Question Completion:
Record the adjusting entries.
Answer:
Adjusting Journal Entries:
Debit Depreciation Expense - Mountain Bikes $6,660
Credit Accumulated Depreciation - Mountain Bikes $6,660
To record depreciation expense for the period.
Debit Insurance Expense $
Credit Prepaid Insurance $
To record the insurance expense for the period.
Debit Rental Expense $
Credit Prepaid Rental $
To record the rental expense for the period.
Debit Office Supplies Expense $700
Credit Office Supplies $700
To record office supplies expense for the period.
Debit Interest Expense $
Credit Interest Expense Payable $
To record interest expense on the $44,000 loan.
Debit Racing Supplies Expense $1,990
Credit Racing Supplies $1,990
To record racing supplies expense for the period.
Debit Income Tax Expense $13,900
Credit Income Tax Payable $13,900
To record income tax expense payable.
Explanation:
Adjusting journal entries are recorded in order to present elements of financial statements based on the accrual basis and not whether cash was paid or received.
In this question, some data were not provided. This is why some figures were not disclosed for Insurance Expense, Rental Expense, and Interest Expense. But, the accounting treatments remain valid. Only the figures are missing.
Computing and Assessing Plant Asset Impairment On July 1, Arcola Company purchases equipment for $330,000. The equipment has an estimated useful life of 10 years and expected salvage value of $40,000. The company uses straight-line depreciation. Four years later, economic factors cause the fair value of the equipment to decline to $160,000. On this date, Arcola examines the equipment for impairment and estimates $185,000 in undiscounted expected cash inflows from this equipment.
(a) Compute the annual depreciation expense relating to this equipment. $ 29,000
(b) Compute the equipment's net book value at the end of the fourth year. 214,000 v
(c) Apply the test of impairment to this equipment as of the end of the fourth year. Is the equipment impaired?
i. Yes, because the fair value is less than the net book value.
ii. Yes, because the net book value is greater than the salvage value.
iii. Yes, because the undiscounted expected cash flows are less than net book value.
iv. No, because the net book value minus the salvage value is greater than the undiscounted expected cash flows.
v. No, because the net book value minus the salvage value is less than the undiscounted expected cash flows
(d) If the equipment is impaired at the end of the fourth year, compute the impairment loss. (If the equipment is not impaired, enter o.)
Answer:
(a) Compute the annual depreciation expense relating to this equipment.
annual depreciation expense = ($330,000 - $40,000) / 10 years = $29,000
(b) Compute the equipment's net book value at the end of the fourth year.
book value at end of yer 4 = $330,000 - (4 x $29,000) = $214,000
(c) Apply the test of impairment to this equipment as of the end of the fourth year. Is the equipment impaired?
ii. Yes, because the net book value is greater than the salvage value.
(d) If the equipment is impaired at the end of the fourth year, compute the impairment loss.
fair value = $160,000
net book value = cost - {[(cost - salvage value) / estimated useful life] x period covered}
net book value = $330,000 - {[($330,000 - $40,000) / 10] x 4}
net book value = $330,000 - {[$290,00 / 10] x 4} = $330,000 - ($29,000 x 4) = $330,000 - $116,000 = $214,000
impairment loss = $214,000 - $160,000 = $54,000
why Naert's model present a favorable situation for the entrepreneur? Explain your answer.
Explanation:
Phillip Naert is an author and theorist whose works are related to the administrative and organizational area, one of the highlights of his work is the marketing decision model, which is related to the practical implementation of an aid model for entrepreneurs, since his central criticism is that there are many theoretical marketing models whose utility is not applicable to many organizations, due to the difficulty of adapting and targeting certain businesses, so the Naert model is focused and helps entrepreneurs to manage their businesses and achieve significant marketing advantages through of a dimension that he called "degree of clarity" that consists of implicit models, verbal models, formalized models and numerical models of elements that constitute an organizational system and should be considered specifically in a marketing approach, which helps an organization to find their strengths and weaknesses to develop a business plan viable, real and specific marketing for competition in the globalized market.
Use the sample data below to test the hypotheses
:
: Not all population proportions are the same
Populations
Response 1 2 3
Yes 150 150 95
No 100 150 105
The provided sample data can be used to test the hypotheses about the population proportions, but we would need additional information to perform the chi-squared test and draw a definitive conclusion.
