Answers
True
The maximin criterion is the idea that government should aim to maximize the welfare of the most disadvantaged people in society. Which means the government must prosper the people who are difficult in terms of the economy.
The government exists to serve the people. Government officials at any level are indeed held for the purpose of improving the welfare of the people they lead. So, if officials ask to be served by the people it is the other way around. It is officials and apparatus who must serve the people. It's not the people who have to rush to prepare a welcome plus millions of pocket money every time an official arrives, but it's the officials who should often come to the people with gifts. It is the officials who must give in and give priority if the people want to pass and not vice versa. Officials collaborating with the council must try their best to find a way for the welfare of the people. There are so many sources of our natural wealth that can be used for the greatest prosperity of the people.
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Related Questions
The engagement team performed testing of the tax account rollforward and documented the following for testing of the income tax payments for the
current year, "Agreed balance to Tax payments/refunds schedule prepared by the client without exception." Which is the best response as a result of
your review?
Answer the question, then select Confirm
A. You consider the source of the payments/refunds schedule noting it comes from a key system and ITGCs were deemed to be
effective and add this fact to the team's documentation.
B. Additional procedures are not necessary, as the appropriate tie-out procedures were performed.
C. You consider the testing over the accuracy and completeness of management's schedule which has been performed in a
separate EGA, ensure the balance in the rollforward agrees to the testing performed, and enhance the tax team's documentation to
reference the additional testing.
D. As part your review of the team's work, you re-perform their procedures by agreeing the balance to the payments/refunds
schedule obtained from the client.
Confirm
Answers
The best response that you would have as a result of your review would be ; You consider the testing over the accuracy and completeness of management's schedule which has been performed in a separate EGA, ensure the balance in the roll forward agrees to the testing performed, and enhance the tax team's documentation to reference the additional testing.
What does it mean to carry out testing of tax account?This is the term that has to do with the performing of the procedure in such a way that it would be able to take care of an underlying account record or a given transaction.
The answer to this question is option C. You would have to ensure that you consider the testing over the accuracy and completeness of management's schedule.
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what are Five Reasons Why We Impulse Buy
Answers
Answer:
I want to implore business so are can get money
Answer:Enjoyment, Loss aversion, Thinking you have spotted a bargain, The need to stockpile, and Biased evaluation of use.
Explanation:
materials requisition forms are used for ____. multiple select question. a.specifying the cost of materials to be ordered b.summarizing the cost of a job c. controlling the flow of materials into production d. making journal entries in accounting records
Answers
Materials requisition forms are used for controlling the flow of materials into production. Hence, option C is appropriate.
What is the meaning of Production?The process of mixing several inputs, both material and immaterial, to produce output is known as production. In a perfect world, this output would be a product or service that is useful to people and has value.
Producing something is the act of creating something out of components or raw resources. To put it another way, the production employs inputs to produce an output that is fit for consumption—a good or product that has value for a customer or end-user.
Hence, option C is correct.
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Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax’s sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $400,000. During 2021, Halifax sold merchandise on account for $12,500,000. Halifax merchandise costs it 70% of merchandise selling price. Also during the year, customers returned $613,000 in sales for credit, with $338,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the year. A) Prepare the entry to record the merchandise returns and the year-end adjusting entry for estimated returns. Note: Record the estimated returns at net amounts. B) What is the amount of the year-end allowance for sales returns after the adjusting entry is recorded?
Answers
A)To record the merchandise returns: Sales Returns and Allowances $613,000 Accounts Receivable $613,000 To record the year-end adjusting entry for estimated returns:
Estimated Sales Returns and Allowances $625,000Allowance for Sales Returns and Allowances $625,000 The estimated sales returns and allowances of $625,000 is calculated as follows: Sales = $12,500,000 Estimated returns (5% of sales) = $625,000 Since $338,000 of the returns were for merchandise sold prior to 2021, we need to subtract this amount from the total returns to determine the amount of returns for merchandise sold during 2021: Returns for merchandise sold during 2021 = $613,000 - $338,000 = $275,000 The net amount of the estimated returns is calculated as follows: Estimated returns = $625,000 Less: Returns for merchandise sold prior to 2021 = $338,000 Net estimated returns for merchandise sold during 2021 = $287,000 The adjusting entry is recorded for the net estimated returns of $287,000. B) The year-end allowance for sales returns after the adjusting entry is recorded is calculated as follows: Refund liability at the beginning of the year = $400,000 Add: Returns for merchandise sold during 2021 = $275,000 Subtract: Net estimated returns for merchandise sold during 2021 = $287,000 Year-end allowance for sales returns = $388,000 Therefore, the year-end allowance for sales returns after the adjusting entry is recorded is $388,000.
