Exercise 20-1
On January 1, 2020, Blossom Corp., which uses IFRS, signs a 10-year, non-cancellable lease agreement to lease a specialty lathe from Liu Inc. The following information concerns the lease agreement.
1. The agreement requires equal rental payments of $85,476 beginning on January 1, 2020.
2. The lathe’s fair value on January 1, 2020, is $540,000.
3. The lathe has an estimated economic life of 12 years, with an unguaranteed residual value of $15,000. Blossom Corp. depreciates similar equipment using the straight-line method.
4. The lease is non-renewable. At the termination of the lease, the lathe reverts to the lessor.
5. Blossom’s incremental borrowing rate is 11% per year. The lessor’s implicit rate is not known by Blossom Corp.
6. The yearly rental payment includes $2,869.90 of executory costs related to insurance on the lathe.
1.
Using (1) factor tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the right-of-use asset and lease liability and prepare the initial entry to reflect the signing of the lease agreement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 5,275.25.)
Prepare an amortization schedule for the term of the lease to be used by Blossom. Use Excel.
Prepare the journal entries on Blossom Corp.’s books to record the payments and expenses related to this lease for the years 2020 and 2021 as well as any adjusting journal entries at its fiscal year ends of December 31, 2020 and 2021. Blossom does not use reversing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.25.)

Answer:

they are determined by consumer's perceptions, but influenced by the process of branding is answer.

Explanation:

I hope it's helpful!

As an advisor to the central bank, when faced with a concern of both a rising price level and a rising GDP, there are several policy recommendations that can be considered: 1. Tightening Monetary Policy 2. Contractionary Fiscal Policy

Tightening Monetary Policy: This involves increasing interest rates to curb borrowing and spending, which can help control inflation caused by excessive demand. Higher interest rates make borrowing more expensive, reducing consumer and business spending, and ultimately slowing down economic growth. 2. Contractionary Fiscal Policy: The government can reduce its spending or increase taxes to dampen demand and control inflation. By reducing government expenditure or increasing taxes, aggregate demand is lowered, which can help stabilize prices and prevent the economy from overheating. 3. Supply-Side Policies: Implementing policies that aim to increase the productive capacity of the economy can address both rising prices and GDP concerns.

In conclusion, when facing concerns of rising prices and GDP, policy recommendations could include tightening monetary policy, implementing contractionary fiscal policy, or adopting supply-side policies. The choice depends on the specific circumstances and goals of the central bank.

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The given statement is False, the key to being a successful interviewer is not whether or not you use a script, but rather your ability to listen actively, ask thoughtful questions, and engage with your candidates in a professional and respectful manner.

While it is true that good interviewers should strive to not freeze or lose track of their questions, this does not necessarily mean that they should never use a script. In fact, many professional interviewers do use a script, or at least some form of structured questioning, in order to ensure that they cover all the necessary topics and ask the right questions.
Having a script can also help interviewers stay organized and focused, especially in high-pressure situations or when interviewing multiple candidates. It can also be a helpful tool for less experienced interviewers who may need some guidance in structuring their questions.
That being said, a good interviewer should always be prepared to go off-script and adapt their questioning to the individual candidate and the situation at hand. They should also be able to think on their feet and improvise if necessary.
Ultimately, the key to being a successful interviewer is not whether or not you use a script, but rather your ability to listen actively, ask thoughtful questions, and engage with your candidates in a professional and respectful manner.

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Answer:

I do not agree that "the needs of a society conflict with the goals of the financial services industry's desire to make a profit", but on the contrary, I consider that the economic objectives of the financial system contribute to the well-being of the individuals that make up society, with which they satisfy the needs of this in an indirect way.

I believe this because the financial system, through its will to profit, creates jobs and economic opportunities for individuals, who would otherwise be forced to meet their needs without the help of a system designed to profit as a result of work done (such as communism).

Lean Management is a type of business management that aims to simplify an organization's operations in order to avoid backlogs and inefficiencies.

