on march 1, young co. borrowed $1,000 cash from superior bank by signing a 120-day, 6% interest-bearing note. on june 29, young pays the amount due in full. this entry would be recorded by young with a credit to in the amount of .
Answers
Young would record this entry as a credit to Cash due to notes payable agreement with the superior bank in the amount of $1,020.
Notes Payable is the promise to pay the organization's liability to the lender. These notes payable are typically interest-bearing, and the borrower must pay the interest on notes payable for specified days and at specified interest rates in addition to the principal amount.
Take note that a year has 360 days.
The interest costs are calculated as $1,000 * 6% * 120/360.
= $20
Therefore on June 29
Notes Payable = 1,000
Interest Expenses = 20
Total Cash = $1,020
Young Co. borrowed $1,000 cash from Superior Bank on March 1 by signing a 120-day, 6% interest-bearing note. This agreement is known as the Notes payable. On June 29, Young makes full payment. Young would record this entry as a credit to Cash in the amount of $1,020.
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Related Questions
Read the following descriptions. Decide who demonstrates good habits and attitudes.
Michael likes his job. He decides to take a few finance classes so that he becomes better at his job. This will also help in case he wants to transfer to a new position in the same company.
Bryan thinks he has the best job. He thinks he is already doing the best he can and doesn't do anything to improve his skills.
Answers
Answer:
Michael demonstrates good habits and attitude
Explanation:
Michael likes his job and takes the initiative to do better so he can get a new position,however Bryan is very cocky and doesn't try to get better.
an employee can be dismissed if their job surplus to requirements' outline why this state ment is false
Answers
Identify a time-management problem that you are experiencing that is holding you back from academic success and which you can realistically attempt to resolve this semester. Define the problem, explaining the context of the problem. Describe the details and complexities of this problem in your unique set of circumstances, values, priorities, and goals. Be careful not to place blame on an outside source and consider the role of your mindsets and your behaviors contributing to the problem
Answers
One time-management problem that I am experiencing is procrastination. This is holding me back from academic success and is something I can realistically attempt to resolve this semester.
The problem arises in the context of my busy schedule, where I often find myself overwhelmed with assignments, studying, and extracurricular activities.
The details and complexities of this problem lie in my unique set of circumstances, values, priorities, and goals. For instance, I may prioritize other activities or have a mindset that leads me to believe I work better under pressure. Additionally, my behaviors, such as spending too much time on social media or engaging in distractions, contribute to the problem.
To resolve this problem, I can take several steps. First, I can create a detailed schedule that includes specific time blocks for studying and completing assignments. Breaking tasks down into smaller, manageable chunks can also help. I can set realistic goals for each study session and reward myself when I accomplish them. Moreover, I can establish a conducive study environment that minimizes distractions. Developing a positive mindset and adopting effective study techniques, such as the Pomodoro Technique, can also aid in overcoming procrastination.
By addressing these aspects of the problem and implementing strategies to manage my time more effectively, I can realistically work towards resolving my procrastination issue and improving my academic success this semester.
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When the price of scooters drops by 5 percent, the quantity demanded changes by 20 percent. We know that the price elasticity of demand for scooters is
Answers
The price elasticity of demand for scooters is 4.
The calculation is determined by dividing the percent change in quantity demanded by the percent change in price, which in this case would be 20 percent divided by 5 percent, resulting in a price elasticity of 4.
This means that the demand for scooters is highly responsive to changes in price, and a small decrease in price leads to a relatively large increase in the quantity demanded. Understanding price elasticity of demand is important for businesses in determining pricing strategies and forecasting demand for their products.
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suppose you are the editor of a debtor who is onvolved in straight bankruptcy (liquidation) proceedings. would you be best off if your claim were
Answers
As the editor of a debtor who is involved in straight bankruptcy proceedings, it would be best if your claim were a secured claim. This is because secured claims are given priority over unsecured claims in bankruptcy proceedings.
