Answer:
A) Imports from China to the United States increase.
Explanation:
I got it right on the test
If Ryan purchases a sandwich, he is using money as:
A. a medium of exchange
B. A unit of measure
C. A store of value
Answer:
a. a medium of exchange
Explanation:
i took the test
If Ryan purchases a sandwich, he is using money as a medium of exchange. Thus, the correct answer is option A.
What is money?Money is any item or verifiable record that is widely accepted in a particular country or socioeconomic context as payment for goods and services and repayment of debts, such as taxes. It is the medium in which prices and values are expressed.
The primary functions of money are- as a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.
Ryan is purchasing the sandwich with the help of money. Money is exchanged for the sandwich, acting as a medium of exchange.
Therefore, Ryan is using money as a medium of exchange.
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How do you think the Human Resources department affects the other departments?
Answer:
One way that human resource departments affect organizations is that they manage employee recruiting, which determines which employees are hired. The recruitment process typically involves such tasks as looking at resumes, attending job fairs and conducting multiple interviews.
You are scheduled to receive Rs. 15,000 in two years. When you receive it, you will invest it for six more years at 8 percent per year. How much will you have in eight years?
Answer:
Amount after 8 years is Rs. 23803.12
Explanation:
The amount received in two years = Rs 15000
It is given that the amount received in two years is invested for six years that earns the interest rate of 8% per year. Now, we have to find the total amount after eight years. Here, in the first two years, there is no interest rate earned. So only six years will be used to count the interest rate.
Amount after 8 years = Present value (1 + r)^n
Amount after 8 years = 15000 (1 + 8%)^6
Amount after 8 years = 15000 (1 + 0.08)^6
Amount after 8 years = 23803.12
ch 2 kb. if union manufacturing estimated manufacturing overhead to be $15,000 and the actual manufacturing overhead is $20,000, then
If Union Manufacturing estimated manufacturing overhead to be $15,000 and the actual manufacturing overhead is $20,000, it indicates that there is a variance between the estimated and actual amounts. This variance can have implications for the company's cost control and budgeting processes.
In this case, the actual manufacturing overhead of $20,000 exceeds the estimated amount by $5,000. This suggests that the company may have underestimated the costs associated with manufacturing overhead. There could be various reasons for this variance, such as unexpected increases in expenses, inefficiencies in production processes, or inaccuracies in estimating techniques.
To address this variance, Union Manufacturing should investigate the reasons behind the higher actual manufacturing overhead. This may involve reviewing the cost components and identifying any areas of cost overruns or inefficiencies. By understanding the causes of the variance, the company can take corrective actions, such as improving cost estimation methods, implementing cost-saving measures, or adjusting its budgeting process to ensure more accurate projections in the future.
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An example of a cost is _____.
revenues
principal and interest on loans
tornadoes
profits
A fixed input, X, and a variable input, Y, are used to produce good A. If the marginal physical product (MPP) of Y is constant, it follows that the a. marginal cost curve is upward sloping. b. total fixed cost curve is vertical. c. total variable cost curve is downward sloping. d. b and c e. none of the above
Answer:
umm........i think its A..............
Explanation:
Assume the market price is $65, marginal cost is $35, marginal revenue is $35, and average total cost is $39. In this market, the monopolist will
A)operate at a loss.
B)operate at a profit.
C)have zero profits.
D)expand their output.
If the price is higher than the average total cost, the monopolist will operate at a profit. Option B is correct.
In this market, the monopolist will B) operate at a profit.
To determine this, we can follow these steps:
1. Compare marginal cost (MC) and marginal revenue (MR). If MC = MR, the monopolist has maximized their profit.
2. Check if the average total cost (ATC) is less than the market price.
In this case, MC = $35 and MR = $35, so the monopolist has maximized their profit. Additionally, ATC = $39, which is less than the market price of $65. Since the price is higher than the average total cost, the monopolist will operate at a profit. Option B is correct.
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four companies each have a credit term period of 30 days. based on each company’s net credit sales and average net accounts receivable for 2022, which company is having the most problem collecting their accounts receivable?
