.
a. What was the total amount of new money raised?
b. The rights issue gave the shareholder the opportunity to buy one new share for less than the market price. What was the value of this opportunity per share owned?
c. What was the prospective stock price after the issue?
d. How far could the total value of the company fall before shareholders would be unwilling to take up their rights? Now suppose that the company had decided to issue the new stock at €8 instead of €9.
e. How many new shares would the firm have needed to sell to raise the same sum of money?
f. What would be the new value of the opportunity given to shareholders to buy one new share for less than the market price?
g. What would be the prospective stock price after the issue?
h. Now how fa
The total amount of new money raised can be calculated by multiplying the number of new shares issued with the issue price per share.
In this case, the number of new shares issued is (9.4 million shares / 4) = 2.35 million shares. Therefore, the total amount of new money raised is 2.35 million shares * €9 = €21.15 million. The value of the opportunity per share owned can be calculated by subtracting the issue price per share from the market price per share. In this case, the value of the opportunity per share owned is €10 - €9 = €1.
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The main job of an editor is to do
which of the following?
A. hire good writers
C. gain financial support
B. assign stories to be covered
D. proof-read articles
Answer:
b assign stories to be covered
Answer:
I think its B????
Explanation:
-Colin is the managerial accountant in charge of Company A, which sells water bottles. He previously
determined that the fixed costs of Company A consist of property taxes, a lease, and executive salaries, which add up to $100,000. The variable cost associated with producing one water bottle is
$2 per unit. The water bottle is sold at a premium price of $12. To determine the break even point of Company A's premium water bottle.
-Woodturn Ltd. makes a television table that sells for $50 per unit. It has variable costs of $30 per unit and incurs fixed costs of $100,000 per period. Determine the break even point.
-The Sherston Brick Company manufactures a standard stone block for the building industry. The production capacity for the year is 100,000 standard blocks. The selling price per block is $1.60, variable costs are $0.60 per brick and fixed costs are $60,000 per year. Determine the break even
point)
Answer:
10,000 water bottles 5,000 television tables 60,000 stone blocksExplanation:
Breakeven point = Fixed Cost /(Selling price - Variable expenses)
1. Breakeven = 100,000 / (12 - 2)
= 100,000 / 10
= 10,000 water bottles
2. Breakeven = 100,000 / (50 - 30)
= 100,000 / 20
= 5,000 television tables
3. Breakeven = 60,000 / (1.60 - 0.6)
= 60,000 / 1
= 60,000 stone blocks
The break even points are 10,000 water bottles, 5,000 television tables and 60,000 stone blocks
The calculation is as follows:
Breakeven point = Fixed Cost ÷(Selling price - Variable expenses)
1. Breakeven = 100,000 ÷ (12 - 2)
= 100,000 ÷ 10
= 10,000 water bottles
2. Breakeven = 100,000 ÷ (50 - 30)
= 100,000 ÷ 20
= 5,000 television tables
3. Breakeven = 60,000 ÷ (1.60 - 0.6)
= 60,000 ÷ 1
= 60,000 stone blocks
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Which component of spending was the largest contributing factor to the downturn in spending during the double-dip recession 1980
The double-dip recession of 1980 in the United States was primarily caused by tight monetary policy, high inflation, and rising energy costs.
The largest contributing factor to the downturn in spending during this period was a decrease in consumer spending, particularly on durable goods such as automobiles and appliances. This decrease in spending was largely due to high interest rates, which made borrowing more expensive, and inflation, which reduced consumers' purchasing power. Additionally, the energy crisis of the late 1970s had led to rising oil prices, which further squeezed consumers' budgets and reduced their willingness to spend. As a result, many manufacturers of durable goods saw declining sales, leading to layoffs and reduced economic activity.
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To file your federal and state taxes you ____________?
a)must prepare different forms for each type of government (if your state requires it)
b)can use tax preparation software for federal taxes, but can't for state taxes
c)must prepare the same tax forms for both
d)can use tax preparation software for state taxes, but can't for federal taxes
Answer:
a)must prepare different forms for each type of government (if your state requires it)
Explanation:
Federal is the same for everyone, state is dependent for which state you live and work in. B and C are wrong because you can use tax preparation software for both Federal and state.
To file your federal and state taxes you should: a. prepare different forms for each type of government (if your state requires it)
Recall:
Preparing of tax returns for federal and states is done using different forms as it applies to your state.There are tax preparation software that can be used whether federal or state tax. Examples of tax preparation software are Credit Karma Tax, Jackson Hewitt, TaxSlayer, among others.Therefore, to file your federal and state taxes you should: a. prepare different forms for each type of government (if your state requires it)
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write about the role of veterinarian in commercial milk and meat production.