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Question 2 of 10
As an employee, which of the following is a situation where you would make a
report to OSHA?
A. Your employer did not notify OSHA within one hour of a workplace
hospitalization.
B. Your employer informed you about chemical hazards in the
workplace.
C. Your employer fired you for not taking the required safety
precautions.
D. Your employer requires workers to buy their own safety
equipment.
Answers
The final option is the best choice because Your employer mandates that employees purchase their own safety gear.
What does OSHA stand for?A situation where workers are immediately at risk of serious physical harm or death is OSHA's top priority for inspection. Any fatality, catastrophe, or accident requiring the hospitalisation of three or more employees receives second priority.
The Occupational Safety and Health Administration (OSHA) was established by Congress with the Occupational Safety and Health Act of 1970 to ensure that workers have safe and healthy working conditions by establishing and enforcing standards as well as by offering outreach, education, and assistance.
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What do you feel are the advantages of tracking and managing the gross profit margin percentage in your business?
Answers
Tracking and managing the gross profit margin percentage empowers businesses to assess financial performance, control costs, set prices effectively, benchmark against competitors, make informed decisions, and ensure financial stability and growth.
Tracking and managing the gross profit margin percentage in a business offers several advantages:
Financial Performance Analysis: The gross profit margin percentage provides a clear picture of a company's financial performance by measuring the profitability of its core operations. It indicates how effectively the company is generating revenue and managing its direct costs. By tracking this metric over time, businesses can assess their profitability trends and make informed decisions to improve their financial health.
Cost Control and Pricing Strategy: Monitoring the gross profit margin percentage helps in evaluating and controlling costs associated with production or service delivery. By understanding the direct costs and their impact on profitability, businesses can identify areas where cost reductions or efficiencies can be implemented. Additionally, the gross profit margin percentage can guide pricing decisions, as businesses need to set prices that not only cover costs but also generate sufficient gross profit to support operations and growth.
Performance Benchmarking: Comparing the gross profit margin percentage with industry standards or competitors can provide insights into a company's competitiveness and efficiency. It enables businesses to assess their relative performance in terms of profitability and identify areas for improvement. Benchmarking against industry leaders can also inspire strategies for enhancing profitability and market positioning.
Decision Making: The gross profit margin percentage is a valuable tool for making informed business decisions. It helps in evaluating the profitability of different products, services, or customer segments. By analyzing the gross profit margin percentage associated with each, businesses can identify their most profitable offerings and allocate resources accordingly. It also assists in assessing the viability of new business opportunities or expansion plans by estimating their potential impact on profitability.
Financial Stability and Growth: Tracking and managing the gross profit margin percentage contributes to the financial stability and growth of a business. A healthy and consistent gross profit margin indicates that a company is generating sufficient revenue to cover direct costs and contribute towards covering overhead expenses and generating net profit. It provides a foundation for reinvestment, expansion, and long-term sustainability.
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Analyze hitchiners ethics policy.Why was this policy an important part of its business success?
Answers
Answer:
Moral Philosophy
The specific principles or values people use to decide right from wrong.
- Person-specific
- Guidelines for determining how to settle conflicts and optimize mutual benefit
- Provide direction in formulating strategies and resolving ethical issues
*No single moral philosophy is accepted by everyone
In San Francisco, city regulations cap taxi licenses at 1500, creating a system in which demand for taxis exceeds supply and customer service is inadequate. Group of answer choices Strength Weakness Opportunity Threat
Answers
Answer: Opportunity
Explanation:
SWOT simply stands for the strengths, the weaknesses, the opportunities, and the threats that a particular business may face. Strengths are the attributes that are necessary to achieve organizational goals and to be successful.
Weaknesses are the attributes that re detrimental to the success of the company or achieving organizational goals.
Opportunities are the external factors that are favorable which can give a competitive advantage to an organization or allow the organization achieve its goals. Threats could hinder the success of the company.
Based on the analysis, the answer is Opportunity.
