Answer:
Dr Notes Receivables account 490
Cr Accounts Receivables account 490
Explanation:
Notes receivables is debited since it increases, and when assets increase they are debited.
Accounts receivables is credited sin it decreases, and when assets decrease they are credited.
The journal entry cannot record the $49 in interest revenue since revenue cannot be recognized until it is earned or its earning process is substantially completed. Considering that Brown is not a very good client, the company is not even sure that it will be able to collect the original $490.
If Brown really pays the note, then the journal entries would be:
Dr Cash account 539
Cr Notes Receivables account 490
Cr Interest revenue 49
Carla Vista Co. issued $590,000, 10-year, 7% bonds at 101. Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 enter an account title to record the sale of these bonds on January 1, 2017 enter a debit amount enter a credit amount enter an account title to record the sale of these bonds on January 1, 2017 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Suppose the remaining Premium on Bonds Payable was $3,540 on December 31, 2020.
Show the balance sheet presentation on this date. CARLA VISTA CO. Balance Sheet (Partial) choose the accounting period select an opening subsection name enter a balance sheet item $enter a dollar amount select between addition and deduction: enter a balance sheet item enter a dollar amount $enter a total of the two previous amounts
Answer:
cash 595,900 debit
bonds payable 590,000 credit
premium on bonds 5,900 credit
Explanation:
We have to record the issuance of the bonds:
cash proceeds:
face value x quote:
590,000 x 101/100 = 595,900
face value (590,000)
premium 5,900
There is a premium as we are receiving more than we are going to pay at maturity.
We will debit the cash proceeds form the bond
and credit the bonds and premium
The journal entry to record the sale of the bonds on January 1, 2017, would be as follows: Cash ($590,000 x 101%). On the balance sheet, the presentation for the remaining Premium on Bonds Payable on December 31, 2020, would be: Premium on Bonds Payable $3,540.
Explanation:The journal entry to record the sale of the bonds on January 1, 2017, would be as follows:
Jan. 1 | Cash ($590,000 x 101%) | 595,900
| Premium on Bonds Payable | 3,900
| Bonds Payable | 590,000
On the balance sheet, the presentation for the remaining Premium on Bonds Payable on December 31, 2020, would be as follows:
Balance Sheet (Partial)
Liabilities:
Bonds Payable $590,000
Premium on Bonds Payable $3,540
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In producing product AA, 6,300 pounds of direct materials were used at a cost of $1.10 per pound. The standard was 6,000 pounds at $1.00 per pound. The direct materials quantity variance is:
Answer:
300 A
Explanation:
(SQ - AQ) SP
(6000 - 6300)1
300 A
It means that actual quantity produced is worse than expected quantity.
Team operating principles are sometimes included in a project charter to enhance team functioning. Which of the following statements accurately describes the value of establishing team operating principles?
a. Operating principles that address the conduct of meetings and how decisions are made are especially useful in helping the team get off to a good start.
b. Operating principles typically detail the specific work that each team member will perform and ensure a more complete understanding of the project.
c. Operating principles identify the rules along with the punishments to be administered when the rules are broken.
d. all of these
Answer:
a. Operating principles that address the conduct of meetings and how decisions are made are especially useful in helping the team get off to a good start.
Explanation:
Operating principles discuss the core of any business by discussing the main steps of operating the business.
This provides for the main principles on which the business would run.
The principles and discussions in the meeting discussing and providing the agenda of the further processing and stepping ahead in business.
This overall efforts for the business, provides a clear picture of how the work shall be started. It guides the team in making efforts in the right direction.
The statement of stockholders' equity reports ______. the changes in each shareholder equity account the revenues and expenses for the period assets, liabilities, and owners' equity for the period the changes to assets over the period
Answer:
Changes that occurred in shareholders' equity during the accounting period
Explanation:
The statement of shareholders' equity states the changes in the shareholders equity status over a specific period of time. The report gives extra data to examine the budget reports with respect to value related movement during a revealing period. The announcement is especially valuable for uncovering stock deals and repurchases by the detailing element; a freely held organisation specifically may take part in these exercises on a continuous basis.
