Answer:
B. in the intangible assets section of the balance sheet
Explanation:
In the given question, the Meyer media produces several screenplays. By using each screenplay it has a copyright and we know that copyright is an intangible asset which comes under the intangible asset section under the asset side of the balance sheet.
And the intangible assets include patents, goodwill, trademark, etc.
The rest options are incorrect.
Q would like to purchase $100,000 of permanent protection on his wife and $50,000 of term coverage on himself under the same policy. what kind of policy should q purchase?
Answer:
Q should purchase whole life insurance policy.
Explanation:
Since Q wants to get a permanent protection for his wife so whole life insurance policy is his safest best. This type of insurance is there for the entire lifetime and offer many benefits. The two major benefits of whole life policy include death benefit and accumulated cash savings. It pays a death benefit to the beneficiary when the person passes away. Accumulated cash value also serve the purpose of savings which you can also get while you are still alive. This very insurance basically has your entire life covered.
To achieve $100,000 of permanent coverage for his wife and $50,000 of term coverage for himself under the same policy, Q should purchase a combination life insurance policy. This policy combines different types of coverage in one package.
Explanation:Q should look to purchase a combination life insurance policy. Combination policies allow individuals to cluster different types of coverage under one policy. In this case, Q would have permanent life insurance coverage on his wife, which does not expire and accumulates a cash value over time. On the other hand, the term life insurance coverage on himself would only last for a specified time period, typically cheaper than permanent coverage because of its temporary nature.
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A flower shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,000 considered to be earned?
a. December 5
b. December 10
c. November 30
d. December 1
Answer:
November 30
Explanation:
it's hard for me to explain it but basically sales are made whether the company receives the money or not
The $1,000 sale by the flower shop is considered to be earned on November 30, in accordance with GAAP and the revenue recognition principle, which recognizes revenue when the sale is made, not when payment is received. C is correct.
The $1,000 made by the flower shop is considered to be earned on November 30. According to GAAP and the revenue recognition principle, revenue is recognized when the earnings process is complete, or nearly complete, and the exchange has taken place. In this scenario, the transaction was completed on November 30, which is when the flower shop fulfilled the order and the sale was made, regardless of when the payment was received or when the statement was sent.
Applying this to OP's hypothetical sales tax recognition, the $20 million in local sales taxes collected in December would be recognized at the time of the transaction. A similar pattern applies to other derived revenues, and expenses are recognized in conjunction with the revenues they help to generate as per the matching principle.
Lakewood Jet Skis has budgeted sales for June and July at $ 440,000 and $ 540,000 , respectively. Sales are 65% credit, of which 30% is collected in the month of the sale and 70% is collected in the following month. What is the accounts receivable balance on July 31?
Answer:
$436800
Explanation:
540000×65%= 351000(amount recievable for June)
440000×65%= 286000(amount recievable for July)
286000×30%= 85800
Since asking balance for 31 July
30% of credit sales in June has been collected in June and 70% of June credit sales has been
Collected in July
So take full amount credit sales of June of 351000(70%+30%=100%)+85800= $436800
Answer:
What is the accounts receivable balance on July 31? is $245700
Explanation:
July sales 540000
credit% 65%
Credit sales 351000
Collect sales % 30%
Collect sales on month 105300
Accoun receivable balance 245700
Which factor will not cause an increase in demand for good X? a decrease in the price of good X a decrease in income if good X is an inferior good an increase in income if good X is a normal good an increase in the popularity of good X with consumers
Answer:
I believe it's "a decrease in income if good X is an inferior good"
Explanation:
If the price is decreased people are more likely to buy it. If people have more money they are more likely to buy more thinks including good X. An increase in popularity with good X is sure to make more people want to buy it, so the second option is the only one that really makes sense.
Final answer:
A decrease in the price of good X will not cause an increase in demand; rather, it affects the quantity demanded. An increase in demand for inferior goods occurs with a decrease in income, whereas for normal goods, it occurs with an increase in income.
Explanation:
The factor that will not cause an increase in demand for good X is a decrease in the price of good X. Changes in price affect the quantity demanded, not the demand curve itself. On the other hand, factors such as a decrease in income, if good X is an inferior good, an increase in income if good X is a normal good, or an increase in the popularity of good X with consumers, can all influence the demand for a good. Specifically, for inferior goods, demand tends to increase when income decreases because these are goods consumers resort to when their spending power is limited. In contrast, demand for a normal good increases when income rises, reflecting a greater willingness to purchase higher-quality or more desirable items as one's budget allows.