Mr. X owns a house property in Mumbai. The details of the property are as follows: The property is let out for residential purposes. The annual rent received from the property is ₹3,00,000. Municipal taxes paid during the year amounted to ₹20,000. The interest on loan taken for the property was ₹1,80,000. Compute the income from house property for Mr. X for the Assessment Year 2022-23.
Answers
The computed income from house property for Mr. X for the Assessment Year 2022-23 is -₹84,000.
To compute the income from house property for Mr. X for the Assessment Year 2022-23, we need to calculate the taxable income by considering the following details:
Gross Annual Value (GAV):
The GAV is the higher of the actual rent received or the fair rent of the property. In this case, the annual rent received is ₹3,00,000, so the GAV is ₹3,00,000.
Municipal Taxes:
The municipal taxes paid during the year amount to ₹20,000. This amount is deducted from the GAV to arrive at the Net Annual Value (NAV).
NAV = GAV - Municipal Taxes
NAV = ₹3,00,000 - ₹20,000
NAV = ₹2,80,000
Standard Deduction:
A standard deduction of 30% of the NAV is allowed to cover repair and maintenance expenses, regardless of the actual expenses incurred.
Standard Deduction = 30% of NAV
Standard Deduction = 0.3 * ₹2,80,000
Standard Deduction = ₹84,000
Interest on Loan:
The interest on the loan taken for the property is ₹1,80,000. This amount is deducted separately from the NAV after considering the standard deduction.
Income from House Property = NAV - Standard Deduction - Interest on Loan
Income from House Property = ₹2,80,000 - ₹84,000 - ₹1,80,000
Income from House Property = -₹84,000
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the amount of accelarated death benefits that will be paid to an insured
Answers
Answer:
hope this will help you
Explanation:
Accelarated death benefits can be as high as 95% of the death benefits. Typically the insurance company sets a maximum benefit account based on life expectancy and , the policyholder make the final decision of how much a finanical advance they require. Accelarated death benefits are not taxed
2. How would each of the following affect the demand for money ? a a tax on bonds held by individuals b . a forecast by the Central bank that interest rates will rise sharply in the next quarter
Answers
How does a tax on a good affect the price paidby buyers, the price received by sellers, and thequantity sold?
Answers
Answer:
Explanation:
Buyers could be given a subsidy which would reduce the price of the goods, making them more affordable and encouraging more purchases. Sellers could also be given subsidies, which would reduce the cost of producing or importing the good and ultimately increase the quantity of goods sold. Additionally, subsidies could also be used to encourage innovation and the development of new products
Answer:
some time goods actually cost is 5rupee but add the tax the price of that particular goods increase in rupees 8
Explanation:
which profession do you prefer to choose for your career engineer or doctor why
Answers
Answer:
doctor
Explanation:
because if you are an engineer you will work harder then a doctorans you will get more money when your a doc
question 2-4 will use the following scenario: tesla, inc. offers a solar panel roof product for household usage. after learning more about the product, you are interested in installing this solar roof and would like to learn more about the two different payment schemes: cash and financing
Answers
If you are interested in installing the solar roof and would like to learn more about two different payment schemes that are cash and financing.
What is financing?Financing is the process of supplying capital for commercial ventures, purchases, or investments. To help consumers, businesses, and investors reach their objectives, financial institutions like banks are involved in the business of supplying capital. In order to create a market for money, financing also benefits from the reality that some people in an economy will have extra cash that they want to invest to earn returns while others need it to make investments. The two primary funding options for businesses are debt financing and equity financing. Debt is a loan that must frequently be repaid with interest but is frequently less expensive than borrowing capital due to tax deduction considerations.
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On January 1, Concord Corporation had 113000 shares of $10 par value common stock outstanding. On March 17 the company declared a 5% stock dividend to stockholders of record on March 20. Market value of the stock was $15 on March 17. The entry to record the transaction of March 17 would include a
Answers
Answer and Explanation:
The Journal entry is shown below:-
March 17
Stock Dividend Dr, $84,750 (113,000 × 5% × $15)
To Common Stock Dividend Distributable $56,500 (113000 × 5% × $10)
To Paid in capital in excess of Par - Common Stock $28,250
(Being stock dividend is recorded)
Here we debited the stock dividend and we credited the Common Stock Dividend Distributable and Paid in capital in excess of Par - Common Stock
Investigate whether the skills and qualities of male and female entrepreneurs are the same or different
Answers
Discriminant analysis was applied to determine whether male and female participants differed in their entrepreneurial personality characteristics. Findings of the analysis showed that the female entrepreneurs' uncertainty tolerance was lower than that of the male entrepreneurs, but other entrepreneurial personality traits were found to be higher.
