Answer:
see below
Explanation:
America is a good example of a free-market economy. In this type of market, productive resources are allocated through the interaction of a willing buyer and a willing seller. In a market economy, Mutual beneficial exchange of resources through trade is relied upon to solve economic problems. An Individual's self-interest is viewed as a benefit to society.
In a free-market economy like in America, purchasing power determines who owns resources. Resource owners are motivated by profits and other self-interest to engage in production. The forces of supply and demand control activities in a Free Market. Consumers decide what will be produced. In market economies, operation and acquisition of resources is by the freely and self-directed interaction between consumers and producers.
River Mills manufactures reproduction antique furniture using historic manufacturing methods. River often uses waterpower, which is not only historically accurate, but also saves energy costs. Although River uses oldminusfashioned manufacturing techniques it is still a modern company that performs modern business analysis. River incurred actual fixed manufacturing overhead costs of $265,000. Using standard costing, River allocated $255,000 in fixed manufacturing overhead costs. If River observed a $1,500 unfavorable fixed manufacturing overhead volume variance, what amount ha
Complete Question
River Mills manufactures reproduction antique furniture using historic manufacturing methods. River often uses waterpower, which is not only historically accurate, but also saves energy costs. Although River uses oldminus fashioned manufacturing techniques it is still a modern company that performs modern business analysis. River incurred actual fixed manufacturing overhead costs of $265,000. Using standard costing, River allocated $255,000 in fixed manufacturing overhead costs. If River observed a $1,500 unfavorable fixed manufacturing overhead volume variance, what amount had management budgeted for fixed manufacturing overhead?
Answer:
The budgeted fixed manufacturing overhead is R = $256500
Explanation:
From the question we are told that
The actual actual fixed manufacturing overhead costs is k = $265,000
The fixed manufacturing overhead costs is u = $255,000
The fixed manufacturing overhead volume variance c = $ 1,500
The budgeted fixed manufacturing overhead is
\(R = u+c\)
substituting values
\(R = 255000 + 1500\)
R = $256500
An electronic card that is derectly connected to a checking account is known as a
Answer:
debit card
Explanation:
a checking account is also known as a savings account
What are the top 5 mortgage brokers in Sydney?
Here are some top mortgage brokers in Sydney: Aussie Home Loans, Mortgage Choice, Smartline Personal Mortgage Advisers, Loan Market, and Mortgage House.
1. Aussie Home Loans: With over 25 years of experience in the industry, Aussie Home Loans has established itself as one of the most trusted and reliable mortgage brokers in Sydney. They have a team of expert brokers who can help you find the right home loan that suits your needs.2. Mortgage Choice: Mortgage Choice is another popular mortgage broker in Sydney that can help you find the right home loan to suit your budget and requirements. They have access to a wide range of lenders, which means they can help you find the best deal available.3. Smartline Personal Mortgage Advisers: Smartline is a leading mortgage broker in Sydney that provides personalized advice and support to help you find the right home loan. They have a team of experienced brokers who can guide you through the home loan process from start to finish.4. Loan Market: Loan Market is another popular mortgage broker in Sydney that provides a range of home loan options to suit your needs. They have a team of brokers who can help you find the best deal available from a range of lenders.5. Mortgage House: Mortgage House is a Sydney-based mortgage broker that can help you find the right home loan to suit your budget and requirements. They offer a range of home loan options, including fixed and variable rate loans, low deposit loans, and more.In summary, these are some of the best mortgage brokers in Sydney that you can consider for your mortgage needs. When choosing a mortgage broker, it's important to consider their experience, reputation, and range of services offered to ensure that you get the best deal possible.For more questions on mortgages
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Oki Company pays $306,200 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to
record the following costs related to the equipment.
1. Paid $25,950 cash for a new component that increased the equipment's productivity.
2. Paid $6,488 cash for minor repairs necessary to keep the equipment working well.
3. Paid $18,900 cash for significant repairs to increase the useful life of the equipment from four to seven years.
The Oki Company journal entries are the arranged the Debit and the Credit are the amount of the equipments.
What is equipments?