To test the hypotheses that not all population proportions are the same using the given sample data, we can perform a hypothesis test for proportions.
Step 1: Formulate the null and alternative hypotheses:
- Null hypothesis (H0): The population proportions are the same for all three populations.
- Alternative hypothesis (H1): The population proportions are not the same for all three populations.
Step 2: Choose a significance level (α):
The significance level is the threshold for determining if the results are statistically significant. Let's assume a significance level of α = 0.05, which is a common choice.
Step 3: Calculate the test statistic and p-value:
We can use a chi-squared test for independence to compare the observed frequencies with the expected frequencies under the null hypothesis. This test will help us determine if there is a significant difference in the proportions.
Step 4: Make a decision:
If the p-value is less than the significance level (α), we reject the null hypothesis and conclude that there is evidence to suggest that the population proportions are not the same for all three populations. If the p-value is greater than α, we fail to reject the null hypothesis and do not have enough evidence to suggest a difference in population proportions.
Note: To perform the chi-squared test, we need to have the observed frequencies and expected frequencies. The observed frequencies are given in the sample data, but we would need additional information to calculate the expected frequencies.
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You run a nail salon. Fixed monthly cost is $5,699.00 for rent and utilities, $6,473.00 is spent in salaries and $1,274.00 in insurance. Also every customer requires approximately $3.00 in supplies. You charge $99.00 on average for each service. You are considering moving the salon to an upscale neighborhood where the rent and utilities will increase to $10,510.00, salaries to $6,054.00 and insurance to $2,016.00 per month. Cost of supplies will increase to $7.00 per service. However you can now charge $145.00 per service. At what point will you be indifferent between your current location and the new location
Answer:
The answer is "151".
Explanation:
Indifference measurement Niveau between the current position and proposed position:
[tex]\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \left\begin{array}{ccc} &Accessible& Submitted\\\end{array}\right \\\\\left\begin{array}{ccc}Sale&106& \ \ \ \ \ \ \ \ \ \ \ \ 155 \\ less: Variable \ cost&2& \ \ \ \ \ \ \ \ \ \ \ \ 7 \\ \ contribution&1 04 & \ \ \ \ \ \ \ \ \ \ \ \ 148 \end{array}\right \\[/tex]
[tex]\left\begin{array}{ccc}\text{Fixed costs: Rent and utilities}& 5,414 & 11,226 \\salaries& 6,175 & 6,167\\insurance &1,162 &2,006 \\ Total&12,751 &19,399 \end{array}\right \\\\[/tex]
[tex]\text{Level of indifference} = \frac{\text{Fixed cost} }{\text{ contribution per unit}}[/tex]
[tex]= \frac{(19,399- 12,751)}{(148- 104 )} \\\\ =\frac{6,648}{44} \\\\ = 151[/tex]
Revise the following statements to make them more positive and courteous.
1. Construction on your building is at a standstill because the contractor is unable to pour foots until the soil is no longer soggy.
2. A passport cannot be issued until an application is completed an a recent photo is included.
3. Your message of April 1 claims that the blade in your food processor malfunctioned. Although you apparently failed to read the operator's manual, we are sending you a replacement blade PLUS another manual. Next time read carefully so that you will know how to attach this blade.
4. Customers are ineligible for the 25 percent discount if they fail to provide the discount code at the time of the purchase.
5. As team leader, you apparently failed to remember that you have already assigned me two gigantic and complex research task, and now you have dumped another big job on me- one that i can't possibly begin until after I have finished the other two jobs.
6. We regret to announce that we can offer the 50 perfect discount only to the first 25 buyers, so act quickly!
Answer:
Statement Revision for positive and courteous meanings:
1. Work will resume on the building construction as soon as the soil is dry.
2. Please, fill the application and attach a recent photo for the issuance of a passport.
3. We are sending you a replacement blade plus its installation manual.
4. Please, provide the discount code in order to access the 25 percent discount.
5. I will commence this new assignment immediately after I have completed the previous two research tasks.
6. The first 25 customers will enjoy a 50 percent discount.
Explanation:
After the revision of the above statements, they sound more positive and courteous. Moreover, they have been shortened to eliminate irrelevant phrases.