One week, Rachel earned $250. She spent $120 on food, $30 on miscellaneous items, and saved the rest. If Rachel makes a pie chart showing how she spends her money, the central angle for the food sector would be __________.
Answers
360° = $250
? =.$120
120×360= 43200
43200÷250
=172.8°
8. In the 2011-2012 season, Billy Beane was voted top GM on the American League. What
was his team's record and what was his payroll? What was the New York Yankees record and
what was their payroll?
Answers
His team, the Oakland Athletics, finished the regular season with a record of 94-68. Despite having a relatively low payroll compared to other teams in the league. The New York Yankees had a record of 95-67 during the same season, finishing just one game ahead of the Athletics. However, the Yankees had a much higher payroll than the Athletics, with an estimated total of $203 million compared to Oakland's estimated $66 million.
The Athletics were able to succeed due to Beane's strategic use of analytics and statistics to identify undervalued players. Beane's success with the Athletics during the 2011-2012 season highlighted the importance of using data-driven decision-making to build a competitive team, even with a smaller budget.
His approach inspired a new era of analytics in baseball, with many teams now using advanced statistics to evaluate players and make strategic decisions. Overall, Beane's success with the Athletics serves as a testament to the power of innovative thinking and data-driven decision-making in sports and beyond.
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Leimersheim GmbH has adopted the following policies regarding merchandise purchases and inven-
tory. At the end of any month, the inventory should be €15,000 plus 90% of the cost of goods to be
sold during the following month. The cost of merchandise sold averages 60% of sales. Purchase terms
are generally net, 30 days. A given month’s purchases are paid as follows: 20% during that month and
80% during the following month.
Purchases in May had been €150,000 and the inventory on May 31 was higher than planned
at €230,000. The manager was upset because the inventory was too high. Sales are expected to be
June, €300,000; July, €290,000; August, €340,000; and September, €400,000.
1. Compute the amount by which the inventory on May 31 exceeded the company’s policies.
2. Prepare budget schedules for June, July, and August for purchases and for disbursements for
purchases.
Answers
1. The amount by which the inventory on May 31 exceeded the company’s policies is €53,000.
2. The preparation of the budget schedules for June, July, and August for purchases and for disbursements for purchases is as follows:
a) Purchases:May June July August
Cost of goods sold 180,000 174,000 204,000
Ending Inventory €230,000 171,600 198,600 231,000
Goods available for sale 351,600 372,600 435,000
Beginning Inventory 230,000 171,600 198,600
Purchases €150,000 121,600 201,000 236,400
b) Disbursement for purchases:May June July August
20% during the month 24,320 40,200 47,280
80% following month 120,000 97,280 160,800
Total disbursements €144,320 €137,480 €208,080
How is the difference between actual inventory and inventory per company policy determined?Expected ending inventory = €15,000 plus 90% of the next month's cost of goods.
Cost of goods sold = 60% of sales
Purchase terms = net 30 days
Purchase payments:
20% during the month
80% following month
May June July August September
Expected Sales €300,000 €290,000 €340,000 €400,000
Cost of goods sold 180,000 174,000 204,000 240,000
Purchases €150,000
Ending Inventory €230,000
= €15,000 plus 90% of €180,000 = €177,000
Excess ending inventory for May = €53,000 ( €230,000 - €177,000)
Data and Calculations:Purchases:May June July August September
Expected Sales €300,000 €290,000 €340,000 €400,000
Cost of goods sold 180,000 174,000 204,000 240,000
Ending Inventory €230,000 171,600 198,600 231,000
Goods available for sale 351,600 372,600 435,000
Beginning Inventory 230,000 171,600 198,600 231,000
Purchases €150,000 121,600 201,000 236,400
Disbursement for purchases:20% during the month 24,320 40,200 47,280
80% following month 120,000 97,280 160,800
Total disbursements €144,320 €137,480 €208,080
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According to entrepreneur, Keith J. Davis, Jr., young people must wait until they are older to become entrepreneurs.
True or False
Answers
Answer:
False
Explanation:
False
Brooks Corporation sells computers under a 2-year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2014, the corporation sells for cash 451 computers at a unit price of $3,110. On the basis of past experience, the 2-year warranty costs are estimated to be $159 for parts and $209 for labor per unit. (For simplicity, assume that all sales occurred on December 31, 2014.) The warranty is not sold separately from the computer.1. Record any necessary journal entries in 2014, applying the cash-basis method.2. Record any necessary journal entries in 2014, applying the expense warranty accrual method.3. What liability relative to these transactions would appear on the December 31, 2014, balance sheet and how would it be classified if the expense warranty accrual method is applied?4. In 2015, the actual warranty costs to Brooks Corporation were $24,040 for parts and $41,080 for labor. Record the journal entry in 2015, applying the cash-basis method. Use "Inventory" account to record the warranty expense.
5. In 2015, the actual warranty costs to Brooks Corporation were $24,040 for parts and $41,080 for labor. Record the journal entry in 2015, applying the expense warranty accrual method. Use "Inventory" account to record the warranty expense.
Answers
Answer and Explanation:
Brooks Corporation
1. The 2014 cash-basis journal entries will be:
Date Description Debit Credit
2014
DR Cash $1,402,610
($3,110 x 451)
CR Sales Revenue $1,402,610
No Journal entry is recorded for the possible warranty expense in a situation where the cash-basis is used.
2. The 2014 accrual method journal entries will be:
Date Description Debit Credit
2014
DR Cash $1,402,610
CR Sales Revenue $1,402,610
2014
DR Warranty expenses 165,968
($368 x 451)
CR Accrued Warranty Expense 165,968
3. On December 31, 2014, financial statements, there will be an Accrued Warranty Liability in which it will be classified as a current liability unless in a situation where the company can reasonably estimate which portion will be spent in the second year of the warranty period, in which case that portion can be classified as a long-term liability.
4. The 2014 cash-basis journal entries will be:
Date Description Debit Credit
2015
DR Warranty Expense 65,120
CR Wages Expense 41,080
CR Inventory 24,040
5. The 2014 accrual method journal entries will be:
Date Description Debit Credit
2015
DR Accrued Warranty Expense 65,120
CR Wages Expense 41,080
CR Inventory 24,040
Question 16 of 20
Frank just met with his marketing team to create his billboard sign. So far, he
knows the billboard will have a catchy slogan, a brief description about the
company and what makes them different, and information directing
customers to visit his website. What element of an effective advertisement is
Frank's billboard missing?
A. Unique selling proposition
B. Call to action
C. Appropriate information
O D. Exciting graphics and color
Answers
Answer:
b. call to action
Explanation:
An element of an effective advertisement is Frank's billboard missing is Call to action. Thus the correct option is B.
What is advertisment?An advertisement is referred tool of promotion to create awareness of any product among customers and persuade them to make a purchase which helps in the sales of the product.
In this paragraph, it is described that Billboards have a catchy slogan that gets successful gets the attention of the customer, and influences them to make a visit to their website.
The element of effective advertising which the billboard is missing is a call to action that encourages customers to take action of buying. Here Billboards is unable to tell a story to engage customers so that they will not turn their actions of buying.
Therefore, option B is appropriate.
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Business forms that have unlimited personal liability include
Answers
Answer:
sole proprietorship and partnership
Explanation:
They both have unlimited personal liability
Todd keeps meaning to open a savings account and deposit a small portion of each paycheck, just in case he has an emergency and needs extra cash. But he just hasn’t gotten around to it yet. Todd’s car breaks down on the way home from work. His mechanic tells him that it will cost about $1,200 to get the car running again. Todd needs his car to get to and from work. He just got paid so he uses most of the money from his paycheck to get his car fixed. If you were Todd, in the short term, what would you do about your present financial situation?
Answers
i dont know let me look it up
Explanation:
In this case, the individual must repair the car because it is required for travel to and from work. To repair the car, the individual must withdraw funds from his or her savings account.
What is saving account?A savings account is a basic type of bank account into which you can deposit funds. You can withdraw funds from it, and most banks will pay you compound interest on the balance of your account.
Thus, the person must repair the car after breaking the saving accounts.
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Type the correct answer in the box. Use numerals instead of words. What is the total liability of the business? Indicate?
The total liabilities are $___
Answers
A white paper is a report or guide that ________ readers about a complex issue. It is meant to help readers understand an issue, solve a problem, or make a decision.
Answers
A white paper is a report or guide that educates or informs readers about a complex issue.
What is a whitepaper?It is meant to help readers understand the intricacies of a particular topic, provide insights, propose solutions, or aid in decision-making. White papers are typically authoritative and objective in nature, presenting in-depth information, analysis, and recommendations related to the subject matter.
They are commonly used in business, government, and academic contexts to address complex issues and provide valuable knowledge to the intended audience.
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Question 3
Which of the following changes in supply and demand will lead a product to become less scarce?
A decreased demand increased supply
B
increased demand, decreased supply
С
decreased demand, decreased supply
D
increased demand increased supply
Answers
question in photo! please answer in full detail!
Answers
The goal is to defend a policy proposal on trade or environmental sustainability the role is representative from a local community while the audience is World Bank.
How to explain the informationThe speech must be clear, concise, and persuasive. It must cite its sources accurately. It must be tailored to the specific audience of the World Bank.
Trade has the potential to lift people out of poverty and improve their standard of living. It can also help to protect the environment by promoting sustainable practices. For example, when countries trade with each other, they can share information about best practices in environmental protection. This can help to reduce pollution and conserve resources.
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RJT is one of the biggest and oldest organization in terms o providing employment opportunity in Nepal. More than 40 percen workers of the organization can just make signature to get a pay cheque. In fact, they are illiterate. The working condition of the organization is not very satisfactory due to a low level of safety standard maintained. Many of the employees are suffering from respiratory diseases. RJT has made it compulsory for the workers to Wear masks during their work in course of a safety standard review of the organization, it is noticed that workers are very negligent and not aware of the importance of the safety device. The Safety bestand. rewiew team warned the management that employees in the proc Plant are not wearing masks and they are not fully car about the safety devices. Then immediately after the warning from the safety team, the management warned the employees that they could be fired if they don't wear the safety masks. Even after such warning , there was little effect on the employees behaviour.
1.) Describe the problem in this case.
2.)In your opinion why the employees not wearing the mask after the management's repeated warning?
3.)what are the possible charges that you can suggest to the management of RJT so that employer's wear safety mask ?
Answers
Answer:
write down the constant of b²
Ray Steen recently started a business. During the first few days of operation, Mr. Steen transferred $100,000 from his personal account into a business account for a company he named Steen Enterprises. Steen Enterprises borrowed $60,000 from First Bank. Mr. Steen's father-in- law, Stan Rhoades, invested $75,000 into the business for which he received a 25 percent owner- ship interest. Steen Enterprises purchased a building from Zoro Realty Company. The building cost $150,000 cash. Steen Enterprises earned $56,000 in revenue from the company's customers and paid its employees $31,000 for salaries expense. Required Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you identify. g
Answers
Answer:
1. Identification of mentioned entities:
a. Ray Steen and Steen Enterprises
b. Steen Enterprises and Ray Steen
c. First Bank and Steen Enterprises
d. Stan Rhoades and Steen Enterprises
e. Zoro Realty Company and Steen Enterprises
f. Steen Enterprises, Customers, and Employees
2. Effects on Entities' Cash Accounts:
a. Ray Steen's personal Cash Account decreased and Steen Enterprises' increased by $100,000
b. Steen Enterprises' Cash Account increased as above.
c. First Bank's Cash Account decreased and Steen Enterprises' increased by $60,000 respectively.
d. Stan Rhoades' Cash Account decreased and Steen Enterprises' increased by $75,000
e. Zoro Realty Company's Cash Account increased while Steen Enterprises' decreased by $150,000.
f. Steen Enterprises, Customers, and Employees: Cash Account of Steen Enterprises increased and Customers' decreased by $56,000 respectively. Also the cash account of Steen Enterprises decreased and Employees' cash accounts increased by $31,000 respectively.
Explanation:
A legal entity is a person (like Ray Steen, Stan Rhoades, Employees, and Customers, etc), department, team, corporation (First Bank, Zoro Realty Company, and Steen Enterprises), cooperative, partnership, or other groups with whom it is possible to conduct business where economic resources are exchanged between economic agents (entities) undertaking economic events. This shows that in every business transaction, three important things are involved. They are resources, events, and agents. The resources describe the monetary value of assets (economic resources) that are exchanged between the agents. The events are the transactions while the agents are the entities (different personalities) that are involved in the exchange. This is fully developed in the REA model of accounting system.