Show your understanding of the steps involved in adjusting entries by placing the following steps in the correct order of preparation.

a. Journalize and post adjusting entries
b. Prepare an unadjusted trial balance
c. Prepare an adjusted trial balance
d. Prepare financial statements

In 1853, under the threat of naval bombardment, American Commodore Matthew Perry coerced Japan into trading with the West. Markets in Europe were flooded with kimonos, fans, and notably woodblock prints by famous Japanese artists.

Japanese art had a greater impact on other painters, such as Edgar Degas and Mary Cassatt than simply supporting their conceptions of painting. Cassatt, who is well-known for her portrayals of mothers and children, drew heavily on the artwork of Utamaro, a predecessor of Hokusai and Hiroshige.

Many of her creations are copies of Utamaro's prints. Both Cassatt and Degas would depict women swimming, similar to Utamaro, and all three artists paid close attention to curved figures and the strength of the line.

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The marginal utility of pizza slices showing  points a, b, c, and d is attached below

This is further explained below.

Generally, The difference between the present total utility and an earlier total utility may be determined by subtracting the current total utility from the earlier total utility.

Calculating the change in units is as simple as taking the current unit amount and subtracting it from the unit amount from before.

It refers to the sum total of happiness that a customer experiences as a result of the consumption of a certain kind of product or service. It is the amount of pleasure gained by a customer from extra consumption of a unit of any specific product or service. Satisfaction may be acquired from the consumption of any particular commodity or service.

The marginal utility of pizza slices, with points a, b, c, and d labeled below, is shown in the attached table.

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For the same company and the same year, A. the net income on a single-step income statement will be equal to net income on a multiple-step income statement.

The single-step income statement shows the entity's total revenue and total expenses with the net income without going into details, unlike the multiple-step income statement.

The multiple-step income statement is a detailed summary of an entity's revenue and expenses with classifications for operating and non-operating items.

For the net income, the multiple-step income statement does not arrive at it without breaking it down into gross profit, operating income, and net income before and after taxation.

Thus, while the single-step and multiple-step income statements are different, they arrive at the same net income for the same company and the same accounting year.

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Based on the fact that Stocks A, B, and C have identical risks and yet Stock A has a higher annual return than Stocks B and C, we can assume that Stock A has a positive excess return.

Generally, a higher amount of risk would give a higher amount of returns. A lower amount of risk would therefore give a lower return.

This means that instruments that have the same risk, should generally give the same return. Stocks A, B, and C have the same risk and yet Stock A has a higher return than the rest, this means that Stock A's return is excess and positive.

Options for this question include:

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IRS2Go App tool provides options for checking your refund status, requesting tax records.  

24 hours after an e-filed return is received, you can check the status of your refund using the "Where's My Refund?" function on IRS.gov or the IRS2Go App. Refund is a sum of money that is returned to you, often because you overpaid or weren't satisfied with a good or service: demand/ask/request a return If the item is unfit for its intended use, you may still request a return even if the condition is good. receive/obtain a refund. Cash received as a result of an overpayment for goods or services, or as a result of the return of an item to the vendor, is known as a refund. A relationship between a group of inputs and one output each is referred to as a function. In plain English, a function is an association between inputs in which each input is connected to precisely one output. A domain, codomain, or range exists for every function.

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A good or service not getting used up as it is consumed is said to be nonrival. Thus, option (b) i.e. nonrival is correct.

A good or service which is possessed or consumed by multiple users without a reduction in the amount left for others is said to be a nonrival good or service. One example of the nonrival good is the internet. When a user uses the internet, neither it causes a decrease in the amount of the internet to be used by other users nor it is used upto the limit it is consumed.

While the other options are incorrect because:

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Option B.  vetoes the budget, and the office of management and budget does not perform.

Budget management control capabilities are the abilities and knowledge you use while planning and regulating spending at a commercial enterprise. We can apply those abilities in a number of contexts, which include supervising the financial scenario of whole companies to coordinating the spending of a small quick-term undertaking.

The Minister of Finance introduces the finances in Parliament. it's miles mentioned in committees, debated within the homes, and a vote is taken.  The budget range is an annual plan for what government desires to obtain and how it'll spend money to reap those desires.

A budget range is an economic file used to project destiny income and prices. to place it sincerely, a budget plans destiny saving and spending in addition to planned profits and expenses.

