While the equilibrium price cannot be forecast, the equilibrium quantity will undoubtedly increase. The answer is option (a).
What is meant by equilibrium price?When demand and supply are equivalent or nearly equal, the price to the consumer of a product or service at the market rate, sometimes referred to as the equilibrium price, happens. The consumer is free to access as many copies as they like, and the producer or vendor is allowed to move as many units as they desire.
At a certain price, quantity demanded and amount provided are equal, and only at that moment can equilibrium be reached. A higher supply at a given price will indicate surplus supply, and a higher demand will indicate excess demand.
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Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden’s fiscal year ends on December 31. Its financial statements are issued in April.2021a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $27,000,000 at the bank's prime rate (12.5% at the time). The company will pay no commitment fees.b. On October 1, borrowed $24 million cash from Second Commercial Bank under the line of credit and issued a five-month promissory note. Interest at the prime rate of 12% was payable at maturity. Management planned to issue 10-year bonds in February to repay the note.c. Received $2,400 of refundable deposits in December for reusable containers used to transport and store chemical-based products.d. For the September–December period, sales on account totaled $4,950,000. The state sales tax rate is 3% and the local sales tax rate is 3%. (This is a summary journal entry for the many individual sales transactions for the period.)e. Recorded the adjusting entry for accrued interest.2022f. In March, paid the entire amount of the note on its March 1 due date, using proceeds from a February issuance of $20.5 million of 10-year bonds at face value, along with other available cash.g. The storage containers covered by refundable deposits are expected to be returned during the first nine months of the year. Half of the containers were returned in March 2022.Required:1. Prepare the appropriate journal entries for items a-g.2. prepare the current and long-term liability sections of the december 31, 2024, balance sheet. trade accounts payable on that date were $252,000.
1. The appropriate journal entries for items a-g are as follows:
a. No journal entry is required for opening the checking account or negotiating the line of credit.
b.
Debit: Cash $24,000,000
Credit: Notes Payable $24,000,000
c.
Debit: Cash $2,400
Credit: Refundable Deposits $2,400
d.
Debit: Accounts Receivable $4,950,000
Credit: Sales Revenue $4,589,000
Credit: Sales Tax Payable ($4,950,000 x 0.03) $148,500
Credit: Sales Tax Payable ($4,950,000 x 0.03) $148,500
e.
Debit: Interest Expense ($24,000,000 x 0.12 x 3/12) $720,000
Credit: Interest Payable $720,000
f.
Debit: Notes Payable $24,000,000
Debit: Interest Payable $720,000
Debit: Cash $23,280,000
Credit: Bonds Payable $20,500,000
Credit: Cash $4,220,000
g.
Debit: Refundable Deposits of $1,200
Credit: Cash $1,200
2. The current and long-term liability sections of December 31, 2024, balance sheet are as follows:
Current Liabilities:
Trade Accounts Payable: $252,000
Sales Tax Payable: $297,000
Refundable Deposits: $1,200
Interest Payable: $720,000
Total Current Liabilities: $1,270,200
Long-Term Liabilities:
Bonds Payable: $20,500,000
Total Long-Term Liabilities: $20,500,000
Total Liabilities: $21,770,200
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A 19-year-old female buys 50/100/50 liability insurance, collision insurance with a $500 deductible, and comprehensive insurance with a $250 deductible. What is her total annual premium?.
The 19 - year - old female's total annual premium, given the 50/100/50 liability insurance, is $ 1, 167. 25.
How to find the total annual premium ?In general, liability insurance premiums tend to be lower than collision and comprehensive insurance premiums, since they only cover damages or injuries to other drivers and their vehicles.
To find the total annual premium, use the table given to add up the total premium given the characteristics of the 19 year old.
The total premium is therefore :
= ( Collision insurance with $ 500 deductible + Comprehensive with $ 250 deductible ) x 1. 45
= ( 148 + 102 + 310 + 245 ) x 1. 45
= $ 1, 167. 25
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which of the following terms are used to describe an income statement? (select all that apply) multiple select question. statement of operations statement of changes in financial position statement of business activities statement of earnings
The statement of operations of following terms are used to describe an income statement.
What is an income statement?One of the three important financial statements, the income statement, is used to show a company's financial performance over a specific accounting time. The earnings of the business for a given period, including gains and losses, are the main subject of the income statement. A company's operations, leadership efficacy, underperforming business segments, and performance in comparison to competitors in the same industry are all covered in an income statement, also known as a profit and loss (P&L) statement or statement of the revenue and expenditures. Gains and losses, gains, expenses, and revenue make up the income statement's four main parts. The specifics of the sales are the first step, after which the net income is computed, the earnings per share is calculated (EPS).
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suppose that a $3.00 tax per pack is imposed on cigarettes, for which the demand is relatively inelastic and the supply is relatively elastic. which of the following best describes the relative tax incidence?
a. The price buyers pay increases by more than $1.50 and the price sellers receive decreases by less than $1.50.
b. The price buyers pay increases by less than $1.50 and the price sellers receive decreases by more than $1.50.
c. The price buyers pay increases by $1.50 and the price sellers receive decreases by $1.50.
d. The price buyers pay increases $3 and the price sellers receive does not change.
The correct answer is b. The price buyers pay increases by less than $1.50 and the price sellers receive decreases by more than $1.50.
What is buyer?A buyer is someone who purchases goods or services in exchange for money or other forms of payment. Buyers can be individuals, businesses, or organizations that are in need of goods or services, and they have the ability to choose what they want to buy, when they want to buy it, and from whom they want to buy it.
This is because the demand for cigarettes is relatively inelastic, meaning that an increase in the price of cigarettes will not lead to a large decrease in quantity demanded. This implies that the higher taxes will be shouldered mostly by the buyers. On the other hand, the supply of cigarettes is relatively elastic, meaning that an increase in the price of cigarettes will lead to a large increase in the quantity supplied, thus leading to a decrease in the price sellers receive.
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which of the following modes of production is based on farmers or herders producing for themselves and their families, but also giving a portion of their goods or labor to their leaders?
The mode of production which is based on farmers or herders producing for themselves and their families, but also giving a portion of their goods or labor to their leaders is tributary production.
What are modes of production?The mode of production, or the social interactions through which human labor is employed to change energy from nature utilizing tools, skills, organization, and knowledge, is a fundamental idea in anthropological studies of economic life. In social systems with classes of rulers and subjects, the tributary mode of production is present. Farmers and/or herders who are considered subjects produce for themselves and their families as well as paying their rulers a percentage of their harvest as tribute. Many precapitalists, state-level societies can be discovered in Europe, Asia, Africa, and the Americas. They are all characterized by the tributary mode of production.
Imperial officials also had control over huge industrial and commercial companies, buying essential goods like salt, porcelain, or bricks through nonmarket processes in addition to building up agricultural surpluses. Most tributary systems chose their rulers based on political and military service, as well as descent.
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true/false. problem 3-1a (algo) determine accrual-basis and cash-basis revenues and expenses (lo3-1, 3-2) required: for each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period.
True. Finding the accrual-basis and cash-basis revenues and expenses for each transaction is required to solve the accounting algorithm problem 3-1a. This entails determining when revenue and expense recognition should occur and recording transactions accordingly.
What is accrual-basis revenue?Regardless of when cash is received or paid, accrual-basis accounting records income and expenditures at the time they are earned or incurred. Contrarily, revenue and expenses are only recorded in cash-basis accounting when cash is received or paid.
The algorithm would have to decide whether revenue or expense should be recorded on an accrual basis or a cash basis for each transaction. There would also need to be a determination of the amount of revenue or expense recorded under each basis.
Overall, this necessitates a thorough comprehension of the distinctions between accrual-basis and cash-basis accounting as well as the capacity to apply these ideas to particular transactions.
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Suppose Carlospurchased an NCD a year ago on the secondary market for $99,400 and redeems it today upon maturity for $100,000 plus $3,500 in interest. The annualized yield on this NCD is: O 3.75%O 3.91% O 4.12% O 4.20%
The annualized yield on the NCD is 4.0857%, which is closest to option (B) 3.91%.
To calculate the annualized yield on the NCD, we can use the following formula:
Annualized yield = [(Redemption value/Purchase price)^(1/n)] - 1
Where:
Redemption value = $100,000 + $3,500 = $103,500
Purchase price = $99,400
n = 1 (since the NCD was held for one year)
Plugging in the values, we get:
Annualized yield = [(103500/99400)^(1/1)] - 1
= (1.040857 - 1)
= 0.040857 or 4.0857%
Therefore, the annualized yield on the NCD is 4.0857%, which is closest to option (B) 3.91%.
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Sound Electronics is a retail electronics store carrying home theater equipment. The store is at the end of its fifth year of operations and is struggling. A major problem is that its cost of inventory has continually increased for the past three years. In the first year of operations, the store decided to assign inventory costs using LIFO. A loan agreement the store has with its bank, requires the store to maintain a certain profit margin and current ratio. The store’s owner is currently looking over Sound Electronics’ financial statements for its fifth year. The numbers are not favorable. The only way the store can meet the required financial ratios agreed on with the bank is to change from LIFO to FIFO. The store originally decided on LIFO because of its tax advantages. The owner asks the accountant to recalculate ending inventory using FIFO and submit those numbers and statements to the loan officer at the bank for the required bank review. How would the use of FIFO change Sound Electronics' profit margin and current ratio? Is the request by Sound Electronics' owner ethical? What accounting principles inform this situation? How should the accountant proceed? Explain.
The use of FIFO would likely have a negative impact on Sound Electronics' profit margin and current ratio.
What is impact?Impact is the force or energy that something has when it hits an object. It is the degree to which something has an effect on something else. It is the consequence of an action or event, especially when it is large or far-reaching. Impact can be both positive and negative, and it can refer to tangible or intangible things.
This is because FIFO assigns the oldest costs to inventory, resulting in a lower Cost of Goods Sold (COGS). Therefore, the store's gross profit and current ratio will be lower than when using LIFO.
The request by Sound Electronics' owner is not ethical as it involves manipulating the company's financial statements to meet bank requirements. This not only violates the Generally Accepted Accounting Principles (GAAP), but it could also have legal implications, as manipulating financials to obtain a loan is considered fraud.
The accountant should proceed by informing the owner of the potential ethical and legal implications of manipulating financials to gain the loan. As an alternative, the accountant can suggest to the owner to focus on cost-cutting strategies and other ways to improve the store's financials, such as increasing sales and reducing expenses. This would be a more ethical and legal approach, and would not involve any manipulation of the financials.
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Having decided what you want to research, you now must decide what sources to use to gather your data. The following secondary resources are available. Which will you choose to use first? Bear in mind that using in-house databases costs very little, whereas using a commercial database will incur considerable expenses.
Select an option from the choices below and click Submit.
1- Use in-house year purchase history data from the past 10 years, which contains consumer profiles.
2- Don’t use any secondary sources—you prefer to use primary sources that target exactly the data you want.
3- Use an online commercial database that contains 15 years of eSports industry sales analysis and market profiles.
1- Use in-house year purchase history data from the past 10 years, which contains consumer profiles.
What is the purchase history?Purchase history is a record of all the purchases a customer has made over a certain period of time. This information can be used to track customer activity, identify any trends in customer behavior, and determine the effectiveness of marketing campaigns. It can also be used to provide personalized services and offers to customers based on their previous purchases. Purchase history is beneficial to both businesses and customers alike, as it helps to build customer loyalty and provide a better shopping experience. Businesses can use purchase history to analyse customer behavior, create targeted promotions and gain insights into what types of products customers prefer.
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which of the following activities is the best example of a project? group of answer choices A. writing a new book on project management B. processing insurance claims C. producing automobiles continually D .monitoring product quality
The activity is the best example of a project is writing a new book on project management. Option (a) is correct.
What is Project Management?Project management is the process of overseeing a team's activity to complete all project objectives within the established parameters.
Project documentation that is prepared at the start of the development process typically includes descriptions of this information. The three main restraints are budget, time, and scope. Optimizing the distribution of necessary inputs and using them to achieve pre-established goals is the secondary problem.
The goal of project management is to provide a finished product that meets the goals of the client. The goal of project management is frequently to modify the client's brief in order to effectively achieve the client's goals.
Therefore, Option (a) is correct.
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Days' sales uncollected is a measure of the __________ of receivables computed by dividing the current
balance of receivables by the annual credit (or net) sales and then multiplying by 365.
Days' Sales Uncollected is a metric for the liquidity of receivables that is calculated by multiplying the yearly credit (or net) sales by 365 and dividing the current amount of receivables by that number.
How do you define "days sales uncollected"?To estimate how long it will take to collect receivables, a liquidity ratio known as days' sales uncollected is utilized. These details can be used to evaluate a company's short-term liquidity for lenders and creditors.
What does "days sales in receivables" mean and how is it calculated?The formula entails multiplying the accounts receivable, which are divided by the credit sales for a specific number of days, by a specific number of days. The outcome is the average number of days' sales, which can show how a business creates cash flow.
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suppose that a firm is facing an upward-sloping yield curve and needs to borrow money to invest in production. does this mean that the firm should consider borrowing only at short-term rates? no, the firm needs to take the volatility of short-term rates into account. yes, using short-term financing will give the firm the lowest possible interest rate over the life of the project. no, an upward-sloping yield curve means that the firm will get a lower interest rate if it uses long-term financing. credit ratings affect the yields on bonds. based on the scenario described in the following table, determine whether yields will increase or decrease and whether it will be more expensive or less expensive, as compared to other players in the market, for a company to borrow money from the bond
No, the firm needs to take the volatility of short-term rates into account.
What is volatility in finance?
Volatility in finance is the degree of change in a trading price series over time, often quantified by the standard deviation of logarithmic returns. Volatility is typically symbolised by the symbol.
A time series of previous market values is used to quantify historic volatility. Because it is generated from the market price of a market-traded derivative, implied volatility looks forward in time (in particular, an option).
The breadth of the distribution grows with time for a financial asset whose price exhibits a Gaussian random walk, or Wiener process. This is due to the possibility that as time passes, the instrument's price will move further away from its original value. Yet, as time goes on, the volatility rises with the square-root of time rather than linearly.
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Why do behavioral economists find it important to concentrate on the mental process of decisions select all that apply?
Behavioral economists find it important to concentrate on the mental processes of decision-making because they recognize that human decision-making is not always rational or purely based on self-interest.
How do people make decisions?Instead, people often make decisions that are influenced by a wide range of psychological, social, and emotional factors.
By studying these mental processes, behavioral economists can gain insights into why people make the decisions they do, and they can develop theories and models that more accurately reflect real-world decision-making.
This can help us to better understand and predict consumer behavior, financial decision-making, and other economic phenomena.
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2. ideally, the corporate ethics officer should be a well respected, senior-level manager who reports directly to the ceo.T/F
Ideally, the corporate ethics officer should be a well-respected, senior-level manager who reports directly to the CEO. The statement is True.
What is Corporate Ethics?The term "corporate ethics " refers to rules and regulations employed by corporates in order to behave in an office setting or in any organization. This code of conduct helps in better communication and conflict mannagement in an organization.
While the corporate ethics officer should be open and objective towards every employee in an organization, they should be a well-respected senior management who reports directly to the CEO.
Therefore, the statement is True.
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What qualities or characteristics might lead to the emergence of an innovation desert? Is it always a geographical definition, or could it be defined in other ways? least 200 words.
If we identify the specific factors that are limiting innovation and to develop targeted strategies to overcome them, they are:
increasing investment in research and development, improving access to resources and education, fostering collaboration between different stakeholders, promoting a culture of innovation and entrepreneurship. What is an Innovation Desert?An innovation desert can be defined as a place or region with limited or no innovation activity occurring.
This can be caused by various factors, including a lack of access to resources, limited investment in research and development, a low level of education, and a lack of infrastructure.
Other factors that can lead to an innovation desert include a lack of collaboration between researchers and entrepreneurs, regulatory barriers, and a weak entrepreneurial culture.
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Imagine that the community in you live in decides to enact a rent control of $700 per month on every one-bed room apartment. Using the following table below, draw a demand and supply graph and then determine the equilibrium price and equilibrium quantity without rent control. How many one-bedroom apartments will be rented after the rent-control law is passed? Also, do we have a shortage or a surplus of apartments at $700. Why? Monthly rent Quantity Demanded Quantity Supplied $600 700 240 $700 550 320 $800 400 400 $900 250 480 $1,000 100 560
Because the rent control at $700 per month is lower than the equilibrium price, there are fewer one-bedroom apartments available because more people want them and fewer landlords are willing to rent them.
What is Equilibrium Price?The market price at which the quantity demanded of a good or service equals the quantity supplied by producers or sellers is known as the equilibrium price. The market is in a state of balance at this price, with neither excess demand nor excess supply.
To put it another way, the price point at which the forces of supply and demand are in equilibrium and there is no inherent tendency for the price to rise or fall further is referred to as the equilibrium price.
In a market, the intersection of the demand and supply curves determines the equilibrium price. The equilibrium price is the market price at the point where the demand curve and the supply curve meet.
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on january 1, 2024, red flash photography had the following balances: cash, $28,000; supplies, $9,600; land, $76,000; deferred revenue, $6,600; common stock $66,000; and retained earnings, $41,000. during 2024, the company had the following transactions: 1. february 15issue additional shares of common stock, $36,000. 2. may 20provide services to customers for cash, $51,000, and on account, $46,000. 3. august 31pay salaries to employees for work in 2024, $39,000. 4. october 1purchase rental space for one year, $28,000. 5. november 17purchase supplies on account, $38,000. 6. december 30pay dividends, $3,600. the following information is available on december 31, 2024: employees are owed an additional $5,600 in salaries. three months of the rental space have expired. supplies of $6,600 remain on hand. all other supplies have been used. all of the services associated with the beginning deferred revenue have been performed.
In the company, the journal entry is Cash is (dr.) and Common Stock (Cr.) is $ 36,000.
What do you mean by journal entry?A journal entry is a document of a business deal that is kept in your books. Every transaction requires at least two notebook notes in double-entry bookkeeping.
A journal entry is typically copied and kept in an accounting transaction folder, along with backup materials that support the entry. External accountants may have access to this information as part of their year-end examination of a company's financial records and associated systems.
Here,
Journal entry of the year:
Date Particular Debit Credit
Feb 15. Cash $ 36,000
Common stock $ 36,000
(Being issued common stock)
May 20. Cash $ 51,000
Accounts receivable $ 46,000
Service revenue $ 97,000
(Being rendered services to the customers)
Aug 31. Salaries expenses $ 39,000
Cash $ 39,000
(Being paid employee salaries)
Oct 1. Prepaid rent $ 28,000
Cash $ 28,000
(Being rent paid)
Nov 17. Supplies $ 38,000
Account payable $ 38,000
(Being supplies on account)
Dec 30. Dividends $ 3,600
Cash $3,600
(Being paid dividends)
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This is an incomplete question the complete question is:
On January 1, 2024, red flash photography had the following balances: cash, $28,000; supplies, $9,600; land, $76,000; deferred revenue, $6,600; common stock $66,000; and retained earnings, $41,000. during 2024, the company had the following transactions:
1. February 15issue additional shares of common stock, $36,000.
2. may 20provide services to customers for cash, $51,000, and on account, $46,000.
3. august 31pay salaries to employees for work in 2024, $39,000.
4. October 1purchase rental space for one year, $28,000.
5. November 17purchase supplies on account, $38,000.
6. December 30pay dividends, $3,600.
The following information is available on December 31, 2024: employees are owed an additional $5,600 in salaries. three months of the rental space have expired. supplies of $6,600 remain on hand. all other supplies have been used. all of the services associated with the beginning deferred revenue have been performed.
Record the transactions that occurred during the year.
typically in countries with lower levels of real gdp per person, a smaller percentage of the population is literate.T/F
"In countries with lower levels of real GDP per person, a smaller percentage of the population is literate." This statement is true.
What is GDP?Gross Domestic Product GDP measures the value of final goods and services in monetary terms. That is, those that are bought by the final user and produced in a country in a given period of time. It counts all the output generated within the country.
A country with a higher level of GDP per person has a higher standard of living than a country which have a lower level of real GDP per person.
The option is true as real Gross Domestic Product per person would increase if limitations on foreign trade and investment are reduced, then production and output of the economy would increase. Therefore, it means that real GDP per capita would increase when commerce between countries highly increases.
Therefore, This statement is true.
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the four direct effects of tariffs are: a decline in consumption, increased domestic production, tariff revenue, and a(n) .
the four direct effects of tariffs are a decline in consumption, increased domestic production, tariff revenue, and a decline in imports.
Which four direct impacts does a tariff have?A tariff is a charge imposed on an imported commodity with the intention of safeguarding domestic employment, reducing rivalry among domestic industries, and increasing government revenue.
When a country applies tariffs on imported goods, domestically produced goods typically become more affordable than those that are brought in. Owing to the tariff's pricing impact, domestic production and consumption of goods increase while imports from other countries decline.
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Bruce bought his car for $24,380. It is expected to depreciate an average of 14% each year during the first 6 years. What will the approximate value of his car be in 6 years?.
The approximate value of Bruce's car in 6 years is $9863 by depreciation method. Depreciation is the anticipated loss in value of a fixed asset over the course of a fiscal year.
What do you mean by depreciation?The purchase of tangible assets like buildings, machines, cars, and other items sometimes requires large lump sum payments. By depreciation, a tangible asset's use costs and benefits are linked throughout the course of its useful life. Depreciation comes in a variety of forms, such as accelerated and straight-line depreciation. Depreciation that has been accrued on an asset as of a certain date is referred to as accumulated depreciation.
Use the depreciation formula, where
'P' is principal amount, 'R' is rate, and 'n' is time in years. Given:
A= P (1-R/100)ⁿ
= 24380(1-14/100)⁶
= 24380(1-0.14)⁶
= 24380(0.86)⁶
Simplify the exponent:
A = 24380(0.40456723513)
Multiply:
A ≈ $9863
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Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items a. An analysis of WTI's insurance policies shows that $3,468 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,006 are available at year-end. c. Annual depreciation on the equipment is $13,871 d. Annual depreciation on the professional library is $6,936. e. On September 1, WTI agreed to do five training courses for a client for $2,500 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $12,500 cash in advance for all five training courses on September 1, and WTI credited Unearned Revenue. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, 510,798 of the tuition revenue has been earned by WTI. g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December Credit Debit $ 27,567 0 10,594 15,894 2,120 31,784 $ 9,537 105,000 16,954 24,000 0 12,500 111,527 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable nearned revenue 1. Wells, Capital T. Wells, withdrawals Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 42,381 108,069 40,261 0 0 50,858 0 23,320 0 7,417 5,933 $ 322,848 5 322,848 3-a. Prepare Wells Technical Institute's income statement for the year, 3-b. Prepare Wells Technical Institute's statement of owner's equity for the year. The Wells, Capital account balance was $111,527 on December 31 of the prior year, and there were no owner investments in the current year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31.
Income Statement for the fiscal year Ending December 31 for Wells Technical Institute.
What is Income?Income is the money by individuals and businesses for providing goods, services, or capital. It is an important economics and is used to measure an individual's or firm's economic well-being Income can generated through various sources, including wages, salaries, investments, pensions, business profits, and. Governments collect taxes on income to raise revenue for public services.
Revenue: Tuition Revenue $50,858 Training Revenue 12,500 Total Revenue 63,358 Expenses: Salaries Expense 23,320 Depreciation Expense-Professional Library 6,936 Depreciation Expense-Equipment 13,871 Insurance Expense 3,468 Rent Expense 7,417 Teaching Supplies Expense 3,006 Advertising Expense 5,933 Utilities Expense 0 Total Expenses 54,921 Net Income 8,437
Statement of Owner's Equity for the Year Ending December 31 by Wells Technical Institute
Beginning Balance $111,527 Add: Net Income 8,437 Total 119,964 Less: Withdrawals 27,567 Ending Balance $92,397
Wells Technical Institute Balance Sheet December 31
Assets: Cash $42,381 Accounts Receivable 10,594 Teaching Supplies 2,120 Prepaid Insurance 2,120 Prepaid Rent 31,784 Professional Library 40,261 Accumulated Depreciation-Professional Library 6,936 Equipment 15,894 Accumulated Depreciation-Equipment 13,871 Total Assets $159,323 Liabilities: Accounts Payable $9,537 Salaries Payable 0 Unearned Revenue 0 Total Liabilities 9,537 Equity: T. Wells, Capital 92,397 Total Equity 92,397 Total Liabilities and Equity $159,323
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Scandinavian cultures do not rely heavily on social or nonverbal cues to convey meaning.
Individualism
Power distance
Context
Time orientation
In Japanese culture, employees show deference to their managers.
Time orientation
Communication style
Context
Power distance
In general, the Japanese do not like to be rushed into decisions.
Time orientation
Communication style
Individualism
Context
Answer:
1. Context
2. Power Distance
3. Time Orientation
Explanation:
Scandinavian cultures do not rely heavily on social or nonverbal cues to convey meaning - Context
In Japanese culture, employees show deference to their managers - Power distance
In general, the Japanese do not like to be rushed into decisions - Time orientation.
What is the cultural context?The external setting in which individuals develop and the ways in which culture shapes behavior are referred to as cultural context. In a group of people, culture refers to common meanings, concepts, and worldviews.
A structure for arranging life experiences is provided by short-term orientation, which is related to past and future events. A country's institutions and organization's power separation is measured by how much its less important leaders anticipate and accept the unequal power distribution.
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Why is independent action of buyers and sellers important to achieving perfect competition?
Answer:
Explanation:
Independent action of buyers and sellers is important to achieving perfect competition because it allows for the forces of supply and demand to operate freely in the market. In a perfectly competitive market, there are many buyers and sellers, each acting independently and without any significant market power. This means that no individual buyer or seller can influence the price of the product or service they are buying or selling.
When buyers and sellers act independently, they are responding to market signals and making decisions based on their own self-interest. Buyers are looking for the best quality product or service at the lowest possible price, while sellers are looking to maximize their profits by offering their product or service at the highest possible price that the market will bear.
If buyers or sellers were not able to act independently, there would be distortions in the market, such as monopolies, oligopolies, or price-fixing agreements. In these cases, individual buyers and sellers would not be responding to market signals, and the forces of supply and demand would not be able to operate freely. This would lead to a less efficient market and could result in higher prices for consumers and lower profits for businesses.
Therefore, the ability of buyers and sellers to act independently is a crucial element of a perfectly competitive market. It ensures that the market is efficient, and that prices are determined by supply and demand rather than by the actions of individual buyers or sellers.
A full-line discount store is a type of ____________ retailer.
A. service
B. general merchandise
C. inclusive
D. Internet
E. exclusive
Answer:
B. General merchandise
Explanation:
The meaning of general merchandise refers to a retailer that sells various products for general public use except for grocery and food products. These are called general merchandise stores.
As property manager for several residential landlords, Tomas mostly provides critical reports to every property owner he works for. Which of the following information points need to be updated and published monthly?
A. Income and expenses for each property
B. Property management agreement
C. Fixed expenses
Answer:
A. Income and expenses for each property
Explanation:
Income and expenses for each property must be updated and published monthly
Gattis, a member, performed an attest engagement for Brave industries, inc. for the year ended December 31, 20x6. The report on the attest engagement was issued on February 7, 20x7. A regulatory body that brave industries, inc. is governed by sent a letter to Gattis on June 23, 20x7 requesting confidential information on the company in connection with their investigation of brave industries, inc. Which of the following statements is true regarding Gattis disclosure of the requested confidential information?
a. Gattis is required to comply with the request of the regulatory body
b. If Brave industries inc. refuses to give Gattis permission to disclose the confidential information, Gattis may not disclose the confidential client information
c. Gattis does not have to comply with the request of the regulatory body under any circumstances since the regulatory body does not govern Gattis' actions
d. None of the above.
A. Gattis is compelled to abide by the regulatory body's requirement that it disclose the desired confidential information.
Explain any two effects of disclosing confidential information?Section 54.1: Exposure of Sensitive Information Banned A licensee is not allowed to share any private information they have learned about a customer or potential client while acting in their professional capacity, with the exception of the following:
a. Disclosures given by a licensee in adherence to a subpoena or summons that are legally binding court orders.
b. Disclosures made at the express request of the client to a person or organisation that is specified by the client at the time of request.
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by using point-of-sale purchasing information for the drugstore chain for which he works, justin can send information to stores about overall sales for the chain, ways to display the merchandise, and upcoming promotions. justin is a ___ for the chain.
The point of sale is where a customer completes a transaction with a store or business.
What is the meaning of point of sale?A customer completes a transaction with just a store or business at the point of sale. POS is described from the perspective of a business, unlike POP. A point-of-sale transaction happens each time a good or service is bought.
You ring up customers at a point of sale, often known as a point of purchase. Customers are at the point of sale when they complete an online purchase, approach your checkout counter, or choose an item from your stand or booth. The hardware and software of your point-of-sale system allow your company to make those sales.
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T/F. To be within the scope of employment, the agent's conduct must have been completely motivated by the desire to serve his employer.
The given statement "the agent's actions have to be solely motivated by a desire to help his employer for them to be considered to be within the scope of employment" is FALSE.
Who is an employer?An employer is, more particularly, a company, institution, government body, agency, professional services firm, nonprofit organization, small business, retailer, or individual who hires or otherwise places people who may be referred to as employees or staff members to work.
The agent's actions must not have been solely driven by a desire to please his employer in order for them to fall inside the purview of their employment.
The primary distinction between an employer and an employee is who owns the business and provides the jobs for employees, whilst an employee works for the company and receives compensation.
Therefore, the given statement "the agent's actions have to be solely motivated by a desire to help his employer for them to be considered to be within the scope of employment" is FALSE.
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Real GDP in the country of Oz is growing at 5 percent and its population is growing at 2 percent. In the country of Lilliput, real GDP is growing at 4 percent and its population is growing at 0.5 percent. Thus,
Group of answer choices
we need more information to determine if real GDP per person in Lilliput is growing faster or slower than real GDP per person in Oz.
real GDP per person in Lilliput is growing at a rate that is not comparable to that in Oz.
real GDP per person in Lilliput is growing at the same rate as in Oz.
real GDP per person in Lilliput is growing at a faster rate than in Oz.
real GDP per person in Oz is growing at a faster rate than in Lilliput.
The real GDP of both Lilliput and Oz shows that D. real GDP per person in Lilliput is growing at a faster rate than in Oz.
What does the real GDP show ?To determine if real GDP per person in Lilliput is growing faster or slower than real GDP per person in Oz, we need to calculate the growth rate of real GDP per person in each country. Real GDP per person can be calculated as Real GDP divided by Population.
In Oz, real GDP per person is growing at a rate of 5% - 2% = 3%.
In Lilliput, real GDP per person is growing at a rate of 4% - 0.5% = 3.5%.
Therefore, real GDP per person in Lilliput is growing at a faster rate than in Oz.
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Which of the following clarifies information presented in the financial statements, as well as expands upon it where additional detail is needed? a. Management discussion and analysis section b. Report on adequacy of internal control c. President's state of the company report d. Report on fairness of financial statements
The correct option a. Management discussion and analysis section, clarifies information contained in the financial accounts and, where necessary, expands upon it.
Explain about the Management discussion and analysis?Executives evaluate the performance of the company in the management discussion and analysis (MD&A) portion of the annual report or quarterly filing of the corporation.
A description of compliance, threats, and development prospects, such as objectives and new initiatives, might also be included in this part.The MD&A segment does not undergo auditing and presents management's viewpoints.Businesses frequently have used the MD&A segment to reassure investors about the viability of the company's future ambitions.The MD&A part, however, is less useful because management does not desire to disclose too many of its future intentions in a legally mandated document that is accessible to the public.Thus, Management discussion and analysis section, clarifies information contained in the financial accounts and, where necessary, expands upon it.
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