John has been working for a law firm and earning an annual salary of $80,000. He decides to open his own practice. His annual expenses will include $15,000 for office rent, $3,000 for equipment rental, $1,000 for supplies, $1,200 for utilities, and a $35,000 salary for a secretary/bookkeeper. John will cover his start-up expenses by cashing in a $20,000 certificate of deposit on which he was earning an annual interest of $500. (Use the information provided above to answers this and the following 2 questions) John's annual economic costs will be O $55,200 O $135,700 O $75,200 O $80,500
Answers
John will cover his start-up expenses by cashing in a $20,000 certificate of deposit on which he was earning an annual interest of $500 then John's annual economic costs will be 135,700$.
What's the best way to define interest?Interest is the cost of borrowing money and is typically stated as a percentage, such an annual percentage rate (APR). Lenders may charge interest for the use of their money, or borrowers may charge interest for the use of those funds.
What does commercial interest entail?When a company borrows money from a lender (creditor), it must pay interest. Though there are many more options, interest payments are typically based on the remaining balance of a loan and made monthly. Typically, interest is calculated as a portion of the loan balance at an established interest rate.
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Related Questions
Role of Chartered accountants in achieving economic blue prints
Answers
Answer:
There are a lot of ways in which a CA contributes in achieving economic blueprint. A CA is the person who certifies the balance sheets of companies, certifying the true and fair view of the same. He is a watchdog of the financial affairs of entities.
A CA is the person who conducts audits of entities for tax compliance, and reports the same to the Government, thus contributing to tax revenues of the government and contributing in national development.
A CA is the person who certifies that necessary taxes are paid before a sum of money is remitted out of the country, thus ensuring correcct tax payments at the right time.
At a macro level, the CA recommends Accounting Standards in the country, which are the framework within which, financial reporting is to be done, thus ensuring uniformity in the reporting, and helping the people of the country assimilate how the money is moving/has moved.
The CA regularly advises the Govt. on various matters of taxation with its recommendations, thus ensuring robust taxation framework in India. The ICAI also provides its recommendations on various matters relating to corporate affairs to the Govt.
After completing a career search Patrick has decided that he wants to be a paralegal which two skills or abilities are important for him to have in order to excel in this career
A.Research skills be
B.analytical thinking skills
C.creative thinking skills
D.math skills
Answers
An issue of common stock has just paid a dividend of $2.00. Its growth rate is equal to 4%. If the required rate of return is 7%, what is its current price
Answers
Answer:
The answer is $69.33
Explanation:
The formula to solve this is:
P = D1/r - g
P is the Curren price of the common stock
D1 is the future dividend payment
r is the rate of return
g is the growth rate
D1 is $2 x 1.04 = $2.08
r = 7% or 0.07
g= 4% or 0.04
2.08/0.07-0.04
2.08/0.03
=$69.33.
Therefore, the current share price of the common stock is $69.33
On April 1st, an automobile manufacturer had no beginning inventories and, it purchased 8,400 batteries at a cost $90 per battery. It withdrew 7,800 batteries from the storeroom during the month. Of these, 50 were used to replace batteries in cars being used by the company's traveling sales staff. The remaining batteries withdrawn from the storeroom were installed in cars being manufactured by the company. Of the cars in production during April, 80 percent were completed and transferred from work in process to finished goods. Of the cars completed during the month, 20 percent were unsold at April 30th. How much of the total battery cost would be recorded as Selling Expense for the month of April
Answers
Answer:
The total battery cost recorded as Selling Expense = $4,500 ($90 * 50 batteries)
Explanation:
a) Data and Calculations:
Work-in-process Inventory
Units Unit Cost Total
Purchase of batteries = 8,400 $90 $756,000
Used batteries:
Selling staff (50) $90 4,500
Production (7,750) $90 697,500
Ending inventory 600 $90 54,000
Finished goods inventory:
Production (7,750) $90 697,500
Finished goods (80%) 6,200 $90 558,000
Cost of goods sold and ending inventory of finished goods:
Cost of batteries sold 4,960 $90 $446,400
Ending inventory 1,240 $90 $111,600
b) The cost of batteries recorded as Selling Expense is the cost for the 50 batteries used by the company's traveling sales staff. It is determined by multiplying 50 by $90, the unit cost of each battery.
