The correct answer is d. When prices fall during the period. It is important to note that the impact of the choice between FIFO and LIFO on ending inventory is dependent on the price movements during the accounting period.
The ending inventory refers to the value of the remaining inventory at the end of a specific accounting period. FIFO (First-In, First-Out) and LIFO (Last-In, First-Out) are two different inventory valuation methods used in accounting. Each method has its own impact on the calculation of ending inventory.
Under the FIFO method, it is assumed that the items that are purchased or produced first are sold or used first. This means that the cost of the oldest inventory items is matched with the cost of goods sold, leaving the most recent inventory items in the ending inventory. As a result, when prices fall during the period, the older inventory items, which have a lower cost, are matched with the cost of goods sold, leading to a higher value for the ending inventory.
On the other hand, under the LIFO method, it is assumed that the items that are purchased or produced last are sold or used first. This means that the cost of the most recent inventory items is matched with the cost of goods sold, leaving the oldest inventory items in the ending inventory. Consequently, when prices fall during the period, the older inventory items, which have a higher cost, are matched with the cost of goods sold, resulting in a lower value for the ending inventory.
Therefore, when prices fall during the period, the use of the LIFO method will result in a lower ending inventory value compared to the FIFO method. This is because the LIFO method assigns the lower cost of older inventory items to the cost of goods sold, reducing the value of the remaining inventory.
In situations where prices rise during the period, the FIFO method may result in a higher ending inventory value compared to LIFO. However, in cases of falling prices, LIFO generally leads to a lower ending inventory value compared to FIFO.
Learn more about FIFO at: brainly.com/question/17236535
#SPJ11
on september 1, the company pays rent for 12 months in advance and debits an asset account. at year-end, the adjusting entry on the work sheet would
a. decrease a liability account b. increase an asset account c. increase an expense account d. decrease an expense account
The adjusting entry on the worksheet at year-end for the prepaid rent paid on September 1 would decrease an asset account.
This is because the initial debit to the asset account represents the prepayment of rent for future periods, and at the end of the year, a portion of that prepayment would have been used up or expired. To reflect the portion of rent that has been used up as an expense, the asset account (prepaid rent) needs to be decreased. This is typically done by debiting an expense account, such as "Rent Expense," and crediting the asset account. Therefore, the correct option is: decrease an expense account.At the end of the year, an adjusting entry is required to reflect the portion of the prepaid rent that has been used or expired. This adjustment reduces the prepaid rent asset and recognizes the rent expense for the period.By decreasing the asset account (prepaid rent), the adjusting entry reflects the portion of the rent that has now been consumed or expired. Simultaneously, an expense account (rent expense) is increased to recognize the portion of the prepaid rent as an expense in the current accounting period.Therefore, the correct answer is: the adjusting entry on the year-end worksheet would decrease an asset account.
learn more about Rent Expense here:
https://brainly.com/question/30610263
#SPJ11
A list is a collection with additional index- and iteration- related operations.
Group of answer choices
True
False
Answer: True
Explanation:
The list is a collection of additional indexes and iteration related operations . A list maintains the indexes of the element which is used to iterate through the elements in list.
True, a list is a collection with additional index- and iteration-related operations.
Lists are a fundamental data structure in programming that allow the storage and manipulation of multiple elements. They are collections of items or values, which can be of any data type, such as numbers, strings, or objects. Lists have several characteristics that distinguish them from other data structures.
One key feature of lists is their ability to be accessed using indices. Each element in a list is assigned a unique index, starting from 0 for the first element. This allows for direct access to specific elements by their index position, enabling operations such as retrieving, updating, or deleting elements at a particular position.
Additionally, lists support iteration, meaning that you can traverse through the elements of a list sequentially. This allows for operations such as looping over the list and performing actions on each element, such as calculations, filtering, or transformations.
Therefore, the statement is true. Lists provide additional index- and iteration-related operations, making them versatile for handling collections of data in programming.
to learn more about operations click here:
brainly.com/question/29574315
#SPJ11
Myers-Briggs and Big Five are examples of
A• hiring and recruiting agencies
•B. listings of companies within a particular industry
C• online personality assessments
DO online job boards
Myers-Briggs and Big Five are examples of online personality assessments. Hence, option C is correct. These assessments are used to understand an individual's personality traits and characteristics, providing insights into their behavior, preferences, and potential strengths and weaknesses.
Myers-Briggs and Big Five are popular online personality assessments that help individuals gain a deeper understanding of their personality traits. These assessments are designed to measure different aspects of personality and provide individuals with insights into their behavioral tendencies, cognitive styles, and emotional patterns. The Myers-Briggs Type Indicator (MBTI) categorizes individuals into different personality types based on four dimensions: extraversion/introversion, sensing/intuition, thinking/feeling, and judging/perceiving.
It aims to help individuals understand their preferred ways of interacting with the world, making decisions, and processing information. The Big Five, also known as the Five-Factor Model, is a widely accepted framework that measures personality across five dimensions: openness, conscientiousness, extraversion, agreeableness, and neuroticism. It provides a comprehensive picture of an individual's personality traits and can be used to assess their behavioral tendencies, social skills, and emotional stability.
