Answer:
The contract is breached.
Explanation:
A contract is a binding agreement between two parties, where the parties involved are bound to observe the terms mutually decide, no matter what changes occur.
When Flora made a contract with the grocery to sell her products at a certain price, she was bound to do so, irrespective of changes in price level. Since, she does not observes the terms of the contract, the contract is breached.
Robert works for an electronics firm that sells cellular phones. Robert sells only V-Techs, a certain type of cellular phone, to distributors across the United States. Because of the specialized knowledge Robert must learn to sell the V-Techs, that is the only type of phone Robert sells. Robert's firm organizes its sales force by:
Answer:
Robert's firm organizes its sales force by product line.
Explanation:
When a company organizes it's force by product line, every sales team or representative will be in charge of the sales of a specific product; this is a benefit for the sellers because they just need to promote one type of product. It allows them to specialize in the product features and specific commercial activities to increase the sales results, including merchandising, advertising and personal promotion. Robert will be learning and creating strategies for the promotion of V-Techs and other workers will be doing the same with other types of cellular phones.
Robert's electronics firm organizes its sales force by product specialization. This allows Robert to focus solely on V-Techs, requiring specialized knowledge to sell them more effectively. This setup optimizes sales capabilities for specific products.
The fact that Robert only sells V-Techs, a specific type of cellular phone, indicates that his firm's sales force is organized by product specialization. This means that sales representatives are assigned to sell only one specific product or product line, thereby necessitating specialized knowledge about that product. In Robert's case, this specialized setup allows him to become an expert in V-Techs and offer more informed and effective sales services to distributors across the United States.
Robert works for an electronics firm that sells cellular phones. Robert sells only V-Techs, a certain type of cellular phone, to distributors across the United States. Because of the specialized knowledge Robert must learn to sell the V-Techs, that is the only type of phone Robert sells. Robert's firm organizes its sales force by what?
An asset was purchased for $36,000 on January 1, 2016. The asset's estimated useful life was five years, and its residual value was $4,000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $18,000 on December 31, 2016, the last day of the accounting period.
Answer:
A loss of $11600
Explanation:
The cost of the item is $36000. to calculate depreciation per year we first minus residual value and then divide it by the number of useful years as so:
$36000 - $4000 = $32000
$32000 ÷ $5 = 6400
This means on 31 December 2016 the Carrying amount would be :
$36000 - $6400 = 29600
if it was sold on this day that means that it would have been sold at a loss as the carrying amount exceeds the amount of money it was sold for
$18000 - $29600 = -$11600
Switzer, Inc. has 8 computers which have been part of the inventory for over two years. Each computer cost $600 and originally retailed for $900. At the statement date, each computer has a current replacement cost of $400. What lower-of-cost-or-market value should Switzer, Inc., have for the computers at the end of the year?
(A) $3,200.
(B) $4,800.
(C) $2,400.
(D) $7,200.
Answer:
(A) $3,200.
Explanation:
cost 600 replacement cost = market cost = 400
lower market 400
8 computers x 400 = 3,200
Notice: Under the lower-of-cost-or-market we can only recognize impairment. We cannot increase the value of assets under this method.
To calculate the lower-of-cost-or-market value for Switzer, Inc.'s computers, compare the original cost to the current replacement cost and use the lower figure. With a current replacement cost of $400 per computer for 8 computers, the total LCM value is $3,200.
Explanation:The question asks what lower-of-cost-or-market value Switzer, Inc., should have for their computers at the end of the year. The formula for determining the lower-of-cost-or-market (LCM) value involves comparing the original cost of the inventory to its current replacement cost and using the lower of the two figures. In this case, each computer cost $600 originally, but has a current replacement cost of $400. Since the market value (current replacement cost) is lower than the cost, the LCM value is based on the market value. Switzer, Inc., has 8 computers, so the total LCM value of the computers at the end of the year is 8 computers x $400 per computer = $3,200.
