The following transactions occurred during a recent year:
a. Paid wages of $1,600 for the current period (example).
b. Borrowed $8,000 cash from local bank using a short-term note.
c. Purchased $3,200 of equipment on credit.
d. Earned $640 of sales revenue; collected cash.
e. Received $1,280 of utilities services, on credit.
f. Earned $2,700 of service revenue, on credit.
g. Paid $480 cash on account to a supplier.
h. Incurred $110 of travel expenses; paid cash.
i. Earned $640 of service revenue; collected half in cash, with balance on credit.
j. Collected $180 cash from customers on account.
k. Incurred $460 of advertising costs; paid half in cash, with balance on credit.
Required:
1. For each of the transactions, complete the table below, indicating the account, amount, and direction of the effect (+ for increase and - for decrease) of each transaction under the accrual basis. Include revenues and expenses as subcategories of stockholders' equity, as shown for the first transaction, which is provided as an example.
Assets = Liabilities + Stockholders' Equity
a Cash (1,600) Salaries & wages expense (1,600)
b Cash 8,000 Notes Payable (short-term) 8,000
c Equipment 3,200 Accounts Payable 3,200
d Cash 640 Sales revenue 640
e Accounts Payable 1,280 Utilities expense (1,280)
f Accounts Receivable 2,700 Service revenue 2,700
g Cash (480) Accounts Payable (480)
h Cash (110) Travel expense (110)
i Cash 320
Accounts Receivable 320 Service revenue 640
j Cash 180
Accounts Receivable (180)
k Cash (230) Accounts Payable 230 Advertising expense (460)
2. Determine the company's preliminary net income.
Answers
Answer:
1) I used an excel spreadsheet because there is not enough room here.
2) preliminary income = $530
preliminary earnings are $530.
What is a transaction?
Economic transactions involve the exchange of products, the provision of services (such as risk-taking and saving), and the movement of funds and other investments between nationals of different countries. The following two types of economic transactions.
The phrase can also be used to describe the entire group of consumers of a commodity or service. In a market, buyers and sellers come together to exchange goods and services. A country's economic exchanges with the rest of the world are summarized in the balance of payments.
The export and import of products, services, and financial assets, as well as transfer payments, are among these transactions (like foreign aid). For 'open' economies like Australia, the balance of payments is a crucial economic indicator.
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Related Questions
A portfolio manager believes interest rates will drop and decides to sell short-duration bonds and buy long-duration bonds. This is an example of _____________ swap.
a. a pure yield pickup
b. a substitution
c. a rate anticipation
d. an intermarket spread
Answers
Answer:
C) a rate anticipation
Explanation:
A rate anticipation swap can be regarded as a bond trading strategy that is used whereby there is exchange of exchanges of bond portfolio by trader in anticipation of expected interest rate movements.
Rate anticipation swap can be regarded as trading strategy involving
bonds swapping on the basis of varying maturity dates. this bond swapping are done according to their present period as well as their movement rate prediction.
Making money is always on the agenda of the media.
True
False
Answers
Jessica works as an accountant for a small business. She needs to prepare the business's books of accounts, as well as budget plans. Therefore, she needs to create and organize such financial data in a tabular form. Which computer program would best sult Jessica's needs?
O A word processing software
OB. presentation software
OC. database software
OD spreadsheet software
OE email software
Answers
There are different applications that can help one to arrange data. The computer program would best suit Jessica's needs is spreadsheet software
A spreadsheet is known to be a computer application that is mostly used for the organization, analysis, and storage of data mostly in a tabular form.
There are different mean of Data organization. The guidelines to follow are;
Always arrange similar items in the same column Do keep a range of data in different places Place all critical data above or below the range Try and omit blank rows and columns in a range Make sure to show all rows and columns in a range.
A spreadsheet program is known to be a common feature of an office productivity suite. Due to the creation of web apps, office suites are known to be available in web app form.
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Which best describes how consumers may benefit from specialization?
Consumers can only purchase high-quality goods.
Consumers have more price options.
O Consumers receive more sale offers.
O Consumers find products at lower prices.
Answers
In specialization a company have produced the product at different price levels. Consumers have more price options.
