An income statement is used for reporting financial performance over an accounting period. The other two statements are cash flows and balance sheets.
An income statement is also called a revenue and expense statement. It mainly focuses on a company's revenues and expenses during a particular period. It is an important part of a company's performance reports.
Under variable costing, Cool Sky’s Income Statement for the year would be as follows:
Revenue: 32,000 units x $110 = $3,520,000
Cost of Goods Sold: 32,000 units x ($42 + $16 + $5) = $1,440,000
Gross Profit: $3,520,000 - $1,440,000 = $2,080,000
Selling and Administrative Costs: 32,000 units x ($11 + $115,000) = $416,000
Net Income (Loss): $2,080,000 - $416,000 = $1,664,000
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economists typically rely on a broader measure of international trade known asthe ___________________, which includes _____________________________.A. current trade balance; foreign aid announced by the government.B. current trade balance; finance, law, and software product design.C. current account balance; telecommunications, computers, finance, law, andadvertising.D. current account balance; goods, services, international income flows, and foreignaid.
D. current account balance; goods, services, international income flows, and foreign aid.
A more comprehensive assessment of a nation's performance in international commerce than the simple trade balance is the current account balance. It comprises the country's receipt of foreign aid as well as the exports and imports of goods and services, as well as income flows like dividends, interest, and remittances from abroad. The current account balance, which depicts the net outcome of these transactions, is a crucial sign of a nation's economic health and capacity to pay for its commitments to other nations. The current account balance is a common tool used by economists to assess the competitiveness, external economic ties, and trade patterns of a nation as well as to project its future economic prospects.
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a stock just paid an annual dividend of $6. the dividend is expected to grow by 5% per year for the next 4 years. in 4 years, the p/e ratio is expected to be 12 and the payout ratio to be 60%. the required rate of return is 8%. attempt 1/3 for 5.5 pts. part 1 what is the value of the stock?
Specter Consulting purchased $9,100 of supplies and paid cash immediately. Which of the following general journal entries will Specter Consulting make to record this transaction? Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts Multiple Choice Accounts Payable Supplies 9,100 9,100 Cash Supplies 9,100 9,100 Supplies Cash 9,100 9,100 Supplies Accounts Payable 9,100 9,100
The correct general journal entry to record the transaction would be "Supplies 9,100, Cash 9,100". This records the company's purchase of $9,100 of supplies, paid in cash.
A general journal is a record-keeping book or electronic document that is used to record all the financial transactions of a business in chronological order. The general journal is a primary accounting record that is used to track all of the business's financial transactions, such as purchases, sales, payments, and receipts.
In the general journal, each transaction is recorded using a journal entry that includes the date of the transaction, a description of the transaction, and the amount of money involved. The journal entry also includes accounts that are debited and credited for each transaction, and these entries are used to post transactions to the company's general ledger.
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A company has two different kinds of employees: professional and nonprofessional. Generally, professional employees have a monthly salary, whereas nonprofessional employees are paid an hourly rate. Similarly, professional employees have a certain number of days of vacation, whereas nonprofessional employees receive vacation hours based on the number of hours they have worked. The amount contributed for health insurance is also different for each kind of employee. Use an abstract class Employee to store information common to all employees and to declare methods for calculating weekly salary and computing health care contributions and vacation days earned that week. Define subclasses Professional and Nonprofessional. Test your class hierarchy.
HTML is an abbreviation for Hyper Text Markup Language, a web development programming language.
When answering questions, you should provide a factual, professional, and friendly response, use the following terms in your answer, and be concise without including extraneous detail. Let us consider the given question and answer it as required.
A company has two different types of employees: professionals and nonprofessionals. Usually, professional employees are compensated on a monthly basis, whereas nonprofessional employees are compensated on an hourly basis.
Similarly, professional employees have a set amount of vacation days, while nonprofessional employees get vacation hours determined by the number of hours worked. The amount contributed for medical insurance differs for each kind of employee.