The company that is having the most problem collecting their accounts receivable is: Company 4.
Company 1
Accounts receivable turnover= $2.6 million/$198,000
Accounts receivable turnover= 13.13
Average collection period=365/13.13
Average collection period= 27.8 days
Company 2
Accounts receivable turnover=$150,000/$12,000
Accounts receivable turnover= 12.5
Average collection period=365/12.5
Average collection period= 29.2 days
Company 3
Accounts receivable turnover=$490,000/$27,000
Accounts receivable turnover= 18.15
Average collection period=365/18.15
Average collection period=20.11 days
Company 4
Accounts receivable turnover=$1.4 million/$153,000
Accounts receivable turnover= 9.15
Average collection period=365/9.15
Average collection period= 39.9 days
Based on the above calculation the company that is having the most problem collecting their accounts receivable is Company 4 reason been that Company 4 average collection period of 39.9 days is longer than their credit term period.
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What does indigenous technology mean?
Answer: I hope this is helpful mark brainlist if right then no if wrong
Explanation:
Indigenous technology is used by the native inhabitants of a country or region and it constitutes an important part of its cultural heritage. Characteristically, indigenous technologies: Are recognized as animate, imbued with the breath of life and they live in form and function.Technologies employed by the native inhabitants of a country and which constitute an important part of its cultural heritage and should therefore be protected against exploitation by industrialized countries; the problem of indigenous knowledge has been discussed during the Rio Conference but it does not receive much ...Types of indigenous technology in India are; (i) Generic Drugs. (ii) Thorium based Nuclear Reactors. (iii) Plastic RoadsIndigenous Technology is created within a sensory environment that builds on our sense of relationship, meaning, balance, feeling, memory and place as well as sight, sound, smell, taste and touchIndigenization is the process by which Indigenous ways of knowing, being, doing and relating are incorporated into educational, organizational, cultural and social structures of the institution.One example of Indigenous Technologies in action today can be witnessed in differential approaches to medicine. Medical technologies in the Western Scientific sense of the term might conjure images of biomedical research labs, electromagnetic monitors or imaging systems such as CT or MRI scans.Indigenous technology is used by the native inhabitants of a country or region and it constitutes an important part of its cultural heritage. Characteristically, indigenous technologies: Are recognized as animate, imbued with the breath of life and they live in form and function.
Checking a credit report is a good way to
know whether credit is improving.
reduce the amount of money owed.
determine which debts to pay off.
decrease interest payments.
Checking a credit report is a good way to know whether credit is improving.
What is a credit report?A credit report refers to a statement that has information about your credit activity and current credit situation such as loan paying history and the other status of your credit accounts.
A credit report contains personal information, credit account history, credit inquiries and public records. This information is reported by your lenders and creditors to the credit bureaus. Your credit report can be used in a variety of situations, from getting a credit card to buying a house or even applying for a job.
Why is checking a credit report important?Checking your credit history is a good way to know whether credit is improving. It also helps you in understanding your current credit position.
Thus, regularly checking your credit reports can help you be more aware of what lenders may see and it can also help you detect any inaccurate or incomplete information.
Hence, option A is correct.
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analyse the impact of an enterprise using break even analysis to make business decisions
Answer:
Using break-even analysis in your feed and grain business can help you understand and examine the profit drivers of your business. It is a very useful tool that can help you understand how much you need to sell to cover your costs and how pricing, cost, and volume changes impact these needed sales.
an account that earns ___ interest will result in a higher annual percentage yield
Answer:
The annual percentage yield (APY) is paid to a depositor by a financial institution. The percentage is based on the existing amount after a certain period. If the owner of saving account choose not to take out the past interest revenue, the amount would be compounded for future years.
Answer:
The answer is C. Compound
Explanation:
I took the quiz :) your welcome <3
There are currently 58 million cars in a certain country, decreasing by 7.4% annually. How many years will it take for this country to have 47 million cars
It will take this nation 4.8 years to reach 47 million cars.
