Answer:
a. $1,965,000
Explanation:
The computation of total stockholders' equity is shown below:-
Paid-in capital from Treasury Stock = 1,800 × ($30 - $28)
= 1,800 × $2
= $3,600
Retained earning = $500,000 + $450,000
= $950,000
Treasury stock = ((3,000 - 1,800) × $28) + (3000 × 35)
= (1,200 × $28) + (3000 × 35)
= $33,600 + $105,000
= $138,600
Total stockholders' equity on December 31, 2007 = Common stock + Paid-in capital in excess of par value + Paid-in capital from Treasury Stock + Retained earnings - Treasury stock
= $900,000 + 250,000 + $3,600 + $950,000 - $138,600
= $2,103,600 - $138,600
= $1,965,000
So, we have applied the above formula.
When economists attempt to predict the spending patterns of U.S. households, they will typically view the ____________ as a primary determining factor that influences the individual consumption choices that each will make.
a. income level of each household
b. nation's perennial political debate
c. national average spending level
d. national average savings level
Answer:
The answer is A.
Explanation:
The main determinant of spending or consumption for households is income especially disposable income. Disposable income is the income after tax and other statutory incomes have been deducted.
The higher the disposable income the higher the amount spent on consumption and the lower the disposable income the lower the amount spent on consumption
With a higher income, consumers have more spare money to spend.
Carpino Company purchased equipment and these costs were incurred: Cash price $75,000 Sales taxes 3,500 Insurance during transit 750 Installation and testing 1,500 Total costs $80,750 What amount should be recorded as the cost of the equipment?
Answer:
$80750
Explanation:
The total cost of $80,750 would be recorded as the amount or rather the cost of equipment. This is because according to GAAP ( Generally accepted accounting principles), all cost involved in acquiring a business asset including sales tax, insurance and so on should be reported in the balance sheet with a book value that is equal to the overall acquisition cost ( which in this case includes sales tax, insurance, installation and testing).
Mariel has a $60,000 basis in her partnership interest just before receiving a parcel of land as a liquidating distribution. She has no remaining precontribution gain and will receive no other distributions. Under what conditions will Mariel's basis in the land be $60,000?
Answer:
Explanation:
While accepting a benefit, the premise is commonly equivalent to the premise in the organization as long as there are no exchanging conveyances of cash, undiscovered receivables, and stock. In the event that such selling appropriations were incorporated they would have an all out premise to the association that is not exactly Mariel's premise in her organization, prompting a misfortune. Then again, the premise of an advantage will never increment. It can just continue as before or decline.
Mariel just gets land for this situation so her premise in the land will stay at $60,000, since she didn't get selling dissemination of cash, hidden receivables and stock.
A $ 45 comma 000, threeminusmonth, 12% note payable was issued on December 1, 2018. What is the amount of accrued interest on December 31, 2018? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.)
Answer:
The correct answer is $312.5.
Explanation:
According to the scenario, the computation of the given data are as follows:
The interest amount after one month of issue considered as accrued interest.
So, Face value = $45,000
interest rate = 12%
Period = 1 month
So, we can calculate the accrued interest by using following formula:
Accrued interest amount = ( FV × rate) ÷ 12
= ($45,000 × 12% ) ÷ 12
= $312.5
A perfectly competitive industry exists under which of the following conditions? I. The product sold is similar across firms. II. There are many sellers, each small relative to the total market. III. There are many sellers, each with total assets less than $2 million. IV. The threat of competition exists from potential sellers that have not yet entered the market.
Answer:
I, II, and IV only
Explanation:
A perfect competition is defined by an idealizing market and shows that the market will reach equilibrium. The prevalence of the perfect competition needs a larger number of buyers and sellers, well defined property rights and homogenous products, profits maximization, rational buyers and no barriers to entry and exit. An example of the agricultural markets as perfect competition, as there are numerous farmers that sell the same vegetables and fruits and have same prices. Another example is that of the foreign exchange markets was the trader's exchange currencies and sell identical goods.Cow’s Milk Creamery, Inc., needs a certain part for its pasteurizing equipment to continue its operations and orders one for $3,000 from Dairy Supplies Company. Cow’s Milk tells Dairy Supplies that it must receive the part by Tuesday or it will lose $10,000. Dairy Supplies ships the part late. Cow’s Milk can recover:_______.
a. $0.
b. $10,000.
c. $3,000.
d. $13,000.
