To more precisely assess the kinds of products and services that are offered during a specific time. to accurately reflect the price of a particular lifestyle. The market basket, a representative selection of goods and services bought by an average household, serves as the foundation for the CPI.
A commonly used index number for the price level; the weighted average of the cost of a particular set of goods and services purchased by a typical household. Each month, average prices for specific utilities, automotive fuel, and food products are published on a national level. All average prices are also published each month at the regional level if the sample size is large enough.
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a company had $500,000 of bonds outstanding with an unamortized premium of $25,000. these bonds were retired at 102. how much was the gain or loss on the retirement, if any
These bonds were retired at 102 the gain or loss on the retirement is $15000.
Retirement is the stage of life at which one decides to leave the workforce behind forever. The majority of industrialised nations, including the United States, have a national pension or benefits system in place to augment retirees' wages, and the usual retirement age in these nations is 65. Establishing retirement income objectives and the resources required to meet them is a part of retirement planning. Identification of income sources, estimation of expenses, implementation of a savings plan, and management of assets and risk are all components of retirement planning. The period of time when a person decides to permanently leave their working life behind is referred to as retirement. When they are too elderly or ill to work, many people make the decision to leave the labour.
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your parents plan to give you $200 a month for four years while you are in college. at a discount rate of 6 percent, compounded monthly, what are these payments worth to you when you first start college?
The payments your parents plan to provide you are worth approximately $8,350.66 while you first start college, at a discount rate of 6 percent, compounded monthly.
To discover the present price of the monthly payments your parents will provide you with, we can use the formula for the present value of an annuity:
PV = P * [1 - (1 + r)^(-n)] / r
wherein:
PV = present value of the annuity
P = the periodic fee = $200
r = the interest price per compounding period = 0.06 / 12
n = the whole number of compounding periods = 4 years * 12 months/year = 48
Plugging inside the values, we get:
PV = $200 * [1 - (1 + 0.06/12)^(-48)] / (0.06/12) ≈ $8,350.66
therefore, the payments your parents plan to provide you are worth approximately $8,350.66 while you first start college, at a discount rate of 6 percent, compounded monthly.
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approximately how much money per consumer will be spent on the super bowl this year?
The advertising revenue from the 2021 Super Bowl, for example, set a new high of $485 million USD. Meanwhile, a 30-second ad spot during the Super Bowl broadcast is expected to cost 6.5 million US dollars in 2022.
What is the average cost of a Super Bowl party?
This year, 103.5 million people intend to host or attend a party, while another 17.8 million intend to watch the game in a bar or restaurant.
For the day, total spending on food, drinks, clothing, decorations, and other purchases is expected to reach $16.5 billion, or $85.36 per person. According to the National Retail Federation (NRF), total spending on food, drinks, apparel, decorations, and other purchases for Super Bowl
Therefore, Sunday celebrations are expected to reach $16.5 billion, or $85.36 for each of the 192.9 million adults planning to watch the game.
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what term is used to describe attempts to determine the supply of and demand for various types of human resources? multiple choice question. goal setting forecasting program evaluation determining labor supply
"Forecasting" is the process of estimating future demand and supply for human resources. An essential first step in understanding your market and anticipated future developments is forecasting.
What does the phrase "human resource planning" mean when referring to how businesses operate?Companies can plan ahead with the aid of human resource management in order to retain a consistent supply of qualified workers. For this reason, it is sometimes referred to as workforce planning. Companies can utilize the process to assess their needs and make future plans to address those needs.
What are the three main purposes of human resource development?The three most important aspects of human resource management are manpower planning, recruitment, and retention, which are essential for long-term corporate success.
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which of the following taxes may be imposed in addition to the individual income tax and are calculated on tax bases other than the regular taxable income? (check all that apply.) multiple select question. capital gains tax self-employment tax value-added tax alternative minimum tax
b. Self-employment tax and d. Alternative minimum tax may be imposed in addition to the individual income tax and are calculated on tax bases other than the regular taxable income
An entrepreneur, or those who operate for themselves or run their own enterprises, are subject to self-employment tax. Based on net self-employment income, which includes the total revenue from a partnership or sole proprietorship, this tariff is determined. This tariff must be paid by self-employed people in addition to their standard individual income tax.