How do you determine the years of the automobiles ?To find out how many years it will take for this country to have 47 million cars, we can use the formula:
Years = (log(Final number of cars) - log(Initial number of cars)) / log(1 - Annual decrease rate)
Where:
Final number of cars = 47 million
Initial number of cars = 58 million
Annual decrease rate = 7.4% (converted to decimal form by dividing by
100)
So, it will be:
Years = (log(47,000,000) - log(58,000,000)) / log(1 - 0.074)
By solving this equation we get approximately:
Years = 4.8 yrs
It will take about 4.8 years for this country to have 47 million cars at this
decreasing rate.
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A worker at a landscape design center uses a machine to fill bags with potting soil. Assume that the quantity put in each bag follows the continuous uniform distribution with low and high filling weights of 13. 4 pounds and 15. 9 pounds, respectively. A. Calculate the expected value and the standard deviation of this distribution. (Do not round intermediate calculations. Round your "Expected value" to 2 decimal places and "Standard deviation" answer to 4 decimal places. ) b. Find the probability that the weight of a randomly selected bag is no more than 14. 6 pounds. (Round your answer to 2 decimal places. ) c. Find the probability that the weight of a randomly selected bag is at least 14. 1 pounds. (Round your answer to 4 decimal places. )
The expected value and the standard deviation of this distribution is explained below.
So, here, Let X = the quantity of soil which is put in each bag.
The random variable X tends to follow a Uniform distribution.
Whereas, the range of the values of X are, [8.1, 13.1].
And the probability density function of X is:
fx(x) = 1/2 (a+b) = 8.1+13.1 / 2
=10.6
Then, Compute the expected value of X as follows:
E(X) = 1/2(a + b) = 8.1+13.1 / 2
=10.6
Thus, the expected value of X is 10.60.
Now we will compute the standard deviation of X as follows:
\(SD(X) = \sqrt{1/2 (b-a)^{2} } = \frac{5}{12}^{2} \\= 1.4434\)
Thus, the standard deviation of X is 1.4434.
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Describe the benefit of using and not using credit. Compare the following scenario and tell why it would be better to use credit in one and why it would be better to not use credit in the other. You should have 5 paragraphs, One for each scenario below.
Christmas shopping on a credit card vs cash or not shopping at all
Student loan vs paying for school cash or not going to college
Buying a house on credit/mortgage or cash vs renting
Putting a vacation on credit card or personal loan
Buying a car.on credit or cash or not owning a car
Answer:
1) So christmas shopping should be optional and most of the things in christmas shopping has no benefits for you, it can’t feed you, it can’t pay your rent, its only for your own entertainment so you shouldn’t use credit. If you use credit on useless things that you may end up not using at all, you could fall in debt. If your gonna go christmas shopping, try to not use credit, if your gonna use credit you have to consider if your gonna be able to pay this back or not. Using cash would be the best way becuase you have a limited amount of cash and you would be more careful spending it. With credit, you would be less considerate due to you having a lot of money all at once and some people fail to consider that they would have to pay back the cash they spent on the credit card. So not shopping at all should put you in the safe.
2) A student loan is usually alot. You should use credit becuase sometimes you don’t have the cash right away. If you graduate college with a degree, you cold get a job in the area you got a degree from. If successful and your careful about your spending, you should be able to pay back your student loan. Going to college and using credit is definitely the better answer here since a lot of jobs that can make you a living and could be used to pay back the student loan require a college degree. If you don;t go to college, sure you don’t have to pay back anything but you would be stuck with a very low income job and sometimes you would be barley making a living. The chances of a better job decreases if you don’t go to college since most jobs are looking for a special degree or at least a college degree.
3) Renting would be the best choice using cash. If your gonna get a house, you have to consider your income. If your income is low, a house is not a old choice. If a house is more expensive, a mortgage would be better since the interest is a one way (most of the time) but a credit has monthly intresest so the interest totaled up on an expensive house would be a lot. On a cheaper house its vice versa. If you have a low income job just rent with cash, renting would be best. Your most likely gonna live in a house forever but if you have to move somewhere, you’d have to sell it and do a bunch of confusing stuff and maybe get in even more debt, if you rent, you can move easily if you have to move somewhere closre to your work.