The term equipment refer to the specific tools used in the performing the particular process. The equipment are the used to fulfill the task. The task and the work are the used of the different equipments.
Oki Company journal entries
Particulars Debit Credit
Equipment $25,950
Cash $25,950
Particulars Debit Credit
Repair and maintenance expense $6,488
Cash $6,488
Particulars Debit Credit
Equipment $14,870
Cash $14,870
As a result, the Oki Company journal entries are the arranged the Debit and the Credit are the amount on the equipments.
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The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow:
Fees earned $975,760
Office expense 224,425
Miscellaneous expense 19,515
Wages expense 468,365
Accounts payable 24,395
Accounts receivable 68,300
Cash 256,740
Common stock 135,000
Land 312,000
Supplies 11,710
Cash dividends of $37,100 were paid during the year. Retained earnings as of June 1, 20Y5, were $263,000.
Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity.
Answer:
Paradise Travel Service
Balance Sheet as at May 31, 20Y6.
ASSETS
Non - Current Assets
Land 312,000
Total Non - Current Assets 312000
Current Assets
Supplies 11,710
Accounts receivable 68,300
Cash 256,740
Total Current Assets 336750
TOTAL ASSETS
EQUITY AND LIABILITIES
EQUITY
TOTAL EQUITY
LIABILITIES
Non - Current Liabilities
Total Non - Current Liabilities
Current Liabilities
Accounts payable 24,395
Total Current Liabilities
TOTAL LIABILITIES
EQUITY
Common stock 135,000
Retained Earnings 468,365
TOTAL EQUITY 603365
TOTAL EQUITY AND LIABILITIES
Explanation:
Profit = Sales - Expenses
= $975,760 - (224,425 + 19,515 + 468,365)
= $263,455
Retained Earnings Calculation
Opening Balance $263,000
Add Profit for the Year $263,455
Less Dividends ($37,100)
Ending Balance $489,355
Two key aspects of financial planning are cash planning and profit planning. Cash planning involves the preparation of the cash budget and profit planning involves preparation of pro forma statements. To make cash budget and pro forma statements for a firm, accounting knowledge is needed. Do accounting courses you took before help you better understand how to make cash budget and pro forma income statement and balance sheet? Explain.
Yes. Accounting courses I took before helps us understand how to make cash budget and pro forma income statement and balance sheet.
Here's how accounting courses can help individuals in creating cash budgets, pro forma income statements, and balance sheets:
Cash Budget: Accounting courses teach students about the importance of cash flow management and how to prepare a cash budget. Pro Forma Income Statement: Accounting courses teach students how to analyze historical financial data and use it to forecast future performance. Balance Sheet: Accounting courses provide a comprehensive understanding of balance sheets and their components. Students learn how to analyze assets, liabilities, and shareholders' equity to assess the financial position of a company.By studying accounting, individuals gain a solid foundation in financial concepts, reporting standards, and analytical techniques. This knowledge equips them with the skills necessary to create cash budgets, pro forma income statements, and balance sheets effectively.
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in a 3 - 4 page essay, discuss warren Buffett's approach to business dealings, especially as they relate to business ethics.
Compare that approach to Benie Madoff's.
Apply ethical philosophies that you have learned about in this module and state which you think apply to Mr. Buffett.
Which ethical philosophies apply to Mr. Madoff? Why?
In this essay, we explore Warren Buffett's ethical approach to business, compare it to Bernie Madoff's, and analyze the applicable ethical philosophies for each.