High-income persons are required to pay at least a specific amount of tariff under the Alternative Minimum Tax, regardless of the deductions and credits they would be entitled for under the standard tax regime. Since it is calculated using a different set of regulations than the normal individual income tax, it might be relevant to those with relatively large earnings, significant deductions, or particular categories of income.
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the auto insurance industry estimates that it costs three times the original purchase price (in parts and labor) to reconstruct a wrecked automobile. why is there such a large discrepancy?
The high cost of reconstructing a wrecked automobile is due to the complexity and specialized nature of the work, as well as the cost of materials and labour.
The cost of reconstructing a wrecked automobile is often much higher than the original purchase price due to a number of factors. One of the main reasons is the complexity of the work involved, which often requires specialized skills and equipment. Additionally, the cost of replacement parts, especially for newer vehicles, can be significantly higher than the original cost of the parts. Another factor that contributes to the high cost of reconstructing a wrecked automobile is the cost of labour. Auto repair shops charge a premium for their services, as the work involved in reconstructing a vehicle is often time-consuming and requires a high level of expertise. Furthermore, there are also hidden costs associated with reconstructing a vehicle, such as storage fees, rental cars for the owner, and other expenses that can add up quickly. All of these factors combined contribute to the high cost of reconstructing a wrecked automobile, which can be three times or more than the original purchase price in parts and labour.
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suppose that you enter into a six-month forward contract on a non-dividend-paying stock when the stock price is $30 and the risk-free interest rate (with continuous compounding) is 12% per annum. what is the forward price?
The forward price for the six-month forward contract on the non-dividend-paying stock is $31.85.
The forward price for a six-month forward contract on a non-dividend-paying stock can be calculated using the formula:
Forward Price = Spot Price x e^(r x T)
Where:
Spot Price is the current market price of the stock
r is the risk-free interest rate with continuous compounding
T is the time to maturity of the forward contract
In this case, the Spot Price is $30, the risk-free interest rate is 12% per annum (or 0.12 with continuous compounding), and the time to maturity of the forward contract is 6 months (or 0.5 years). Plugging these values into the formula, we get:
Forward Price = $30 x e^(0.12 x 0.5)
Forward Price = $30 x e^0.06
Forward Price = $30 x 1.06183654714
Forward Price = $31.85 (rounded to two decimal places)
Therefore, the forward price for the six-month forward contract on the non-dividend-paying stock is $31.85.
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in its first year of business, laker corporation had sales of $2,170,000 and cost of goods sold of $1,285,000. laker expects returns in the following year to equal 6% of sales and 6% of cost of goods sold. the adjusting entry or entries to record the expected sales returns is (are):
The Sales Returns and Allowances account is a contra-revenue account and is reported as a deduction from sales revenue on the income statement.
The adjusting entry or entries to record the expected sales returns for Laker Corporation can be calculated as follows:
Sales returns = 6% of $2,170,000 = $130,200
Cost of goods sold returns = 6% of $1,285,000 = $77,100
Since the returns are expected, an adjusting entry is needed to reduce both the Sales and Cost of Goods Sold accounts by the estimated amounts of returns. This entry will record an allowance for sales returns:
Debit: Sales Returns and Allowances $130,200
Credit: Allowance for Sales Returns $130,200
Debit: Cost of Goods Sold $77,100
Credit: Allowance for Sales Returns $77,100
The Allowance for Sales Returns is a contra-asset account that is reported as a deduction from accounts receivable on the balance sheet. The adjusting entry reduces both revenue and the asset account, reflecting the reduction in sales that is expected to result from the returns.
