Failure to prepare an adjusting entry at the end of the period to record an accrued expense would cause an understatement of expenses and an understatement of liabilities. The correct option is C
An accrued expense is an expense that has been incurred but not yet paid, and it needs to be recorded at the end of the period in which it was incurred. If this entry is not made, expenses will be understated, and net income will be overstated.
This is because the expense will not be recorded, which will increase the net income for the period. Additionally, the liability associated with the accrued expense will not be recorded, which will result in an understatement of liabilities.
It is important to make adjusting entries to ensure that financial statements are accurate and provide a true representation of the company's financial position.
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one consequence of using low-price tactics will often be lower profits.a. Trueb. False
Answer:
True,
One consequence of using low-price tactics will often be lower profits.
Explanation:
2. m&j does not have a formal management approach to managing the employees. some low-level employees
are paid more than higher-level employees because they have been with the company longer; others are given
extra time off without any explanation. employees who are not managers often direct other employees but
won't deal with conflicts because they say it isn't their job. some employees are clearly not motivated to do
what needs to be done to make m&j as successful as it could be. in your response:
M&J need to bring efficiency in the level of their employee management to be able to maintain formal office behavior.
How to make employee management efficient?The management of workforce by way of standardization and classification of pay by class division is one of the ways to do efficient management.
There must be proper management regarding resolving the grievances of employees with respect to their salaries and modes and methods of payment.
Hence, the steps to improve the efficiency of employee management are aforementioned.
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Christmas Tree Park, and Lumber Value enter into an oral contract for the sale of a lumber mill and the land on which it is situated from Christmas Tree Park to Lumber Value. Under the Statute of Frauds, this contract is enforceable by
Under the Statute of Frauds, this contract is enforceable by none of the choices.
What Is the Statute of Frauds?A legal principle known as the statute of frauds mandates that some kinds of contracts be in writing. Land sales, deals involving items costing more than $500, and agreements lasting a year or longer are some of the contracts that are most frequently subject to the statute of frauds.
The statute of frauds is designed to stop fraud and other types of harm. Evidentiary and cautionary are common terms used to characterize these goals. The statute of frauds serves an evidential purpose by offering proof that a valid, binding contract is in place. Each party should be more focused, serious, and thoughtful when transacting as a result of the statute of fraud's cautionary purpose.
The statute of frauds was predominantly established in the United States as common law, or unwritten law. In most states, it has since been institutionalized by statutes. The defendant may bring up the statute of frauds as a defense in a breach of contract dispute if it is relevant because it is the plaintiff who has the burden of proof. It is the burden of the plaintiff to prove that a legal contract actually existed.
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an employee can be dismissed if their job surplus to requirements' outline why this state ment is false
the characteristics of the fraud triangle include: (check all that apply.) multiple select question. pressure mistakes opportunity rationalization theft
The characteristics of the fraud triangle include pressure, opportunity, and rationalization. These are the three key elements that are present when fraud occurs.
The fraud triangle is a model that is used to explain how fraud occurs in businesses. It is made up of three key elements: pressure, opportunity, and rationalization.
Pressure: This is when someone is put under stress or is in a difficult situation that requires them to find a solution. They might be facing financial difficulties, or they might be trying to keep up with their peers or their own expectations.
Opportunity: This is when someone has the chance to commit fraud. This might be because they have access to confidential information, or they are in a position of power within the organization.
Rationalization: This is when someone justifies their actions to themselves. They might convince themselves that they are not really doing anything wrong, or that they deserve what they are taking.
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After listing a home with a broker, the seller told the broker NOT to disclose a major structural defect in the house. What should the broker do
Answer:
he should not disclose a major structural defect in the house
What research will help prepare you before you apply for a job?
Informational interviews on the position and background research on the
company.
Research on the subjects you need to study.
Interviewing friends and family to know if the position is a good fit for you.
Researching the salary for that job.
Answer:
Informational interviews on the position and background research on the
company.
Explanation:
A job interview helps select a suitable person to fill in the vacant position. The interviewer will ask questions to gauge the candidate's understanding of that position. Research on the positions will give a candidate confidence and content when responding to questions.
Research on the company provides background understanding, which helps them relate the job requirements and the company. This information will help convince interviewers of one suitability on the job. A candidate appears knowledgeable and familiar with what is expected of them.
When making decisions, managers often must decide between doing what is beneficial for the firm in the short term, and what is beneficial for both the firm and society in the long term. To address this conflict, a firm must
When making decisions, managers are often faced with a conflict between what is beneficial for the firm in the short-term and what is beneficial for both the firm and society in the long-term.
This conflict arises because the actions that benefit the firm in the short-term may not necessarily align with the interests of society as a whole, which can lead to negative consequences for both the company and society in the long-term.
To address this conflict, a firm must adopt a long-term orientation and consider the broader social and environmental impacts of its decisions. This means looking beyond immediate financial gains and recognizing that actions taken today can have far-reaching implications for the company's reputation, customer loyalty, employee morale, and overall sustainability.
Firms that prioritize social responsibility and sustainable business practices are more likely to build strong relationships with stakeholders, including customers, employees, investors, and regulators. They are also better equipped to weather economic downturns and other disruptions, as they have diversified their risk and invested in building resilient supply chains and communities.
Ultimately, the key to addressing the conflict between short-term gains and long-term benefits is a commitment to corporate social responsibility (CSR) and sustainable business practices. By prioritizing the needs of society and the environment alongside those of shareholders, firms can create value for all stakeholders over the long-term, ensuring their continued success and impact.
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drop the name of a person you want a follow back from on Instagram .
drop names and keep it going of the person of your choice and you get a follow back at the strike of midnight .
Answer:
addison rae lol because i need a bad bleep hahaha
Explanation:
Answer:
cardi b because I want to know how to get the Wap lol
if you have a savings account at a bank, you participate in the loanable funds market as a a. borrower. d. buyer and a seller. b. buyer. e. lender. c. borrower and a lender.
In the loanable funds market, you can take part as a lender if you have a savings account with a bank.
What effect do savings have on the loanable fund market?The available loanable cash come from savings. The demand for loanable cash is based on borrowing. The interaction between the availability of savings and the demand for loans determines the real interest rate and the total amount of loans made.
Savings' effect on interest rates?Since giving up consumption makes common commodities available for investment, saving is the cornerstone of investing. The money supply grows and the interest rate decreases as the tendency to save increases.
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A family has total assets of $240,000 and total liabilities of $180,000. What is thefamily's net worth?
Answer:
60k
Explanation:
Subtract the family's liabilities from their total assets to give you their net worth.
Answer:
Hope it helps you.
$60,000
What are the benefits of insurance to individuals and to society?
Insurance plans are beneficial to anyone looking to protect their family, assets/property and themselves from financial risk/losses.
• Insurance policies will aid in covering the cost of any future medical care that you may need as well as any emergencies or hospitalisations that may arise.
• Insurance plans can assist in reducing the financial loss incurred by the family as a result of the unexpected death of the family's main source of income.
• Insurance protection will help your family maintain their standard of living if you die away in the future. This will help them use the one-time insurance benefit to cover home bills.
• Insurance plans can help you protect your child's future academic opportunities. Even when you are not around, they will see to it that your kids have enough money to live comfortably while pursuing their goals and desires without giving anything up.
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digital finance platforms, mobile payments, digital asset management, blockchain technology, cryptography. Define each word and use each term in a sentence.
Explanation:
Digital finance platforms: Online platforms that provide financial services such as banking, investing, and lending.
Sentence: Digital finance platforms like Robinhood and Acorns have made investing more accessible to a wider range of people.
Mobile payments: Transactions that are completed using a mobile device, such as a smartphone or tablet.
Sentence: Mobile payments have become increasingly popular due to their convenience and ease of use.
Digital asset management: The process of organizing, storing, and retrieving digital files such as images, videos, and documents.
Sentence: Digital asset management software can help businesses keep track of their digital files more efficiently.
Blockchain technology: A decentralized system of digital ledgers that record transactions in a secure and transparent manner.
Sentence: Blockchain technology is often used in cryptocurrency transactions to ensure security and transparency.
Cryptography: The practice of using mathematical algorithms to secure and protect information.