Assume that you are a management consultant called in to analyse the turnover problem. You are told that pay and benefits are fixed and cannot be substantially altered. It is clear that whatever you recommend must not bring productivity down. What would you recommend to management?
Answer:
oh its ibo shack
Explanation:
sonar
The same process that applies to everyday communication applies to communication in the workplace. Understanding the steps in this process can help you craft more meaningful and effective messages.
Which parts of the communication process are described in the following scenario?
An instant message pops up on Kate's computer screen. Kate clicks the "accept" button and begins to read the message.
When Kate understands the meaning of the instant message, Kate is engaged in .
Kate sends an instant message to the sender so that he or she knows that the message was received and understood. Kate is engaged in .
For the communication process to be successful, the receiver must understand the information sent by the sender. Communication barriers, however, can complicate the process. Familiarizing yourself with common obstacles will make you better equipped to avoid them.
Consider this situation, and answer the questions that follow.
Your team is preparing for the next round of bids on a new collection of sculptures. "As you can see, sales are flat in the Western region," the presenter says. "We need to negotiate a good rate to offset our Western losses."
You were well prepared for the meeting, but the minor car accident you had in the parking lot yesterday has you worried. You check your smartphone, reading the insurance adjustor’s report. One of your colleagues says, "We’ll take care of that," and looks at you. "Right?" she asks. You don’t know how to respond because you’re not sure what she’s referring to.
What communication barrier is described in this situation?
Differing frames of reference
Distractions
Bypassing
How might you overcome this communication barrier in the future?
Focus on your smartphone.
Turn off your smartphone.
Leave the room to access your smartphone.
Unclear question. Below are the questions deduced;
When Kate understands the meaning of the instant message, Kate is engaged in____.
Kate sends an instant message to the sender so that he or she knows that the message was received and understood. Kate is engaged____in .
Consider this situation, and answer the questions that follow.
Your team is preparing for the next round of bids on a new collection of sculptures. "As you can see, sales are flat in the Western region," the presenter says. "We need to negotiate a good rate to offset our Western losses."
You were well prepared for the meeting, but the minor car accident you had in the parking lot yesterday has you worried. You check your smartphone, reading the insurance adjustor’s report. One of your colleagues says, "We’ll take care of that," and looks at you. "Right?" she asks. You don’t know how to respond because you’re not sure what she’s referring to.
What communication barrier is described in this situation?
Differing frames of referenceDistractionsBypassingHow might you overcome this communication barrier in the future?
Focus on your smartphone.Turn off your smartphoneLeave the room to access your smartphoneExplanation:
When Kate understands the meaning of the instant message, Kate is engaged in communication because she understands what was been communicated.
Distraction is the communication barrier been described in this situation because we could notice that the subject became distracted checking his smartphone, reading the insurance adjustor’s report; which ultimately became a barrier to his colleague's communication.
Turning off one's smartphone might help to overcome this communication barrier in any future meeting; this will allow for better concentration.
12345678901234567890000
Answer:
12345678901234567890000
Explanation:
Nagle Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month. In October the company completed job O43G that consisted of 15,000 units of one of the company's standard products. No other jobs were in process during the month. The job cost sheet for job O43G shows that the total cost for the job was $836,250. During the month, the actual manufacturing overhead cost incurred was $204,880 and the manufacturing overhead cost applied to job O43G was $221,600. Also during the month, 9,000 completed units from job O43G were sold. No other products were sold. The cost of goods sold that would appear on the income statement for October is closest to:
A. $819,530
B. $836,250
C. $518,470
D. $485,030
Answer:
D. $485,030
Explanation:
Total manufacturing cost for the job = $836,250
Total number of units produced 15,000
Unit product cost $55.75
Manufacturing overhead cost applied
$221,600
Actual manufacturing overhead cost $204,880
Over applied overhead $16,720
The direct method of determining cost of goods sold
Unadjusted cost of goods sold
(9,000 units × $55.75 per unit)
$501,750
Less over applied overhead
($16,720)
Cost of goods sold $485,030
Ceradyne, Inc. has decided to discontinue manufacturing its Quantum model credit card reader. Currently the company has a number of partially completed readers on hand. The company has spent $111 per unit to manufacture these credit card readers. To complete each unit, costs of $14 for material and $15 for direct labor will be incurred. In addition, $9 of variable overhead and $34 of allocated fixed overhead (relating primarily to depreciation of plant and equipment) will be added per unit. If Ceradyne, Inc., completes the readers, it can sell them for $124 per unit. Another manufacturer is interested in purchasing the partially completed readers for $107 per unit and converting them into inventory tracking devices. Determine whether Ceradyne should complete the credit card readers or sell them in their current state. Ceradyne, Inc., should select an option sell them in their current state . The company will be better off by $enter a dollar amount per unit 22 per unit.
