You must purchase printers, computers, furniture, and related supplies when operating a print shop. These expenses are referred to as capital investments by economists.
The acquisition of tangible assets by a firm for use in advancing its long-term business goals and objectives is known as capital investment. Assets obtained as capital investments include machinery, manufacturing facilities, and real estate.
When we talk about capital investment, we often mean committing money to a fixed capital expense in the hopes of earning returns that make up for the investment's inherent risk and the time delay before the money can be used for consumption. Capital investments include the following examples are land, buildings, computers, furniture, machinery, and other items.
The above question is incomplete, the complete question is:
When opening a print shop you need to buy printers, computers, furniture, and similar items. Economists call these expenditures
a. Capital Investment
b. Investment in human capital
c. Personal Saving
d. Business consumption expenditures.
Hence the correct option is A
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markell's basis in the markit partnership is $68,695. in a proportionate liquidating distribution, markell receives the following assets:
Markell obtains the assets at $69417.The partnership interest of a partner is completely terminated by a liquidation distribution.
A liquidating distribution from partnership is what?The partnership interest of a partner is completely terminated by a liquidation distribution. A current dividend affects a partner's outside basis and capital accounting, but it does not result in the interest being terminated.When a partnership distributes non-cash assets to a partner as part of the liquidation of the partner's interest, the basis of those assets is the adjusted basis of that partner's interest in the partnership, less any cash received concurrently.A partnership interest obtained through a contribution has a basis equal to the cash amount plus the adjusted basis of any contributed property. IRC 722.Explanation:
$68,695+722 = $69417.
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a firm in perfect competition earns profit if: answer unselected price is greater than average total cost unselected price is less than average total cost unselected price is equal to average total cost
Firms in a perfectly competitive world earn zero profit in the long run. While firms can earn accounting profits in the long run, they cannot earn economic profits.
Based totally on its preferred income and ordinary cost curves, a superbly competitive company—just like the raspberry farm—can calculate the quantity of output on the way to provide a pleasant stage of profits. At any given amount, popular revenue minus overall price will identical profits.
If the marketplace rate obtained thru a beautifully competitive firm leads it to provide an amount wherein the fee is extra than the commonplace charge, the employer will earn earnings.
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which of the following must the comptroller of public accounts do for the legislative budgeting and appropriations process?
The comptroller produces a revenue prediction and makes sure that the budget approved by the legislature is within that range.
What part in the budgeting process does the comptroller play?The Comptroller serves as the Secretary of Defense's chief fiscal and budgetary advisor on issues related to financial management, accounting policy and systems, management control systems, budget creation and implementation, contract and audit administration, and general management improvement initiatives.
A budget committee is a team within an organization that manages the distribution of financial resources for a business and distributes monies appropriately to various departments within the firm. An organization's budget handbook is created and updated by the budget committee; it contains precise procedures and standards for budgeting.
The Department of Budget and Management is responsible for overseeing public expenditure management to ensure the fair, responsible, transparent, and accountable distribution and use of public monies to enhance the standard of living for every Filipino.
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Contingent liabilities must be recorded if: The future event is reasonably possible but not estimable. The future event is probable but not estimable. The amount owed cannot be reasonably estimated. The future event is remote. The future event is probable and the amount owed can be reasonably estimated.
Contingent liabilities must be recorded if The future event is remote.
What are liabilities ?Liabilities are liabilities owed by a company to third party creditors. Bills payable and bank payables may be part of accounts payable. Businesses borrows on debt to grow faster. A company's balance of liabilities and assets stabilizes the company. Liabilities can be classified into three categories: Short-term, long-term, conditional. In other words, cash is a current asset and the first item on a company's balance sheet. Cash is the most liquid asset and can be used to easily purchase other assets. Liquidity refers to the comfort with which an asset can be changed into cash. Accidents inside or outside your home create personal liability and result in personal injury or property damage for which you are legally liable.To learn more about liabilities from the given link :
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a guy go into a store and takes $100.00 fro the register . he then buys $70.00 worth of goods and gets $30.00 change . how much did the store lose ?