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new balance athletic shoes target baby boomers' needs for well-fitting shoes. the company is unique in that it offers a very broad range of shoe widths. a realistic potential risk new balance runs in this focused differentiation strategy includes the possibility that:
The focus of New Balance athletic sneakers is on the need for comfortable footwear among Baby Boomers. The company distinguishes out because it offers a wide range of shoe widths.
What sets New Balance shoes apart?
Cunha claims that New Balance is one of the brands he recommends to patients most frequently because of their style. He claims that the majority of their shoes' footbeds are designed to offer good arch support, comfort, and stability.
What does New Balance's mission statement say?
Utilizing the most advanced footwear technology, our aim is to activate the body.
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on september 1, tsang company began a contract to provide services to wilson company for six months, with the total $21,600 payment to be made at the end of the six-month period. equal services are provided each month. the firm uses the account fees receivable to reflect amounts due but not yet billed. what proper adjusting entry would tsang company make on december 31, the end of the accounting period (no previous adjustment has been made)?
The adjusting entry would tsang company make on december 31, the end of the accounting period would be:
1. Fee Receivable= Debit 14,400
2. Service Fees Earned= 4/6 x 21600
Credit 14,400
Adjusting entries are journal entries that are typically made at the conclusion of an accounting period in order to properly allocate income and expenses to the time periods in which they actually occurred.
Under accrual-basis accounting, the revenue recognition principle serves as the foundation for adjusting entries related to unearned and accrued revenues. Because they are made on balance day, they are occasionally referred to as balance day adjustments.
According to the accrual accounting matching principle, revenues and related costs are recorded during the same accounting period. However, the actual money might be paid or received at a different time.
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combine like terms to simplify 13q2 + 4q2
Answer:
17q^2
Explanation:
you add the like terms and 13+4 is equal to 17
Retailers purchase the goods from ____ and sell them to the customers.
A. manufacturers
B. producers
C. wholesalers
D. farmers
Retailers purchase the goods from wholesalers and sell them to the customers. So, option C is correct answer.
Retailers are businesses that purchase goods from other businesses or individuals and sell them to the end consumers. These goods can be a wide range of products, including food, clothing, electronics, furniture, and more.
Retailers typically acquire their products from manufacturers, wholesalers, or distributors. Manufacturers are the businesses that create or produce the products, while wholesalers are the middlemen that buy products in bulk from manufacturers and sell them in smaller quantities to retailers.
Distributors are similar to wholesalers but may provide additional services such as shipping and storing products.
Once retailers purchase products, they typically sell them in physical or online stores directly to customers. Retailers may purchase products at a wholesale price and sell them at a markup to make a profit. The retail industry is an important part of the economy, providing jobs and offering a convenient way for consumers to access a wide range of products.
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antonio, an employee of a software company, has been trying hard to get promoted for a long time. he gives up on his efforts after two years and decides to remain satisfied with earning a decent living for his family. in terms of the erg theory of motivation, this exemplifies
In terms of the ERG theory of motivation, Antonio's decision to remain satisfied with earning a decent living for his family after giving up on his efforts to get promoted exemplifies "frustration-regression."
Who propounded the ERG theory of motivation?Clayton Alderfer redefined Maslow's need hierarchy theory of motivation to bring it in line with empirical research. His revised theory is known as the ERG theory of motivation.
This means that when individuals are unable to satisfy their higher-level needs, they may focus on satisfying their lower-level needs instead. In this case, Antonio's failure to achieve his growth needs (promotion) led him to focus on his existing needs earning a decent living.
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if nicolai earns an 12 percent after-tax rate of return, $8,000 today would be worth how much to nicolai in five years? use future value of $1.
Future Value of $8,000 today would be worth $14,098.40 to Nicolai in five years if he earns a 12 per cent after-tax rate of return.
To calculate the future value of $1, we use the formula:
FV = PV x (1 + r)^n
where FV is the future value, PV is the present value, r is the rate of return, and n is the number of periods.