Both Myers-Briggs and Big Five assessments are commonly used in various contexts, including personal development, career counseling, and team building. They can help individuals gain self-awareness, identify their strengths and weaknesses, and make informed decisions about their personal and professional lives. In summary, Myers-Briggs and Big Five are online personality assessments that provide individuals with valuable insights into their personality traits and characteristics. These assessments are widely used for personal growth, career planning, and understanding interpersonal dynamics.
learn more about behavior here
https://brainly.com/question/29569211
#SPJ11
Factory Overhead Cost Budget Toot Sweet Company budgeted the following costs for anticipated production for August: Advertising expenses $259,520 Manufacturing supplies 14,220 Power and light 42,420 Sales commissions 280,380 Factory insurance 24,710 Production supervisor wages 124,770 Production control wages 32,440 Executive officer salaries 264,510 Materials management wages 35,690 Factory depreciation 20,210 Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory in Toot Sweet Company Factory Overhead Cost Budget For the Month Ending August 31 Variable factory overhead costs: Total variable factory overhead costs Fixed factory overhead costs: 000
Therefore, the factory overhead cost budget can be classified into variable and fixed overhead costs.Variable factory overhead costs are the expenses that change with production levels
Toot Sweet Company’s factory overhead cost budget for the month ending August 31 is as follows:Factory Overhead Cost Budget For the Month Ending August 31 Variable factory overhead costs Advertising expenses $259,520 Manufacturing supplies $14,220 Power and light $42,420 Sales commissions $280,380Factory insurance $24,710Total Variable Factory Overhead Costs $621,250Fixed factory overhead costs: Production supervisor wages $124,770 Production control wages $32,440 Executive officer salaries $264,510 Materials management wages $35,690 Factory depreciation $20,210 Total Fixed Factory Overhead Costs $477,620 Total Factory Overhead Costs $1,098,870 Overhead costs are essential costs that are not directly related to the production of a product. These costs include indirect expenses such as rent, utilities, and insurance that are not directly related to a product's production. Overhead costs are considered fixed costs because they do not change as production volume changes.Therefore, the factory overhead cost budget can be classified into variable and fixed overhead costs.Variable factory overhead costs are the expenses that change with production levels. Examples of variable overhead costs include manufacturing supplies, sales commissions, and advertising expenses .Fixed factory overhead costs are expenses that do not change with production levels. Examples of fixed overhead costs include executive officer salaries, factory depreciation, and production supervisor wages.
To know more about overhead visit;
brainly.com/question/28528644
#SPJ11
A monopoly firm maximizes its profit by producing Q = 500 units of output. At that level of output, its marginal revenue is $30, its average revenue is $60, and its average total cost is $34.
Refer to Scenario 2. The firm's profit-maximizing price is
a. $30.
b. between $30 and $34.
c. between $34 and $60.
d. $60.
Refer to Scenario 2. At Q = 500, the firm's total revenue is
a. $13,000.
b. $15,000.
c. $17,000.
d. $30,000.
Refer to Scenario 2. At Q = 500, the firm's profit is
a. $13,000.
b. $15,000.
c. $17,000.
d. $30,000.
Refer to Scenario 2. At Q = 500, the firm's marginal cost is
a. less than $30.
b. $30.
c. $34.
d. greater than $34.
The answers to the questions in Scenario 2 are as follows: The firm's profit-maximizing price is: c. between $34 and $60.
At Q = 500, the firm's total revenue is:
b. $15,000.
At Q = 500, the firm's profit is:
a. $13,000.
At Q = 500, the firm's marginal cost is:
d. greater than $34.
To determine the profit-maximizing price, we need to look at the marginal revenue and marginal cost. In this scenario, the marginal revenue is $30. The profit-maximizing price is set where marginal revenue equals marginal cost. Since the marginal cost is not given, we cannot determine the exact price. However, we know that the average total cost is $34, so the price must be between $34 and $60. Therefore, the correct answer is c. between $34 and $60.
The total revenue can be calculated by multiplying the average revenue by the quantity of output. In this case, the average revenue is $60, and the quantity is 500 units. Thus, the total revenue is $60 * 500 = $30,000. Therefore, the correct answer is d. $30,000.
The firm's profit can be calculated by subtracting the total cost from the total revenue. Since the total cost is not given in the scenario, we cannot determine the exact profit. Therefore, none of the options provided can be considered the correct answer.
The marginal cost is the additional cost incurred from producing one additional unit of output. The scenario does not provide information about the marginal cost, so we cannot determine its exact value. However, since the average total cost is $34, and the marginal cost is usually higher than the average total cost at some level of production, we can conclude that the marginal cost is greater than $34. Therefore, the correct answer is d. greater than $34.
Learn more about revenue here:-
https://brainly.com/question/29786149
#SPJ4
Which section of the statement of cash flows may be prepared using either the direct method or the indirect method?
Multiple Choice
All of these answers are correct.
Operating activities
Financing activities
Investing activities
The correct answer is:
Operating activities
The operating activities section of the statement of cash flows can be prepared using either the direct method or the indirect method. The direct method reports the specific cash inflows and outflows from operating activities, such as cash received from customers and cash paid to suppliers. On the other hand, the indirect method starts with net income and adjusts it for non-cash items and changes in working capital to arrive at the net cash provided by or used in operating activities.
Both methods provide information about the cash flows from operating activities, but they present it in different formats. The choice between the direct method and the indirect method depends on the reporting preferences of the company.
Therefore, the operating activities section can be prepared using either the direct method or the indirect method.
Learn more about the direct method and the indirect method of preparing the statement of cash flows here:
brainly.com/question/32597611
#SPJ11
how much would you pay for the right to receive nothing in the first 10 years and then $100 a year for the second 10 years if you can earn 15 annual interest?
The value of the right to receive nothing in the first 10 years and then $100 a year for the second 10 years, given an annual interest rate of 15%, can be calculated using the concept of present value.
To calculate the present value of receiving $100 per year for 10 years at an interest rate of 15%, we use the formula for the present value of an ordinary annuity:
PV = C × [(1 - (1 + r)^(-n)) / r],
where PV is the present value, C is the cash flow per period ($100), r is the interest rate (15% or 0.15), and n is the number of periods (10 years).
Plugging in the values, we have:
PV = $100 × [(1 - (1 + 0.15)^(-10)) / 0.15].
Solving this equation gives us the present value of the cash flows in the second 10 years. To calculate the present value of receiving nothing in the first 10 years, we discount this value back by 10 years using the same interest rate. Finally, we add the present value of the cash flows in the second 10 years to the present value of receiving nothing in the first 10 years to obtain the total amount one would be willing to pay for this right.
To learn more about annual interest click here: brainly.com/question/14726983
#SPJ11
What is the primary benefit of the Effective Annual Rate? Choose the best answer. O Allows you to compare interest rates of investments with different compounding periods. Allows you to compare loans and credit cards O Allows you to understand the impact of simple interest. O None of the above. 0.5 ptsPrevious question
The primary benefit of the Effective Annual Rate (EAR) is that it allows you to compare interest rates of investments with different compounding periods. The Effective Annual Rate (EAR) is the interest rate expressed as if it were compounded once a year, thus it reflects the real rate of interest on a loan or investment with multiple compounding periods per year.
For instance, two credit cards may advertise the same interest rate of 18 percent per year, but one credit card may compound interest daily and the other credit card may compound interest monthly. In this scenario, the credit card that compounds interest daily would have a higher Effective Annual Rate (EAR) than the credit card that compounds interest monthly. Therefore, the Effective Annual Rate (EAR) is the most effective tool for comparing interest rates on investments with different compounding periods.
To know more about Effective Annual Rate , visit:
https://brainly.com/question/28347040
#SPJ11
Assume that the risk-free rate is 3.5% and the required return on the market is 9%. What is the required rate of return on a stock with a beta of 2? Round your answer to two decimal places.
The required rate of return on a stock with a beta of 2 can be calculated using the Capital Asset Pricing Model (CAPM). The CAPM formula is: Rate of Return = Risk-Free Rate + Beta * (Market Return - Risk-Free Rate)
Given:
Risk-Free Rate = 3.5%
Required Return on the Market = 9%
Beta = 2
Substituting the values into the formula:
Required Rate of Return = 3.5% + 2 * (9% - 3.5%)
Calculating the expression within the parentheses:
9% - 3.5% = 5.5%
Required Rate of Return = 3.5% + 2 * 5.5%
Required Rate of Return = 3.5% + 11%
Required Rate of Return = 3.5% + 11% = 14.5%therefore, the required rate of return on a stock with a beta of 2 is 14.5% when the riskrisk-freed rate is 3.5% and the required return on the market is 9%.
to learn more about rate click here:brainly.com/question/29334875
#SPJ11
in the as-ad model, cyclical unemployment occurs when group of answer choices actual gdp falls below potential real gdp in the equilibrium of the ad a
In the AS-AD (Aggregate Supply-Aggregate Demand) model, cyclical unemployment occurs when actual GDP falls below potential real GDP in the equilibrium of the AD (Aggregate Demand) curve.
Cyclical unemployment is a type of unemployment that arises due to fluctuations in economic activity, specifically during economic downturns or recessions.
actual GDP falls below potential real GDP, it indicates that the economy is operating below its full capacity. This implies that there is a shortfall in aggregate demand, resulting in reduced production levels and a decrease in employment.
In the AS-AD model, the equilibrium is determined by the intersection of the aggregate supply curve (AS) and the aggregate demand curve (AD). When actual GDP falls below potential real GDP, it means that the level of aggregate demand is insufficient to support the full utilization of available resources and production capacity. As a consequence, firms may reduce their output and workforce, leading to an increase in cyclical unemployment.
Learn more about economy here:
https://brainly.com/question/30131108
#SPJ11
A farmer purchased 100 head of livestock for a total cost of Php240,000.00. Prices were as follows: calves, Php7,200.00 each; lambs, Php3,000.00 each; piglets, Php1,500.00 each. If the farmer obtained at least one animal of each type, how many of each did he buy?
The farmer bought 10 calves, 20 lambs, and 70 piglets. Let's assume the farmer bought x calves, y lambs, and z piglets.
According to the given information, the total number of livestock purchased is 100, so we have the equation x + y + z = 100.
The total cost of the livestock is Php240,000.00, which can be expressed as 7200x + 3000y + 1500z = 240,000.
Since the farmer obtained at least one of each animal, the minimum values for x, y, and z are 1.
Using these conditions, we can solve the two equations to find x = 10, y = 20, and z = 70, representing the number of calves, lambs, and piglets bought, respectively.
Learn more about livestock here:
https://brainly.com/question/16040246
#SPJ11
With respect to your chosen career, describe a situation where
you might exercise these rights. In your answer, identify the
right(s) and explain the situation.
Imagine a scenario where an employee believes they are experiencing gender-based discrimination in the workplace. They consistently notice that they are being assigned lower-level tasks and are not given the same opportunities for career advancement as their male counterparts. Additionally, they hear comments and witness behavior from their colleagues that belittles or undermines their contributions based on their gender.
In this situation, the employee has the right to exercise their rights by taking the following actions:
Documenting incidents: The employee can keep a record of specific incidents, including dates, times, descriptions, and any witnesses present. This documentation will help provide evidence if they decide to take further action.
Reporting the issue: The employee can report their concerns to the appropriate person or department within the organization, such as their supervisor, human resources, or an equal opportunity office. They should follow the established reporting procedures outlined in their company's policies.
Seeking guidance and support: The employee can seek guidance from an employee assistance program, a mentor, or a trusted colleague to discuss their concerns and gather advice on how to address the situation effectively.
Engaging in dialogue: If comfortable and appropriate, the employee can engage in a conversation with the individuals involved, expressing their concerns and seeking resolution. This step can help clarify misunderstandings or biases and potentially resolve the issue informally.
Learn more about discrimination here:
brainly.com/question/29801080
#SPJ11
According to the Five Forces framework, a seller's existing competitors determine the competition.
a. level; price b. type: intensity c. market supply;market demand d. seller demand; market demand
A) According to the Five Forces framework, a seller's existing competitors determine the level of competition.
The Five Forces framework, developed by Michael Porter, analyzes the competitive forces that shape an industry's attractiveness and profitability. One of these forces is rivalry among existing competitors. This force examines how intense the competition is among the current players in the market. Competitors impact the level of competition through factors such as price competition, product differentiation, marketing strategies, and customer loyalty. The stronger the competition among existing competitors, the higher the level of rivalry and the more challenging it becomes for a seller to differentiate themselves and gain a competitive advantage. While other forces, such as buyer power, supplier power, the threat of new entrants, and the threat of substitutes, also influence the competitive landscape, it is the existing competitors that directly determine the level of competition a seller faces in the market.
learn more about Forces framework here:
https://brainly.com/question/28094868
#SPJ11
TRUE / FALSE. Common stockholders can vote on whether to O a. hire an officer of the corporation. O b. amend the corporation's Articles of Incorporation. c. purchase additional inventory for an upcoming busy season d. declare a dividend. QUESTION 8 All corporate debt is in the form of accounts payable. True False
The statements are as follows:
Statement 1: Common stockholders can vote on whether to hire an officer of the corporation:True.
Statement 2: Common stockholders can vote on whether to amend the corporation's Articles of Incorporation:True.
Statement 3: Common stockholders can vote on whether to purchase additional inventory for an upcoming busy season:False.
Statement 4: All corporate debt is in the form of accounts payable:
False .
Common stockholders typically have voting rights and can participate in decisions related to the hiring of corporate officers.
Common stockholders generally have the right to vote on amendments to the Articles of Incorporation, which are the legal documents that govern the company's structure and operations.
Common stockholders typically do not have voting rights regarding day-to-day operational decisions such as inventory purchases. Such decisions are usually within the purview of the management and board of directors.
Corporate debt can take various forms, including loans, bonds, and other financial instruments. Accounts payable specifically refers to short-term debts owed to suppliers for goods or services received by the corporation. It does not encompass all types of corporate debt.
learn more about stockholder here:
https://brainly.com/question/18523103
#SPJ11
Which of the following equations best describes the accounting identity?
Select one:
a. Long-term assets = Short-term assets + Equity
b. Assets = Liabilities + Equity
c. Total claims = Liabilities + Equity
d. Short-term assets = Cash + Receivables
e. Long-term liabilities = Notes + Bonds
This equation represents the fundamental accounting equation, also known as the balance sheet equation.
b. Assets = Liabilities + Equity
that the total assets of a company are equal to the sum of its liabilities and equity. This equation reflects the principle of double-entry bookkeeping and is a fundamental concept in accounting.
It's important to note that influence is not always a one-way process. Individuals can be influenced by others, but they also have the capacity to resist or reject the influence. The degree of influence can vary depending on factors such as trust, expertise, social norms, and personal values.
Learn more about Company here:
https://brainly.com/question/30532251
#SPJ11
a horse leaves the stable and trots 350 1n due west t0 the end of a field the horse then trots 210 in due east back toward the stable. what is the total displacement of the horse? 550 m b. 550 m [wi 150 m [f] 140 m [w] which statement is true about the type of motion represented by this position-time gaph? 2 8 t(s) the velocity of the object is decreasing as it moves in an eastward direction. the velocity of the object is increasing as it moves in an eastward direction: the object is ioving in an eastward direction at constant velocity. the velocity of the object is increasing as it moves in westward direction what is the average acceleration for the skateboard shown 0 this velocity-time graph for the period of 0 to 5 s? velocity time for skateboard rolling down ramp 2 20 1 15 i/s? b 5 mls? 3 is? d 45 is? an atv has an average acceleration of 1.9 ds?. if the ` vehicle accelerates for 5.8 and has an initial velocity of [5 is [e]; what is the final velocity of the atv? 26 is [e] b. 21 mls [e] c. 11is [ej d. 17 ms [e]
The final velocity of the ATV is approximately 16 m/s.
Total Displacement of the Horse: The horse initially trots 350 m due west and then trots 210 m due east back towards the stable. Since the horse is moving in opposite directions, we can subtract the displacement of 210 m from the initial displacement of 350 m to find the total displacement:
Total Displacement = 350 m - 210 m = 140 m [W]
The correct statement about the type of motion represented by the position-time graph is: The object is moving in an eastward direction at a constant velocity.
Average Acceleration for the Skateboard: The average acceleration can be calculated by dividing the change in velocity by the time interval:
Average Acceleration = (Change in Velocity) / (Time Interval)
From the given graph, the change in velocity is 15 m/s - 20 m/s = -5 m/s (negative because the velocity decreases). The time interval is 5 s - 0 s = 5 s. Plugging these values into the formula:
Average Acceleration = (-5 m/s) / (5 s) = -1 m/s²
Therefore, the average acceleration for the skateboard is -1 m/s².
Final Velocity of the ATV: The final velocity of the ATV can be calculated using the equation:
Final Velocity = Initial Velocity + (Acceleration * Time)
Given:
Initial Velocity (Vi) = 5 m/s
Acceleration (a) = 1.9 m/s²
Time (t) = 5.8 s
Plugging these values into the equation:
Final Velocity = 5 m/s + (1.9 m/s² * 5.8 s) = 5 m/s + 11.02 m/s = 16.02 m/s
Rounding to the nearest whole number, the final velocity of the ATV is approximately 16 m/s.
Learn more about Average Acceleration here:
https://brainly.com/question/30459933
#SPJ11
KPI DASHBOARD OF CANADIAN TIRE. PLEASE GIVE REFERENCE ALSO
A KPI dashboard is a digital reporting tool that depicts key performance indicators (KPIs) and metrics in the form of easy-to-read visualizations and diagrams.
A KPI dashboard aids organizations in tracking, analyzing, and visualizing their KPIs and metrics by providing quick and straightforward access to crucial data.The KPI dashboard of Canadian Tire is a performance management tool that enables the company to monitor its progress and performance over time. The Canadian Tire KPI dashboard is an interactive dashboard that provides users with a detailed view of their performance and allows them to make decisions based on data-driven insights.
The KPI dashboard of Canadian Tire consists of various metrics, including sales revenue, customer satisfaction, inventory levels, employee performance, and more. By tracking these metrics, Canadian Tire can better understand how its business is performing and where it needs to improve. The dashboard also allows Canadian Tire to make more informed decisions by providing real-time data on their KPIs and metrics.
Reference:Canadian Tire. (2021). Annual Report 2020. Retrieved from https://corpo.canadiantire.ca/en/investors/financial-reports-presentations/annual-reports/default.aspx.
To know more about KPI visit :
brainly.com/question/30782272
#SPJ11
1. Kemp Company purchased factory equipment with an invoice price of €85,000. Other costs incurred were freight costs, €1,100; installation wiring and foundation, €2,200; material and labor costs in testing equipment, €700; oil lubricants and supplies to be used with equipment, €500; fire insurance policy covering equipment, €1,400. The equipment is estimated to have a €5,000 residual value at the end of its 10- year useful service life. Instructions (a) Compute the acquisition cost of the equipment. Clearly identify each element of cost. (b) If the double-declining-balance method of depreciation was used, the constant percentage applied to a declining book value would be 2. For each entry below make a correcting entry if necessary. If the entry given is correct, then state "No entry required." (a) The $60 cost of repairing a printer was charged to Equipment. (b) The $5,000 cost of a major engine overhaul was debited to Maintenance and Repairs Expense. The overhaul is expected to increase the operating efficiency of the equipment. (c) The $6,000 closing costs associated with the acquisition of land were debited to Legal Expense. (d) A $500 charge for transportation expenses on new equipment purchased was debited to Freight-In.
Answer:
Explanation:
(a) The acquisition cost of the equipment is calculated as follows:
Invoice price of equipment: €85,000
Freight costs: €1,100
Installation wiring and foundation: €2,200
Material and labor costs in testing equipment: €700
Oil lubricants and supplies: €500
Fire insurance policy: €1,400
Acquisition cost of equipment:
Invoice price of equipment: €85,000
Freight costs: €1,100
Installation wiring and foundation: €2,200
Material and labor costs in testing equipment: €700
Oil lubricants and supplies: €500
Fire insurance policy: €1,400
Total acquisition cost of equipment = €85,000 + €1,100 + €2,200 + €700 + €500 + €1,400
Total acquisition cost of equipment = €90,900
(b) No entry required.
Learn more about accounting and financial statements in our comprehensive guide here:
https://brainly.in/question/47185095
#SPJ11
how often are you entitled to a free credit report? every two months every six months every year every two years
The correct option among the following options is every year. As per the Fair Credit Reporting Act (FCRA), individuals are entitled to a free credit report once every year from each of the three major credit bureaus
A credit report is a statement that includes an individual's credit history, which includes information on current credit accounts, payment history, debt balances, loan history, and personal information. Credit reports are maintained by credit bureaus, and lenders and credit card companies utilize them to make decisions regarding whether to grant loans or credit, the interest rates and credit limit.
The following are included in a credit report:
Personal information - Name, Social Security number, birth date, current and previous addresses
Credit Accounts - credit card accounts, auto loans, mortgages, student loans and other installment loans, and any credit inquiries or collection accounts
Payment history - On-time or late payments, including how late payments were, the number of missed payments, and whether the account went into collections.
Limits - Current and past credit limits.
A good credit report can lead to lower rates on loans and credit cards, saving thousands of dollars over time.
Learn more about fair credit reporting act here:-
https://brainly.com/question/14649799
#SPJ11
8-companies taking over the functional operations of other
firms. A) Delayering B) Contingency planning C)Feasibility
D)Business process outsourcing (BPO) E) Rightsizing F) Cash cows G)
consistency H)
Companies taking over the functional operations of other firms is known as Business process outsourcing (BPO).
Business process outsourcing (BPO) is the act of hiring another company to handle business activities for you. It involves hiring an external service provider to perform one or more of the business process functions that a company requires to operate effectively. BPO can be applied to various functions such as payroll, human resources (HR), accounting, call center and customer services, and other activities that are not directly related to a company's core business operations. The primary benefits of BPO include cost savings, increased efficiency, and better focus on core competencies. Companies that engage in BPO often use it as a means of streamlining their operations, cutting costs, and improving their bottom line.
BPO can also help companies remain competitive by providing access to specialized expertise and technology. Overall, business process outsourcing is an effective strategy for companies that want to reduce costs, improve efficiency, and remain competitive in today's challenging business environment.
To know more about the BPO visit:
https://brainly.com/question/18188522
#SPJ11
NYC Corporation has projected sales in units for the third quarter of the coming year as follows: July 50,000 August 40,000 September 70,000 All units are sold on account for $15 each. Cash collections from sales are budgeted at 70% in the month of sale, 25% in the month following the month of sale, and the remaining 5% is deemed noncollectable. June sales were $1,000,000 Required: Prepare a schedule for the third quarter, showing budgeted cash receipts for NYC Corporation.
July: $525,000,August: $570,000,September: $315,000.To prepare the schedule for the third quarter, showing budgeted cash receipts for NYC Corporation
, we will calculate the cash collections for each month based on the given information. Let's break it down month by month:
June Sales:
Sales: $1,000,000
Cash collection: 70% (month of sale)
Cash collection for June sales: $1,000,000 * 70% = $700,000
July Sales:
Sales: 50,000 units * $15 = $750,000
Cash collection: 70% (month of sale)
Cash collection for July sales: $750,000 * 70% = $525,000
August Sales:
Sales: 40,000 units * $15 = $600,000
Cash collection: 70% (month of sale) + 25% (following month)
Cash collection for August sales: ($600,000 * 70%) + ($600,000 * 25%) = $420,000 + $150,000 = $570,000
September Sales:
Sales: 70,000 units * $15 = $1,050,000
Cash collection: 25% (following month) + 5% (noncollectable)
Cash collection for September sales: ($1,050,000 * 25%) + ($1,050,000 * 5%) = $262,500 + $52,500 = $315,000
Now, let's summarize the budget cash receipts for each month:
July: $525,000
August: $570,000
September: $315,000
Therefore, the schedule for the third quarter, showing budgeted cash receipts for NYC Corporation, is as follows:
July: $525,000
August: $570,000
September: $315,000
learn more about budget here: brainly.com/question/31952035
#SPJ11
(1) what are the requirements/procedures (include jes) for month-end closing for a/r?
Month-end closing for accounts receivable (A/R) is a critical accounting task that ensures the financial records of a company are accurate and complete. Here are the requirements and procedures that should be followed for the month-end closing for A/R:Requirements:Ensure that all A/R accounts are reconciled and that all payments received have been recorded in the system.
Verify that all invoices and credit memos have been recorded correctly and that there are no discrepancies.Procedures:Analyze the aging report to ensure that all outstanding invoices are accounted for and that any discrepancies are identified.Post all transactions that have been received by the end of the month, ensuring that all discounts and allowances are accurately recorded.Reconcile the A/R sub-ledger to the general ledger and identify any discrepancies that need to be resolved.If necessary, prepare and post adjusting entries to correct any discrepancies in the A/R account.Perform a final review of the A/R balance to ensure that it is accurate and complete.Close the A/R module in the accounting system to prevent further activity for the month-end period.Generate month-end reports, such as A/R aging and trial balance, to verify that all accounts are in balance and all transactions are recorded correctly.In conclusion, the requirements for month-end closing for A/R include verifying that all invoices and payments have been recorded accurately, reconciling A/R accounts, and identifying and resolving any discrepancies. The procedures include analyzing the aging report, posting transactions, reconciling the sub-ledger to the general ledger, generating reports, and closing the A/R module for the month.
learn more about financial here;
https://brainly.com/question/13055677?
#SPJ11
Question 18 2 p Use the following abbreviations to indicate the journal in which you would record transactions below: J - General journal S = Sales journal CR Cash receipts journal P= Purchases journal CP Cash payments journal Purchase of equipment on account [Choose ] Cost of goods sold along with a credit sale [Choose ] Cash sale of merchandise inventory [Choose] Payment of rent 4 [Choose ] [Choose ] CP P Question 19 S CR
The abbreviations for the indicated transactions are as follows: Purchase of equipment on account: P (Purchases journal) Cost of goods sold along with a credit sale: S (Sales journal)
Cash sale of merchandise inventory: S (Sales journal) Payment of rent: CP (Cash payments journal) In the given transactions, the purchase of equipment on account would be recorded in the Purchases journal (P) because it represents a purchase made on credit. The cost of goods sold along with a credit sale would be recorded in the Sales journal (S) since it involves the sale of goods on credit and the associated cost of those goods sold. The cash sale of merchandise inventory would also be recorded in the Sales journal (S) since it represents a sale made for cash. Lastly, the payment of rent would be recorded in the Cash Payments journal (CP) as it involves an outgoing cash payment for an expense.
learn more about Cost here:
https://brainly.com/question/14566816
#SPJ11
which of the following factors has contributed to the delay in people's decision to marry?
The delay in people's decision to marry can be attributed to a variety of factors, including women's increased participation in the workforce, the increasing acceptance of alternative lifestyles, and the cost of getting married.
Over the years, there has been a significant decline in the number of marriages in the United States. A lot of people delay marriage for various reasons, some of which are economic and social factors, as well as changing attitudes toward marriage. This question requires the identification of the factors that have contributed to this delay in people's decision to marry.
One of the factors that have contributed to the delay in people's decision to marry is the increase in the number of women who pursue a career. Women have become more independent in recent times, and most of them prioritize their education and career development.
As a result, they focus less on finding a partner and more on their professional goals. Women also tend to get married later in life, after achieving their career goals. Similarly, men also delay marriage as they strive to establish themselves financially.Another factor that contributes to the delay in people's decision to marry is the increasing acceptance of alternative lifestyles, such as cohabitation, living alone, and being single.
People are less likely to get married when they can enjoy the benefits of being in a relationship without necessarily tying the knot. This is also supported by the growing social acceptance of living together before marriage.Finally, the cost of getting married has increased over the years, making it more difficult for couples to afford a wedding. The rise in housing and education costs has led to a decrease in disposable income for many couples.
Consequently, couples delay marriage until they can afford the cost of getting married.In conclusion, the delay in people's decision to marry can be attributed to a variety of factors, including women's increased participation in the workforce, the increasing acceptance of alternative lifestyles, and the cost of getting married.
Know more about marriages here,
https://brainly.com/question/31686803
#SPJ11
FILL THE BLANK. 24 The following transactions occurred during June 2020 for Rashid Est. June 1: Invested BD64,000 cash in the business. June 8 : Purchased supplies for BD3,250 from Nader Est on credit. June 16: Performed services to customer Salem for BD9,200 on account. June 20: Paid balance due to creditor Nader Est. June 23: Received BD4,200 from customer Salem. June 27: Paid BD1,700 cash for electricity. June 30: Rashid withdrew BD2,400 cash for personal use. Required: Prepare the Journal entry for June 30 transactions, like this example: BD ................... Dr:............. Cr: BD (2 Points) Enter your answer *********
In June 2020, Rashid Est had several transactions. The task is to prepare the journal entry for the June 30 transaction. This transaction involves Rashid withdrawing BD2,400 cash for personal use.
The journal entry should correctly record the decrease in the cash account and the corresponding decrease in the owner's equity. The entry will follow the standard format of debiting the appropriate account and crediting the corresponding account.
The journal entry for the June 30 transaction, where Rashid withdrew BD2,400 cash for personal use, would be as follows:
Dr: Owner's Drawings (BD2,400)
Cr: Cash (BD2,400)
In this entry, we debit the Owner's Drawings account because it represents the decrease in the owner's equity due to the withdrawal of cash for personal use. The credit is made to the Cash account, as it represents the decrease in the cash balance.
By recording this transaction accurately in the journal entry, the company properly reflects the reduction in cash and the owner's personal withdrawal. This helps in maintaining accurate financial records and tracking the company's financial position.
To learn more about transactions click here: brainly.com/question/24730931
#SPJ11
economic analyses become more complex when a firm enters overseas markets because unlike the situation for a company operating domestically,
economic analyses become more complex when a firm enters overseas markets because unlike the situation for a company operating domestically, it must consider additional factors such as foreign exchange rates, international trade regulations, cultural differences, political stability, and global market conditions.
Operating in overseas markets introduces new complexities and risks that can impact the firm's profitability and success. Currency exchange rates can affect the costs of imports and exports, making pricing strategies and cost management more challenging. International trade regulations and policies vary across countries, requiring firms to navigate different legal frameworks and compliance requirements.
Cultural differences can influence consumer preferences, marketing strategies, and business practices, requiring firms to adapt their products and services to local markets. Political stability and geopolitical factors can create uncertainties and risks that impact investment decisions and long-term planning. Additionally, global market conditions, such as competition and economic trends, may differ from domestic markets, requiring firms to analyze and respond to unique market dynamics.
Overall, entering overseas markets adds complexity to economic analyses as firms need to consider a broader range of factors and adapt their strategies to operate successfully in diverse international environments.
Learn more about economic analyses here:
https://brainly.com/question/32363988
#SPJ11
Inventory turn values that are considered good differ by industry and the type of products being handled. True or False
True. Inventory turn values that are considered good can vary depending on the industry and the type of products being handled. Different industries have different supply chain dynamics, sales patterns, and inventory requirements.
Additionally, products with different characteristics, such as perishable goods or high-value items, may have different optimal inventory turn rates.
For example, industries like fast-moving consumer goods (FMCG) typically aim for high inventory turnover to ensure fresh and timely product availability. On the other hand, industries with specialized or custom products may have lower inventory turnover rates due to longer production cycles or unique customer demands. Therefore, it is true that inventory turn values that are considered good can differ by industry and the type of products being handled.
learn more about supply chain here:
https://brainly.com/question/28165491
#SPJ11
Describe the three types of irrevocable offers. Discuss how each
situation is created and what the consequences are for the parties
involved.
The three types of irrevocable offers are option contracts, firm offers under the UCC, and statutory irrevocable offers. Option contracts are created when a party pays for the right to keep an offer open for a specified period. Firm offers under the UCC occur when a merchant makes a written promise to keep an offer open, and it must be supported by consideration.
Statutory irrevocable offers arise in specific legal contexts, such as public bids or government contracts. Irrevocable offers limit the ability of the offeror to revoke their offer and can have legal consequences for the parties involved. An option contract is created when the offeree pays the offeror for the right to keep the offer open for a specified period. The consideration paid for the option creates a binding agreement that prevents the offeror from revoking the offer during that time.
If the offeree exercises the option within the specified period, a separate contract is formed. Firm offers under the Uniform Commercial Code (UCC) occur in the context of the sale of goods. When a merchant makes a written promise to keep an offer open, it is considered a firm offer. This type of offer must be supported by consideration, such as the purchase of goods or payment. The offeror is bound by the firm offer and cannot revoke it for the specified period or, if no period is specified, a reasonable time.
Statutory irrevocable offers are created by specific laws or regulations. For example, public bids or government contracts may be subject to statutory requirements that prohibit revocation of the offer once it has been submitted. In these situations, the parties are legally bound by the terms of the offer, and the offeror cannot withdraw or revoke the offer. The consequences of an irrevocable offer are that the offeror is legally obligated to keep the offer open for the specified period or under the specific circumstances.
Learn more about option contract here
https://brainly.com/question/28518066
#SPJ11
A business absorbs overheads on a direct labour hourly basis,
which were budgeted at 2,500 labour hours with overheads of
€56,500. Actual results were 2,350 hours with actual overheads of
€54,050.
To calculate the overhead absorption rate and the under or over-absorbed overheads, we need to compare the budgeted and actual data.
Overhead absorption rate = Budgeted overheads / Budgeted labour hours
Overhead absorption rate = €56,500 / 2,500 hours = €22.60 per labour hour
Overhead absorbed = Overhead absorption rate x Actual labour hours
Overhead absorbed = €22.60 x 2,350 hours = €53,210
Under or over-absorbed overheads = Actual overheads - Overhead absorbed
Under or over-absorbed overheads = €54,050 - €53,210 = €840 (over-absorbed)
Therefore, based on the given information, the overhead absorption rate is €22.60 per labour hour, and the overheads were over-absorbed by €840.
Learn more about overhead absorption here:
brainly.com/question/31514851
#SPJ11
How management and the HRM function support each other to
achieve organizational goals.
Consider one of the four important functions of
management viz, Planning, Organizing, Leading & Controlling
Management and the HRM function work together to support organizational goals through effective coordination and alignment.
Explanation: The HRM function plays a crucial role in supporting management in achieving organizational goals. Firstly, in the planning phase, HRM provides valuable input regarding the organization's human resources capabilities, such as assessing the workforce's skills, competencies, and training needs. This information helps management develop effective strategies and allocate resources appropriately. Secondly, in the organizing phase, HRM assists in structuring the workforce, defining job roles, and establishing reporting relationships. By ensuring that the right people are in the right positions, HRM helps management optimize performance and productivity.
Thirdly, during the leading phase, HRM supports management in fostering a positive work culture and promoting employee engagement. HRM plays a vital role in recruiting, selecting, and developing talented individuals, which directly impacts leadership effectiveness. Effective HRM practices, such as performance management and employee development programs, contribute to building capable leaders who can inspire and motivate their teams. Finally, in the controlling phase, HRM collaborates with management to establish performance metrics, monitor employee performance, and implement corrective measures. By providing data-driven insights and feedback, HRM enables management to evaluate progress, identify areas for improvement, and make informed decisions to align the organization with its goals.
In conclusion, management and the HRM function have a symbiotic relationship in supporting organizational goals. Through effective collaboration and integration, they ensure that the organization's human resources are strategically aligned, contributing to improved performance, productivity, and overall success.
Learn more about strategies here:
https://brainly.com/question/31383817
#SPJ11