4) Vacation should be put on a personal loan. If your gonna go on vacation, don’t use credit. A vacation isn’t mandatory, you can go whenever you want. Juse becuase your friends are going to Hawaii, you don’t have to. If you have enough money, sure go for it, but you have to consider what you will do there and how big of a toll this could have your personal savings account. Like for example, lets say a plane ticket cost about 600 dollars. A hotel for a week stay would be about 100 dollars per night and that would be 700 dollars. Lets set aside 200 for entertainment and food. You would be rounding up to 1500 dollars just for a week in Hawaii and that’s just estimated (and probably the least amount).
5) Now for a car it really depends on what your job is and how far your job is. The best option I think would be buying a car with cash (if you have), credit (if you think you can pay it back). So if your job is like 10 miles away, a car would be the best since the subway or busses would take a long time and sometimes could not be consistent. A car would be faster and more reliable. If your job starts at 8am and using public transportation, it takes about an hour to get there. You leave at 7 am and the bus or train arrives 30 minutes late, your late for work and if it happens mulitple times, you could get fired. WIth a car its almost a 100 percent garuntee you wouldn’t be late and it’s faster. You’d keep your job and be able to pay off your Car if credit or just gain your money back if you used cash. If your job is next door, a car is useless but a car offers transportation. If you use like public transportation to go somewhere fun, it is cheap, bit with a car, you’d have to worry about gas prices and you’d have to pay a lot of attention. So it really depends on location.
Why does the demand curve facing a monopolistically competitive firm slope downward in the long run, even after the entry of new firms?
Answer:Firms will face perfectly elastic demand curves only if their products are perfect substitutes for the products of other firms.
Explanation:
Answer:Why does the demand curve facing a monopolistically competitive firm slope downward in the long run, even after the entry of new firms?
Explanation:
The extended warranty on a ceiling fan is 18% of the purchase price. If the price of the fan is $140, how much is the warranty? a. $7. 78 b. $25. 20 c. $18. 72 d. $12. 86.
Answer:
holi es la l D hojala te pueda ayudar con todo corazón
What did the court rule on appeal in Alfonso Candela v. Port Motors, Inc., the case in the textbook in which the plaintiff sued the defendant for breach of warranty of title, claiming that he was sold a stolen car?
Multiple Choice
a. That the defendant passed good title as long as the defendant did not know that the car was stolen
b. That the defendant passed voidable title as long as the defendant did not know that the car was stolen
c. That a defendant selling stolen goods, regardless of good faith, can never pass a voidable or good title to the buyer
d. That a defendant selling stolen goods can pass good title to a buyer as long as the buyer and seller were innocent and not in collusion
e. That a defendant selling stolen goods does not pass good title, but the risk of loss is on the buyer
The court rule on appeal is that a defendant selling stolen goods, regardless of good faith, can never pass a voidable or good title to the buyer. This correct answer is option (c).
In the case of Alfonso Candela v. Port Motors, Inc., the plaintiff sued the defendant for breach of warranty of title after discovering that the car he had purchased was stolen. The court ruled on appeal that a defendant selling stolen goods, regardless of good faith, cannot pass a voidable or good title to the buyer.This ruling is based on the legal principle that a person cannot transfer a better title than they possess. If the defendant obtained the car through theft, they never had legal ownership or proper title to the vehicle.
Therefore, the defendant cannot transfer ownership or good title to the buyer, even if the buyer was innocent and unaware of the theft.The court's decision in this case ensures that buyers are protected from purchasing stolen goods unknowingly. It places the responsibility on the seller to ensure they have legal ownership and proper title before transferring the goods to a buyer. If a buyer unknowingly purchases stolen goods, they may not acquire legal ownership, and the risk of loss ultimately falls on the buyer rather than the innocent seller. Hence option (c) is the correct answer.
