Answer:
The answer is D. $4,735
Explanation:
Please find the below for detailed calculation and explanations:
The adjusted book balance = Ending balance of cash account + Bookkeeper error - Service charge + Revenue = 4,600 + 130 - 25 + 30 = $4,735
The reason why outstanding checks and deposit in transit are ignored is they were already recorded in accounting book at the time the transactions took place, thus, the book balance has not been wrongly recorded.
At the end of a period (before adjustment), Allowance for Doubtful Accounts has a credit balance of $250. The net credit sales for the period total $500,000. If the company estimates uncollectible accounts expense at 1% of net credit sales, the amount of bad debt expense to be recorded in an adjusting entry is $4,750.
Answer:
Bad debt expense is $5,000 and not $4,750. So, Statement is false.
Explanation:
As per calculation of bad debt expense based on percentage of sales method, bad debt expense recognized is the percentage of credit sales irrespective of any balance in allowance for doubtful account.
Balance in allowance for doubtful debt is not considered at all.
In this case, credit sales = $500,000
Estimation of uncollectible account = 1%
Bad debt expense = 0.01× 500,000
= $5,000
Adjusting entry to record bad debt expense is:
Bad debt expense......................Dr $5,000
Allowance for doubtful debt $5,000
(Bad debt expense recognized)
New balance in allowance for doubtful account = 5,000 + 250
= $5,250
Suppose a drought in columbia destroys a significant portion of the nation’s coffee crop. How would this change the equilibrium price and quantity of coffee within the supply and demand framework?
Answer:
The equilibrium price increases and equilibrium quantity decreases.
Explanation:
A drought in the country of Columbia has destroyed a major portion of their coffee crop. This will cause the supply of coffee to decrease. This decrease in the supply of coffee will cause the supply curve to move to the left.
This leftward shift in the supply curve will cause the equilibrium price to increase and equilibrium quantity to decrease.
This is also shown in the attached figure.
On October 1, 2018, Sunland Company sells (factors) $711000 of receivables to Beanfield Factors, Inc. Beanfield assesses a service charge of 3% of the amount of receivables sold. The journal entry to record the sale by Sunland will include:
Answer:
Journal Entry will be here as
cash ================ $689670
service charge ======== $21330
Accounts receivable === $711000
Explanation:
given data
Accounts receivable = $711000
service charge rate = 3 %
to find out
The journal entry to record the sale
solution
When we receivables is sold then service charge is taken
so Amount of service charge will be
Amount of service charge = Accounts receivable × service charge rate
Amount of service charge = $711000 × 3%
Amount of service charge = $21330
and
Net amount received by factoring is
Net amount received = Accounts receivable - service charge
Net amount received = $711000 - $21330
Net amount received = $689670
and
so Journal Entry will be here as
cash ================ $689670
service charge ======== $21330
Accounts receivable === $711000
In this module, we say a "good" money burn means you have spent money wisely. A "bad" money burn means you have spent money you did not need to spend. Tell us which answer shows the best "good" money burn. (You don't have to agree with the choice, but only one choice shows the best money burn.)
A You buy designer jeans the day they are advertised.
B. You buy designer jeans two weeks later, on sale.
C. You buy jeans you like just as well, but with no designer label, and they cost half as much as the sale-priced designer jeans.
D. You shop around and buy a pair of the exact same designer jeans at a thrift shop, and they cost virtually nothing.
Answer:
D. You shop around and buy a pair of the exact same designer jeans at a thrift shop, and they cost virtually nothing.
Explanation:
Good money burn refers to the effective use of money, rather than just spending it on some useless stuff.
Here in the given instance the following is the explanation for the given instance:
Option A states that the jeans is just bought for completing the desire, it does not have any difference in the product even if the product can be bought on sale after some days.
Option B is still better than the first day.
Further in option c buying the jeans without any label might not be a good decision as it might have poor quality.
Option D is the best as it is the same jeans but at the least possible cost.
Innovative Products reported net income of $222,000. Beginning and ending inventory balances were $45,000 and $46,000, respectively. Accounts Payable balances at the beginning and end of the year were $38,500 and $35,500, respectively. Assuming that all relevant information has been presented, the company would report net operating cash flows of:
Answer:
net operating cash flows = $218000
Explanation:
given data
net income = $222,000
Beginning inventory = $45,000
ending inventory = $46,000
Beginning Accounts payable = $38,500
ending Accounts payable = $35,500
to find out
net operating cash flows
solution
first we get here Increase in Inventory that is
Increase Inventory = ending inventory - Beginning inventory .......................1
put here value
Increase Inventory = $46,000 - $45,000
Increase Inventory = $1000
and
Decrease in Accounts payable will be here as
Decrease in Accounts payable = Beginning Accounts payable - ending Accounts payable ........................2
put here value we get
Decrease in Accounts payable = $38,500 - $35,500
Decrease in Accounts payable = $3000
so net operating cash flows will be
net operating cash flows = Net Income - Increase Inventory - Decrease in Accounts payable .......................3
put here value
net operating cash flows = $222,000 - $1000 - $3000
net operating cash flows = $218000
A baseball fan with a Mike Trout baseball card wants to trade it for a Giancarlo Stanton baseball card, but everyone the fan knows who has a Stanton card doesn't want a Trout card. Economists characterize this problem as a failure of the___________.
A. principle of a double coincidence of wants.
B. theory of comparative advantage.
C. irrational exuberance doctrine.
D. market clearing mechanism
Answer:
The correct answer is option A.
Explanation:
The double coincidence of wants or coincidence of wants refers to the situation where two parties possess items that the other one wants so they exchange it directly without using money.
Here, a fan possesses a Mike Trout baseball card who wants to trade it for a Giancarlo Stanton baseball card but he does not know anyone who wants a Trout card and possesses a Stanton card.
Simply put, the fan doesn't know anyone who possesses the item he wants and is willing to trade it for the item he possesses. This is an example of failure in the double coincidence of wants.
1. Calculate owners’ equity. Doughnut Company shows $130,000 worth of assets on its December 31, 2009, balance sheet. If total liabilities are $55,800, what is the amount of owners’ equity?
Answer:
1. Calculate owners’ equity. Doughnut Company shows $130,000 worth of assets on its December 31, 2009, balance sheet. If total liabilities are $55,800, what is the amount of owners’ equity?
Explanation:
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Owners' equity for Doughnut Company is calculated using the formula Assets minus Liabilities, which equals $74,200 as of December 31, 2009.
To calculate the owners' equity for Doughnut Company, we use the fundamental accounting equation: Assets = Liabilities + Owners' Equity. Given that the company shows $130,000 worth of assets and total liabilities are $55,800, we can rearrange the equation to solve for owners' equity:
Owners' Equity = Assets - Liabilities
Owners' Equity = $130,000 - $55,800
Owners' Equity = $74,200
Therefore, the amount of owners' equity for Doughnut Company as of December 31, 2009, is $74,200.
In a fixed-order-quantity system, when demand is uncertain, using economic order quantity (EOQ) based only on the average demand will result in a low probability of a stockout. True or False?
Answer:
False
Explanation:
If the demand is uncertain, if you use average demand to calculate the economic order quantity (EOQ), you will have a high probability of a stock-out occurring.
EOQ = √(2DS / H)
where:
D = annual demand in units
S = order cost per purchase order
H = holding cost per unit, per year
If D is uncertain, then the whole calculus will either be understated or overstated.
When individuals use their home computers to buy and sell stock that is not listed on a securities exchange, they are participating in the , which has existed since long before home computers were invented.
Answer:
Over the counter market
Bethesda Water has an issue of preferred stock outstanding with a coupon rate of 5.50 percent that sells for $95.02 per share. If the par value is $100, what is the cost of the company's preferred stock?
Answer:
Cost of preferred stock will be 5.78 %
Explanation:
We have given par value = $100
Dividend rate = 5.5 %
So annual dividend [tex]=\frac{100\times 5.5}{100}=$5.5[/tex]
We know that cost of preferred stock is given by [tex]=\frac{Annual\ dividend}{current\ price}[/tex]
Current price is given as $95.02
So cost of preferred stock will be = [tex]=\frac{Annual\ dividend}{current\ price}=\frac{5.5}{95.02}=0.0578=5.78[/tex] %
The MIS that gathers, organizes, and summarizes comprehensive data into a form that managers can use in their nonroutine coordinating, controlling, and decision-making tasks is a(n) ______ system.
Answer:
operational information system
Explanation:
Based on the information provided within the question it can be said that the term being described is called an operational information system. This is basically a system used in a company that process' all the daily transactions of the organization in an efficient manner. The data is gathered, organized and summarized fast, autonomously, and efficiently, in order to be as comprehensive as possible for the use of the managers.
If the Canadian dollar to U.S. dollar exchange rate is 1.21 and the British pound to U.S. dollar exchange rate is 0.68, what must be the Canadian dollar to British pound exchange rate?
Answer:
Canadian Dollar/US dollar= 1.21
British Pound to US dollar = 0.68
Canadian Dollar to British pound =?
In order to find Canadian dollar to British pound we will have to multiply Canadian Dollar/US dollar with US Dollar to British pound this way US dollar will cancel each other out as one will be in the numerator and one in the denominator and then Canadian dollar will be in numerator and British pound will be in the denominator and we will get Canadian dollar/ British Pound. We know the Canadian Dollar/ US dollar rate but we need to find the US dollar to British Pound rate and in order to do that we will divide 1 by the British Pound to US dollar rate. So
US Dollar to British Pound rate = 1/0.68 = 1.47
Canadian Dollar/British Pound = Canadian Dollar/US Dollar * US Dollar/ British Pound
Canadian Dollar to British Pound = 1.21*1.47= 1.78
Explanation:
The Canadian dollar to British pound exchange rate is 0.8232, obtained by multiplying the given exchange rates. This represents how much one unit of a currency can be exchanged for another.
Explanation:The question asked was: "If the Canadian dollar to U.S. dollar exchange rate is 1.21 and the British pound to U.S. dollar exchange rate is 0.68, what must be the Canadian dollar to British pound exchange rate?"
This question involves the principle of currency exchange rates. To find the exchange rate from the Canadian dollar to the British pound, we use these exchange rates to relate the Canadian dollar to the U.S. dollar and then the U.S. dollar to the British pound.
Step 1: 1 Canadian dollar = 1.21 U.S. dollars (from given)
Step 2: 1 U.S. dollar = 0.68 British pounds (from given)
Step 3: Multiply these exchange rates (as one would do in unit conversions) and cancel the U.S. dollar units.
So, 1 Canadian dollar = 1.21 * 0.68 British pounds = 0.8232 British pounds.
Hence, the Canadian dollar to British pound exchange rate is 0.8232, meaning 1 Canadian dollar can buy 0.8232 British pounds.
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Which diversification strategy is based on the idea that the company creates value by applying the distinctive competencies it developed in one line of business to another business activity?
Answer:
Related diversification
Explanation:
Related diversification
As the name indicate related diversification is related to expansion of business in the same field to which it is currently working. This can be explained by one example. If any corporation are in a business of making computer parts and the very same corporation expand their business by making related articles like calculator, smart watch etc. These all are come in the related diversification.
After the main meeting, the meeting planner would like attendees to attend smaller break out sessions designed to provide more detail instructions about the company's products and participants will be taking extensive notes. What type of meeting room set-up would you suggest?
Answer: Classroom set-up
Explanation: The classroom set-up would be the best arrangement to host the smaller meetings which would require attendees to extensively take down notes on the information about the organization they receive.
The various sub-meeting groups would be headed by a facilitator who would take charge of teachings.