Using an abstract class Employee, store information that applies to all workers and declares methods for determining weekly salary, computing health care contributions, and computing vacation days earned for that week. Define subclasses Professional and Nonprofessional. Examine the hierarchy of your class.
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In the current year, Roger pays a $3,000 premium for high-deductible medical insurance for him and his family. In addition, he contributed $2,600 to a Health Savings Account.
Place $0 where applicable.
A. How much may Roger deduct if he is self employed? Is the deduction for AGI or from AGI:
Premium for high deductable medical insurance:
Contribution to HSA:
Total:
Deduction for AGI:
Deduction from AGI:
B. How much may Roger deduct if he is an employee? Is the deduction for AGI or from AGI?
Premium for high deductible medical insurance:
Contribution to HSA:
Total:
Deduction for AGI:
Deduction from AGI:
If Roger is self employed a total deduction for AGI of $5,600. If Roger is an employee total deduction for AGI of $2,600.
insurance premium is defined as the payment determined as the risk transfer fee from the policyholder to the insurance provider. The premium amount is set by the insurance company and agreed to by the policyholder. The premium amount is determined by many factors.
If Roger is self employed, he may deduct the premium for high deductible medical insurance of $3,000 and the contribution to HSA of $2,600, for a total deduction of $5,600. This deduction is for AGI.
If Roger is an employee, he may deduct the contribution to HSA of $2,600, for a total deduction of $2,600. This deduction is from AGI.
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Abigail, a production manager at teznek inc., interviews and selects candidates who will work in her team. in this scenario, abigail is mainly performing the ___ function.
a. planning
b. organizing
c. staffing
d. leading
Abigail is specifically performing the staffing function.
What is the staffing function?The staffing function is the function of management that involves hiring, firing, training, evaluating, and compensating employees. This function is critical since it ensures that organizations have the best people possible for every job and that those people are competent to execute their duties.
Why is the staffing function important?Staffing is critical for the following reasons: It ensures that the most qualified people are employed in every position and that those people have the necessary skills to do their jobs. It guarantees that the proper quantity and quality of employees are available at all times, to ensure that the organization's goals and objectives are met.
It assists the organization in determining the most effective way to compensate its personnel based on the role and the employee's performance in that role. It aids in the establishment of a positive working culture, which can boost morale and contribute to better employee relations.
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Which of these is (are) most likely to increase productivity? A) higher corporate tax rates. B) increase in pop. C) investments in research and development.
What is productivity?
Productivity is the amount of production that can be generated from a certain amount of inputs. It is an assessment of efficiency in which a company transforms inputs into outputs.
What are Investments in research and development?
The money put into research and development (R&D) to enhance the goods and services a company provides is referred to as investments in research and development. R&D initiatives may lead to the creation of new goods or procedures that can make a company more profitable by allowing it to gain a larger market share, for example.
Investments in research and development can help a company improve its production process by increasing efficiency, reducing costs, and enhancing product quality. As a result, it can assist to increase productivity.
Option C, investments in research and development, is most likely to increase productivity.
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which of the industries below is likely most at risk for differences arising from geographic distance? group of answer choicesA) different ethnicities
B) differences in quality of natural resources
C) weak transportation links
D) differences in consumer incomes
The industry that is most likely to face differences arising from a geographic distance is the one that has weak transportation links. This is because transportation links are important in ensuring that goods are transported from one point to another despite the distance. Thus, the correct answer is option C.
Transportation is the movement of goods from one place to another. It is essential for business owners to deliver their products or services to their target market. The movement of goods is one of the most critical aspects of the economy. Transportation plays a critical role in the smooth running of the economy and in ensuring that there is a consistent supply of goods and services.
Poor transportation links affect businesses in many ways. One of the significant problems that businesses face when there are weak transportation links is the inability to distribute goods efficiently. This leads to delayed deliveries, which may result in financial losses for the business. As a result, businesses should invest in transportation systems that are efficient and reliable. In summary, the industry most likely to face differences arising from a geographic distance is the one that has weak transportation links.