Using the appropriate tool from the Accountant Tools menu, which 4 of the following can be batch reclassified in QuickBooks Online Accountant?
Answers
Using the appropriate tool from the Accountant Tools menu, the 4 options that can be batch reclassified in QuickBooks Online Accountant are options A, B, C and F:
ClassesCustomersProducts and ServicesAccountWhat is QuickBooks Online Accountant?In the above question, too batch reclassify these items, you can use the "Batch Reclassify Transactions" tool, which can be found under the Accountant Tools menu.
This tool allows you to select multiple transactions and reclassify them to a different account, class, customer, or product/service.
Therefore, Locations, tax codes, and suppliers cannot be batch reclassified using this tool. However, you can edit individual transactions to change their location, tax code, or supplier if necessary.
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See full question below
Using the appropriate tool from the Accountant Tools menu, which 4 of the following can be batch reclassified in QuickBooks Online Accountant?
Classes
Customers
Products and Services
Locations
Tax Code
Account
Suppliers
PLS HURRY I AM ON A TIMER! what types of people can you learn from on Twitter?
A.Only professors
B.Only industry experts
C.Only fellow students
D.Anyone interested in the topic
Answers
Answer:
D.Anyone interested in the topic
Explanation: hope this helps
A foreign company whose sales will not affect Lattimer's market offers to buy 4,300 units at $6.80 per unit. In addition to existing costs, selling these units would add a $0.18 selling cost for export fees. Lattimer’s annual production capacity is 25,000 units. If Lattimer accepts this additional business, the special order will yield a:
Answers
Answer:
$2,021 profit
Explanation:
The computation is shown below:
The Incremental Revenue from special order is
= 4,300 units × $6.80
= $29,240
The existed variable cost per unit is
= $92,250 ÷ 15,000 units
= $6.15
Now the new incremental cost is
= $6.15 + $0.18
= $6.33
And, the total incremental cost is
= 4,300 units × $6.33
= $27,219
So, the yield would be
= $29,240 - $27,219
= $2,021 profit
Super Carpeting Inc. (SCI) just paid a dividend (Do) of $1.68 per share, and its annual dividend is
expected to grow at a constant rate (9) of 3.50% per year. If the required return (rs) on SCI's stock is
8.75%, then the intrinsic value of SCI's shares. .............................
per share.
Which of the following statements is true about the constant growth model?
с
The constant growth model can be used if a stock's expected constant growth rate is less than its
required return.
C
The constant growth model can be used if a stock's expected constant growth rate is more than
its required return.
Use the constant growth model to calculate the appropriate values to complete the following
statements about Super Carpeting Inc.:
• If SCI's stock is in equilibrium, the current expected dividend yield on the stock will
be..................per share.
• SCI's expected stock price one year from today will be........
...per share.
. If SCI's stock is in equilibrium, the current expected capital gains yield on SCI's stock will
be.............
....per share.
Answers
The constant growth model can be used if a stock's expected constant growth rate is less than its required return. So, the correct answer is option a.
Dividends (D1) For next period = D1 (1 + g)
= 1.65 x(1.035)
= 1.7388
P0 = (Div1 )/(r - g)
= 1.7388
= .0875- .35
= $33.12 per share
Div 1 = Dividend for next period
r = required rate of return
g = growth rate of dividend
A dividend is the payment of business profits to qualified shareholders.
The board of directors of an organisation decides on dividend distributions and quantities.
When expressed as a percentage of a company's stock price, the dividend yield is the dividend paid out per share.
Many businesses save their profits to reinvest in the business rather than paying dividends.
Shareholders with voting rights must approve dividends. Although they are less prevalent, dividends can also be distributed as stock shares.