5.3 Fraud is gaining an unfair advantage over another person. Legally, for an act to be fraudulent there must be:
A. An intent to deceive.
B. Unfairness.
C. An exchange of monetary consideration.
D. All of these are correct.
Answer: All listed options are correct.
Explanation: Fraud simply means to cheat someone, by presenting a wrong representation of something to the defrauded person.
For fraud to take place it is properly planned with an intent to deceive the target victim, gain an unfair advantage over the victim.
In most cases of fraud there is a monetary exchange between the victim of fraud and the person planning the fraud.
Jose wants to upgrade his look before a job interview. A friend tells him about a men's clothing line that allows potential customers to virtually try on suits and see what looks best. It even offers an interactive "custom fit" feature. After checking out his options, Jose takes his measurements and orders a suit without ever leaving his office. Virtually trying on a suit best describes which of the 4E framework objectives?A. EngageB. EnergizeC. ExciteD. ExperienceE. Educate
Answer:
Letter D is correct. Experience.
Explanation:
Jose had a shopping need and was introduced to a men's clothing line that allows him to try on the pieces virtually and even has an extra, interactive custom fit feature. Through this experience Joseph was able to taste the suit he wanted and bought it without leaving the office.
This situation is a positive experience for the consumer, because José experienced a better process than usual, which would be to go to a store, try and then buy, in optimizing the processes he could not only buy what he needed, but Also try it, which is still a barrier for those who choose products online.
Which of the following expands upon the behavioral intentions model by including a perceived control component that assesses the difficulty involved in performing the behavior and the extent to which the consumer perceives that he or she is in control of the product selection?
a. Theory of planned actionb. Theory of self-efficacyc. Balance theoryd. Elaboration likelihood theorye. Social judgment theory
Answer:
The correct answer is a. Theory of planned action.
Explanation:
The theory of planned behavior was developed in 1985, based on the Theory of Reasoned Action. This theory contains five variables that include behavior, intention, attitude, subjective norm and control of perceived behavior.
Unlike the theory of reasoned action, the control of perceived behavior is added to the theory of planned behavior, which refers to a person's perceptions of the presence or absence of resources and opportunities required, however, this element it is not presented in the theory of reasoned action, and the theory of planned behavior has proven to be superior to the theory of reasoned action for predicting behavior.
How would Skaters World, Inc.'s return on equity (ROE) be different if the company were to issue $200,000 of 10% bonds instead of $200,000 in stock? Assume income before interest and taxes is estimated to be $100,000, income taxes are 35% and stockholders' equity is initially $300,000.
a. ROE would be the same.
b. ROE would be higher with bonds.
c. ROE would be lower with bonds.
Answer:
B) ROE would be higher with bonds.
Explanation:
If the company issued $200,000 bonds with 10% interest rate, the return on equity (ROE) would be:
EBIT = $100,000
interests = ($20,000)
net income = (ebit - interest) x (1 - 35%) = ($100,000 - $20,000) x 65% = $80,000 x 65% = $52,000
ROE = $52,000 / $300,000 = 17.3%
If the company issued $200,000 in new stocks, the return on equity (ROE) would be:
EBIT = $100,000
net income = ebit x (1 - 35%) = $100,000 x 65% = $65,000
ROE = $65,000 / $500,000 = 13%
Seller Joe Needy lists his home for $40,000 and the broker tells the prospective buyer to submit a low offer because the seller is desperate. The buyer offers $38,000 and the seller accepts. Which statement is TRUE about this situation?
A: the broker was unethical but because no one was hurt,it is not improper
B: the broker violated the realationship
C: the broker's action was proper in obtaining a quick offer
D: any broker is authorized to encourage bidders
Answer:
B: the broker violated the relationship
Explanation:
When we hire a broker there is an understandable agency relationship. Where the broker is a kind of agent and he has to work according to the demands of principal.
In the given case also, the seller - Joe Needy hires a broker for selling the house for $40,000. Thus, when the broker sells intentionally for a value less than $40,000 by asking the desired customer for this proposal then, the broker is said to violate the relationship he has with the seller.