Previously, Autoco designed all of its cars itself and then contracted with specialized parts suppliers to build parts according to its specifications. Now it plans to include its suppliers in designing the parts they are to build. Since many parts suppliers have more designers with specialized experience than Autoco has, Autoco expects this shift to reduce the overall time and cost of the design of its next new car.
Which of the following, if true, most strongly supports Autoco’s expectation?
(A) When suppliers provide their own designs, Autoco often needs to modify its overall design.
(B) In order to provide designs for Autoco, several of the parts suppliers will have to add to their existing staffs of designers.
(C) Parts and services provided by outside suppliers account for more than 50 percent of Autoco’s total costs.
(D) When suppliers built parts according to specifications provided by Autoco, the suppliers competed to win contracts.
(E) Most of the Autoco’s suppliers have on hand a wide range of previously prepared parts designs that can readily be modified for a new car.
Answer:
(E) Most of the Autoco’s suppliers have on hand a wide range of previously prepared parts designs that can readily be modified for a new car.
Explanation:
(A) When suppliers provide their own designs, Autoco often needs to modify its overall design.
This modification is more likely to increase time and cost than to decrease them.
(B)in order to provide designs for Autoco, several of the parts suppliers will have to add to their existing staffs of designers.
This will increase the cost of the next car, rather than decreasing it.
(C) Parts and services provided by outside suppliers account for more than 50 percent of Autoco’s total costs.
Suggests that outside suppliers are an important component of costs, but does not help clarify whether the plan will reduce costs.
D) When suppliers built parts according to specifications provided by Autoco, the suppliers competed to win contracts.
It’s also possible that suppliers will no longer compete for contracts, which could actually increase costs . Since the answer choice doesn’t specify which of these is correct, it isn’t clear how it affects the conclusion, which deals only with what will change after the new plan is instated.
(E) Most of the Autoco’s suppliers have on hand a wide range of previously prepared parts designs that can readily be modified for a new car.
. This answer choice suggests that suppliers will not be starting from scratch when designing new parts; they may be able to save time and/or cost by modifying existing designs.
The state of Texas used to experience large-scale booms and busts related to price fluctuations within the petrochemical industry. Recently, however, the business climate has attracted many different types of companies to the state, and, as a result, the state has experienced _________ that has allowed other industries to take a more prominent role in Texas's economy.
Answer:
Economic Diversification
Explanation:
The method of moving an economy away from the central source of revenue to various sources from a increasing spectrum of industries and markets is called Economic Diversification.
As a strategy for encouraging favorable financial growth and development, it has traditionally been implemented.
Nessi Bru, an American construction firm, and West Brook Inc., a Canadian construction firm, collaborated on an infrastructure project to build a railway track from Regina in Canada to Minneapolis in the United States. They shared their resources, risks, and profits, but they still functioned as two independent firms. In this scenario, Nessi Bru and West Brook Inc. were most likely involved in _____.
Answer:
joint venture
Explanation:
According to my research on different business strategies, I can say that based on the information provided within the question they were involved in a joint venture. This term refers to a business arrangement in which two or more entities decide to come together and offer their resources to one another in order to accomplish a specific objective that will be beneficial for all parties involved. Which is what Nessi Bru and West Brook are doing.
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A consumer has two basic choices: rent a DVD movie for $4.00 and spend 2 hours watching it, or spend $13 for a miniature golf game that takes 1 hour. If the marginal utilities of the movie and the miniature golf game are equal, and the consumer values time at $12 an hour, the rational consumer will most likely:a.rent the movie instead of playing miniature golf. b.play miniature golf instead of renting the movie. c.be indifferent between the movie and the miniature golf game. d.not have enough basis for making a utility-maximizing decision.
Answer:
The correct answer is option b.
Explanation:
The direct cost of a movie is $4.
The opportunity cost of 2 hours of time is $12×2= $24.
The total cost of watching the movie will be $24 + $4 = $28
The direct cost of playing a game of miniature golf is $13.
The opportunity cost of 1 hour time in playing is $12.
The total cost of playing golf is $13 + $12 = $25
The marginal utility derived from both are same.
Since the cost incurred in playing golf is comparatively lower, a rational consumer will consume play golf instead of renting a movie.