The five lean management principles are as follows: 1.Value: Concentrate on providing value to customers while eliminating waste. 2.Value Stream: Identify and eliminate waste in each step required to deliver value. 3.Flow: Make sure the value stream runs smoothly and continuously, with no interruptions or delays. 4.Pull: Produce only what is required, when it is required, and in the quantity required by the customer. 5.Continuous Improvement: Strive to improve the value stream on a continuous basis by identifying and eliminating waste, improving flow, and increasing efficiency and effectiveness. These principles are used to streamline and improve the efficiency of an organization's activities, resulting in lower costs, higher customer satisfaction, and increased profitability.

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Answer:

I believe all of the above

Explanation:

went with what came to mind if its wrong very sorry.

A grocery store change, in the long run, is all of the above. Thus the correct option is D.

In order to remain in competition an organization needs to work on bringing change and innovation in the process as well as a product that helps them in  achieving higher revenue by following trends and preferences.

If an organization adopts change frequently it shows its flexibility to cope with the demands of the market in order to meet the level of satisfaction of customers.

A grocery store that is planning to grow may eventually affect the number of shelves, staff, and parking places in the lot which helps in better services to their customers.

The design of the fruit displays, magazine racks, and grocery trolleys as well as the store's location, storefront sign, and media advertising can all help to increase sales and draw in more customers.

Therefore, option D is appropriate.

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We are still responsible for paying taxes notwithstanding our ability to sell and reinvest your money. If we are often selling and reinvesting, we might want to consider long-term investments.

The tax on profits earned from the sale of a non-inventory asset is known as a capital gains tax (CGT).

The selling of stocks, bonds, precious metals, real estate, and other types of property results in the most frequent capital gains.

The capital gain on a property is the difference between the sale price and the seller's basis, much like it is with other assets like stocks.

Your home's base consists of the purchase price, closing costs, and any non-decorative improvements you make to the house, such as a new roof.

Your capacity to sell and reinvest your money does not exempt you from paying taxes.

However, you might want to think about long-term investments if you are frequently selling and reinvesting.

Therefore, we are still responsible for paying taxes notwithstanding our ability to sell and reinvest your money. If we are often selling and reinvesting, we might want to consider long-term investments.

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Answer:

can result in crushing interest expenses, obtaining a loan for a major purchase

can help in any emergency using your savings account money

does not require planning, making impulse purchases

establish good credit using credit card

Answer:

tile:  Making impulse purchases = pairs: does not require planning

tile:   Using credit cards = pairs: can result in crushing interest expenses

tile:  Obtaining a loan for a major purchase = pairs: establishes good credit (if the payments are made on time every month until paid off)

tile:  Using your savings account money = pairs: can help in an emergency

Explanation:

1st tile: by definition an impulse purchase is made quickly, without any planning.

2nd tile:  if credit cards are used without paying off balances every month can lead someone to accruing large amounts of interest charges and can lead to financial ruin.

3rd tile: Typically when making large ticket purchases like homes or cars can build a great credit history because it gives you credit history and payment timeliness history.

4th tile: Typically when emergencies happen, there is no time for payments or financial planning. Savings funds can help during unplanned or emergency financial situations such as unplanned car repairs or car accidents.

Answer:

A.

They ensure that people and businesses can buy what they need.

Explanation:

Borrowing involves requesting and receiving a huge sum of money in a lump sum. Households and firms borrow from lenders to finance business expansion or domestic consumption.

In the economy, borrowing is significant as it facilitates the acquisition of start-up capital, capital goods, and household developments. Without borrowing and lending, these investments and consumption would not be possible as they require large sums of money to initialize. If firms and households depended on savings for capital and consumption expenditure, the rate of economic growth would be very slow. It would take many years to achieve the substantial amount needed for expansion and development projects.

Answer:

A. They ensure that people and businesses can buy what they need.

Hope this helps!

Explanation:

The approximate monthly payment for a vehicle that costs $16,000, including purchase price, sales tax, and interest, and is financed for 4 years will depend on the interest rate and loan term.

To calculate the monthly payment, you need to consider the interest rate and the loan term. Let's assume the interest rate is 5% and the loan term is 4 years (48 months). First, calculate the total amount financed by adding the purchase price and the sales tax. If the sales tax rate is 8%, the sales tax amount would be $16,000 * 0.08 = $1,280. So, the total amount financed is $16,000 + $1,280 = $17,280. Next, calculate the monthly interest rate by dividing the annual interest rate by 12. In this case, the monthly interest rate is 5% / 12 = 0.004167.