Final answer:
Cow’s Milk Creamery, Inc. can recover $10,000 from Dairy Supplies Company for the late shipment as these were communicated and foreseeable consequential damages directly resulting from the breach.
Explanation:
Cow’s Milk Creamery, Inc., has informed Dairy Supplies Company of the urgency of receiving a part by a certain deadline, stating a loss of $10,000 if the part is not received in time. This sets a clear expectation of consequential damages, which are foreseeable and directly related to the delay in shipment. If Dairy Supplies ships the part late, and Cow’s Milk loses $10,000 as a result, the creamery can attempt to recover those specific damages from Dairy Supplies Company.
Considering the situation, Cow’s Milk Creamery, Inc. can recover:
(b) $10,000. This is because the company explicitly communicated the importance of timely delivery and the specific amount of losses that would be incurred if the part was not delivered on time, making these damages foreseeable and recoverable under contract law.
Andrea thinks that individual citizens, rather than the government, should answer the basic economic questions; however, she feels that the government should prevent large changes in the economy. Her ideas are based on which of these economists?
Keyneskeatsjames jeans
Answer:
Keynes
Explanation:
Andrea's ideas that individual citizens, rather than the government, should answer the basic economic questions; however, she feels that the government should prevent large changes in the economy are based on the economist, Keynes.
John Maynard Keynes a British economist was born on the 5th of June 1883.
Answer:
The answer is Keynes.
Explanation:
Keynesian economics refers to an economic theory of total spending in the economy and how it affects output and inflation. This theory was developed by the British economist John Maynard Keynes during the 1930s in an attempt to understand the Great Depression.
Keynes suggested that the government should increase expenditures and implement lower tax rates in order to stimulate demand and bring the world's economy out of the depression.
Assume you own and operate a small advertising business that employs 25 people. With increased health care costs and related insurance premiums you are contemplating the cancellation of health and hospitalization insurance for your employees. According to Maslow, your decision may cause your employees to become greatly concerned about:
A. self-esteem needs
B. affiliation needs
C. safety and security needs
D. self-actualization
Answer: (C) Safety and security needs
Explanation:
The Safety and the security needs are one of the type of Maslow's hierarchy model that helps us to protect from the job security, safe and the healthy environment. The safety and the security are the basic physiological needs that is necessary for survival to each person.
According to the given question, the decision made by an organization may cause the employees concerned about their safety and the various types of security requirement as employees can concentrate on given task in the healthy work environment only.
It is also helps in increase the productivity as well as growth of the business and an organization. Therefore, Option (C) is correct answer.
Flem is an employee of Glo Goods, Inc. Flem reports to state officials that Glo is illegally shipping unsafe goods to unsuspecting customers. When Glo learns of Flemâs report, Glo fires him. He successfully sues Glo for wrongful discharge. With respect to the employment-at-will doctrine, this is__________.a.an example of the doctrine.b.an exception based on contract theory.c.an exception based on public policy.d.an exception based on tort theory.
Answer: C. An exception based on public policy.
Explanation: Flem reporting to state official about his company Glo inc illegally shipping unsafe goods was a "public good". Flem can sue his firm for firing him on the base of employment at will rule, "exception based on public policy"
Exception based on public policy is a rule to exception on employment at will rule. In this exception, an employer of labor can not fire an employee if it is in violation of the doctrine of public policy of the state.