Here are the steps to be followed:
1. Introduction:
2. Warren Buffett's Approach to Business Dealings and Business Ethics:
Explain Warren Buffett's overall approach to business dealings.Discuss his stance on business ethics, emphasizing any specific principles or values he adheres to.Provide examples or case studies that demonstrate Buffett's ethical decision-making in his business practices.Discuss the impact of his ethical approach on his reputation and long-term success.3. Bernie Madoff's Approach to Business Dealings and Comparison to Buffett:
Describe Bernie Madoff's approach to business dealings, specifically in relation to ethics.Highlight any unethical practices or actions committed by Madoff, such as his infamous Ponzi scheme.Compare and contrast Madoff's approach to Buffett's approach, pointing out the key differences in their ethical standards and behaviors.Discuss the consequences of Madoff's unethical actions, including the financial losses and damage to investors.4. Application of Ethical Philosophies to Warren Buffett:
Introduce the ethical philosophies that you have learned in the module.Identify which ethical philosophies apply to Warren Buffett based on his approach to business dealings.Explain why you believe these philosophies are applicable and provide supporting evidence or examples from Buffett's actions or statements.Discuss the implications and benefits of Buffett aligning with these ethical philosophies.5. Ethical Philosophies Applicable to Bernie Madoff and Reasons:
Analyze the ethical philosophies that can be applied to Bernie Madoff's actions.Discuss which ethical philosophies are relevant to understanding Madoff's unethical behavior.Provide justifications and explanations for the selected ethical philosophies, considering how they align with Madoff's actions or motivations.Reflect on the consequences of Madoff's departure from ethical principles.6. Conclusion:
Summarize the key points discussed in the essay regarding Warren Buffett's approach to business dealings and ethics, as well as the comparison to Bernie Madoff.Emphasize the importance of ethical decision-making in business and the long-term implications it can have.Offer any final thoughts or insights on the topic.Remember to support your arguments with evidence, examples, and references to credible sources. Properly cite any sources used in your essay according to the appropriate citation style.
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Sheffield Company has $145,000 of inventory at the beginning of the year and $131,000 at the end of the year. Sales revenue is $1,972,800, cost of goods sold is $1,145,400, and net income is $248,400 for the year. The inventory turnover ratio is:
Answer:
Sheffield Company
Inventory Turnover Ratio = Cost of goods sold/Average Inventory
= $1,145,400/$138,000
= 8.3 times
Explanation:
a) Data and Calculations:
Beginning inventory = $145,000
Ending inventory = $131,000
Average inventory = (Beginning inventory + Ending inventory)/2
= ($145,000 + 131,000)/2
= $138,000
Sales revenue = $1,972,800
Cost of goods sold = $1,145,400
Net income = $248,400
b) The inventory turnover ratio for Sheffield Company is an efficiency ratio that shows how inventory is managed and the number of times Sheffield sells or consumes the inventory during an accounting period. This is why Sheffield Company takes the average of the inventories in order to smoothen seasonal fluctuations in the inventory level during the year. When this ratio divides the number of days in the accounting period, Sheffield will get the days it takes for inventory to be purchased or produced, and then sold or consumed.
The change in technology and the globalization have brought new pattern of organizing
today's companies, and thus, the managers need to consider these new concepts in
organization's design process. With this statement, discuss the emerging issues in
organization design and architecture.
Following are the emerging issues in organization design and architecture:Technology and Globalization, Customer Relations,Technical Knowledge, Flexibility, Employee's Well-being.
Following are the emerging issues in organization design and architecture:
Technology and Globalization: The modern era's rapid technology and globalization have forced the organizations to adopt a new pattern of organizing. Managers are focusing more on technology and globalization and they are ensuring that the company can cope with the emerging challenges.Customer Relations: Customers are the major driving force in every business. To maintain the customer base, the managers need to focus on customer relations as the organization's design process should be centered around their needs. This will help the managers in creating a company that provides excellent customer service to its customers.Technical Knowledge: The success of an organization depends on the technical knowledge of its managers. Managers need to have knowledge about new and emerging technologies so that they can use them to enhance the organization's capabilities. In addition, managers need to know how to apply this technical knowledge to improve the organization's structure and operations.Flexibility: Flexibility is a crucial component in the organization's design process. The managers need to design the organization that is flexible enough to adapt to new changes and technologies. This will help the managers in keeping up with the rapidly changing business environment.Employee's Well-being: The well-being of employees is also a significant issue in the organization's design process. The managers need to design the organization in a way that the employees can work efficiently, and their personal needs are also met. This will help in improving the employee's productivity and motivation level and ensure their loyalty to the organization.For more such questions on Globalization
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Mary, Ellen, and Doug are co-workers. Mary frequently makes sexual comments to
Doug and comments on his physique. Doug seems to find this amusing, but Ellen
finds it offensive.