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What other images are used on this site, and how do they relate to what the company is selling?
Any website's content strategy is incomplete without images. The greatest pictures are displayed well above fold and serve as both decorative elements and educational tools.
Why are pictures crucial for businesses?The most effective strategies for improving the performance of your content is visual and video material. When content is accompanied by an image, viewers are 80% as inclined to interact with it and 64% more inclined to remember what you read or heard. There you have it, then. To advertise your business, you must use photos. This image might show someone is using your product or show the results of your service. This product graphic makes it easier for potential buyers to understand how your good or service can help them.
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As conventional sources of crude oil are depleted, unconventional sources such as oil sands (also known as ar sands) are being d isands contain bitumen, which can be processed into a synthetic crude oil. A region of boreal forest in Alberta, Canada, that covers a deposit of oil sands will be cut and removed during the process of bitumen extraction. It is estimated that the deposit contains 73 billion barrels of coverable bitumen The rate of extraction from the deposit will be approximately 1 million barrels of blumen per day (a) Identity one ecological benefit other than providing habitat, that is provided by forests. (b) Identify one economic benefit that is provided by forests c) Describe TWO Gironmental consequences other than those related to the loss of boreal forest habitat, that result from the extraction of human or the transportation of synthetic oil to customers (0) Assuming the above extraction rate, calculate how many days will be needed to extract the recoverable volume of bitumen from the oil sands. (e) Calculate how many years will be needed to fully extract the recoverable volume of bitumen from the ol sands () Monthly production of synthetic crude oil is 30 million barrels. Producing one barrel of synthetic crude oil uses two barrels of heated freshwater. Calculate the number of barrels of freshwater needed each year to supply this domand 4. Directions: Read the article below and answer the questions that follow
Ecological Benefits: Forests provide habitat for wildlife, filter and clean air, and help regulate climate and weather.
Economic Benefits: Forests provide economic benefits, such as timber for construction, fuel for heating, and tourism.
Environmental Consequences:
1. Air pollution: The extraction of bitumen from the oil sands can result in increased air pollution due to the release of particulate matter, volatile organic compounds, and other pollutants.
2. Water pollution: The extraction process can also lead to water pollution, as the heated freshwater used for extraction can contain high concentrations of metals and other contaminants.
3. Loss of habitat: The extraction of bitumen from the oil sands will result in the loss of boreal forest habitat, which can have a negative impact on the species that rely on it.
Calculations:
1. Assuming the above extraction rate, it will take 73 billion barrels of bitumen divided by 1 million barrels of bitumen per day which equals 73,000 days to extract the recoverable volume of bitumen.
2. 73,000 days divided by 365 days equals 201 years to fully extract the recoverable volume of bitumen.
3. 30 million barrels of synthetic crude oil per month multiplied by 12 months equals 360 million barrels of synthetic crude oil per year. This means that 720 million barrels of freshwater per year would be needed to supply the demand.
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In addition to price-weighted and value-weighted indexes, an equally weighted index is one in which the index value is computed from the average rate of return of the stocks comprising the index. Equally weighted indexes are frequently used by financial researchers to measure portfolio performance.The following three defense stocks are to be combined into a stock index in January 2013 (perhaps a portfolio manager believes these stocks are an appropriate benchmark for his or her performance):PriceShares(millions) 1/1/13 1/1/14 1/1/15Douglas McDonnell 180 $ 60 $ 64 $ 77Dynamics General 325 68 64 78International Rockwell 370 97 86 100a. Compute the rate of return on an equally weighted index of the three defense stocks for the year ending December 31, 2013. (Negative values should be indicated by a minus sign. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)Index return %b. If the index value is set to 100 on January 1, 2013, what will the index value be on January 1, 2014? (Do not round intermediate calculations. Round your answer to 2 decimal places.)Index value c. What is the rate of return on the index for 2014? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)Index return %
To calculate the rate of return on an equally weighted index of the three defense stocks for the year ending December 31, 2013, we need to determine the total return for each stock, then calculate the average return of the three stocks. The rate of return on the equally weighted index of the three defense stocks for the year ending December 31, 2013 is 14.21%.