Holly, an it specialist at a bank, is eight months pregnant and experiencing some medical complications. as a result, holly's doctor has ordered holly to remain home on bed rest for the last month of her pregnancy. according to the pregnancy discrimination act, holly is entitled to receive ________.
Answer:
Disability benefit
Explanation:
As per definition, any employee who is unable to perform their work related duties due to a medical condition or disability, they are entitled to a disability benefit as a way of keep providing an income for themselves. In case she resumes work earlier than a month's time, she would not be entitled to the benefit.
The Pregnancy Discrimination Act provides protection to Holly, allowing her to retain her job, and requires her employer to grant a leave of absence during her final month of pregnancy. Moreover, the Family and Medical Leave Act entitles Holly to take up to 12 weeks of unpaid leave for family and health reasons.
Explanation:According to the Pregnancy Discrimination Act, Holly is entitled to receive protection against any form of discrimination associated with her pregnancy in the workplace. This implies that Holly is warranted to maintain her position and be granted a leave of absence that considers her medical condition. Furthermore, the Pregnancy Discrimination Act aligns with the Family and Medical Leave Act, which permits employees to take up to 12 weeks of unpaid leave annually for family reasons, inclusive of pregnancy-related concerns.
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Laverne and Shirley started a partnership. Laverne invested $4,000 in the business and Shirley invested $6,000. The partnership agreement stipulated that profits would be divided as follows. Each partner would receive a 10% return on their invested capital with the remaining income being distributed equally between the two partners. Assuming that the partnership earned $4,500 during an accounting period, the amount of income assigned to the two partners would be:
Answer: Amount of income assigned to Laverne = $2,150
Amount of income assigned to Shirley = $2,350
Explanation:
Given that,
Laverne invested = $4,000
Shirley invested = $6,000
Each partner receive = 10% return on their invested capital
and remaining income being distributed equally between the two partners.
Partnership earned = $4,500
Remaining income = Partnership earned - 10% on Laverne's capital - 10% on Laverne's capital
= $4,500 - $400 - $600
= $3,500
Amount of income assigned to Laverne:
= 10% of $4,000 + [tex]\frac{3500}{2}[/tex]
= $400 + $1,750
= $2,150
Amount of income assigned to Shirley:
= 10% of $6,000 + [tex]\frac{3500}{2}[/tex]
= $600 + $1,750
= $2,350
Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $55,000 cash to start the business and received 4,000 shares of stock. The store completed its first year of operations on December 31, 2017. On that date, the following financial items for the year were determined: cash on hand and in the bank, $50,500; amounts due from customers from sales of books, $28,500; equipment, $54,000; amounts owed to publishers for books purchased, $9,000; one-year notes payable to a local bank for $5,250. No dividends were declared or paid to the stockholders during the year.
Assuming that Reader Direct generates net income of $6,000 and pays dividends of $3,600 in 2018, what would be the ending Retained Earnings balance at December 31, 2018?
This is the problem I have been given, and I've gotten to this point. I am just very confused on the Ending RE and Beginning RE.
So far I have
ENDING RE = BEG RE + Net Income- Dividends
________ = _______ + 6,000 - 3,600
Answer:
The ending retained earning would be $2,400
Explanation:
For computing the ending retained earnings balance, we have to use the formula which is shown below:
Even in the question, the formula is given so we use it
Ending retained earnings = Beginning retained earnings + net income - dividend
Ending retained earnings = 0 + $6,000 - $3,600
In the question, the beginning retained earnings balance is not given so we assume zero balance
So, the ending retained earnings would be $2,400
Malcolm is part of a team developing a new smartphone app to track traffic patterns. Because team members are located throughout the country, they don't meet in person. Instead, they use communication technology to collaborate on the project. Because members use technology to stay connected, Malcolm is part of a
a. departmental team.
b. cross-functional team.
c. virtual team.
d. self-directed team.
Answer:
c. Virtual Team
Explanation:
Since they don't meet in person, they are settled in different locations and collaborate through technolgy, they only meet virtually, they are called a virtual team
______________ recognizes that a company’s performance should be viewed not only in terms of its ability to generate economic profits for its owners, as has traditionally been the case, but also in terms of its impact on people and the planet.
Answer:
Triple bottom line
Explanation:
This is the practice for many private companies this days, as they try to be social, economical and enviromentally profitable.