A guy go into a store and takes $100.00 from the register . he then buys $70.00 worth of goods and gets $30.00 change The store loses $100 in the above process.
What is goods?Goods refers to the tangible item sold to the customer and service is the task performed for the benefit of the recipient. Examples of goods are cars, appliances, and clothing. In economics, a commodity is an object that satisfies a human need and provides utility to customer and others who purchase satisfying products. A distinction is made between transferable goods and non-transferable goods. Fundamental rights are realized (and human security guaranteed) through the provision of basic goods, goods and services that meet objective human needs. A Goods is a physical product that can be delivered to a Buyer and involves a transfer of title from the Seller to the Customer. Goods also refer to any kind of goods or items, excluding services, involved in trade or commerce.To learn more about goods from the given link :
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RESIDUAL INCOME VALUATION. The Coca-Cola Company is a global soft drink beverage company (ticker symbol = KO) that is a primary and direct competitor with PepsiCo. The data in Exhibits 11.13, 12.14, and 12.15 in Chapter 11 include the actual amounts for Year 4 and projected amounts for Year + 1 to Year + 6 for the income statements, balance sheets, and statements of cash flows for Coca-Cola (in millions).The market equity beta for Coca-Cola at the end of Year 4 is .76. Assume that the risk-free interest rate is 4.0 percent and the market risk premium is 5.0 percent. Coca-Cola has 2,409 million shares outstanding at the end of Year 4. At the end of Year 4, Coca-Cola’s share price was $41.64. Required : Derive the projected residual income for Coca-Cola for Years + 1 through +6 based on the projected financial statements. The financial statement forecasts for Year +6 assume that Coca-Cola will experience a steady-state long-run growth rate of 3 percent in Year +6 and beyond.
Net income less a deduction for the cost of equity capital yields residual income.
How do you value residual income?RI = Net Income – Equity ChargeTo put it simply, residual income is net profit that has been adjusted for the cost of equity. The cost of equity and the company's equity capital are multiplied to determine the equity charge.Net income less a charge for the cost of capital equals residual income. The cost of equity, sometimes referred to as the needed rate of return on equity, is multiplied by the value of equity capital to arrive at the so-called equity charge.The projected worth of a fixed asset at the conclusion of its useful life or lease term is known as the residual value, sometimes known as salvage value.
Find the attachment answer
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economist argue that consumers are better off when competition is strong and monopolies are limited to certain industries. one reason is the deadweight loss associated with monopoly markets and market power. which of the following is an example of deadweight loss in monopoly markets? lack of innovation and technological breakthroughs under monopolistic conditions failure to achieve economies of scale under monopolistic conditions consumer surplus lost because prices are higher and output is lower under monopolistic conditions guaranteed economic profit under monopolistic competition
The following is an example of deadweight loss in monopoly markets : ''consumer surplus lost because prices are higher and output is lower under monopolistic conditions''.
How does a monopoly reduce deadweight loss?A monopoly's profit is determined by total revenue less entire expense. The deadweight loss, seen by the red region ."Deadweight Loss," occurs when the overall production is below what would be considered socially optimum. Other circumstances, such as when there are quantity or pricing constraints, might result in deadweight loss.By producing the amount where marginal income and marginal cost overlap, a monopolist maximizes profit. As a result, society loses weight and there is a transfer of value from the consumer to the monopolist.Deadweight is lost as a result of this. Make it necessary for the monopoly to set its prices at the intersection of the demand and average cost curves. This boosts productivity, raises social surplus, lowers deadweight loss, and transfers some surplus from the monopoly to consumers.Learn more about monopoly markets refer to :
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Activity-based costing involves four steps: (1) identify activities and the costs they cause, (2) group similar activities into cost pools, (3) determine an activity rate for each activity cost pool, and (4) allocate overhead costs to products using those activity rates.A. TrueB. False
The correct answer is True.
The four steps in ABC are identifying an activity estimating its quantity and basis of allocation calculating predetermined rates and allocating overhead costs. Activity-Based Costing is a method of allocating overhead and overhead costs such as salaries and operating expenses to products and services.