The approximate monthly payment for a vehicle that costs $16,000, including purchase price, sales tax, and interest, and is financed for 4 years will depend on the interest rate and loan term. Assuming an interest rate of 5% and a loan term of 4 years (48 months), we can calculate the monthly payment using the formula mentioned above. First, we calculate the total amount financed by adding the purchase price and the sales tax. If the sales tax rate is 8%, the sales tax amount would be $16,000 * 0.08 = $1,280. So, the total amount financed is $16,000 + $1,280 = $17,280. Next, we calculate the monthly interest rate by dividing the annual interest rate by 12. In this case, the monthly interest rate is 5% / 12 = 0.004167.

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The separation-of-duties control is critical in cash management to safeguard assets, prevent fraud and errors, promote accountability, and maintain the integrity of financial processes.

The separation-of-duties control is vital when it comes to cash management because it helps prevent fraud, errors, and misuse of funds. Without proper separation of duties, the risk of financial mismanagement significantly increases. Here are several reasons why the separation of duties control is crucial in cash-related processes:

1. Fraud prevention: Separation of duties creates a system of checks and balances, reducing the risk of fraud. It ensures that no single individual has complete control over all aspects of cash handling. By dividing responsibilities among multiple employees, each person acts as a deterrent to potential fraudulent activities. For example, one employee may be responsible for receiving cash, while another handles recording transactions and a third conducts reconciliations.

2. Error detection and prevention: Having different individuals involved in different stages of cash-related processes helps in detecting and preventing errors. If the same person performs all tasks, errors may go unnoticed or be harder to identify. With separation of duties, each person involved can independently verify and validate the accuracy of transactions, reducing the likelihood of errors going undetected.

3. Unauthorized access and misuse prevention: Separation of duties limits the opportunities for an individual to access and misuse cash funds. It ensures that different individuals are responsible for different functions, such as collecting, recording, reconciling, and authorizing transactions. Unauthorized access or misuse becomes more difficult when multiple individuals are involved, as it would require collusion among employees, which is less likely to occur.

4. Internal control and accountability: Separation of duties enhances internal control by providing a clear system of checks and balances. It promotes accountability within the organization by assigning specific responsibilities to different individuals. This ensures that multiple sets of eyes are overseeing cash-related processes, reducing the risk of errors or intentional wrongdoing.

5. Audit trail and transparency: Separation of duties creates a clear audit trail by documenting each step of cash handling. This trail allows for easier monitoring and tracing of transactions, aiding in detecting discrepancies or irregularities. It enhances transparency and accountability, both internally within the organization and externally for auditors or regulatory bodies.

Overall, the separation-of-duties control is critical in cash management to safeguard assets, prevent fraud and errors, promote accountability, and maintain the integrity of financial processes. By distributing responsibilities among multiple individuals, organizations can establish a robust system of internal controls and mitigate the risks associated with cash handling.

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Greg includes this language in the penetration testing agreement document because the assessment results can quickly become outdated due to changes in the organization's technology or security posture.

As technology evolves, new vulnerabilities are discovered, and new security measures are put in place, which means that an assessment conducted at one point in time may no longer be valid in the future.

This language helps protect Greg and his company from liability if the client experiences a breach or vulnerability after the assessment is completed. Additionally, it also encourages the client to conduct regular assessments to stay on top of any new vulnerabilities that may arise.

It is essential for clients to understand that a penetration testing assessment is only a snapshot of their security posture at a specific moment in time and that ongoing security efforts are necessary to maintain a secure environment.

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True. Article 2 of the UCC governs contracts involving both goods and services if the predominant purpose of the contract is the sale of goods.

Under the Uniform Commercial Code (UCC), which is a set of laws governing commercial transactions in the United States, Article 2 specifically deals with the sale of goods. If a contract involves both goods and services, Article 2 of the UCC will govern if the predominant purpose of the contract is the sale of goods.

The determination of whether the sale of goods is the predominant purpose is based on the primary objective of the transaction. If the main focus and essence of the contract involve the transfer of goods, such as the sale of a tangible product, then Article 2 of the UCC will apply.

