Answer:
Provide the information processed by an accounting system
Explanation:
A source document is a document that collects the data for a trial or first-hand record and is later entered to the cash reports form It consists of the original documents and data and records and contains all the information and records certified copies of the original forms. These may include the findings and the observations and the other activities etc. Some examples include the Lab reports, subject files and hospital records and copies of transaction certificates.The _____ is a law passed in 1914 that seeks to prevent practices that may cause injury to customers, that cannot be reasonably avoided by customers, and that cannot be justified by other outcomes that may benefit the consumer or the idea of free competition.
Answer:
The Federal Trade Commission Act is a law passed in 1914.
Glenda eats chips and dips, burgers and fries, and a couple of shakes. After her eating she goes to the gym and does 90 minutes of aerobics, spends an hour on the stair stepper, and then does weights for another hour. She also does not eat for 72 hours. This set of assumptions would lead to a diagnosis of:
Answer:
Bulimia Nervosa
Explanation:
Bulimia Nervosa is a type of eating disorder in which an individual tends to over eat by eating very large amount of food, like in this case, she eats chips and dips, burgers and fries, and a couple of shakes all at once, and then it is followed by purging to get rid of the extra calories. Also, in this scenario she uses lots of exercise routines and not eating for the next 72 hours as a means of getting rid of the extra calories. Bulimia can lead to death in some cases due to excessive electrolyte imbalance in the body system. It is made up of continuous episodes of eating followed up by serious techniques and efforts in avoiding weights.
This information relates to Sherper Co. 1. On April 5 purchased merchandise from Newport Company for $22,000, terms 2/10, n/10.
2. On April 6 paid freight costs of $900 on merchandise purchased from Newport.
3. On April 7 purchased equipment on account for $26,000.
4. On April 8 returned some of April 5 merchandise to Newport Company which cost $2,000.
5. On April 15 paid the amount due to Newport Company in full.
Assume that Sherper Co. paid the balance due to Newport Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Answer:
April 5, purchased merchandise on account terms 2/10, n/10
Dr Merchandise inventory 22,000
Cr Accounts payable 22,000
April 6, paid freight costs
Dr Merchandise inventory 900
Cr Cash 900
April 7, purchase equipment on account
Dr P, P & E - Equipment 26,000
Cr Accounts receivable 26,000
April 8, returned some merchandise (April 5th purchase)
Dr Accounts payable 2,000
Cr Merchandise inventory 2,000
April 15, paid merchandise invoice
Dr Accounts payable 20,000
Cr Cash 19,600
Cr Purchase discounts 400
or
May 4, paid merchandise invoice
Dr Accounts payable 20,000
Cr Cash 20,000
If the company pays the invoice on April 15th, it will get a 2% discount which must be recorded as a purchase discount.
Sherper Co. would record the payment to Newport Company on May 4 with a debit of $20,000 to Accounts Payable – Newport, and a credit of $20,000 to Cash.
Explanation:The journal entry for this situation on May 4 would reflect the full payment to Newport Company. Here's how it would look:
Accounts Payable – Newport: $20,000 (Debit)Cash: $20,000 (Credit)Sherper Co. had initially purchased merchandise for $22,000, but returned some goods worth $2,000. Therefore, the balance due would be $20,000. It doesn't include the freight cost of $900, because this is usually accounted for separately in the Freight-In account. The payment recorded in the journal entry is only for the goods kept.
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Credit sales during 2020 1,200,000 Accounts receivable deemed worthless and written off during 2020 27,000 As a result of a review and aging of accounts receivable in early January 2021, it has been determined that an allowance for doubtful accounts of $16,000 is needed at December 31, 2020. What amount should Murphy record as "bad debt expense" for the year ended December 31, 2020? $16,000 a.$13,000 b.$19,000 c.$40,000d.$16,000
Answer:
$41,000 (not given in the options)
Explanation:
When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.
To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.
The amount of bad debt to be recorded is the sum of the amount written off and the amount to be allowed as allowance for doubtful debt
= $27000 + $16000
= $41,000
When there is a surplus of snowboards, the A. supply of snowboards is greater than the demand for snowboards. B. quantity of snowboards demanded is greater than the quantity of snowboards supplied. C. demand for snowboards is greater than the supply of snowboards. D. quantity of snowboards supplied is greater than the quantity of snowboards demanded.
