You are an American Red Cross Disaster Program Specialist in charge of teams trained to help in sheltering displaced persons. You have been notified by your office to be prepared to deploy to conduct shelter operations. Your supervisor has asked you to come to the office to begin organizing volunteers and get prepared to set up shelters, if tasked. You check in before you begin.
What NIMS Management Characteristic are you supporting?
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Answer:
Chain of command and unity of command Accountability.
Related Questions
California residents are allowed a credit for net income taxes paid to another State on income also subject to the California income tax. However, the credit is not allowed for which of the following reasons?
Answers
The reason this credit is not allowed is because: A. If the other state allows California residents a credit for net income taxes paid to California
The types of tax.
In Economics, there are different types of tax and these include the following:
Gift taxExcise taxAlcohol taxIncome taxEstate taxEmployment taxNet income taxWhat is net income tax?Net income tax can be defined as a type of tax which grants either deductions or exemptions from an employee's gross income. Additionally, a net income tax is a system of taxation which is designed and developed to assess taxes on the basis of gross income, gross dividends or gross receipts.
In conclusion, it is a fact that any form of deductions or exemptions that doesn't qualify for a credit is not considered as a net income tax in California and every other part of the world.
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Complete Question:
California residents are allowed a credit for net income taxes paid to another State on income also subject to the California income tax. However, the credit is not allowed for which of the following reasons?
A. If the other state allows California residents a credit for net income taxes paid to California
B. If the income taxed by the other state has a source within the other state under California law
C. If such states do not allow their residents a credit for net income taxes paid to California
D. The amount of the credit is greater than the same proportion of the total California tax as the income taxed by both states bears to the total income taxed by California
By comparing prices at different stores, consumers will:
Answers
By comparing prices at different stores, consumers will save money and make informed purchasing decisions.
How can comparing prices at different stores benefit consumers?Comparing prices at different stores allows consumers to make informed purchasing decisions and save money. By taking the time to research and compare prices, consumers can identify the best deals and discounts available for the products they intend to buy.
This practice helps them ensure that they are getting the most value for their money. It can also help consumers uncover any price discrepancies or inflated prices allowing them to avoid overpaying for goods and services.
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What kind of report is a summary of a company's total sales over a five-year period?
a product list
a market research report
a sales volume report
a customer list
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Open communication occurs best when:
a. people feel their opinions are valued.
b. people feel they will be rewarded, or at least not punished, for their opinions.
c. both a and b
d. neither a nor b
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What word would Harvard Business School professor Clayton M. Christensen use to describe the rapid growth of the
widespread use of mobile computing devices?
Answers
Answer: c
Explanation:
Pretend you are a writer for a large public-relations firm. You have just been given a new assignment to write a biography for a new Web site promoting a famous hairstylist. Write a detailed biography in which you talk about the early life of this cosmetology professional who has risen to the top of his or her game. Be sure to include details about steps on his or her career path. If the hairstylist has a chain of salons or a line of hair products, be sure to talk about them. The biography should highlight what is special about this professional's style and how he or she has influenced the hairstyling industry. If you don't know where to start, here are five names of famous hairstylists: Horst Rechelbacher, Paul Mitchell, Vidal Sassoon, Trevor Sorbie, and Tabatha Coffey. You can use one of these hairstylists or research one of your own choice.
Answers
A detailed biography about the early life of the cosmetology professional, Vidal Sassoon.
Introducing the legendary hairstylist, Vidal Sassoon – a true icon in the world of cosmetology. Born on January 17, 1928, in London, England, Vidal Sassoon's early life was marked by resilience and a passion for hairdressing.
As a young boy, he found solace in his local barbershop, observing the meticulous techniques of the stylists with awe. Recognizing his artistic talents, Vidal embarked on a journey that would revolutionize the hairstyling industry.