A secured claim is one where the creditor has a legal interest in a specific property or asset that is collateral for the debt owed. This means that if the debtor defaults on the loan, the creditor has the right to seize the collateral to satisfy the debt. In a liquidation proceeding, secured creditors are paid first from the sale of the debtor's assets before any unsecured creditors are paid. However, if your claim is an unsecured claim, you may still be able to recover some of the debt owed to you. Unsecured claims are those where the creditor does not have any legal interest in any specific property or asset. These claims are not given priority in bankruptcy proceedings and are paid from the remaining funds after secured creditors have been paid. In some cases, unsecured creditors may only receive a small percentage of the total debt owed to them.
In conclusion, being a secured creditor in straight bankruptcy proceedings is preferable as it increases the likelihood of recovering the debt owed. However, even if your claim is unsecured, it is still worth pursuing as you may still receive some payment.
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When you conduct your personal inventory of what you can offer an employer and what you want from a job, you should consider:
Answers
Answer:
your education and training.
Explanation:
your experience, skills, and achievements.
your desired salary ranges.
They have fixed costs of £200 per month Each item's raw materials cost £50 The items sell for £150 each
What is the Break Even Point for the business?
Answers
Answer:
2 unit
Explanation:
The break-even point is that point at which a business makes no profit after settling all the necessary fixed cost for the period. It is the point preceding profit making at which costs are recovered
It is calculated by dividing the fixed costs with the sales revenue less the variable cost per unit of an item.
Workings
Fixed cost = 200
Selling price = 150
Variable cost = 50
Break even point = 200/(150-50)
=2 units
Any sales below this ends up in a loss as the fixed cost will not be fully recovered.
what action will a producer usually take when the price charged is higher than the equilibrium price
Answers
The four level pyramid model revolves around which aspect of an organization? The four-level pyramid model revolves around the ___ who use the system.
Answers
Answer:
Hierarchy, Information Systems
Explanation:
The pyramid model of four level in an organization is based on and is depends on the various levels of the hierarchy systems or management in the organization.
These four level is of different types of the Information System in the organization.
1. First level : It is also known as Strategic level or Executive Information Systems.
2. Second level : It is also know as Management Level or the Decision Support Systems.
3. Third level : Another term is Management Level or Management Information Systems.
4. Fourth Level : It is called the Operational Level or the Transaction Processing Systems.
Answer:
Employees
Explanation:
I took a Plato test
the suggestion of utilizing venture capitalists, loans, or self-funding are all options to help alleviate wich challenge of entrepreneurship
Answers
The suggestion of utilizing venture capitalists, loans, or self-funding are all options to help alleviate the challenge of managing people.
What is entrepreneurship?The entrepreneurship serves the activity that involves the setting up of a business or businesses, by taking the financial risks in the hope of profit.
Therefore, suggestion of utilizing venture capitalists, loans, or self-funding are all options to help alleviate the challenge of managing people.
In this case, as an entrepreneur, one should able to have the mind to bear the risk as well as make the good decision that is need for the success of the business, examples of entrepreneur are; Mark Zuckerberg, Bill Gate and others.
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The question "How long is the warranty for this new Frigidaire dishwasher?" would be asked during the __________ stage in the consumer purchase decision process.
Answers
The question "How long is the warranty for this new Frigidaire dishwasher?" would be asked during the C. information search stage in the consumer purchase decision process.
Typically, consumers would inquire about the length of the warranty for a new Frigidaire dishwasher during the research stage of the decision-making process. Following the identification of a need or want, the consumer purchase decision process moves on to the information search step. In order to make an informed choice during this phase, customers actively look for information about commodities that are offered.
The buyer of a brand-new Frigidaire dishwasher may look for details about the product's characteristics, requirements, cost, and warranty conditions. To understand the amount of protection and coverage offered by the manufacturer in the event of any problems or faults with the dishwasher after purchase, a consumer may inquire about the duration of the warranty during the information-seeking step.
Complete Question:
The question "How long is the warranty for this new Frigidaire dishwasher?" would be asked during the __________ stage in the consumer purchase decision process.