The total return of a stock is calculated by subtracting the stock's starting price on January 1, 2013 from its ending price on December 31, 2013, and dividing the result by the stock's starting price on January 1, 2013.
Douglas McDonnell: ((77-60)/60) = 28.33%
Dynamics General: ((78-68)/68) = 15.29%
International Rockwell: ((100-97)/97) = 3.09%
The average return of the three stocks is calculated by adding the three returns together and dividing by three.
Average return = (28.33% + 15.29% + 3.09%) / 3 = 14.21%
b. If the index value is set to 100 on January 1, 2013, the index value on January 1, 2014 can be calculated using the average return. The formula for calculating the index value is the initial index value (100) multiplied by one plus the average return.
Index value = 100 * (1 + 0.1421) = 114.21
Therefore, the index value on January 1, 2014 will be 114.21.
c. To calculate the rate of return on the index for 2014, we need to calculate the total return for the index and then calculate the rate of return. The total return is calculated by subtracting the index's starting value on January 1, 2014 from its ending value on December 31, 2014, and dividing the result by the index's starting value on January 1, 2014.
Total return = (Index value on December 31, 2014 - Index value on January 1, 2014) / Index value on January 1, 2014
Total return = (X - 114.21) / 114.21 .
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Assume a par value of $1,000. Caspian Sea plans to issue a 19.00 year, annual pay bond that has a coupon rate of 8.14%. If the yield to maturity for the bond is 7.77%, what will the price of the bond be?
The price of the bond will be $1074.17.
How to find The price of the bondPar value = $1,000
Coupon rate = 8.14%
Time to maturity = 19 Years
Yield to maturity = 7.77%
The present value of bond can be calculated as:
PV = (C / r) × (1 – 1 / (1 + r)ⁿ) + F / (1 + r)ⁿ
Where,
PV = Present value of bond
C = Coupon rate × Par value / Frequency
r = Yield to maturity / Frequency
n = Time to maturity * Frequency
F = Par value of bond
At a frequency of 1, the present value of bond can be calculated as:
PV = (81.40 / 1.0777) × (1 – 1 / 1.0777¹⁹) + 1000 / 1.0777¹⁹
PV = $954.90 + $119.27
PV = $1,074.17
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the form of economic system that emerged with the industrialization of society has been referred to as the a. nuclear family economy b. family-based economy c. consumer-based economy d. family-wage economy
The form of economic system that emerged with the industrialization of society has been referred to as the family-wage economy. Therefore, alternative d is correct.
What is an economic system?An economic system is defined as the way a society utilizes its resources to meet the needs of its members. The production, allocation, and consumption of goods and services are all part of an economic system.
The industrial revolution altered the economy in many ways. A new economic system emerged, known as the family-wage economy. It's worth noting that this economy's development was directly linked to industrialization, which occurred in the early to mid-19th century.
In conclusión, alternative d is correct.
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Tyler Co-owns a coin operated laundry downtown there's two brothers but he does most of the day today management. What would most likely be a straight rebuy for Taylor
Straight rebuy is a buying decision of a repeat purchase that involves purchasing the product without looking for any additional information or alternatives.
Taylor Co-owns a coin-operated laundry downtown, where there are two brothers, but he does most of the day-to-day management. So, the most likely straight rebuy for Taylor would be the purchasing of the same washing machines or dryers from the same supplier or manufacturer he has purchased before.
Straight rebuy A straight rebuy is a buying decision made by a consumer for a product that they have purchased before without searching for any alternatives or additional information. Straight rebuy is frequently the least risky and time-consuming method of buying because it does not require extensive research or decision-making.
A straight rebuy is likely to occur in situations where the buyer is satisfied with the product and services offered and wants to continue buying them. It is often used for items that are inexpensive, or of regular and routine nature, such as office supplies, staples, or raw materials, and goods purchased from routine vendors.