However, if the primary purpose of the contract is the provision of services, with any accompanying goods being incidental or ancillary to the services provided, then the contract would typically be governed by other relevant legal principles and regulations outside of Article 2 of the UCC.

Article 2 of the UCC governs contracts involving both goods and services if the predominant purpose of the contract is the sale of goods. This determination is made by assessing whether the transfer of goods or the provision of services is the primary objective of the transaction.

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The profitability index is calculated by dividing the present value of future cash flows that will be generated by the project by the initial cost of the project.

The profitability index (PI) is a financial metric used to evaluate the potential profitability of an investment project. It measures the ratio of the present value of future cash flows expected from a project to the initial investment required to undertake the project.

The PI is a useful tool for businesses and investors to assess the viability of investment projects and make informed decisions about resource allocation. It allows for a more comprehensive evaluation of a project's potential profitability, taking into account the time value of money and the expected future cash flows. If the PI is greater than 1, then the project is expected to generate a positive net present value and is considered profitable. Conversely, if the PI is less than 1, the project is not expected to generate enough cash to cover the initial investment and is not considered profitable.

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Out of the given options, you won't reduce your spending by d. purchasing reduced fat lattes during the week.

The best way to reduce spending is by spending less on things that we don't need or that we can do without.

In this case, spending on fat lattes won't be a way to reduce spending because they aren't very significant.

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Answer:

Hope it helps

Explanation:

Step 1: Note your net income

The first step in creating a budget is to identify the amount of money you have coming in. Keep in mind, however, that it’s easy to overestimate what you can afford if you think of your total salary as what you have to spend. Remember to subtract your deductions for Social Security, taxes, 401(k) and flexible spending account allocations when creating a budget worksheet. Your final take-home pay is called net income, and that is the number you should use when creating a budget.

If you work freelance or part-time, we’ve put together some tips for managing irregular income.

Tip: If you have a hobby or a talent, you may be able to find a way to supplement your income. Having an extra source of income can also be helpful if you ever lose your job.

Step 2: Track your spending

It’s helpful to keep track of and categorize your spending so you know where you can make adjustments. Doing so will help you identify what you are spending the most money on and where it might be easiest to cut back.

Begin by listing all your fixed expenses. These are regular monthly bills such as rent or mortgage, utilities or car payments. It’s unlikely you’ll be able to cut back on these, but knowing how much of your monthly income they take up can be helpful.

Next list all your variable expenses—those that may change from month to month such as groceries, gas and entertainment. This is an area where you might find opportunities to cut back. Credit card and bank statements are a good place to start since they often itemize or categorize your monthly expenditures.

Tip: Record your daily spending with anything that’s handy—a pen and paper, an app or your smartphone. You can use this spending and budgeting tool if you have an account with Bank of America.

Step 3: Set your goals

Before you start sifting through the information you’ve tracked, make a list of all the financial goals you want to accomplish in the short-and long-term. Short-term goals should take no longer than a year to achieve. Long-term goals, such as saving for retirement or your child’s education, may take years to reach. Remember, your goals don’t have to be set in stone, but identifying your priorities before you start planning a budget will help. For example, it may be easier to cut spending if you know your short-term goal is to reduce credit card debt.

Step 4: Make a plan

Use the variable and fixed expenses you compiled to help you get a sense of what you’ll spend in the coming months. With your fixed expenses, you can predict fairly accurately how much you’ll have to budget for. Use your past spending habits as a guide when trying to predict your variable expenses.

You might choose to break down your expenses even further, between things you need to have and things you want to have. For instance, if you drive to work every day, gasoline probably counts as a need. A monthly music subscription, however, may count as a want. This difference becomes important when it’s time to make adjustments.

Step 5: Adjust your habits if necessary

Once you’ve done all this, you have what you need to complete your budget. Having documented your income and spending, you can start to see where you have money left over or where you can cut back so that you have money to put toward your goals.

Want-to-have expenses are the first area to look for spending cuts. Can you skip movie night in favor of a movie at home? Try adjusting the numbers you’ve tracked to see how much money that frees up. If you’ve already adjusted your spending on wants, evaluate your spending on needs. You may need internet at home, but do you need the fastest available?