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On June 15, 2021, Allen sold land held for investment to Stan for $65,000 and an installment note of $300,000 payable in five equal annual installments beginning on June 15, 2022, plus interest at 10%. Allen’s basis in the land is $255,500. What amount of gain is recognized in 2021 under the installment method?
Answers
The amount of gain that will be recognized in 2021 under the installment method, is $27, 857 . 14
How to find the gain recognized?First, find the profit margin on the land sold by Allen to Stan:
= ( Selling price of land - Allen's basis in the land) / Allen's basis in the land
= ( ( 300, 000 + 65, 000) - 255, 500) ) / 255, 500
= 109, 500 / 255, 500
= 42. 857 %
The gain to be recognized, using the installment method is:
= Profit margin x Amount paid by Allen in 2021
= 42. 857 % x $ 65, 000
= $27, 857 . 14
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Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, demanded at a local gasoline station. Also shown are actual demand levels, in
thousands of gallons:
Forecast
Method 1
Actual
Demand
Actual
Demand
Week
Forecast
Method 2
0.82
Week
1
0.90
0.72
1
0.72
2
1.02
1.00
2
1.19
1.00
3
0.92
1.00
3
0.92
-1.00
4
1.17
1.00
4
1.17
1.00
The MAD for Method 1 = thousand gallons (round your response to three decimal places).
Answers
MAD = 0.51/4 = 0.1275 and MSE = 0.0721/4 = 0.018.
What is MAD and MSE?MAD( Mean Absolute Deviation) and MSE( Mean Squared Error) are the most commonly used forecast error measures. MAD is the average of the absolute errors and MSE is the average of the squared errors.
Solution:- Method 1 Week Method 1 Actual E E^2
1 0.9 0.7 0.2 0.04
2 1.05 1 0.05 0.0025
3 0.95 1 0.05 0.0025
4 1.2 1 0.2 0.04
0.5 0.085
MAD = sum of error/n
= 0.5/4
=0.125
MSE = sum of squared error/n
= 0.0.85/4
= 0.02125
Method 2 Week Method 2 Actual E E^2
1 0.8 0.7 0.1 0.01
2 1.2 1 0.2 0.04
3 0.9 1 0.1 0.01
4 1.11 1 0.11 0.0121
0.51 0.0721
Hence, MAD = 0.51/4 = 0.1275 and MSE = 0.0721/4 = 0.018.
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What happens when demand decreases while supply increases
Answers
Explanation: When demand decreases while supply increases, it creates a situation of surplus, also known as oversupply. This is because there is now more supply available in the market than there is demand for it, leading to a surplus of goods or services.
As a result, businesses may have to lower their prices to incentivize consumers to purchase their products or services. This can lead to a decrease in revenue for the businesses and potentially even lower profits. In some cases, businesses may also need to reduce their supply in response to the decrease in demand.
If the surplus persists over a longer period, businesses may also need to cut costs, such as reducing staff or production capacity, in order to remain profitable. This can have broader economic implications, such as rising unemployment rates and a decrease in overall economic activity.
Overall, a decrease in demand while supply increases can have negative consequences for businesses and the economy as a whole.
Answer: When demand increases and supply increases it leads to reduction in the equilibrium price.
Explanation:
The market price will fall as a result of a decline in demand and an increase in supply because, for any quantity, consumers now place a lower value on the item and producers are ready to accept a lower price.
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The ______ ______ system assigns a score to each tax return representing the probability the tax liabilities on the return have been underreported.
Answers
The discriminate function system assigns a score to each tax return representing the probability the tax liabilities on the return have been underreported.
Based on the IRS's prior experience with similar returns, the Discriminant Function System (DIF) score assigns a potential for change rating. Tax authorities employ the discriminate function system, a statistical technique, to find tax returns that are more likely to have unreported tax liabilities. Each tax return is given a score by the system based on specific financial and demographic factors, and higher-scoring returns are thought to be more likely to have unreported tax liabilities.
In order to make sure that the correct amount of taxes have been declared and paid, the tax authority then concentrates its auditing efforts on these returns. Tax authorities can quickly and cost-effectively determine which tax returns are most likely to have unreported tax liabilities by using the discriminate function approach.