A. problem recognition
B. alternative evaluation
C. information search
D. purchase decision
E. comparison
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River Co. began the accounting period with a $66,500 debit balance in its Accounts Receivable account. During the accounting period, River Co. earned revenue on account of $340,800. The ending Accounts Receivable balance was $64,800. Required Based on this information alone, determine the amount of cash inflow from operating activities during the accounting period. (Hint: Use a T-account for Accounts Receivable. Enter the debits and credits for the given events, and solve for the missing amount.) Cash inflow from operating activities
Answers
The amount of cash inflow from operating activities during the accounting period is 342500.
Cash flow is the net amount of cash and cash equivalents coming into and going out of a business. Inflows are represented by money received, and outflows are represented by money spent.
Fundamentally, a company's capacity to produce positive cash flows—more precisely, its capacity to maximize long-term free cash flow (FCF)—determines its capacity to provide value for shareholders. After deducting any funds used for capital expenditures (CapEx), FCF is the cash a firm generates from its regular business activities.
A company's cash flow may be examined using a number of different techniques, such as the debt service coverage ratio, free cash flow, and unleveled cash flow.
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The cash inflow from operating activities for River Co. during the given accounting period was $342,500. This was calculated using a T-account for Accounts Receivable.
Explanation:The question is asking for the cash inflow from operating activities based on the given data for River Co. We can calculate this by using the details of the Accounts Receivable. At the beginning of the period, River Co. had an Accounts Receivable of $66,500 (debit), and earned revenue on an account of $340,800. By the end of the accounting period, the Accounts Receivable was $64,800.
Using this information, we can use a T-account to solve for the missing cash inflow. Here's how it works:
Start with the beginning balance of Accounts Receivable, which is a debit of $66,500.
Add the revenues earned on account, which is $340,800.
Since we're looking for the cash collected (or the credits to the account), we subtract the ending balance. This end balance is $64,800.
When we calculate: $66,500 (initial balance) + $340,800 (revenue) - $64,800 (end balance), we get a cash inflow from operating activities of $342,500.
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A variable can be called or referenced before it has been defined.
O True
O False
Answers
Answer:
True.
Explanation:
A summary budget, one that contains the combined information of the flexible and operating budgets and is compiled
annually for the consideration of upper management, is called a____
-master
-operating
-industry standard
-start up
-accounting
Answers
Answer:
master
Explanation:
A master budget is an integration of all other functional budgets such as sales, purchases, marketing, and production. It is prepared when all the other budgets have been completed. The master budget is a summary budget that indicates the planned activities of the business for the coming period.
Master budgets have to be approved by the top management before implementation. A Master Budget shows the projected operating profit of the company for the coming financial period. It also portrays how the balance sheet will be at the close of the period.
Tasks performed by a housekeeper might include:
A.) check-in guests
B.) vacuum
C.) replace bedcovers
D.) dust
(please help :D)
Answers
Answer:
c and d
Explanation:
Answer:
b, c, or d................
Who may be affected by monetary penalties imposed by the Internal Revenue Service when a Tax Professional fails to meet due diligence requirements?
Answers
Answer:
Both the tax practioner and the assessee will be liable for penalties under IRS 6695(a)
Explanation:
When a tax preparer is paid to arrange the tax return of a client they must follow preparer due diligence laws.
This is the case when the preparer is trying to get a refund of earned income tax credit, child tax credit, American opportunity tax credit, or filing of head of household status.
The effect on the tax preparer's client include:
- refund of amounts collected in error because of wrong return
- a two year ban from claiming credits if error is due to recklessness
- a ten year ban if error is as a result of fraud
The consequences for the tax preparer includes:
- for each requirement not met a $500 penalty
- suspension from the IRS e-file
- a ban from tax preparations
- in cases of fraud criminal charges can be made
State College Steak House pays $600 per month for radio ads to promote their restaurant. Which type of monthly expense would this marketing expense be considered as?
