Answers
Recording transaction is a basic accounting process, with a few steps involved. The first step is to determine the transaction and which accounts it will affect. The second step is recording in the particular accounts. Consideration must be taken when numbers are inputted into the debit and credit sections.
According to T-accounts:
Cash
Account Titles Debit Credit
Common stock A. $30,000
Rent Expense B. $2,500
Automobiles, Equipment C. 6,000
Supplies E. 2,100
Prepaid Insurance F. 3,600
Accounts Receivable G. 9,000
Miscellaneous Expenses H. 2,600
Accounts Payable I. 4,000
Notes Payable J. 1,875
Salary Expense M. 6,000
Automobiles Expense N. 1,300
The Balance is $9,025
Now the Total is $39,000 $39,000
Accounts Receivable
Account Titles Debit Credit
Cash G. $9,000
Professional Fees L. 31,400
Balance $22,400
Supplies
Account Titles Debit Credit
Cash E. $2,100
Prepaid Insurance
Account Titles Debit Credit
Cash F. $3,600
Automobiles, Equipment
Account Titles Debit Credit
Notes Payable C. $22,500
Cash C. 6,000
Accounts Payable D. 8,000
Balance $36,500
Notes Payable
Account Titles Debit Credit
Automobiles, Equipment C. $22,500
Cash J. $1,875
Balance $20,625
Accounts Payable
Account Titles Debit Credit
Automobiles, Equipment D. $8,000
Cash I. $4,000
Blueprint Expense K. 5,500
Balance $9,500
Common Stock
Account Titles Debit Credit
Cash A. $30,000
Professional Fees
Account Titles Debit Credit
Accounts Receivable L. $31,400
Salary Expense
Account Titles Debit Credit
Cash M. $6,000
Blueprint Expense
Account Titles Debit Credit
Accounts Payable K. $5,500
Rent Expense
Account Titles Debit Credit
Cash B. $2,500
Automobile Expense
Account Titles Debit Credit
Cash N. $1,300
Miscellaneous Expense
Account Titles Debit Credit
Cash H. $2,600
Trial Balance
As of January 31, 2018:Account Titles Debit Credit
Cash $9,025
Accounts receivable 22,400
Supplies 2,100
Prepaid Insurance 3,600
Automobiles, Equipment 36,500
Notes Payable $20,625
Accounts Payable 9,500
Common Stock 30,000
Professional Fees 31,400
Salary Expense 6,000
Blueprint Expense 5,500
Rent Expense 2,500
Automobiles Expense 1,300
Miscellaneous Expense 2,600
Totals $91,525 $91,525
Data and Transaction Analysis:A. Cash $30,000 Common Stock
B. Rent Expense $2,500 Cash $2,500
C. Automobiles, Equipment $28,500 Cash $6,000 Notes Payable $22,500
D. Automobiles, Equipment $8,000 Accounts Payable $8,000
E. Supplies $2,100 Cash $2,100
F. Prepaid Insurance $3,600 Cash $3,600
G. Cash $9,000 Accounts Receivable $9,000
H. Miscellaneous expenses, $2,600 Cash $2,600
I. Accounts Payable $4,000 Cash $4,000
J. Notes Payable $1,875 Cash $1,875
K. Blueprint Expense $5,500 Accounts Payable $5,500
L. Accounts Receivable $31,400 Professional Fees $31,400
M. Salary Expense $6,000 Cash $6,000
N. Automobiles Expense $1,300 Cash $1,300
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In a make or buy decision , which of the costs below are relevant ? 1. Fixed costs that will not change regardless of the decision . 2. Fixed costs that can be avoided in the future if the decision is to buy . 3. Only direct material costs . 4. Only conversion costs.
Answers
Option (2) "Fixed costs that can be avoided in the future if the decision is to buy" is the correct answer.
In a make or buy decision, relevant costs are those costs that are affected by the decision and can help in making a rational decision.