The statement of stockholders' equity details the changes in each equity account over a period, reflecting issued shares, dividends, and earnings. A T-account helps visualize this by separating a company's assets and liabilities, with the equity representing the net worth - the difference between total assets and liabilities.
Explanation:The statement of stockholders' equity reports the changes in each shareholder equity account over a specific period. It showcases how a company's equity changes from the beginning to the end of that period due to various factors such as issued shares, dividends, and earnings. Equity is the monetary value a shareholder effectively holds in a company, after all liabilities have been paid off.
To understand this further, it's essential to consider a T-account, which is a visual representation used in accounting to track the financial position of a company. In a T-account, the left side lists the company's assets - everything that the company owns or is owed to the company, while the right side lists the company's liabilities - everything that the company owes to others, including debts and obligations. The difference between the total assets and total liabilities is known as the net worth or equity, which is also included on the liabilities side to ensure the account is balanced.
A healthy business will typically illustrate a positive net worth, indicating financial stability and that assets exceed liabilities. In contrast, a negative net worth would often signal financial distress, possibly indicative of insolvency or bankruptcy. Understanding these principles is essential for anyone studying finance or working within the field of business.
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What minimum value of ma will keep the system from starting to move?
Answer:
Explanation:
Block on the table m(A) = m1,
block on the cord m2,
the coefficient of static friction is k1=0.4,
the coefficient of kinetic friction is k2 =0.28
(a)
Block A:
T = F(fr) = k1 •N = k(s) • m1 •g,
Block B: T = m2•g.
k1 • m1 •g= m2•g,
m1 = m2/k(s) = m2/0.4.
(b)
Block A:
T = F(fr) = k2 •N = k2 • m1 •g,
Block B:
T = m2•g.
k2• m1 •g= m2•g,
m1 = m2/k2 = m2/0.28.
The main function of –________banks is to accept deposits and then to lend the same money (minus –)___________ back out. Banks make a profit by charging a higher interest rate on – than the interest rate they pay on ___________. Through the loan process, banks are actually able to _______ money.
Commercial banks accept deposits and make loans, earning a profit from the interest rate difference. Through their lending activities, banks have the ability to create money, and the money multiplier effect describes how banks can generate money in the economy based on the reserves they hold.
Explanation:The main function of commercial banks is to accept deposits and then to lend the same money (minus reserves) back out. Banks make a profit by charging a higher interest rate on loans than the interest rate they pay on deposits. Through the loan process, banks are actually able to create money.
Banks obtain funds to lend by attracting depositors, borrowing from larger banks or the central bank, and making investments. A bank's ability to lend money is limited by the amount it must keep in its vault as reserves. Banks run the risk of negative net worth if the value of their assets declines, which can happen due to defaults on loans or rising interest rates leading to an asset-liability time mismatch.
The concept of money creation in banking refers to the process where banks lend out funds deposited with them, which then are re-deposited and lent out again, creating a multiplier effect in the economy. The money multiplier is a formula that quantifies how much money a banking system can create from each unit of bank reserves.
A chemical company makes two brands of antifreeze. The first brand is 40%pure antifreeze, and the second brand is 90%pure antifreeze. In order to obtain 180gallons of a mixture that contains 55%pure antifreeze, how many gallons of each brand of antifreeze must be used?
Answer:
1st brand is 126 gallons
ans 2nd brand = 54 gallons
Explanation:
given data
first brand = 40%
second brand = 90%
mixture = 55%
mixture = 180 gallons
to find out
how many gallons of each brand
solution
we consider here 1st brand is = x and 2nd brand is y
so on mixing we get
total volume = x + y ...............1
put here value
180 = x + y .................2
and mixing equation will be
40 x + 90 y = 55 ( x+ y)
solve it we get
3 x = 7 y
x = [tex]\frac{7}{3}[/tex] y ........................3
put equation 3 in equation 2
180 = [tex]\frac{7}{3}[/tex] y + y
solve it we get
y = 54
and now put in equation 2 we get
180 = x + 54
x = 126
so
1st brand is 126 gallons
ans 2nd brand = 54 gallons
The Accounts Receivable balance is $20,000 and the Allowance for Bad Debts has a credit balance of $4,000 at the end of the year. What is the net realizable value of Accounts Receivable at the end of the year?