After an apprenticeship at a prestigious Mayfair salon, Vidal Sassoon honed his skills and set out on his own path. In the early 1960s, he introduced the groundbreaking "wash and wear" haircut, which broke away from the traditional, labor-intensive styles of the time. This revolutionary concept, emphasizing low-maintenance and natural movement, propelled him to international acclaim.
Vidal Sassoon's innovative vision led him to establish a chain of highly successful salons, scattered across major cities worldwide. These salons became meccas for style-seekers, attracting celebrities, influencers, and everyday individuals seeking the perfect cut.
Vidal's commitment to education and training also saw the creation of the Vidal Sassoon Academy, where aspiring stylists could learn his techniques firsthand.
Moreover, Vidal Sassoon's influence extended beyond salons. He launched a line of signature hair care products that embodied his philosophy of simplicity and excellence. These products quickly gained popularity for their exceptional quality and ability to deliver professional results, further solidifying his brand's reputation.
Vidal Sassoon's impact on the hairstyling industry cannot be overstated. His visionary approach transformed the art of hairdressing, redefining it as an expression of individuality and self-confidence. His geometric precision, mastery of shape, and architectural designs became the cornerstone of modern hairstyling.
Vidal's distinctive style, coupled with his unwavering dedication to innovation, has left an indelible mark on generations of hairstylists, inspiring them to push boundaries and embrace creativity.
Today, Vidal Sassoon's legacy lives on, celebrated as an enduring icon in the world of cosmetology. His profound influence and contributions continue to shape the industry, reminding us that beauty is not just about aesthetics but also about empowering individuals to embrace their unique identity through the artistry of hairstyling.
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6. Why do employees often feel that appraisals “highlight all the bad things they did all year?”
Answers
Explanation: This is accepted by many employees that their senior discriminate them on aspects of gender, race, colour, etc in spite of work performance only. They claim to take personal revenge too sometimes. So this is a danger for work ethics
Answer:
Explanation:
Performance appraisal is the method by which the performance of an employee is determined by the employer. It's main purpose is to eliminate the performance deficiencies of the employees. It is a part of career management.
The appraisals stress on the need to have more efficient employee and the deficiencies of the employee pointed out by the appraisal are overcome by the employee by taking the required training. Thus the employees feel that appraisals highlight all the bad things they did al year.
What is the difference between marginal cost and marginal revenue?
A. Marginal cost is the money earned from selling one more unit of a good. Marginal revenue is the money paid for producing one more unit of a good.
B. Marginal cost is the money paid for producing one more unit of a good. Marginal revenue is the money earned from selling one more unit of a good.
C. Marginal cost is the money a producer might make from one more unit. Marginal revenue is the money a producer actually makes from one more unit.
D. Marginal cost is the money a producer actually makes from one more unit. Marginal revenue is the money a producer might make from one more unit.
Answers
The difference between Marginal cost and Marginal Revenue is that Marginal cost is the money paid for producing one more unit of a good while Marginal revenue is the money earned from selling one more unit of a good.
What is Marginal Cost?Marginal cost refers to the additional cost incurred by increasing the quantity of a product by one unit. It could also be said to be the extra expense a business incurs when producing one additional product or service.
What is Marginal Revenue?Marginal revenue refers to the additional revenue generated by a business by producing an extra unit of a commodity.
As seen above, the difference between marginal cost and Marginal revenue is that Marginal cost is the money paid for producing one more unit of a good while Marginal revenue is the money earned from selling one more unit of a good.
Therefore option B is correct.
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After Polly Shrum sells a stock, she avoids following it in the media. She is afraid that it may subsequently increase in price. What behavioral characteristic does Shrum have as the basis for her decision making? Please explain your answer.
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After Polly Shrum sells a stock, she avoids following it in the media. She is afraid that it may subsequently increase in price. Shrum has fear of regret. She is hesitant to examine stock prices out of concern that they may have increased and she may have lost out on possible gains.
To prevent the fear of regret, the investor may become less risk-averse in the future and may purchase any stock recommended by the media without completing any background investigation. During lengthy bull markets, regret theory leads some investors to continue to invest aggressively, dismissing warning signals of a coming disaster.