Liberia, a very poor nation in West Africa, is relatively abundant in resources such as mahogany and rubber tree forests, iron-ore deposits, and diamonds. If Liberia is so rich in valuable resources, why is it still so impoverished? a) Liberia lacks the institutions necessary to make productive use of those resources. b) The population of Liberia is too small to use those resources. c) Natural resources are not as important as other types of resources. d) Taxes in Liberia are too high and discourage investment. e) Liberians are content with a low standard of living.
Answer: A. Liberia lacks the institutions necessary to make productive use of those resources.
Explanation: Liberia is a nation rich with natural resources including iron ore, gold, diamonds, natural rubber, vast forest for logging and timber harvesting, and vast agriculture land for ensuring food security.
Liberia is Africa's oldest republic, but it became known in the 1990s for its long-running, ruinous civil war and its role in a rebellion in neighboring Sierra Leone. Around 250,000 people were killed in Liberia's civil war, and many thousands more fled the fighting.
Aaron earns $24.00 per hour with $36 per hour for hours in excess of 40 hours per week. He worked 50 hours at his job during the first week of March 2020. Aaron pays state and federal income taxes at 15%, and pays 7.65% for FICA(OASDI and Medicare. All of his income is taxable under FICA). Determine Aaron's net pay for the week.
Answer:
$1,021
Explanation:
Net income is the net of Gross income and any taxes and deduction.
Income tax and FICA(OASDI and Medicare are calculated on the gross income and
First we calculate the total income using standard and overtime rate
Total Numbers of Hours worked in a week = 50 hours
Standard Hours = 40 hours
Rate of Standard Hours = $24 per hour
Rate of overtime = $36 per hour
Income
Standard = $24 x 40 = $960
Overtime = $36 x (50-40) = $360
Total = $960 + $360 = $1,320
Income tax = Gross Income x Income tax rate = $1,320 x 15% = $198
FICA(OASDI and Medicare = Gross Income x rate = $1,320 x 7.65% = $101
Net Income = $1,320 - $198 - $101 = $1,021
When Krispy Kreme decided to expand its operation internationally, it chose to first make its doughnuts available in Canada to minimize its risk. In accordance with the policy of risk minimization, the company sold the right to manufacture and sell its doughnuts to Canadians. In other words, Krispy Kreme used:
a. contract manufacturing
b. direct investment
c. importing
d. a strategic alliance
e. licensing
Answer:
The answer is E.
Explanation:
Licensing is a business arrangement in which one company(Krispy Kreme) authorizes another company(Canadian company) permission to manufacture its product for a specified payment. The benefits for licensing are:
1. To create business opportunities by expansion
2. It makes an entry into foreign market easier
3. It reduces risk for the two parties.
In each of the following situations, identify whether the setting is primarily financial accounting or management accounting.
a. Volkswagen has experienced a declined in U.S. sales, which dropped 18% in 2005 and 24% in 2002 and 2004. Then chief executive, Bern Pischetsrieder, believed the biggest problem at Volkswagen was the cost incurred to produce a car, which was not competitive with other automakers, The company tried to get German workers to agree to pay cuts to reduce the cost.
b. In reporting a 2.1% drop in quarterly income from the previous year's second quarter, Oracle Corp. noted that a weaker dollar affected revenue in its database segment. A weaker dollar makes Oracle's products more expensive overseas and lowers the company's revenue after currency conversation.
c. Cerner is a developer of information technology for the health care industry. As the company incurs expenses to develop a software package, it capitalizes those costs as an asset. Beginning in the year after the software is released, it then amortizes those costs over a five-year period. Normal practice in the software industry is to amortize these costs over a three-year period.
d. BNSF Railway was experiencing an increase in demand for information technology resources even though, overall, the company's business wasn't growing. In an effort to understand the technology group's operations, Chief Information Officer Jeff Campbell developed a balance scorecard for the IT group. Among the measures he tracked were monthly performance against operating budget, percentage of projects delivered on time, employee absenteeism, and internal rate of return on IT projects. Now everyone in the company understands how much it costs to provide the technology support for a particular business application.