Answer:
D. Quantity of snowboards supplied is greater than the quantity of snowboards demanded.
Explanation:
Supply is the total amount of goods or services that a supplier is willing to make available to consumers. It is also the willingness and ability of suppliers to sell their products at a given price.
Surplus means excess to a layman.
In other words, when there is a surplus, it means that the quantity supplied for the particular product is greater than the quantity demanded.
The quantity demanded for a surplus product will always be lower than the quantity supplied because consumers would have little demand even at a reduced price due to the surplursity of the product.
Sarah just received an invoice for $12,000 with terms of 2/10, n/30. The invoice date was June. Her contract with the vendor indicates a charge of 1.5 percent per month on late payments.If Sarah pays this bill on June 15, she will send the vendor a check for:______.A) $11,760.B) $12,000.C) $12,180.D) Cannot answer without more information.
Answer:
B: $12,000
Explanation:
Sarah will pay $ 12,000 as the invoice has a term that indicates a cash discount (2/10) of 2% if payment is made with in 10 days from the date of invoice and (n/30) no discount is given if payment is made after 30 days.
As Sarah paid the invoice after 15 days of invoice assuming the invoice date was 1st June then no discount is received by Sarah.
No interest of late payment has also been charged as it pays the invoice with in the normal 30 days credit limit.
Temporary Housing Services Incorporated (THSI) is considering a project that involves setting up a temporary housing facility in an area recently damaged by a hurricane. THSI will lease space in this facility to various agencies and groups providing relief services to the area. THSI estimates that this project will initially cost $ 6 million to set up and will generate $ 23 million in revenues during its first and only year in operation (paid in one year). Operating expenses are expected to total $ 12 million during this year and depreciation expense will be another $ 2 million. THSI will require no working capital for this investment. THSI's marginal tax rate is 35%.Ignoring the original investment of $5 million, what is THSI's free cash flow for the first and only year of operation?
a. $5.0 million
b. $3.75 million
c. $8.0 million
d. $6.25 million
Answer:
c.$8.0 million
Explanation:
Free cash flows will be $23
Less; operating expenses ($12)
Less; Depreciation ($2)
Cash flows net $9
Tax at 35% ($3.15)
Net free cash flows $5.85
Add; Depreciation $2
Free cash flows $7.85 million (round off $8.0 million)
If the domestic interest rate in a small open economy with perfect capital mobility is higher than the world interest rate, then ______ would drive the domestic interest rate back to the level of the world interest rate. the government capital inflow capital outflow a decline in domestic saving
Answer: capital inflow
Explanation:
Capital flows is the movement of money for investment purpose, trade or business production, and it includes the flow of capital in corporations in the form of investment capital and capital spending on research development and operations.
On a larger scale, the government directs capital flows from tax into operations and programs and through trade with other countries and currencies. When the domestic interest rate in an open economy which is small with perfect capital mobility is greater than the world interest rate, the domestic interest rate would be driven back to the world interest level by the capital inflow.
Dealer markets are characterized by: no time-consuming search for a fair deal. a guarantee of order fulfillment because the dealer holds an inventory of securities. improved market efficiency because dealers provide continuous bid and ask prices for securities. all of the above characterize dealer markets.
Answer:
all of the above characterize dealer markets.
no time-consuming search for a fair deal. a guarantee of order fulfillment because the dealer holds an inventory of securities. improved market efficiency because dealers provide continuous bid and ask prices for securities.Explanation:
A dealer market is a market where financial dealers post their trading prices (the buying and selling price of stocks, bonds, foreign currency, etc.). The largest dealer market in the US is Nasdaq where stocks are traded electronically. The main difference between a dealer market and a regular auction market like the NYSE is that no bidding takes place since operations are done in a split second.