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The OSHA Construction requirement of 1926.1424 to create an area to protect
workers from a Swing Radius Hazard is called:
•Rest Area Control
•Work Area Control
•Breakfast Area Control
•Parking Area Control
The OSHA Construction requirement of 1926.1424 to create an area to protect workers from a Swing Radius Hazard is called:
B. Work Area ControlWhat is Work Area Control?This refers to the section of work which is specifically designed to offer security and protection to workers so that they would not have a work-related injury.
With this in mind, we can see that the OSHA Construction requirement of 1926.1424 was made to create a Work Area Control which would protect workers from a Swing Radius Hazard.
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In the basic equation of national income accounting, GDP = C + I + G + X – IM, the government directly controls _____ and influences _____ through fiscal policy.
T; G and C
C; X and M
G; C and I
I; G and T
In the basic equation of national income accounting, GDP = C + I + G + X – IM, the government directly controls G and influences C and I through fiscal policy. G; C and I is the correct answer.
Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health.
GDP = private consumption + gross private investment + government investment + government spending + (exports – imports)
GDP = C + I + G + (X – IM)
GDP is usually calculated by the national statistical agency of the country following the international standard.
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Ozmar earns a gross annual salary of $85,000, Marzo earns a gross annual salary of $90,000 and the taxable earnings on their savings combined is $2,000 per year. Their marginal tax rate is 35%. Marzo has a student loan which is paid monthly, the current balance is $25,000 with an interest rate of 1.2%, compounded monthly. This loan will be paid in full in 3 years. While Ozmar was able to purchase a car outright, Marzo purchased a new car 2 years ago at a cost of $22,000, and financed it through the dealership’s plan for 60 months at 1.99% compounded monthly. Payments are monthly. Ozmar and Marzo took your earlier advice about credit card balances and now pay off their balance each month. They use their credit cards only for car expenses and restaurant meals which combined tend to be about $300 per month.
Ozmar and Marzo’s apartment rent includes all utilities plus 2 underground parking spaces for $2,800 per month. Their car insurance combined is $300 per month and tenants insurance is $50 per month, food, entertainment and "other" run at about $650 per month and their joint cell phone bill is $200 per month. Marzo pays $550 per year for parking at work.
Given the prices in the GTA, Ozmar and Marzo understand that they will need to move farther east and/or north to be able to afford to purchase a home. Thus they anticipate Ozmar will need to drive to work and Marzo will have a further drive so they anticipate their car expenses are likely to increase to about $600 per month, plus Ozmar would need to pay for parking at work which is $350 per year.
In addition to a mortgage payment, Marzo and Ozmar would also need to pay property taxes, which they estimate at $2,500 per year, utilities (electricity, water, internet) which they estimate at $300 per month and maintenance which they estimate at $1,200 per year. Marzo and Ozmar have $150000 in savings available for use in a house purchase. They have been examining the market for a while and realize that they will need about $3,000 for closing costs, and would like to keep $15,000 as an emergency fund, which leaves them with a down payment of $132,000. They have seen a property North of Whitby which they are very interested in. It is about 20 years old but has been well maintained, although not upgraded. They believe that they could acquire this property for $700,000. They realize that they do not meet the 20% minimum down payment amount so will have to pay Mortgage Loan Insurance. Thus, they estimate the monthly payments for a 5 year fixed mortgage, with a 25 year amortization period at a rate of 3.59% will be $2,862.91. For a 5 year variable rate, closed mortgage, with a 25 year amortization period at a rate of 2.05%, they estimate their monthly payment would be $2,421.35.
Marzo and Ozmar have received pre-approval for a mortgage up to $700,000 and have determined they will go with the 5 year fixed rate of 3.59%. Before they move forward to purchase the property, they would like to do a comparison of renting versus buying. The information above provides a significant number of estimates for you to use, however, also assume that Ozmar and Marzo could earn an annual return of 2% on their security deposit or downpayment if it was not being used otherwise; that their home owner’s insurance policy would be $1000 per year and that, combining their car insurance policies with their home owner’s policy would reduce the annual car insurance cost by 15%. Also assume an expected increase in property value of 5% over 3 years and that mortgage payments over 3 years would reduce the balance owed by $44,620.10.