Fixed costs that will not change regardless of the decision are irrelevant in a make or buy decision since they are sunk costs and cannot be altered by the decision. Fixed costs that can be avoided in the future if the decision is to buy are relevant in the decision-making process as they can be saved by choosing to buy from an external supplier rather than producing internally. Direct material costs and conversion costs are both relevant in a make or buy decision. Direct material costs are the cost of raw materials required to produce a product or service, while conversion costs are the costs of labor and manufacturing overhead needed to convert raw materials into finished products. By comparing the costs of producing internally versus purchasing from an external supplier, a company can determine which option is more cost-effective.
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Suppose a country`s workers can produce 4 watches per hour or 12 rings per hour. If there is no trade,
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Suppose a country`s workers can produce 4 watches per hour or 12 rings per hour. If there is no trade,: The opportunity cost of 1 watch is 3 rings.
What is opportunity cost?Opportunity cost can be defined as the way in which a person tend to forgone others alternative as a result of choosing an alternatives .
Example of opportunity cost is when a student choose to forgone the choice of watching a movies because the student want to read for his/her examination.
Now let find the opportunity cost;
Opportunity cost = 12 rings / 4 watches per hour
Opportunity cost = 3 rings
Therefore the opportunity cost of 1 watch is 3 rings.
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5. MBO was first described by a. Henry Minzberg b. Henri Fayol. c. Fredrick W. Taylor. d. Peter Drucker.
Answers
Answer:
MBO was first described by Peter Drucker.
ACTIVITY 16 At the labour centre, you notice that employee morale is low. You think that team building exercises, like going on a company trip, can help to solve this problem - Your colleague disagrees he feels that team building exercises are useless and expensive and that employees should motivate themselves. Your supervisor is willing to listen to both your arguments and take action accordingly. She provides you and your colleague with this proposition statement, "Team Building Exercises improve employee morale and are thus beneficial to the organisation". 1. Prepare an argument FOR team building exercises. Hint - state why it is important; its benefits; how it impacts on employee morale; how it impacts on the employer and the workplace 2. What possible arguments could your colleague use to disprove the proposition statement?
Answers
The arguments for and the arguments against team building is given below:
The Argument FORTeam building exercises create a positive work environment and boost morale by fostering unity and camaraderie through shared experiences and challenges.
Team building builds trust, improves communication, and fosters strong relationships. This leads to a supportive work atmosphere where employees feel valued and motivated.
Team building exercises boost problem-solving, creativity, and productivity. Team building promotes employee well-being, job satisfaction, retention, and a positive brand. It fosters a motivated workforce, better able to tackle challenges and succeed together. Cost and limited long-term impact are possible arguments against team-building exercises.
Arguments AGAINST
Opponents may argue that team building disrupts work and individuals may not enjoy it.
Critics argue that a strong organizational culture and effective management can promote Employee morale, making team-building exercises unnecessary. They suggest focusing on internal motivation and leadership development.
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Companies should look at the specific target markets of competitors to benefit from market research efforts already done and to learn about consumers in the target market. True or False
Answers
It is a true statement that companies should look at the specific target markets of competitors to benefit from market research efforts already done and to learn about consumers in the target market.
Should companies look at competitors' target markets for research?Companies will benefit from studying the target markets of their competitors as part of their market research efforts because it helps to gain insights into the needs, preferences, and behavior of consumers in those markets.
So, this can inform their own marketing strategies and product development. Also, its helps to analyse the strengths and weaknesses of competitors' marketing approaches which help companies identify opportunities for differentiation and competitive advantage.
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In a recent survey of your major customers, you were disappointed to find that a majority of customers rated your company poorly on training and technical support for your products. You and your team have a made a firm commitment to improve this situation immediately using digital media.