In this case, Nicolai earns a 12 per cent after-tax rate of return, which we can assume is the annual rate of return. The future value of $1 in five years with a 12% annual rate of return can be found using the following formula:
FV = $1 x (1 + 0.12)^5
FV = $1.7623 (rounded to four decimal places)
To find the future value of $8,000, we multiply the present value by the future value factor:
FV = $8,000 x 1.7623
FV = $14,098.40
Therefore, $8,000 today would be worth $14,098.40 to Nicolai in five years if he earns a 12 per cent after-tax rate of return.
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which of the following is not true? a) an american put option is always worth less than the present value of the strike price b) a european put option is always worth less than the present value of the strike price c) a european call option is always worth less than the stock price d) an american call option is always worth less than the stock price
Option A is not True. An American put option is always worth less than the present value of the strike price
Present value (PV) is the ongoing worth of a future amount of cash or stream of income given a predefined pace of return. Future incomes are limited at the rebate rate, and the higher the markdown rate, the lower the current worth representing things to come incomes. Deciding the fitting markdown rate is the way to appropriately esteem future incomes, whether they be profit or obligation commitments. Present worth is the idea that expresses a measure of cash today is worth more than that equivalent sum from now on. All in all, cash got in what's to come isn't worth however much an equivalent sum got today.
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Tom, who owns a successful business with two locations and a few international clients, was approached by a large organization about dramatically expanding his company. Tom later told his wife that he is happy with his success, but he wants to stay small because if he decides to add new products, small companies ____
if he decides to add new products, small companies can get started more easily and maneuver faster
Making a living or earning money by creating, acquiring, and reselling items is the act of doing business (such as goods and services). Also covered is "any action or operation done for profit."
The owner of the business is responsible and liable for any promises made by the business as the business entity cannot be legally distinguished from the owner by the use of a business name. If a company runs up debt, creditors may seize the owner's personal property. Corporate tax rates are not allowed in a business setup. All business income is subject to personal taxation by the proprietor.
Typically, the phrase is used colloquially to refer to a firm (although not by attorneys or governmental authorities).
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question 1 a data analyst wants to create documentation for their cleaning process so other analysts on their team can recreate this process. what tool can help them create this shareable report?
A data analyst can use a tool such as Jupyter Notebook or R Markdown to create a shareable report that documents their cleaning process.
These tools allow analysts to combine code, visualizations, and explanatory text in a single document that can be shared with others. Jupyter Notebook provides a user-friendly interface for data cleaning, as well as the ability to incorporate explanatory text and visualizations into the report. Analysts can use Jupyter Notebook to document their cleaning process step-by-step, including the code used to clean the data, the decisions made during the cleaning process, and any issues that were encountered along the way. Additionally, Jupyter Notebook allows analysts to easily share their work with others, making it an ideal tool for collaboration. R Markdown is a tool for creating dynamic documents that combine code, text, and visualizations in a single document. R Markdown documents can be output in a variety of formats, including HTML, PDF, and Microsoft Word, making them easy to share and collaborate on. Like Jupyter Notebook, R Markdown allows analysts to document the data cleaning process in a clear and concise manner, incorporating explanatory text and visualizations as needed. Analysts can use R Markdown to document their cleaning process step-by-step, including the code used to clean the data, the decisions made during the cleaning process, and any issues that were encountered along the way. Overall, Jupyter Notebook and R Markdown are both powerful tools for documenting the data cleaning process and creating a shareable report. These tools provide a user-friendly interface for data cleaning, as well as the ability to incorporate explanatory text and visualizations into the report. By using these tools, data analysts can ensure that their work is replicable and transparent, making it easier for others to understand and build upon their analysis.