The ABC system of costing is based on activities that appear as events, units of work, or tasks with specific goals. In activity-based costing also known as ABC businesses account for costs by categorizing their cost sources into one of four general groups piece-based, batch-based, product-based, and equipment-based. Base Cost is a costing method that assigns overhead and overhead costs to related products and services.
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How do bonds make money?.
Bonds make money by way of interest.
There are two ways to profit from bond investments. The first step is to keep those bonds until they mature and earn income on them. Typically, interest on bonds is paid twice a year.
Selling bonds for more than you paid for them at first is the second technique to make money with bonds.
There are two basic causes for bond price increases. The price of the bond will normally increase if the borrower's credit risk profile changes, making it more probable that they will be able to repay the bond when it matures.
Furthermore, an existing bond with a higher interest rate will appreciate in value if the current interest rates on newly issued bonds decline.
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one requirement of a fixed order quantity system is that the inventory must be constantly monitored. true false
This assertion is accurate. A fixed order quantity system calls for regular inventory monitoring as one of its requirements.
How does a set order quantity system work?In the Fixed Size Ordering System, the standard inventory quantity's upper and lower bounds are predetermined in advance. As inventory levels drop, orders for EOQ (Economic Order Quantity) are placed at ROP (Reorder Point, or simply OP), which is reached when the inventory level reaches the lower bound of the standard inventory quantity.
How a system of fixed order quantity inventory works?To maintain strict control over inventory, fixed order quantities occur when only a fixed quantity can be ordered at a time. Typically, a minimum quantity is established in the database, and when inventory reaches that quantity, a maximum quantity of the commodities is reordered.
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mr. and mrs. harvey's tax liability before credits was $1,675. their income tax withholding was $1,050, and they are entitled to a $1,189 earned income credit. which of the following statements is true?
Mr. and Mrs. Harvey's earned income credit is earned income credit.
1050 + 1189 - 1675 = $564
The Earned Income Credit allows low- to moderate-earnings people and households to get a tax break. if you qualify, you could use the credit score to reduce the taxes you owe – and maybe grow your refund.
If you record electronically, most refunds are processed within 21 days after the receipt. in case you mail your paper go back, it could soak up to 4 weeks to get processed. you could click right here to discover how you may acquire the EITC refund. truly input your Social safety wide variety, filing popularity, and the exact refund quantity.
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the risk-free rate of return is 2.5% and the expected return on the market is 8%. if the beta on ridgeway co. stock is 0.8, then what is ridgeway's expected return?
When the risk-free return is 2.5%; the expected return is 8%; and beta is 0.8, then the total amount of expected return will be approximately 6.9 percent.
The computation for the actual expected return can be done using the generalized formula and the information provided, as below,
Expected Return = Risk Free Return + Beta*(Expected return-risk free return)
Expected Return = 2.5% + 0.8 * (8-2.5/100)
Expected Return = 6.9%
Therefore, the expected return on the stock for Ridgeway will be approximately 6.9 percent.
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q21. the standard deviation of returns on warchester stock is 20% and on shoesbury stock it is 16%. the coefficient of correlation between the stocks is .75. the standard deviation of any portfolio combining the two stocks will be less than 20%.
The widespread deviation of returns on Worchester inventory is 20% and on Shoes bury inventory it's far 16%. The coefficient of correlation among the shares is . 75. The widespread deviation of any portfolio combining the 2 shares could be much less than 20%.
The required details for Standard deviation in given paragraph
The widespread deviation is a degree of the quantity of variant or dispersion of a fixed of values. A low widespread deviation suggests that the values have a tendency to be near the mean of the set, even as a excessive widespread deviation suggests that the values are unfold out over a much broader range. Standard deviation can be abbreviated SD, and is maximum usually represented in mathematical texts and equations via way of means of the decrease case Greek letter σ (sigma), for the populace widespread deviation, or the Latin letter s, for the pattern widespread deviation. The widespread deviation of a random variable, pattern, statistical populace, facts set, or chance distribution is the rectangular root of its variance. It is algebraically simpler, even though in exercise much less robust, than the common absolute deviation.