Which of the following digital media tactics should you implement to most effectively address this issue for your customers?
a. You should establish one email address that customers can use to send emails about their problems with your products.
b. You should set up a video-sharing site where customers can upload videos of themselves explaining their problems with your products.
c. Start a blog for marketers to explain how much time and money the firm spends on training and technical support.
d. You should create a series of product demonstration podcasts for your customers to access online at their convenience.
e. You should create a virtual site for your customers to interact in a three-dimensional world.
Answers
Answer:
A. You should establish one email address that customers can use to send emails about their problems with your products.
what is the change in total profit of cleaning the fifth driveway if the price Mr. Plow can charge is $10 per driveway
Answers
Answer:
Explanation:-1
WHAT IS Segmentation,
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Answer:
Segmentation is to divide something into separate parts or sections
_____________ planning focuses on delivering products or services to consumers as well as warehousing, delivering, invoicing, and payment collection.
Answers
Answer:
Distribution
Explanation:
Distribution is one of the phases in production. It is often said that production is not complete until goods and services gets to the final consumers. Distribution planning entails getting the goods produced to consumers as well as warehousing them. It also entails delivery, invoicing and payment collections.
As the last chain in production processes, distribution planning makes goods and services produced gets to the final consumes whilst also taking care of the logistics involved and payment collections.
A consumer protection agency that protects students who take out student
loans is the
O A. Consumer Financial Protection Bureau
OB. Food and Drug Administration
OC. Better Business Bureau
OD. Federal Trade Commission
Answers
Where to write the account name? *
a)At the bottom of T account
b)At the top of T account
c)In the debit side
d)In the credit side
Answers
Answer:
b)At the top of T account
Explanation:
The account name is always written at the top of a T account. The account name is also the account title.
A T account has a standard format. The title or the name is what differentiates them.
Which is traded in a currency exchange market?
Which is traded in a currency exchange market?
A) foreign money
B) unprocessed foods
C) shares in corporation
D) treasuries
Answers
hope this helps :)
On December 31, 2020, Wayne, Inc. sold $4,000,000 (face value) of bonds. The bonds are dated December 30, 2020, pay interest annually on December 31, and will mature on December 31, 2023. The following schedule was prepared by the accountant for 2021.
Annual Interest to Interest Bond
Interest Period be Paid Expense Amortization Carrying Value
$3,900,000
1 $320,000 $351,000 $31,000 3,931,000
Instructions
On the basis of the above information, answer the following questions. (Round your answer to the nearest dollar or percent.)
1. What is the stated interest rate for this bond issue?
2. What is the market interest rate for this bond issue?
3. What was the selling price of the bonds as a percentage of the face value?
4. Prepare the journal entry to record the sale of the bond issue on December 31, 2020.
5. Prepare the journal entry to record the payment of interest and amortization on December 31, 2021.
Answers
Answer:
Wayne, Inc.
1. The stated interest rate for this bond issue is:
= 8%.
2. The market interest rate for this bond issue is:
= 9%.
3. The selling price of the bonds as a percentage of the face value is 97.5% ($3,900,000/$4,000,000 * 100)
4. Journal Entry to record the sale of the bond issue on December 31, 2020:
December 31, 2020:
Debit Cash $3,900,000
Debit Bonds Discounts $100,000
Credit Bonds Payable $4,000,000
To record the bonds proceeds, discounts, and liability.
5. December 31, 2021:
Debit Bonds Interest Expense $351,000
Credit Bonds Amortization $31,000
Credit Cash $320,000
To record the first payment of interest and amortization.
Explanation:
a) Data and Calculations:
Face value of bonds = $4,000,000
Bonds price = $3,900,000
Discount = $100,000
December 31, 2021:
Interest expense = $351,000
Market interest rate = $351,000/$3,900,000 * 100 = 9%
Cash payment = $320,000
Coupon interest rate = $320,000/$4,000,000 * 100 = 8%
Which of the following statements about the government is correct?
Government employs people and spends money to provide many services.