Answer:
$16,000
Explanation:
The account receivable is an asset. It is the account that shows how much you expect to receive from your customers as a result of selling to them on credit.
Due to the accrual accounting principle, as long as risks and rewards have been exchanged, business entities are to record the transaction whether cash has been received from those transactions or not.
An allowance for bad debt is a contra account to the account receivable.
A contra account is an account that causes a reduction in the value of an original account. In this case, the allowance for bad debt causes a reduction in the account receivable account.
What this means is that we are expecting some of the customers who we are expecting to receive from not to pay us. Meaning the amount we are expecting as receivables will reduce.
To reduce an asset account/ to reduce a debit balance, we would credit the corresponding account.
Thus in this case the question is saying that out of the $20,000 we are expecting to receive from customers, we are creating an allowance for $4,000 that might not be received from the customers, either due to previous experience or personal judgement.
Therefore, our receivables balance at the end of the year = $20,000 - $4,000 = $16,000.
I hope this helps you understand the question better and you can solve similar questions .
Answer:
$16,000
Explanation:
You will always subtract the Allowance for bad debts from the account receivables to get the net realizable value
A person in the civilian labor force falls into one of two categories: a. a person who works in a service industry or a person who works in a manufacturing industry. b. unemployed or employed. c. disemployed or unemployed. d. a self-employed worker or a non-self-employed worker.
Answer: (B).
A person in the civilian labor force is either "Unemployed or Employed".
Explanation:
The Bureau of Labor statistics described the civilian labor force as a group of people (civilians) who are either employed or unemployed. It doesn't include; military personnel who are actively serving, handicapped people, Federal government workers, agricultural workers, retired people and discouraged workers, as part of the civilian labor force.
If a firm's current revenues are less than its current variable costs, it should shut down
a. if marginal cost rises above marginal revenue.
b. immediately.
c. if price falls below its current fixed costs.
d. if expected revenues are less than expected costs.
Answer:
b. immediately.
Explanation:
because losses would be higher if they continue, it should shut down immediately.
The chart compares the price of graphic T-shirts to the quantity demanded. This chart shows the link between________a.interest in a product and the price a consumer pays.b.interest in a product and the price a producer pays.c.amount of a product and the price a consumer pays.d.amount of a product and the price a producer pays.
The chart compares the price of graphic T-shirts to the quantity demanded. This chart shows the link between a.interest in a product and the price a consumer pays
What is the quantity demanded.The law of demand is a basic concept in economics that describes how price and quantity demanded are connected. According to the law of demand, when the price of a product goes up, people want to buy less of it. On the other hand, when a product gets cheaper, people want to buy more of it.
This chart shows how the price of graphic T-shirts impacts how many consumers want to buy them.
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Answer:
A.
Explanation:
A company that has 25,000 shares of $5.00 par value common stock issued and outstanding paid a dividend of $0.40 per share. The market value of the stock is $16 per share. The company's dividend yield is
Answer:
The correct answer is 2.5%.
Explanation:
A company has 25,000 shares.
The par value of the common stock is $5.
The market value of the stock is $16 per share.
The dividend paid is $0.4/share.
The company's dividend yield is
= [tex]\frac{Dividend\ per\ share}{Market\ value\ per\ share}[/tex]
= [tex]\frac{0.4}{16}[/tex]
= 0.025
So, the company's dividend yield is 2.5%.
Which of the following best represents the cash payback formula? A : Cost of Capital Investment ÷ Net Income B : Cost of Capital Investment ÷ Net Annual Cash Flow C : Average Investment ÷ Net Annual Cash Flow D : Average Investment ÷ Net Income
Answer:
B : Cost of Capital Investment ÷ Net Annual Cash Flow
Explanation:
The amount of time a project requires to repay its initial investment is known as the payback period. It is the period a project takes to break-even.
The payback period is a capital budgeting technique used by managers to evaluate the suitability of a proposed project. Projects with a shorter period are preferred as they expose the initial investment for a short time.
In calculating the payback period, one has to consider the initial investments and returns expected per year. Dividing the initial investment by the projected annual net income gives the payback period. The formula provides time in the form of years and months.
The county commission passed into law through an ordinance a requirement to set aside 5 percent of the county's tourism taxes for tourism campaigns to be started in the upcoming fiscal year. How would the 5 percent in tourism tax revenues be classified in the county's fund balances at the end of the current fiscal year?
a) Committed.
b) Assigned.
c) Restricted.
d) Unassigned.
Answer:
a)
Explanation:
Based on the information provided within the question it can be said that the 5% tourism tax revenues would be classified as committed. This is because this percentage was pledged as part of the policy that was passed into law by the county commission. Therefore this money is dedicated to that policy alone and must be used for that.
The direct write-off method
a. estimates bad debt losses.
b. debits Allowance for Doubtful Accounts to record write-offs of accounts.
c. shows only actual losses from uncollectible accounts receivable.
d. is acceptable for financial reporting purposes.
Answer:
estimates bad debt losses.
Answer:b
Explanation:
A ceo believes that the company should try to keep the stock price high by manipulating the financial statements to protect its shareholders. Which element of the fraud triangle is discussed here?
Answer: Rationalization
Explanation:
Here in this scenario, the element of fraud triangle that bis being discussed is the rationalization. Fraud triangle defines 3 factors which are mostly responsible and thus further tend to contribute to the increase in risk of a fraud. These are: Opportunity, Incentive, and Rationalization. Rationalization is referred to as the individual’s reason and excuse for committing a fraud.
Wrapping paper is extremely fragile and has a demand that spikes dramatically at the end of each year. It is not possible for manufacturers to ramp up and produce exactly what is needed right before demand occurs, so wrapping paper is produced year-round and sent to a storage facility to be stored alongside other items until demand occurs. This technique is:____________
A) postponement warehousing.
B) hub and spoke warehousing.
C) break-bulk warehousing.
D) assortment warehousing.
Answer:
D) assortment warehousing.
Explanation:
Based on the information provided within the question it seems that this technique is called assortment warehousing. These are warehouses specifically designed to house products that are being stored for long periods of time until customer demand for those products rises. Such is the case with wrapping paper since demand is low until the holiday season where it drastically increases.
When an additional unit of a variable input adds less to total product than the previous unit, the firm has:
diminishing total returns.
diminishing marginal returns and diminishing total returns.
diminishing marginal returns.
increasing returns.
Answer:
The answer is diminishing marginal returns.
Explanation:
Because, each additional unit of a good adds less to utility than the previous.
Final answer:
The firm experiences diminishing marginal returns when an additional unit of input adds less to the total product than the previous unit, due to the fixed nature of other inputs.
Explanation:
When an additional unit of a variable input adds less to the total product than the previous unit, the firm experiences diminishing marginal returns. This concept is part of the law of diminishing returns, which indicates that as more increments of a resource are added to the production of a good or service, the marginal benefit from those additional increments will decline. This occurs due to the utilization of fixed inputs, which means that after a certain point, each additional unit of variable input contributes less to the overall production, leading to a fall in the marginal product. However, diminishing marginal returns should not be confused with diminishing total returns which would mean the total production actually starts to decrease; typically, during the phase of diminishing marginal returns, total production still increases but at a decreasing rate.
Sleek Designs Inc. is producing its first eReader. The company is striving to overcome some of the issues communicated by customers about competitive products including screen glare and product bulkiness. Sleek Designs Inc. is using a ________ approach in their new product development process.
A) customer-centeredB) team-basedC) sequentialD) supply/demandE) systematic
Answer:
The correct answer is A) customer-centered.
Explanation:
A new way of doing business makes its way. Those who have chosen it work hard to place customers at the genuine center of the entire business. Customer centrality is a holistic approach to offer products and services to customers looking for a first-class experience before, during and after their purchase. A customer-centered business triumphs by providing better experiences than its direct competitors.
There are certain important aspects that companies that practice customer centrality dominate:
They know their customers. They design experiences focused on their customers. They evaluate and follow metrics focused on their customers. They empower the team to provide a customer-centric experience.Motor Sales sold its old office furniture for $ 5,500. The original cost was $ 15,000​, and at the time of​ sale, accumulated depreciation was $ 12,000. What is the effect of this​ transaction?
Answer:
The effect of this transaction is a gain of $2,500 on disposal.
Explanation:
Cost of motor = $15000
Accumulated depreciation = $12000
Net book or carrying value = 15000 - 12000
= $3,000
Income from disposal = $5,500
Gain/(loss) on disposal = $5,500 - $3,000
= $2,500
The effect of this transaction is a gain of $2,500 on disposal.
Marsha is single, had gross income of $50,000, and incurred the following expenses: Charitable contribution - $2,000 Taxes and interest on home - 7,000 Legal fees incurred in a tax dispute - 1,000 Medical expenses - 3,000 Penalty on early withdrawal of savings - 250 Her AGI is:
Answer:
Adjusted gross income = $51000
Explanation:
given data
gross income = $50,000
Charitable contribution = $2,000
Taxes and interest = $7,000
Legal fees = $1,000
Medical expenses = $3,000
Penalty = $250
to find out
Adjusted gross income AGI
solution
we get here Adjusted gross income AGI is express as
Adjusted gross income = gross income + Taxes and interest - Charitable contribution - Legal fees - Medical expenses ............................1
put here value we get
Adjusted gross income = $50,000 + $7,000 - $2,000 - $1,000 - $3,000
Adjusted gross income = $51000
Which of the following are common trade promotion tools?A. Rebates, discounts, free goods, and allowances.B. Discounts, free goods, coupons, and rebates.C. Rebates, samples, coupons, and price packs.D. Discounts, free goods, allowances, and free advertising specialty items.E. Discounts, free goods, allowances, and price packs
Explanation:
the correct answer is D
discount, free goods, allowance, and Free advertising speciality items
Answer:
D
Explanation:
An organization's only sustainable competitive advantage lies in: Group of answer choices
a.The data warehouse.
b.The creation of unrealistic expectations.
c.The employees' knowledge and how they apply that knowledge to business problems.
d.The use of business intelligence.
e.The business processes.
Answer:
The correct answer is (C)
Explanation:
The most significant asset of any organisation are the employees. If employees work hard with full dedication they can help an organisation or a firm to attain competitive advantage. The employees' knowledge and how they apply it in performing business operations are to key to get a competitive edge over the competitors.
The main economic basis of the empire of Mali was derived from the agricultural production of the rural areas. However, the main economic activity that has been preserved in the record is of gold production. What accounts for this disparity?
Answer:
Although traditional agricultural practices were and are still probably the most important economic activity of Mali, they are not able to produce on a large scale to be able to export.
On the other hand, gold is something that most foreign companies and governments want, so the rulers of Mali engaged in gold trade. Since writing was not common in local communities in Mali, a lot of the records and history of Mali was done by foreigners and their main interest was gold.
In the context of informal organizations, which of the following concerns members' subjective reactions to the organization?
A) organizational structure
B) formalization
C) organizational climate
D) centralization
Answer:
A. Organizational Climate.
Explanation:
Organizational climate is basically the key to influences the performance because it has a major impact on job satisfaction and motivate individual employee.
Michael purchased a condominium unit in the Eagle Rock complex. The complex includes a number of common facilities such as an outdoor swimming pool, recreation center, tennis courts, and walking trails. Under the typical condominium arrangement, these common elements are owned bya. a corporation in which Michael and the owners of the other units in the condominium own stock.
b. Michael and the owners of the other units in the condominium in the form of divided interests.
c. the association of homeowners in the condominium.
d. Michael and the owners of the units in the condominium in the form of undivided percentage interest.
Answer:
D) Michael and the owners of the units in the condominium in the form of undivided percentage interest.
Explanation:
A condominium property is a single and individually owned unit within a multi-unit building, e.g. a single apartment in an apartment building. The condominium owner possesses the property title of the unit, and is the joint owner of the common areas, e.g. elevator, halls, stairs, swimming pool, recreation centers, etc. The common areas are defined as the entire residential development, less the individual condominium units. The possessions of the common areas is in the form of undivided percentage interest, so no individual owner can sell or trade his ownership of the common areas.
Final answer:
In a typical condominium arrangement like the Eagle Rock complex, common elements are owned collectively by the unit owners in the form of undivided percentage interest, which is often managed through a homeowners' association. The correct option is d.
Explanation:
Michael purchased a condominium unit in the Eagle Rock complex which includes common facilities such as an outdoor swimming pool, recreation center, tennis courts, and walking trails. Under the typical condominium arrangement, these common elements are owned by Michael and the owners of the other units in the condominium in the form of undivided percentage interest. This means that each condominium owner has a proportional share in the common property, which they manage collectively, often through an association of homeowners. This gives them shared control over the common areas while maintaining individual ownership of their respective units.
Jim Hopson is an accountant who works for a number of businesses as a consultant. He has helped to design an accounting system, provides accounting services, and has analyzed the financial strength of many of his clients. Jim is working as a:
a) certified internal auditor.
b) certified management accountant.
c) public accountant.
d) private accountant.
An entrepreneur purchased an existing bicycle shop that had between $120,000 and $150,000 worth of sales annually for the past three years. During the first year under new ownership, there was a devastating winter with numerous snowstorms, so sales, which usually pick up in March, were very low until the beginning of May. There is usually an increase in sales between March 1 and June 30 that accounts for 50 percent of the store’s annual revenue. What would the forecasted sales be for the entrepreneur’s first year? What recommendations do you have for the entrepreneur based on your projection?
Answer:
Forecasted sales: 25% maximum reduction.
Recommendations: try new ways to increase sales during the months left, or reduce its own cost.
Explanation:
If sales usually increase between March 1 and June 30, and this period accounts for 50% of annual revenue, if revenue is proportional to sales, a reduction in sales will reduce revenues. Between March 1 and June 30 there are 4 months. If sales usually pick up in March and this year they were low until the beggining of May, it means that only 2 of the 4 most productive months were higly productive.If 50% of sales are concentrated in this 4 months, and this year 2 of the 4 months were not really productive, a maximum 25% of sales (and hence of revenues) may have lost.Therefore, revenues may lower by 25% this year.To avoid losses, it is advisable to try new ways to increase sales during the months left, that can consist on doing some advertisement and promotions (related to health care linked to exersice for example), that helps increasing sales in the months left, to compensate the looses of the 2 months. If sales cannot be increased, it is advisable to reduce cost to avoid further looses.Ashley had been frustrated with her new job at Walnut Securities, until she befriended a secretary from another department. Over lunch in the cafeteria, her new friend shared with Ashley the way things really work at Walnut Securities. Ashley has quickly learned that:_________
Answer: Relating with people in her organization that have been there longer than her can help her with her job.
Explanation: When someone is employed newly in an organization, the new employee needs to get some information about their new place of employment. This process of gathering information can be done by asking questions to staffs in the firm there before the new employee.
This step helps to ease the work making a new employee know what to expect in their new firm.
All of the following are considered an appropriate basis of accounting other than GAAP except_________.A. The cash basis of accounting.B. A method based on a contractual agreement.C. The basis of accounting used for tax purposes.D. A projection based on a hypothetical assumption.
Answer:b
Explanation:
Bc I said so