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The product expansion for Centene in 2023 is an increase of 3 % from 2022.

According to a Monday announcement by the insurer, Centene Group will expand its Medicare Program (MA) presence by 26% in 2022.

The business intends to grow into 327 more counties as well as Massachusetts, Nebraska, and Oklahoma, three more states. 48 million recipients across thirty-six states and 1,575 counties will now be within its reach.

1.1 million MA members currently belong to Centene throughout 33 states.

In a statement, Brent Layton, president and chief operating officer of Centene, said, "At a time when many elders and their families are still dealing with the effects of the global epidemic (pandemic), we are committed to increasing choice and access to high-quality, affordable Health care plans during this year's Annual Enrollment Period."

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Shares of stock prices are claims to partial ownership.

The smallest unit of stock in a firm is called a share. Therefore, the appropriate word to employ when allocating stock and referring to certain attributes is shares.

The terms "common" and "preferred" describe several classes of a company's shares. They trade at various rates and have various rights and benefits. Common shareholders may vote on issues such as personnel and corporate referendums. Although preferred shareholders do not have voting rights, they are paid back first in the event that the company files for bankruptcy. Dividends may be paid on either class of shares, but if a dividend is announced, the preferred class is guaranteed to receive payment first.

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Well-defined and enforced property rights are an essential component of competitive markets in order to avoid Market failures.

Market failure refers to when individual choices made in the market fail to efficiently allocate limited resources. Without competition or well-defined and completely transferable property rights, markets cannot allocate resources in an effective manner. Under any scenario, decision-makers won't have to weigh the minor advantages and disadvantages of their options.

Market failure is possible when property rights are not sufficiently specified or safeguarded. An externality without a remedy might be, for instance, traffic congestion. Since no company controls the roads, there is no motivation to impose a surcharge during peak hours or a discount during off-peak hours. No distinct property rights belong to the individual road users.

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in the context of the job characteristics model,Task identity is the degree to which a job, from beginning to end, requires the completion of a whole and identifiable piece of work.

Task identity can be described a the extent that the job that individuals do engage in doing so they can complete the job from beginning to end as well as having identifiable piece of work .

It should be noted that the term is been used in the firm s well as the organization tat do engage in series if task having different team to complete this task.

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Pablo Management has five part-time employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4 New Year's Day. (January 1) was an unpaid holiday.

1. December 31 Wages expense (debit) 1250

Wages Payable (credit) 1250

2. January 4 Wages expense (debit) 3750

wages payable (debit) 1250

Cash (credit) 5000

A wage is the sum of money that an employer pays an employee for work that was completed within a certain time frame. The minimum wage, prevailing rate, annual bonuses, and remunerative rewards like prizes and tip payments are a few examples of wage payments.

A person's pay is the sum of money that is routinely given to them in exchange for the labour that they perform. He now makes more money. 

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The top nation in the field of fashion design is the United States, which is followed by France, Italy, the United Kingdom, Germany, and Japan.

1. Effect on transaction

Inventory balance

a+230000

b-25000

c NE 0

2.General journal      Debit    Credit

a.  Inventory          230000

 b. Accounts payable 25000                       20000+5000

     Inventory                             25000

  c. Accounts Payable 205000                     230000-25000

        Cash                                  205000  

The top nation in the field of fashion design is the United States, which is followed by France, Italy, the United Kingdom, Germany, and Japan. American fashion, with the exception of formal work wear, is diversified and primarily casual. While recent immigrants' dress, in particular, reflects their many cultural backgrounds, cowboy hats, boots, denim, and leather motorcycle jackets are distinctively American looks.

The hubs of the American fashion business are New York City and, to a lesser degree, Los Angeles. They are regarded as major centers for fashion. Along with Paris, Milan, and London, New York City is regarded as one of the "big four" global fashion capitals.

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Other things equal, when the price of a good falls, the quantity supplied of the good increases.

What is price of good?
A price is the amount of goods or services exchanged for cash. In society, there would be no marketing without price. The main factor that affects sales operations is the lack of exchange price of a good or service that has been agreed upon in a market transaction. If there is no money, exchange of goods can still take place, but without a price. Wages, rent, interest rates, and profits are all influenced by a product's market price. In other words, the cost of a product affects how much is spent on labour, land, capital, and entrepreneurial ventures.