What is consumer?A consumer is a person who purchases the goods and or services from the business and is also the ultimate user of the products or services. In specialization the company produces a certain product at many different levels by which they have many price options available which vary according to their customization and quality that can be offered to the consumers and hence the customer can purchase different types of a single product from a single company or Brand.
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in the short run, which of the following firms should attempt to produce where average costs are at a minimum in order to maximize profits or minimize losses?
a. perfectly competitive firm
b. a monopolistically competitive firm
c. an oligopoly
d. a monopoly
e. none of the above
Answers
Answer: A perfectly competitive firm
Explanation:
At Bell’s Furniture, assemblers are paid according to the following differential piece rate scale: 1−20 dressers in a week, $7 each; 21−30 dressers, $9.50 each; and $14 each for every dresser over 30. Liz Henderson assembled 47 dressers in one week. Find her gross pay
Answers
Answer:
$658
Explanation:
Henderson assembled 47 dressers in the week.
Her applicable pay rate is $14 per piece since she assembled over 30 dressers in one week.
her gross pay for the week
=$14 x 47
=$658
Roy’s Dairy purchases land for $200,000, paying $50,000 and financing the rest with a bank loan.
Fill in the appropriate amounts from the drop down menus in order to record the journal entry for the transaction above (every dropdown requires an answer, however, if there is nothing that should go into the cell, select "Blank").
Answers
Answer:
$300,0000
Explanation:
you can use $200,000-50,000
Liquidity ratios indicate the degree to which a firm can
A.generate sufficient profit from its assets.
B.produce adequate dividends.
C.satisfy its creditors in a timely fashion.
D.finance its assets.
Answers
Answer:
A
EXPLANATION:
Create a list of five action verbs you might use on a job application to describe skills and/or work history. Here are some examples: (organized, produced, selected, coordinated, contributed). Find five other than the examples.
Answers
Answer:
Examples:
• accomplished
• designed
• initiated
• supervised
• addressed
• corresponded
• persuaded
• publicized
• reconciled
• executed
• monitored
• operated
• consolidated
• appointed
• delegated
• established
Explanation:
Action verbs: One type of power word is an action verb. This kind of verb shows your ability to succeed. These words demonstrate the skills you have used in previous jobs to achieve success. I added in some more because I'm extra.
Hope this helps. :)
Action verb describes motion, which includes running, jumping, kicking, beating, breaking, crying, smiling, or thinking.
What are Action verbs?Action verbs are additionally referred to as bendy actions, explicit motions whether not bodily or mental. The verb describes what the sentence maker is doing.
So are a few examples of the action verbs are:
planning (you can plan accordingly - for example, your daily life and your plan)Include (such as tasks or other items that can help complete a task on time)Analyze (this will be great, so review the details, analyze the issue to manage it, but also follow the rules)You're ready (good and ready for the start of your shift, or maybe you have the stuff for the next shift that will start after you)Design (this can be followed by several tasks, you have the skills to design / present ideas to the table such as website ideas, sales items to attract sales, pick lines to sell items)
Thus, action verbs are good to include in your resume as well, this makes your skills stand out.
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If you were to start your own business mention four steps which will bring you closes to your goal.
Answers
When I start my own business, the steps that will bring me closer to my goals are:
I will conduct market research in the area of my business.I will write my business plan. I will make my business legal.Fund the business and choose the right location for it.Why start my own business?Starting your own business is known to be one that has a lot of financial benefits that is based on working for a wage or salary.
Conclusively, The steps a person need to take to build their business is that one need to have full knowledge about the business and make sure that the business makes profits.
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All of the following options represent primary goals of government spending EXCEPT... A. National Parks maintenance
B. Military
C. Public school education
D. Innovative consumer products
Answers
All of the following options represent primary goals of government spending except D. Innovative consumer products
What is the goals of government spending ?It should be noted that the Government Spends Money in order to provide services, such as defense, roads, and bridges, as well as merit-based amenities like hospitals and schools,,
However this can encompass welfare payments and benefits like unemployment and disability insurance.
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What impact will increase consumer confidence have on equilibrium?
A. GDP will go up, unemployment will go up, and inflation will go up.
B. GDP will go up, unemployment will of down, and inflation will go up.
C. GDP will go down, unemployment will go up, and inflation will go down.
D. GDP will go down, unemployment will go down, and inflation will go down.
Answers
The impact that an increase in consumer confidence have on equilibrium is B. GDP will go up, unemployment will go go down, and inflation will go up.