Answer:
a. Managerial Accounting
b. Financial Accounting
c. Financial Accounting
d. Managerial Accounting
Explanation:
Managerial accounting also known as management accounting is the practice of decision making, identifying, planning, analyzing, interpreting, and providing expert financial information to managers for the sole purpose of achieving an organization's goals.
Financial accounting is the process of analyzing and preparing financial statements as a financial report for use by the public or external users such as investors, suppliers and clients.
Monetary neutrality means that a change in the money supply can cause _______
Monetary neutrality asserts that changes in the money supply only affect nominal variables like prices and wages, but not real variables like employment and real GDP.
Explanation:Monetary neutrality is a concept in economics stating that a change in the total amount of money within an economy does not affect the real output of that economy, also known as the real GDP. In simpler terms, it means a change in the money supply can cause nominal variables such as prices, wages, and exchange rates to change, but not real variables such as employment, real GDP, and real consumption. It's based on the classical dichotomy and the separation of real and nominal variables in the long-run.
For example, if the Federal Reserve (the central bank of the United States) were to increase the money supply, prices and wages would eventually increase due to inflation, which is a nominal effect. However, employment or real GDP, which are real variables would remain unaffected in the long run, which illustrates the principle of monetary neutrality.
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Monetary neutrality refers to the notion that fluctuations in the money supply can lead to changes in inflation, real GDP, or both, depending on how velocity changes over time. However, in a neoclassical perspective, only the price level, not the real GDP, is affected in the long run.
Explanation:Monetary neutrality translates to the idea that a change in the money supply can cause inflation, a raise in real GDP, or a combination of both. This concept is based on the quantity equation of money. If velocity is constant over time, a percentage rise in the money supply will lead to an equivalent percentage rise in nominal GDP due to either an increase in inflation or real GDP.
If however, velocity changes over time, the effect of changes in the money supply on nominal GDP becomes unpredictable. In a neoclassical view, an expansionary monetary policy affects only the price level, but has no impact on the level of output in the economy in the long run. Therefore, no shift in aggregate demand will affect the equilibrium quantity of output in this model.
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A company makes tools, such as hammer and tape measures. One of their primary raw materials is steel and if they run out of steel they cannot make tools. The inventory level for steel is constantly monitored and when the reorder point is reached, an order is released for the economic order quantity. The tool company uses which of the following independent demand inventory systems for steel?
Answer:
Continuous review system
Explanation:
This is a continuous review system because from the arrangement the inventory level of steel is being monitored constantly and a specified amount of it is reordered at variable intervals. To determine the interval between these orders, the usage rate of Steel should be taken into account during the time between placing the order and when ordered material was delivered. With this, there is monitoring of steel which is the stock after every withdrawal. and when there is a drop in the stock level to a point of reorder, a fixed quantity is ordered.
Suppose you've just inherited $10,000 from a relative. You're trying to decide whether to put the $10,000 in a non-interest-bearing account so that you can use it whenever you want (that is, hold it as money) or to use it to buy a U.S. Treasury bond. The opportunity cost of holding the inheritance as money depends on the interest rate on the bond.For each of the interest rates in the following table, compute the opportunity cost of holding the $10,000 as money. Interest Rate on Government Bond Opportunity Cost (Percent) (dollars per year) 8 10 What does the previous analysis suggest about the market for money? a) The quantity of money demanded increases as the interest rate rises. b) The supply of money is independent of the interest rate. c) The quantity of money demanded decreases as the interest rate rises.
a. The Opportunity cost for holding 8% interest rate on Government Bonds is $800.
b. The Opportunity Cost for holding 10% interest rate on Government Bonds is $1,000.
c. The previous analysis suggest about the market for money is: b. The quantity of money demanded decreases as the interest rate rises.
a. 8% Opportunity cost
Opportunity cost= 8%× $10,000
Opportunity cost=$800
b. 10% Opportunity cost
Opportunity cost= 10%× $10,000
Opportunity cost=$1,000
c. The previous analysis suggest about the market for money is: b. The quantity of money demanded decreases as the interest rate rises.