If the price of a thing falls, the quantity furnished of that proper thing decreases. The courting among the quantity furnished of a thing and the price of the thing while all different impacts on promoting plans stay the same.

The correct option is (c) the quantity supplied of the good increases.
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When deciding to add capacity to a factory Immediate Product Demand  need not be considered. Product demand is a word that refers to how strongly consumers desire a company's product during a specific time.

Product demand is a word that refers to how strongly consumers desire a company's product during a specific time frame. Numerous variables, including the amount of persons looking for the product, their willingness to pay, and the quantity that is readily accessible for sale to consumers, all influence the demand for the commodity.

A factory, also known as a manufacturing plant or production facility, is an industrial building, sometimes a complex made up of many buildings filled with machinery, where employees produce goods or operate machines that transform one thing into another. The vast majority of the world's goods are produced in factory, making them an essential component of contemporary economic output.

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Based on the number of units in the apartment, the rent on each unit and the increase in the monthly rate, the rent that should be charged in other to maximize the total revenue is $1, 280.

The rent per unit is given to be $1, 160. But, there will be an increase of $20 in the monthly rent if there is a unit vacated. Assuming the number of vacated units is denoted by x, the total rent would be:

= 1, 160 + 20x

The total revenue would be:

= (Number of units in total - Units vacated) x Monthly rent

= (70 - x) x (1, 160 + 20x)

= 81, 200 + 1, 400x - 1, 160x + 20x²

When this is differentiated we get:

dR / dx = 240 - 40x

The maximum rental units that can be vacated for the total revenue to be maximized is:

= 240 / 40

= 6 units

The total rent to be charged to maximize revenue then would be:

= 1,160 + 20 (6)

= $1, 280

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C - the construction and use of trenches. Since either sides failed to make any significant changes in Belgium and France, it led to the construction of trenches. Trenches are a long trench in the ground, especially one used for defensive fortification and frequently topped with scooped dirt.

- More about trenches :

- A trench is a sort of ground excavation that is often narrower than it is long (as opposed to a broader gully or ditch) and deeper than it is wide (as opposed to a simple hole or pit).

- Trenches were constructed in a zig - zag pattern with various along the lines during World War I. So that warriors could travel between the tiers, several routes were dug.

- Trenches do have a barbed wire fence and an embankment at the top. Soldiers dug it up. They are simply referred to as excavations, where the removal of material creates a small gap in the ground.

- In conclusion, because it offers protection from enemy fire and provides cover during combat, it was utilized during the First World War.

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- The complete question is :

The inability of either side to make significant advances in Belgium and France led to __________.

A. the use of tanks and machines guns

B. the construction of airfields

C. the construction and use of trenches

D. a decrease in the use of poison gas

The following three factors can help a company become more profitable:

Profitability may be boosted in four important areas. Costs are being cut, turnover is rising, productivity is up, and efficiency is up.

Income and outlays are used to gauge profitability. Income is money made from a business's operations. For instance, money is made when crops and cattle are produced and sold. But money that enters the company through borrowing money or other similar activities does not generate revenue.

Profitability affects a company's capacity to obtain bank funding, draw in investors to fund its operations, and expand its business, hence making a profit is crucial to a company's success. Without making a profit, companies cannot continue to operate.

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If luong corporation, a calendar year, accrual basis corporation, reported $1 million of net income after tax . the Income as per IRS rules is $1,202,500 and the Tax liability as per IRS rules is $408,850.

Tax liability and taxable earnings of luong corporation for 2020:

1. Profit after tax as per book $1,000,000

2 . Federal taxes charged as per books $200,000

Deduction for dividends income:        

Dividend income with 25% stake $10,000

65% Deduction on dividends  $6,500

($10,000 × 65%)  

Dividend income with 5% stake $4,000

50% Deduction on dividends $2,000  

Total deduction on dividend  -$4,500

($2,000 - $6,500)

3. Capital gains or losses:        

Capital gains during the year     $0  

Capital losses during the year  $10,000  

Capital losses over gains $10,000

($10,000 - $0)

4. Disallowed expenses:        

100% Entertainment exp. $10,000  

50% Business Meals  $4,000  

Disallowed expenses   $14,000

($10,000 +$4,000)

