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There is much disagreement among economists about what goals should be emphasized and how government policy and choices should be made.
What are the goals of economists?These seven desires are financial freedom, financial equity, monetary security, financial growth, financial efficiency, fee stability, and full employment.
The very best dreams of a market financial system are economic freedom and efficiency. Individuals and corporations are left at liberty to decide what, how, and for whom to produce. The producers of goods and offerings make these choices primarily based mostly on consumers' spending decisions.
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If a nation's economy is based primarily on businesses that produce goods rather than services, what would you expect to be true about the goods you buy?
A. Imported goods may cost less than domestic goods.
B. Domestic goods may not have the same quality as imported goods.
C. Imported goods may cost more than domestic goods.
D. Domestic goods may be less expensive in foreign markets.
Answers
You expect to be true about goods you buy is imported goods may cost more than the domestic goods.
What are imported goods?Imported goods are products and services that are brought into a country from another country for the purpose of trade or consumption. These goods can include raw materials, finished goods, machinery, technology, and even skilled labor. The importation of goods is a critical aspect of international trade, as it enables countries to access products and services that may not be available locally or that may be available at a lower cost. In addition, imported goods often provide consumers with greater choice and variety, which can help to stimulate demand and competition in local markets. However, the importation of goods can also have negative effects on local industries and jobs, as imported goods may be cheaper and more competitive than locally-produced goods.
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Prepare a statement of owner's equity for Wong's Hardware for the month ended December 31, 20X1, based on the following amounts. $ 7,800 10,500 Net Income for December Cash Han Wong, Capital, December 1, 20X1 16,670 4,250 Accounts Payable Han Wong, Drawing 3,550 39.700 Equipment Prepare a balance sheet in report form for Laura's Landscaping Service as of December
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Fοr the mοnth ended December 31, 20X1, the Owner's Equity Statement fοr Wοng's Hardware reads as fοllοws: Capital, December 1, 20X1, Cash Han Wοng: $16,670
What's a balance sheet?It prοvides a summary οf a cοmpany's assets, liabilities, and equity as well as a demοnstratiοn οf hοw the cοmpany's resοurces are funded.
On the balance sheet, assets must equal liabilities plus equity accοrding tο the fundamental accοunting equatiοn. As a result, a cοmpany's tοtal assets and liabilities must be equal tο οne anοther.
Add: December's Net Incοme: $7,800
Less: Drawing by Han Wοng: $4,250 equates tο Capital, Han Wοng, December 31, 20X1: $20,220
As οf December 31, 20X1, Laura's Landscaping Service's Balance Sheet in Repοrt Fοrm:
Assets:
Cash: $12,500 Outstanding Receivables: $6,200 Materials: $1,450 Hardware: $18,500 in assets tοtal: $38,650 in debts:
Payments tο be made: $3,550 in tοtal debts: Owner's Equity: $3,550
The Capital οf Laura οn December 1, 20X1: $30,700
Add: December's Net Incοme: $10,500
Less: Laura's Sketch: $6,100 equates tο Capital οf Laura as οf December 31, 20X1: Tοtal Obligatiοns and Owner's Equity: $35,100 $38,650
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judging the impact on earnings of the specific accounting methods a company chooses is sometimes referred to as the
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Judging the impact on earnings of the specific accounting methods a company chooses is sometimes referred to as the earnings quality analysis.
Earnings quality analysis involves evaluating the financial statements of a company to determine the reliability and sustainability of its reported earnings.
This analysis includes an examination of the accounting methods and policies used by the company to ensure that they are consistent with generally accepted accounting principles (GAAP) and do not distort the true financial picture of the company. By evaluating the quality of a company's earnings, investors and analysts can better understand the financial health of the company and make informed investment decisions.
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Determine which of the statements below accurately describe services provided by a bank. (Check all that apply.)
a. Each bank deposit is supported by a check.
b. A bank account is a record set up by a bank for a customer.
c. To withdraw money from an account, the depositor can use a check.
d. To limit access to a bank account, all persons authorized to write checks on the account must sign a deposit slip.
e. Each bank deposit is supported by a deposit ticket.
Answers
C) To withdraw money from an account, the depositor can use a check.
E) Each bank deposit is supported by a deposit ticket.
B) A bank account is a record set up by a bank for a customer.
explanation:
a deposit isn’t always supported by a check so that makes Letter A wrong
d is wrong because that’s not true
c, e, and b are right because they are things a bank actually does
have an amazing night
On July 1, 2019, Pharoah Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $16,000 salvage value. On January 1, 2022, before making its depreciation entry for 2022, the company estimated the remaining useful life to be 10 years beyond December 31, 2022. The new salvage value is estimated to be $5,000. Compute the revised annual depreciation on December 31, 2022.
Answers
Answer:
Pharoah Company
Revised Annual Depreciation on Dec. 31, 2022:
= Depreciable amount divided by 10 years
= $55,000/10 = $5,500
Explanation:
a) Data:
July 1, 2019: Equipment Purchase $80,000
Estimated useful life = 8 years
Salvage value = $16,000
b) Computations:
Depreciable amount = $64,000 ($80,000 - 16,000)
Annual Depreciation Expense = $8,000 ($64,000/8)
Six months Depreciation Expense = $4,000 ($8,000/2)
c) Accumulated Depreciation from July 1, 2019 to Jan. 1, 2022:
July 1, 2019 to Dec. 31, 2019 = $4,000
Jan. 1, 2020 to Dec. 31, 2020 = $8,000
Jan. 1, 2021 to Dec. 31, 2021 = $8,000
Total = $20,000
d) Revision of Estimates:
Jan. 1, 2022, Book Value = Cost minus Accumulated Depreciation ( $80,000 - $20,000) = $60,000
Re-estimated salvage = $5,000
Depreciable amount =$55,000
Remaining useful life = 10 years
Annual Depreciation Expense = $5,500 ($55,000/10)
e) Depreciation is an accounting estimate used as a way of expensing the cost of a fixed asset over its useful life. It is in line with the accrual concept and matching principle of generally accepted accounting principles, which require expenses and revenues to be matched to the related period, expenses and revenues. It is based on the judgement of management and can be revised in line with changing circumstances and judgements. There are many methods for accounting for depreciation, including the straight-line as above, the unit of production method, double declining, sum of the years digit method, and accelerated methods like the MACRS or Modified Accelerated Cost Recovery System for tax accounting.
Pls help in accounting
-On july 12th the business prepaid $15,000 of rent,The business spends $3.000 monthly on rent.
-The business buys a motorcycle value on $20.000 on credit it pays 2,000 monthly .
-On july 25th the busines prepaid 8,000 of the amount of the motorcycle
-On July 31st the busines paid 1 month of rent
Answers
Based on the given transactions in July, the journal entry to record the payment of rent on July 31st is:
Date Account Title Debit Credit
July 31st Rent expense $3,000
Prepaid Expenses - Rent expense $3,000
How to write the journal entry for prepaid expenses?Accounting uses the accrual basis which means that expenses are only recognized when they have been incurred and not when they are paid for. If you paid $40,000 for rent and yet your monthly rent is $5,000, only the $5,000 will be recognized as rental expense. The rest of the money is treated as a prepaid expense.
When another month elapses, then the other amount of rent can be recognized as is the case here. The month ended on July 31st and there was a need to record rental expense and so it was recorded at the rent expense of $3,000.
The journal entry would therefore show Rent Expense account is debited and the Prepaid Expenses account is credited to show it is reducing.
Full question is:
Record the journal entry to represent the payment of rent.
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Matt Christopher is a 30-year-old mechanical engineer, and his salary next year will be $80,000. Matt expects that his salary will increase at a steady rate of 6% per year until his retirement at age 60. If he saves 10% of his salary each year and invest these savings at an interest rate of 8%, how much will he have at his retirement
Answers
Answer:
f
Explanation:
A health insurance policy pays 65 percent of physical therapy costs after a $200 deductible. In contrast, an HMO charges $15 per visit
for physical therapy. How much would a person save with the HMO If he or she had 10 physical therapy sessions costing $50 each?
Amount of savings
Answers
Answer:
Amount of saving = $292.5
Explanation:
Below is the given informations:
Cost bear by insurance company = 65%
Deducticle amount = $200
Total cost of therapy = 10 x (Per visit charge + Each session therapy cost)
Total cost of therapy = 10 x (15 + 50)
Total cost of therapy = 650
Amount after deductible = 650 - 200 = 450
Amount of saving = 65% of 450
Amount of saving = $292.5
During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions.
July 1 Began business by making a deposit in a company bank account of $60,000, in exchange for 6,000 shares of $10 par value common stock.
July 3 Paid the current month's rent, $3,500 July 5 Paid the premium on a 1-year insurance policy, $4,200
July 7 Purchased supplies on account from Little Company, $1,000.
July 10 Paid employee salaries, $3,500
July 14 Purchased equipment from Lake Company, $10,000. Paid $2,500 down and the balance was placed on account. Payments will be $500.00 per month until the equipment is paid. The first payment is due 8/1. Note: Use accounts payable for the balance due.
July 15 Received cash for preparing tax returns for the first half of July, $8,000
July 19 Made payment on account to Lake Company, $500.
July 31 Received cash for preparing tax returns for the last half of July, $9,000
July 31 Declared and paid cash dividends of $600.
Required:
Prepare the financial statements for the Quick Tax Corporation as of July 31
Answers
Answer:
Trial Income Statement:
Service revenue $17,000
Rent expense ($3,500)
Insurance expense ($350)
Wages expense ($10,500)
Net income $2,650
*We need to adjust other expenses like supplies or utilities. I assumed the salaries paid were for a 10 days period since no one pays salaries in advance.
Trial Balance Sheet
Assets:
Cash $62,200
Supplies $1,000
Prepaid insurance $3,850
Equipment $10,000
Total Assets $77,050
Liabilities and Equity:
Accounts payable $8,000
Wages payable $7,000
Common Stock $60,000
Retained earnings $2,050
Total Liabilities and Equity $77,050
Explanation:
July 1
Dr Cash 60,000
Cr Common stock 60,000 (6,000 stocks $10 par value)
July 3
Rent expense 3,500
Cr Cash 3,500
July 5
Dr Prepaid insurance 4,200
Cr Cash 4,200
Adjusting entry July 31
Dr Insurance expense 350
Cr Prepaid insurance 350
July 7
Dr Supplies 1,000
Cr Accounts payable 1,000
July 10
Dr Wages expense 3,500
Cr Cash 3,500
Adjusting entry July 31
Dr Wages expense 7,000 ($3,500 x 2 10 day periods)
Cr Wages payable 7,000
July 14
Dr Equipment 10,000
Cr Cash 2,500
Cr Accounts payable 7,500
July 15
Dr Cash 8,000
Cr Service revenue 8,000
July 19
Dr Accounts payable 500
Cr Cash 500
July 31
Dr Cash 9,000
Cr Service revenue 9,000
Dr Retained earnings 600
Cr Dividends payable 600
Dr Dividends payable 600
Cr Cash 600
What types of information do we disclose to others when forming a relationship? (site 1)
Answers
Answer:
self disclosure
Explanation:
You are a CEO of a tech company in California and you will be presenting to a group of technology professionals in a country of your choice; prepare a short audience profile of your audience and their needs. Conduct research to learn about your country and expectations of your audience in that country.
Answers
Answer:
The audience will be professional from various tech companies and organization that uses technology.
Explanation:
The audience will be IT experts from various organization who will have detailed knowledge of technological advancements in the world. As a CEO, I should have deep and extensive knowledge about the technology and should be able to answer the questions raised by the audience.
review of family financial decision making: suggestions for future research and implications for financial education
Answers
Accept a Hard Wake Up call The remedy, albeit hard to hear, is to reduce spending and/or boost my monthly income while you're in too little cash.
What are an example and income?
Income is the cash which an individual or company obtains in return for working, creating a good or service, or using capital. People normally make money through wages or salaries, whereas corporations make money by selling products or services for more than it costs to produce them.
What does income mean?
The sum of money, land, and other transfers of calculated value over a predetermined time frame in return for services or goods are often referred to as "income."
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An advertising campaign is:
O A. a set of games customers can play to see whether or not they like
a product.
O B. a mass media device used to make advertisements more
interactive.
OC. a method of finding the best customers by determining their race
and age.
OD. a series of targeted activities aimed to make customers aware of
a product.
Answers
Answer:
D. a series of targeted activities aimed to make customers aware of
a product.
Explanation:
Advertising is the use of media to communicate messages that create awareness of a particular product or service. It is the relaying of persuasive information to a targeted audience with the expectation of increasing the sales of a product.
An advertising campaign will involve a series of events and messages to convince the targeted audience to buy the advertised product. The campaign communicates the benefits of the advertised product and gives reasons why customers should consume it. An advertising campaign is not a single event but a series of marketing activities that could last for days, weeks, or even months.
In 2018, Southwestern Corporation completed the treasury stock transactions listed below.
February 2: Reacquired 67,000 shares at $11.70.
March 17: Sold 17,000 treasury shares at $13.85.
May 17: Sold 22,000 treasury shares at $7.85.
Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months ago. Prepare the journal entries to record the above transactions.
Answers
Answer:
realy sorry but i don't know pardon mr for this
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when completing the FAFSA, the student is given an EFC number. what does the EFC mean?
Answers
Answer:expected family contribution
Explanation:
Life insurance immediately creates an estate upon the death of an insured. Which of the following
policies is characterized by a guaranteed minimum death benefit?
Answers
The type of policy that is characterized by a guaranteed minimum death benefit is known as a whole life insurance policy.
A whole life insurance policy is a permanent life insurance policy that offers lifelong protection to the insured and pays out a death benefit to the beneficiaries upon the death of the insured.
One of the key features of a whole life insurance policy is the guaranteed minimum death benefit, which means that the death benefit will never be less than a certain amount, regardless of how the policy performs. This provides a sense of security to the insured and their beneficiaries, knowing that there will always be a minimum amount of money that will be paid out.
In addition to the guaranteed minimum death benefit, whole life insurance policies also offer a cash value component. As premiums are paid, a portion of the premium is set aside in a cash value account that grows tax-deferred over time. This cash value can be accessed by the policyholder during their lifetime through policy loans or withdrawals.
Overall, a whole life insurance policy is a great option for those who are looking for lifelong protection and a guaranteed minimum death benefit. It offers peace of mind to the insured and their beneficiaries, knowing that there will always be a minimum amount of money paid out upon the death of the insured.
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Answer: variable life
Explanation: the variable nature a variable whole life insurance is its death benefit. however, if investment performance is poor, the death benefit will not go lower than the policy's guaranteed minimum.
Making money is always on the agenda of the media.
True
False
Answers
Suppose that you put $1,500 into a certificate of deposit that pays 2% per year,
compounded monthly. If you leave the money in that account for 5 years, how
much will this CD be worth when you withdraw your funds?
$1,604.69
$18,150.50
$1,657.62
$19,873.45
Answers
\(~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$1500\\ r=rate\to 2\%\to \frac{2}{100}\dotfill &0.02\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus twelve} \end{array}\dotfill &12\\ t=years\dotfill &5 \end{cases}\)
\(A=1500\left(1+\frac{0.02}{12}\right)^{12\cdot 5}\implies A=1500\left( \frac{601}{600} \right)^{60}\implies A\approx 1657.62\)
Jacob distributed a survey to his fellow students asking them how many hours they'd spent playing sports in the past day. He also asked them to rate their mood on a scale from 000 to 101010, with 101010 being the happiest.
Answers
Answer:
whats the question
Explanation:
Answer:
the answer is A 1.5
Explanation:
Based on your understanding of the determinants of interest rates, if everything else remains the same, which of the following will be true?
A) Higher inflation expectations increase the nominal interest rate demanded by investors.
B) A BBB-rated bond has a lower default risk premium as compared to a AAA- rated bond.
Answers
Based on your understanding of the determinants of interest rates Higher inflation expectations increase the nominal interest rate demanded by investors. The true statement is A.
What do you mean by interest rate?An interest rate indicates how expensive borrowing is or how lucrative saving is. Hence, if you are a borrower, the " rate is the sum you pay for borrowing money and is expressed as a percentage of the total loan amount.
What various interest rates are there?The cost of borrowing, the effective interest rate, and the rate of interest are the three primary categories of interest rates. The declared rate on which interest payments are computed is known as the nominal interest on an investment or loan.
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A Toronto shoe manufacturer makes $250,000 in shoes from $100,000 in leather produced this year on an Alberta ranch, $50,000 in glue from a New York Company, and $60,000 in nails produced last year by an Ontario steel mill. The shoe manufacturer sells $23,000 of these shoes this year. The contribution to the Canadian GDP is?
Answers
The value added can be calculated as follows:
Value Added = Final Sale Price - Cost of Inputs
Final Sale Price = $23,000
Cost of Inputs = $100,000 (leather) + $50,000 (glue) + $60,000 (nails)
Cost of Inputs = $210,000
Value Added = $23,000 - $210,000
Value Added = -$187,000
The negative value for the value added suggests that the shoe manufacturer experienced a loss. However, for the purpose of calculating the contribution to GDP, we consider the value added as zero since there was no positive gain in value from the production process.
Therefore, the contribution to the Canadian GDP in this case is zero.
nicholas omgnicholas omgnicholas omgnicholas omg
Answers
The night manager of Dixie Transportation Service, who had no accounting background, preparcd
the following balance sheet for the company at February 28, 2009.The dollar amounts were taken
directly from the company's accounting records and are correct. However, the balance shect con-tains a number of errors in its headings, format, and the classification of assets, liabilities, and owners equity.
Answers
To create an accurate and informative balance sheet, the night manager of Dixie Transportation Service should correct the headings, reformat the statement to present assets, liabilities, and owner's equity vertically, and classify the items correctly according to their nature and duration.
The provided balance sheet contains several errors in its headings, format, and classification of assets, liabilities, and owner's equity.
The balance sheet is a financial statement that reports a company's financial position at a specific point in time. However, the given balance sheet has a number of issues that need to be addressed.
Firstly, the balance sheet lacks proper headings, such as the company name, date, and the title "Balance Sheet." These headings are essential to provide context and clarity to the financial statement.
Secondly, the format of the balance sheet needs improvement. Assets, liabilities, and owner's equity should be presented in a vertical format, with assets listed first, followed by liabilities and owner's equity. The current presentation mixes these categories, making it difficult to distinguish between them.
Thirdly, the classification of assets, liabilities, and owner's equity is incorrect. The balance sheet fails to differentiate between current and non-current assets and liabilities.
Moreover, it does not provide separate categories for long-term liabilities and owner's equity components like common stock and retained earnings.
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1. Assume two countries (Portugal & Britain) each produce wine and cloth. Given the following details with respect to resources required to produce each good in each country, answer the following questions. b. a. What is the opportunity cost of producing each good in each country? (4 Points) Draw the Production Possibilities Frontier for each country assuming no trade and 500,000 labor hours (use wine as the x-good). (10 Points) Provide an interpretation of the slope of the PPF in this example (8 Points) If these countries engaged in international trade, in what range would the relative prices have to be to ensure mutually beneficial trade, and which good would each country specialize in? (10 Points) e. Assuming the relative price with trade of wine is 0.67 cloth and the relative price of cloth is 1.48 wine, calculate the gains from trade and show on the PPFs the expanded consumption choices for each country. (16 Points) c. d. Country Production (1 Hour of Labor Time) Cloth Wine Portugal 2.85 Britain 3.4 5.3 4.2
Answers
a. The opportunity cost of producing wine in Portugal is 0.35 units of cloth, and the opportunity cost of producing cloth in Portugal is 2.85 units of wine.
b. The slope of the PPF represents the opportunity cost of producing one good in terms of the other. In this case, the slope of Portugal's PPF is -0.35, and the slope of Britain's PPF is -0.71.
c. If these countries engaged in international trade, the relative prices of wine and cloth would have to be within the range of Portugal's opportunity cost of producing wine (0.35 units of cloth) and Britain's opportunity cost of producing wine (0.71 units of cloth).
d. Assuming the relative price with trade of wine is 0.67 cloth and the relative price of cloth is 1.48 wine, then Portugal would specialize in producing wine and Britain would specialize in producing cloth. Portugal would export wine and import cloth, and Britain would export cloth and import wine.
How to explain the informationIf the relative price of wine were below 0.35 units of cloth, then Portugal would be able to produce wine more cheaply than Britain, and it would not be in Portugal's interest to trade. If the relative price of wine were above 0.71 units of cloth, then Britain would be able to produce wine more cheaply than Portugal, and it would not be in Britain's interest to trade.
The gains from trade are the increase in consumption that countries experience after they specialize and trade. In this case, the gains from trade are represented by the shaded area in the graph. The gains from trade are a result of the increased efficiency that is possible when countries specialize in the production of goods that they have a comparative advantage in.
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How do you determine opportunity cost
Answers
Answer:
See below
Explanation:
Opportunity cost is described as the foregone benefit by preferring one option over others. Opportunity cost arises when a choice is being made from several possible alternatives. When the preferred option is selected, the benefits from the other alternatives are forfeited.
Opportunity cost is determined by evaluating the forfeited benefits. The benefits from the next best alternative are the opportunity costs. In other others words, the foregone advantages of the option ranked second is the opportunity cost.
how does a cookie work?
Answers
I believe you eat it.
A cookie is a file that a website you visited saves to your computer's hard drive. When you return to the website later, it will be able to look at that file and recall what you had previously entered. The cookie often contains data such as your user name, the goods you looked at, and the settings you selected on the website. Some people want to deactivate cookies for all websites or only those they don't trust. .Cookies are beneficial because they help websites remember and monitor users without the need for a large database or server. Cookies are harmful because they could include information about you that you don't want other websites or hackers to know. Some people want to deactivate cookies for all websites or only those they don't trust. Additionally, it's not a terrible idea to occasionally erase all of your cookies or allow your firewall or anti-virus software wipe them up. A Stateless Protocol is what the web's primary language, HTML, is. Simply put, this basically implies that no data is kept between page loads. If cookies didn't exist, it would be difficult to continue to be logged in to a website. When you log in to a website (or even just visit, depending on the data they gather), a cookie is sent to your computer and kept there. All subsequent queries to that website made by your browser will include that cookie. The website recognizes you even if you are still on the other side of the connection thanks to the cookie value. Cookies are what allow the website to recognize you, and they may also be used to store and transmit information back to the website.
Section 404 of the Sarbanes-Oxley Act requires:
A. All accountants working at public companies to be certified public accountants
B. The Chief Financial Officer of public companies to be a certified public
accountant
C. Managers to certify their organization's internal control over financial reporting
Income statements and balance sheets to follow a prescribed layout
Answers
The Sarbanes-Oxley Act mandates that public company management evaluate the issuers' internal control over financial reporting's effectiveness. A publicly held company's auditor is required by Section 404(b) to attest to and report on management's evaluation of its internal controls.
What is required by Section 404 of the 2002 Sarbanes-Oxley Act?According to Section 404 of the Sarbanes-Oxley Act, every publicly traded company is obligated to publish a report on the efficiency of internal control over financial reporting.
What is the Sarbanes-Oxley Act's purpose?
A landmark federal law, the Sarbanes-Oxley Act of 2002, established extensive financial and auditing regulations for publicly traded companies. The legislation was enacted by lawmakers with the intention of protecting shareholders, employees, and the general public from fraudulent financial practices and accounting errors.
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In the quantity discount model, the optimum quantity will always be found on the lowest total cost curve.
a) true
b) false
Answers
In the quantity discount model, the optimum quantity is not always be found on the lowest total cost curve. Therefore, it's false.
What is optimum quantity?It should be noted that optimum quantity simply means the economic quantity that is purchased.
In this case, in quantity discount model, the optimum quantity is not always be found on the lowest total cost curve. Therefore, it's false.
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When making a choice using the blank a household will choose the combination of labor, leisure, and income that provides the most utility
Answers
Answer: hiii lol
Explanation:
HELP! what is the closing balance of the accumulated depreciation account?
Answers
Answer:
Accumulated Depreciation
Explanation: