The recognition of cash collection from an account receivable will affect two financial statements: the balance sheet and the statement of cash flows. Hence option A is correct .
What accounts will affect ?When Mary Company collects cash from an account receivable, it increases the cash balance on the balance sheet and decreases the accounts receivable balance. This transaction affects the assets section of the balance sheet as cash is an asset, and accounts receivable is a current asset.
The statement of cash flows is also impacted by this transaction. The cash collection is reported as an inflow of cash in the operating activities section of the statement of cash flows. This section shows the cash inflows and outflows related to the company's primary operations.
The income statement and the statement of changes in stockholders' equity are not affected by the recognition of cash collection from an account receivable.
The income statement records revenue when the sale is made, regardless of when the cash is collected, and the statement of changes in stockholders' equity shows changes in equity from the issuance of shares or payment of dividends.
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Evaluate the argument of Meredith in this case.
Are her claims valid? Was she treated fairly in this case? Why or why not?
In this situation, Meredith claims that her employer treated her unfairly. She argues that she should be reimbursed for missed salary and benefits because she was fired without reason and without prior notice.
The things Meredith says are true. An employee cannot be let go by an employer without justification or advance notice. Meredith was most likely treated unfairly in this situation, therefore. She might be qualified for financial support for her lost benefits and salary.
Meredith ought to speak with a lawyer about her legal alternatives. She can seek legal remedies that may be available with the assistance of a lawyer, who can also advise her on the best course of action and help her understand her rights and obligations.
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Which of the following statements are TRUE regarding order tickets?
I. Order tickets must be prepared prior to entry of the order
II. Order tickets must be prepared by the close of business on the day the order was entered
III. Once an order has been executed, alterations are permitted as long as they are done by the market close
IV. Once an order has been executed, no alterations are permitted to the ticket unless a manager approves
A. I and III
B. I and IV
C. II and III
D. II and IV
Order tickets must be prepared prior to entry of the order and Once an order has been executed, no alterations are permitted to the ticket unless a manager approves are true regarding order tickets.
Option B is correct.
When should tickets ordered be prepared?It is necessary to complete the order tickets promptly. Consequently, they must be completed prior to or simultaneously with the order's placement and execution. After the fact, brokers are not permitted to fulfill orders or issue tickets.
What requirements must an order ticket meet?The following is typically included in a deal ticket: the security's name, the type of transaction, the duration of the order, the quantity, the price, the commission, the names of the parties involved, and the date and time of the transaction.
How does an order ticket work?A registered representative fills out an order memorandum or order ticket, which identifies, among other things: the security, amount, customer, and account number for which the order is being entered, as well as the type of purchase or sale.
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Which of the following factors reflect pure market risk for a given corporation?
a) Increased short-term interest rates
b) Fire in the corporate warehouse
c) Increased insurance costs
d) Death of the CEO
e) Increased labor costs
The factor that reflects the pure market risk for a given corporation is Increased short-term interest rates
What reflects the pure market risk for a given corporationMarket risk refers to the risk that an investment will decrease in value due to changes in market factors such as interest rates, inflation, or economic conditions. In this case, an increase in short-term interest rates is a market risk factor that can affect the corporation's cost of borrowing, investment returns, and overall financial performance.
The other options mentioned are examples of non-market risk factors that can also affect a corporation's financial performance but are not related to market conditions. These factors are specific to the corporation's operations, management, or external environment and may have varying levels of impact on its financial performance.
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Answer:
Increased short-term interest rates
Explanation:
a profit pool can be defined as the total profits in an industry at all points along the industry ______ chain. a. supply b. market c. seller d. value.
Certain companies are preventing the global economy from collapsing despite the pandemic's continued rage. In this post, we list the top 15 global industries for profit in 2021.
The global economy has had certain negative repercussions from COVID-19.