Veterinarians provide livestock producers with information, advice and training on how to avoid, or control food safety hazards.
Who is a veterinarian?A veterinarian is a medical professional who practices veterinary medicine. They manage a wide range of health conditions and injuries in non-human animals.
In this case, veterinarians also provide livestock producers with information, advice and training on how to avoid, eliminate or control food safety hazards.
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Environmental scanning is conducted only when a new business is opened. True or False?
If you were marketing a product to a particular target market and you only knew the demographic characteristics, what product benefits (WIIFM, or “What’s in it for me?”) would you highlight in your marketing
The product benefits to be highlighted in the marketing based on demographic characteristics are
beneficial to particular agebeneficial to particular working classbeneficial to particular gender etcWhat is the demographic segmentation?In marketing, this refers to the segmenting of customers according to gender, age, ethnicity, family size, religion etc.
The use of demographic segmentation in marketing helps to provide the needs and want to consumers based on the demograph gathered from them.
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What two factors influence an economic school of thought?(1 point)
Answer:
Free-market, or laissez-faire, economics and Keynesian theory.
Explanation:
The economic school of thought can largely be influenced by prevailing societal values and the historical context in which the theory is developed.
There are many factors that might influence an economic school of thought, but the two key elements are often prevailing societal values and historical context. Prevailing societal values can drastically influence an economic philosophy.
Furthermore, the historical context in which an economic thought emerges is crucial. Economists develop their theories in response to the economic challenges and realities of their time. The Great Depression deeply influenced Keynesian economics, and the stagflation of the 1970s prompted a shift towards monetarism.
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What is analysis that focuses on the ways in which processes can be designed to optimize interaction between firms and their customers?.
Product life cycle analysis that focuses on the ways during which processes will be designed to optimize interaction between firms and their customers.
A product life cycle analysis could be a popular tool to use as a part of the strategic analysis step within the general strategic planning process. one in all the parts of the resource audit is "markets". This analysis may be performed in greater detail using the merchandise life cycle. The product life cycle analysis could be a technique accustomed plot the progress of a product through its era. The model may be accustomed assess a personal firm's products (e.g. the iPod Classic), a sort of product (e.g. CRT televisions) or an industry (e.g. movies).
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Briefly explain two advantages of public sector businesses
Scott Weisberg feels his job at Wendy’s includes all the following except
a) serving a senior leadership team member who makes strategy decisions.
b) serving as a manager of the human resources leadership team.
c) serving as a function leader who supports an agenda to assist franchisees and business partners in the company.
d) supervising the Board of Directors.
e) being a confidant to the CEO.
Scott Weisberg feels his job at Wendy’s includes all the following except Supervising the Board of Directors .
What is Scott Weisberg ?
Having worked in the medical industry for more than 27 years, Scott Weisberg, MD, is a Family Medicine Specialist in Birmingham, Alabama.
In 1996, he received his degree from ALBANY MEDICAL COLLEGE. His connection to Brookwood Baptist Medical Center is established. New clients and telehealth appointments are both accepted at his practice.
What function does the board of directors serve?
The board of directors' primary responsibilities include selecting the company's CEO or general manager and determining the company's overall strategy.
All other personnel must be hired by the CEO or general manager, who is also in charge of managing the company's daily operations.
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Which one of the following is most likely to result in an increase in producer surplus in the market for cow's milk? (WITH EXPLANATION PLEASE)
A) consumers switching from cow's milk to soya milk
B) health care highlighting problems of consuming cow's milk
C) an advert highlighting the benefits of cow's milk
D) an increase in indirect taxes charged on cow's milk
should the corporations work together or compete for labor?
Answer:
Opinion based.
Explanation:
Corporations may choose to compete for labor since in not doing so may result with economic loss which is not good for the corporation. There may be benefits from working together such as a corporation growth but more income results in many wanting more money or unfair wages within the both corporation towards each other.
the motor city miracle playoff game took place on january 8, 2000, when the tennessee titans returned a kickoff for a touchdown with 16 seconds left. what team did the titans beat in that game?
In January 8, 2000, the Motor City Miracle Playoff game took place that saw the Tennessee Titans play the Buffalo Bills.
The Motor City Miracle Playoff game:
Was played between the Buffalo Bills and the Tennessee Titans Ended in victory for the Titans Saw the Titans win with 16 seconds to goIn this very intriguing game, the Buffalo Bills were well on their way to victory after they scored a field goal with 16 seconds to go. The Titans however, scored a touchdown in those mere seconds to win the game 22 - 16
In conclusion, the Tennessee Titans played the Buffalo Bills.
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