Government supplies many services that businesses cannot, or will not provide because they cannot make a profit.
Government helps consumers and businesses by directing the way the economy grows.
All of these choices are correct.
Answers
Answer:
All of these choices are correct.
Explanation:
Government manages the dispensation and control of power (politics).Marketplace manages the dispensation and control of wealth (economics).Community manage the dispensation and control of status (membership).What are stakeholder capitalism and shareholder capitalism?
Answers
Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows a $20,361 balance in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit 1,850 Outstanding checks 945 Additionally, a $37 check written and recorded by the company was incorrectly recorded by the bank as a $73 deduction. The adjusted cash balance per the bank records should be:
Answers
Answer:
Bank Statement Balance = $20361
Deposit In Transit. = $1850
Outstanding Checks. = $945
Additional Check. = $73-$36
Adjusted Cash Balance. = $23193
15
The federal government passes a law which a company, JuneCorp, feels unjustifiably discriminates against the
company and harms its ability to operate. Under the strict scrutiny test, which of the following statements is
true?
Answers
Under the strict scrutiny test, the law must serve a compelling government interest and be narrowly tailored to achieve that interest. Therefore, if June Corp can prove that the law is not narrowly tailored to achieve a compelling government interest, the law may be deemed unconstitutional.
Scrutiny test is a legal principle used by courts to evaluate the constitutionality of laws or government actions that may infringe on individual rights. The level of scrutiny applied depends on the nature of the right involved and the importance of that right.
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How would an economy with low unemployment be affected by an increase in individual households incomes?
Answers
Answer:
Because not many members of a household may bring in enough money to sustain them all.
Explanation:
"Group decision making is better". Do you agree or disagree with the statement? Give 3 reasons why do you say so?
Answers
Answer:
I agree because it make the group bring out more ideals
sometimes group decision make some people to voice out their problems
group decision help organization and firms to operate in good aims
Stephen and Martha have spent months looking for their dream home. One day they saw it and fell in love with everything about the house, and they asked the realtor to draw up a purchase agreement, which they then signed. After signing the papers, they asked the realtor whether the house was in good shape. The realtor said it was. When the couple moved into the house, they realized that the basement had serious water problems and that the roof leaked. They now want to sue the realtor. What tort should they consider? If they sue the realtor for this tort, will they win? Why or why not? Explain.
Answers
Stephen and Martha can sue the realtor for the unethical behavior, by filing the claim with the association.
What claim can be file by the buyers against of the realtors for the unethical behavior?If buyer is handover with the property by giving the false statements by the realtors, then a complaint can be filled within 180 days from the day, it took place.
If complaint would be find valid by the grievance committee, the case will go to the hearing committee where the buyer can prove his claim by telling how Code of Ethics was violated.
If realtor found to be guilty, then he could be charged with the fine.
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Ramakrishnan Inc. reported 2018 net income of $20 million and depreciation of $1,500,000. The top part of Ramakrishnan, Inc.'s 2017 and 2018 balance sheets is listed as follows (in millions of dollars).
2018 2017 2018 2017
Current assets: Current liabilities:
Cash and marketable securities $25 $26 Accrued wages and taxes $43 $35
Accounts receivable 98 92 Accounts payable 69 60
Inventory 170 144 Notes payable 60 55
Total $293 $262 Total $172 $150
Calculate the 2018 net cash flow from operating activities for Ramakrishnan, Inc.
Answers
Answer:
$6,500,000
Explanation:
Calculation to determine the 2018 net cash flow from operating activities for Ramakrishnan, Inc.