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Mei feels irritated when Linda's unbridled enthusiasm often leads her to lose sight of critical project details. Linda feels frustrated when Mei often analyzes so many details that it slows down the decision-making process. The discord between Mei and Linda is explained by ________.
a. poor management.b. lack of self-disclosure.c. communication style bias.d. a poorly constructed team.
Answer:
C. Communication Style Bias
Explanation:
Communication style bias is a psychology state that occurs when an individual meets another individual or person whose communication style is different. A particular communication style describes the way in which an individual thinks and behaves. When working with an individual, getting in sync with the person's communication style becomes paramount to avoid irritations between the two. In this case, the way Mei thinks and behaves is very different from the way Linda thinks she behave hence why the have such negative perspectives about each other.
A watch manufacturer incurs a variable cost of $10 per watch and fixed costs of $400,000. To earn a 25 percent markup on selling price, the manufacturer would charge _____ for each of the 50,000 watches it expects to sell.
Answer:
$22.50 per unit
Explanation:
Mark -up is the percentage of cost that is earned as profit.
Using mark-up,
Selling price = Total cost + total profit
Total cot = Fixed cost + variable cost
Total costs = $400,000 + (10× 50,000)
= $900,000
Sales revenue = 125%× 900,000
= 1,125,000
Selling price per unit = Sales revenue/units
=1,125,000/50,000
= $22.50 per unit
Answer:
$24
Explanation:
50,000 watches are sold
variable cost per watch = $10
fixed costs = $400,000
contribution margin to break even = $400,000 / 50,000 watches = $8 per watch
selling price without markup = $8 (contribution margin) + $10 (variable costs) = $18
X - 25% markup = $18
0.75X = $18
X = $18 / 0.75 = $24
[The following information applies to the questions displayed below.]
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $580,000 of 8% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year.
3. If the market interest rate is 7%, the bonds will issue at $621,216. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.)
The following journal entries will be passed in the books of accounts
Explanation:
Date General Journal Debit Credit
Janaury 1, 2021 Cash 580000
Bonds payable 580000
(To record issuance of bonds)
June 30, 2021 Interest expense 23200
Cash 23200
(To record first semiannual interest payment)
December 31, 2021 Interest expense 23200
Cash 23200
(To record second semiannual interest payment)
2 Date General Journal Debit Credit
Janaury 1, 2021 Cash 542277
Discount on bonds payable 37723
Bonds payable 580000
(To record issuance of bonds)
June 30, 2021 Interest expense 24402
Discount on bonds payable 1202
Cash 23200
(To record first semiannual interest payment and amortization of discount)
December 31, 2021 Interest expense 24457
Discount on bonds payable 1257
Cash 23200
(To record second semiannual interest payment and amortization of discount)
3 Date General Journal Debit Credit
Janaury 1, 2020 Cash 621216
Premium on bonds payable 41216
Bonds payable 580000
(To record issuance of bonds)
June 30, 2021 Interest expense 21743
Premium on bonds payable 1457
Cash ($580000 into 8% into 0.5) 23200
(To record first semiannual interest payment and amortization of premium)
December 31, 2021 Interest expense 21692
Premium on bonds payable 1508
Cash 23200
(To record second semiannual interest payment and amortization of premium)
When interest rates rise, the value of existing bonds decreases. Therefore, you would expect to pay less than $10,000 for the bond. To calculate what you would be willing to pay for the bond, you would need to calculate the present value of the bond's future cash flows.
Explanation:a. When interest rates rise, the value of existing bonds decreases. Therefore, you would expect to pay less than $10,000 for the bond.
b. To calculate what you would be willing to pay for the bond, you would need to calculate the present value of the bond's future cash flows. This can be done using the present value formula or a financial calculator.
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Cassandra sees a 30-minute TV show on an entertainment channel which advertises various types of kitchen appliances manufactured by Evolve, a brand of home appliances. In the show, the host demonstrates the usage of different appliances and describes the features and benefits of each product. This is an example of:A. a sales promotion.B. personal selling.C. specialty advertising.D. buzz advertising.E. an infomercial.
Answer: E. an Infomercial
Explanation: Infomercials are long form of videos or television advertisements which act as a single stand-alone program to pitch goods or services with a call to buy. It is mostly different from a regular television commercials, it takes longer video time and there is no breaks in the program.
The 30 minutes television show Cassandra saw was on the entertainment channels which advertised the kitchen appliances, the TV show was "an infomercial ".
The given situation represents the example of an infomercial.
The following information should be considered:
An informercial should be long commercial that should be designed for fit into the 30 minutes or one-hour time slot. It should be generated by the advertisers & are to be designed so that it could be viewed in the regular television shows.Therefore we can conclude that the correct option is E.
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Assume the current U.S. dollar-British spot rate is 0.6993£/$. If the current nominal one-year interest rate in the U.S. is 5% and the comparable rate in Britain is 6%, what is the approximate forward exchange rate for 360 days? Select one: a. £0.6993/$ b. £0.7060/$ c. £1.42/$ d. £1.43/$
Answer:
The answer is B. £0.7060/$
Explanation:
The forward exchange rate is the exchange rate at which a party is willing to exchange one currency for another at a future date when it enters into a forward contract with the other party
The formula for forward exchange rate = Spot rate x [(1 + foreign interest rate) / (1 + domestic interest rate) ]
Spot rate is 0.6993£/$
Foreign interest rate is 6%
Domestic interest rate is 5%
0.6993£/$ x (1 + 0.06/1 + 0.05)
0.6993£/$ x 1.06/1.05
= 0.7060
£0.7060/$
Using the spot rate and the interest rates in the two countries, the forward exchange rate is calculated to be approximately £0.6993/$. Therefore, the correct answer is a. £0.6993/$.
Explanation:The forward exchange rate can be calculated using the spot rate and the interest rates in the two countries. The formula for this calculation is: Forward Rate = Spot Rate * (1 + Interest Rate in Domestic Country) / (1 + Interest Rate in Foreign Country). Substituting the given values into this formula gives us Forward Rate = 0.6993£/$ * (1 + 0.05) / (1 + 0.06). Calculating this gives us an approximate forward exchange rate of 0.6993£/$. Therefore, the correct answer is a. £0.6993/$.
To calculate the forward exchange rate, we can use the formula:
Forward Rate = Spot Rate x (1 + Interest Rate of the Foreign Currency) / (1 + Interest Rate of the Domestic Currency)Plugging in the values, we get: Forward Rate = 0.6993 x (1 + 0.06) / (1 + 0.05) Forward Rate ≈ 0.7060£/$
So the approximate forward exchange rate for 360 days is £0.7060/$ (option b).
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Silicon Co. has forecasted the Canadian dollar for the most recent period to be $0.73. The realized value of the Canadian dollar in the most recent period was $0.80. Thus, the absolute forecast error as a percentage of the realized value was ____%.
Answer:
8.75%
Explanation:
The forecast error refers to the actual value of the currency vs the expected value of the currency. A forecast is just an estimate or educated guess, and as any estimate it can be wrong.
The absolute forecast error = [(actual – forecast) / actual] x 100 = [$0.80 - $0.73) / $0.80] x 100 = 8.75%
Final answer:
The absolute forecast error as a percentage of the realized value is 8.75%, calculated by the difference between the forecasted and realized value, divided by the realized value and multiplied by 100.
Explanation:
The absolute forecast error is calculated by taking the absolute value of the difference between the forecasted value and the realized value, and then dividing by the realized value to convert it into a percentage. In this case, Silicon Co. forecasted the Canadian dollar to be $0.73, while the realized value was actually $0.80. Therefore, the absolute forecast error is the absolute value of ($0.73 - $0.80) which equals $0.07. To find the error as a percentage of the realized value, we divide the error by the realized value and then multiply by 100, i.e., ($0.07 / $0.80) * 100 = 8.75%.
Thus, the absolute forecast error as a percentage of the realized value was 8.75%.
Interviews in which the interviewer adapts his or her line of questioning based on the answers you give and any questions you ask are known as ______ interviews.
A. creative.
B. screening.
C. open-ended.
D. free-flowing.
Answer:
C. open-ended.
Explanation:
Open-ended interviewing is a way of gathering information from people. An interviewer will ask participants questions, and who will answer those questions. Interviews are considered open-ended because, although questions can be scripted, interviewers generally do not know the content of the response. These interviews may have some questions for participants to gather basic factual data, such as age and gender, but they usually focus on participants' thoughts, feelings, experiences, knowledge, skills, thoughts and preferences.so correct option is C. open-ended.
The correct answer is D. free-flowing interviews. These allow the interviewer to adapt questions based on the interviewee’s responses, creating a conversational and dynamic exchange.
A. Creative:
This term refers to interviews that may involve unconventional or innovative approaches to questioning, but it doesn't specifically address the interviewer adapting based on the candidate's responses.B. Screening:
Screening interviews typically involve a standardized set of questions used to filter candidates based on their qualifications for a position. While screening interviews serve a purpose in the hiring process, they do not necessarily adapt based on candidate responses.C. Open-ended:
Open-ended questions allow for more expansive responses from candidates, but the term itself doesn't capture the idea of the interviewer adjusting their questioning based on candidate responses.D. Free-flowing:
This term suggests a dynamic exchange where conversation moves naturally between interviewer and candidate, potentially allowing for adaptation based on responses and questions asked.Wildhorse Co. began the year 2022 with retained earnings of $651000. During the year, the company sold additional shares of stock for $1017000, recorded revenues of $649000, expenses of $376000, and paid dividends of $141000. What was Wildhorse's retained earnings balance at the end of 2022?
Answer:
$1,800,000
Explanation:
Equity which represents the amount owed to the owners of the business includes retained earnings (which is the accumulation of the net income/loss over the years less dividends paid) and common shares.
Ending retained earnings = Beginning retained earnings + additional stock issued + net income - dividend paid
= $651000 + $1017000 + $649000 - $376000 - $141000
= $1,800,000
Your temporary placement service needs to place personal selling personnel who use different communication channels according to the products they are contracted to sell. You presently have several positions to fill that require personnel experienced in various communication channels. You want to categorize the type of experience needed before you start calling your employees.Choose the statements that inaccurately categorizes its job description to the type of personal selling communication channel it utilizes.A) A retail outlet needs someone to sell auto repair supplies and parts to business directly to customers.This outlet uses over-the-counter selling.B) A soft drint distributor needs bilingual representatives to take product orders when customers call.This involves field selling.C) An insurance companies need sales representatives to place phone calls to prospective clients to sells renters insurance over the phone.These sales representatives will use telemarketing.D) Sales representatives are needed to support technicians and purchasers on a continous basis by phone, mail and e-mail. They will utilize inside selling.
Answer:
The answer is B.) A soft drink distributor needs bilingual representatives to take product orders when customers call. This involves field selling.
Explanation:
This type of representation builds a relationship with customers that encourage them to come back and patronize them more often.
Bilingual customer service representative provide customer in English and any other foreign language, could also be in a native language. They deliver optimized value with customers and constituents by developing and implementing profitable solutions to address expectations, continuously receiving compliments from customers and awarded monthly employee of the month several times during the year.
A stock listing contains the following information:
P/E 17.5, closing price 33.10, dividend .80, YTD% chg 3.4, and net chg of -.50. Which of the following statements are correct given this information?
I. The stock price has increased by 3.4% during the current year.
II. The closing price on the previous trading day was $32.60.
III. The earnings per share are approximately $1.89.
IV. The current yield is 17.5%.
A. I and II only
B. I and III only
C. II and III only
D. III and IV only
E. I, III, and IV only
Provide excel calculation.
Answer:
The correct option is B, I and III only
Explanation:
The earnings per share can be computed from the P/E ratio pf 17.5
P/E=Price of stock/earnings per share
price of stock is $33.10
P/E ratio is 17.5
earnings per share is unknown
17.5=33.10/EPS
EPS=33.10/17.5
EPS =1.89
YTD of 3.4% implies that the stock price has grown by 3.4 % in the course of the year.
The previous day closing stock price of $32.60 cannot be substantiated as more details are required.
Current dividend yield =dividend per share/current stock price
=$0.80/$33.10
=2.4%
The correct option is B,as the first and third comments were correct
Import restrictions due to the imposition of tariffs by the U.S. government will ultimately cause inefficient resource allocation in the United States. will lead to lower incomes in the economy of U.S. trade partners. will lead to a decline in the quantity of the product consumed in the United States. all of the above are likely to occur
Answer:
all of the above are likely to occur
Explanation:
Import restrictions would limit the amount of goods imported into the US
as a result of the restriction, the amount of goods sold to the US by its trade partners would fall, as a result, the income of US trade partners would reduce.
Also, the quantity of goods available in the US would fall and consumption would fall.
Import restrictions might lead to US producing goods and services for ehuch it has no comparative advantage in its production. This would lead to ineeficent allocation of resources.
Machinery purchased for $63,000 by Concord Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,200 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $4,725 at the end of that time. Assume straight-line depreciation.
Required:
1. Prepare the entry to correct the prior years' depreciation, if necessary.
2. Prepare the entry to record depreciation for 2021.
Final answer:
A change in depreciation estimates does not require correcting previous years' depreciation, it's handled prospectively. Consequently, no entry is necessary to adjust prior depreciation. For 2021, the new depreciation expense based on the updated life and salvage value is $5,827.50.
Explanation:
Correcting Prior Years' DepreciationOriginally, the machinery was depreciated over 8 years with a salvage value of $4,200, resulting in an annual depreciation expense of $7,350 (($63,000 - $4,200) / 8). Over 5 years, the total depreciation would have been $36,750. However, now that the estimated life is 10 years with a new salvage value of $4,725, the revised annual depreciation is $5,827.50 (($63,000 - $4,725) / 10).
Entry to Correct Prior Years' Depreciation
No adjusting entry is required to correct prior years' depreciation because the change in estimate is accounted for prospectively; thus, prior years' financial statements are not retrospectively adjusted.
Recording Depreciation for 2021
For 2021, the depreciation expense to be recorded is $5,827.50, reflecting the new estimate. The journal entry would be:
Debit Depreciation Expense: $5,827.50
Credit Accumulated Depreciation—Machinery: $5,827.50
Assume your company purchases a new computer with an invoice price of $40,000. You also paid sales tax of $2,000, shipping and preparation costs of $3,000, and insurance for the first year of operation is $4,000. At what amount should the computer be recorded on the balance sheet prior to recording depreciation expense?
A.. $40,000.
B. $42,000.
C. $43,000.
D. $45,000.
E. $49,000
Answer:
D) $45,000.
Explanation:
invoice price $40,000
sales tax $2,000
shipping and preparation costs $3,000
total = $45,000
The cost of any equipment includes the purchase price, related taxes (sales tax or import tariffs), shipping and handling costs, and insurance during the shipping and installation of the equipment.
Insurance that covers the equipment once it is operating is not included in the original cost of the equipment, it is considered an expense.
Money A. facilitates specialization in production. B. is anything that is regularly used and generally accepted in economic transactions or exchanges. C. is anything the government declares to have value. D. is necessary to conduct economic transactions.
Answer:
The correct answer is B
Explanation:
Money is the term which is defined or described as any good which is used widely as well as accepted in the transactions comprising the transfer of goods as well as services from oner person to another.
The money could be differentiated among three kinds which are as: bank, commodity money and fiat money.
So, the money is states as anything which is used regularly as well as accepted generally in the economic exchanges or transactions.