What is consumer confidence?Consumer confidence is a type of economic indicator that gauges how optimistic people are about both their individual financial conditions and the state of the economy as a whole.
An economic indicator is consumer confidence. It gauges consumers' level of assurance over the general health of the economy. It also gauges the degree of assurance people have in the steadiness of their income. Their level of confidence affects their financial choices, including their spending behavior.
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____________ is key for helping an organization determine how information systems can be leveraged to achieve company goals and objectives.
A. An existing rivalry
B. Porter's first force
C. A new entrant
D. Bargaining power
E.
Competitive strategy
Answers
Option B is correct. Porter's first force is key for helping an organization determine how information systems can be leveraged to achieve company goals and objectives.
What Are Porter's Five Forces?By examining the five competitive forces established and examined by Porter's Five Forces model, it is possible to determine an industry's strengths and weaknesses. The Five Forces analysis is frequently used to assess the structure of an industry and define company strategy. Porter's model can be applied to any area of the economy to enhance a company's long-term profitability and more accurately assess the level of industry rivalry. The Five Forces model was developed by Harvard Business School professor Michael E. Porter. Porter recognised five forces, and they are as follows:
The market is competitive. the potential entry of new rivals into the market. the power of suppliers. the influence of consumers and the threat of subpar goods.
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Quickbrush Paint Company is developing a linear program to determine the optimal quantities of ingredient A and ingredient B to blend together to make oil-based and water-based paint. The oil-based paint contains 90 percent A and 10 percent B, whereas the water-based paint contains 30 percent A and 70 percent B. Quickbrush currently has 10,000 gallons of ingredient A and 5,000 gallons of ingredient B in inventory and cannot obtain more at this time. Assuming that x represents the number of gallons of oil-based paint, and y represents the gallons of water-based paint, which of the following constraint correctly represents the constraint on ingredient A?
a. 0.9x + 0.3y ≤ 10,000
b. 0.9A + 0.1B ≤ 10,000
c. 0.9x + 0.1y ≤ 10,000
d. 0.3x + .7y ≤ 10,000
Answers
Answer:
Constraint A is represented by 0.9x + 0.3y ≤ 10,000
Explanation:
Linear programming is a mathematical model that is used to solve a problem when a firm wants to maximize profit in the midst of multiple resource constraints.
The following steps should be followed:
Step 1: Define the variables
x= the gallons of oil-based paint
y= the gallons of water-based paint
Step 2: Define the constraints:
The constraints represent the limitations which could be resource; in this case ingredients A and B. Since the constraint in focus is A, so we only consider A
Constraint A = 0.9x + 0.3y ≤ 10,000
Non-negativity constraints x, y ≥ 0
Since the total inventory amount of ingredient A available is 10,000 gallons then the total consumption can either be equal to or less than 10,000, but can never be higher than 10,000
Constraint A is represented by 0.9x + 0.3y ≤ 10,000
At the end of the current year, Accounts Receivable has a balance of $2,150,000; Allowance for Doubtful Accounts has a debit balance of $10,500; and sales for the year total $51,850,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $110,000.
a. Determine the amount of the adjusting entry for uncollectible accounts.
b. Determine the adjusted balances of (i) Accounts Receivable (ii) Allowance for Doubtful Accounts (iii) Bad Debt Expense.
c. Determine the net realizable value of accounts receivable.
Answers
Answer:
a. Allowance for doubtful accounts = Unadjusted balance + Adjusted balance
= $10,500 + $110,000
= $120,500
b. i)The adjusted balance of accounts receivable shall be $2,150,000(adjusted debit balance)
ii) Adjusted balance = Bad debt expense - Unadjusted balance
= $120,500 - $10,500
= $110,000 (Adjusted credit balance)
iii) Adjusted bad debt expense = Unadjusted balance of allowance for doubtful accounts + Adjusted balance allowance for doubtful accounts
= $10,500 + $110,000
= $120,500 (Adjusted debit balance)
c. Net realizable value = Gross accounts receivable - Allowance for doubtful accounts
= $2,150,000 - $110,000
= $2,040,000
Question text
Raw fish must be cooked to a minimum temperature of:
Select one:
a. 165 °F.
b. 180 °F.
c. 145 °F.
d. 155 °F.