5. Depreciation difference:        

Depreciation as per GAAP  $400,000  

Depreciation as per MACRS $475,000  

Difference in Depreciation -$75,000.00

( $400,000 -$475,000)

6. Reversal of Contingent Liability $50,000

7. Bad Debts:        

Bad Debts as per books $30,000  

Actual Bad Debts  $22,000  

Excess bad debt  $8,000

($30,000 - $22,000)

Total Taxable Income $1,202,500

Tax Liability:        

Up to $335,000  $113,900  

Above $335,000 (34%)  $294,950  

Total tax Liability   $408,850

( $113,900 + $294,950 )

Therefore the income is $1,202,500 and the tax liability is $408,850..

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The complete question is:

luong Corporation, a calendar year, accrual basis corporation, reported $1 million of net income after tax on its 2020 financial statements prepared in accordance with GAAP. The corporation’s books and records reveal the following information:

1- luong federal income tax expense per books was $200,000.

2-luong  book income included $10,000 of dividends received from a domestic corporation in which luong owns a 25 percent stock interest, and $4,000 of dividends from a domestic corporation in which luong owns a 5 percent stock interest.

3-luong recognized $10,000 of capital losses this year and no capital gains.

4-luong recorded $8,000 of book expense for meals and $10,000 of book expense for entertainment costs.

5-luong  depreciation expense for book purposes totaled $400,000. MACRS depreciation was $475,000.

6-During January of the current year, luong was sued by one of its employees as a result of a work-related accident. The suit has not yet gone to court. However, luong  auditors required the company to record a contingent liability (and related book expense) for $50,000, reflecting the company’s likely liability from the suit.

7-luong used the reserve method for calculating bad debt expenses for book purposes. Its book income statement reflects bad debt expense of $30,000, calculated as 1.5 percent of sales revenue. Actual write-offs of accounts receivable during the year totaled $22,000.

Required:

Compute luong  federal taxable income and regular tax liability. .  

Note:

tax rate is 113,900 + 34% of the excess of taxable income above 335000.

The Tax Rate = 37.86%

The simplest way to compute the effective tax rate is to divide the income tax expense by the earnings (or income earned) before taxes. On an income statement, tax expense is usually the last line item before the bottom line net income.

municipal bond = 4.35%

municipal bond = 4.35/100

municipal bond = 0.0435

comparable bond = 7.00%

comparable bond = 7.00/100

comparable bond = 0.07

municipal bond = comparable bond x ( 1 - tax rate )

0.0435 = 0.07 ( 1 - tax rate )

0.0435 / 0.07 = 1 - tax rate

0.621428571 = 1 - tax rate

Therefore,

Tax Rate = 1 - (municipal bond / comparable bond)

Tax Rate = 1 - 0.621428571

Tax Rate = 0.378571429

The Tax Rate = 37.86%

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The real GDP growth rate in year is 5%

What is GDP?
A country's gross domestic product (GDP) is the sum of the market values of all the finished products and services produced within its borders during a given time period. It serves as a thorough scorecard of a particular country's economic health as a broad indicator of overall domestic production. While GDP is frequently calculated on to an annual basis, it is also occasionally calculated on the a quarterly basis. In the United States, for instance, the government releases an annualised GDP estimate for both the calendar year and each fiscal quarter. Since each set of data in this report is presented in real terms, price changes are taken into account and the data is therefore net of inflation.

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Activity slack (also known as float) can be calculated through Early finish (EF) - early start (ES).

What is activity slack?
The free time of the each activity within in the ESS and LSS is indicated by the amount of slack (as well as float) associated with that activity. It indicates how long each activity can be postponed without affecting the overall project duration. The difference between an activity's latest start as well as earliest start time, as well as alternatively, the difference between its newest as well as earliest finishing time, can be used to calculate an activity's slack. Critical activities are those that have zero slack and cannot be delayed without impacting the entire project duration. Activities A, B, E, and F together form the critical path, which is a path of crucial activities.

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Joint committees are permanent groups made up of representatives from both the House and the Senate. They typically act as an advisory board for other legislative committees, especially those that deal with taxes, but have little practical authority beyond making recommendations.