Sentence: Encryption is a common form of cryptography used to protect sensitive data from unauthorized access
At an open house a listing broker greets a customer. The broker can do all of the following EXCEPT
A) Answer general, publicly advertised questions about the property
B) Be truthful when asked about property defects
C) Negotiate sale terms with the customer
D) Allow them to walk around the property
At an open house, a listing broker greets a customer. The broker can do all of the following EXCEPT negotiate sale terms with the customer. The correct option is C.
A listing broker at an open house can answer general, publicly advertised questions about the property (option A), be truthful when asked about property defects (option B), and allow potential customers to walk around the property (option D). However, negotiating sale terms with the customer is typically the responsibility of the buyer's agent or the seller's agent, rather than the listing broker. The listing broker's main role is to market the property, provide information, and facilitate potential buyers' viewing of the property.
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Question # 1 Long Text (essay) Submit two news story summaries, noting the following: agency name(s), parties affected by the decision, status on period for comment, status on decision-making, and what decisions you would make in similar situations.
The answer is The public may not make technical decisions, but their opinions deserve consideration by those who are making those decisions.
What does making decisions mean?The process of choosing a course of action involves recognizing a decision, acquiring data, and weighing potential answers.
What three ways can one make a decision?Based on the level at which they occur, decision-making may also be divided into three types. The direction of an organization is decided upon strategically. Decisions regarding how something will be accomplished are considered tactical. Lastly, operational decisions are choices that staff members make every day to manage the company.
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A monthly sports magazine offers 3 choices to customers: Choice A: One-year subscription thatcosts $80 per year. Choice B: two-year subscription that costs $95 per 2 years. Choice C: Six-yearsubscription that costs $250 per 6 years. You want to read the magazine for the next 6 years.Assume i= 12%. Use NPW to find best choice.O a. Choice BO b. No answer text provided.O c. Choice AO d. Choice C
The best subscription choice for the next 6 years with i= 12% and NPW method is option d. Choice C.
How to determine the best choice subscription?To determine the best choice for a 6-year subscription to the monthly sports magazine using the Net Present Worth (NPW) method, we'll first need to calculate the present worth of each choice, and then compare them to find the correct option.
Identify the formula for NPW.
NPW = P / (1 + i)^n
P = payment,
i = interest rate
n = number of years.
Calculate the NPW for Choice A.
P = $80 per year for 6 years = $80 * 6 = $480
i = 12% = 0.12
n = 6 years
NPW_A = 480 / (1 + 0.12)^6 = $480 / 2.012 = $238.61
Calculate the NPW for Choice B.
P = $95 per 2 years, but we need the cost for 6 years, so P = $95 * 3 = $285
i = 0.12
n = 6 years
NPW_B = 285 / (1 + 0.12)^6 = $285 / 2.012 = $141.75
Calculate the NPW for Choice C.
P = $250 for 6 years
i = 0.12
n = 6 years
NPW_C = 250 / (1 + 0.12)^6 = $250 / 2.012 = $124.25
Compare the NPW values and determine the best option.
NPW_A = $238.61
NPW_B = $141.75
NPW_C = $124.25
The correct option with the lowest NPW is d. Choice C.
Therefore, the best choice for a 6-year subscription to the monthly sports magazine is Choice C, which costs $250 per 6 years.
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Commercially reasonable means Multiple Choice observing industry standards and practices that are generally accepted throughout various industries as proper business practices. charging a fair price for goods and not taking advantage of others in the industry. getting the highest price possible for goods without violating the law. observing industry standards and practices that may be unique to the particular industry.
Answer:
observing industry standards and practices that may be unique to the particular industry.
Explanation:
Commercially reasonable activities are based on a standard of reasonableness. It gauges what a reasonable person or entity will do in a given situation.
For example a standard for operation is defined in an industry and used as a basis the determine if business practices of a company are reasonable or not.
It involves good faiths effort on the part of the actors to meet as much as possible a similar objective or activity under similar circumstances.
In this instance commercially reasonable is defined as observing industry standards and practices that may be unique to the particular industry.
Do you think every place of our country is accessible to all kind of information obtaining sources why give reasons
Freedom of information is freedom of a person or people to publish and consume information.
What is meant by Freedom of Information ?
The right of a citizen to access information that the government holds is referred to as information freedom. This freedom is recognized as a constitutional right in several nations.