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Chapter 6 gives us insight to organizational strategy.
A situational analysis we may have and/or will encounter is S.W.O.T. analysis (Strengths, weaknesses, opportunities, and threats).
Our text shares that Strengths and Weaknesses are internal items, while Opportunities and Threats are external items.
Share a SWOT analysis of an organization; it doesn't have to be an organization you are currently employed with.
Please complete this assignment as-if you were presenting your SWOT analysis to a Board of Directors or in a strategic meeting.
Each area of your S.W.O.T. analysis needs to outline a minimum of three items. Then, we must share an action item for one of the items listed within each
factor.
Answers
A SWOT analysis is a high-level strategic planning tool that assists businesses in identifying where they are doing well and where they may improve, both internally and outside. The abbreviation SWOT stands for “Strengths, Weaknesses, Opportunities, and Threats.”
What Is A SWOT Analysis?We’ve designed a step-by-step SWOT analysis template to help you get started. The following examples are particular to the airline sector (since that is the example we use in our grid), although the SWOT analysis exercise is relevant to all enterprises.
Make a SWOT analysis.
Bring in the proper people.
Make a list of your strengths.
Make a list of your flaws.
Determine your opportunities.
Examine the links in your matrix.
Developing a strategy is in and of itself a big step. It entails setting goals for yourself.company to move toward, creating priority initiatives (projects) to help make them a reality, and identifying measures to make sure the strategy is unfolding the way it should.
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The equipment account had a $36,000 balance at the beginning of the year, and a $30,000 balance at the end of the year. The accumulated depreciation account had a balance of $22,000 at the beginning of the year, and a $17,000 balance at the end of the year. The income statement reported depreciation expense of $4,000 for the year. Equipment costing $10,000 was sold for its book value. Cash received from the sale to be reported in the Investing Activities section is
Answers
Answer:
$1000
Explanation:
The cash received from the equipment sale is equals to the initial cost of the equipment which is $10,000 minus total accumulated depreciation on the equipment charged till date.
Total accumulated depreciation on the equipment=Opening balance of accumulated depreciation+depreciation charge for the year-closing balance of accumulated depreciation
Total accumulated depreciation on the equipment=$22,000+$4,000-$17,000
=$9,000
cash proceeds=$10,000-$9,000=$1000
Diane's Designs has two classes of stock authorized: 9%, $10 par value preferred and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 1 Issue 200,000 shares of common stock for $15 per share. February 6 Issue 900 shares of preferred stock for $13 per share. October 10 Purchase 12,000 shares of its own common stock for $14 per share. November 12 Resell 5,000 shares of treasury stock at $24 per share. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Answers
Answer and Explanation:
The Journal entries are shown below:-
1. Cash Dr, $3,000,000 (200,000 × $15)
To Common stock $200,000 (200,000 × $1)
To Paid in capital in excess of par - Common stock $2,800,000
(Being issuance of common stock is recorded)
Here we debited the cash as it increased the current assets and we credited the common stock and paid in capital in excess of par - common stock as it also increased the stockholder equity
2. Cash Dr, 11,700 (900 × $13)
To Preferred stock $10,000 (900 × $10)
To Paid in capital in excess of par - Preferred stock $1,700
(Being issuance of the preferred stock is recorded)
Here we debited the cash as it increased the current assets and we credited the preferred stock and paid in capital in excess of par - Preferred stock as it also increased the stockholder equity
3. Treasury stock Dr, $168,000 (12,000 × $14)
To Cash $168,000
(Being cash paid is recorded)
Here we debited the treasury stock as it increased the treasury stock and we credited the cash as it reduced the current assets
4. Cash Dr, 120,000 (5,000 × $24)
To Treasury stock $70,000 (5,000 × $14)
To Paid in capital in excess of par - Treasury stock $50,000
(Being issuance of the treasury stock is recorded)
Here we debited the cash as it increased the current assets and we credited the treasury stock and paid in capital in excess of par - Treasury stock as it reduced the treasury stock
7. Which of the following people is required to file taxes? *
Answers
Answer:
what you will be when grow up?
what is the starting salary of an entry level librarian? it could hour wage or yearly.