A beneficial assets of the same old deviation is that, not like the variance, it's far expressed within side the identical unit because the facts. The widespread deviation of a populace or pattern and the widespread mistakes of a statistic are pretty different, however related.
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company a has a shorter average collection period than company b using the formula 365 / (credit sales / average ar balance). which of the following statements is true regarding these two companies?
In terms of these two firms, Company A is more effective than Company B at collecting receivables from customers.
What do clients in business portray?
An people or company that purchases goods or services from another company is known as a customer. Customers are crucial to businesses because they generate revenue; without them, they would cease to exist.
Who makes a good client?
Excellent customers act as advocates. When your product offers great value to them, great customers go beyond being just delighted. They more than just provide references. More than just excellent customer satisfaction ratings are given to you. A customer is an individual or business who receives, uses, or purchases a product.
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TRUE/FALSE. the duty of accounting means that upon the request of the agent, the principal must immediately account for any work done by the agent and compensate him fairly for it.
True: the duty of accounting means that upon the request of the agent, the principal must immediately account for any work done by the agent and compensate him fairly for it.
Any money or property belonging to the principal that is entrusted to the agent must be accounted for. A real estate broker is obligated by this duty to protect any funds, deeds, or other documents that are given to agent and have to do with their client's business or affairs. Thus, the given statement is true.
For a real estate team, a real estate accountant oversees all accounting procedures. To ensure that financial reporting is accurate and well-organized, they manage accounts payable and receivable, create journal entries, reconcile business accounts, and input data into accounting software.
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which one of the following would be considered a contingent liability? a company owes $44,000 on inventories purchased on credit a company has $980,000 worth of bonds outstanding a company estimates that it will probably have to pay $48,000 to the department of environment protection for a chemical spill the company has access to a line of credit with a bank in the amount of $576,000 the company believes that it is reasonably possible it will lose a lawsuit but is unable to determine the possible damages
Among the following cases, the case which would be considered as contingent liability is: "the company has access to a line of credit with a bank in the amount of $576,000".
Contingent liability is a liability that could arise contingent upon the outcome of an uncertain future occurrence. If the contingency is probable and its monetary impact can be reliably assessed, contingent liabilities are documented. If neither condition is met, the liability may be disclosed in a footnote on the financial statements.
Typical examples of contingent liability are pending lawsuits and product warranties because their outcomes are uncertain. The accounting rules for reporting contingent liabilities vary based on the estimated dollar amount of the liability and the probability that the event will occur. The accounting rules guarantee that readers of financial statements receive adequate information.
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what will happen to prices and gdp (p and y), when the government conducts a contractionary fiscal policy?
Price and GDP decreases when the government conducts a contractionary fiscal policy.
Fiscal policy is using government spending and taxation to influence the economy. Governments generally use fiscal coverage to sell robust and sustainable increase and decrease in poverty.
As an instance, governments can decrease taxes and raise spending to reinforce the economic system if wished; usually, they spend on infrastructure initiatives that create jobs and income and social packages. Or, if the financial system is doing nicely, a central authority can reduce spending and increase taxes.
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You hire an experienced pet industry executive to consult with you both throughout the process. In your first meeting, she presents you with an initial market analysis and trend report.
The first decision you need to make is what type of retail format you think will be best for your new venture.
- Superstore
- Specialty store
- Category killer
- Specialty store
Answer:
Specialty store.
Explanation:
Since it's your new business and you surely don't want to incur a huge investment at this stage. So choosing the other stores such as superstores or category killers will be costly and moreover, they will be irrelevant to your business. Because why would you need to open a general store when your business is related to the pet industry?
Which of the following statements describes the moral theory of utilitarianism?
A) People must choose the action or follow the rule that provides the greatest good to society.
B) People must follow actions that are in accordance with a specific moral rule or principle from
a religious text.
C) People must choose to follow actions of a virtuous person.
D) People must follow actions based on moral duties imparted from one's community.
A) People must choose the action or follow the rule that provides the greatest good to society.
The statement that describes the moral theory of utilitarianism is option A: People must choose the action or follow the rule that provides the greatest good to society.