In conclusion, Taylor Co-owns a coin-operated laundry downtown, where there are two brothers, but he does most of the day-to-day management. So, the most likely straight rebuy for Taylor would be the purchasing of the same washing machines or dryers from the same supplier or manufacturer he has purchased before.
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Suppose a company is choosing between two projects. The first project has an internal rate of return (IRR) of 9%, while the second project has an internal rate of return of 8%. The CEO believes that the first project will create additional shareholder value and should therefore be implemented. Do you agree with the CEO?
Yes, I agree with the CEO that the first project should be implemented due to its higher internal rate of return (IRR).
The IRR is a measure of a project's profitability and indicates the return on investment in the project compared to other investments with the same risk level. A higher IRR means that the project is generating a greater return for investors. In this case, the first project has an IRR of 9%, while the second project has an IRR of 8%. This suggests that the first project is more profitable and should be implemented in order to generate additional shareholder value.
When choosing between projects, it is important to consider not just the IRR, but also other factors such as the timeline and budget of the project, potential risks, and the impact on the company's overall strategy. Additionally, it is important to compare the project's IRR to that of similar investments in order to ensure that it is a wise decision. Taking all of this into consideration, the higher IRR of the first project suggests that it is the better option and should be implemented in order to generate additional shareholder value.
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the stack stores activation records (i.e., stack frames). an activation record is pushed to the stack when a function is invoked. when the function returns, its activation record is popped from the stack. which of the following statements best describes how the stack maintains its collection of activation records? A. once an activation record is pushed to the stack, it is never removed. B. the first activation record pushed is the first activation record popped. C. the first activation record pushed is the last activation record popped. D. the stack does not maintain activation records.
The correct answer is C. The first activation record pushed to the stack is the last activation record popped. This is because the stack is a Last In, First Out (LIFO) data structure.
When a function is invoked, its activation record is pushed to the stack, and when the function returns, its activation record is popped from the stack. The stack does maintain a collection of activation records, which are pushed and popped in accordance with the LIFO structure.
This means that the first activation record pushed to the stack is the last activation record popped from the stack. This ensures that the order of the activation records is maintained, and that any data associated with the activation record is available until the function returns.
To illustrate, let's consider the example of a function A which calls function B. When function A is invoked, its activation record is pushed to the stack, followed by the activation record of function B when it is invoked. When function B returns, its activation record is popped off the stack, followed by the activation record of function A when it returns.
In this way, the stack maintains its collection of activation records, and the first activation record pushed is the last activation record popped.
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Suppose that the supply schedule of Maine lobsters is as follows: Price of lobster (per pound) $25 Quantity of lobster supplied (pounds) 800 20 700 15 600 10 500 5 400 Suppose that Maine lobsters can be sold only in the United States. The U.S. demand schedule for Maine lobsters is as follows: Price of lobster (per pound) $25 Quantity of lobster demanded (pounds) 200 20 400 600 15 10 800 5 1,000 a. Draw the demand curve and the supply curve for Maine lobsters. What are the equilibrium price and quantity of lobsters? Now suppose that Maine lobsters can be sold in France. The French demand schedule for Maine lobsters is as follows: Price of lobster (per pound) $25 Quantity of lobster demanded (pounds) 100 20 300 15 500 700 10 5 900 b. What is the demand schedule for Maine lobsters now that French consumers can also buy them? Draw a supply and demand diagram that illustrates the new equilibrium price and quantity of lobsters. What will happen to the price at which fishermen can sell lobster? What will happen to the price paid by U.S. consumers? What will happen to the quantity consumed by U.S. consumers?
A practitioner has examined a client's compliance with debt covenants associated with a bank loan and is ready to issue a report. Which of the following standards apply to the report?
Compliance attestation standards
Compliance attestation standards apply to the report when a practitioner has examined a client's compliance with debt covenants associated with a bank loan.