According to regret theory, people anticipate remorse if they make the wrong option and take it into account while making decisions. Fear of regret may either deter or motivate people to act. Regret theory has the potential to influence an investor's rational conduct, diminishing their capacity to make financial decisions that benefit them rather than damage them.
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ABC Limited is a company with an authorized share capital of Rs 1,00,00,000 on equity shares of Rs 10 each, of which 6,00,000 shares had been issued and fully paid on 30th June,2016. The company proposed to make a further issue of Rs 1,00,000 of these Rs 10 shares at a price of Rs 14 each, the arrangements for payment being: (a) Rs 2 per share payable on application, to be received by 1st July 2016 (b) Allotment to be made on 10th July, 2016 and a further Rs 5 per share ( including premium) to be payable; (c) The final call for the balance to be made, and the money received by 30th April 2017. Applications were received for 3,55,000 shares and were dealt with as follows :- (i) Applicants for 55,000 shares were rejected on allotment. (ii) Balance shares were allotted pro rata basis. Excess application money adjusted towards share allotment account. Mr. Thomas who had applied for 1500 shares failed to pay allotment money and call money. His shares were forfeited after the final call. Later all the forfeited shares were reissued at Rs 9 per share.
1. The authorized capital of ABC consist of _____ number of shares
2. Total issued capital of the company is Rs________
3. The Amount of Premium on each of the 1,00,000 shares issued is Rs_______________
4. Total application money received by the company Rs___________
5. Company refunded Rs ___________ to the applicants of shares
6. Rs _________is adjusted towards allotment account from application account
7. Number of shares forfeited from Mr Thomas is _________
8. Allotment money unpaid by Mr Thomas is Rs ___________
9. Total allotment money received by the company is Rs____________
10. Amount credited to share forfeiture account is Rs _______
11. The discount allowed on re issue of all the forfeited shares is Rs _________
12.The amount transferred from share forfeiture account to capital reserve is Rs ___________
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I am answering because I need points to ask my own question
BTW have a nice day!
The objective of maximizing value for the shareholders provides an important theme in corporate finance. This objective is not without criticism. Which of the following is NOT a criticism. Select one: a. The objective is blind to social and ethical costs associated with value maximization. b. The objective does not well account for the fact that managers are naturally inclined to act in their own best interests, which are not always in line with that shareholders. c. It assumes that accrual based profits are superior to cash flows. d. It assumes some level of market efficiency.
Answers
Answer:
D
Explanation:
Agency conflicts arises when the objectives of managers isn't aligned with that of shareholders.
Due to the objective of maximising value for shareholders, managers might be induced to engage in aggressive accounting practices in order to present a higher profits than might actually exist. This practice is unethical. This places more emphasis on profits than cash flows.
What activities do you think you are spending too much time on?
Answers
Working and sleeping are the activities that most spend time on so much.
What is the meaning of Sleeping?Sleeping is a sedentary mental and physical condition. Changes in consciousness largely inhibited sensory activity, decreased muscle activity, and fewer interactions with the environment are its defining characteristics.
The Old Germanic verbs for sleeping are where the term "sleep" originates. It was known by the name "SLAF" in Old and Middle High German. The word's original meaning, which was connected to the word for "flabby," was "to slap" (not hard or firm).
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00 For Market failures means that the market has not achieved its optimum production outcome. This means that it has not produced the correct quantity of goods and services. QUESTION 1 Conduct a research to any small business that is manufacturing goods in your community. Make an appointment to interview the owner for the purpose of collecting the information using the questionnaire below. 1.1 General information: ● Name of the firm / business Specify the type of goods or service ● ● Position of the person interviewed ● Date of the interview 1,2 Explain briefly the negative impact the following factors have in your business. (10) Lack of information: ● Price discrimination Immobility of factors of production with special reference to: Physical capital Structural changes ● ● (1) ● (1) (1) (1) [14] QUESTION 2: Interview 3-4 community members that reside near the business you have visited. 2.1 Ask them to name any TWO negative externalities and TWO positive externalities caused by the local business, (2 x 2) (4) 2.2 Request them to list any TWO characteristics of public goods. (2 x 1) (2) 2.3 Use the negative externality and positive externality graphs to explain the impact this business have to the society (10) [16]
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The first step in researching a small business in your neighborhood is to find a suitable nearby manufacturing company.
Once you do, contact the manager or owner to arrange an interview. Gather general information during the interview, such as the name of the company or business, what types of products or services they provide, the interviewer's position, and the time and date of the interview.
Then, focus on the detrimental effects different situations can have on the company. Briefly describe the impact on business of informational gaps, price discrimination, immobility of production variables (with a focus on physical capital), and structural changes.
Interview three to four locals who live close to the establishment you just visited. Ask them to list two unfavorable and two beneficial externalities brought about by the neighborhood business. Ask them to add two properties of public goods to the list as well.
Finally, use the data from the interviews to create graphs showing the positive and negative externalities of business on society. These infographics will graphically describe the costs and benefits that the company's neighborhood has.
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Fringe benefits are always part of an employee's cash compensation package.
True or False
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Answer:
False.
Explanation:
Fringe benefits can be defined as series of additional benefits that are being offered by an employer to his or her employees. This benefits are usually non-cash compensations and as such completely different from the agreed-upon amount of money that the employees receive at regular intervals.
Hence, fringe benefits are always part of an employee's non-cash compensation package.
Some examples of fringe benefits are paid vacation, official cars, health insurance, social security, gym membership, free breakfast or lunch, transportation, housing, etc.
In this simulation, theoretical utilization of the intensive care unit (ICU) is calculated as the flow rate of patients that arrive for service at the ICU in a given unit of time divided by the ICU’s capacity to serve customers in that same unit of time. You can think about this as demand/capacity. What is the theoretical utilization of the ICU if the mean inter-arrival time is 4 hour(s), the mean length of stay is 6 hour(s), and there are 4 beds in the ICU?
Answers
Answer:
The theoretical utilization of the ICU is:
= 0.25 or 25%
Explanation:
Inter-arrival time or flow rate of patients that arrive for service at the ICU = 4 hours
Mean length of stay = 6 hours
ICU's capacity to serve customers in 6 hours = 4*6 = 24 bed-hours
Total demand = 6 hours
Therefore, the theoretical utilization = flow rate of patients that arrive for service at the ICU in a given unit of time divided by ICU's capacity to serve customers in that same unit of time
= 6 hours/24 bed-hours
= 0.25
Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows:
1. What is the materials quantity variance for March?
2. If Preble had purchased 171,000 pounds of materials at $7.20 per pound and used 155,000 pounds in production, what would be the materials quantity variance for March?
3. What is the labor rate variance for March?
4. What is the labor efficiency variance for March?
5. What is the labor spending variance for March?
Answers
Labor efficiency variance = (Actual hour * Standard rate) - (Standard hour * Standard rate).
Labor efficiency variance = $404,600 F
What is Labor efficiency variance?By "efficiency of labor," we mean a worker's ability to produce more or better work, or both, over the course of a given amount of time.
1) Labor efficiency variance = (68,000 * $17) - ((30,600 * 3) * $17)
Labor efficiency variance = $1,156,000 - (91,800 * $17)
Labor efficiency variance = $404,600 F
2) Variance in direct labor worked divided by variance in labor efficiency
Variance in labor costs is $404,600 - $68,000.
Variance in labor costs = $336,600 F
3) Planned unit sold minus variable overhead equals variable manufacturing overhead cost.
Manufacturing variable overhead cost = 24,000 * $21
$504,000 is the variable manufacturing overhead cost.
4) Planned unit sold minus variable overhead equals variable manufacturing overhead cost.
Cost of variable overhead in production = 30,600 * $21
$642,600 is the variable manufacturing overhead cost.