Controllable, fixed
Controllable, variable
Non-controllable, fixed
Non-controllable, variable
Answers
The marketing expense for radio ads would be considered as a controllable, fixed monthly expense.
Controllable expenses are those that can be directly influenced or controlled by the management of the business. In this case, the restaurant has the ability to decide whether to allocate funds towards radio ads and can adjust the amount spent on advertising based on their marketing strategy and budget. Additionally, the expense is fixed because it remains constant at $600 per month, regardless of the level of sales or other factors.
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which kind of flour contains more gluten and less starch
a.all purpose flour
b.bread flour
c.cake flour
d.soft flour
Answers
Answer: b. bread flour
Explanation:
Different types of flour have varying gluten and starch content which is as a result of the kind of wheat used in making the flour.
Bread flour which is also called hard flour has gluten content of 13 to 14% which makes it the highest of the options. All purpose flour has around 12%, Cake flour has about 7.5 to 9% and soft flour is quite low as well.
the operating revenue remaining after cost of merchandise sold has been deducted is
Answers
The operating revenue remaining after deducting cost of merchandise sold is known as gross profit.
What is a gross profit?Gross profit refers to the amount remaining after deducting all the expenses involve in production, transportation and promotion of goods.This is total profit a business is gained.
The gross profit is calculated by subtracting cost of goods sold from total sales where cost of goods sold includes all cost for selling an item.For example raw material, labour, storage costs and so on.
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A manufacturer of paper bags had a contract with a retail grocer to supply the grocer with paper bags on a quarterly basis. The grocer had always complied with the payment terms of the contract, which give the grocer a month after receipt of the paper bags to pay for them. The manufacturer heard a rumor that the grocer had consistently failed during the past several months to timely pay a frozen food company for merchandise delivered to the grocer. The rumor was false, but led the manufacturer, as well as other companies that supplied goods to the grocer, to reasonably question the retailer's ability to pay for their goods.
Forty-five days before the next shipment of paper bags was due, the president of the manufacturer called the grocer and demanded that the grocer provide assurances that it could pay for the paper bags. The grocer did not give the manufacturer assurances before the next shipment of paper bags was due.
If the manufacturer fails to make the next shipment, which of the following provides the grocer with the best argument that the manufacturer is in breach of the contract?
A. The manufacturer cannot demand assurances because the grocer has not breached the contract.
B. The manufacturer has not given the grocer sufficient time in which to provide assurances.
C. The manufacturer's demand for assurances was not in writing.
D. The rumor about the grocer's inability to pay for goods on time was false.
Answers
if the overnight fed funds rate is quoted as 1.15 percent, what is the bond equivalent rate? calculate the bond equivalent rate on fed funds if the quoted rate is 1.40 percent
Answers
The bond equivalent rate on fed funds would be 1.44% if the quoted rate is 1.40 percent.
The bond equivalent rate is the annualized yield on a discount instrument, such as a treasury bill or commercial paper, calculated on a bond-equivalent basis.
To convert an overnight fed funds rate into a bond equivalent rate, we first need to adjust for the fact that the overnight rate is quoted on an actual/360-day basis, while a bond equivalent rate is based on a 365-day year. Therefore, we need to divide the quoted rate by 360 and then multiply by 365 to get the bond equivalent rate.
So, if the overnight fed funds rate is quoted as 1.15 percent, the bond equivalent rate would be:
Bond equivalent rate = (1.15/360) x 365 = 1.16%
Similarly, if the quoted rate on fed funds is 1.40 percent, the bond equivalent rate would be:
Bond equivalent rate = (1.40/360) x 365 = 1.44%
Overall, it's important to understand the concept of bond equivalent rates as they allow for easy comparison of yields on different types of debt securities with varying maturities and payment structures.
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“I’ve been at my job for four days, and I’ve already met all my coworkers!” Amber says. Which type of business does Amber MOST likely work for?
Answers
How do you approach Marketing design for a production?
Answers
2. A prototype
3. Final product
A transaction in which a writer covers a position by purchasing an option is called:
A. A closing sale
B. A closing purchase
C. An opening sale
D. An opening purchase
Answers
A transaction in which a writer covers a position by purchasing an option is called A closing purchase therefore the correct option is B.
A ending purchase is a sale in which a pen covers a position by selling an option. This type of sale is used when the pen of an option has vended the option and now wants to close out their position. In this type of sale, the pen will buy an option of the same type as the bone that was vended, in order to close out the position.
This type of purchase is typically done to limit their implicit losses and cover their gains. It also helps to reduce their overall threat by limiting the quantum of time that the position is open. By closing out the position, the pen can be sure that they won't be exposed to any closing purchase.
the correct option is B
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Why do you think the economy tends to perform well and then go into a recession?
Answers
This commonly known as the Boom and Bust. Eventually times changes with resources, innovation and accessibility. Once leading top call me later run low these changes economy recedes but then builds up again with a new innovation
Disadvantages of choosing a job that is extremely popular or in demand
Answers
The disadvantage of choosing a job that is very popular or a job that is in high demand is that after a while such a job may become saturated or it would become monotonous.
What is a high demand job?This is the term that is used to refer to a job that the people that wpould employ labor are constantly in need of. Such a job is one that would require the people that have the qualification to opt in and get the places and the roles that they are to fill.
The issues that may arise from such a job that is in high demand is that after a period, such a job may have a lot of persons that would want to fulfil the role.
The number of qualified persons may become more than the job that is available for the people to do in the long run.
Hence this is a disadvantage. Therefore I would conclude by saying that the disadvantage of choosing a highly popular job is that the number of persons that are willing to fulfil the role may exceed the job overtime.
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People achieve ______ when they have "balanced their margins" according to the utility-maximizing rule
Answers
It should be noted that People achieve Consumer's Equilibrium when they have "balanced their margins" .
What is Consumer's Equilibrium?Consumer's Equilibrium can be explained as the maximum satisfaction state by a consumer.
It is a situation where a income is been used to purchase one or more commodities by consumer so as to achieve maximum satisfaction.
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How does a command economy answer the three economic questions?
(1) what to produce, (2) how to produce, and (3) for whom to produce.
Answers
Answer:
key terms in purest from a market economy answers the three economic questions by allocating resources and goods through markets where prices are generated. In its purest form, a command economy answers the three economic questions by making allocation decisions centrally by the government.
Answer:
is it (3) for whom to produce.
Explanation:
reference is macmillan learning achieve macroeconomics
1. If the frictional rate of unemployment is 1%, the structural rate of unemployment is 2.1%, and the total unemployment rate is 7%, then we can conclude that:
A) the cyclical rate of unemployment is 3.1%.
B) 7% of workers in the labor force are underemployed.
C) the economic growth rate is –7%.
D) the equilibrium rate of unemployment is 3.1%.
Answers
The correct option is D. It is the natural rate of unemployment at the long-run equilibrium. It is 3.1%. It is the sum of frictional unemployment and structural unemployment only.
Unemployment and the popularity of the economy may be influenced by the aid of a country through, for example, monetary policy. moreover, the economic authority of a country, including the valuable bank, can affect the provision and value of cash via its economic coverage.
Further to theories of unemployment, some categorizations of unemployment are used for more exactly modeling the results of unemployment inside the monetary machine. a number of the principal varieties of unemployment consist of structural unemployment, frictional unemployment, cyclical unemployment, involuntary unemployment, and classical unemployment. Structural unemployment focuses on foundational troubles inside the economy and inefficiencies inherent in exertions markets, which include a mismatch among the delivery and call for workers with important ability units. Structural arguments emphasize reasons and answers associated with disruptive technology and globalization.
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Why is Feeney called a hero/saint?
Answers
Answer:
In 1982, he decided he would commit to giving away his billions during his lifetime. He is broke now. Gave away and donated over $8million. His motto was "giving while living "
Explanation: