Elite Electronics, Inc.'s allowance for doubtful accounts credit balance was $3,700 before recording the following transactions. A customer balance of $470 from a previous year was identified as uncollectible and written off on August 31.
On December 15, the previously written-off $470 customer balance was collected in full.
In August, the allowance for doubtful accounts decreased by $470, and the accounts receivable decreased by the same amount. As a result, the accounting equation remained in balance.
On December 15, the accounts receivable increased by $470, and the cash account also increased by $470, bringing the accounting equation back into balance.
The allowance for doubtful accounts remained unchanged because the previously written-off balance was now paid in full.
Overall, the net effect of the two transactions on the accounting equation is zero, as the decrease in accounts receivable was offset by the subsequent increase.
Learn more about subsequent increase here.
https://brainly.com/questions/29763162
#SPJ11
Which of the assumptions of comparative advantage seem unrealistic?
Fixed technology and imperfect competition in the market
Unemployment in perfect competition
Immobile factors of production and higher transportation costs
Fixed technology and imperfect competition in the labour market
Free trade and immobile factors of production
Comparative advantage is an economic theory that explains how nations benefit from specializing in producing goods in which they have a lower opportunity cost of production than their trading partner.
However, some assumptions of comparative advantage are considered unrealistic. The unrealistic assumptions of comparative advantage include fixed technology and imperfect competition in the market and fixed technology and imperfect competition in the labor market. In addition, immobile factors of production and higher transportation costs also seem unrealistic.Analysis of each unrealistic assumptionFixed technology and imperfect competition in the marketThis assumption states that the technology used in producing goods and services is fixed, and there is no scope for further improvement. Also, it suggests that there is no competition in the market, and firms have the power to set prices and influence demand for their products. This assumption seems unrealistic because technology is not fixed, and innovation is continuous. Moreover, competition is present in all markets, and it influences price and demand for goods and services.Fixed technology and imperfect competition in the labor marketThis assumption suggests that there is a fixed supply of labor in the market, and workers have identical skills. This assumption seems unrealistic because workers' skills vary, and they can acquire new skills through education and training. Additionally, workers can migrate from one country to another, increasing the labor supply.Immobile factors of production and higher transportation costsThis assumption suggests that factors of production, such as land, capital, and labor, are immobile across countries. Moreover, the transportation cost of goods and services is high, making it difficult to trade across countries. This assumption seems unrealistic because factors of production can be mobile across countries, and trade agreements can reduce transportation costs to a reasonable level.
To know more about technology visit;
brainly.com/question/9171028
#SPJ11
How can bank practices make inflation worse?
When the economy is growing, it is a good time for banks to
increase lending.
When inflation is rising, banks will increase interest rates, so
Bank practices can potentially contribute to making inflation worse in the following ways:
Excessive lending: During periods of economic growth, banks may increase their lending activities to take advantage of the expanding economy. However, if banks extend loans beyond the capacity of borrowers to repay them, it can lead to an increase in the money supply.
Easy credit conditions: Banks may relax their lending standards and offer easy credit conditions, such as lower down payments or relaxed eligibility criteria. This can encourage excessive borrowing, leading to increased spending and aggregate demand. If this borrowing is not supported by productive investments and leads to a surge in consumption, it can drive up prices and contribute to inflation.
Monetary policy decisions: Central banks have the authority to influence interest rates and money supply through their monetary policy decisions. If a central bank adopts an accommodative monetary policy by reducing interest rates or engaging in quantitative easing, it can increase the money supply in the economy.
Currency devaluation: Banks, particularly central banks, have the ability to influence the value of a country's currency. If a central bank intentionally devalues the currency to stimulate exports or reduce the burden of debt, it can lead to higher import prices, contributing to inflation.
It is important to note that banks alone cannot solely determine or control inflation. Inflation is a complex macroeconomic phenomenon influenced by various factors such as government policies, global economic conditions, and supply-demand dynamics.
To know more about currency visit-
brainly.com/question/31275324
#SPJ11
Required information. Exercise 6-3A Prepare a multiple-step income statement and analyze profitability (LO6-2) [The following information applies to the questions displayed below.) Tisdale Incorporated reports the following amount in its December 31, 2021, income statement. Sales revenue Non-operating revenue Selling expenses General expenses $350,000 120,000 70,000 60,000 Income tax expense Cost of goods sold Administrative expenses $ 40,000 200,000 50,000 Required: 1. Prepare a multiple-step income statement. (Losses should be indicated by a minus sign.) TISDALE INCORPORATED Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating income (loss)
TISDALE INCORPORATED Multiple-step Income Statement For the year ended December 31, 2021
Sales revenue $350,000
Cost of goods sold -200,000
Gross profit $150,000
Operating expenses:
Selling expenses -70,000
Administrative expenses -50,000
Total operating expenses -120,000
Operating income $30,000
Non-operating revenue $120,000
Income before taxes $150,000
Income tax expense -40,000
Net income $110,000
In the above multiple-step income statement, we start with the sales revenue and deduct the cost of goods sold to calculate the gross profit. Then, we deduct the operating expenses (selling expenses and administrative expenses) to calculate the operating income.
Next, we include the non-operating revenue and calculate the income before taxes. Finally, we deduct the income tax expense to arrive at the net income.
For the year ended December 31, 2021, Tisdale Incorporated reported a net income of $110,000.
Learn more about Operating expenses here -: brainly.com/question/14697297
#SPJ11
Moving to another question will save this response Question 2 of 15 estion 2 6.6667 points Andrea owns a tanning salon that is expected to produce annual cash flows forever. The tanning salon is worth $778.600.00 and the cost of capital is 10.91% Annual cash flows are expected with the first one due in one year and all subsequent ones growing annually by 8,10%. What is the amount of the annual cash flow produced by the tanning salon in 1 year expected to be O $277.081.85 (plus or minus $10) O $148,011.88 (plus or minus $10) O $21,878.66 (plus or minus $10) O $27,708,185.05
Answer:
The amount of the annual cash flow produced by the tanning salon in 1 year is expected to be approximately $277,081.85(plus or minus $10).
To calculate this, we can use the perpetuity formula, which calculates the present value of an infinite stream of cash flows. The formula is as follows:
PV = CF / (r - g)
Where:
PV = Present Value
CF = Cash Flow
r = Discount Rate
g = Growth Rate
In this case, the present value (PV) is given as $778,600.00, the cost of capital (r) is 10.91% (0.1091 as a decimal), and the growth rate (g) is 8.10% (0.081 as a decimal). We need to solve for the cash flow (CF).
Plugging in the values, we have:
$778,600.00 = CF / (0.1091 - 0.081)
Solving for CF, we find:
CF ≈ $277,081.85
Therefore, the amount of the annual cash flow produced by the tanning salon in 1 year is expected to be approximately $277,081.85, plus or minus $10.
Learn more about perpetuity calculations in finance here:
https://brainly.com/question/31871815
#SPJ11
Consider the following statements about a firm's short-run marginal costs: The marginal cost curve intersects the minimum point of both the average variable cost curve and the average total cost curve. When marginal cost is below average variable cost, average variable cost is falling. II. When marginal cost is below average total cost, average total cost is falling O a All three statements are true Ob. Only I and il are true. Oc Only I and Ill are true, O d. Only Il and il are true. Oe. Neither I nor if nor ill is true.
The correct answer is (a) All three statements are true.
Statement I: The marginal cost curve intersects the minimum point of both the average variable cost (AVC) curve and the average total cost (ATC) curve. This statement is true because in the short run, as long as marginal cost is below the average cost curves, the average cost curves will be falling. The intersection occurs at the minimum point of the curves.
Statement II: When marginal cost is below average variable cost (AVC), average variable cost is falling. This statement is also true. If marginal cost is below AVC, it means that the marginal cost of producing additional units is lower than the average cost of producing existing units. This would bring down the average cost, resulting in falling AVC.
Statement III: When marginal cost is below average total cost (ATC), average total cost is falling. This statement is true as well. If marginal cost is below ATC, it implies that the additional cost of producing one more unit is lower than the average cost of all units produced. Consequently, it would lead to a reduction in the average cost, causing falling ATC.
Therefore, all three statements are true, indicating that the marginal cost curve intersects the minimum points of both the AVC and ATC curves, and when marginal cost is below both AVC and ATC, average variable cost and average total cost are falling.
Learn more about average variable cost here:
brainly.com/question/26413746
#SPJ11
For an invoice with terms 6/10 EOM dated July 28, the retailer would have what date to take the 6% cash discount? September 28 September 10 August 10 August 28
For an invoice with terms 6/10 EOM dated July 28, the retailer would have August 10 to take the 6% cash discount. Hence the correct answer is August 10.
When a retailer receives an invoice with the words "6/10 EOM," it usually means that they are eligible for a 6% cash discount provided their payment is received within 10 days of the invoice's expiration date (also known as the "EOM").The invoice is dated July 28. The term "EOM" stands for "end of month."
The end of July would be 31st July. Adding 10 days, we get August 10.
Hence the retailer would be eligible for a 6% cash discount provided he makes payment till August 10.
To know more about cash discount, refer
https://brainly.com/question/28901660
#SPJ4
Question: 2 (15 Marks) Macademian industries now approach the policymakers to revise their decisions and request for a more investment friendly climate. The policymakers discuss the present economic c
Macademian Industries is one of the most significant industries of the country. It contributes to the economic development of the country in a considerable amount. However, the industry has been facing some difficulties lately, mainly due to the non-investment-friendly policies of the policymakers.
To address the issue, the industry authorities approached the policymakers and requested a revision of their decisions to a more investment-friendly climate. The policymakers discussed the present economic condition of the country and assessed the benefits and drawbacks of their policies.The policymakers agreed to the request and revised their policies, taking into consideration the interests of the industry. They created a more investment-friendly climate, which was conducive to the growth and expansion of the industry.
The new policies resulted in significant investments in the industry, which led to job creation and economic growth. The industry became more productive and competitive in the international market. The policymakers were also able to boost the country's economic development, which was beneficial for the entire population.To sum up, the policymakers' decision to revise their policies to a more investment-friendly climate was a wise and practical decision. The decision had a significant positive impact on the industry, the economy, and the country as a whole.
To know more about Industries visit:-
https://brainly.com/question/32605591
#SPJ11
ABC company's operating income (EBIT) from selling 164522 units is $69097. assume that ABC company has annual interest expense of $26229. If ABC's EBIT increase by 15%, by how much will its earnings per share increase? (2 marks)
To calculate the increase in earnings per share (EPS) when the EBIT of ABC Company increases by 15%, we need to consider the current EPS and the percentage increase in EBIT.
The formula to calculate the EPS is:
EPS = Net Income / Number of Shares
Given that we have the EBIT and interest expense, we can find the net income using the following formula:
Net Income = EBIT - Interest Expense
To calculate the current EPS, we need the number of shares, which is not provided in the question. Without the number of shares, we cannot calculate the current EPS or the increase in EPS.
Please provide the number of shares for ABC Company so that we can calculate the increase in EPS.
Learn more about earnings per share (EPS) here:
https://brainly.com/question/28392311
#SPJ11
ABC Inc., is currently an all-equity company. Its shares price is $50. Number of share outstanding are 15,000. The firm has decided to change her capital structure by issuing $250,000 of debt and use the proceeds to repurchase shares. The borrowing rate would be 8 percent. The earnings before interest and taxes (EBIT) of the firm is $20,000. Anson owns 500 shares of ABC and wants to use homemade leverage to offset the leverage used by ABC. Anson should (show calculation procedure): A. buy an additional 167 shares. B. sell 167 shares and invest the proceeds into the debts of ABC Inc. C. sell 250 shares and invest the proceeds into the debts of ABC Inc.
In Kothari and Warner (2005), compared to the short- horizon
event study, discuss the difficulties that the long-run event study
may have?
In Kothari and Warner (2005), the authors discuss the challenges and difficulties associated with conducting long-run event studies compared to short-horizon event studies.
Here are some of the difficulties that the long-run event study may encounter:
1. Measurement and Identification of Events: In short-horizon event studies, the event is typically well-defined, such as an earnings announcement or a merger announcement, making it easier to identify and measure the event's impact on stock prices. However, in long-run event studies, identifying specific events that impact stock prices over an extended period can be more challenging. Long-run events, such as changes in industry dynamics, regulatory changes, or macroeconomic shifts, are often more complex and can be difficult to isolate and measure accurately.
2. Data Availability and Quality: Conducting a long-run event study requires access to reliable and comprehensive data over an extended period. Long-term stock price data, financial statements, and other relevant information may not be readily available or may suffer from data limitations, such as survivorship bias or data gaps. Obtaining accurate and complete data for an extended period can pose challenges, especially for historical events or less liquid securities.
3. Time-Varying Factors and Confounding Variables: Long-run event studies are more susceptible to the influence of time-varying factors and confounding variables that can impact stock prices over extended periods. These factors can include changes in market conditions, macroeconomic trends, industry-specific dynamics, and shifts in investor sentiment. It becomes challenging to disentangle the effects of specific events from these broader, time-varying influences, which can affect the accuracy and reliability of the long-run event study results.
4. Causality and Attribution Issues: Establishing a causal relationship between specific events and their impact on long-run stock returns is inherently challenging. Multiple factors can contribute to stock price movements over time, making it difficult to attribute the effects solely to a particular event. Other factors, such as market-wide movements, investor behavior, and external shocks, can influence stock prices and overshadow the impact of the long-run event under investigation.
5. Model Specification and Statistical Challenges: Modeling long-run event studies involves addressing statistical issues such as autocorrelation, heteroscedasticity, and non-stationarity of returns over time. Choosing an appropriate statistical model and accounting for these challenges can be complex and require robust econometric techniques. Model specification and methodology choices can introduce additional sources of uncertainty and affect the validity of the study's findings.
6. Lengthy Observation Periods: Long-run event studies typically involve analyzing stock price movements over an extended period, which can span several years. The lengthy observation period increases the time and resources required for data collection, analysis, and interpretation. It also introduces challenges related to changes in market conditions, economic cycles, and other factors that can influence stock prices over time.
Despite these challenges, long-run event studies provide valuable insights into the persistent effects of events on stock prices and the long-term performance of firms. Overcoming the difficulties associated with long-run event studies requires careful methodology, comprehensive data analysis, and an understanding of the complex dynamics that influence stock prices over extended periods.
Learn more about short-horizon event here:
https://brainly.com/question/13045740
#SPJ11
You are auditing Barro Imports Ltd for the year ended 30th June 2021. The company is incorporated in Australia and imports a variety of products from Spain, such as flamenco guitars and clothing, and Spanish knick-knacks. Consistent with previous years, Barro accounts for inventory on a last-in, first- out (LIFO) basis, and has a policy of waiting one year after the 'last sale' date before writing stock down. Unfortunately the coronavirus pandemic has meant an end of year stocktake was not performed, and you have been unable to apply other procedures to validate the existence of the inventory at balance date. Required: Using the Framework for Audit Opinions studied in this unit, explain the most appropriate auditor's opinion for Barro Imports for the year ended 30th June 2021. Justify all aspects of your response.
The most appropriate auditor's opinion for Barro Imports Ltd for the year ended 30th June 2021, using the Framework for Audit Opinions studied in this unit is a qualified opinion.
Qualified opinion
A qualified opinion is an audit report that concludes that financial statements are fairly presented but for a specific reason(s). This audit report is given when the auditor is not satisfied with a part of the financial statements. It is given when the financial statements misrepresent a specific item, but the rest of the financial statements are correct.
Justification for a qualified opinion for Barro Imports Ltd:T he justification for the most appropriate auditor's opinion for Barro Imports Ltd for the year ended 30th June 2021 is a qualified opinion. The inventory is valued on the LIFO basis.
Additionally, the company waits one year after the last sale date before writing stock down. Also, due to the covid-19 pandemic, an end of year stocktake was not carried out, and other procedures were not used to verify the inventory's existence at balance date. Hence, the auditor's opinion should be qualified, indicating that the inventory's existence and valuation could not be confirmed.
To learn more about Qualified opinion, here:
https://brainly.com/question/30548474
#SPJ11
weber used the term spirit of capitalism to describe the desire to accumulate capital
The term "spirit of capitalism" was coined by sociologist Max Weber, who used it to describe the cultural mindset of individuals who are driven to accumulate capital through hard work and financial investment.
The spirit of capitalism refers to a cultural mindset that values hard work, thriftiness, and rationality as the key to economic success. According to Weber, this mindset emerged in Western Europe during the Reformation, as Protestant beliefs in individualism, self-discipline, and asceticism gave rise to a new work ethic that prioritized worldly success over religious devotion. Weber argued that this work ethic paved the way for the development of modern capitalism, as individuals who were driven to accumulate wealth through hard work and financial investment became the driving force behind economic growth and innovation.
In contrast to traditional societies, which prioritized social and religious values over economic gain, the spirit of capitalism represents a shift towards a more individualistic and rational worldview, where economic success is seen as the ultimate goal. This mindset has had a profound impact on the development of modern economies, as it has encouraged individuals to pursue their own self-interest and has fostered a culture of innovation and competition that has led to economic growth and prosperity.
To know more about investment visit:
https://brainly.com/question/28209238
#SPJ11
Rhetoric can be a useful tool for learning how to write and communicate to persuade a reader to take a specific action -- such as offer you an interview for a job or fund your new gaming enterprise
True or False
Rhetoric can be a useful tool for learning how to write and communicate to persuade a reader to take a specific action such as offer you an interview for a job or fund your new gaming enterprise. This statement is True.
Rhetoric is the art of communicating persuasively, and it encompasses not just the written or spoken word, but also a wide range of other communication forms, such as visuals, sounds, and even body language. Rhetoric can be used in a variety of settings, including public speaking, political debates, advertising, and marketing. The purpose of rhetoric is to persuade or influence an audience, which may include individuals, groups, or even entire societies.Rhetoric in Writing Writing is one of the primary ways in which rhetoric is used. A writer who is skilled in rhetoric can use language in a way that is persuasive and influential. For example, an advertisement that uses persuasive language and emotional appeals can influence consumers to buy a particular product. Similarly, a political speech that is crafted using rhetorical devices can persuade voters to support a particular candidate or issue. Rhetoric can also be used in more personal writing settings, such as cover letters, job applications, or grant proposals. In these contexts, the goal is to persuade the reader to take a specific action, such as offering a job interview or funding a new business venture. In conclusion, rhetoric can be a powerful tool in writing and communication, and it can be used to persuade readers and audiences to take specific actions.
Learn more about fund here:-
https://brainly.com/question/386935
#SPJ11
With its Storyboots program, Manitobah Mukluks clearly exemplifies which type of orientation in the evolution of marketing?
a. marketing orientation
b. product orientation
c sales orientation
d. societal marketing orientation
According to the question The correct answer is d. societal marketing orientation.
Societal marketing orientation focuses on meeting the needs and wants of target customers while also considering the long-term welfare of society as a whole. This orientation recognizes that a company's marketing activities should not only be focused on profit generation but also take into account the ethical, social, and environmental implications of its actions.
Manitobah Mukluks' Storyboots program aligns with this societal marketing orientation. The program aims to preserve Indigenous culture, support Indigenous artisans, and promote sustainable practices. By partnering with Indigenous communities and using traditional craftsmanship to create their products, Manitobah Mukluks showcases a commitment to cultural preservation and social responsibility.
To know more about orientation visit-
brainly.com/question/14628927
#SPJ11
All of the following except _ (blank) _ are major dimensions for developing an international information systems architecture. Select one: a. global environment b. corporate global strategies c. domestic environment d. organization structure e. management and business processes
International information systems architecture (IISA) development requires a comprehensive approach that incorporates several major dimensions.
These dimensions can help to provide a better understanding of the various components of IISA. All of the dimensions of developing an international information systems architecture except the domestic environment. This is an important consideration when developing IISA because it is critical to understand how domestic business processes and practices are affected by international operations, and how they may need to be adapted to ensure that the IISA functions effectively.
However, the other dimensions are also important and are as follows:
Global environment: It is important to understand the global environment in which the organization operates. This includes understanding the political, economic, social, technological, and legal factors that influence the organization's operations and its ability to succeed in the global marketplace.
Corporate global strategies: It is essential to have a clear understanding of the organization's corporate global strategies. This involves understanding the organization's goals and objectives, as well as the specific strategies that it has in place to achieve these goals.
Organization structure: It is important to understand the organization's structure, including its hierarchy and the relationships between different departments and units within the organization.
Management and business processes: It is essential to understand the management and business processes that are used within the organization. This includes understanding how decisions are made, how resources are allocated, and how work is organized and coordinated to achieve organizational objectives.
To know more about information systems visit:
https://brainly.com/question/13081794
#SPJ11
explain the effect of consumers becoming more pessimistic on aggregate demand
When consumers become more pessimistic, it has a negative impact on aggregate demand. This is because their reduced confidence and expectations lead to decreased spending, lower investment, and a decline in overall economic activity.
Consumer sentiment and expectations play a crucial role in shaping aggregate demand, which represents the total spending on goods and services in an economy. When consumers become more pessimistic, they tend to hold back on their spending and become cautious about making big-ticket purchases. This decline in consumer confidence translates into a decrease in consumption expenditure, which is a significant component of aggregate demand. Reduced consumer spending directly affects businesses, as they experience a decrease in sales and revenue. In response, businesses may scale back their production levels, leading to lower investment in machinery, equipment, and infrastructure. This decline in investment further dampens aggregate demand.
The negative effect of consumer pessimism on aggregate demand is not limited to consumption and investment. It also impacts the overall economic sentiment, leading to a decrease in business and consumer borrowing. Reduced borrowing can limit individuals' and businesses' ability to make large purchases, further exacerbating the decline in spending. As aggregate demand decreases, it puts downward pressure on prices, leading to potential deflationary pressures. This can create a vicious cycle, as lower prices and economic uncertainty can fuel even greater pessimism among consumers, causing a further decrease in aggregate demand. In summary, when consumers become more pessimistic, their reduced confidence and expectations result in decreased spending, lower investment, and a decline in overall economic activity. This has a negative impact on aggregate demand and can lead to a downward spiral in the economy if not addressed effectively.
Learn more about Aggregate demand here: https://brainly.com/question/29873977
#SPJ11
Do you think that using Rihanna as a celebrity endorsement for
the brand in targeting a younger segment is an effective strategy
in building the image of the brand for this segment.
Yes, using Rihanna as a celebrity endorsement for the brand in targeting a younger segment is an effective strategy for building the image of the brand for this segment.
The reason behind this is that Rihanna is considered to be one of the most influential figures in the music and fashion industry and her involvement in the brand can help in attracting the attention of younger consumers towards the brand. Moreover, Rihanna has a massive fan following among young people and her endorsement can positively impact the perception of the brand among this segment of consumers. Celebrity endorsement is a marketing strategy where a famous person promotes a brand or product to create an association between the brand and the celebrity's personality.
Rihanna is a well-known figure and has a large following on social media platforms. These followers are young and are mostly the target market for many brands. Rihanna is a popular and influential figure who has managed to capture the attention of a younger audience over the years. She has also managed to build a personal brand for herself in the music and fashion industry. By associating with Rihanna, the brand can gain the trust and loyalty of younger consumers who look up to her as a role model.
To learn more about Endorsement visit here:
brainly.com/question/30417343
#SPJ11
which of the following is not a key feature of nosql technology
The key features of NoSQL technology are distributed data management, horizontal scalability, and high availability. One of these features is not a key feature of NoSQL technology is the Structured Query Language (SQL).
In SQL databases, all data must be normalized and arranged into tables, whereas in NoSQL databases, data can be stored in various formats, such as documents, key-value pairs, graphs, or column families. Because of their distributed architecture, NoSQL databases are better suited for storing and handling large amounts of unstructured data such as video and audio files, text documents, and images.
Moreover, NoSQL databases are known for their horizontal scalability, meaning that they can add more nodes to a database cluster as traffic grows, and they can scale back down when the traffic subsides.
Another key feature of NoSQL technology is its ability to maintain high availability of data, even when a portion of the database or a node goes down. In conclusion, the feature that is not a key feature of NoSQL technology is the Structured Query Language (SQL). NoSQL databases are ideal for storing unstructured data, they are highly scalable, and they provide high availability of data.
To know more about management visit:
https://brainly.com/question/32216947
#SPJ11
GHI Company had the following selected transactions during fiscal years 2021 and 2022:
2021
Apr. 1 GHI Company agreed to accept a $30,000, one-year, 6% promissory note in settlement of Singh
Company’s unpaid accounts receivable.
July 1 GHI Company loaned $25,000 cash to Jack Nguyen. Jack signed a 9-month, 10% promissory
note in return for the loan.
2022
Apr.1 Singh Company honoured the note from April 1, 2021.
Apr.1 Jack Nguyen dishonoured his note from July 1, 2021. GHI Company expects to ultimately collect
the note in the future.
Note: 1. GHI Company records adjusting entries annually and has a December 31 fiscal year-end.
2. Interest is paid on the maturity date of all notes.
Instructions:
Prepare the necessary journal entries related to the above transactions for fiscal years 2021 and 2022.
qUESTION 4
QUESTION #3 (8 Marks)
GHI Company had the following selected transactions during fiscal years 2021 and 2022:
2021
Apr. 1 GHI Company agreed to accept a $30,000, one-year, 6% promissory note in settlement of Singh
Company’s unpaid accounts receivable.
July 1 GHI Company loaned $25,000 cash to Jack Nguyen. Jack signed a 9-month, 10% promissory
note in return for the loan.
2022
Apr.1 Singh Company honoured the note from April 1, 2021.
Apr.1 Jack Nguyen dishonoured his note from July 1, 2021. GHI Company expects to ultimately collect
the note in the future.
Note: 1. GHI Company records adjusting entries annually and has a December 31 fiscal year-end.
2. Interest is paid on the maturity date of all notes.
Instructions:
Prepare the necessary journal entries related to the above transactions for fiscal years 2021 and 2022.
Journal entries related to the above transactions for fiscal years 2021 and 2022.The following are the necessary journal entries related to the above transactions for fiscal years 2021 and 2022:2021Apr.
1 Accounts Receivable — Singh Company 30,000Notes Receivable — Singh Company 30,000To record the acceptance of the note in settlement of accounts receivable.July 1 Notes Receivable — Jack Nguyen 25,000Cash 25,000To record the issuance of a note from Jack Nguyen.2022Apr. 1 Cash 30,900Notes Receivable — Singh Company 30,000Interest Revenue 900To record the collection of the note from Singh Company,
which includes the principal and interest of $1,800 ($30,000 × 6% × 9/12)April 1 Accounts Receivable — Jack Nguyen 25,000Notes Receivable — Jack Nguyen 25,000To record the dishonor of Jack Nguyen's note.April 1 Notes Receivable — Jack Nguyen 25,000Accounts Receivable — Jack Nguyen 25,000To record the re-establishment of the account receivable for Jack Nguyen, assuming the company ultimately expects to collect the note.Interest will be recorded in December, as per the annual adjusting entries since Interest is paid on the maturity date of all notes.
To know more about transactions visit:
https://brainly.com/question/24730931
#SPJ11
During the discussion about financing, Ella mentions that one of her clients, Timothy Hansen, has approached her about buying a significant interest in the new club. Having an interested investor sways the three to issue equity securities to provide the financing they need. On July 21, 2016, Mr. Hansen buys 90,900 shares at a price of $10 per share. The club, LifePath Fitness, opens on January 12, 2017, and after a slow start begins to produce the revenue desired by the owners. The owners decide to pay themselves a stock dividend since cash has been less than abundant since they opened their doors. The 10% stock dividend is declared by the owners on July 27, 2017. The market price of the stock is $3 on the declaration date. The date of record is July 31, 2017 (there have been no changes in stock ownership since the initial issuance), and the issue date is August 15, 2017. By the middle of the fourth quarter of 2017, the cash flow of LifePath Fitness has improved to the point that the owners feel ready to pay themselves a cash dividend. They declare a $0.05 cash dividend on December 4, 2017. The record date is December 14, 2017, and the payment date is December 24, 2017.
(1) Record all of the transactions related to the common stock of LifePath Fitness during the years 2016 and 2017. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)
(2) Indicate how many shares are issued and outstanding after the stock dividend is issued. (Round answer to 0 decimal places, e.g. 5,275.) Stock dividend issuance
(1) Record all of the transactions related to the common stock of Life Path Fitness during the years 2016 and 2017 are as follows: Journal Entries Date Account Titles and Debit Credit July 21, 2016Cash 909,000
Common Stock 909,000 (Issuance of common stock)July 27, 2017Retained Earnings 9,090 Dividend Payable 9,090 (Declaration of stock dividend)August 15, 2017Dividend Payable 9,090 Common Stock 9,090 (Issuance of stock dividend)December 4, 2017
Retained Earnings 3,500 Cash Dividend Payable 3,500 (Declaration of cash dividend)December 14, 2017Cash Dividend Payable 3,500 Cash 3,500 (Payment of cash dividend)(2) After the stock dividend is issued, the number of outstanding shares is calculated as follows: Number of outstanding shares = 90,900 shares × (110%) = 99,990 shares Therefore, there are 99,990 outstanding shares after the stock dividend is issued. No Entry for account titles and 0 for amounts. Common Stock (July 21, 2016): $909,000Retained Earnings (July 27, 2017): $9,090Dividend Payable (July 27, 2017): $9,090Common Stock (August 15, 2017): $9,090Retained Earnings (December 4, 2017): $3,500Cash Dividend Payable (December 4, 2017): $3,500Cash Dividend Payable (December 14, 2017): $3,500Cash (December 14, 2017): $3,500
To know more about transactions visit:
https://brainly.com/question/24730931
#SPJ11
1. Why is it important to understand on-site tech infrastructure?
2. Articulate the ways the industry is using virtual and augmented reality to better prepare for events.
3. Compare and contrast green and sustainable meetings. Give examples for each that support your answer.
4. What is corporate social responsibility (CSR)? What role does CSR play in the MEEC industry?
[You are requested to CITE your sources and put REFERENCES for the relevant resources used while answering]
Expert Answer
Top Expert
500+ questions answered
As you have asked for multiple questions at once,so we will be solving only first one for you as per our policy. If you need help with specific question please post it as seprate question.
Understanding on-site tech infrastructure is important for several reasons:
a) Operational efficiency: Having knowledge about the on-site tech infrastructure allows event organizers to plan and execute events more efficiently. They can ensure that the necessary technical equipment and support systems are available and properly integrated, minimizing the risk of technical glitches or failures during the event.
b) Seamless execution: Events often rely on various technologies, such as sound systems, lighting setups, video displays, and network connectivity. Understanding the on-site tech infrastructure enables event planners to coordinate these elements effectively, ensuring a seamless execution of the event and enhancing the overall attendee experience.
c) Troubleshooting and problem-solving: In the event of technical issues or emergencies, understanding the on-site tech infrastructure empowers event organizers to quickly identify and address problems. They can collaborate with technical staff or external vendors to troubleshoot issues promptly, minimizing disruptions and ensuring the smooth progression of the event.
d) Cost optimization: Knowledge of the on-site tech infrastructure enables event organizers to make informed decisions when it comes to selecting equipment or engaging external service providers. By understanding the existing infrastructure, they can avoid unnecessary duplication of equipment and services, resulting in cost savings for the event.
References:
Event Manager Blog. (2021). Why Understanding Venue Technical Infrastructure Is So Important.
To know more about staff visit-
brainly.com/question/32729517
#SPJ11
1. Consider the economy of Taiwan. Discuss how the historical, geographic, political, cultural
or ethnic background and/or natural resources endowment shaped this country’s economic
development. (It is not necessary to cover all of these mentioned factors.)
1. Consider the economy of Singapore. Discuss how the historical, geographic, political,
cultural or ethnic background and/or natural resources endowment shaped this country’s
economic development. (It is not necessary to cover all of these mentioned factors.)
Taiwan is an island country located in East Asia. The country is known for its technological innovation and advanced economy. Taiwan's economic development was shaped by several factors such as its geographic location, natural resources, and political factors.
Taiwan is rich in natural resources such as coal, natural gas, and petroleum, but the country is heavily dependent on imported raw materials. Taiwan's economic development was driven by export-oriented industrialization. The country's economic growth was propelled by the government's policies that supported the development of high-tech industries, such as semiconductors, telecommunications, and electronics.
The government provided incentives such as tax breaks, subsidies, and low-interest loans to attract foreign investment. Furthermore, Taiwan's political and cultural background shaped its economic development. The country has a democratic system of government, which has contributed to its political stability and economic growth. Taiwan's culture values education, hard work, and entrepreneurship, which have been instrumental in driving the country's economic success. Singapore is a city-state located in Southeast Asia.
The country is known for its well-developed economy, high standard of living, and efficient government. Singapore's economic development was shaped by several factors such as its geographic location, natural resources, and political factors. Singapore is located at a strategic location, which has made it a hub for trade and commerce. The country has a deep-water port, which has contributed to its economic success. Singapore's natural resources are limited, and the country relies heavily on imported raw materials.
The country's economic development was driven by export-oriented industrialization. The government provided incentives such as tax breaks, subsidies, and low-interest loans to attract foreign investment. Furthermore, Singapore's political and cultural background shaped its economic development. The country has a stable government, which has contributed to its political stability and economic growth.
Singapore's culture values education, hard work, and entrepreneurship, which have been instrumental in driving the country's economic success. In conclusion, Taiwan and Singapore's economic development was shaped by several factors such as its geographic location, natural resources, and political and cultural background. Both countries have adopted export-oriented industrialization as a key driver of economic growth, which has been supported by government policies that incentivize foreign investment.
To know more about Taiwan visit:
https://brainly.com/question/1089451
#SPJ11
.Generally, income increases as education increases.
Please select the best answer from the choices provided
O TRUE
O FALSE
The given statement "Generally, income increases as education increases" is TRUE. Another study found that people with a master's degree earn, on average, $16,000 more per year than people with a bachelor's degree.
As per the data, the more you study, the higher you earn. Education has a significant impact on how much money people can make: Higher levels of education are linked to higher salaries. With more education and training, people can qualify for higher-paying jobs, which can lead to greater financial security and wealth over time.
Education and income are highly linked. People who have more education are more likely to have higher-paying careers than those who do not. According to data, the more education one has, the more money one is likely to make in their lifetime. For example, a recent report by the National Center for Education Statistics found that full-time workers aged 25 and older with a bachelor's degree earned a median income of $51,760 in 2019, while those with only a high school diploma earned a median income of $31,720. Another study found that people with a master's degree earn, on average, $16,000 more per year than people with a bachelor's degree.
To know more about master's degree visit :-
https://brainly.com/question/18897219
#SPJ11
Excellent customer experience positively impacts an organization's bottom line. Customer experience can be a strong company differentiator-both positive and negatively-thereby affecting sales. What do you think about this concept and Give me two examples one positive example and one negative example to prove that the Customer experience in both sides could have strong company differentiator?
It is widely recognized that customers are more likely to return and make repeat purchases when they have a positive experience with a company. Satisfied customers also tend to become brand advocates and spread positive word-of-mouth, which can attract new customers and drive sales. On the other hand, negative customer experiences can have a detrimental effect on a company's reputation and sales.
Positive Example:
A customer visits a retail store and receives exceptional service from the staff. The staff members are friendly, knowledgeable, and go above and beyond to assist the customer. As a result, the customer has a great shopping experience, makes a purchase, and leaves the store satisfied. This positive experience enhances the customer's perception of the brand, increases the likelihood of repeat business, and may even lead to recommendations to friends and family.
Negative Example:
A customer contacts a telecommunications company's customer service to resolve an issue with their internet connection. The customer is greeted with long wait times, unhelpful representatives, and unresolved problems. The poor customer experience leaves the customer frustrated and dissatisfied. They decide to switch to a competitor's service, share their negative experience with others, and discourage potential customers from choosing the company. This negative experience can result in lost sales and damage the company's reputation.
To know more about dissatisfied visit-
brainly.com/question/27383695
#SPJ11
Uber - Riding the Gig Economy 1. Apply the five steps of the Planning Process to Uber's development of it's app-driven online cab service. 2. Outline the Strategic, Tactical and Functional plans Uber has concerning its new self-driving car program. Show at least one plus and one minus within each of the plans. 3. Plans rarely absolutely go to plan! It is impossible as variables in the environment keep changing and impact the company in different ways. What planning tools might Uber use to deal with some of the unexpected issues Uber has faced with its online cab business model. 4. How might Uber use Management by Objectives to work with municipalities and provinces to create the infrastructure and legislation needed to achieve its self-driving car goals?
Applying the five steps of the Planning Process to Uber's development of its app-driven online cab service involved establishing objectives, such as creating a convenient ride-hailing service.
They developed premises, recognizing the potential demand and technological advancements. Uber generated alternative courses of action, exploring driver recruitment and pricing models. They evaluated alternatives, considering market size and regulatory challenges. Finally, they selected the best alternative and implemented it by launching their app-based service.
Uber's strategic plan for self-driving cars involves disruption and increased safety, but potential job losses and regulatory challenges are drawbacks. Their tactical plan includes testing, partnerships, and pilot programs, with benefits of innovation and concerns of public skepticism. The functional plan focuses on hiring skilled personnel and building infrastructure, with advantages of attracting talent and challenges of high costs.
Planning tools Uber could employ to address unexpected issues include scenario planning to anticipate disruptions, contingency planning to mitigate impacts, and risk management to identify and manage risks and uncertainties.
Using Management by Objectives, Uber can work with municipalities and provinces by setting clear objectives, establishing performance metrics, fostering communication, and adapting objectives as needed to achieve self-driving car goals. This approach facilitates collaboration and alignment with government entities.
To know more about contingency visit-
brainly.com/question/14853717
#SPJ11
5 Astro Corporation was started with the issue of 4,200 shares of $10 par stock for cash on January 1, Year 1. The stock was issued at a market price of $16 per share. During Year 1, the company earned $57,100 in cash revenues and paid $38,257 for cash expenses. Also, a $4,600 cash dividend was paid to the stockholders. ints eBook Ask Prit References Required Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Astro Corporation's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Balance Sheet Stmt of Cash Flows Income Stmt of Statement Changes Prepare the income statement. ASTRO CORPORATION Income Statement For the Year Ended December 31, Year 1 Semt of Changes >
The balance sheet, statement of cash flows, and statement of changes in stockholders' equity for Astro Corporation's Year 1 fiscal year have been prepared.
The stockholders were paid a $4,600 cash dividend.
The corporation's Year 1 fiscal year is presented in the balance sheet, statement of cash flows, and statement of changes in stockholders' equity.ASTRO CORPORATION
Statement of Changes in Stockholders' Equity
For the Year Ended December 31, Year 1
Common Stock: Issued for cash, 4,200 shares, $10 par:
$42,000
Retained Earnings, January 1, Year 1:$0Add: Net income for Year 1:$18,843Less: Dividends declared and paid during Year 1:$4,600Retained earnings, December 31, Year 1:$14,243ASTRO CORPORATION
Balance SheetDecember 31, Year 1
Assets: Current Assets
Cash:$33,686
Accounts receivable:$0Prepaid rent:$5,000Total Current Assets:$38,686Liabilities
Current LiabilitiesAccounts payable:$2,257Accrued expenses payable:$3,000Total Current Liabilities:$5,257Stockholders' Equity
Common Stock:4,200 shares, $10 par value:$42,000Retained Earnings:$14,243Total Stockholders' Equity:$56,243Total Liabilities and Stockholders' Equity:$61,500ASTRO CORPORATION
Statement of Cash FlowsFor the Year Ended December 31, Year 1
Cash Flows from Operating Activities:
Cash received from customers:
$57,100Cash payments for operating expenses:
(38,257)Net cash provided by operating activities:$18,843
Cash Flows from Investing Activities:
Purchase of rent property(5,000)Net cash used in investing activities:(5,000)Cash Flows from Financing Activities:
Proceeds from issuance of common stock
42,000Dividends paid to stockholders(4,600)Net cash provided by financing activities:37,400
Net increase in cash during Year 1:51,243
Cash balance at January 1, Year 1:
$0Cash balance at December 31, Year 1:$33,686 (51,243 + 0 = 33,686)
Therefore, the balance sheet, statement of cash flows, and statement of changes in stockholders' equity for Astro Corporation's Year 1 fiscal year have been prepared.
Know more about the balance sheet here:
https://brainly.com/question/25225110
#SPJ11
Describe the different roles that will need to be performed on this team. Describe the steps you will take to help ensure that the team has a good balance between conformity and deviance, and then has a moderate level of cohesiveness
In a team, different roles need to be performed by different individuals, based on their skill sets, experiences, and capabilities.
The following are some of the essential roles that are needed for the success of the team and the project it is working on:1. Leader: This person should be responsible for directing the team and delegating tasks to the team members based on their capabilities.2. Coordinator: This person should be responsible for managing the different activities within the team, ensuring that they are aligned with the project's goals.3. Expert: This person should be an expert in a particular field that is relevant to the project. They should provide their expertise to the team whenever needed.4. Innovator: This person should be responsible for coming up with new ideas and approaches to solve problems. They should be creative and open-minded.To ensure that the team has a good balance between conformity and deviance, and then has a moderate level of cohesiveness, the following steps can be taken:1. Create clear and specific goals for the team that are aligned with the project's goals.2. Encourage open communication among team members and provide opportunities for feedback and discussion.3. Establish clear roles and responsibilities for each team member and ensure that they understand their responsibilities.4. Create a positive and supportive team environment that encourages collaboration and innovation.5. Celebrate successes and recognize the contributions of each team member.
Learn more about communication here,what is the meaning of communication
https://brainly.com/question/28153246
#SPJ11
If it were possible to make a single lump-sum payment today that
would accumulate to $130,000 in 18 years (if invested at the same
4.5% per year), what would that lump-sum payment be?
To accumulate $130,000 in 18 years with an annual interest rate of 4.5%, the required lump-sum payment today would be approximately $51,173.
To determine the lump-sum payment needed to accumulate a specific amount in the future, we can use the concept of present value. Present value calculates the current worth of a future sum of money based on a given interest rate and time period.
In this case, we need to find the present value of $130,000 in 18 years at an interest rate of 4.5%. Using the formula for present value, which is:
Present Value = Future Value / (1 + Interest Rate)^Time Period
Plugging in the values, we get:
Present Value = $130,000 / (1 + 0.045)^18
Present Value ≈ $130,000 / (1.045)^18
Present Value ≈ $51,173
Therefore, a lump-sum payment of approximately $51,173 today, invested at an annual interest rate of 4.5%, would accumulate to $130,000 over an 18-year period. This calculation takes into account the time value of money, allowing us to determine the required present value to achieve the desired future amount.
Learn more about Interest rates here: https://brainly.com/question/28236069
#SPJ11
How much does it cost to operate an 800 watts rice cooker for 30
minutes daily for 30 days at a rate of 40 cents/kWh?
4.90
$5.0
$4.8
$6
50µC charge passes through a cross-
The cost to operate an 800 watts rice cooker for 30 minutes daily for 30 days at a rate of 40 cents/kWh is $4.80.
Power consumed by rice cooker, P = 800 watts
Time, t = 30 minutes daily for 30 days
Rate of electricity, r = 40 cents/kWh
We need to calculate the cost of operating a rice cooker for 30 minutes daily for 30 days at a rate of 40 cents/kWh.
Total time for which rice cooker is used in 30 days = 30 × 30 minutes = 900 minutes
Total energy consumed by rice cooker in 30 days = P × t
= 800 watts × (900/60) hours
= 12,000 watt-hours
= 12 kWh
Total cost = Energy consumed × Rate of electricity= 12 kWh × 40 cents/kWh
= 480 cents
= $4.80
To know more about electricity click on below link:
https://brainly.com/question/12791045#
#SPJ11
Question 1 Which of the statements is NOT true and is compatible with the properties of utility? Brian gets 35 utils from eating one sandwich while Julia receives 45 utils from eating one sandwich. Th
The amount of utility a person derives from consuming a good or service is subjective and varies depending on the individual. The statement "Brian gets 35 utils from eating one sandwich while Julia receives 45 utils from eating one sandwich" is not true and is compatible with the properties of utility.
Utility is the usefulness or satisfaction a person receives from consuming a good or service. The amount of satisfaction or pleasure a person gets from consuming a good or service is referred to as the utility of that good or service. The following is a statement that is not true and is consistent with the properties of utility: Brian gets 35 utils from eating one sandwich while Julia receives 45 utils from eating one sandwich. The reason this statement is not true is that the amount of utility a person derives from consuming a good or service is subjective and varies depending on the individual. The properties of utility are as follows: Utility is a subjective concept that varies depending on the individual. The utility is measured in units called utils, which are used to quantify the amount of satisfaction or pleasure a person receives from consuming a good or service. The Law of Diminishing Marginal Utility is a law of utility that states that the additional utility obtained from consuming an additional unit of a good or service decreases as the quantity of that good or service consumed increases.
To know more about utility
https://brainly.com/question/2551519
#SPJ11
For example, hypothetically speaking, if the fisher market increases supply costs will decrease and demand will now increase. This will not only affect the pockets of fishermen but substitutes like beef and other meats will now decrease in units sold due to the fisherman's supply being increased by this. Therefore, causing the market to shift solely because of one factor that is seemingly not connected whatsoever. My question is this, if production costs have increased by $60,000 do you believe other markets like housing and urban development will be negatively affected by this decision? Steel beams and other steel products aren’t easily substituted, meaning the demand is somewhat inelastic
An increase in production costs will negatively affect other markets like housing and urban development.
If production costs have increased by $60,000, it is likely that other markets like housing and urban development will be negatively affected by this decision. Steel beams and other steel products aren’t easily substituted, meaning the demand is somewhat inelastic.
To elaborate, a change in one market affects the demand and supply of another. This is known as the cross-elasticity of demand. As per the given example, if the fisher market increases its supply, the cost of beef and other substitutes will decrease. Therefore, the demand for these products will also decrease.
This shows that the fisher market and the beef market are related to one another.The same logic can be applied to housing and urban development. Steel is one of the most important raw materials in the construction industry. Therefore, a change in the steel market will affect the housing and urban development industry. As steel products aren't easily substituted, the demand for steel products is inelastic. A decrease in supply or an increase in production costs will lead to a decrease in the demand for steel products. As a result, the housing and urban development industry will be negatively affected.
In conclusion, an increase in production costs will negatively affect other markets like housing and urban development.
Learn more about market here,
https://brainly.com/question/20860719
#SPJ11