Answers
Answer:
$46k–84kper year
Explanation:
Answer:
Which city, though?
Explanation:
Highest Paying Cities for Entry Level Librarian Jobs.
City Richmond, CA
Annual Salary $46,419
Monthly Pay $3,868
Weekly Pay $893
Hourly Wage $22.32
In this unit, you learned about using the internet for business purposes. What forms of business communication rely on the internet? How do these forms differ from each other? What are some of the risks associated with internet-based communication? Which form do you think businesses find most useful for reaching the public? Why?
Answers
Answer:The forms of business purpose is Email, instant messaging, websites, blogs, text messaging, voicemail and video messaging.Each form have there way of doing things like emailis a message.and video message is a massage but you can see who you are talking to.The Form that I think is useful is Email because everyone use it.
ty
By saving time and money, switching from paper to electronic communications might actually make it easier for your company to communicate. A few types of electronic communication include email, instant messaging, websites, blogs, text messages, voicemail, and video messaging.
What do you mean by the business Communication?Information sharing in the workplace and with external parties is referred to as business communication.
Digital media are used in internet marketing to spread awareness of your company and encourage customers to buy your goods and services.
According to the guidelines, despite the huge and constantly expanding range of issues categorized as online safety, they may be divided into four categories of risk: content, interaction, conduct, and commerce.
A useful electronic communication tool for marketing is the blog. Electronic communication that is effective has a distinct message.
Therefore, by saving time and money, switching from paper to electronic communications might actually make it easier for your company to communicate. A few types of electronic communication include email, instant messaging, websites, blogs, text messages, voicemail, and video messaging.
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how does the entry of domestic businesses into foreign markets benefit South Africa?
Answers
Answer: South African firms and consumers gain from imports through lower prices and a greater variety of goods and services. Exporters achieve economies of scale and the increased competition due to trade can spur innovation and productivity growth.
. Discuss and Implement the Price Adjustment Strategies in current market. Apply each strategy with 3 examples along with picture. (10 Marks) (200 Words)
Answers
Answer:
There are many different price adjustment strategies which can be implemented in the current market.
Explanation:
Psychological pricing:
Psychological pricing is a strategy in which the price of a product is displayed with mostly one cent difference so the whole number shown is less by $1 and this difference can get higher if the price of the product is more.
Example 1: The price for a toy in a toy shop is $4.99, if rounded this will be $5 but the whole number visible is $4.
Example 2: The price of a laptop is $193, this again is nearly $200 but the price is reduced by $7 in order to influence their customers into buying the product.
Example 3: The price of a car is $35,995, this again is about $36,000 but the buyer may be influenced by this technique and result in purchasing the product with such price.
Geographical Pricing:
Geographical pricing is a strategy where different prices are charged in different outlets, this strategy is made keeping in mind the purchasing power of the locality, if the local people can pay higher price for a product then the price is high there but same product may have a lower price in an area where people can not pay high price.
Example 1: Price of a T-shirt is $15 in a posh area while the price of the same T-shirt is $5 in an area with poor locality.
Example 2: Price of a hair brush is $10 in a poor area while the same brush is available in a posh area at a rate of $35.
Example 3: Price for a food item is $6 in a restaurant in posh area while the same burger is available for $3 in a restaurant in a poor area.
Why does the fact that she might not like living in California make someone think renting a home is better than buying one?
A. She cannot immediately come up with the large down payment required to buy a house.
B. She expects mortgage rates to go down in the next year or two. (That has nothing to do with whether she likes
C. She does not want to pay property taxes to support a place she might not like living in.
D. If she decides to move, she will not have to deal with selling her home
Answers
Answer:D. If she decides to move, she will not have to deal with selling her home.
Explanation:The reasoning behind option D is that if the person rents a home, they will not have to go through the process of selling a home if they decide they do not like living in California. Renting a home provides more flexibility and allows them to move without having to worry about the challenges that come with selling a home, such as finding a buyer and negotiating a price. This could be especially important if the person is unsure about whether they will like living in California, and wants to be able to move if needed without having to go through a complicated and time-consuming process.
If she decides to move, she will not have to deal with selling her home the fact that she might not like living in California make someone think renting a home is better than buying one. Thus, option (d) is correct.
What is renting?The term renting refers to pay the rent on the used of the thing, property. The renting are the pay to the landlords. A renting on the time to time pay as the basis on the monetary terms. It was the renting are the cheapest as compare the buying.
According to the case, the fact was the basis on the person rents a home not as the buying the home because it was the cheapest. So, she was decided the not living the California. Renting on the home was the more flexible as well as negotiating a price. She not to the deal her home.
As a result, the significance of the renting a home is better than buying one are the aforementioned. Therefore, option (d) is correct.
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What is one way investment consultants protect their clients’ money during periodic performance reviews?
Answers
Answer:
Investment consultants check that the portfolio manager's performance was based on skill investing in the agreed-upon stocks or sectors
Explanation:
because it is
In a bid to ensure that money is adequately channeled and client's finances are safe, investment consultant analyses the stocks and portfolio's in other to ensure they are based on the advise offered and agreed upon.
The investment consultant offers expert advise on profitable stocks and portfolio's which could be invested in. The portfolio manager handles and monitors client's investment and finances. Hence, the investment consultant and portfolio manager work hand in hand in other to ensure that the right stock is chosen and invested in.Therefore, investment consultant ensures that portfolio managers do not deviate from the agreement made.
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Please help in one minute will mark BRAINLIST
Answers
Answer:
A, B
Explanation:
Might be wrong, there is no guarantee
Solutions Company - Unadjusted Trial Balance as of December 31.
Account Titles
Unadjusted Trial Balance Dr. Unadjusted Trial Balance Cr.
100: Cash 20,000
110: Accounts Receivable 0
120: Supplies 7,600
160: Machinery 50,000
161: Accumulated Depreciation 20,000
200: Accounts Payable 0
205: Interest Payable 0
210: Wages Payable 0
230: Unearned Rental Fees 7,200
240: Note Payable 30,000
300: Common Stock 10,000
310: Dividends 9,500
320: Retained Earnings 14,200
400: Rental Fees 32,450
600: Wage Expense 24,500
610: Interest Expense 2,250
620: Supplies Expense 0
630: Depreciation Expense 0
113,850 113,850
Totals
Requirement:
Prepare year-end adjusting journal entries for each of these separate situations.
As of December 31, employees had earned $400 of unpaid and unrecorded wages. The next payday is January 4 at which time $1,200 in wages will be paid.
The cost of supplies still available at December 31 is $3,450.
The notes payable requires an interest payment to be made every three months. The next payment occurs after the new year begins. The amount of unrecorded accrued interest at December 31 is $800.
Analysis of the unearned rental fees shows that $3,200 remains unearned at December 31.
In addition to the machinery rental fees included in the revenue account balance, the company has earned another $2,450 in unrecorded fee that will be collected on January 31 of next year.
Depreciation expense for the year is $3,800.
Answers
The Preparing Adjusted Trial Balance with the help of Worksheet: is given below:
The Adjusted Trial BalanceSolutions Company
Worksheet
December 31
Accounts Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance
Debit Credit Debit Credit Debit Credit
Cash $20,000 $20,000
Accounts Receivable 0 $2,450 2,450
Supplies 7,600 $4,150 3,450
Machinery 50,000 50,000
Accumulated Depreciation $20,000 3,800 $23,800
Accounts Payable 0 0
Interest Payable 0 800 800
Salaries Payable 0 400 400
Unearned Rental Fees 7,200 4,000 3,200
Note Payable 30,000 30,000
Common Stock 10,000 10,000
Dividends 9,500 9,500
Retained Earnings 14,200 14,200
Rental Fees 32,450 6,450 38,900
Salaries Expense 24,500 400 24,900
Interest Expense 2,250 800 3,050
Supplies Expense 0 4,150 4,150
Depreciation Expense 0 3,800 3,800
Totals $113,850 $113,850 $15,600 $15,600 $121,300 $121,300
Preparing Income Statement:-
Solutions Company
Income Statement
For the Year Ended December 31
Accounts Amount Amount
Revenue:-
Rental Fees $38,900
Total Revenue $38,900
Expenses:-
Salaries Expense $24,900
Interest Expense 3,050
Supplies Expense 4,150
Depreciation Expense 3,800
Total Expenses ($35,900)
Net Income $3,000
Preparing Statement of Retained Earnings:-
Solutions Company
Statement of Retained Earnings
For the Year Ended December 31
Accounts Amount
Retained Earnings 14,200
Net Income 3,000
$17,200
Dividends (9,500)
Retained Earnings, Ending $7,700
Preparing Balance Sheet:-
Solutions Company
Balance Sheet
December 31
Accounts Amount Amount
Assets:-
Cash $20,000
Accounts Receivable 2,450
Supplies 3,450
Machinery 50,000
Accumulated Depreciation (23,800)
Total Assets $52,100
Liabilities:-
Accounts Payable $0
Interest Payable 800
Salaries Payable 400
Unearned Rental Fees 3,200
Note Payable 30,000
Total Liabilities $34,400
Stockholders Equity:-
Common Stock $10,000
Retained Earnings, Ending 7,700
Total Stockholders Equity $17,700
Total Liabilities and Stockholders Equity $52,100
Preparing Closing Entries:-
Solutions Company
General Journal
December 31
Date Accounts Title and Explanation Debit Credit
December 31 Rental Fees $38,900
Income Summary $38,900
(To close Revenue Account)
December 31 Income Summary $35,900
Salaries Expense $24,900
Interest Expense $3,050
Supplies Expense $4,150
Depreciation Expense $3,800
(To close Expenses Accounts)
December 31 Income Summary $3,000
Retained Earnings $3,000
(To close Income Summary)
December 31 Retained Earnings $9,500
Dividends $9,500
(To close Dividends Account)
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Read the following scenario and answer the question below:
You are a public relations officer working for a local non-profit organisation called "Green Future" that focuses on promoting sustainable practices and environmental awareness in the community. The organisation has just launched a new initiative to encourage people to reduce their plastic waste and switch to reusable alternatives.
3.1. Write a press release to send to various media houses to promote this initiative and raise awareness about the importance of reducing plastic waste. Your press release should be structured according to the press release example provided in ‘Additional Resources/Supplementary Exam. Please note: The address, contact details and content provided in the press release are just an example of what should be included in your press release, and how it should be structured. For your press release you must write in your own, original words.
Also, as this is a hypothetical case study, you may make up your own address and contact details for “Green Future. (20)
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FOR IMMEDIATE RELEASE
Green Future Launches Groundbreaking Initiative to Reduce Plastic Waste and Promote Sustainability
[City, Date] – Green Future, a local non-profit organization committed to fostering sustainable practices and raising environmental awareness, is proud to announce the launch of an innovative initiative aimed at reducing plastic waste and encouraging the adoption of reusable alternatives within the community.
Plastic pollution has become a pressing issue globally, posing significant threats to our environment, wildlife, and human health. With this new initiative, Green Future aims to tackle this problem head-on by empowering individuals to make conscious choices that can have a lasting positive impact on the planet.
Under the program, Green Future will engage with local businesses, educational institutions, and community members to promote the importance of reducing plastic waste. The initiative will provide educational resources, organize workshops, and distribute reusable alternatives such as cloth bags, stainless steel water bottles, and bamboo straws.
"We believe that collective action is key to addressing the plastic waste crisis," said [Spokesperson's Name], spokesperson for Green Future. "By raising awareness and offering practical solutions, we hope to inspire individuals to make sustainable choices and contribute to a greener future."
To further amplify the message and encourage widespread participation, Green Future has also partnered with media outlets, influencers, and community leaders who are committed to championing environmental causes.
To learn more about the initiative and how you can get involved, please visit [website URL] or contact Green Future at [contact information].
About Green Future:
Green Future is a non-profit organization dedicated to promoting sustainable practices and environmental awareness. Since its establishment [year], Green Future has been at the forefront of environmental initiatives, collaborating with various stakeholders to drive positive change within our community.
Media Contact:
[Your Name]
[Your Position]
[Phone number]
[Email address]
Green Future
[Address]
[City, State, ZIP]
[Phone number]
[Email address]
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Oakdale Fashions, Inc.’s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.)
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a) The firm's 2021 tax liability was $35,595.
b) The firm's 2021 net income was $133,905.
c) The firm's 2021 average tax rate was 21%.
d) The firm's 2021 marginal tax rate was 21%, same as the average tax rate because companies are subject to a flat federal tax rate of 21%.
What is the tax liability?The tax liability of a firm is the product of the average tax rate and the earnings before tax.
The net income is the difference between the earnings before tax and the tax liability.
Oakdale Fashions, Inc., Income Statement for 2021
Net sales (all credit) $640,000
Less: Cost of goods sold 245,000
Gross profits $395,000
Less: Other operating expenses 120,000
EBITDA $275,000
Less: Depreciation and amortization 18,000
EBIT $257,000
Less: Interest 87,500
EBT $169,500
Less: Taxes $35,595 ($169,500 x 21%)
Net income $133,905 ($169,500 - $35,595)
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An effective contract writing will describe all _________________ to be conveyed or excluded in the sale in detail.
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An effective contract writing will describe all terms and conditions to be conveyed or excluded in the sale in detail.
An effective contract writing will describe all the essential elements and provisions to be conveyed or excluded in the sale in detail. These elements encompass a wide range of aspects that need to be clearly defined to ensure the rights, obligations, and expectations of both parties are accurately outlined.
Firstly, the contract should outline the identification of the parties involved, including their legal names, addresses, and any other pertinent details that establish their identities. This ensures clarity and avoids any confusion regarding the individuals or entities responsible for fulfilling the contract's terms.
Next, the contract should explicitly define the subject matter of the sale. This includes a comprehensive description of the goods, services, or property being transferred, along with any specifications, quantities, quality standards, or other relevant details. Clearly stating what is included and what is excluded in the sale helps prevent misunderstandings and potential disputes in the future.
Furthermore, the contract should outline the purchase price or compensation, including any payment terms, installment schedules, or contingencies. It should specify the currency in which the payment will be made and any applicable taxes, fees, or additional costs that may be incurred during the transaction.
Additionally, the contract should cover the timeframe and conditions of the sale, including delivery or transfer dates, inspection and acceptance procedures, and any warranties or guarantees provided by either party. It should also address any contingencies or conditions that must be met before the sale can be completed.
Moreover, an effective contract writing should incorporate provisions related to the allocation of risks and liabilities. This includes clarifying who bears responsibility for loss or damage during transit or after delivery, as well as any limitations of liability or indemnification clauses that protect the parties involved.
Lastly, the contract should address dispute resolution mechanisms, such as arbitration or mediation, to provide a framework for resolving conflicts should they arise. It should also include provisions related to the termination or cancellation of the contract and any associated penalties or remedies.
In conclusion, an effective contract writing comprehensively describes all the terms and conditions to be conveyed or excluded in the sale. By addressing the aforementioned aspects in detail, the contract minimizes ambiguity, establishes clear expectations, and protects the interests of both parties involved in the transaction.
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Numbers-based evidence relies on data, but intuition is based on __________?
reasoning
luck
statistics
serendipity
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If a firm faces ________________________, while the prices for the output the firm produces remain unchanged, a firm's profits will increase.
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Answer:
be
Explanation:
v
in a free-market economic system if the consumers perceive the price
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Answer:
for a state-of-the-art smartphone as too high for the value received, they are likelyto avoid buying it. In the same light, if theMultiple Choiceseller's price is too low, consumers will definitely consider it to be poor quality.