Answers
Which of the global PR strategies does the Coca-Cola website use
your discussion with examples from the website.
Answers
Coca- Cola uses a combination of global PR strategies on its website. The company has historically employed the standardization approach.
Presenting a harmonious brand communication and image across all requests. Coca- Cola also adapts its communication to specific original requests following the localisation strategy. On its website, Coca- Cola features elevations, events, and marketing campaigns that appeal to indigenous requests while still adhering to the company's core values. also, Coca- Cola recognises artistic differences, employing across-cultural strategy in its global communication.
By exercising these approaches, Coca- Cola can maintain a consistent brand identity while connecting with different consumers across various requests.
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D'Unique Enterprise, a company that manufactures hair growth oil is preparing for its upcoming financial year (2021). D’Unique' is seeking a loan from JNT Bank to purchase equipment that will be used to package the oils in anticipation of sales. The loans officer at the bank requesting the company's upcoming financial year's budget to assess their cash position to repay the loan The following information was used torrepare the master budget for D’Unique Enterprise: A. Sales/Collection Sales unit in the fourth quarter of 2020 will be 2500 units and is expected to increase by 500 units over each quarter in 2021. Selling price is $60 per unit. All sales are on account. Management expects future sales collection to follow past experiences. Customers pay 60% in the quarter of sales and 40% in the quarter following sales. Accounts receivable for December 31, 2020 is expected to be $60,000. B. Production To reduce the risk of a stock-out or idle time, D'Unique Co. has maintained an ending inventory policy of 20\% of the following quarter's sales unit. C. Direct material Each bottle of hair growth oil requires four ounces of liquid which cost $3.50 per ounce. The company wants to maintain an ending inventory of raw materials equal to 10\% of the next quarter's production requirements. Ending inventory of raw material for the fourth quarter of 2020 will be 1,520 ounces. Payments to suppliers for the purchase of direct material are done in two tranches - 70% in the quarter of purchase and 30% the quarter following purchase. Accounts payable of $10,600 at December 31, 2020, is expected to be paid in full in the first quarter of 2021. D. Direct Labour The standard wages rate of direct labour is $10.00 per hour.
Answers
What is the benefit in reaching the absolute advantage in the production of one good?
Oto produce more units of a good than other countries
to produce fewer units of a good than other countries
Oto produce more units of a good while using fewer resources
Oto produce fewer units of a good while using fewer resources
Answers
The benefit in reaching the absolute advantage in the production of one good to produce more units of a good than other countries. Option A is correct.
What is the absolute advantage?The ability of a party to produce a good or service more efficiently than its rivals is the foundation of the principle of absolute advantage. This idea or principle was first introduced in 1776 while covering international trade and using labor as the sole input.
Therefore, option A is correct.
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In which situation would a banker's draft be used?
A. When a person is traveling in another country and does not want
to carry a lot of cash
B. When a buyer doesn't want to wait for the seller to confirm that
funds exist in an account
C. When a buyer wants to purchase a large number of items at once and wants the seller to have quick access to funds
D. When the person making the payment wants money to be
available in the receiving bank's account
Answers
Banker's draft can be used when the person making the payment wants money to be
available in the receiving bank's account.
What is bank draft?Banker's draft is a a form of cheque that is given to a customer at the bank either for a purchase payment.
It can also be brought to another bank for remittance, it serves as evidence for transactions.
Therefore, a banker draft can be used when the person making the payment wants money to be
available in the receiving bank's account.
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Answer:
D. When the person making the payment wants money to be
available in the receiving bank's account
Explanation:
A banker's draft is used as a guarantee of payment to another bank or financial institution. Nonetheless, when someone wants money to be available in the receiving bank's account they use a banker's draft.