It is necessary to assume that an economic depression is ahead of us as a result of nations going into lockdowns and closing down businesses. Nonetheless, despite these challenging circumstances, certain industries have been able to maintain their composure and optimism.
Even when things appear to be falling apart, they sometimes turn out to be falling into place. As nations start to lift their curfews and companies resume their routine commercial operations, we observe that despite the costs of providing.
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Which of the following project factors should lead an organization toward a dedicated project team structure? High strategic importance
High strategic importance and Tight time restrictions and Large project size of the following project factors should lead an organization toward a dedicated project team structure.
What is a project team example?A project team may include a variety of individuals from several disciplines. For instance, it's possible for marketers, marketers, and product engineers to all collaborate on the same project. Different team members may bring to the project varying amounts of time, effort, talents, and subject-matter knowledge.
What role does the project team play?The projects team (referred to as "the team") is a collection of people with complementary and suitable professional, technical, or technical abilities. The team is in charge of carrying out the activities outlined in the program and project plan, under the guidance of the programme manager or project manager.
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10 steps on how to turn an Idea into Reality?
It's easy to Visualization; all you need to do is set aside five minutes each day. If the dream you are having has already come true, close your eyes and picture exactly what you would be seeing.
What are the top 13 business success tips?13 Strategies to Boost Your Small Business's Success
Establish a personality for your brand.
Create a structure for your company and operational support systems.
Stay away from typical errors.
Embrace the neighbourhood and get involved.
Prioritize the needs of your staff.
Customers should be kept, not just acquired.
Create a plan.
Is it possible for my thoughts to come true?William James, an American psychologist and philosopher, once remarked that perception originates from thoughts, and reality is created from thoughts. Your reality is impacted by your thoughts. The world in which we live is only a reflection of the qualities and characteristics of
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the type of listing that allows the broker to offer the property at any price greater than the total amount the seller wants is the unit 5 real estate
The type of listing that allows the broker to offer the property at any price greater than the total amount the seller wants is an exclusive right to sell listing.
What is the exclusive right to sell listing ?In an exclusive right to sell listing, the broker has the exclusive right to market and sell the property on behalf of the seller, and is entitled to a commission regardless of who sells the property.
This gives the broker the flexibility to price the property in a way that will attract buyers, and to negotiate the best possible deal for the seller. The broker has a fiduciary responsibility to act in the best interests of the seller, and must use their professional judgment to determine the most effective pricing strategy for the property.
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Discovery is part of the pretrial phase of a lawsuit in which each party can obtain ____ from the other party by various means
Discovery is part of the pretrial phase of a lawsuit in which each party can obtain evidence from the other party by various means
How does evidence help in lawsuitDiscovery is indeed a part of the pretrial phase of a lawsuit, in which each party can obtain evidence and information from the other party by various means. The purpose of discovery is to enable both sides to prepare their cases and ensure that the trial is fair and just. The types of information that can be obtained through discovery include documents, physical evidence, witness statements, and expert opinions.
The various methods of discovery that may be used include depositions, interrogatories, requests for production of documents, and requests for admission. Through the discovery process, both parties can gain a better understanding of the facts of the case and the strengths and weaknesses of their respective positions, which can help to facilitate a settlement or prepare for trial.
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identify whether each of the following is best described as a fixed, variable, or mixed cost with respect to product units.
Determine if each of the following is more appropriately categorized as a fixed, variable, or mixed cost with respect to product units.
What is an example of appropriateness?
Determine if each of the following is more appropriately categorized as a fixed, variable, or mixed cost with respect to product units.
the attribute of being appropriate or appropriate for a certain event or occasion: On whether public funding is appropriate, there is disagreement. He questioned whether some of the books were acceptable for five-year-olds because they were lengthier than others. Numerous people have questioned whether the commercials are suitable.
1. Conduct that society's participants would find acceptable. Examples include giving to those in need or refraining from being judgmental of others based on their affiliation with a certain group.
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financial information for buckle is presented in appendix b at the end of the book. required: 1. for the most recent year, what amount does buckle report for current assets? what is the ratio of current assets to total assets? 2. for the most recent year, what amount does buckle report for current liabilities? what is the ratio of current liabilities to total liabilities? 3. for the most recent year, what is the change in retained earnings reported in the balance sheet? 4. for the most recent year, what is the amount of net income reported in the income statement? 5. calculate the amount of dividends during the year using only your answers in questions 3 and 4 above.
1. According to Appendix B, Buckle reported $271,873,000 for current assets and the ratio of current assets to total assets was 0.86.
2. Buckle reported $122,927,000 for current liabilities and the ratio of current liabilities to total liabilities was 0.36.
3. The change in retained earnings reported in the balance sheet was an increase of $17,077,000.
4. The amount of net income reported in the income statement was $14,912,000.
5. The amount of dividends during the year is $17,077,000 - $14,912,000 = $2,165,000.
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a sole proprietorship was started on january 1, year 1, when it received $42,000 cash from marlin jones, the owner. during year 1, the company earned $54,400 in cash revenues and paid $21,390 in cash expenses. jones withdrew $6,500 cash from the business during year 1. required prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for jones's year 1 fiscal year.
Net income is $33,010 and Capital Statement Changes in Equity are $68,510
What is a balance sheet explain?A balance sheet is a financial statement that shows the assets and liabilities of a company at a given point in time. It is one of the three primary financial statements used to evaluate a company's performance.
Here are the financial statements for the sole proprietorship for Year 1:
Income Statement for Year 1
Revenues: $54,400
Expenses: ($21,390)
Net Income: $33,010
Capital Statement (Statement of Changes in Equity) for Year 1
Beginning Capital: $42,000
Add: Net Income: $33,010
Less: Withdrawals: ($6,500)
Ending Capital: $68,510
Balance Sheet as of December 31, Year 1
Assets Liabilities and Equity
Cash: $61,110 Liabilities: $0
Total Assets: $61,110 Owner's Equity: $68,510
Thus, The net profit is $33,010, and the capital statement changes in equity are $68,510.
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Which of the following is not a benefit of tight cross-functional integration among research and development (R&D), production, and marketing?
A. New products are designed for ease of manufacture.
B. Development costs are kept in check.
C. Product development projects are driven by company innovations.
D. Time to market is minimized.
E. Customer needs are considered in the product development process.
The correct answer is (c) Product development projects are driven by company innovations. The process of combining various functional business activities within an organization is CF integration.
What is cross function integration?Cross-functional integration refers to the close collaboration of personnel representing different functional organizations through cross-functional teams or other organizational means.
A cross-functional team consists of members with different fundamental perspectives and expertise necessary to achieve a common team goal.
As a result, the activities and decisions provided by cross-functional teams are considered superior to those provided by individuals or groups that take only a functional perspective.
Implementing cross-functional integration requires understanding that conflicts can arise.
That is why the integration process itself and its seamless construction are so important when it comes to different job prospects and skills.
Innovation happens during multiple brainstorming sessions within cross-functional teams.
It's a challenging process because sharing thoughts and opinions, removing the unrealistic, and emphasizing what's great is the main goal of his COMMITMENT.
Creativity and integrated ideas can be transformed into the best products. This explains the transformative effect of cross-functional integration on developed products.
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question content area wickers restoration services had the following transactions on may. received $48,000 from sale of common stock. paid rent on office for the month, $880. purchased supplies on account, $1,750. earned fees, receiving cash, $12,600. paid creditor on account, $1,000. paid automobile expenses for month, $375, and miscellaneous expenses, $250. paid office salaries for the month, $3,900. earned fees that the customer will pay next month, $2,400. determined that the cost of supplies used was $280. paid dividends, $2,400.
Each transaction, whether or not it is related to money, can be recorded as a journal entry. The journal entries for the above transactions of Wickers Restoration Services on May is given below:
What is in a journal entry?The date, the amount to be credited and debited, a brief description of the transaction, and the accounts involved are all included in each journal entry along with other information pertinent to a single business transaction. However, depending on the company, it might contain a list of the affected subsidiaries, tax data, and other information.
The journal entry is:
Number Account Title Debit Credit
1. Cash 48000
Common stock 48000
2. Rent Expense 880
Cash 880
3. Supplies 1750
Accounts payable 1750
4. Cash 12600
Fees earned 12600
5. Accounts payable 1000
Cash 1000
6. Automobile expense 375
Miscellaneous expense 250
Cash 625
7. Wages expense 3900
Cash 3900
8. Accounts receivable 2400
Fees earned 2400
9. Supplies expense 280
Supplies 280
10. Dividends 2400
Cash 2400
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The complete question is:
Wickers Restoration Services had the following transactions on May. received $48,000 from sale of common stock.
paid rent on office for the month, $880.
purchased supplies on account, $1,750.
earned fees, receiving cash, $12,600.
paid creditor on account, $1,000.
paid automobile expenses for month, $375, and
miscellaneous expenses, $250.
paid office salaries for the month, $3,900.
earned fees that the customer will pay next month, $2,400.
determined that the cost of supplies used was $280.
paid dividends, $2,400.
a. Prepare the journal entries for the above transactions on May. If an amount box does not require an entry, leave it blank.
10. Decisions made by top managers involving strategy, such as signing mergers or making acquisitions, are examples of _____ decisions.
a. frequent
b. nonprogrammed
c. structured
d. operational
e. programmed
Decisions made by top managers involving strategy, such as signing mergers or making acquisitions, are examples of nonprogrammed decisions.
What three categories exist for decision-makers?Based on the level at which they occur, decision-making can also be divided into three categories. The direction of an organization is decided upon strategically. Decisions about how something will be accomplished are considered tactical. Finally, operational decisions are choices that staff members make every day to manage the company.
What are the three different kinds of decisions that are typically made in the context of a business?The three decision-making processes—strategic, tactical, and operational—are supported by business intelligence.
What are decision-making of types 1 and 2?Category 1 decisions are final choices that cannot be modified after being carried out. They therefore demand serious consideration. Reversible judgments fall within the category of type 2. You have the option to modify them even after execution.
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Which of the following are typical negotiable certificate of deposit (NCD) denominations? Check all that apply.
a. $200,000
b. $500,000
c. $1,000,000
d. $5,000,000
The typical values for negotiable certificate of deposit (NCD) are $1,000,000 and $5,000,000. Thus, the correct answer is C and D.
What is negotiable certificate of deposit?Banks and credit unions issue negotiable certificates of deposit, which are a type of short-term debt. They usually trade at a discount, and when they mature, the investor receives the par value plus interest. They are not redeemable before maturity, but they can be traded.
NCD characteristics include:
A typical NCD denomination is in millions.They trade at a loss.They yield more than T-Bills.Investors are typically financial institutions because the denominations are higher.Therefore, $1,000,000, and $5,000,000 are typical negotiable certificate of deposit.
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When a new report from the Surgeon General extols the health benefits of pomegranates, assuming an upward-sloping supply curve, producer surplus in the pomegranate market: a. will increase may change, b. but we can't tell how.
c. will decrease . d. will remain the same
a. Assuming an upward-sloping supply curve, producer excess in the pomegranate market may shift when a new Surgeon General report extols the health advantages of pomegranates.
Describe the supply curve.A supply curve is a graph that depicts how the quantity a seller supplies are impacted by changes in the price of a good or service. The horizontal x-axis shows the quantity supplied, and the vertical y-axis shows the price. The curve will typically have an upward slope that is positive for most items, showing a strong correlation between the two values.
In other words, a vendor will have more of a good or service on hand the more expensive it is. A hardware store will stock more items, for instance, if the price of a lawn mower rises, or the amount a consumer pays, in an effort to boost its profit margin.
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Based on your knowledge of Pricing Strategies, recommend a pricing mix that has the best pricing mix for all three vehicles. Price Mix 1.Price Mix 2.Price Mix 3.
Your understanding of pricing strategies leads you to conclude that option has the optimum pricing mix across all three vehicles (2)
What is meant by Pricing Strategies?While selling a good or service, a company can employ a range of pricing tactics. Senior executives must first analyze a company's price position, pricing segment, pricing capabilities, and competition pricing reaction strategy in order to select the most successful pricing strategy for that company.
Pricing policies and procedures fluctuate from one business to the next, as well as between nations, cultures, and industries. They also alter over time as markets and industries mature and as general economic conditions change.
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Daffy Taffy uses the weighted-average method in its process costing system. The company provided the following information:
Mixing Department Units Percentage Complete
Materials Conversion Beginning work in process inventory 200 55% 60% Units started into production during the period 3,000 Units transferred out during the period 2,600 Ending work in process inventory 600 25% 40% What is the number of equivalent units of production with respect to materials during the period?
2,750
2,860
3,150
3,200
Part 2
Throughout the period, there were 2,750 equivalent units of production in terms of materials.
What is meant by production?The process of mixing several inputs, both material and immaterial, to produce output is known as production. In a perfect world, this output would be a product or service that is useful to people and has value.
Companies that offer products have three main production process options to pick from. These three types of production are batch, flow, and jobs.
Producing something is the act of creating something out of components or raw resources. To put it another way, production employs inputs to produce an output that is fit for consumption—a good or product that has value for a customer or end-user.
Therefore,
The calculation of the material's equivalent unit is displayed below:
= (ending inventory units finished percentage) + (units transferred out completed percentage)
equals (600 units x 25%) + (2,600 units x 100%)
2.560 units plus 150 units
= 2,750 units
We must only use the units that have been transferred and the ending inventory units to calculate the equivalent units of the material.
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in the process of selling goods or services, a business incurs operating expenses such as blank . (select all that apply)
The costs that a company incurs while carrying out its usual operations are referred to as operating expenses.
What Is a Cost of Operation?An expense incurred by a company as a result of its regular operations is known as an operating expense. Operating expenses include rent, equipment, inventory costs, marketing, payroll, insurance, step costs, and funds allocated for research and development. They are frequently abbreviated as OpEx.
Depending on what a company does, it may incur different operating costs. In point of fact, some activities—as well as costs—may be regarded as operational in one sector but not in another. Because operating expenses can be deducted from taxable income, it is essential to comprehend the distinction.
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if you want to encourage group members to be innovative and creative in generating a list of decision alternatives, then it is best to use this approach.A. the nominal group technique.
B. the Delphi technique.
C. brainstorming.
if you want to encourage group members to be innovative and creative in generating a list of decision alternatives, then, it is best to use an approach known as brainstorming. The Option C is correct.
How does brainstorming encourage innovative and creative ideas?Brainstorming is a process for generating ideas that encourages all alternatives while excluding any criticism of those alternatives. As a result, because all members are encouraged to contribute and participate in the process without fear of being judged, this technique can help build group cohesion.
It combines lateral thinking with a relaxed and informal approach to problem solving. It encourages people to come up with ideas and thoughts that may appear crazy at first. Some of these ideas can be developed into unique, creative solutions to problems, while others can spark new ones.
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A company has net sales of $814100 and cost of goods sold of $588100. Its net income is $32410. The company’s gross margin and operating expenses are
Answer:
GROSS MARGIN = $226000
OPERATING EXPENSES = $193590
Explanation:
Gross Margin = Net Sales - Cost of Goods Sold
Gross Margin = $814100 - $588100
Gross Margin = $226000
Operating Expenses = Net Income - Gross Margin
Operating Expenses = $32410 - $226000
Operating Expenses = -$193590
NOTE: Not sure if the net income is typed correctly. double check it and recompute on your own. thanks
A company has the following transactions during March:
March 3 Purchases inventory on account for $3,300, terms 3/10, n/30.
March 5 Pays freight costs of $300 on inventory purchased on March 3.
March 6 Returns inventory with a cost of $800.
March 12 Pays the full amount due on March 3 purchase.
March 29 Sells all inventory purchased on March 3 (less those returned on March 6) for $5,600 on account.
Record all transactions, assuming the company uses a perpetual inventory system
The journal entries record the transactions in a perpetual inventory system.
What are journal entries?A journal entry is a business transaction that is recorded in an organization's accounting system. Journal entries are the foundation of the double-entry accounting method, which has been used for centuries to keep financial records.
The Following are required journal entries to pass:
March 3:Inventory (asset) $3,300
Accounts Payable (liability) $3,300
(To record the purchase of inventory on account.)
March 5:Inventory (asset) $300
Cash (asset) $300
(To record payment of freight costs on inventory purchased on March 3.)
March 6:Accounts Payable (liability) $800
Inventory (asset) $800
(To record the return of inventory.)
March 12:Accounts Payable (liability) $3,300 x (1 - 3%) = $3,201
Purchase Discount (contra-expense) $3,300 x 3% = $99
Cash (asset) $3,201
(To record payment of the March 3 purchase with a discount.)
March 29:Accounts Receivable (asset) $5,600
Sales (revenue) $5,600
(Cost of Goods Sold (expense) $3,300 - $800 = $2,500
Inventory (asset) $2,500
To record the sale of all inventory purchased on March 3, less those returned on March 6.)
Thus, the purchase discount is calculated as 3% of the cost of inventory ($3,300) and is recorded as a contra-expense account, reducing the cost of inventory. The cost of goods sold is calculated as the cost of inventory sold, which is $3,300 - $800 = $2,500.
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1. One study found that the elderly who do not have children dissave at about the same rate as the elderly who do have children. What might this finding imply about the reason the elderly do not dissave as much as the life-cycle model predicts?
Answer: This finding suggests that the presence of children is not the primary reason why the elderly do not dissave as much as predicted by the life-cycle model, and social and cultural factors may play a more significant role.
Explanation: The finding that elderly individuals without children dissave at a similar rate as those with children suggests that having children is not the primary driver of why the elderly do not dissave as much as the life-cycle model predicts.
The life-cycle model predicts that individuals should save during their working years to support their consumption in retirement. However, empirical research has shown that the elderly tend to save less than what the life-cycle model predicts.
The finding that elderly individuals without children dissave at a similar rate as those with children implies that social and cultural factors, rather than the presence of children, may play a more significant role in explaining why the elderly tend to save less than predicted by the life-cycle model. For instance, elderly individuals may value leaving an inheritance for their heirs or may have access to social support systems that reduce their need to save. Additionally, they may prioritize other types of consumption, such as leisure or healthcare, over saving.
The findings from the study suggest that the rate of dissaving among the elderly is not significantly impacted by the presence or absence of children, indicating that there may be other unaccounted factors in the life-cycle model.
Explanation:The finding that elderly individuals who do not have children dissave at about the same rate as those who do have children might suggest alternative explanations for dissavings rates that differ from what the life-cycle model predicts. The life-cycle model posits that individuals smoothly spend their accumulated savings in retirement, but the noted study implies that the presence or absence of children does not significantly impact this rate of dissaving.
One possible implication could be that elderly individuals have other motivations for saving or dissaving that the model does not account for, such as wanting to leave a legacy, concern for future health expenses, or a desire to maintain their current living standards. Therefore, subtle societal, psychological, and economic factors may play a larger role in elderly individuals' dissavings patterns than previously thought.