Answer:
Ceradyne, Inc., should sell them in their current state (partially completed), resulting in a net loss of $4 per unit.
The company will be better off by $21 per unit (if it continues to process them, their loss will be $25 per unit).
Explanation:
total costs incurred $111 up to now
additional relevant costs needed to finish units:
$14 for materials
$15 for direct labor
$9 for variable overhead
$38 per unit
selling price $124 per unit
contribution margin once units are finished = $124 - ($111 + $38) = -$25
if units are sold before being completed, then contribution margin per unit = $107 - $111 = -$4
the company has to try to decrease their losses, and the option of selling partially completed readers results in a loss = $4
What is the difference between pure competition and perfect competition in market structure?
provides the benchmark that can be use to evaluate markets while
Perfect competitionis a form of market in which there are a large number of buyers and sellers competing with each other in the purchase and sale of goods, respectively and no individual buyer or seller has any influence over the price.
hope this help!
In partnership with American Express, Porter Cable requests that all employees at the rank of supervisor and above apply for a corporate credit card to be used for pay for travel, training and similar expenses. Ima Krimnel, the manager of the distribution center, was issued a corporate card and used it to take her husband to Hawaii for their 20th wedding anniversary. If Krimnel does not pay the charges, is Porter Cable liable? Why or why not?
Answer:
Yes, Porter cable is liable
Explanation:
On the occasion of the 20th wedding anniversary, a corporate card was issued to distribution center manager Ima Krimmel Yes, Porter Cable will be liable if Ima krimnel agrees to convert their employees into cognizants if the charges are not paid. They will be liable if American Express requests a contingency claim.Suppose that Hickory Manufacturing, Inc., a corporation headquartered in North Carolina, believes that it is entitled to a $24,700 federal tax refund, and that the Internal Revenue Service (IRS) has wrongfully refused to issue the refund. If Hickory Manufacturing elects to sue the United States (the IRS is a federal administrative agency) to recover the refund, it must pursue the matter:__________
a. in federal court, since the United States is a party to the litigation.
b. in North Carolina state court, since the company is headquartered in North Carolina.
c. through binding arbitration, non-binding arbitration, or mediation, since the United States has governmental immunity in the court system (although it does allow claims against the federal government to be pursued via alternate dispute resolution).
d. in United States Tax Court, since the dispute involves a tax matter.
Answer: in a federal court, since the United States is a party to the litigation.
Explanation:
Based on the scenario in the question, in case Hickory Manufacturing elects to sue the United States in order to get back the $24700 federal tax refund which wasn't given to the company, it must be done in a federal court because the the IRS is a federal administrative agency and hence, the matter can't be pursued in the North Carolina state court.
Therefore, the correct option is A "in a federal court, since the United States is a party to the litigation".
what type of change is individual change
Answer:
Individual change is the fact that one person can understand how another can make an internal change without an external force .
Explanation:
Individual is like an internal which is yourself doing something
Change - a development
Help Prepare a Guide on White-Collar Crime
Congratulations! You've been hired as a business consultant to a clothing outlet called Collars and
Moore, and it opens in your local mall next month. The outlet's owners, Hippolyta Collars and
Antigone Moore, are writing an employee handbook on white-collar crime for their staff, and they
have enlisted your expertise. They haven't written a handbook before and want to ensure the
handbook captures all of the relevant information.
Step 1. List five potential conflicts that ANY employee of the company could face, be it sales staff
on the floor or management staff in the office, or even a warehouse worker that ships products to
the outlet store,
The five potential conflicts that any employee of the company could face, be it sales staff on the floor or management staff in the office are:
Leadership Conflicts.Working place conflicts that exist between employees.Creative Conflicts. Personality Conflicts. Task-Based Conflicts.What is task and personality conflicts?Task conflict is defined as disagreements over important matters (such as opinions or ideas about how to best approach a task or handle a problem), whereas relationship conflict is defined as socioemotional or interpersonal conflicts that are typically accompanied by feelings of frustration and others.