It's generally accepted to be the case when a company has the following certificates:
ISO9001/ISO9000 (for managment) ,
ISO 26000 (for societal) and
ISO 14001 (for the environment)
Carter Corporation made sales of $900 million during 2016. Of this amount, Carter collected cash for $871 million. The company's cost of goods sold was $280 million, and all other expenses for the year totaled $325 million. Also during 2016, Carter paid $375 million for its inventory and $285 million for everything else. Beginning cash was $115 million.
Carter's top management is interviewing you for a job and they ask two questions:
a. How much was Carter's net income for 2016?
b. How much was Carter's cash balance at the end of 2016?
You will get the job only if you answer both questions correctly.
Answer: (a) $295 million
(b) $326 million
Explanation:
Given that,
Sales = $900 million during 2016
Cash = $871 million
Cost of goods sold = $280 million
Expenses for the year totaled = $325 million
Paid for Inventory = $375 million
Paid for everything else = $285 million
Beginning cash = $115 million
(a) Net Income = Sales - Cost of goods sold - Expenses for the year totaled
= $900 - $280 - $325
= $295 million
(b) Carter's cash balance at the end of 2016:
= Cash + Beginning cash - Paid for Inventory - Paid for everything else
= $871 + $115 - $375 - $285
= $326 million
Final answer:
Carter Corporation's net income for 2016 is $295 million, and the cash balance at the end of 2016 is $326 million.
Explanation:
Calculating Net Income and Ending Cash Balance for Carter Corporation
To calculate Carter Corporation's net income for 2016, we need to subtract the cost of goods sold (COGS) and all other expenses from the sales revenue. Here's the calculation:
Sales Revenue: $900 million
- Cost of Goods Sold: $280 million
- Other Expenses: $325 million
= Net Income: $295 million
Carter's net income for 2016 is $295 million.
To find Carter Corporation's cash balance at the end of 2016, we consider the beginning cash balance, cash collected from sales, and cash paid for inventory and other expenses:
Beginning Cash: $115 million
+ Cash Collected: $871 million
- Cash Paid for Inventory: $375 million
- Cash Paid for Other Expenses: $285 million
= Ending Cash Balance: $326 million
The cash balance at the end of 2016 is $326 million.
Producer surplus A. is the minimum amount a firm must receive to engage in trade. B. represents the opportunity cost of the firm. C. is a measure of what a firm gains from trade. D. determines whether or not a firm will produce in the long run.
Answer: A) Is the minimum amount a firm must receive to engage in trade.
Explanation: Is a concept based on the law of supply and demand, and is the conditional benefit they obtain form the sale of their products, since they are able to sell them at a higher price than they would be willing to charge. In other words, the difference between the amount that a producer receives from the sale of a good and the lowest amount that the producer is willing to accept for the product. The greater the difference between the two prices, the greater the benefit to the producer.
On January 1, 20182018, you borrowed $ 15 comma 000$15,000 on a five-year, 99 percent note payable. At December 31, 20182018, you should record a journal entry that includes which of the following?
Answer:
1
Interes expense 1350
Interes payable 1350
Anual interest 9%
2
Interest payable 1350
Bank Loan 2506
Bank 3856
IPayment loan and interest ( if the payment is annual)
Explanation:
N Pay. Capital Interest Loan
15.000
1 3.856 2.506 1.350 12.494
2 3.856 2.732 1.124 9.762
3 3.856 2.978 879 6.784
4 3.856 3.246 611 3.538
5 3.856 3.538 318 0
Match the different parts of the annual report with the appropriate description. 1. Includes the income statement, balance sheet, statement of stockholders' equity, and statement of cash flows. 2. Attests to the fairness of the presentation of the financial statements. 3. Includes a summary of significant accounting policies and explanations of specific items on the financial statements. 4. Is written by the company to help investors understand the results of operations and the financial condition of the company.a. Notes to financial statements b. Report of independent registered public accounting firm c. Management's discussion and analysis of financial condition and results of operations (MD&A) d. Financial statements
The annual report consists of the Financial Statements, Report of Independent Registered Public Accounting Firm, Notes to Financial Statements, and the Management's Discussion and Analysis of Financial Condition and Results of Operations. Each part plays a crucial role in painting a comprehensive picture of a company's financial status and performance.
Explanation:The parts of an annual report can be matched with their respective descriptions as follows:
Financial statements include the income statement, balance sheet, statement of stockholders' equity, and statement of cash flows. The Report of independent registered public accounting firm attests to the fairness of the presentation of the financial statements. Notes to financial statements include a summary of significant accounting policies and explanations of specific items on the financial statements. Management's discussion and analysis of financial condition and results of operations (MD&A) is written by the company to help investors understand the results of operations and the financial condition of the company. Learn more about Annual Report here:
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Final answer:
The financial statements, report of independent registered public accounting firm, notes to financial statements, and MD&A are respective parts of an annual report that collectively provide a detailed view of an organization's financial health.
Explanation:
The different parts of the annual report can be matched with the appropriate description as follows:
Financial statements - Includes the income statement, balance sheet, statement of stockholders' equity, and statement of cash flows.Report of independent registered public accounting firm - Attests to the fairness of the presentation of the financial statements.Notes to financial statements - Includes a summary of significant accounting policies and explanations of specific items on the financial statements.Management's discussion and analysis of financial condition and results of operations (MD&A) - Is written by the company to help investors understand the results of operations and the financial condition of the company.Each of these components plays a critical role in conveying the financial health and activities of an organization. The financial statements provide an overview of the organization's financial position, operating results, and cash flows. The audit report provides assurance on the accuracy and fairness of these statements. The notes to the financial statements offer detailed explanations of the accounting policies and additional information that may affect the reader's understanding of the financial conditions. Lastly, the MD&A offers management's perspective on the financial results and future prospects of the company.
9. What is one of the major problems caused by a large national debt?
Answer:
Risk of default ( no payment )
Explanation:
There are many risks associated to a too large national debt.
What we considered "too large" ? The size depends on national GDP ( gross domestic product ), as it indicates tha capability of a country to afford future payments.
Therefore, if the fiscal balance ( income - expenses ) is inferior than incoming payments of interests and capital, probably the country will not be able to serve debt. So, default is unavoidable.
High debt usually indicates that the country is expending more than its real capability, so next step should be cutting expenses in order to create cashflow and cancel debt as soon as possible.
Those who implement the policies and plans of top management above them and supervise and coordinate the activities of the first-line managers below them are called _______.
Answer:
Middle Management
Explanation:
According to my research on different business roles and responsibilities, I can say that based on the information provided within the question the role being described is called Middle Management. These are the intermediate management level of an organization that is responsible for ‘team leading’ line managers and/or ‘specialist’ line managers, as well as being responsible for lower level performance and productivity.
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The purchase of a call has what advantage over buying the underlying security?
A. Lower capital requirement.
B. The call holder receives the same dividend as does the holder of the underlying stock.
C. The call holder does not lose time value as the position is held.
D. The call holder has a larger gain potential in a rising market.
Answer:
A. Lower capital requirement.
Explanation:
A call option gives the buyer the right to purchase the underlying asset at the strike price at any time before the expiry date (and the seller is obligated to deliver the underlying asset at the strike price). As they demand a less capital investment than equities so are less risky and have the potential to deliver higher percentages of returns.
A Lord & Taylor house brand cashmere sweater retails for $99. A very similar sweater with a Ralph Lauren label sells for $219. The difference between the price of the high-end label product and the private brand product is called
b. reverse equity.c. salience.d. brand differential.
Answer:
Revenue premium
Explanation:
Revenue premium is a difference in revenue between a branded good and private labeled good
Revenue premium is useful product market measure of brand equity
Final answer:
The difference in price between a high-end label product and a private brand product, like the Ralph Lauren and Lord & Taylor cashmere sweaters, is called brand differential. This price difference is attributed to the perceived value or brand equity associated with the high-end label.
Explanation:
The difference between the price of the high-end label product and the private brand product is referred to as brand differential. This concept illustrates the added value a brand name can bring to a product. For example, a Lord & Taylor house brand cashmere sweater retails for $99, while a very similar sweater with a Ralph Lauren label sells for $219. The $120 difference in price between these two items, which are nearly identical in terms of material and function, is attributed to the Ralph Lauren brand's perceived higher value or brand equity. Brand equity is influenced by various factors including quality perception, brand loyalty, and marketing efforts.
Companies invest in building their brand equity because it allows them to charge premium prices, as seen in the case of the Ralph Lauren sweater. The dynamics of brand equity suggest that it needs to be constantly replenished through advertising and maintaining quality to keep attracting consumers willing to pay a higher price for a labeled product over a similar no-brand or private label product.
Drafi Arts Corp. makes and sells original handicraft products. The management of the company has been successfully using a niche strategy for years. In this case, which of the following is the most likely to be true of Drafi Arts Corp.?