Because telling facts of the deal is important, but telling the weak points in such deals is a mere betrayal.
The development of the DVD player was a source of ____ to companies in the movie industry just as VHS tapes had once been.
Answer:
technological discontinuity
Explanation:
The development of the DVD player brought about significant innovation in the movie industry, much like VHS tapes did in the past. However, the rapid digitization of technology and changing consumer preferences lead to the rise of streaming platforms like Netflix, which soon overtook physical DVDs.
Explanation:The development of the DVD player was a significant source of innovation to companies in the movie industry, just as VHS tapes had once been. The advent of the DVD, or Digital Versatile Disc, altered the production and distribution landscape of the movie industry. Similarly, the growth and eventual prevalence of streaming platforms like Netflix outpaced the physical DVD market.
Initially, VCR (Video Cassette Recorder) was a popular choice for home entertainment systems dating back to the 1970s. DVDs took over in the following decades, offering a better quality visual and audio experience. However, with the rapid digitization and changing customer preferences, DVDs soon became replaced by more advanced movie players such as Blu-Ray and online streaming services.
The rise of digital technology compelled the movie rental industry to revisit their strategies and adapt. Convenience, customer preferences, and the ability to stream movies directly to their homes made streaming platforms an attractive alternative.
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Any establishment formed to carry on commercial enterprises is a
Answer:
business
Explanation:
A business organization is any organization established to carry on a commercial enterprise. Their main and ultimate goal, and reason for their existence is to make a profit. The larger the profit a business makes, the better. Businesses are classified into:
Sole proprietorshipsPartnershipsCorporationsAny establishment formed to carry on commercial enterprises is a business or a company .
An establishment formed to carry on commercial enterprises is commonly referred to as a business or a company. It is an organized entity that engages in various activities with the aim of generating profit. A business can take many forms, such as a sole proprietorship, partnership, or corporation.
The primary purpose of a business is to provide goods or services to customers in exchange for monetary compensation. This involves identifying market opportunities, developing products or services, establishing operational processes, and implementing marketing strategies to attract customers. Businesses also engage in activities such as sales, production, distribution, and customer service to ensure the smooth functioning of their operations.
Businesses are driven by the need to generate revenue and maximize profitability. They strive to manage resources efficiently, control costs, and optimize productivity to achieve financial success. Additionally, businesses are subject to legal and regulatory requirements, including taxation, employment laws, and industry-specific regulations.
Overall, businesses play a vital role in driving economic growth, creating employment opportunities, and contributing to the development of society by meeting the needs and desires of consumers.
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What is a business requirement? A. The nonspecific business requests the system must meet to be successful B. The specific business requests the system must meet to be successful C. The nonspecific methodology the system must meet to be successful D. The specific methodology the system must meet to be successful
Answer:
B. The specific business requests the system must meet to be successful.
Explanation:
Business requirements are specific activities that must be completed by a business if they are to achieve their goals and objectives.
They carry out these activities through the use of processes, softwares or systems.
An example of such an activity is production of quality products to meet consumer needs.
The Coalition of Independent Music Stores, a group of 44 prominent independent record stores in 25 states, operates as a way for these stores to strengthen themselves with tactics such as cooperative advertising. This form of ownership is known asA. an administered system.B. a vertically integrated chain.C. a corporate system.D. a cooperative system.E. a contractual system.
Answer:
E. A contractual system.
Explanation:
A contractual system is basically are where firms at all kind of levels working together in production and distribution to achieve even greater than they would on their own.
It is known that India has benefited in Information technology and voice service jobs in an attempt by MNC to reduce their overall white-collar job costs. This international formulating strategy is called.
Answer: Outsourcing
Explanation: In simple words, outsourcing refers to the process in which one firm in the industry transfers its operations to some other firm. The job transferred under outsourcing could have been performed by the transferring firm internally.
This transfer is done with objective of enhancing quality, reduction of cost, reduction of internal workload and sometimes all of these factors. In some outsourcing agreements the firms even interchange assets and technical knowledge.
Which of the following is excluded from calculations of GDP?
A) All of the above.
B) Goods that are produced but not sold during the time period.
C) Income received by managers of corporations.
D) The value of laundry services provided by a homemaker for their family.
Answer: All of the above.
Explanation: None of the listed options would be included when calculating the gross domestic product of a country. This is so because gross domestic product only calculates the total value of commodities/services produced by a country during a fixed time frame.
Gretchen has just started as a fashion marketing intern for an up-and-coming design firm. She expected to begin right away implementing the four Ps she had learned about in class. Instead, she was asked to work on a project identifying important events where celebrities might wear the fashions. Gretchen soon realized that this activity was part of __________, directly related to marketing.
Select one:
a. a push-pull strategy
b. press release development
c. cause-related marketing
d. sales promotions
e. public relations
Answer: (E) Public relations
Explanation:
The public relation is one of the important function in the business and marketing as for generating the positive response and the awareness about the various type of products, business and the services.
It is basically refers to the practices for managing the communication between the public and the organization. The public relation is the process of building the specific platform for achieving the goals.
Therefore, Public relation is the correct option.
Suppose transactions costs for a product are zero and the product can be resold. Why might the firms that sell a product charge different prices? Firms might charge different prices for the same product even when transactions costs are zero and the product can be resold if the
Answer: The correct answer is "firms offer different levels of service".
Explanation: Firms might charge different prices for the same product even when transactions costs are zero and the product can be resold if the firms offer different levels of service. Because depending on the level and quality of the service offered they may charge a higher or lower price.
Mayer Company received a seven-year zero-interest-bearing note on February 22, 2016, in exchange for property it sold to Reardon Company. There was no established exchange price for this property and the note has no ready market. The prevailing rate of interest for a note of this type was 7% on February 22, 2016, 7.5% on December 31, 2016, 7.7% on February 22, 2017, and 8% on December 31, 2017. What interest rate should be used to calculate the interest revenue from this transaction for the years ended December 31, 2016 and 2017, respectively?
Answer:
7%
Explanation:
Since in the question, it is mentioned that the interest-bearing note is received on February 22, 2016, and on that date, the prevailing rate of interest for a note is 7%.
So, the same rate of interest is applied for the years ended December 31, 2016, and 2017 irrespective of the fact whatever rates are given in the question
All other information which is given is not relevant. Hence, ignored it.
_____ involves determining the specific job tasks and responsibilities, the work environment, and the methods by which the tasks will be carried out to meet the goals of operations.
a. Job enlargement
b. Job enrichment
c. Job design
d. Job posting
Answer:
c. Job design
Explanation:
Job design refers to establishing tasks, responsabilities and procedures that are necessary in order to perform a specific job. Also, job design has a goal of organizing the work in a way that it encourages employees satisfaction so they have a good performance that will help to accomplish the objectives set by the company. So, according to this, the answer is job design.
A person wants to invest $24,000 for 2 years and is considering two different investments. The first investment, a money market fund, pays a guaranteed 6.7% interest compounded daily. The second investment, a treasury note, pays 6.8% annual interest. Which investment pays the most interest over the 2-year period?
Answer:
The first investment in money market fund.
Explanation:
The first investment, a money market fund, pays a guaranteed 6.7% interest compounded;
Compound Interest Calculation
=[tex]P [(1 + i)^{2} -1][/tex]
=[tex]24000 [(1 + 0.067)^{2} -1][/tex]
=$27,323.74 - $24,000
=$3,323.74
The person will get a total interest of $3,323.74 in 2 years
The second investment, a treasury note, pays 6.8% annual interest
=$24,000 * (6.8/100) = $1,632
= $1,632 * 2 = $3,264
The person will get a total interest of $3,264 in 2 years
With the above computations. It will be favourable if the person invested in the money market fund.