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n economy produces only two goods. following table are data for two different years. 2020 2021 good quantity price quantity price hot dogs 200 $2 250 $4 hamburgers 200 $3 500 $4 a. using 2020 as the base year, compute the following statistics for each year: nominal gdp, real gdp, the gdp deflator, and the cpi (the basket is given by the base year quantities). b. by what percentage did prices rise between 2020 and 2021? give the answer for each good and also for the two measures of the overall price level. which measure is a laspeyres index, and which one is a paasche index? explain why the percentages of price changes calculated using these indices are different. be as specific and detailed as possible
The calculation reveals that computation of inflation using the deflator shows less inflation than the CPI because consumers substituted hamburgers for hot dogs, It is because the price of hamburgers increased less than the price of hot dogs. This consideration have been taken by the deflator whereas the CPI ignored it
What is Paasche index?Paasche Price Index is a methodology to calculate inflation by measuring the price change in a commodity compared to the base year.
Nominal GDP Year 2010 = 200 * $2 + 200 * $3 = $1,000
Nominal GDP Year 2015 = 250 * $4 + 500 * $4 = $3,000
Real GDP Year 2010 = $1,000
Real GDP Year 2015 = 250 * $2 + 500 * $3 = $2,000
GDP Deflator Year 2010 = ($1,000/$1,000) * 100 = 100
GDP Deflator Year 2015 = ($3,000/$2,000) * 100 = 150
CPI Year 2010 = ((200 * $2 + 200 * $3) / (200 * $2 + 200 * $3)) * 100 = 100
CPI Year 2015 = ((200 * $4 + 200 * $4) / (200 * $2 + 200 * $3)) * 100 = 160
Computation of Inflation using CPI = ((160 - 100)/(100)) * 100 = 60%
Computation of Inflation using Deflator = ((150 - 100)/(100)) * 100 = 50%
Therefore, This consideration have been taken by the deflator whereas the CPI ignored it.
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b Identify and explain two reasons why the primary sector is relatively more Important to Botswana than India.
Answer: The primary sector refers to industries that are involved in the extraction of natural resources and the production of raw materials. This sector includes activities such as agriculture, forestry, fishing, mining, and oil and gas production.
In Botswana, the primary sector is relatively more important than it is in India for several reasons:
Explanation:
1. Dependence on Natural Resources: Botswana is heavily dependent on its natural resources, particularly diamonds, which account for over 70% of the country's exports. The primary sector plays a crucial role in the country's economy, and its importance is reflected in the high levels of investment in the sector.
2. Agriculture and Livestock Production: While agriculture and livestock production plays a relatively minor role in India's economy, they are significant in Botswana, where they provide food and income for a large number of rural households.
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during the progressive era, numerous products utilized the image of the statue of liberty as a sales device. question 3 options: true false
The statement during the progressive era, numerous products utilized the image of the statue of liberty as a sales device is true because it was used as a sign of progess.
This type of liberty could be described as "negative," as it only seeks to remove constraints on individual choices. Progressives considered this type of liberty to be too sales limited. One of the main goals of the Progressive Era movement was to eliminate corruption in government.
They made it a point to Progressives family, education, and many other critical aspects that are still enforced today. These reformers advocated for civil service reform, food safety laws, and increased political rights for women and American workers.
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a manufacturing process consists of 11 operations that can be completed in any order. how many different production sequences are possible?
The number of different production sequences is possible is 3,628,800. Process manufacturing is a method of producing goods by combining supplies, ingredients, or raw materials according to a formula or recipe.
Food, beverages, refined oil, gasoline, pharmaceuticals, chemicals, and plastics are all examples of industries that use it frequently. There are four basic manufacturing processes for producing material a desired product shape. Casting, machining, joining (welding, mechanical fasteners, epoxy, and so on), and deformation goods processes are examples of these.
The manufacturing cycle time is the amount of time it takes from raw materials to finished goods. It includes loading, machining, assembly, inspection, material movement, ideal waiting, and all other actions performed during the manufacturing process.
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what is the expected dollar rate of return on euro deposits if today's exchange rate is $1.20 per euro, next year's expected exchange rate is $1.23 per euro, the dollar interest rate is 10%, and the euro interest rate is 5%
7.75% is the anticipated dollar rate of return on euro deposits. This indicates that, if the anticipated exchange rate holds true, an investor who converts dollars to euros and invests in euro.