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If different types of parol evidence contradict each other, this is the hierarchy of what prevails:
a. Course of performance, course of dealing, usage of trade Usage of trade.
b. Course of dealing, course of performance.
c. Course of dealing, usage of trade, course of performance
d. Course of performance, usage of trading, course of dealing
Answers
Answer:
a. Course of performance, course of dealing, usage of trade.
Explanation:
Parol evidence are oral agreements not in written format. These are agreed orally and the therefore its enforceability is sometimes difficult it either party refuses to accept the oral agreements as there is no physical evidence supporting the statements agreed.
Entrepreneurs generally think differently about resources than do employee-managers in which of the following ways?
Answers
Managers want larger budgets; entrepreneurs work to do more with less.
How do entrepreneurs approach resources differently from employee-managers?Entrepreneurs have a distinct mindset when it comes to resources compared to employee-managers. While managers often seek larger budgets to accomplish their goals, entrepreneurs tend to focus on doing more with less.
This difference in perspective stems from the inherent nature of entrepreneurship which involves taking calculated risks and maximizing efficiency in resource allocation.
Entrepreneurs understand that resources, such as capital, time, and manpower, are limited and valuable. They recognize that acquiring substantial budgets may not always be feasible, especially in the early stages of a venture.
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Short notes on foods for bee
Answers
Answer:
The answer to this question varies depending on what their role is in the hive. For example, many worker bees eat the same exact foods such as honey, pollen, and nectar. However, the elusive queen bees (less common in a hive) are typically fed a different diet while growing up to change their overall larval development.
Answer:
This is about honey bees
Nectar is the main source of carbohydrates for honey bees. Therefore we have to plant flowers to ensure a well rounded diet all times of the year.
NOTE that: Honey is still the best thing to feed your bees however you can also give them
Sugar Syrup
please help me i will give 70 points and branlyist
Step 1: Understand the Terms
Step 2: Think about What HR Entrepreneurs Do
Step 3:Imagine you are an HR entrepreneur speaking to an owner of the small business from Step 2. Write a speech that explains:What an HR entrepreneur does
How you as an HR entrepreneur could help the business solve a specific problem)
Answers
An entrepreneur is an innovator in an economy who opens or operates a business because he wants to solve a problem that exists in an economy.
What does an HR entrepreneur do?The role of the Human resource entrepreneur is to help the entrepreneurial activities that are ongoing in a business on the aspects of management.
They are to support the business in a way that would help to maximize performance for the business.
Some of the activities that they would help to do is that they help in the hiring of competent hands that would help the business.
The way that I would be able to help the business to solve a specific problem would be by hiring the competent hand that can do the job well.
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Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $63,000 loan at 8.5% for 24 months. What is his monthly payment by table lookup? (Use Table 14.2)
Note: Round your answer to the nearest cent.
Answers
If he was offered a $63,000 loan at 8.5% for 24 months. His monthly payment by table lookup is : $3071.
What is monthly payment?Monthly payment can be defined as the amount a person received on a monthly basis.
First step is to convert the month to year
Month to year = 24 / 12
Month to year = 2 years
Second step is to find the interest using this formula
I = P × R×T
Where:
I = Interest
P = Principal
R = rate
T = time
Hence
I = 63,000 × 2 × 8.5%
I = 10,710
So,
P+ I = 63,000 + 10,710
P+I = 73,710
Now let find the monthly payment:
Monthly payment = 73,710 / 24 months
Monthly payment = $3,071.25.
Monthly payment = $3,071 (Approximately)
Therefore the monthly payment is the amount of $3071
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What enables a oligopoly to form within a market
Answers
It would be too costly to launch a competing business To establish Oligopoly in the market.
What is a market?
The entire number of buyers and sellers in the area or region under consideration is referred to as the market.
A market structure known as an oligopoly has a small number of enterprises, none of which can prevent the others from having a large impact.