Answer:
The correct answer would be, It serves only a limited geographic market.
Explanation:
A niche strategy of selling the products means that the company sells its products which is limited by some preferences, usually geographically.
So Drafi Arts Corp makes and sells original handicraft products, and the company is successfully using a niche strategy for years, which means company is selling its handicraft items to people limited by geographical areas. They are not selling their products nationwide or worldwide, rather they are focusing on selling their handicrafts to a limited geographical region.
An economic outcome is said to be efficient if the economy is
using all of the scarce resources it has available.
conserving on resources, rather than using all available resources.
getting all it can get from the scarce resources it has available.
able to produce more than what is currently being produced without additional resources.
Answer:
The correct answer is: getting all it can get from the scarce resources it has available.
Explanation:
We are aware that in an economy we have scarce resources. These scarce resources have alternative use and are to be used to satisfy unlimited wants and needs. When choosing one alternative, we need to sacrifice the other.
In such a situation an outcome is said to be efficient if all the resources are being used efficiently. In other words, using the current level of resources if an economy cannot produce more output then it is efficient.
An economy is said to be efficient when it maximizes the potential of its scarce resources to yield the most benefit. This concept is known as allocative efficiency, which signifies that resources are allocated to maximize the total well-being of society.
Explanation:In economic terms, an outcome is considered efficient when the economy is getting all it can from the scarce resources it has available. This is usually referred to as allocative efficiency. It signifies that resources are allocated in a way that increases the total well-being of the society and there is no other possible allocation that would increase anyone’s well-being without reducing someone else’s well-being.
An economy achieves efficiency by fully capitalizing on all available resources thereby minimizing waste. It does not necessarily imply that all resources are used up, rather they are utilized in a manner that yields maximum benefit.
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Careful administration of central parenteral nutrition (CPN) includes:
a. Rapid advancement to complete nutrition
b. Close monitoring of infusion and laboratory values
c. Individualized protocols for administration
d. Flexible schedule to accommodate the client's activities
Answer:
b. Close monitoring of infusion and laboratory values
Explanation:
Careful administration of central parenteral nutrition (CPN) include . Close monitoring of infusion and laboratory values. CNP is the injection of or oral intake of nutrition to malnourished patient unwilling to take adequate nutrition. Used solo or in combination with diet.
If Andrea sells Dan a Wii gaming system for $150,
a. the well-being of both parties will be unchanged.
b. Andrea will gain from the transaction, but Dan will lose.
c. Dan will gain from the transaction, but Andrea will lose.
d. both Dan and Andrea will gain from this transaction.
Answer:
The answer is: D) both Dan and Andrea will gain from the transaction.
Explanation:
Whenever a business transaction is done freely, not forcefully, by mutual consent and without any type of fraud being committed, then both parties win. Andrea should be happy with her $150 and she will be able to buy anything she wants or likes (in the price range). Dan should also be happy and start playing with his Wii as soon as possible so he can enjoy the most out of his new purchase.
The only reason why someone would lose in this transaction is that Andrea was forced to sell her Wii at a lower price than she thought. Or Dan was forced to buy the Wii at a higher price than he considered appropriate. Or Andrea stole the Wii from someone else, it really doesn´t work or anything else illegal about it.
Peter Jones, a senior accountant, and Mary Miller, a junior accountant, were the only accountants for XYZ Company, a medium-sized business. Peter had been with the company for over four years and was responsible for the Purchasing Department. Mary had been working at the company for a little over five years, and she had neither applied for a vacation nor taken any days off in the last three years. She was responsible for cash receipts and disbursements. She also collected the cash from the cash register, counted it and matched it with cash register receipts, made a record of daily receipts, and then put the money in the safe. Once a week, she would take the paperwork to her supervisor, Susan Lowe, one of the managers, who would check it. Mary later resigned from the company. At the time of her resignation, Peter was asked to handle Mary's responsibilities while the company looked for a person to replace her. Peter soon realized that there had been some manipulation of accounting records and embezzlement of funds. Investigations revealed that approximately $30,000 had been stolen. What could the management of XYZ Company have done to prevent Mary's embezzlement or to detect the fraud earlier?
Answer:
The answer is: Establish a control system (checks and balances)
Explanation:
Mary was in charge of all the operations regarding the use of cash in the company. The problem was that there was no one to control her work. If she prepared all the cash receipts and disbursements, she shouldn´t have been responsible for collecting the cash and matching them with the receipts she prepared herself.