True or False: Ellen is not a victim of harassment because none of Mary's comments
are directed at her.
True "Ellen is not a victim of harassment because none of Mary's comments are directed at her." Option A
Who is a victim of harassment?
Generally, It is possible for anybody, regardless of factors such as race, color, age, religion, ancestry, or se/xual orientation, to be the target of harassment or discrimination.
People who are impacted by the harassment might be victims, bystanders, or even witnesses in certain instances.
All of these people are considered to be engaged. There are instances of discrimination and harassment that were not done intentionally.
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explain why and how management is dynamic
Answer:
Management has framed certain principles, which are flexible in nature and change with the changes in the environment in which an organization exits.
If the equipment account has a balance of INR. 22,50,000 and the accumulated depreciation
account has a balance of INR. 14,00,000, the book value of the equipment is
Select one:
O a. 8,50,000
O b. 17,00,000
O c. 14,00,000
O d. 36,50,000
Answer:
a. 8,50,000
Explanation:
Account balance INR, 22, 50,000
Accumulated depreciation INR. 14,00,000
The book value is the difference between the account balance and the accumulated depreciation
= INR, 22,50,000 - INR. 14,00,000
=INR, 8,50,000
[The following information applies to questions 14-16.]
Furniture Face Lift refinishes old wood furniture. Their process for refinishing chairs has 8 workers and 4 stations. Each chair starts at the Stripping station, then goes to Priming, then to Painting and finally to Inspection. Where there are multiple workers within a station, each worker works independently on his/her own chair. Assume inventory buffers are allowed between each station.
Station Staffiing Processing time (hours per chair per worker)
Stripping 3 workers 2.5
Priming 2 workers 1.5
Painting 2 workers 1.75
Inspection 1 worker 17/10
**Multiple workers within the same station conduct in-parallel production activities. Note the processing time is for per unit per worker.
a. What is the maximum number of chairs per hour that can be produced? Assume they start the day with inventory at each station to work on (that is assuming the process is operated continually).
b. Suppose at the start of the day there is no inventory of chairs in the shop. That is, there are no chairs within any of the stations or between them in any buffer. A truck loaded with 15 chairs arrives. How many hours will it take them to complete these 15 chairs?
c. Suppose now that each worker is trained to do all tasks and each worker works on a chair from start to finish, i.e., each worker does Stripping, Priming, Painting and Inspection. What is the maximum capacity of the process in chairs per hour?
Note: for all HW assignments, please show your process of getting the results. Only providing the final answers is NOT acceptable and will get 0%. If necessary, please use a separate sheet of paper to show your work
Answer:
a. Station Staffing Processing time Capacity
(hours/chair/worker) (Staffing/activity time)
Stripping 3 workers 2.5 3/2.5 = 1.2
Priming 2 workers 1.5 2/1.5=1.33
Painting 2 workers 1.75 2/1.75=1.14
Inspection 1 worker 17/10=1.7 1/1.7=0.59
Inspection have the bottle neck, due to the least capacity (0.59). So, the process capacity can be given as 0.59
Total time to produce first chair =2.5+1.5+1.75+1.7 = 7.45 hours
Total time to make the each subsequent chair will be 1/0.59
b. So, total time to complete 15 chairs = (7.45)+ (1/0.59)*14
= 7.45 + 23.73
= 31.18 hours
c. In this case, there will be no bottle neck as each worker will be operating with its full capacity.
Total time taken by each worker to finish one chair = 2.5+1.5+1.75+1.7 = 7.45 hours & Total workers = 8
Maximum capacity = 8/7.45
Maximum capacity = 1.074 chairs per hour
explain how does a transformation process take place in a bank
The transformation process in a bank involves converting inputs into outputs. The inputs could be customer deposits, loan applications, and requests for other banking services. The transformation process would then involve various activities such as processing transactions, analyzing loan applications, and generating reports for internal and external stakeholders.
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.
Date Transactions Units Unit Cost Total Cost
October 1 Beginning inventory 6 $ 790 $ 4,740
October 4 Sale 4
October 10 Purchase 5 800 4,000
October 13 Sale 3
October 20 Purchase 4 810 3,240
October 28 Sale 7
October 30 Purchase 8 820 6,560
$ 18,540
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31
The cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.
The LIFO method (last-in, first-out) of inventory valuation requires that the most recent purchases of inventory be used first in the cost of products sold and ending inventory calculations. The ending inventory and cost of products sold at the end of October will be calculated using the LIFO method, based on the data given in the table.Based on the data given, the total units sold is 14, and the total units purchased is 17. Here's how to calculate the ending inventory and cost of products sold using the LIFO method:Step 1: The last purchase of 8 units at a cost of $820 each on October 30 is deducted from the inventory count, leaving 9 units.Step 2: The previous purchase of 4 units at a cost of $810 each on October 20 is deducted from the inventory count, leaving 5 units.Step 3: The next purchase of 5 units at a cost of $800 each on October 10 is deducted from the inventory count, leaving 0 units.Step 4: Based on the LIFO method, the cost of the ending inventory is the sum of the cost of the oldest units remaining in stock, which is 4 units at a cost of $790 each on October 1, totaling $3,160.Step 5: Based on the LIFO method, the cost of goods sold (COGS) is calculated by adding the total cost of units sold, which is 14 units at a cost of $820 each on October 30, 4 units at a cost of $810 each on October 20, and 5 units at a cost of $800 each on October 10, totaling $17,260.Therefore, the cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.For more questions on cost of goods sold (COGS)
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New Venture Management (1)
1. Explain the below the process of financial management.
*. Importance of Financial Statements - Preparation of historic Financial statements
*. Forecasts - Preparation of Forecasts
*. Budgets - Preparation of pro forma financial statement
*. Financial Ratios - Ongoing analysis of financial results
The process of financial management involves the preparation and analysis of historic financial statements, forecasts, budgets, and ongoing monitoring of financial ratios.
The process of financial management involves several key components that contribute to effective financial decision-making and the overall financial health of a business. Here is an explanation of each component:
Importance of Financial Statements - Preparation of Historic Financial Statements:
Financial statements, such as the income statement, balance sheet, and cash flow statement, provide a historical snapshot of a company's financial performance, position, and cash flows. These statements are crucial for assessing profitability, liquidity, solvency, and overall financial stability. By analyzing past financial statements, management can identify trends, evaluate the impact of previous decisions, and make informed decisions for the future.
Forecasts - Preparation of Forecasts:
Forecasts involve projecting future financial performance based on historical data, market trends, and other relevant factors. This process helps businesses anticipate potential opportunities, challenges, and financial needs. Forecasts typically include projected income statements, balance sheets, and cash flow statements, providing insights into expected revenue, expenses, assets, liabilities, and cash flows. It enables management to plan and allocate resources effectively, set financial goals, and make strategic decisions.
Budgets - Preparation of Pro Forma Financial Statements:
Budgets are financial plans that outline anticipated income, expenses, and cash flows for a specific period, typically on a monthly, quarterly, or annual basis. Pro forma financial statements, including pro forma income statements, balance sheets, and cash flow statements, are created as part of the budgeting process. Budgets help in setting targets, allocating resources, and monitoring performance against the planned financial objectives. They serve as a roadmap for financial management and aid in identifying areas that require adjustment or improvement.
Financial Ratios - Ongoing Analysis of Financial Results:
Financial ratios are quantitative indicators that provide insights into a company's financial performance, efficiency, and profitability. Ratios compare different financial figures from the financial statements to assess liquidity, profitability, solvency, efficiency, and other key aspects. By monitoring and analyzing financial ratios on an ongoing basis, management can identify trends, compare performance against industry benchmarks, and make informed decisions to optimize financial performance. These components contribute to understanding a company's financial position, making informed decisions, and driving sustainable growth and profitability.
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Producers would prefer a market characterized by monopoly. Explain the theoretical and Practical reasons for your answer.