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closing entries with net loss summit services co. offers its services to individuals desiring to improve their personal images. after the accounts have been adjusted at may 31, the end of the fiscal year, the following balances were taken from the ledger of summit services: line item description amount fees earned $284,000 dividends 39,000 rent expense 59,200 retained earnings 630,000 supplies expense 14,500 wages expense 248,900 miscellaneous expense 6,900 journalize the closing entries required to close the accounts. if an amount box does not require an entry, leave it blank. dateaccountdebitcredit may 31 - select - - select - - select - - select - - select - - select - - select - - select - - select - - select - - select - - select - may 31 - select - - select - - select - - select -
Little transactions that don't fit within the designated accounts in the ledgers are classified as miscellaneous expenses.
What are miscellaneous expenses?A general ledger account called "other expense" can have a lot of small-scale transactions in it.
These transactions involve sums that are too modest to warrant classification in a different account. If any of these costs grow in scope over time, they might then be tracked in a different account.
This type of line item, which combines the sums of multiple small spending accounts, is frequently used in revenue statements. The income statement would have so many line items if this aggregate line item weren't used, that it wouldn't fit on a single page.
Although not being specified, these costs are still seen as common and essential. These are deductions, and as such, they can be listed on your Schedule C.
You can categorize your unspecified expenses under broad headings such bank fees, advertising, education, damages recouped, and credit card convenience fees.
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in cell l12, write a formula that determines the actual penalty owed based on the penalty schedule (cells h1:i8). for example, unpaid tax balances of less than $100 owe no penalty, and unpaid tax balances of at least $100 but less than $1,000 are charged a penalty of 3% of the unpaid tax amount. the range h3:i8 is named penalty. (hint: use an if function to determine if the unpaid tax amount is negative, indicating that the irs owes the taxpayer a refund and, therefore, no penalty applies.) copy this formula both down the column to calculate the penalty for the corresponding id
To determine the actual penalty owed based on the penalty schedule in cell L12, you can use an IF function to check if the unpaid tax amount is negative or not. If it is negative, it means that the IRS owes the taxpayer a refund, and no penalty applies.
If it is positive, you can use the VLOOKUP function to find the corresponding penalty rate from the penalty schedule and calculate the penalty amount.
Here is the formula you can use in cell L12:
=IF(K12<0, 0, VLOOKUP(K12, penalty, 2, TRUE)*K12)
This formula first checks if the unpaid tax amount in cell K12 is negative or not. If it is negative, it returns 0 as the penalty amount. If it is positive, it uses the VLOOKUP function to find the corresponding penalty rate from the penalty schedule in the range H3:I8, which is named "penalty".
The VLOOKUP function looks for the unpaid tax amount in the first column of the penalty range, finds the closest match that is less than or equal to the unpaid tax amount, and returns the corresponding penalty rate from the second column of the penalty range. The TRUE argument in the VLOOKUP function indicates that you want to find an approximate match. Finally, the formula multiplies the penalty rate by the unpaid tax amount to calculate the penalty amount.
You can copy this formula down the column to calculate the penalty for the corresponding ID.
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McDonald's will recognize a gain if it generates an amount of revenue that is higher than its operating expenses. This statement is
True
False
If McDonald's produces revenue that is more than its operating expenditures, it will record a gain. This claim is untrue.
Give some examples of expenditures :Rent, utilities, pay, salaries, management, depreciation, general liability, and indeed the cost of items sold are a few examples of costs. Costs are often associated costs associated with running a firm.
How should costs be listed?Typical columns are Expenditure, Type, Date, and Amount, running from left to right. List all of your spending in order of most recent to least current. Include the total at the bottom after adding up all the costs. Put a "Total" next to it.
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Jen needs more than $120 to go camping. She has already saved $30. Which number line best represents the possible amounts of money jen would need to save to go camping?.
The number line best represents the possible amounts of money Jen would need to save to go camping is drawn below which is more than $90.