In leadership conflicts, leaders are typically those who would step in to mediate disputes between coworkers. But some drama's focal point and origin are the leaders themselves.
Note also that Conflicts in Creative Conflicts over originality and ideas are considerably more prone to arise in groups. Workers may have different ideas and may respond to those ideas differently, which can cause conflict and rivalry.
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a celebrity appearing in a commercial for a soft drink while wearing a certain brand of clothing and holding a certain brand of tennis racquet is an example of?
Use the distinction between the characteristics of private and public goods to determine whether the following should be produced through the market system or provided by government:
a. French fries
b. Airport screening
c. Court systems
d. Mail delivery
e. Medical care
Answer:
a.French fries: Market system
b. Airport screening: Government
c. Court systems: Government
d. Mail delivery: Combined market and government
e. Medical care: Combined market and government
Explanation:
a.French fries: Market system
b. Airport screening: Government
c. Court systems: Government
d. Mail delivery: Combined market and government
e. Medical care: Combined market and government
In Market Economic system in accounting, the means of production as well as exchange, in the market system is base on private ownership, and can be said to be a free market. in these Economy the consumer are to be always at alert in oder not to be a fraud victim.
Government system can also be regarded as command system, the factors of production such as land is attributed to the government.
However the difference between them could be in term of factors of production, the ways in which price is been determined.
Two power plants provide power to Chapel Hill residents: plant UNC and plant Duke. Both plants burn coal to produce electricity, and consequently produce smog as a by-product. The total benefit of smog abatement to Chapel Hill is 100(xU + xD). The UNC power plant could reduce its smog at a total cost of:
cU (xU )= 5x^2V
where xU indicates the total number of units of smog abated by UNC.
The Duke plant is slightly less efficient, and its total cost of reducing smog by is:
cD(xD)= 7x^2D+ 10xD
Required:
Calculate the socially efficient levels of abatement for each power plant.
Answer:
a. The socially efficient levels of abatement for UNC power plant is 10.
Explanation:
Note: See the attached Microsoft word file for the calculations of the anwers above.
In 2011 oil production in Libya was interrupted by political unrest. At the same time, the demand for oil by China continued to rise.
Required:
a. Demonstrate the impact on the quantity of oil bought and sold.
Instructions: Draw a parallel shift in the demand or supply curve(s) by grabbing, dragging, and then dropping the curve(s) to the new position(s).
b. Oil production in Libya returned to its original levels by the end of 2012. What was the likely effect on equilibrium oil price and quantity?
Answer:
As a result of the political unrest in Libya, the supply of oil would fall, As a result the supply curve would shift to the left. This would lead to fall in equilibrium quantity and a rise in price.
The increased demand for oil would shift the demand curve to the right. The equilibrium price and quantity would increase
Taking these two effects together, equilibrium price would rise and there would be an indeterminate effect on equilibrium quantity
Please check the attached image for a graph showing these shifts
b. As a result of the change in supply, supply would increase. This would increase equilibrium quantity and equilibrium price would fall. in addition with the increase in demand for oil, equilibrium quantity would rise and there would be an indeterminate effect on equilibrium quantity
Explanation:
The first step in developing a market strategy is
Answer:
I would say for like a commercial, I would try to make whoever's watching it be like ''Oooh, I need that!''
Answer:
Set your marketing goals.