According to the utilitarian view of normative ethics, the moral course of conduct is the one that maximises utility. Utility is characterised in a variety of ways, including as enjoyment, financial security, and the absence of suffering. The Excellent: Everything is good, either because it makes us happy or because it is related to our happiness. Whether an action causes happiness or unhappiness determines whether it is proper or bad to do it.
A moral theory tells us what it is about an action that makes it right or what it is about a person that makes him or her good. It does not explain why one event leads to another, but rather why a person or a person's character is good or bad.
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based on marketing research with employees, customers, and hosts around the world, airbnb developed its current strategy, which centers around
Based on marketing research with hosts, employees, and, customers around the world, Airbnb developed its current strategy, which centers around 'hosts that do not simply offer their spaces as rentals but work hard to offer unique experiences'.
Airbnb is a community-based platform for listing and renting local homes through online means. It connects travelers and hosts in order to facilitate the process of renting without owning any rooms themselves. Furthermore, it cultivates a sharing economy by allowing property owners to rent out their private flats. The key to Airbnb's current strategy centers around the idea of encouraging hosts not only to simply offer their spaces as rentals but also to work hard to offer unique experiences.
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compute interest and find the maturity date for the following notes. date of note june 10 principal $144,000 interest rate (%) 4% (b) july 14 $118,800 5% terms 60 days 90 days interest maturity date (c) april 27 $10,800 6% 75 days
The final payment due for a loan, bond, or other financial product has a maturity date.
How do you calculate maturity date?The [Sum Assured + Bonus Amounts] that have accrued over the course of the policy term + any [Final Addition Bonus] if declared are added together to calculate the maturity benefit. The nominee will additionally receive the Sum Assured amount as the Death Benefit if the policy holder does not survive the policy term.Maturity Benefit = The policyholder receives the Basic Sum Assured, accrued bonuses, and any Final Bonus payments at the time of maturity.Benefits for guaranteed maturity are given upon maturity. Prior to the purchase of the plan, the policyholder is informed of the predetermined amount. As a result, "Past performance" is not denied.
A)June 10 $144,000 4%
B)July 14 $118,800 5% 90 days
C)April 27 $10,800 6% 75 days
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Operation paydirt/fundred dollar bill project is a broad collaborative process of community education, fundraising, and political action, but its underlying issue links most closely to work by.
Operation paydirt/fundred dollar bill project is a broad collaborative process of community education, fundraising, and political action, but its underlying issue links most closely to work by LaToya Ruby Frazier.
What is the Operation paydirt/fundred dollar bill project?Operation paydirt/fundred dollar bill project can be described as the project that can be attributed to the joint collaboartion of the communities which focus on the process oif giving the education as well as the fundraising fopr those that actually in need of it, and this operation was designed to change the lives of the people in the communities, however this operation also help to provide political action in the communites , and it can be seen as one that most closely to work by LaToya Ruby Frazier.
It should be noted that LaToya Ruby Frazier can be described as the American artist who was also a professor of photography and was famous in the School of the Art Institute of Chicago.
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at most traditional department stores, salespeople employed by the various cosmetics vendors who supply the merchandise to the stores straighten stock, set up displays, assess inventory levels, and write orders. these activities highlight which value of personal selling?
These activities emphasize time savings and make shopping simpler.
What is inventory?The items and commodities that a business maintains on hand with the intent of reselling, producing, or using them are referred to as inventory or stock.
Defining the size, location, and shape of stocked commodities is a major focus of inventory management. Prior to the normal and scheduled course of production and stocking of materials, it is necessary at various points within a facility or at several sites of a supply network.
Hence, these activities stress time savings and ease of shopping.
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The classical economists’ contention that prices double when the money supply doubles is predicated on the belief that in the short run velocity is _____ and real GDP is _____.(a) constant; constant(b) constant; variable(c) variable; variable(d) variable; constant
The classical economists’ contention that prices double when the money supply doubles is predicated on the belief that in the short run velocity is constant and real GDP is constant.