The Freedom of Material Act in the United States permits the revelation of official records and previously undisclosed information that is under the authority of the American government. The Electronic Freedom of Information Act, which mandates that certain types of government records be made electronically accessible to the public, was added to this law in 1996 as an amendment. This is intended to increase access to public information.
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What is the purpose of a limited liability company?
6. Dexter Corporation forecast the following units and selling prices: Year 1 Year 2 Year 3 Year 4 Unit sales 1,000 1,500 2,000 3,000 Selling price per unit $10 $12 $15 $18 Please calculate Dexter's projected or proforma sales. 7. Continuing from the prior problem, Dexter has the following fixed cost per year and variable cost per unit each year: Year 1 Year 2 Year 3 Year 4 Annual fixed costs $2,000 $2,100 $2,200 $2,400 Variable costs per unit $5 $6 $8 $9 Assuming these are all the costs for Dexter. Please calculate Dexter's projected or proforma profit. 8. Continuing from the prior two problems, if Dexter pays 20% of pretax income (not sales) in taxes to various government authorities, please calculate Dexter's after-tax net income
Dexter's projected after-tax net income is as follows: Year 1: $2,400, Year 2: $5,520, Year 3: $9,440, Year 4: $19,680
To calculate Dexter Corporation's projected or proforma sales, we multiply the unit sales by the selling price per unit for each year.
Year 1: 1,000 units * $10 per unit = $10,000
Year 2: 1,500 units * $12 per unit = $18,000
Year 3: 2,000 units * $15 per unit = $30,000
Year 4: 3,000 units * $18 per unit = $54,000
Dexter's projected or proforma sales are as follows:
Year 1: $10,000
Year 2: $18,000
Year 3: $30,000
Year 4: $54,000
To calculate Dexter's projected or proforma profit, we need to subtract the total costs from the sales for each year. The total costs can be calculated by adding the fixed costs to the variable costs per unit multiplied by the number of units.
Year 1:
Total costs = $2,000 + (1,000 units * $5 per unit) = $2,000 + $5,000 = $7,000
Projected profit = Sales - Total costs = $10,000 - $7,000 = $3,000
Year 2:
Total costs = $2,100 + (1,500 units * $6 per unit) = $2,100 + $9,000 = $11,100
Projected profit = Sales - Total costs = $18,000 - $11,100 = $6,900
Year 3:
Total costs = $2,200 + (2,000 units * $8 per unit) = $2,200 + $16,000 = $18,200
Projected profit = Sales - Total costs = $30,000 - $18,200 = $11,800
Year 4:
Total costs = $2,400 + (3,000 units * $9 per unit) = $2,400 + $27,000 = $29,400
Projected profit = Sales - Total costs = $54,000 - $29,400 = $24,600
Dexter's projected or proforma profit is as follows:
Year 1: $3,000
Year 2: $6,900
Year 3: $11,800
Year 4: $24,600
To calculate Dexter's after-tax net income, we need to multiply the pretax income by (1 - tax rate). Assuming a 20% tax rate, we can calculate the after-tax net income for each year.
Year 1: After-tax net income = $3,000 * (1 - 0.20) = $2,400
Year 2: After-tax net income = $6,900 * (1 - 0.20) = $5,520
Year 3: After-tax net income = $11,800 * (1 - 0.20) = $9,440
Year 4: After-tax net income = $24,600 * (1 - 0.20) = $19,680
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What is the purpose of a bank?
A financial investigator
A financial tracker
A financial intermediary
A financial advisor
Financial advisor would be your answer
which of the following is the appropriate entry to journalize the declaration of cash dividends? a.cash dividends payable cash b.paid-in capital cash dividends payable c.retained earnings cash d.cash dividends cash dividends payable
Retained Earnings, a shareholders' equity account, is debited in the journal entry to reflect the declaration of the cash dividends, while Dividends Payable is credited in the entry to reflect the declaration of the dividends:
What entry is created when cash dividends are declared?Debit the Dividends Payable account and credit the account for retained earnings when the board of directors declares a cash dividend, lowering equity and raising liabilities in the process.
A cash dividend is how it is announced?On a company's income statement, cash dividends have no impact. They do, however, cause a corresponding reduction in the cash balance and shareholders' equity of a corporation. Any cash dividends paid out by companies must be disclosed as payments in the portion of the cash flow statement devoted to financing activities.
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Strategies for managing conflict
Can I get a brainest point plsssssss
1. Don't Ignore Conflict
If you're someone who dislikes dealing with conflict, it might seem tempting to just put your head in the sand and pretend it doesn't exist, hoping it will resolve itself on its own. While this sometimes can happen, the truth is that the vast majority of the time, this will only cause the situation to get worse. Ignored conflicts have a tendency to fester over time and reappear at inopportune moments, so do your team a favor and address conflicts when they occur, nipping a potentially toxic situation in the bud as soon as you recognize it.
2. Clarify What the Issue Is
If you're dealing with a conflict between two members of your team, it's important that you get all the facts. Sit down with each individual involved and find out exactly what the issue is. How is each individual perceiving the situation? What needs are not being met? What does each party see as an appropriate resolution? Make sure that all parties involved understand that you are acting as an impartial mediator, and let them know they can feel comfortable to share sensitive information.
3. Bring Involved Parties Together to Talk
Once you've had a chance to talk to all involved parties separately, bring them together in a meeting so that they can hash out their differences in a neutral environment. This is a time for brainstorming, active listening, and being open to different perspectives - the goal is to come to a common understanding of what the problem is, what role each individual is playing in the conflict, and what some possible solutions might be.
4. Identify a Solution
After both parties have had a chance to discuss the situation at hand, it's time to identify what a satisfactory resolution might be - and how to get there. Ideally, by this point, both parties will understand the other's side, and oftentimes the conflict will be resolved just through facilitated, open dialogue. However, if the situation requires further resolution, you will need to step in and help them negotiate a reasonable solution. This phase can require some time and effort, as it requires both parties to set aside their differences and preferences and find some common ground to work towards (which may involve not getting everything they want out of the situation). Then, work with both individuals to come up with a concrete list of steps that will result in the solution being achieved.
5. Continue to Monitor and Follow Up on the Conflict
Just because a solution has been identified and addressed doesn't mean it will just go away. As a manager, it's your responsibility to check in with both parties to ensure that the conflict has truly been dealt with, and that the steps identified to reach a solution are being followed. If all seems to be going well, simply remember to stop and observe from time to time, just to see if things really are going smoothly or if there are still lingering tensions under the surface that need to be handled. If it's clear that the solution didn't work, or wasn't the right resolution for the situation, make sure to be proactive in working with both parties to readjust expectations, identify alternative solutions, and continue their dialogue to create a positive and healthy work environment.
3) For many years, governments have intervened within economies to manage aggregate demand, affecting prices, employment, and economic growth. a) Giving examples, outline the reasons for using a discretionary fiscal policy. b) Discuss the challenges of predicting the effects of discretionary fiscal policy on aggregate economic activity. c) Explain how governments need to recognise the impact of several time lags as a problem in fiscal policy design.
a. Discretionary fiscal policy is used for addressing market failures, economic stabilization etc. b. The challenges of predicting the effects of discretionary fiscal policy on aggregate economic activity include time lags, multiplier effects etc. c. Recognizing these time lags is crucial for policymakers to design effective fiscal policy measures and manage expectations.
a. Discretionary fiscal policy can be used to address market failures or promote certain societal goals. It can also be used to counteract business cycles. During a recession, the government may implement expansionary fiscal policy by increasing spending or reducing taxes to stimulate demand and support economic recovery.
b. Time lag is a significant challenge as there can be time lags between implementing fiscal policy measures and observing their effects on the economy. Fiscal policy measures can have multiplier effects on the economy, meaning that changes in government spending or taxation can impact other sectors and create ripple effects.
c. Recognizing these time lags is crucial for policymakers to design effective fiscal policy measures and manage expectations. It requires careful consideration of the timing, magnitude, and duration of policy interventions to achieve desired economic outcomes.
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a.Explain one argument for and one argument against removing employment laws.
b.Explain why employment laws may only affect a small percentage of the labour force in some countries.
One possible reason for removing employment laws is because they are outdated and hence need to be replaced with a more workable system.
One possible reason for NOT removing them is because, in a capitalist society, without laws, the employees are bound to be left at the mercy of business owners.