Beverly Mills has decided to lease a hybrid car to save on gasoline expenses and to do her part to help keep the environment clean. The car she selected is available from only one dealer in the local area, but that dealer has several leasing options to accom-modate a variety of driving patterns. All the leases are for 3 years and require no money at the time of signing the lease. The first option has a monthly cost of $330, a total mileage allowance of 36,000 miles (an average of 12,000 miles per year), and a cost of $0.35 per mile for any miles over 36,000. The following table summarizes each of the three lease
options:
(See photos below)
Answers
Beverly Mills has three leasing options to choose from. Each of these options differs in terms of the monthly cost, the total mileage allowance, and the cost for any miles over the set mileage allowance. Depending on her driving patterns, Beverly Mills can select the option that suits her the best.
Beverly Mills decided to lease a hybrid car to save on gasoline expenses and to do her part to help keep the environment clean. The car she selected is available from only one dealer in the local area, but that dealer has several leasing options to accommodate a variety of driving patterns.All the leases are for 3 years and require no money at the time of signing the lease.
The three lease options available to Beverly Mills are as follows:
Option 1:Monthly cost: $330Total mileage allowance: 36,000 miles (an average of 12,000 miles per year)Cost for any miles over 36,000: $0.35 per mile
Option 2:Monthly cost: $460Total mileage allowance: 45,000 miles (an average of 15,000 miles per year)Cost for any miles over 45,000: $0.45 per mile
Option 3:Monthly cost: $540Total mileage allowance: 60,000 miles (an average of 20,000 miles per year)Cost for any miles over 60,000: $0.55 per mile
Therefore, Beverly Mills has three leasing options to choose from. Each of these options differs in terms of the monthly cost, the total mileage allowance, and the cost for any miles over the set mileage allowance. Depending on her driving patterns, Beverly Mills can select the option that suits her the best.
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On June 1, Barlow Inc. performed services and billed its client, Bertram Enterprises $1,500. On June 9, Bertram paid the account in full. The combined effect of these two transactions on Bertram’s tabular analysis is:
Answers
The effect of these two transactions is that, Bertram liability towards the payment of the amount of bill will decrease on June 9.
What is bill?A bill is defined as an instrument that is given to another person as a proof of purchase, and it also denotes that how much the amount would be paid by one person to another.
On June 1, Barlow Inc. completed work for Bertram Enterprises and billed them $1,500. Bertram paid the account in full on June 9th.
Bertram's tabular analysis is affected by the combined effect of these two transactions, are shown in the image below.
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Saucony is considering adding a new item to its Hurricane line of running shoes to increase its product line depth. All options would be acceptable EXCEPT: Selected Answer: inserting an item of a price and performance level that fills a gap between two existing items. inserting an item of a price and performance level that fills a gap between two existing items. Answers: adding a new private-label product. adding a lower-priced item that is still capable of satisfying the needs of some customers. adding a higher-priced shoe with a higher performance level.
Answers
Except for introducing an additional private-label product, all alternatives would be acceptable. (Choice b)
What do we mean by a product with a private label?A house brand, also known as a private label or private-label trademark, is a product line sold by one firm in competition with products from other companies. Goods sold under a company's own brand but produced by an outsider known as a private label producer are referred to as "private label." In those other words, the business that markets and sells the product is distinct from the business that really manufactures it. One of the most well-known private label brands in the world is Costco's house brand.
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Ken borrowed $6,000 for 4 years at a rate of 7% simple interest per year. How much interest will ken have to pay after paying back the borrowed amount?.
Answers
Issues with interest. Ann put $12,000 into two different bank accounts. One of the accounts offers 6% yearly interest, while the other offers 5%.
What is the definition of "interest"?
A feeling that is associated with or draws attention to a certain object or person: A worry-inducing object or person is referred to as a concern. a fascinating quality in something or someone.
Interest, to put it as simply as possible, is the price of borrowing money. It's the amount you owe your lender from a credit card or loan balance. However, there are other ways to get interest paid to you; the most common ones are certificates of deposit and savings accounts.
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Answer:
The answer would be B, $1,680
Step-by-step explanation:
So first of all you want to start by finding what P, r and t would be.
P = Principal amount ($$)
r = interest rate (%)
t = time
Once I found all of those I put them into the equation (l = Prt) and solved. That's how I came up with $1,680. Check out the screenshot I have provided for all my work! :)
Have a great day!
Ada PLC has issued 15% N100m irredeemable debentures currently valued at N95m. Interest is to be paid one week. Corporate tax rate is 40%. Required: Calculate the cost of the debenture capital
Answers
The cost of debenture capital for Ada PLC can be found to be 9. 81%.
How to find the cost of debenture capital ?The formula to find the cost of debenture capital is:
Cost of debenture capital = ( Interest x ( 1 - Tax rate )) / Market value
The cost of the debenture capital issued by Ada PLC is therefore :
Cost of debenture capital = ( 0. 15 x ( 1 - 0 . 4 )) / 0.95
= 0. 0981
= 9. 81 %
This means that the cost of the debenture capital is 9. 81% .
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high-performing teams include members who typically hold which of the following values?
Answers
Answer:
a high need for achievement
Explanation:
A team can be defined as a group of people or set of individuals with various skill set, knowledge and experience coming together to work on a project or task in order to successfully achieve a set goal and objective.
This ultimately implies that, a team comprises of individuals, workers or employees having complementary skills, knowledge and experience needed to execute a project or task successfully. Therefore, workers working as a team usually interact with the other team members and as a result, this enhances performance and strengthen the level of relationship they share.
High-performing teams include members who typically hold a high need for achievement.
Hence, teams that perform exceptionally and excellently are usually made up of members that are keen on adding more feathers to their coat i.e they have a great urge or desire to reach greater heights and milestones.
a public good is group of answer choices any good or service that is now being provided by the local, state, or federal government. any product that provides its benefits only to the party purchasing it. a product that provides benefits equally to those who purchase the product and those who do not. a product that is produced by a government-owned business.
Answers
A public good is a product that helps everyone equally, regardless of whether they buy it or not.
- A good or service that is made available to everyone in a society is referred to as a public good in economics. Governments normally offer these services, and the associated expenses are paid for through taxes. The rule of law, national defense, and law enforcement are a few examples of public goods.
- Almost everywhere, the government has a big hand in providing things like infrastructure, education, national defense, security, and fire and environmental protection. The term "public goods" is frequently used to describe these products.
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. AT&T's decision to move its corporate headquarters meant that about 700
of the company's best-paid executives were moving to the Dallas area.
What did that probably do to the demand curve for expensive homes in the
Dallas area?
A. Shift to the left B. Shift to the right
Answers
Answer:
nn
Explanation:
d
Shamrock Incorporated had 46,400, $2.50 preferred shares issued. It did not pay a dividend to the preferred shareholders in 2023 and
2024.
What are the dividends in arrears, if any, at December 31, 2024, if the shares are cumulative?
Answers
The dividends in arrears for Shamrock Incorporated at December 31, 2024, are $116,000.
Dividends in arrears are a way of measuring the amount of dividend payments that are owed to shareholders but have not been paid.
Dividends that have not been paid are known as dividends in arrears.
If the shares are cumulative, this means that the company must pay any missed dividends before paying common stockholders dividends.
If preferred stock dividends are cumulative, they must be paid in full before any dividends can be paid to common shareholders.
The dividends in arrears for Shamrock Incorporated at December 31, 2024, can be calculated using the following formula:
Dividends in arrears = (Number of preferred shares) x (Dividend rate) x (Number of years in arrears)
Number of preferred shares = 46,400
Dividend rate = $2.50 per share per year
Number of years in arrears = 1 year (since no dividend was paid in 2023)
Dividends in arrears = (46,400) x ($2.50) x (1)
Dividends in arrears = $116,000
Therefore, the dividends in arrears for Shamrock Incorporated at December 31, 2024, are $116,000.
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Which management approach is aligned with Octavio's implementation of teleworking?
Answers
Systematic management approach is aligned with Octavio's implementation of teleworking
What is teleworking?Teleworking, also known as telecommuting or remote work, refers to a work arrangement where employees can perform their job duties outside of a traditional office setting, such as from home, a co-working space, or another remote location. Teleworking usually involves using technology, such as computers, phones, and video conferencing, to communicate with colleagues and complete work tasks.
Teleworking has become increasingly popular in recent years, as advances in technology have made it easier for people to work from anywhere with an internet connection. Teleworking offers a number of benefits, including increased flexibility, reduced commuting time and costs, and improved work-life balance. It can also help employers reduce office expenses and attract a wider pool of job candidates.
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