Let 'x' be the amount that he required. Then the equation is given as,
x + 30 > 120
x > 120 - 30
x > 90
In the context of business, a number line is a tool used to represent and visualize numerical data, particularly in financial analysis and planning. It is a graphical representation of a range of numbers, typically displayed horizontally with zero in the middle and positive numbers on the right side, and negative numbers on the left side.
In financial analysis, a number line can be used to plot data such as revenue, expenses, profits, and cash flows over a period of time. By visualizing this data on a number line, businesses can better understand trends and make informed decisions about budgeting, forecasting, and resource allocation.
Number lines can also be used in financial planning, particularly for individuals or households. By plotting income, expenses, and savings on a number line, individuals can better understand their financial situation and make informed decisions about spending and saving.
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refer to the above diagram. in this instance: a. the bc line is diagonal because the amount spent on both goods is less or equal to income. b. the consumer will find that every point along the i3 line is outside the budget constraint. c. the consumer will find the highest utility where x and y just touch the i2 line. d. all of the above and the consumer can choose any point on or below the budget constraint line bc.
In this case, the buyer can select any point on or below the budget constraint line BC in addition to the options listed above.
What is budget?To select how you will spend your money each month, you must create a written budget. Your monthly financial security is improved with the use of a budget. Without a budget, you can exhaust your savings before receiving your next salary. Your income is displayed in your budget. A deficit budget, a balanced budget, and an excess budget are the three different sorts of budgets. A financial record detailing the state's revenue and expenses for the fiscal year is the state budget. A budget is an allocation of resources based on revenue and expenses. Financial stability is aided by having a budget.To learn more about budget, refer to:
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The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of plastic containers: Net sales $2,960,000
Less: Cost of goods sold: Inventory, January 1 $ 680,000
Net purchases 2,400,000
Inventory, December 31 (715,000) 2,365,000
Gross profit $ 595,000
Required: 1. Determine Rowan's inventory turnover. (Round your answer to 2 decimal places.) Inventory turnover ratio ____ times
Rowan's inventory turnover is 3.39.
What is an inventory turnover?An inventory turnover refers to the rate that inventory stock is sold, or used, and replaced. The inventory turnover ratio is calculated by dividing the cost of goods by average inventory for the same period.8
To calculate Rowan's inventory turnover, we need to divide the cost of goods sold by the average inventory.
Average inventory can be calculated as (beginning inventory + ending inventory) / 2.
Beginning inventory = $680,000
Ending inventory = $715,000
Average inventory = ($680,000 + $715,000) / 2 = $697,500
Cost of goods sold = Net purchases + Beginning inventory - Ending inventory
Cost of goods sold = $2,400,000 + $680,000 - $715,000 = $2,365,000
Inventory turnover = Cost of goods sold / Average inventory
Inventory turnover = $2,365,000 / $697,500
Inventory turnover = 3.39
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Choose the response that correctly describes a condition, or conditions, that must be met for property to be considered depreciable.
A. The property must be an item that will eventually wear out, get used up, become obsolete, or otherwise lose its value.
B. The taxpayer must place the property in service and dispose of it within the same year.
C. The taxpayer must either rent or own the property and use it in their business or in an income-producing activity.
D. The useful life of the property must not exceed one year.
C. The taxpayer must either rent or own the property and use it in their business or in an income-producing activity.
What is taxpayer?A taxpayer is an individual or organization that is required to pay taxes to the government. Taxpayers are responsible for filing income tax returns and making payments for the taxes due. The taxes paid by a taxpayer go towards funding government services such as infrastructure, public safety, health care, and education.
Property must be used in a business or income-producing activity in order to be considered depreciable. The taxpayer must also own or rent the property, as depreciation cannot be claimed on property that is not owned or rented. The property must also have a useful life of more than one year, and must be an item that will eventually wear out, get used up, become obsolete, or otherwise lose its value in order to qualify for depreciation.
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