We can use the formula below to determine the anticipated dollar rate of return on euro deposits: The expected return in dollars is calculated as [(1 + euro interest rate) x (expected future spot rate / spot rate)]. - 1 Euro Interest Rate: The current interest rate on deposits made in euros is 5%.
The predicted exchange rate for euros ($1.23 per euro in this situation) is known as the expected future spot rate.
Spot Rate: The current price of one euro ($1.20 in this example).
When we enter the values, we obtain: The expected dollar rate of return is calculated as [(1 + 0.05) x (1.23 / 1.20)]. - The expected return on a dollar equals 0.0775 percent.
As a result, 7.75% is the anticipated dollar rate of return on euro deposits.
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which gainsharing plan bases incentives on the ratio between labor costs and sales value of production (svop)? question 5 options: improshare rucker plan referral plan scanlon plan
The Scanlon Plan, the Rucker Plan, Improshare, and bespoke plans are the four different categories of gainsharing schemes.
The only differences between the programmes are how the bonus is determined and how much staff engagement is needed to support the scheme. The Scanlon Plan is the most traditional and often utilised kind of gainsharing plan.Gainsharing, also known as Gain sharing, Gainshare, and Gain share, is a method of management in which a company strives to achieve greater levels of performance by involving and involving its employees. Employees benefit financially when performance rises. Straight commissions, bonuses, prizes, "spiffs," rewards, and recognition are a few examples of different incentive structures. Plans for incentive compensation must be in line with business objectives, but maintaining this alignment can be challenging.
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the strategic-management process occurs once a year. applies mostly to companies with sales greater than $100 million. is a semiannual process. applies mostly to small businesses. is a continuous process.
However, generally, the strategic-management process is a continuous process that involves ongoing analysis, planning, implementation, and evaluation.
It's not exactly accurate to say that the strategic-management process happens once a year. An organization's strategy is continually assessed, analysed, and modified as part of the strategic-management process to make sure it is still applicable and efficient. The strategic-management process is continual and never actually ends, even while certain companies could have set times when they perform more in-depth strategic planning and assessment, such as an annual planning retreat or budgeting process. Furthermore, the frequency or intensity of a company's strategic-management process is not always influenced by its size or sales income.
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gasoline and motel rooms are complements for many consumers. when the price of gasoline declines, consumers take longer vacations and rent more motel rooms. therefore, the cross-price elasticity of demand between gasoline and motel rooms is
Gasoline is a product that is relatively inelastic, which means that price changes have little impact on demand. Price elasticity quantifies how responsively demand responds to price changes.
How flexible is the gasoline supply?The gasoline supply curve is kinked, though. Generally speaking, the supply is inelastic at higher price levels and elastic at lower price levels. This is due to the fact that oil producers reduce their output when prices are low or stockpile the oil if supplies cannot be met.
In the short or long term, is gasoline more elastic?In both the long and short runs, gasoline demand is generally elastic to changes in price and income, with the long run's elasticity being larger.
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nonnegativity constraints ensure that question 6 options: 1) the problem modeling includes only nonnegative values in the constraints. 2) there are no inequalities in the constraints. 3) the objective function of the problem always returns maximum quantities. 4) the solution to the problem will contain only nonnegative values for the decision variables.
The problem's solution will only include nonnegative values for the choice variables thanks to nonnegativeness restrictions.
So, these choice variables will never turn negative thanks to the non-negative non-negativity restrictions. Therefore, the non-negative constraints guarantee that the issue solution will only include non-negative values for the choice variables. Function values for a non-negative function must be larger than or equal to zero. The outputs of the function must be zero or larger for it to be considered non-negative, even if the function's domain is negative. Positive numbers and zero are considered non-negative integers. Negative and zero numbers are considered non-positive integers. Zero is the number that falls under the category of non-negative and non-positive integers.