Two college students, Mary and Maggie, are spending spring break in Florida. Mary buys a cup of coffee each morning at the local Starbucks rather than from one of the local coffee shops. Maggie claims that Mary is irrational because she never purchases Starbucks coffee at home, and Starbucks coffee costs more than the coffee sold by local shops. An economist would most likely explain Mary’s behavior by suggesting that
Answer:
An economist would most likely explain Mary’s behavior by suggesting that the Starbucks brand name is consistent of quality.
Explanation:
Mary believes that Starbucks coffee is of better quality than local coffee shop coffee because it is associated with a popular brand. A brand name can be one of the most power tools that a company has. It gives the consumer an assurance of quality and they know what to expect when they buy a product.
An economist might suggest that Mary's decision to buy Starbucks coffee, despite its higher cost, is due to utility-maximization and behavioral economic theories. She may derive more pleasure or satisfaction (utility) from Starbucks coffee, and she may not perceive the extra cost as significant in the context of her total vacation spending (reference points).
Explanation:An economist would likely explain Mary's behavior by referring to the concept of utility-maximization and reference points. According to traditional theory, individuals aim to maximize their satisfaction or utility; this utility is not driven solely by price but also by other factors such as convenience, habit, preference, and taste. So, Mary could be deriving more utility from Starbucks coffee than from local coffee shops, even if it costs more. Besides, behavioral economists suggest that people evaluate outcomes relative to a reference point - in this case, the coffee's cost. Mary could perceive the additional cost of Starbucks coffee as a small percentage increase relative to her total spending during her vacation, making it seem less significant.
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Harlose Suits owns more equipment than required for manufacturing goods during periods of regular demand in order to tackle sudden demand surges. It also has a certain reserve of produced goods to tackle material shortages. In this case, the reserve of equipment and produced goods are examples of _____.
In this case, the reserve of equipment and produced goods are examples of capacity cushion.
Capacity cushion can be defined as the excess capacity that is available as reserve or retain capacity incase of unexpected increases in demand.
Capacity cushion is important as it enables companies or organization to meet their customers demand in a situation where their is sudden increase in a demand of goods and services.
With Capacity cushion business owners, companies or organization can handle unexpected increases in demand or temporary production losses as their is excess reserve capacity to meet their customers needs.
Inconclusion the reserve of equipment and produced goods are examples of capacity cushion.
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Stella is injured in a motor accident and is brought to the hospital by a passerby. Stella subsequently passes into a coma. The doctors and other staff perform the necessary medical procedures to save her life. Stella comes out of her coma after two months and is released from the hospital after the doctors are satisfied by her recovery. Under the doctrine of ________ contract, Stella has to pay the hospital for its services.
Answer: Quasi contract
Explanation: A contract that exist by the order of court and not by the agreement between the parties is called a quasi contact. These contracts are made by the court to avoid the unjust enrichment of the party. In simple words these are the contracts created by the actions of the parties. In this case Stella was injured so she must be taken to the hospital which resulted in a quasi contract between her and the hospital.
Stella is required to pay the hospital for medical services rendered while she was in a coma under the implied-in-law contract doctrine, which ensures fair compensation and prevents unjust enrichment when a party receives a benefit without a prior agreement to pay.
Under the doctrine of implied-in-law contract (also known as a quasi-contract), Stella has to pay the hospital for its services. This legal concept applies when a person receives a benefit from another person without a prior agreement to pay for the benefit, as in emergency medical services where the patient is unable to consent. The law implies a promise to pay in order to prevent unjust enrichment of the patient at the expense of the service provider.
Given that Stella was in a coma and could not consent to the medical care provided, the legal system ensures the hospital is compensated for the necessary lifesaving services performed. Payment for such services is regulated by the principle that those who receive the benefits of services they did not initially agree to should pay reasonable value for them, which is essential in upholding the strong property rights and contractual rights that underpin economic transactions and growth.
All of the following policies are ways for a country to promote long-run economic growth except
A) increasing vaccinations against infectious diseases.
B) undergoing political reform to decrease corruption.
C) enacting stronger laws toprotect property rights.
D) imposing stricter regulations to limit foreign direct investment.
Answer: Option D
Explanation: In simple words, increase in the market value of goods and services produced in the economy over time is called long run economic growth .
A. Better medical facilities upgrades human resource in the economy thus increasing the quality of products produced resulting in increase in value.
B. Decreasing corruption will result in more capital resources in the economy and better facilities and technology resulting in economic growth.
C. Stronger property rights will protect the common individuals as well as helps in developing private sector in the economy, thus, economic growth.
D. Foreign direct investment brings the capital from foreign lands in the economy thus imposing regulations will decrease capital investment and will hinder economic growth.
Make a sample resume. If you were an employer what would the ideal applicants resume look like? What is the position they are applying for and what is the business?
Jane Doe
856 Maas St
Pullman, MI 49450
Phone: 455-444-6966
E-Mail: jane.doe@........
Summary
Reliable Cleaner possessing excellent attention to detail. Talented in sweeping, scrubbing, waxing and polishing floors. Superb conversational and thinking skills with ability to work without direct supervision.
Skills
Steam cleaning
Surface sanitation
Linen care
Laundry cleaning
Furniture dusting
Glass cleaning
Carpet vacuuming
Understands grammar
Client satisfaction
Accurate and detailed
Verbal communication
Experience
June 2014 to Current
Shores Real Estate South Haven, MI
House Cleaner
Education and Training
2017 Lake Michigan College Benton Harbor, MI
High School Diploma
The resume is the formal document that is submitted by the job applicants. The resume has information about the applicant's qualifications and background, which helps the employer to hire the ideal applicant for the position.
The ideal resume will be consisting of:
Name Contact
Address E-Mail:
Objective: Gives the idea about the aim and the position of the applicant. The objective will be of 1-2 sentences.
Academic Background:
Gives the details of the qualification from the Higher secondary.
The qualification can be in the form of table or bullet points. The information must be short and precise.
Skills
The extracurricular skills that help the employer to learn about the applicant have been included in the skills.
Experience
The prior experience of the applicant if any has to be included. The company, position, and the role of the applicant in the previous position have to be made clear.
Education and Training
The additional training or certificate course that has been taken by the applicants has to be included.
The sample resume will be as follows:
Mathew Perry
xxxxx, Contact: xxxxx
xxxxxxx Email id: xxxxx
Objective: Seeking challenges and working with the team will allow me to work as a Technical developer ar your organization.
Academic background:
Higher Secondary
Senior Secondary
Graduation
Skills:
Java
C++
Experience:
Worked as a Junior developer at XYZ. The responsibilities involved are taking the task on daily basis.
Education and Training:
Certificate of xxxx.
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Which of the following statements is true? A. Expenses are decreased by debits. B. Liabilities are decreased by credits. C. Revenues are increased by credits. D. Assets are decreased by debits.
In double-entry bookkeeping, revenues are increased by credits. Reductions in revenues would be debited. The other given statements about expenses, assets, and liabilities are incorrect.The correct option is C.
Explanation:The correct statement is C. Revenues are increased by credits. In double-entry bookkeeping, revenues, like liabilities and owner's equity, follow the rule that increases are recorded as credits.
Therefore, when a business earns revenues, it increases them by crediting the revenue account. On the other hand, reductions in revenues would be debited.
This rule aligns with the fundamental accounting equation: Assets = Liabilities + Owner's Equity. The other statements provided are inaccurate as expenses and assets are increased by debits, and liabilities are decreased by debits.The correct option is C
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The correct answer to the question is that revenues are increased by credits. This is a fundamental concept in the dual-entry accounting system where assets and liabilities are recorded using debits and credits.
Explanation:In your question, you're asking which of the following statements is true concerning debits, credits, expenses, liabilities, revenues, and assets. The correct answer is C. Revenues are increased by credits. Understanding this requires knowledge of basic accounting principles, specifically the system of debits and credits.
In the T-account system, which every firm uses, assets are placed on the left side and liabilities on the right. Assets represent the resources the organization owns, like loans provided by a bank or the U.S. Treasury bonds it purchased. Liabilities are what the bank owes to others, such as its deposits.
So, in this dual-entry accounting system, revenues (income a company earns from its normal business activities) are increased by credits. A credit to a revenue account indicates an increase in revenue, helping to boost the net worth or equity of the business. Making it clearer, if a customer pays for a service, the company would debit the cash account (an asset increase) and credit the revenue account (revenue increase).