The manager, Susan Lowe, couldn´t tell if cash was missing if Mary did the receipts and then matched the cash records for them. There was no way she could have checked if the amounts were correct. Peter should have been involved in this process, either by preparing the receipts or handling the cash and matching the records. That way the could have established some control system.
Final answer:
To prevent embezzlement or detect fraud earlier, XYZ Company should have enforced segregation of duties, conducted regular audits, implemented mandatory vacations, and established a whistleblower policy.
Explanation:
To prevent embezzlement or detect fraud earlier at XYZ Company, management could have implemented several internal control measures. First, segregation of duties is crucial; Mary should not have been responsible for collecting, recording, and depositing cash without oversight. Implementing regular audits, both internal and external, would have created an environment where financial manipulations are more likely to be detected. Additionally, enforcing mandatory vacation policies could reveal fraudulent activities, as someone else temporarily managing the absent employee's duties may notice discrepancies. Finally, establishing a whistleblower policy encourages employees to report suspicious activities without the fear of retaliation, further safeguarding the company's financial integrity.
Social capital is the major component of what accountants call _____, and it can be found on business's balance sheet.A. doubtful debtB. goodwillC. bequestD. excise duty
Answer:
Goodwill
Explanation:
According to my research on different financial terminology, I can say that based on the information provided within the question this is what accountants call Goodwill. In regard to financing, goodwill refers to when a company or organization acquires another entire business, therefore this is why social capital is a major component of, because it is a capital asset acquired from society.
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A substitute in production is a good that is _____ another good
Answer:
A substitute for a good is another good that can be consumed in its place. The demand for a good and the price of one of its substitutes move in the same direction. A complement of a good is another good that is consumed with it. The demand for a good and the price of one of its complements move in opposite directions.
Explanation:
I hope that helps some.
Belarus has a comparative advantage in the production of linen, but Russia has an absolute advantage in the production of linen. If these two countries decide to trade,
a. Belarus should export linen to Russia.
b. Russia should export linen to Belarus.
c. trading linen would provide no net advantage to either country.
d. Without additional information about opportunity costs, this question cannot be answered.
Answer: Option (a) is correct.
Explanation:
A country has a comparative advantage in producing a commodity if the opportunity cost of producing that commodity in terms of other commodity is lower than the other country.
A country has a absolute advantage in producing a commodity whose production require less number of resources than the other country.
A country exports the commodity in which it has a comparative advantage and imports commodity in which it has a comparative disadvantage.
Therefore, if both the countries decide to trade then Belarus should export linen to Russia.
Juanita is deciding whether to buy a dress that she wants, as well as where to buy it. Three stores carry the same dress, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $100 for the dress:
Store
Travel Time Each Way
Price of a Dress
(Minutes)
(Dollars per dress)
Local Department Store 15 100
Across Town 30 86
Neighboring City 60 63
Juanita makes $56 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $56 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling.
Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location.
Store
Opportunity Cost of Time (dollars)
Price of a Dress (dollars per dress)
Total Cost (Dollars)
Local Department Store ? 100 ?
Across Town ? 86 ?
Neighboring City ? 63 ?
Assume that Juanita takes opportunity costs and the price of the dress into consideration when she shops. Juanita will minimize the cost of the dress if she buys it from the __
Answer:
Juanita will minimize the cost of the dress if she buys it from the Local Department Store
Explanation:
Every 15 minutes cost $14 for Juanita according with the information you should calculate every moved from the work to the shop and multiply by 2 because Juanita spend the same time in every journey.
Every journey and the price of the dress shlud be calculated with the next formula:
= (time by journey * 2*$14) + (the equivalent of 30 minutes shooping)+ dress price
= Local Department Store= (15*2*$14)+($28)+ $100 =$156
=Accross Twon = (30*2*$14)+($28)+ $86 =$ 158
=Neighboring City = (60*2*$14) +($28) +$63 =$199
Juanita will minimize the cost of the dress if she buys it from the Local Department Store
The calculation is as follows:
= (time by journey × 2 × $14) + (the equivalent of 30 minutes shooping)+ dress price
Local Department Store= (15 ×2 ×$14)+($28)+ $100 =$156
Accross Twon = (30 ×2 × $14)+($28)+ $86 =$ 158
Neighboring City = (60 × 2 × $14) +($28) +$63 =$199
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