Cash Flows from Operating Activities
Net income $ 20,000,000
Additions (sources of cash):
Depreciation $1,500,000
Increase in accrued wages and taxes $8,000,000
($43,000,000-$35,000,000)
Increase in accounts payable $9,000,000
($69,000,000-$60,000,000)
Less Increase in accounts receivable ($6,000,000)
($98,000,000-$92,000,000)
Less Increase in inventory ($26,000,000)
($170,000,000-$144,000,000)
Net cash flow from operating activities: $ $6,500,000
Therefore the 2018 net cash flow from operating activities for Ramakrishnan, Inc is $6,500,000
1. Some businesspeople believe that elimination agents and wholesalers reduce their operating expenses. Discuss the opportunity costs associated with eliminating intermediaries.
Answers
1. While eliminating intermediaries may result in reduced operating expenses, businesses need to weigh these savings against the associated opportunity costs. These costs may include the loss of expertise and value-added services, additional responsibilities and expenses, and reduced customer access to products.
Eliminating intermediaries such as elimination agents and wholesalers reduce operating expenses, but it also has associated opportunity costs that businesses need to consider. One of the primary costs is the loss of the expertise and value-added services that intermediaries offer to businesses and customers. Eliminating intermediaries may result in businesses taking on additional responsibilities and expenses such as marketing, distribution, and logistics.
This may result in the need for additional staff and resources to ensure that products reach customers on time. Furthermore, eliminating intermediaries may also result in reduced customer access to products, as intermediaries are often responsible for finding new markets and customer segments. In this case, businesses may need to invest additional resources to market and promote their products to reach new customers.
In conclusion, while eliminating intermediaries may result in reduced operating expenses, businesses need to weigh these savings against the associated opportunity costs. These costs may include the loss of expertise and value-added services, additional responsibilities and expenses, and reduced customer access to products.
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When should an Accountant user use the Write Off tool in QuickBooks Online?
A. When a client has outstanding invoices that will not be paid
B. When a client has overpaid
C. Remove a duplicate transaction
D. User wants to categorize several transactions quickly
Answers
Answer:
A. When a client has outstanding invoices that will not be paid
Explanation:
QuickBooks is an accounting application that was developed by Intuit. It is aimed at providing easy to understand accounting services to small and medium scale business owners.
The write off function on QuickBooks is used to reduce or cancel the amount on unpaid receivables, unpaid loans, or losses such as on stored inventory.
When a write off is done it reduces the amount in an asset account while simultaneously debiting a liability account.
So when a client has outstanding invoices that will not be paid, they can be written off
The accounting program QuickBooks was created by Intuit. It aims to give small- and medium-sized business owners accessible accountancy services.
Accountant users use the Write Off tool in QuickBooks Online when a client has outstanding invoices that will not be paid. Thus, option (A) is the correct answer.
QuickBooks products were first released in 1983 and are primarily targeted at small and medium-sized enterprises.
Intuit created and sells the accounting software suite known as QuickBooks. They provide cloud-based accounting programs that take payments from companies, manage and pay invoices, and handle payroll in addition to on-premises accounting tools.QuickBooks Online (QBO) is a cloud service provided by Intuit.Instead of paying a one-time price, the user opts for a monthly membership and only uses a secure Web browser to log in to the program.
Therefore, Accountant users use the Write Off tool in QuickBooks Online when a client has outstanding invoices that will not be paid. Thus, option (A) is the correct answer.
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Suppose that Ned can produce either potato chips or computer chips. If he only produces potato chips he can produce 50 in a day. If he only produces computer chips, he can produce 25 in a day. Drag the endpoints of the line to plot his production possibilities frontier (PPF) on the graph.
What is the opportunity cost of potato chip production in terms of computer chips?
a. 4/3
b. 1/2
c. 3/4
d. 25
e. 2
f. 50
Answers
50 potato chips are produced, so the opportunity cost versus computer chips (which is 25) is 50.
Basically its asking if you focus on one type or chip for a whole day, what do you get? You get 50 potato chips OR 25 computer chips. Since it’s asking for potato chips versus computer chips, the answer is 50 because you can produce 50 potato chips in one day.
The opportunity cost of producing potato chips in terms of computer chips for Ned is 1/2. This means for every potato chip he produces, he is giving up the opportunity to produce 1/2 of a computer chip.
Explanation:The opportunity cost of a good or service is the value of the next best alternative that must be forgone to produce that good or service. In this case, we are asked to calculate the opportunity cost of producing potato chips in terms of computer chips for Ned, who can produce 50 potato chips or 25 computer chips in a day.
To calculate the opportunity cost, we use the formula:
Opportunity Cost = What You Sacrifice / What You Gain
If Ned decides to make potato chips, we need to determine what he is sacrificing. If he makes potato chips, he sacrifices the ability to make 25 computer chips. Therefore, the opportunity cost of making each potato chip is: Opportunity Cost = 25 Computer Chips / 50 Potato Chips = 0.5 or 1/2 computer chips.
So, the opportunity cost of potato chip production in terms of computer chips is 1/2 (option b).
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Name one thing you're afraid of when you think of college and career.
Answers
Answer:
finances
Explanation:
College is expensive and people that go to college have an expectation of landing a great paying job. Reality is that is not always the case. Often leading to a long time of paying of student debts.
how changes in customers affect retail business industry?
Answers
Explanation:
it affects the retailer by if they gave a good in a highest price then if that product is not sold then it would happen.
HELP PLS what is the advantage of scholarships ??
A.most cover the full cost of tuition
B.There s no application required
C.they do not require payments
D.they provide very low-interest rates
Answers
Answer:
It helps in empowering your academic and career goals by removing the financial barrier. Getting a scholarship takes away all your financial concerns. Thus, it gives you more time to study, gain knowledge and secure better grades
Financial Benefit
As scholarships are essentially free money, students can instead focus on their careers instead of worrying about how they will repay their student loan. They also allow students to pursue subjects that require postgraduate training such as MBAs.
(C) I personally think
The main advantage of scholarships offered to attend tertiary institutions is that C.they do not require payments.
What are the advantages of scholarships?Scholarships reduce the amount of tuition fees that a student will have to pay thereby making schooling easier for them.
The advantage of this is that the student never has to pay it back which reduces the financial burden on the student.
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Steve hewitt, city administrator, determines that current emergency procedures are inefficient and new procedures should be put in place. he asks city planners, emergency officials, and all relevant personnel for their insights and then steve creates a new set of procedures.
Answers
Steve Hewitt, the city administrator, is taking a proactive and collaborative approach to addressing the issue of inefficient emergency procedures.
What are several key steps that can be taken to create new emergency procedures?Conduct a thorough assessment of the current procedures: This would involve identifying the strengths and weaknesses of the existing procedures, and gathering feedback from relevant stakeholders.
Identify best practices: Research and review other communities emergency procedures, looking for procedures that have been successful in other places.
Develop new procedures: With the information gathered, write the procedures that address identified issues, consider all necessary stakeholders and uses best practices
Communicate and train: Once the new procedures are developed, it is important to communicate them effectively to all relevant stakeholders and train them on how to implement the new procedure.
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why is having insurance important ?
Answers
Answer:
Explanation:
Because nothing is worth risking when you can have someone back you up. If something ever happens to you that you can't afford, insurance companies will have your back. If your house gets destroyed in a hurricane, you can recover the exact value of the house if you have insurance. However, if you don't have insurance, you bascially just lost your house. You can have insurance for many things such as car insurance, life insurance, health insurance.
i) From one of his market researches, the marketing manager of one of the mobile phone companies in Uganda estimated the demand and supply functions for mobile phones as follows: Qd=140,000-1 00P and Qs=80,000+50P respectively. Required:
a) Determine the market equilibrium price and quantity of the mobile phones and also comp ute for the total company's revenue at the market equilibrium situation.
b) If the government sets a fixed price for phones at P=$200, what nature and amount of market imbalance is created in the market, hence state the price policy the government h as applied.
Answers
Answer:
200 is the ancerw $200
Explanation:
20007578