Create a table similar to that in Exhibit 7.9 (page 216 in the text) to compare the cost of renting versus buying. The information given provides actual numbers or estimates for the elements in the table.
Based on this table, was the decision to purchase a wise investment? Why or why not?
Marzo and Ozmar are very happy. They have just discovered that their planned family will begin somewhat earlier than originally anticipated. They expect to be parents in 7 months. They are able to purchase creditor insurance and critical illness insurance on their mortgage. They can purchase creditor insurance coverage for $65.59 per month. They can add critical illness for one party for $136.23 per month; if they wish to provide combined insurance for both Ozmar and Marzo, the cost would be $231.60 per month. Provide recommendations (with explanations as to why) regarding creditor insurance. Also provide recommendations (with explanations as to why) regarding including critical illness insurance for Ozmar or Marzo or both.
Based on the comparison table, purchasing the property is a more cost-effective option for Marzo and Ozmar, and they should consider obtaining creditor insurance and critical illness insurance for both parties to protect their investment.
To compare the cost of renting versus buying, we can create a table as follows. Based on this table, the decision to purchase appears to be a wise investment. The net cost after 3 years for buying is significantly less than the total cost of renting over the same period. Additionally, the expected property value after 3 years is higher than the purchase price, which indicates that the property could potentially be sold at a profit in the future.
Regarding creditor insurance, it may be worth considering if Marzo and Ozmar do not have other life insurance policies in place. If they do not, creditor insurance can provide some financial protection in case of job loss, disability, or death. However, if they already have sufficient life insurance coverage, it may not be necessary to purchase creditor insurance.
As for critical illness insurance, it may be worth considering for both Ozmar and Marzo, as it can provide financial protection in case of a serious illness that prevents them from working. However, the decision should be based on their individual health and medical histories, as well as their budget and other insurance coverage. If they decide to purchase critical illness insurance, the combined insurance policy may be more cost-effective than purchasing separate policies for each person.
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Which of the following is a benefit of a bank?
A. You can get your cash quickly and easily.
B. A bank is insured by the federal deposit insurance corporation
C. You assets are safe from theft, loss, and fires
D. All the above
Answer:
D
Explanation:
Answer:
D. All the above
Explanation:
Flamingo Floyd's, a tanning salon, plans to hire additional employees. Flamingo Floyd's currently employs 5 workers at $15 per hour. The price of a tanning session is $11. If Flamingo Floyd's hires the 6th worker the marginal product of labor (going from 5 employees to 6 employees) will be 56. What is Flamingo Floyd's marginal revenue product from hiring the 6th worker
Flamingo Floyd's marginal revenue product from hiring the 6th worker is $616.
To calculate Flamingo Floyd's marginal revenue product (MRP) from hiring the 6th worker, we need to first calculate the marginal product of labor (MPL) and the marginal revenue (MR) of the tanning salon.
MPL is the additional output produced by adding one more worker. In this case, the MPL of the 6th worker is 56, which means that this worker will produce 56 additional tanning sessions.
MR is the additional revenue generated by selling one more unit of output. In this case, the price of a tanning session is $11, so the MR of the 6th worker is $11.
The MRP of the 6th worker can be calculated as:
MRP = MPL x MR
Substituting the values we have:
MRP = 56 x $11
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Chapter 2 Mastery Problem
The T –
Hassan Rahim won a concession to rent bicycles in the local park during the summer. During the month of June, Hassan completed the following transactions for his bicycle rental business:
Chart of Accounts
Cash
Hassan Rahim Capital
Accounts Receivable
Hassan Rahim, Withdrawals
Supplies
Rental Income
Shed
Wages Expense
Bicycles
Maintenance Expense
Accounts Payable
Repair Expense
Concession Fee Expense
June
2
Began business by placing $7,200 in a business checking account.
3
Purchased supplies on account, $150
4
Purchased 10 Bicycles for $2,500, paying $1,200 down and agreeing to pay the rest in thirty days.