Explanation:
Bronfenbrenner Co. uses a standard cost system for its single product in which variable overhead is applied on the basis of direct labor hours. The following information is given: Standard costs per unit: Raw materials (1.5 grams at $16 per gram) ............................ $24.00 Direct labor (0.75 hours at $8 per hour) .................................. $6.00 Variable overhead (0.75 hours at $3 per hour) ........................ $2.25 Actual experience for current year: Units produced ........................................................................ 22,400 units Purchases of raw materials (21,000 grams at $17 per gram) .. $357,000 Raw materials used .................................................................. 33,400 grams Direct labor (16,750 hours at $8 per hour) .............................. $134,000 Variable overhead cost incurred .............................................. $48,575 Required: Compute the following variances for raw materials, direct labor, and variable overhead, assuming that the price variance for materials is recognized at point of purchase: a. Direct materials price variance. b. Direct materials quantity variance. c. Direct labor rate variance. d. Direct labor efficiency variance. e. Variable overhead spending variance. f. Variable overhead efficiency variance. g. As a manager, why is variance analysis important
Answer:
a. Material price variance = (Standard price - Actual price)*Actual quantity purchased
Material price variance = (16-17)*21000
Material price variance = $21,000 Unfavorable
b. Material quantity variance = (Standard quantity - Actual quantity used)*Standard rate
Material quantity variance = (22400*1.50-33400)*16
Material quantity variance = $3,200 Favorable
c. Direct Labor rate variance = (Standard rate per hour - Actual rate per hour)*Actual hours worked
Labor rate variance = ($8-$8)*16750
Labor rate variance = $0
d. Direct Labor efficiency variance = (Standard hours allowed - Actual hours worked)*Standard rate per hour
Labor time variance = (22400*0.75-16750)*8
Labor time variance = $400 Favorable
e, Variable overhead spending variance = (Standard rate - Actual rate)*Actual hours
Variable overhead spending variance = (3-48,575/16750)*16750
Variable overhead spending variance = $1,675 Favorable
f. Variable overhead efficiency variance = (Standard hours - Actual hours)*Standard rate
Variable overhead efficiency variance = (22400*0.75-16750)*3
Variable overhead efficiency variance = $150 Favorable
g. Variance analysis helps the management in taking corrective action. It helps the management in understanding which department is doing well and which is not doing well. It helps the in understanding production bottle necks when certain variances appear like material efficiency or labor efficiency.
The following information was reported in the December 31, 2017, financial statements of National Airways, Inc. (listed alphabetically, amounts in millions).
Accounts Payable $4,650
Accounts Receivable 580
Aircraft Fuel Expense 8,700
Cash 2,970
Common Stock 1,220
Dividends 20
Equipment 14,370
Income Tax Expense 260
Interest Expense 130
Landing Fees Expense 3,100
Notes Payable 6,950
Repairs and Maintenance Expense 1,200
Retained Earnings (as of December 31, 2017) 5,780
Salaries and Wages Expense 3,280
Supplies 680
Ticket Revenues 17,100
Required:
Prepare an income statement for the year ended December 31, 2017.
Answer:
National Airways, Inc.
(amounts in millions)
NATIONAL AIRWAYS, INC.
Income Statement for the year ended December 31, 2017:
Ticket Revenues $17,100
Less Expenses:
Aircraft Fuel Expense 8,700
Landing Fees Expense 3,100
Repairs & Maintenance Expense 1,200
Salaries and Wages Expense 3,280
Interest Expense 130 16,410
Income before tax $690
Income Tax Expense 260
Net Income $430
Explanation:
a) Data:
National Airways, Inc.
(amounts in millions)
Cash $2,970
Accounts Receivable 580
Supplies 680
Equipment 14,370
Dividends 20
Aircraft Fuel Expense 8,700
Landing Fees Expense 3,100
Repairs & Maintenance Expense 1,200
Salaries and Wages Expense 3,280
Interest Expense 130
Income Tax Expense 260
Ticket Revenues $17,100
Accounts Payable 4,650
Notes Payable 6,950
Common Stock 1,220
Retained Earnings (as of December 31, 2017) 5,780
b) The National Airways' income statement shows the revenue generated by the organization and the incidental expenses that were incurred in generating the revenue and running the organization. After deducting the expenses from the revenue, the resulting figure is called the net income or loss.
Cost of Direct Materials Used in Production for a Manufacturing Company
Rextacular Manufacturing Company reported the following materials data for the month ending June 30, 2016:
Materials purchased $828,000
Materials inventory, June 1 279,000
Materials inventory, June 30 252,000
Determine the cost of direct materials used in production by Rextacular during the month ended June 30, 2016.