Melissa Thomas leads the marketing research division at Tronics Inc., a manufacturing company based in Alabama. To improve future sales of the company's products, she has decided to collect customer opinions and feedback on the current products offered by her company. For this purpose, Melissa is looking for a highly flexible contact method which can be used to gather large amounts of data within the least possible time. In this instance, which of the following contact methods is most likely to hold the highest appeal for Melissa?A) online surveysB) in-depth interviewsC) telephone interviewsD) individual interviewsE) mail questionnaires
Answer:
Option A. Online Surveys.
Explanation:
An online survey refers to a questionnaire that can be completed by the target audience over the Internet. Online surveys are usually created as Web forms with a database to store the answers and statistical software to provide analytics.
Online surveys are generally considered to be a cheap and fast way of getting information about the target audience. They also have a potential for international reach and can be used to gather large amounts of data in a short time.
The merits of online survey include:
Ease of Data Gathering Minimal Costs Automation in Data Input and Handling Increase in Response Rates Flexibility of DesignWhen Maggie joined Techno-Nerds, Inc., she automatically joined an employee team. Team members each had base salaries, but they were also compensated through a __________ system, where they would receive bonuses for team improvements over the last time the team's performance was evaluated.
a) soft benefits
b) peer-to-peer multiple
c) gain-sharing
d) skill-based pay
Answer:
c) gain-sharing
Explanation:
Based on the scenario being described within the question it can be said that the team members were also compensated through a gain-sharing system. This term, also known as profit sharing, refers to an incentive plan that usually provides a direct or indirect payment to employees based on the company's profitability, usually in the form of shares of the company.
Answer:
Gain sharing
Explanation:
Gain sharing is a reward system where employees are rewarded based on improved performance. The essence of gain sharing is to encourage improvement in the performance of employees through increased motivation level.
It involves the payment of extra earnings , either in cash or any other means apart from the regular salary to the employees. However , there are conditions that must be met which serve as the basis for gain sharing.
Dessert Palaeice specializes in creating and selling unique bakes and ice creams. It introduces a specialty ice cream, served with a salty sauce instead of its usual array of sweet sauces. Dessert Palaeice's customers, though initially apprehensive, welcome the change in taste. Which of the following reactions is most likely responsible for the customers' cognitive categorization of the new product?
a. assimilation
b. apprehension
c. accommodation
d. contrast
Answer:
C. Accommodation
Explanation:
Accommodation occurs when schema is change in order to accommodate new information. It occurs when a stimulus has major characteristics of an existing category but not all characteristics. In accommodation, our existing schema is changed to accommodate new information. In this case, customers accommodated the changes in taste to the specialty ice cream and sauce taste that Dessert palaeice introduced after being initially apprehensive of the changes.
Customers likely engaged in accommodation, altering their cognitive schemas to accept and enjoy Dessert Palaeice's new specialty ice cream with a salty sauce, reflecting an adaptive response to new information.
The question is related to the reaction of Dessert Palaeice's customers to the new specialty ice cream served with a salty sauce. Based on Piaget's concepts of cognitive development, particularly assimilation and accommodation, the most likely reaction responsible for the customers' cognitive categorization of the new product is accommodation.
Assimilation involves fitting new information into pre-existing cognitive schemas without changing the schemas. In contrast, accommodation requires altering pre-existing schemas to incorporate new information. In this scenario, customers were initially apprehensive but eventually welcomed the change in taste, implying they had to adjust their existing schemas about what ice cream should taste like to include this new, salty sauce variant. Therefore, accommodation is the most appropriate answer since customers modified their existing concepts of dessert to accept and enjoy the new taste.
When there is a change in government spending or taxes to affect aggregate economic activity, this is referred to as A. political posturing. B. monetary policy. C. fiscal policy. D. aggregate policy. When the money supply is changed to affect aggregate economic activity, this is referred to as A. political posturing. B. aggregate policy. C. fiscal policy. D. monetary policy.
Answer:
fiscal policy.
Monetary policy
Explanation:
Fiscal policy is using government spending and tax to influence the economy.
Monetary policy are policies enacted by the Central bank to influence the economy using interest rate and money supply.
I hope my answer helps you
7. Zee Best, a home improvement center, is developing a new lawnmower. The marketing strategy has already been created, and a prototype has been developed and tested. Once the lawnmower passes product tests, the next step is most likely to be: A. test marketing B. commercialization C. business analysis D. full-scale launch
Answer:
Option "A" is the correct answer to the following question.
Explanation:
Test marketing is a type of experiment conducted in a particular type of testing market or testing laboratory in which individuals participate to practice and experiment with new types of goods and services.
This process is done to understand the quality and social evaluation of its use before delivering that particular product to the final market.
After testing the Lawnmover in presentation status, it is also sent to the test market.
Last year, Nicole had to invest. She invested some of it in an account that paid simple interest per year, and she invested the rest in an account that paid simple interest per year. After one year, she received a total of in interest. How much did she invest in each account?
Since there are no values in the question asked, we will assign values and calculate in order to enhance understanding of this sort of question.
Let $12,000 be the total amount invested. Let the first account pay 14% simple interest and the second account pay 23% simple interest.
Let the total interest received after one year be $2,310.
Answer:
She invested $5,000 in the first account and $7,000 in the second account.
Explanation:
Please kindly check the attached files for explanation.
Francie drives into Gage’s Auto Service and asks Hong, a Gage’s employee, to replace a tire on Francie’s car.
After Hong replaces the tire, but before Francie pays for it, any contract between Francie and Gage’s is:
a) executed.
b) executory.
c) void.
d) unenforceable.
Answer:
Option B.
Explanation:
An executory contract is one in which unperformed obligations remain on both sides, or one where both parties in a contract have continuing obligations to perform. Therefore is a contract that is made by two parties in which the terms in the contract are to be fulfilled at a later date. The contract shows that both sides still have duties to perform before it will become executed.
For example, contracts for the sale of goods in which the goods have not been delivered by the seller and the buyer has not paid, are executory contracts.
Therefore, as we can see from the scenario above, the contract is executory because, although Hong has replaced the tire, Francie is yet to pay, therefore, Francie has not performed her pert in the contract, making it an executory contract.
A sales invoice included the following information: merchandise price, $12,100; terms 1/10, n/eom; FOB shipping point with prepaid freight of $341 added to the invoice. Assuming that a credit for merchandise returned of $2,400 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller?
Answer:
the amount of cash that should be received by the seller is $9,603
Explanation:
Transaction to be recorded on date of Sale
Trade Receivable $12,100 (debit)
Revenue $12,100 (credit)
Being Recognition of Revenue
Delivery Cost $341 (debit)
Bank $341 (credit)
Being Recognition of Delivery Costs
Credit for Merchandise Returned
Revenue $2,400 (debit)
Trade Receivable $2,400 (credit)
Payment made within the discount period
Discount Allowed $97 (debit)
Trade Receivable $97(credit)
Discount = ($12,100-$2,400)×1%=$97
Cash $9,603 (debit)
Trade Receivable $9,603 (credit)
Answer:
$10,041
Explanation:
The journal entries should be:
merchandise sold on account, terms 1/10, n/eom
Dr Accounts receivable 12,100
Cr Sales revenue 12,100
prepaid freight charges $341, FOB shipping (when using FOB shipping point, the buyer pays the freight costs, when using FOB destination, the seller pays freight costs)
Dr Accounts receivable $341
Cr Cash 341
some merchandise was returned
Dr Sales returns and allowances 2,400
Cr Accounts receivable 2,400
invoice is paid within discount term
Dr Cash 9,944
Dr Sales discounts 97 (applies only to merchandise not freight)
Cr Accounts receivable 10,041 (includes accounts receivables for merchandise sold and freight charges)
Pulaski Plumbing Supply is planning to bring a new type of valve to market and is conducting a break-even analysis. For this analysis they are assuming a selling price of $2.50 per valve. The total fixed cost associated with producing the valve is $10,000. The variable cost to produce each valve is $2.10. In this analysis, what is the break-even point (BEP) for the valve?
Answer:
break-even point (BEP) = 25,000 items
Explanation:
given data
Selling price = $2.50
Fixed costs = $10,000
Variable cost = $2.10
solution
we know that Revenue is sum of Fixed costs and variable costs
so we use here contribution margin method that is
Contribution margin = $ 2.50 - $ 2.10
Contribution margin = $ 0.4
so
break-even point (BEP) for the valve is here
break-even point (BEP) = fixed cost ÷ Contribution margin ...................1
put here value
break-even point (BEP) = [tex]\frac{10000}{0.4}[/tex]
break-even point (BEP) = 25,000 items
Suppose that there is a financial crisis, and people choose to spend less. As a result, velocity drops by 5 percent. According to market monetarists, if the GDP target growth rate is 3 percent, the Fed would need to increase the money supply by ______________ percent in order to achieve their GDP target.
Answer:
Eight(8) percent
Explanation:
Base on the scenario been described in the question, the fed will need to the supply of money by eight (8) percent in to achieve their target.
When a firm's longminus−run average cost curve is horizontal for a range of output, then in that range production displays?
Answer:
constant returns to scale
Explanation:
Constant returns to scale describes a scenario when long run returns as the scale of production increases, when all input levels including physical capital usage are variable.
While watching a movie, Daysha notices that a few brands have been conspicuously integrated with its screenplay. The main character drives a particular brand of car and drinks only a specific brand of beer. Daysha figures out that this is a marketing strategy that employs _____.
product placement
preattentive effects
explicit memory
Answer:
product placement is the answer
Suppose an economy is initially in a steady state with capital per worker below the Golden Rule level.
If the saving rate increases to a rate consistent with the Golden Rule, then in the transition to the new steady-state consumption per worker will:
A) always exceed the initial level.
B) first fall below then rise above the initial level.
C) first rise above then fall below the initial level.
D) always be lower than the initial level.
Answer:
B) first fall below then rise above the initial level.
Explanation:
'Steady State' & 'Golden Rule' of capital per worker : are concepts of Solow model.
The model defines output (income) per worker as a function of capital per worker, increasing with it at a diminishing rate, & hence the curve is upward sloping swamp shaped. Depreciation is a constant slope straight upward sloping line. Saving is a function of income per worker.
Steady State level is the level of output at which savings (investment) by workers is equal to depreciation of capital stock. Golden rule capital level refers to the saving rate, which maximises steady state level or growth of consumption.If the saving rate increases to a rate consistent with the Golden Rule: the consumption per worker will first fall below the initial level (as savings proportion out of income are more). But, when these savings will be invested back, capital per worker will increase. High capital per worker will imply high output & income per worker. And, then the consumption per worker will rise.
The matrix of change was designed to help managers decide how quickly change should proceed, in what order changes should take place, whether to start at a new site, and whether the proposed systems are stable and coherent.
1. True
2. False
Answer:
True
Explanation:
This is true because The Matrix of Change can help managers identify the critical interactions among processes and deal with these issues
1. how quickly should the change proceed
2. in what order should changes take place,
3. whether to start at a new site, and
4. whether the proposed systems are stable and coherent. But the disadvantages of the Matrix is that it is limited in size.
Bill is a yacht broker in the southeastern United States. For years he has had difficulty selling large yachts locally because there were few places to dock these boats. Yachts and spaces to dock them are an example of _________.
Answer:
complementary products
Explanation:
Yachts and spaces to dock are a clear example of complementary products.
If using more of good A requires using of more of good B, then those goods are complementary. In this case, for every additional Yacht sold, there must also be available space to dock, otherwise the value of the Yacht is hindered, thus making those products complementary.
Dufner Co. issued 15-year bonds one year ago at a coupon rate of 6.6 percent. The bonds make semiannual payments. If the YTM on these bonds is 5.5 percent, what is the current dollar price assuming a par value of $1,000?
Answer:
The answer is $1,106.43
Explanation:
Number of years is 28years[(15years - 1year) x 2]
Yield-to-maturity (YTM) is 2.75%(5.5% ÷ 2)
Present value(PV) = ?
Payment coupon(PMT) = $33[(6.6% ÷ 2) x $1,000]
Future Value(FV) = $1,000.
Using a Financial calculator;
Present value is $1,106.43
The trial balance of a company included the following account balances: Cash, $25,000; Short-Term Investments, $10,000; Accounts Receivable, $40,000; Inventory, $90,000; and Prepaid Insurance, $12,000. Its quick assets total:
A. $35,000
B. $125,000
C. $75,000
D. $165,000
E. $50,000
Answer:
C. $75,000
Explanation:
All the current assets which can be quickly converted into cash are the quick assets. Inventory and Prepaid Insurance are not the p[art of this because these take much longer time to convert into cash than other current assets. Receivable has more liquidity than inventory because it takes less time to recover.