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Which of the following statements about the labor market is correct? A. The employment contract specifies the level of work effort required from a worker. B. Paying more than is necessary to buy an employee’s time is throwing away the money. C. The buyer in the labor market is a price setter. D. The employment contract is a complete contract.
Answer: (A.)The employment contract specifies the level of work effort required from a worker.
(C.) The buyer in the labor market is a price setter.
Explanation:
In a economy the employment contract specifies the level of work effort required from a worker. i.e. while hiring an employee for a position in a organisation, It is required to completely specify the level of work effort required from that worker.
Also, Firms interact with individuals, employing them, discharging them and promoting or cutting wages and hours. The relationship between the forces of supply and demand influences the hours the worker works and their compensation.
On December 31, Joe Deer Corporation has the following data available: Net Income $200,000 Interest expense 20,000 Total assets at the beginning of the year 850,000 Total assets at the end of the year 780,000 Total common stockholders' equity at the beginning of the year 550,000 Total common stockholders' equity at the end of the year 490,000. What is Joe Deer’s return on equity?
The Return on Equity (ROE) for Joe Deer Corporation is calculated by dividing the net income by the average shareholders' equity for the year. The average shareholder's equity for the year is calculated as 520,000 and divided into the net income of 200,000, resulting in an ROE of 38.5%
Explanation:The question is asking for the calculation of Joe Deer Corporation's Return on Equity (ROE). ROE measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested. It's calculated by dividing net income by shareholders' equity. The formula is ROE = Net Income / Shareholders' Equity.
In this case, for Joe Deer Corporation, the average shareholder's equity for the year needs to be calculated first because the equity amount changed over the year. This is done by adding the equity at the beginning of the year to the equity at the end of the year and dividing it by 2. In terms of numbers, it's (550,000 + 490,000) / 2 = 520,000.
Then, we plug the numbers into the ROE formula: 200,000 / 520,000 = 0.3846. So, the Return on Equity for Joe Deer Corporation is approximately 0.385 or 38.5% when expressed as a percentage.
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Which of the following affect the expected rate of return for a portfolio? weight of each security held in the portfolio the probability of various economic states occurring the variance of each individual security the expected rate of return of each security given each economic state
Answer: the correct answer is weight of each security held in the portfolio, the probability of various economic states occurring and the expected rate of return of each security given each economic state.
Explanation: the variance of each individual security might not affect the expected rate because is one minor item in the whole basket.
George’s parents are going on a cruise and are concerned about paying their bills while they are gone because they will not have the usual means of communication. What is the best payment method for them to use while they are gone?
Answer: Automatic withdrawal
Explanation: In an automatic withdrawal payment system the payee schedule the recurring payments on predetermined date, these are generally done electronically. These kinds of payments are generally done from banks or mutual funds accounts.
In the given case George’s parents are going to cruise thus they will not be able to pay for their bills hence they can use the automatic withdrawal system for the general bills they have to pay.
Answer:
D.Automatic Withdrawal
Explanation:
Even though most people in the original target market for electric toothbrushes already knew how to brush their teeth, consumers still had some learning to do in order to make good use of the new brushing technique. The electric toothbrush is an example of a ________.
Answer:
Even though most people in the original target market for electric toothbrushes already knew how to brush their teeth, consumers still had some learning to do in order to make good use of the new brushing technique. The electric toothbrush is an example of a dynamically continuous innovation.
Explanation:
Dynamically continuous innovation.- when a company makes ongoing upgrades or enhacements of existing technologies or products.
What was the first product sold by heinz in 1869?
Final answer:
The first product sold by Heinz in 1869 was horseradish, chosen for its quality and longevity. It was packaged in clear glass bottles to showcase its purity, setting a standard for the brand's commitment to quality.
Explanation:
The first product sold by Heinz in 1869 was not the ketchup that the company is famously known for today, but rather horseradish. This product was selected because it could be processed to maintain purity and longevity without losing its flavor, which aligned with Heinz's commitment to quality and healthful food options. Horseradish was initially sold in clear glass bottles, a novel packaging choice at the time that allowed consumers to see the product's purity for themselves. This commitment to quality and transparency played a significant role in the company's growth and reputation, making Heinz a household name across the world and laying the foundation for its expansive product range that includes today's iconic Heinz Ketchup.
Globalization is the trend Multiple Choice of the world economy becoming a less dependent system. of the world economy adding more independent markets. toward one world language and culture. of the world economy toward becoming a more interdependent system. toward one world economy and banking system.
Answer: Of the world economy towards becoming a more interdependent
system.
Explanation: The process under which the government, people and companies of different nations are coming together to make the world a better place for business is called globalization. Under globalization various tax and tariffs are lowered down by different countries for ease of business and free flow of goods and services making the world interdependent.
While viewing a webpage for outdoor gear, Phil noticed a graphic display advertising skateboards at low prices. When he clicked on the ad, it took him to a different website where the skateboards were listed for sale. This is an example of what type of Internet advertising?
Answer: This is an example of "paid display" type of Internet advertising
Paid display or pay-per-click advertising, is an effortless, inexpensive way to compass the right masses.
Here, When Phil clicked on the ad, it took him to a different website where the skateboards were listed for sale. Thus targeting the right audience with right ad.
Abby is at International Mall shopping for a birthday gift for her roommate Colleen. A sweater in the store window of Bebe catches her eye so she goes in for a better look. Abby knows it's absolutely perfect for Colleen and has her mind made up to buy the sweater. She looks at the price tag and sees that it costs $299. Abby winces and says, "Ouch!" She was expecting the price to be around $75 at the highest. Abby just experienced _____.
A. Price disconfirmation
B. Sticker shock
C. External reference price
D. Everyday high pricing
E. Internal reference price
Answer: Abby just experienced sticker shock.
Explanation:
Sticker shock is known as the impact or dismay experienced by an individual of a particular commodity on acknowledging its high price.
∴ Here Abby just experienced sticker shock, when she found out the price of sweater to be $299 whereas she was expecting the price to be around $75 at the highest
The supply of loanable funds slopes A. downward because an increase in the interest rate induces people to invest less. B. downward because an increase in the interest rate induces people to save less. C. upward because an increase in the interest rate induces people to save more. D. upward because an increase in the interest rate induces people to invest more.
Answer:
A. downward because an increase in the interest rate induces people to invest less
Explanation:
Whenever the interest rate rises more on loans, people do not take more loans as the cost increases of carrying funds, which further leads to people investing less as they cannot afford to take loans for there needs, or investments, as here interest increase is referred to increase in rate of interest on loan able funds. Accordingly there will be less supply of loan funds, and the slope will go downward as the supply will decrease.
A. downward because an increase in the interest rate induces people to invest less
The basic control process of business begins with _____.
A. The achievement of the organization's goals
B. Taking corrective action, if needed, to repair performance deficiencies
C. The establishment of clear standards of performance
D. The comparison of actual performance to expected performance
E. Identifying the source of the performance-hampering problem
Answer: Option C
Explanation:
A. Achievement of organizational goals is the result for which the controlling process is initiated.
B. Taking corrective action is the second last step in controlling process.
C. Controlling process starts with the establishment of standards from which the actual performance will be compared.
D. Comparison is the second step in controlling process.
E. Identification will be done only after the comparison and detection of deficiencies in the process.
Daniel takes out a $10,000.00 loan. At the end of each month, the bank calculates 1% of the remaining loan balance (the “accrued interest”) and adds that amount to the remaining loan balance. If Daniel’s monthly payment was $100.00, would Daniel be able to eventually pay-off the loan? Explain your reasons or show your work.
Answer:
Daniel will not be able to eventually pay of the loan.
Explanation:
At the end of the first month, the bank will charge interest of $100 i.e [tex]interest = $10,000 * 1% = $100[/tex]
Daniel pays $100 at the end of this first month, and this payment goes towards covering the interest charged on the loan, such that he begins month 2 with a balance of $10,000 in his loan account. At the end of the month, the bank charges interest of $100 again, i.e 1% of $10,000 and Daniel again makes a payment that is just enough to cover the interest only for that month and this payment is not reducing the principal owed.
This goes on and on, with Daniel only paying accrued interest at the end of each month. Therefore, Daniel will not eventually be able to pay off his loan.
Ballman Corporation uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Bad Debts had a credit balance of $2,000. During the year, Ballman wrote off uncollectible receivables of $4,200. Ballman also recorded an adjusting entry for $4,000 of bad debt for the current year. What is Ballman’s year-end balance in Allowance for Bad Debts?
Answer:
ending balance for allowance for bad debt = 1,800
Explanation:
allowance 2,000 credit
write-off (4,200)
adjusting 4,000
ending balance 1,800
The write-off decrease the value of the allowance
The adjusting it is recognizing bad dbet, so it increase their balance.
Company Q plans to make a new product next year and sell each unit of this new product at a selling price of $2. The variable costs per unit in each production run are estimated to be 40% of the selling price, and the fixed costs for each production run are estimated to be $5,040. Based on these estimated costs, how many units of the new product will Company Q need to make and sell so that their revenue equals their total costs for each production process?
Answer:
23
Explanation:
Mariah is single and has a monthly disposable income of $3,200. Her monthly cash outflow is approximately $2,800. Mariah includes contributions to a retirement plan and money for investments as part of her cash outflow. She has car insurance and a life insurance policy. Mariah has saved $15,000, but wishes to use $10,000 for a down payment on a house. She has also purchased furnishings for a house, which she has in the spare bedroom of her apartment. Mariah hires a financial planner to examine her money management, and he determines that her plan needs work. What part of Mariah’s financial plan would he encourage her to work on and why? a. Her plan for managing income. Her net cash flow is negative. b. Her plan for managing her liquidity. She is spending all of her savings on her down payment. c. Her plan for retirement. She does not have a retirement plan set up. d. Her plan for protecting her assets. In case of an emergency, she should have renters insurance for her apartment. Please select the best answer from the choices provided
Answer:d
Explanation:the rest are wrong
The part of Mariah’s financial plan would he encourage her to work on is Her plan for protecting her assets. In case of an emergency, she should have renters insurance for her apartment. Thus the correct option is D.
What is planning?Planning refers to deciding or designing a path or roadmap about what things will be required in order to perform business operations to achieve the vision of the organization.
In the given case, it is explained to Mariah is single and has $3,200 in monthly disposable money. Her monthly financial outflow is around $2,800. Mariah's financial outflow comprises contributions to a retirement plan and money for investments.
The fundamental advantage of planning is that it aids in the control of operations, successfully fosters innovation and creativity through brainstorming and research, and reduces project costs.
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Hot dog vendors on the beach fail to cooperate with one another on the quantity of hot dogs they should sell to earn monopoly profits. A consequence of their failure is that, relative to the outcome the vendors would like,
(i) the quantity of hot dogs supplied is closer to the socially optimal level.
(ii) the price of hot dogs is closer to marginal cost.
(iii) the hot dog market at the beach is less competitive.
Answer: A consequence of their failure is that, relative to the outcome the vendors would like,
(i) the quantity of hot dogs supplied is closer to the socially optimal level.
(ii) the price of hot dogs is closer to marginal cost.
In this case the hot vendor are relatively creating externalities. i.e. Hot dog vendors on the beach fail to cooperate with one another on the quantity of hot dogs they should sell to earn monopoly profits.
When a price ceiling is imposed, the price system is prohibited from rationing the product in the market in which the ceiling was imposed. What other alternative rationing methods are available to determine who receives the scarce commodity? A. Queuing, shortages, and favoring customers. B. Queuing, favoring customers, and ration coupons. C. Queuing, rationing, and ration coupons. D. Queuing, shortages, and price increases.
Answer: Other alternative rationing methods available to determine who receives the scarce commodity are as follow: Queuing, favoring customers, and ration coupons.
Queuing: This system refers to waiting in queue as a way of distributing goods and services; a non-price rationing mechanism.
Favored customers: This refers to those individual who receive exceptional treatment on transaction during excess demand.