A joint committee is a committee made up of representatives from both chambers of a bicameral legislature. In other instances, it alludes to a committee made up of representatives from several organizations. A joint committee of the US Congress is a congressional body with authority over issues of shared concern with membership from the Senate and the House. The Joint Committee on the Library is one instance of a joint committee. Although temporary joint committees have been established to address certain concerns, most joint committees are permanent (such as the Joint Committee on the Conduct of the War during the American Civil War).

In some States, the upper and lower houses of state legislatures can also have joint committees.

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The effect on the financial statements - The treatment is incorrect. When an ordinary repair is incurred, it must be charged to repairs rather than equipment.

What is financial statements?
Financial statements are documents that describe a company's operations and financial performance. Government organisations, accounting firms, etc. frequently audit financial statements to ensure accuracy and also for tax, financing, as well as investing purposes. The balance sheet, income statement, cash flow statements, as well as statement of changes in equity are the four primary financial statements for for-profit entities. A similar but distinct set of financial statements is used by nonprofit organisations. Financial information is used by investors as well as financial analysts to assess a company's performance and forecast where the stock price will go in the future. The annual report, which includes the company's financial statements, is one of the most significant sources of trustworthy and audited financial information.


Because the treatment was entered incorrectly:
Because the expense was not recorded, net income will be overstated on the income statement.
The value of the assets on the balance sheet will increase because the repairs were debited to the asset account.

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In business, a specific commitment to achieve a measurable result within a stated period of time is called a goal.

What is business?

The term business refers to the earning the profit. The business is the taking the risk and the earning the profit. The business are the mainly focuses to the activity of the creating, distribution and selling concept based.

Every business are the specific goal are the commitment to the short and the long period of the time are the measurable of the goal. The goal are the aim of the company to achieve in the future.

As a result, the business are the  to achieve a measurable result within a stated period of time is called a goal.

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Assume ABC sells its receivables to another company for immediate cash on a regular basis. Selling expense should the factoring fee be reported in the income statement.

Selling expenses are the costs incurred in order to market, distribute, and sell a good or service. They are one of three categories of expenditure that comprise an organization's operating expenses. General expenses and administrative costs are the other two.

All sales-related costs—fixed or variable—that are not directly associated with the production process must be added in order to compute selling expenditures. Salary payments to sales people are considered fixed expenses, whereas commission payments are determined by sales and might be categorised as variable expenses.

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The statement above is false. It is because the definition of order qualifier is a characteristic that will win the bid or customer's purchase.  

Order qualification is an important attribute that a product must possess in order to be competitive. The order winner, however, is the 'winner' attribute that makes the customer buy the product.

Order winners and qualifications change from time to time, they are dynamic. As competitors catch up, the winner of the current order moves to qualifying the order. This can also happen when customer expectations or tastes change. A study highlights the importance of understanding order winning strategies.

Order winner is the criterion that distinguishes the company's products/services from other products and wins the purchase. Companies must provide qualifications to enter or remain in the market. To qualify, they simply need to be as good as their competitors – failure to do so can result in lost sales.

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Based on the fact that Singh Sport Training will increase dividends by 2.5% after the 4th year, the first thing an analyst would need to determine before finding the value of the stock is P₄.

When given the dividends that a company plans to pay in future, along with a dividend rate that would be indefinite, you should use the Dividend Discount Model.

Assuming this is the model that would be used by the analyst to determine the value of Singh Sport Training stock, the first thing the analyst would need to do is to solve for the value of the stock on the 4th year.

To solve for this value, the analyst would use the dividend growth rate to find the next dividend, and then divide it by the difference between the Expected return and the growth rate. This value on the 4th year will then be discounted along with the dividends from years 1 to 4, to find the stock value.

Options for this question include:

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The correct answer is 11/79: Inelastic. Option A.

To calculate price elasticity divide the change in demand for a product service resource or commodity by the change in price. This number indicates which bucket the product falls into. To calculate elasticity, divide the percentage change in demand or supply by the percentage change in price. The resulting number is the elasticity value of the product.

Durable goods are an example of a product with elastic demand. These are items that are rarely bought, such as washing machines and cars, and can be moved if prices increase. For example, car discounts have been very successful in increasing car sales by lowering prices. To find the price elasticity of demand value, there are mainly three steps he takes. In the first step, the percentage change in quantity is determined by dividing the change in quantity demanded by the new quantity demanded.

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