5
Purchased for cash a small shed to hold the bicycles and to use for other operations, $2,900
6
Paid cash for shipping and installation costs (considered as an addition to the cost of the shed) to place the shed at the park entrance, $400.
8
Received cash of $470 for rentals during the first week of operation.
13
Hired a part-time assistant to help out on weekends at $7.50 per hour
14
Paid a maintenance person to clean the grounds, $75.
15
Received cash, $500, for rentals during the second week of operation.
16
Paid the assistant for a weekend’s work, $150.
20
Paid for the supplies purchased on June 3, $150.
21
Paid repair bill on bicycles, $55.
22
Received cash for rentals during the third week of operation, $550.
23
Paid the assistant for a weekend’s work, $150.
26
Billed a company for bicycle rentals for an employee outing, $110
27
Paid the fee for June to the Park District for the right to the bicycle concession, $100.
28
Received cash for rentals during the week, $410.
29
Paid the assistant for a weekend’s work, $150.
30
Transferred $500 to personal checking account.
Answer:
27.
Explanation:
Westway Company pays Suzie Chan $2,650 per week. Assume Social Security is 6.2% on $118,500 and 1.45% for Medicare. a. By the end of week 52, how much did Westway deduct for Suzie's Social Security and Medicare for the year? (Round your answer to the nearest cent.) b. What state and federal unemployment taxes does Westway pay on Suzie's yearly salary? The state unemployment rate is 5.1% and the federal unemployment tax is 0.6% on the first $7,000.
Westway Company deducted a total of $5,872.65 for Suzie Chan's Social Security and Medicare for the year.
To calculate the deductions for Social Security and Medicare, we need to consider the applicable rates and the salary earned by Suzie Chan.
Social Security: The Social Security rate is 6.2% on the first $118,500 of annual income. Since Suzie earns $2,650 per week, her annual income is $2,650 * 52 weeks = $137,800. However, since $118,500 is the maximum taxable income for Social Security, we need to consider this limit. Thus, the amount subject to Social Security tax is $118,500. Therefore, the Social Security deduction for the year is $118,500 * 0.062 = $7,347.
Medicare: The Medicare rate is 1.45% on all earnings with no maximum limit. Suzie's annual income is $137,800, so the Medicare deduction for the year is $137,800 * 0.0145 = $1,999.60.
Adding the deductions for Social Security and Medicare together, we get $7,347 + $1,999.60 = $9,346.60. Rounded to the nearest cent, Westway Company deducted $5,872.65 for Suzie's Social Security and Medicare for the year.
Social Security and Medicare deductions are mandatory contributions made by employees and employers to fund social insurance programs in the United States. Social Security tax is levied on a portion of an individual's income up to a specified limit, while Medicare tax is applied to all earnings with no maximum limit. These deductions help support programs that provide retirement, disability, and healthcare benefits to eligible individuals.
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Which of the following exemplifies a communication channel that is outside the organization's formal structure and does not follow the chain of command? Multiple Choice annual reports e-mals videsconferencing weserine
The communication channel that exemplifies a method outside the organization's formal structure and does not follow the chain of command is 'Emails'. Thus, option B is the correct option.
Emails allow for direct communication between individuals within an organization, bypassing hierarchical structures and providing a means of communication that is not bound by formal channels or the traditional chain of command.
Emails offer flexibility and facilitate communication across different levels and departments within an organization, enabling direct contact between individuals who may not have a formal reporting relationship.
Thus, option B is the correct option.
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A Company leased equipment from B Leasing on January 1, 2021. B recently purchased the equipment at a cost of $248,320. Other information: Lease term 3 years Payments $90,000 on January 1/2021,12/31/2021 and 12/31/2022 Life of asset 3 years Fair value of asset $248,320 Implicit interest rate 9% There is no expected residual value. Required: A. Prepare appropriate journal entries for B Leasing for 2021, 2022, and 2023 calendar year ends. B. Prepare the appropriate journal entries for A Company for 2021, 2022, and 2023 calendar year ends.