The market share of the major companies is calculated using the concentration ratio.
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In the 1800's, Lowell Massachusetts was a major textile city. However, beginning around 1865, many of the textile mills shut down and relocated to the Southern United States. The resulting unemployment in Lowell would be considered:
structural
frictional
cyclical
seasonal
Answers
If at the beginning around 1865, many of the textile mills shut down and relocated to the Southern United States. The resulting unemployment in Lowell would be considered: C. cyclical unemployment.
What is cyclical unemployment?Cyclical unemployment can be defined aa a type of unemployment that occur as a result of economy decline or when the economic of a nation experience recession leading to many companies or industries to shutdown their businesses.
This type of unemployment majorly when the economy of a nation or country begins to fall and it as well occur due to some factors such as changes in the economy cycles or when their is fluctuation in the economy of a nation.
This scenario best illustrate what is called cyclical unemployment because the company decide to shut down their company and move to another country due to decline in the economy growth.
Therefore the correct option is C.
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define foreclosure economics.
Answers
Answer:
Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property
Which is the most important consideration when deciding to purchase or lease a vehicle?
all current monthly expenditures
the amount of cash saved
the cost of gas and insurance
all monthly car payments
Answers
The most important consideration when deciding to purchase or lease a vehicle is to cosider all current monthly exoenditures.
What is lease?
Lease refers to the rent out the property or to take someone's others property on rent. It is an agreement done between the lessor and lessee. Lessor is the owner of the property whereas lessee is the user of that property.
For example the apartment given on rent to the tenant by the owner. Here the apartment is given on Lease.
Thus the first option is correct, all current monthly expenditures is considered at the time of purchase or lease of a vehicle.
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Answer: option a is the best chocie
Explanation:
According to the video, what do many Accountants and Auditors decide to do?
specialize in a specific area
volunteer in schools to teach finance
become Managers later in their careers
take writing classes
Answers
Answer:
specialize in a specific area is the correct answer.
Explanation:
Answer:
its A
Explanation:
got it right on edge
Given below are some instructions on how to make a sandwich
Answers
A sandwich is a common and popular food that is easy to prepare and eat. It consists of two slices of bread with various fillings, such as vegetables, cheese, or meat, in between them.
Here are the instructions for making a sandwich in the passive voice:
a) Two slices of soft bread should be taken.
b) The crust should be trimmed.
c) Butter should be applied evenly on them.
d) The filling (cucumber or tomato slices, grated cheese, etc.) should be prepared.
e) The filling should be placed on one of the slices and covered with the other.
f) It should be pressed gently and chilled for some time.
g) It should be eaten when ready.
h) It will taste good.
The passive voice is used when the focus is on the action or the object that receives the action, rather than the person or thing performing the action. In the case of making a sandwich, the passive voice is useful for making the instructions clear and easy to understand.
The question was incomplete, Find the full content below:
Given below are some instructions on how to make a 'sandwich'. Read them carefully and then rewrite each of them in the passive voice.
a) Take two slices of soft bread.
b) Trim their crust.
c) Apply butter evenly on them.
d) Prepare the filling (cucumber or tomato slices, grated cheese, etc.)
e) Place filling on one of the slices and cover with the other.
f) Press gently and chill for sometime.
g) Eat it when ready,
h) It will taste good.
Please help me as fast as possible
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Which of the following depicts the proper sequence of steps in the accounting cycle?
a. Journalize the transactions, analyze business transactions, prepare a trial balance
b. Prepare a trial balance, prepare financial statements, prepare adjusting entries
c. Prepare a trial balance, post to ledger accounts, post adjusting entries
d. Prepare a trial balance, prepare adjusting entries, prepare financial statements
Answers
Answer:
Option D. Prepare a trial balance, prepare adjusting entries, prepare financial statements
Explanation:
The accounting cycle sequence is given as under:
Analyzing the businessJournalize the TransactionsPost to Ledger AccountsPrepare a Trial BalancePosting adjusting entries and Preparing an adjusted trial balancePreparing the financial statementsJournalize and post closing entriesPrepare a post closing trial balance and financial statementSo we can see that the three steps highlighted above are the sequence shown in the option D. Hence option D is correct.