Ration coupons: These are referred as tickets that empower respective individual to buy a certain amount of a given commodity.
What was a difficulty of cotton production? A. Cotton grew best in cool climates. B. Cotton gins were expensive. C. Cotton farming wore out the soil. D. Cotton farmers lacked cheap labor.
Answer:
C. Cotton farming wore out the soil a lot more than any other product.
Explanation:
The reason why cotton production was a difficult business was because Cotton farming wore out the soil a lot more than any other product. This is because it needs way more water compared to other products. This excess water causes the soil to become eroded and degrade over time. Pile that on to the fact that Cotton fields are one of the fields to use the most amount of pesticides and herbicides which also affect the soil. When the cotton is all picked farmers would need to fertilize the whole field again for next years crops.
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Answer: c
Explanation: (Apex)
Which statement is not true?
(A) Current assets are normally reported in order of their liquidity.
(B) Disclosures related to receivables are reported in the financial statement notes.
(C) Cash and cash equivalents are the first items reported under Current assets.
(D) All receivables that are expected to be realized in cash beyond 265 days are reported in the Noncurrent assets section.
Answer: The following statement is not true: All receivables that are expected to be realized in cash beyond 265 days are reported in the Non-current assets section.
The following statement in it's true form would be where all Receivables are anticipated to be accomplished in cash after 365 days, then they are reported in section of the non-current assets.
The correct answer is (D) All receivables that are expected to be realized in cash beyond 265 days are reported in the Noncurrent assets section.
Explanation:The correct answer is (D) All receivables that are expected to be realized in cash beyond 265 days are reported in the Noncurrent assets section.
On a balance sheet, current assets are normally reported in order of their liquidity, with cash and cash equivalents being the first items reported under current assets. Disclosures related to receivables are typically included in the financial statement notes.
However, receivables that are expected to be realized in cash beyond 265 days are reported in the noncurrent assets section. Noncurrent assets are those that are expected to provide economic benefit beyond one year or the operating cycle, whichever is longer.
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Pat's Pets recently paid $15,000 to have the engine in its delivery van overhauled. The estimated useful life of the van was originally estimated to be 4 years. The overhaul is expected to extend the useful life of the van to 10 years. The overhaul is regarded as a
Answer:
The overhaul is regarded as an asset Capitalize under delivery van account.
Explanation:
the overhaul wil be capitalized, because it wasn't a maintenaince to keep the same level. It was an upgraded, It added value tothe asset.
so it will be included in the delivery van account.
The overhaul is regarded as an asset
delivery van 15,000 debit
cash 15,000 credit
When potential real GDP is equal to 70, this economy is in recession . The amount of the shortfall in planned aggregate expenditure is equal to A. the amount of actual real GDP. B. the amount of potential real GDP. C. the horizontal distance between potential real GDP and actual real GDP. D. the vertical distance between AE and the 45degrees line at the level of potential real GDP.
Answer: Option (D) is correct.
Explanation:
If the potential GDP is 70 and economy is in recession. Potential GDP is the GDP of an economy which can be achieved with the best utilization of economy's resources.
The amount of the shortfall in planned aggregate expenditure is equal to the vertical distance between the 45 degree line and the AE = Y, at a level of potential real GDP.
This is also shown by an arrow in the diagram.
The shortfall in planned aggregate expenditure during a recession, when the actual real GDP falls short of the potential (which is 70 here), is represented by the horizontal distance between the potential real GDP and the actual real GDP.
Explanation:In the context of economics, a recession occurs when the actual real GDP falls short of the potential real GDP. In this scenario where potential real GDP is 70 and we're in a recession, the shortfall in planned aggregate expenditure can be visualized as the horizontal distance between the potential real GDP and the actual real GDP. Therefore, the correct answer is C. the horizontal distance between potential real GDP and actual real GDP.
This case illustrates the gap between what an economy could produce if it were fully employed (potential real GDP) and what it is actually producing (actual real GDP). This gap represents unutilized resources and missed economic opportunities - signs of a recession.
Learn more about Economics - Recession here:https://brainly.com/question/31880898
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