What are Employment laws?Labour laws are those that serve as a bridge between employees, employers, trade unions, and the government. Collective labor law is concerned with the three-way relationship between employee, employer, and union. Individual labor law addresses employees' rights at work, including through the employment contract.
Title VII (of the Civil Rights Act); the Americans with Disabilities Act; the Age Discrimination in Employment Act; the Equal Pay Act; the Fair Labor Standards Act; the Family and Medical Leave Act; the Immigration Reform and Control Act; and the National Labor Relations Act are the principal federal employment laws.
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Veronica owns a pottery business and is insured under a commercial property policy. She was in the process of building an extra structure for the sole purpose of kiln firing her pottery when a massive storm came through and blew down all the scaffolding, which added additional cost to the construction project. Which coverage extension of the Builder’s Risk Coverage Form would cover the scaffolding?
Answer: Scaffolding, construction forms, and temporary structures
Explanation:
The builders risk coverage form simply refers to the insurance policy which covers both the residential structures and the commercial structures when such structures are being constructerd or renovated.
Based on the information given, the coverage extension of the Builder’s Risk Coverage Form that would cover the scaffolding will be scaffolding, construction forms, and temporary structures.
In the economy of wrexington in 2008, consumption was $3000, exports were $400, gdp was $5000, imports were $600, and investment was $1100. What were wrexington’s government purchases in 2008?
a. $700
b. $500
c. $300
d. $1100
Wrexington's government purchases in 2008 were $1100.
The correct answer is (d) $1100.
In order to calculate Wrexington's government purchases in 2008, we need to use the formula for calculating GDP:
GDP = Consumption + Investment + Government Purchases + Net Exports
Given the information provided, we know that:
Consumption = $3000
Exports = $400
GDP = $5000
Imports = $600
Investment = $1100
We can rearrange the formula to solve for Government Purchases:
Government Purchases = GDP - Consumption - Investment - Net Exports
To find Net Exports, we subtract imports from exports:
Net Exports = Exports - Imports
Net Exports = $400 - $600
Net Exports = -$200
Now, we can substitute the values into the formula:
Government Purchases = $5000 - $3000 - $1100 - (-$200)
Government Purchases = $5000 - $3000 - $1100 + $200
Government Purchases = $2000 - $900
Government Purchases = $1100
The correct answer is (d) $1100.
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The president of the Specialty Paint Corporation gets the idea to work with a local beer brewer to produce an invisible beer can (as an anti-litter measure). The president tells his legal department to look into it, and they in turn ask engineering for help. As a result, the chief engineer calls his counterpart at the brewery to discuss the technical aspects of the project. The engineers then report back to their respective legal departments, which then confer by telephone to arrange the legal aspects. Finally, the two corporate presidents discuss the financial side of the deal.
1. Discuss these aspects of the problem: a. What principle of a multilayer protocol in the sense of the OSI model does this communication mechanism violate? i. Why / how?
2. How could you modify this scenario to alleviate the problem? i. I.e., How could you change the communication follow in this scenario to better emulate the OSI model? Explain clearly.
1. The OSI model has 7 layers and the principle of multilayer protocol states that communication must follow a protocol, which means that the same level of abstraction is maintained at each layer.
The communication mechanism in this scenario violates the principle of multilayer protocol as it jumps multiple layers of the OSI model at once. The legal department calls the engineering department instead of going through the proper channels.
2. To better emulate the OSI model, the communication in this scenario could be modified by following the principle of layering.
Here is how it could be done:
Step 1: The president of the Specialty Paint Corporation discusses the idea with the legal department.
Step 2: The legal department of the Specialty Paint Corporation contacts the legal department of the brewery.
Step 3: The legal department of the brewery contacts the engineering department of the brewery.
Step 4: The engineering department of the brewery contacts the engineering department of the Specialty Paint Corporation.
Step 5: The engineering department of the Specialty Paint Corporation contacts the legal department of the Specialty Paint Corporation.
Step 6: The legal department of the Specialty Paint Corporation contacts the legal department of the brewery to work out the legal aspects of the project.
Step 7: The corporate presidents of both companies discuss the financial side of the deal.
The modified communication follows the OSI model by following the principle of layering. This means that communication follows a protocol, and the same level of abstraction is maintained at each layer.
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up to one-third of all commercial and industrial sites in the urban core of many big cities fall in this category:
The category that encompasses up to one-third of all commercial and industrial sites in the urban core of many big cities is brownfield sites.
Brownfield sites refer to abandoned, idle, or underutilized industrial or commercial properties where the presence of actual or potential environmental contamination may hinder their redevelopment or reuse. These sites often require remediation or cleanup efforts before they can be safely repurposed for other activities.
Given their prevalence in urban areas, addressing and revitalizing brownfield sites have become significant priorities for urban planning and sustainable development initiatives. Redeveloping these sites can contribute to urban renewal, economic revitalization, and the efficient use of land resources within city centers. Factors such as changing economic conditions, population shifts, outdated infrastructure, or environmental contamination can contribute to the underutilization of these sites. Revitalizing and repurposing these properties can be crucial for urban redevelopment, economic growth, and community revitalization efforts.
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Journalizing Transactions in Template, Journal Entry Form, and T-Accounts
Minute Maid, a firm providing housecleaning services, began business on April 1, 2015. The following transactions occurred during the month of April.
April 1 A. Falcon invested $9,000 cash to begin the business in exchange for common stock.
April 2: Paid $2,850 cash for six months’ lease on van for the business.
April 3: Borrowed $10,000 cash from bank and signed note payable agreeing to repay it in 1 year plus 10% interest.
April 3: Purchased $5,500 of cleaning equipment; paid $2,500 cash with the remainder due within 30 days.
April 4: Paid $4,300 cash for cleaning supplies.
April 7: Paid $350 cash for advertisements to run in newspaper during April.
April 21: Billed customers $3,500 for services performed.
April 23: Paid $3,000 cash on account to cleaning equipment suppliers (see April 3).
April 28: Collected $2,300 cash from customers on their accounts.
April 29: Paid $1,000 cash for dividends.
April 30: Paid $1,750 cash for April wages.
April 30: paid $1,480 cash to service station for gasoline used during april.
April 1 A: The owner, A. Falcon, invested $9,000 cash in the business in exchange for common stock.
April 2: Paid $2,850 cash for a six-month van lease.
April 3: Borrowed $10,000 cash from the bank and signed a note payable.
April 3: Purchased cleaning equipment for $5,500, paying $2,500 cash, and the remainder on account.
April 4: Paid $4,300 cash for cleaning supplies.
April 7: Paid $350 cash for newspaper advertisements.
April 21: Billed customers $3,500 for services performed.
April 23: Paid $3,000 cash to cleaning equipment suppliers on account.
April 28: Collected $2,300 cash from customers on their accounts.
April 29: Paid $1,000 cash for dividends.
April 30: Paid $1,750 cash for April wages.
April 30: Paid $1,480 cash to the service station for gasoline used during April.
The journal entries of the transactions for Minute Maid for the month of April 2015:
Journal Entries:
Cash 9,000
Common Stock 9,000
(Investment of $9,000 cash in exchange for common stock)
Prepaid Lease Expense 2,850
Cash 2,850
(Payment of cash for a six-month van lease)
Cash 10,000
Note Payable 10,000
(Borrowing $10,000 cash from the bank through a note payable)
Cleaning Equipment 5,500
Accounts Payable 3,000
Cash 2,500
(Purchasing cleaning equipment for $5,500, paying $2,500 in cash, and the remainder on account)
Cleaning Supplies Expense 4,300
Cash 4,300
(Payment of cash for cleaning supplies)
Advertising Expense 350
Cash 350
(Payment of cash for newspaper advertisements)
Accounts Receivable 3,500
Service Revenue 3,500
(Billing customers $3,500 for services performed)
Accounts Payable 3,000
Cash 3,000
(Payment of cash on account to cleaning equipment suppliers)
Cash 2,300
Accounts Receivable 2,300
(Collection of cash from customers on their accounts)
Dividends 1,000
Cash 1,000
(Payment of cash for dividends)
Wage Expense 1,750
Cash 1,750
(Payment of cash for April wages)
Gasoline Expense 1,480
Cash 1,480
(Payment of cash to service station for gasoline used during April)
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