What is real GDP ?Real GDP is a macroeconomic measure of the value of economic output after adjusting for price changes. This adjustment converts nominal GDP, a money-value measure, into an index of total output quantity.Real GDP is calculated using base-year prices. It is also known as constant-price GDP, inflation-adjusted GDP, or constant dollar GDP. Simply put, real GDP measures a country's total economic output after adjusting for price changes.In economics, real GDP is an example of the distinction between real and nominal values. The market value of all final goods produced in a geographical region, usually a country, is defined as nominal gross domestic product. The market value is determined by the quantity and price of goods and services produced.To learn more about GDP refer :
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donis Corporation issued 10-year, 8% bonds with a par value of $200,000. Interest is paid semiannually. The market rate on the issue date was 7.5%. Adonis received $206,948 in cash proceeds. Which of the following statements is true? Adonis Corporation issued 10-year, 896 bonds with a par value of $200,000. Interest is paid semiannually. The market rate on the issue date was 7.596. Adonis received $206.948 in cash proceeds. Which of the following statements is true? A. Adonis must pay $200.000 at maturity and no interest payments. B. Adonis must pay $206,948 at maturity and no interest payments. C. Adonis must pay $200.000 at maturity plus 20 interest payments of 58.000 each. D. Adonis must pay $206,948 at maturity plus 20 interest payments of $8.000 each E. Adonis must pay $200,000 at maturity plus 20 interest payments of $7.500 each.
At maturity, Adonis is required to pay $200,000 plus 20 interest charges of $8,000 each.
Why do you use the word "market"?Market: A process whereby things and services are exchanged as a result of contacts between sellers and buyers either immediately or through intermediaries or institutions.
What does "market" mean in business?A market is a gathering place for both buyers and sellers where they can swap goods and services. Marketplace can be real-world, like a physical store, or digital, like an online retailer. The black market, an auctions economy, and the financial sector are more examples.
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a company purchased a computer system on january 2, 2021 for $1,600,000. the company used the straight-line depreciation method with an estimated useful life of 6 years and a residual value of $130,000. the company prepares financial statements at december 31. assume the company decides to sell the computer system on july 1, 2023 for $1,000,000. which of the following statements about the journal entry (or entries) required on july 1 is not correct? multiple choice accumulated depreciation is debited for $612,500 in the entry to record the sale. the loss on the sale is $12,500. the equipment asset account must be credited for $1,600,000 to record the sale. the depreciation expense must be recorded for 6 months, january 1 to july 1.
The statement about the journal entry required on July 1 which is not correct is; The loss on the sale is $12,500.
The value of the equipment on the date it was sold is = Cost price - Accumulated depreciation
Accumulated depreciation = Depreciation × Number of years of service
Accumulated depreciation = [$1,600,000 - $130,000] ÷ 6 years = $245,000
The number of years of service is 2.5 years as the asset was sold on July 1, 2023.
Accumulated depreciation = $245,000 × 2.5 = $612,500
Value at date of sale:
= $1,600,000 - $612,500
= $987,500
Gain (loss) on sale = Selling price - Value at the date of sale
= $1,000,000 - $987,500
= $12,500
Therefore $12,500 is a gain and not a loss. Hence the statement; the loss on the sale is $12,500 is not correct.
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for the following time series data, using the naive method (the most recent value as the forecast for the next period), answer the following questions. month value 1 14 2 13 3 9 4 15 5 30 6 23 (a) compute mean absolute error (mae). mae
MSE = 64.8
Forecast for month 8 is 14.
Explanation in detail:The following analysis was used to get the table.
1. Forecast value: we are instructed to utilize the most recent value for the following period, thus we use data from the preceding time series.
2. Absolute Value of Forecast Error: Absolute value is the modulus of a number that returns a positive value, e.g. |-x| = x
3. Forecast error squared: this is the mistake multiplied by itself.
Therefore,
MSE = total square prediction error divided by frequency
MSE = 389 / 6
MSE = 64.83
To 1d.p
MSE = 64.8
The prognosis for the next eight months is fourteen. This is the last time series value, and it will be the predicted value for the next eight months.