Cash $25,000
Short-Term Investments $10,000
Accounts Receivable $40,000
Total Quick Assets $75,000
Answer:
Its quick assets total is $75,000. The right answer is C.
Explanation:
In order to calculate the company's quick assets total we need to check according to the data, which of the account balances of the company are quick assets.
Hence, Quick assets are the following:
Cash $ 25,000
Short Term Investments $10,000.
Accounts Receivable $40,000.
Therefore, Total Quick Assets=$ 25,000+ $10,000+ $40,000= $75,000
Financial statement data for two years for Townson Company are as follows: Year 2 Year 1 Sales $3,645,000 $4,250,000 Fixed assets: Beginning of year 880,000 820,000 End of year 520,000 880,000 All of the following statements are true regarding the company's fixed asset turnover ratio except a.Townson has become more efficient in generating sales with its fixed assets in Year 2 as compared to Year 1. b.since Year 1, it appears that Townson may have become more labor-intensive, requiring smaller amounts of fixed asset investments. c.Townson's fixed asset turnover ratio has decreased between Year 1 and Year 2. d.Townson's fixed asset turnover ratio has increased between Year 1 and Year 2.
Answer:
C) Townson's fixed asset turnover ratio has decreased between Year 1 and Year 2.
Explanation:
Year 2 Year 1
Sales $3,645,000 $4,250,000
Fixed assets:
Beginning of year 880,000 820,000
End of year 520,000 880,000
fixed asset turnover (FAT) ratio = net sales / average fixed assets
FAT ratio year 1 = $4,250,000 / [($820,000 + $880,000) / 2] = 5
FAT ratio year 2 = $3,645,000 / [($880,000 + $520,000) / 2] = 5.2
Townson's fixed asset turnover ratio increased between year 1 and year 2.
When a taxpayer transfers property subject to a mortgage to a controlled corporation in an exchange qualifying under § 351, the transferor shareholder’s basis in stock received in the transferee corporation is increased by the amount of the mortgage on the property.a.trueb.false
Answer:
a. True
Explanation:
Under the U.S corporate tax laws, when a taxpayer transfers property subject to a mortgage to a controlled corporation in an exchange qualifying under section, § 351, the transferor shareholder’s basis in stock received in the transferee corporation is increased by the amount of the mortgage on the property.
Whitley recently started her own tutoring firm for high school students. To help finance her new business, which had a very limited track record, she issued bonds that offered relatively high rates of interest and had higher inherent risks. Which of the following types of bonds is Whitley most likely using in this scenario?A. junk bondsB. floating-rate bondsC. debenture bondsD. secured bondsE. serial bonds
Answer: Junk bonds
Explanation:
Junk bonds are a high-yielding high-risk security, that are issued by a company which is seeking to raise capital quickly to finance a takeover.
Junk bonds represent bonds that are issued by companies that are financially struggling and possess a high risk of not paying the interest or repaying the principal to investors. Junk bonds are a good investment for the investors who need the higher return and those that can also afford the higher risk.
Answer:
A. Junk Bonds
Explanation:
Junk bonds are a form of high risk, high yielding bond. It is a bond that has high yield but comes with a huge form of risk than majority of the bonds issued by private organizations and governments. Bonds itself are financial instruments used in acquiring capital investment. People most times opt for junk bonds in situations where they have nothing to lose as the high returns can come at a cost of losing all. Only individuals that are able to afford high risks participate in this kind of bond.
At the beginning of Year 1, Mitchell Company purchased office equipment for $15,000. The machine has an estimated residual value of $1,000 and an estimated service life of 5 years. If Mitchell uses straight-line depreciation, it will make which of the following entries related to depreciation at the end of Year 1?
Answer:
Debit the depreciation expense for $2800
Explanation:
Straight line depreciation expense = (cost of asset - Salvage value) / useful life
($15,000 - $1,000) / 5 = $2,800
I hope my answer helps you