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Lakeland Heating & Cooling installs and services commercial heating and cooling systems. Lakeland uses job costing to calculate the cost of its jobs. Overhead is allocated to each job based on the number of direct labor hours spent on that job. At the beginning of the current year, Lakeland estimated that its overhead for the coming year would be $64,800. It also anticipated using 4,050 direct labor hours for the year In October, Lakeland started and completed the following two jobs: E(Click the icon to view the jobs.) Lakeland paid a $24-per-hour wage rate to the employees who worked on these two jobs. Read the requirements Requirement 1. What is Lakeland's predetermined overhead rate based on direct labor hours?
Lakeland's predetermined overhead rate based on direct labor hours is 16 per direct labor hour.
At the beginning of the current year, Lakeland estimated that its overhead for the coming year would be $64,800.
It also anticipated using 4,050 direct labor hours for the year In October, Lakeland started and completed the following two jobs.
Lakeland paid a $24-per-hour wage rate to the employees who worked on these two jobs.
Predetermined overhead rate based on direct labor hours = Lakeland estimated that its overhead for the coming year/Direct labor hours
Predetermined overhead rate based on direct labor hours = 4,800/4,050
Predetermined overhead rate based on direct labor hours = 16 per direct labor hour
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many financial analysts and economists eagerly await reports on the home price index and consumer confidence index. what would be the effects of negative reports on both of these? ie: consumers feel their home value is decreasing and purchasing power is decreasing, similar to what we saw in the great recession.
The press releases for the findings on the consumer confidence index and home price index are anxiously awaited by many financial analysts and economists.
By analysts, what do you mean?
A financial, political, banking, or industry analyst is someone whose job it is to carefully investigate something in order to learn more about it or have a better understanding of it. They frequently make forecasts (=proclamations about what will occur in the future) in relation to their findings. An analyst usually works in an office. They'll examine the data and base their conclusions on the data they gather. An analyst could be a management analyst or have a financial background. You could choose to work as a news analyst or in market research.
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on january 1, year 1, a company appropriately capitalized $40,000 of software development costs for computer software to be sold. the company estimated an economic life of two years for the software and believes that it will generate $500,000 in total software sales. it had software sales of $300,000 in year 1. what amount of software amortization expense, if any, should the company report in its financial statements for the year ended december 31, year 1?
The company should report $20,000 in software amortization expense for the year ended December 31, year 1.
We must first decide how much of the software cost should be assigned to the first year before we can compute the amortisation costs. The average yearly revenue from software sales is $500,000 / 2 = $250,000 if the projected economic life is two years and the total software sales are $500,000. The amount of software expense to be allocated to year 1 would be $300,000 / $250,000 = 1.2 times the average yearly income if the firm had software sales of $300,000 in year 1. So, the software expense that would go towards year 1 would be $40,000 x 1.2 = $48,000. In such case, $48,000 / 2 = $24,000 would be the amortisation expenditure for the year that ended on December 31, year 1. Therefore, the business must disclose a $24,000 charge for software amortisation.
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an account linked with another account that has an opposite normal balance and is subtracted from the balance of the related account is a
The correct option is B. An account linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account is a Contra account.
In accounting, a contra account is a type of account that is used to reduce the balance of another account. Contra accounts are used to track transactions that offset the balance of another account, such as returns, allowances, or discounts. A common example of a contra account is the allowance for doubtful accounts, which is used to reduce the balance of accounts receivable to reflect the amount that is unlikely to be collected.
Contra accounts are used to provide a more accurate representation of the financial position of a company. By reducing the balance of an account with a contra account, the company can better reflect the true value of the account. Contra accounts are also used to provide more detail on the nature of the transaction that is being recorded. They allow accountants to separate different types of transactions and provide more information about the financial position of a company.
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Complete Question:
An account linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account is a(n):
A) Accrued account.
B) Contra account.
C) Temporary Account.
D) Clearing account.
E) Permanent Account.