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Which of the following should be subtracted from net income in calculating net cash flow from operating activities using the indirect method?
a decrease in accounts receivable
a gain on sale of land
a decrease in accounts payable
payment for preferred dividends
The first option "a decrease in accounts receivable" should be subtracted from net income in calculating net cash flow from operating activities using the indirect method
What is net incomeNet income is the entire amount of money that a person or company made over a specific time period after deducting taxes, costs, and interest.
Most business owners must produce an income statement, one of the three primary financial statements, in order to determine their net income. The purpose of a company's income statement, also known as a "profit and loss statement" is to explain how you calculated your net income.
An income statement accomplishes this by starting with the total revenue for the period (which is often the first line of the statement), deducting each of your expenses and losses, line item by line item, and finally spitting out your net income on the very last line.
Because of this, net income is occasionally referred to as "the bottom line."
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The first option "a decrease in accounts receivable" should be subtracted from net income in calculating net cash flow from operating activities using the indirect method.
What is net income?Net income is the entire amount of money that a person or company made over a specific time period after deducting taxes, costs, and interest.
Most business owners must produce an income statement, one of the three primary financial statements, in order to determine their net income. The purpose of a company's income statement, also known as a "profit and loss statement" is to explain how you calculated your net income.
An income statement accomplishes this by starting with the total revenue for the period (which is often the first line of the statement), deducting each of your expenses and losses, line item by line item, and finally spitting out your net income on the very last line.
Because of this, net income is occasionally referred to as "the bottom line."
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As of January 1, 2018, Farley Co. had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on experience, 2% of Farley's credit sales have been uncollectible. During 2018, Farley wrote off $650,000 of accounts receivable. Credit sales for 2018 were $18,000,000. In its December 31, 2018, balance sheet, what amount should Farley report as allowance for uncollectible accounts? A) $230,000. B) $360,000. C) $590,000. D) $880,000.
Here the correct answer is $230,000.
As of January 1, 2018, Barley Co. had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on experience, 2% of Farley's gross accounts receivable have been uncollectible. During 2018, Farley wrote off $650,000 of accounts receivable. Barley's gross accounts receivable as December 31, 2018 is $18,000,000. In its December 31, 2018, balance sheet, what amount should Farley report as allowance for uncollectible accounts?
Here the correct answer is $360,000.
Please explain why this is. How do I know when to add the credit in allowance for uncollectible accounts & subtract the write off??
In its December 31, 2018, balance sheet, the amount should Farley report as allowance for uncollectible accounts is $230,000
Balance sheet:
Balance sheet states that a business's assets, liabilities, and shareholder's equity at a specific point in time.
Given,
As of January 1, 2018, Farley Co. had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on experience, 2% of Farley's credit sales have been uncollectible. During 2018, Farley wrote off $650,000 of accounts receivable. Credit sales for 2018 were $18,000,000. Here we need to find in its December 31, 2018, balance sheet, the amount should Farley report as allowance for uncollectible accounts.
In order to calculate the the amount should Farley report as allowance for uncollectible accounts,
We should do the following calculations,
=> 18,000,000 * 2% = 360,000 (current year)
=> 360,000 + 520,000 - 650,000 = 230,000
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The three largest Federal Reserve banks (New York, Chicago, and San Francisco) combined hold more than _____ percent of the assets of the Federal Reserve System.
A) 25
B) 33
C) 50
D) 67
The three largest Federal Reserve banks (New York, Chicago, and San Francisco) collectively hold more than 50% of the Federal Reserve's assets.
Federal Reserve banks Direct holdings make up about 95% of the Fed's total balance sheet. Nearly two-thirds are government bonds, including treasury bills, bonds and treasury bills. Mortgage Pfandbrief accounts for another third. The major items on that on the liability side of the Federal and Reserve balance sheet are the Federal Reserve notes (U.S. legal tender) and an equivalent number of depository institutions, U.S. Treasury Deposits held in Ministry, and other accounts. 2022. The value of the Federal Reserve's balance sheet has increased overall from about $0.9 trillion in 2007. As of November 1, 2022, the Federal Reserve had $8.68 trillion in assets on its balance sheet.
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