Theoretically, a market characterized by monopoly would allow producers to have more control over prices and to restrict output in order to maintain higher prices. This can lead to higher profits for the monopolist.
Why would producers prefer a market characterized by monopoly?We have several reasons why producers may not prefer a monopoly market structure:
Government intervention: Governments often regulate monopolies to prevent them from abusing their market power and charging excessive prices. This regulation can limit the ability of the monopolist to maximize profits.Lack of competition: In a monopoly market, there is no competition to keep prices in check and to drive innovation. This can lead to inefficiencies and a lack of consumer choice.Decreased consumer surplus: Monopolies often lead to higher prices for consumers, which reduces their purchasing power and their overall welfare.In all , while a monopoly market structure may provide higher profits for producers in the short-term, there are several practical and theoretical reasons why it may not be preferred in the long-term.
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annual percentage rate (APR) is:
Answer:
The Annual Percentage Rate (APR) is the cost you pay each year to borrow money, including fees, expressed as a percentage. The APR is a broader measure of the cost to you of borrowing money since it reflects not only the interest rate but also the fees that you have to pay to get the loan.
If your manager were to give you a complex project that involved a lot of research and analysis to provide information to write a detailed and accurate report, how might you make it more manageable? What type of communication skills would that require? Please write at least 5 sentences.
A large project report can be easier to manage if the key components are first outlined as a thesis statement and the duties are divided into manageable chunks.
A report is what?A report is a written statement or document that outlines the major problems or happenings inside an organization and aids in understanding the internal and external forces at play.
It's crucial to have written communication abilities that enable someone with a strong vocabulary to precisely communicate the notion to the reader in order for a report to be effective and correct.
It is necessary to create an outline plan for the task that needs to be done since it aids in framing the report aspects when a project report requires extensive research and analysis to deliver information.
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The us government would most likely get involved in which economic issue?
Answer: The United States government is most likely to get involved in economic issues related to taxation, trade, labor, and the regulation of businesses. Additionally, the government may get involved in other economic issues such as poverty, unemployment, inflation, and the national debt.
Which of the following are mechanisms that have evolved to mitigate potential agency problems?
I) Using the firm's stock options for compensation
II) Hiring bickering family members as corporate spies
III) Boards of directors forcing out underperforming management
IV) Security analysts monitoring the firm closely
V) Takeover threats
Answer:
I) Using the firm's stock options for compensation
III) Boards of directors forcing out underperforming management
IV) Security analysts monitoring the firm closely
V) Takeover threats
Explanation:
Agency problem can be regarded as
conflict of interest which are inherent that can exist between management of a company and its stockholders. It exist when there is expectation that one party act in the best interest of other.
It should be noted that Mechanism that are used in mitigation of potential agency problems are;
I) Using the firm's stock options for compensation
III) Boards of directors forcing out underperforming management
IV) Security analysts monitoring the firm closely
V) Takeover threats
Mary, a business person, borrowed money in a bank and it had different maturity dates. Mary decided not to fulfill the contractual obligations and she did not pay accordingly in the period agreed. How would you advise about the effects of such an activity to her business and to the lender.
The information given implies that the inference is that such an activity will her business as she'll have to pay more interest for the money borrowed.
What is an inference?An inference is the conclusion deduced based on the information given.
In this case, the information given implies that the inference is that such an activity will her business as she'll have to pay more interest for the money borrowed.
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Jorge has a new job in an office. Which of the following safety procedures will he most likely need to learn?
Answer: D) How to exit safely in the event of a fire
Explanation:
Carol wants to invest money in a 6% Certificate of Deposit (CD) that compounds semiannually. Carol would like the account to have a balance of $50,000 five years from now. How much must Carol deposit to accomplish her goal
Answer:
the present value is $37,230.10
Explanation:
The computation of the present value is shown below:
As we know that
Future value = Present value × (1 + rate of interest)^time period
$50,000 = Present value × (1 + 0.06 ÷ 2)^5 × 2
$50,000 = Present value × (1.03)^10
$50,000 = Present value × 1.343
So, the present value is $37,230.10
hence, the present value is $37,230.10
We simply applied the above formula
1
2
3
Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,300
plus 8 percent sales tax, terms n/30.