complaint was filed with the AICPA accusing the treasurer of Jam Jelly, a member, with violating integrity and objectivity under Rule 102.An investigation by the AICPA's Professional
:thics Division revealed that the treasurer had told Jam Jelly's president that Jam Jelly would have a loss for the period, not the profit that had been forecasted. The president instructed the
:reasurer to have the value of the inventory increased in the amount needed to make the book income meet the forecasted profit. The treasurer had the bookkeeper make the necessary
2ntry, an amount material to Jam Jelly's financial statements. Which of the following statements is correct?
The treasurer is not practicing public accounting, and thus the integrity or objectivity rule does not apply to him.
The treasurer was merely following the president's instructions, and therefore the treasurer did not violate integrity or objectivity.
The treasurer violated integrity or objectivity by directing another person to make a false entry in Jam Jelly's records.
The entry was made by the bookkeeper, and thus the treasurer did not violate integrity or objectivity.
Answers
The statement that which is correct is "The treasurer was merely following the president's instructions, and therefore the treasurer did not violate integrity or objectivity." Thus, option 2nd is correct.
What is AICPA Code of Professional Conduct?The full form of AICPA is American Institute of Certified Public Accountants. According to the AICPA Code of Professional Conduct, a member must maintain objectivity and integrity when performing any professional service, be free of conflicts of interest, and not deliberately falsify facts.
Service and public trust must not be subjugated to personal gain and profit in order to maintain integrity. As a result, we may infer that option two is correct.
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Penny Lyman is the owner and operator of Go109, a motivational consulting business. At the end of its accounting period, December 31,
2041, Go 109 has assets of $659,000 and liabilities of $165,000. Using the accounting equation and considering each case independently,
determine the following amounts
Answers
Based on the accounting equation, the amount for each case can be independently determined as follows:
a. The Penny Lyman, capital, as of December 31, 20Y1, is $494,000.
b. If assets increased by $88,000 and liabilities increased by $27,000, the Penny Layman, capital, as of December 31, 20Y2, is $555,000.
c. If assets decreased by $151,000 and liabilities increased by $13,000, the Penny Layman, capital, as of December 31, 20Y2, is $330,000.
d. If assets increased by $152,000 and liabilities decreased by $16,000 during 20Y2, the Penny Layman, capital, as of December 31, 20Y2, is $672,000.
e. Assuming that as of December 31, 20Y2, assets were $782,000, liabilities were $196,000, and there were no additional investments or withdrawals, and the capital remained $494,000 of 20Y1, then the net income or (loss) for 20Y2 is $92,000 ($782,000 - $196,000 - $494,000)
Data and Calculations:Assets at December 31, 20Y1 =$659,000
Liabilities = $165,000
Capital = Assets - Liabilities
= $494,000 ($659,000 - $165,000)
20Y2:Assets = $747,000 ($659,000 + $88,000)
Liabilities = $192,000 ($165,000 + $27,000)
Capital = $555,000 ($747,000 - $192,000)
Question C:Assets = $508,000 ($659,000 - $151,000)
Liabilities = $178,000 ($165,000 + $13,000)
Capital = $330,000 ($508,000 - $178,000)
Question d:Assets = $821,000 ($659,000 + $162,000)
Liabilities = $149,000 ($165,000 - $16,000)
Capital = $672,000 ($821,000 - $149,000)
Question Completion:a. Penny Lyman, capital, as of December 31, 20Y1. $
b. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $88,000 and liabilities increased by $27,000 during 20Y2. $
c. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $151,000 and liabilities increased by $13,000 during 20Y2. $
d. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $152,000 and liabilities decreased by $16,000 during 20Y2.
e. Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $782,000, liabilities were $196,000, and there were no additional investments or withdrawals.
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