Answer:
$855,000
Explanation:
The Raw Materials T - Account can be used to determine the cost of direct materials used in production using the missing balance technique as follows :
Raw Materials T - Account
Debit :
Beginning Balance $279,000
Purchases $828,000
Total $1,107,000
Credit :
Ending Balance $252,000
Transferred to Production (Balancing figure) $855,000
Total $1,107,000
what is financial accounting with example
Answer:
Financial accounting refers to recording and organizing these transactions into categories in order to prepare financial statements. All financial statements must be recorded in accordance with GAAP ( generally accepted accounting principles). Examples of financial statements include : income statement and balance sheet.
example:
sold a motor vehicle for $10000 and received cash
under non-current assets - motor vehicle decreases by 10000
under current assets - cash increases by 10000
Please create ERDs for the following two examples and have them ready to upload. Please show cardinality for each one:
A small veterinary clinic wants to create a database for its operations. It needs to track: animals, their owners, the visits to the clinic and which vet they see on each visit. An animal can have just one owner, but an owner can have one or more animals. An animal can have lots of visits, but during each visit just one animal is seen/treated. A vet can have one or more visits with animals, but during a visit each animal sees/or is treated by just one vet.
Joe runs a small car vehicle service company. Up to now, he has been keeping track of all his customer data on paper. He now needs a database. He needs to be able to track: the car that was brought in (the VIN is the primary key), who is the current owner of the car, each time the car was serviced and which mechanic preformed the service. A car can have just one owner, but an owner can have multiple cars. Each car can have multiple service visits, but during each service just one car is worked on. A mechanic can perform multiple services, but during each service just one mechanic is working on the car.
Answer:
idk why is it so lonmg
Explanation:s
ssss
In these case, the Veterinarian Clinic the Animal Description is the first priority in terms of Owner and Veterinarian, In terms of animal the first priority is Owner.
What do you mean by Veterinarian Clinic?A structure or portion of a building that houses a veterinary practice and amenities for the care of household animals and birds, including medical treatment, inspection, surgery, diagnostics, cleaning, and general health care.
Therefore, the following conditions of the case study:
1. Veterinarian Clinic:
Animal:
OwnerVeterinarian VisitedDay of VisitTime SlotAnimal DescriptionOwner:
Animal DescriptionVeterinarian VisitedDay of VisitTime SlotVeterinarian:
Animals DescriptionOwner NameDay treatedTime Slot.2. Vehicle service shop:
Car:
Car OwnerMechanic ServicedDay of visitedDelivery timeCar DescriptionOwner:
Car DescriptionMechanic ServicedDay VisitedDelivery timeMechanic Service:
Car DescriptionCar OwnerDay visitedDelivery timeTo know more about the Veterinarian Clinic, visit:
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Explain why two employees at a company, earning the same gross pay, might have different net pays.
Answer:
see below
Explanation:
Two employees with the same gross pay will have different net pay because of differences in deductions. Net pay is the amount that reflects in the employee's bank account after all deductions. Involuntary deductions are mandatory and comprise statutory deductions such as social security, medicare, taxes, or others prescribed by the state or the courts. To a large extent, employees with similar gross pay will have the same statutory deductions.
Voluntary deductions are employee-initiated. They include mortgages, retirement plans, medical, life assurance, dental, and general insurance. These deductions are not uniform. Each employee will have a different amount deducted depending on their preferences. Voluntary deductions contribute significantly to two employees with the same gross pay to have different net pay.
Rajiv and Simone Redondo live in Swarthmore, PA. Simone's father, Yakov, lives in Sweden.
For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all that apply.
a. The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore.
b. Simone gets a new refrigerator made in the United States.
c. Simone's father in Sweden orders a bottle of Vermont maple syrup from the producer's website.
d. Rajiv's employer upgrades all of its computer systems using U.S.-made parts.
d. Rajiv buys a sweater made in Guatemala.
Answer:
a. The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore. - Government Purchases (G).
The Government purchases/ expenditure portion of GDP includes the expenses by Government on the economy. This expenditure by the Pennsylvania Government will therefore come under here.
b. Simone gets a new refrigerator made in the United States. - Consumption (C).
Consumption accounts for spending by households and individuals in the economy. Simone lives in the US and buys goods in the US so this is Consumption.
c. Simone's father in Sweden orders a bottle of Vermont maple syrup from the producer's website. - Exports (X)
Exports are goods made in a country which are then sold to consumers outside the country. Simone's father is in Sweden so buying an American product is an export for the United States.
d. Rajiv's employer upgrades all of its computer systems using U.S.-made parts. - Investment (I).