Based on the amount of merchandise sold to Bill Gomez and the sales tax percentage, the journal entry to record this sale would be:
Date Account title Debit Credit
XX-XX-XXXX Accounts receivable $1,404
Sales revenue $1, 300
Sales tax liability $104
How to make the sales revenue journal entry?To make the journal entry, there is a need to first find the sales tax liability which is:
= Sales revenue x Sales tax rate
= 1, 300 x 8%
= $104
This sales tax amount would then be credited to the sales tax liability account because liabilities are credited when they increase. The sales revenue account will also be credited because revenue is credited when it increases.
Bill Gomez bought the merchandise on account which means that the Accounts receivable account will be debited because it is an asset. The amount that it will be debited by is:
= Sales revenue + sales tax
= 1, 300 + 104
= $1,304
The full question is:
Record the following in a journal:
Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,300 plus 8 percent sales tax, terms n/30.
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Jalissa owns a sandwich shop and wants to expand her business. She has talked to other local shop owners for ideas about how to do this and a few suggested adopting an online presence. How could e-commerce help Jalissa expand her business?
A: It can attract customers from a wider area.
B: It can increase her revenue by allowing her increase prices.
C: It can decrease her security costs.
D: It can eliminate the need for workers in her shop.
Answer: it can attract customers from a wider area.
Explanation:
5 of 100
Harry is looking at buying a building that has a monthly income of
$3,600, a 5% vacancy rate, and annual expenses of $8,640. He is
expecting a 12% return on his investment. How much should he pay for
this building?
The amount that Harry should pay for the investment is the present value of the net income discounted at the rate of return of 12% is equal to $270,000.
What do you mean by investment?Investment refers to the dedication of an asset to acquire growth in value over a duration of time. In finance, the motive of making an investment is to generate a return from the invested asset.
As per the information,
The vacancy rate is given is 5%
The occupancy rate is 100 - 5= 95%
\(\rm\,The\,Net \,Income = Occupancy \, Rate \times Income - Expenses\\\\ \rm\,The\,Net \,Income = (95\% \times 3,600 \times 12) - 8,640\\\\ \rm\,The\,Net \,Income = \$32400\)
Now, if it is assumed that the income is earned forever, then the present value of the income will be
PV of net income = A/r
A- 32400 , r - 12%
\(\rm\,PV = \dfrac{32400}{0.12}\\\\\\PV = \$270000\)
Hence, The amount that Harry should pay for the investment is the present value of the net income discounted at the rate of return of 12% is equal to $270,000.
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Reporting Net Sales after Sales Discounts [LO 6-4]
During the months of January and February, Solitaire Corporation sold goods to two customers. The sequence of events was as follows:
Jan. 6 Sold goods for $120 to Wizard Inc. with terms 2/30, n/60. The goods cost Solitaire $71.
7 Sold goods to Spyder Corp. for $83 with terms 4/10, n/30. The goods cost Solitare $61.
14 Collected cash for the amount due from Wizard Inc.
Feb. 28 Collected cash for the amount due from Spyder Corp.
Required:
Compute the total revenue Solitare would report over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
top earning game of USA
Answer:
Clash of Clans by Supercell
Explanation:
According to Góogle Play ranking as of April 2021, the top-earning game of the USA is Clash of Clans by Supercell.
This game is available on the Andriod operating system. and it has been in existence since 2012. It currently has close to a billion downloads across platform different website platforms.
Prepare a comparative income statement for any company extracting their P&L statement for the years 2020-21 & 2021-22. Analyse the incline and decline in the different elements in the P&L Statement and provide detailed insights.
Answer:
this is my own answer
Explanation:
hi
How to Prepare a Comparative Income Statement?
Step 1: Specify absolute figures of items like goods sold, net sales, selling expenses, etc., relating to the accounting period under consideration for analysis.
Step 2: Calculate the absolute change in the items mentioned in the income statement.