A. The journal entries for B Leasing for the 2021, 2022, and 2023 calendar year ends are as follows:
- On January 1, 2021: Debit Lease Receivable $248,320 and Credit Lease Liability $248,320
- On December 31, 2021: Debit Cash $90,000 and Debit Lease Receivable $17,850.40. Credit Lease Liability $90,000 and Credit Interest Income $17,850.40
- On December 31, 2022: Debit Cash $90,000 and Debit Lease Receivable $14,305.70. Credit Lease Liability $90,000 and Credit Interest Income $14,305.70
- On December 31, 2023: Debit Cash $90,000 and Debit Lease Receivable $10,761.00. Credit Lease Liability $90,000 and Credit Interest Income $10,761.00
B. The journal entries for A Company for the 2021, 2022, and 2023 calendar year ends are as follows:
- On January 1, 2021: Debit Leased Equipment $248,320 and Credit Lease Liability $248,320
- On December 31, 2021: Debit Lease Expense $90,000 and Credit Cash $90,000
- On December 31, 2022: Debit Lease Expense $90,000 and Credit Cash $90,000
- On December 31, 2023: Debit Lease Expense $90,000 and Credit Cash $90,000
In summary, B Leasing should record journal entries to account for the lease receivable, lease liability, cash, and interest income. A Company should record journal entries for the leased equipment, lease liability, and lease expense.
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At December 31, 2017 the following balances existed on the books of Rentro Corporation:
Bonds Payable $7,000,000
Discount on Bonds Payable 980,000
Interest Payable 168,000
If the bonds are retired on January 1, 2018, at 102, what will Rentro report as a loss on redemption?
When bonds are retired or redeemed, the company has to account for any remaining unamortized discount or premium bonds. In this case, the bonds were issued at a discount, which is common when interest rates are higher than the coupon rate on the bonds. The Discount on Bonds Payable represents the difference between the face value of the bonds and the amount received when they were issued.
To calculate the loss on redemption, we need to first determine the carrying value of the bonds. The carrying value is the face value of the bonds less any unamortized discount or plus any unamortized premium. In this case, the face value of the bonds is $7,000,000 and the unamortized discount is $980,000, so the carrying value is:
Carrying value = Face value - Discount on Bonds Payable
Carrying value = $7,000,000 - $980,000
Carrying value = $6,020,000
Next, we need to determine the amount that Rentro will receive when the bonds are redeemed. The bonds are being redeemed at 102, which means that Rentro will receive 102% of the face value of the bonds. The amount received is calculated as:
Amount received = Face value x Redemption price
Amount received = $7,000,000 x 1.02
Amount received = $7,140,000
Finally, we can calculate the loss on redemption as the difference between the carrying value of the bonds and the amount received:
Loss on redemption = Carrying value - Amount received
Loss on redemption = $6,020,000 - $7,140,000
Loss on redemption = -$1,120,000
The negative value indicates that Rentro will report a loss on redemption of $1,120,000. This loss represents the difference between the carrying value of the bonds and the amount received when they are redeemed. It is important to note that the loss is a non-operating expense and will not affect Rentro's net income from operations.
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in the planning process, what is the role of strategic goals and plans?
Strategic goals and plans play a critical role in the planning process of an organization. They provide a clear direction and vision for the organization to achieve its long-term objectives.
The strategic goals and plans define the overall purpose and scope of the organization, its values, and its desired outcomes. They also provide a roadmap for the organization to align its resources and efforts toward achieving its goals.
In the planning process, strategic goals and plans provide a framework for decision-making and resource allocation. They help identify areas of focus, prioritize initiatives, and guide the allocation of resources toward achieving specific outcomes. This enables organizations to make more informed decisions and use resources effectively and efficiently.
Moreover, strategic goals and plans provide a basis for measuring and evaluating the performance of an organization. They define clear, measurable targets and outcomes, which allow organizations to monitor progress toward achieving their goals and assess the effectiveness of their strategies.
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What is the difference between gross income, taxable income, and adjusted gross income?
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