Investment refers to spending by private interests that are aimed to improve capital goods in the economy. Spending on upgrading computer systems therefore falls here.
e. Rajiv buys a sweater made in Guatemala. - Imports (M)
When a person buys a good that is made outside the country, this is an import.
A dentist shares an office building with a radio station. The electrical current from the dentist's drill causes static in the radio broadcast, causing the radio station to lose $10,000 in profits. The radio station could put up a shield at a cost of $30,000 or the dentist could buy a new drill that causes less interference for $6,000. Either would restore the radio station's lost profits. Would it be economically efficient for the dentist to buy and put up a shield? Why or why not? By how much would total surplus change?
a. Would it be economically efficient for the radio station to buy and put up a shield? Why or why not? By how much would total surplus change?
c. Would it be economically efficient for the dentist to buy a new drill? Why or why not? By how much would total surplus change?
d. Would it be efficient for the radio station to buy the dentist a new drill? Why or why not? By how much would total surplus change?
Answer:
a. Would it be economically efficient for the dentist to buy and put up a shield? Why or why not? By how much would total surplus change?
No, it is not economically efficient for the dentist to buy the shield.
b. Would it be economically efficient for the radio station to buy and put up a shield? Why or why not? By how much would total surplus change?
No, it is not economically efficient for the radio to buy the shield.
c. Would it be economically efficient for the dentist to buy a new drill? Why or why not? By how much would total surplus change?
No, it is not economically efficient for the dentist to buy the drill.
d. Would it be efficient for the radio station to buy the dentist a new drill? Why or why not? By how much would total surplus change?
Yes, it is economically efficient for the radio to buy the dentist a new drill. The Coase Theorem is an economic theory that states that economic conflicts must be solved regardless of who had the initial rights of whatever is on dispute. In this case, the dentist is causing harm to the radio, but he is doing OK. So the radio has a problem, not the dentist. The radio needs to solve its problem, so they should buy the dentist a new drill.
The economic surplus = $10,000 - $6,000 = $4,000, that means that the radio will be $4,000 better.
Why is career success dependent upon an individual's ability to develop and apply their diversity consciousness?
Answer:
Career success is based on ones ability to recognize and apply diversity consciousness because one is able to associate well with his/her colleagues.
Explanation:
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information:
30-Nov 31-Dec
Debit Credit Debit Credit
Supplies $2,000 $3,500
Prepaid Insurance $8,000 $6,000
Salaries payable $11,000 $16,000
Unearned revenue $3,000 $1,500
The following information is known for the month of December:
1. Purchases of supplies during December total $2,600.
2. Supplies on hand at the end of December equal $2,550.
3. No insurance payments are made in December.
4. Insurance cost is $1,050 per month.
5. November salaries payable of $9,100 were paid to employees in December.
6. Additional salaries for December owed at the end of the year are $14,100.
7. On November 1, a tenant paid Golden Eagle $1,650 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amount.
Required:
Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and unearned revenue on December 31.
Answer:
GOLDEN EAGLE COMPANY
Adjusting entries that were made for supplies, prepaid insurance, salaries payable, and unearned revenue on December 31.
Debit Supplies Expense $2,050
Credit Supplies $2,050
Debit Insurance Expense $1,050
Credit Prepaid Insurance $1,050
Debit Salaries Expense $14,100
Credit Salaries Payable $14,100
Debit Unearned Revenue $1,500
Credit Rent Revenue $1,500
Explanation:
a) Data and Calculations:
Golden Eagle Company
November 30 adjusted trial balance
30-Nov 31-Dec
Debit Credit Debit Credit
Supplies $2,000 $2,550
Prepaid Insurance $8,000 $6,950
Salaries payable $11,000 $16,000
Unearned revenue $3,000 $1,500
Supplies:
Nov. 30 balance $2,000
Purchase 2,600
Supplies expense 2,050
Balance $2,550
Prepaid Insurance:
Nov. 30 balance $8,000
Insurance exp. 1,050
Dec. 31 balance $6,950
Salaries Payable:
Nov. 30 balance $11,000
Salaries expense 14,100
Cash paid 9,100
Dec. 31 balance 16,000
Unearned Revenue:
Nov. 30 balance $3,000
Rent Revenue $1,500
Dec. 31 balance 1,500