Lastly, if the numbers still aren’t adding up, you can look at adjusting your fixed expenses. Doing so will be much more difficult and require greater discipline, but on close inspection a “need” may just be a “hard to part with.” Such decisions come with big trade-offs, so make sure you carefully weigh your options.

Tip: Small savings can add up to a lot of money, so don’t overlook the little stuff. You might be surprised at how much extra money you accumulate by making one minor adjustment at a time.

Step 6: Keep checking in

It’s important that you review your budget on a regular basis to be sure you are staying on track. You can also compare your monthly expenses to those of people similar to you. Few elements of your budget are set in stone: You may get a raise, your expenses may increase or you may have reached your goal and want to plan for a new one. Whatever the reason, keep checking in with your budget following the steps above.

Objective measures can improve appraisals by using impartial performance evaluation. Objective measures are quantifiable and verifiable performance indicators that provide a clear, measurable standard against which employee performance can be evaluated.

This type of performance evaluation eliminates the subjectivity and bias that can occur in other methods such as boss rating or subjective measures. Objective measures can include metrics such as sales volume, production output, customer satisfaction ratings, or error rates, and are often based on specific goals and objectives set for the employee. By using objective measures, managers can provide more accurate and fair appraisals of employee performance, which can lead to increased employee motivation and satisfaction, as well as better overall organizational performance.

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Eco-Adventure Gear demonstrates the advantages associated with a team-building or adventure culture. By organizing monthly rock climbing trips, the company promotes teamwork, employee engagement, and personal growth.

The positive impact of this culture is reflected in high employee retention rates, increased motivation and productivity, improved teamwork and collaboration, and an enhanced brand reputation.

Eco-Adventure Gear is demonstrating the advantages associated with a strong ""team-building"" or ""adventure"" culture. This type of culture emphasizes shared experiences, active participation, and a sense of camaraderie among employees. By organizing monthly rock climbing trips led by the CEO, the company fosters a culture that promotes teamwork, outdoor exploration, and personal growth.

One of the significant advantages of this culture is its positive impact on employee retention. The fact that employees rarely quit and take pride in working at Eco-Adventure Gear indicates a high level of job satisfaction and engagement. This can be attributed to the unique experiences and bonding opportunities provided by the monthly rock climbing trips. Employees feel connected to one another and to the company's values, creating a strong sense of loyalty.

Furthermore, the adventure culture at Eco-Adventure Gear enhances employee motivation and productivity. Engaging in physical activities like rock climbing not only promotes physical fitness but also stimulates mental well-being. Employees return from these trips rejuvenated and energized, which translates into increased focus and productivity in their work. Additionally, the shared experiences and challenges faced during these adventures create a sense of accomplishment and confidence, positively impacting employees' overall job performance.

Another advantage of this culture is the promotion of effective teamwork and collaboration. Rock climbing requires individuals to trust and rely on their teammates for support and safety. By participating in these activities together, employees develop stronger bonds and improve their communication and teamwork skills. This enhanced teamwork carries over to the workplace, leading to better collaboration, problem-solving, and overall synergy among the staff.

Additionally, Eco-Adventure Gear's culture contributes to the company's image and brand reputation. By aligning its values with outdoor activities and adventure, the company attracts customers who share similar interests and lifestyles. The commitment to quality and effective customer service, combined with the active and adventurous culture, enhances the company's reputation as a reliable and trustworthy brand. Customers are more likely to choose Eco-Adventure Gear over competitors, further boosting the company's success and market position.

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Answer: Human capital is perceived to increase productivity and thus profitability. The more investment a company makes in its employees, the chances of its productivity and success become higher.

Project managers in each industry need to apply the approach that works best for their specific needs.

1. Project life cycle is a sequence of steps that starts with the initiation, planning, executing, monitoring and controlling and closure of a project.

Two project life cycles that are different from the PMI model are: Agile Project Management: Agile project management is based on the iterative model, where each iteration includes a small cycle of project execution and evaluation. This process is carried out repeatedly until the final product is obtained.

The difference with the PMI model is that it doesn't have a formal plan because the work is performed in a dynamic environment with changing priorities.

Six Sigma Project Management: The Six Sigma project management life cycle follows five phases, namely, define, measure, analyze, improve and control (DMAIC).

In each stage, the project team focuses on a specific aspect of a problem to determine the root cause, find an alternative solution, test it, and implement it.

2. The application of a phased approach to project management varies in different industries. Some industries apply project management in a more rigid way, while others apply it in a more agile way.

The phases don't work the same in construction as they do in event management or software development because each industry has its own specific needs.

For example, in construction, there is a need to ensure safety regulations are met, and the work is completed according to design specifications.

On the other hand, in event management, there is a need to ensure that the event is well-organized and all requirements are met.

Finally, in software development, there is a need to ensure that the software is tested and implemented without errors.

Therefore, project managers in each industry need to apply the approach that works best for their specific needs.

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The decision to use a simplified approach to by-product accounting will depend on the nature and significance of the by-products, as well as the company's accounting policies and procedures.

The accounting treatment of expensing by-products' costs in the period in which they are incurred and recording the total revenue from them when they are sold is a simplified approach to by-product accounting. This approach is often used by companies that do not produce significant amounts of by-products, or whose by-products do not have a significant impact on their financial statements.

Expensing the by-products' costs in the period in which they are incurred means that the costs associated with producing the by-product are recognized in the same period as the primary product's costs. This helps to ensure that the expenses are matched with the revenue generated by the primary product.

This simplified approach to by-product accounting can be beneficial for companies because it reduces the administrative burden of tracking and allocating costs associated with by-products. However, it may not be appropriate for all companies, particularly those that produce significant amounts of by-products that have a significant impact on their financial statements.

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Answer:

GOD?

Explanation:

true the supply chain was created to be efficient

Four types of taxes that you can pay are the State Withholding Tax, a Federal Withholding Tax, a Property Tax, and a Sales Tax. Both withholding taxes are withheld from your paycheck going into state officials and federal officials. Property Taxes are charged against any personal property that you own, and Sales Tax is what you pay on any purchases that you buy, each price varying depending on what state or country you're in.

The State Withholding Tax, Federal Withholding Tax, Property Tax, and Sales Tax are the four sorts of taxes you can pay.

What is Property Tax?

A property tax, usually referred to as a millage rate, is levied by the majority of regional governments in the United States as their main revenue source. Either real estate or private possessions may be subject to this tax. The majority of property owners are required by law to pay real estate taxes in each of the 50 states of the United States, and state property taxes differ.

It's interesting to note that in the USA, property taxes are the main source of income for state and local governments. Property taxes are assessed based on the value of your home, and the average rate is now between 0.1% and 1.9%.

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Answer:

As previously mentioned,

subsistence markets are

extremely vulnerable to

external influences.

Because of this

vulnerability, these economies are

becoming more scarce around the

world. In the past, for example, large

populations of indigenous peoples lived

throughout North America.

Answer:

100%

Explanation:

Mark-up is the difference between selling price and cost price

Selling price =$99.00

Cost price = $49.50

Mark up = $99- 49.50

=$49.50

As a percentage

= $49.50/$49.50 x 100

= 1 x 100

= 100%

The three types of duties that CBP assesses and how the duty is calculated under each type of duty are as follows:Ad valorem duties: Ad valorem duties are levied as a percentage of the customs value of the imported product, such as 10% of the value of the imported product.

Specific duties: Specific duties are levied at a specific rate per unit of measure, such as per kilogram or per meter.A combination of ad valorem and specific duties: A combination of ad valorem and specific duties is assessed on imported goods under this category, with the rate being a mix of both. For example, a product with a value of $10,000 could be charged a 5% ad valorem duty, as well as a $1 per kilogram specific duty for a total of $15,000 ($10,000 x 5% + $1 x 5,000 kg).

Protesting a duty/liquidation: To protest a duty/liquidation, one must submit a written protest to CBP within 180 days of the liquidation of the goods. The protest must contain a description of the merchandise, the classification of the merchandise, the amount of the duty that is in dispute, and a legal or factual argument. The protest must be signed by the importer or their legal representative, and it must be filed with the port director where the entry was filed. The CBP will examine the protest and issue a ruling, which can be appealed if necessary.

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