Compliance attestation standards is a set of standards that requires an independent auditor to attest to the fairness and integrity of an entity's financial and accounting records. Compliance attestation is a process in which an independent auditor attests to an entity's compliance with relevant laws, regulations, and rules. The attestation process may include an examination of financial records, as well as interviews with management and staff.
A practitioner has examined a client's compliance with debt covenants associated with a bank loan and is ready to issue a report. The report should conform to the compliance attestation standards, which include a set of criteria for the attestation process. Compliance attestation standards, which are established by the American Institute of Certified Public Accountants (AICPA), govern the attestation process and help ensure that auditors follow standard procedures and best practices.
Compliance attestation standards are used in the following types of audits: financial statement audits, service organization control (SOC) audits, and other specialized audits.
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your company, kick that ball sports, has appointed you as a project manager for its new soccer product line introduction. the product line involves three new products, two of which will be introduced together and a third one that will follow within two years. you are ready to create the wbs. all of the following are true except for which one?
The statement which is not true regarding the creation of the WBS for Kick That Ball Sports' new Cricket product line introduction is that rolling wave refers to how all levels of the WBS collectively roll up to reflect the work of the project and only the work of the project. Therefore, the correct option is C.
In the given case, as you are ready to create the WBS, all options but one is true.
The WBS may be structured using each product as a level-one entry. This is true because the WBS (Work Breakdown Structure) is a hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables.The WBS should be elaborated to a level where costs and schedule are easily estimated. This is known as the work package level. This is also true because work packages are created when the WBS has been elaborated to a level where costs and schedule can be easily estimated.Each level of the WBS represents verifiable products or results. This is also true because each level of the WBS represents a more detailed decomposition of the previous level's deliverables.Rolling wave planning is a technique that uses progressive elaboration to break down the project scope and deliverables into smaller, more manageable pieces. This technique is used to reflect the work of the project as well as the work of the project's product. Therefore, option C is not true because it states that rolling wave planning only reflects the work of the project and not the work of the project's product.Hence option C is not true in reference to creation of the WBS.
Note: The question is incomplete. The complete question probably is: Your company, Kick That Ball Sports, has appointed you as project manager for its new Cricket product line introduction. This is a national effort, and all the retail stores across the country need to have the new products on the shelves before the media advertising blitz begins. The product line involves three new products, two of which will be introduced together and a third one that will follow within two years. You are ready to create the WBS. All of the following are true except for which one? A. The WBS may be structured using each product as a level-one entry. B. The WBS should be elaborated to a level where costs and schedule are easily estimated. This is known as the work package level. C. Rolling wave refers to how all levels of the WBS collectively roll up to reflect the work of the project and only the work of the project. D. Each level of the WBS represents verifiable products or results.
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Patterson brothers recently reported an EBITDA of $7. 5 million and a net income of $2. 1 million. It had $2. 0 million of interest expense and its corporate tax rate was 30%. What was its charge for depreciation and amorization?
The charge for depreciation and amortization is $1.9 million. if the corporate tax rate was 30% for $2. 0 million of interest expense.
The given data is as follows:
EBITDA report = $7. 5 million
Net income = $2. 1 million.
corporate tax rate = 30%.
interest expense = $2 million
EBITDA allows investors to consider organizational profit after costs in light of options made about financing, tax planning, and discretionary devaluation programs.
The charge for depreciation and amortization is calculated by subtracting EBITDA from Less Interest expense and the product of the corporate tax rate. Mathematically,
The charge for depreciation = ( EBITDA - interest expense ) x corporate tax rate
The charge for depreciation = ( $7. 5 million - 2 million ) x 30%
The charge for depreciation = $1.9 million.
Therefore we can conclude that the charge for depreciation and amortization is $1.9 million.
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on january 1, 2019, watson construction company purchased a truck for $40,000. in addition to the purchase price, the company incurred $500 in sales taxes, $1,000 in interest, and $2,000 for a bed liner to protect the back of the truck. the watson company should record the truck on their books as an asset at:
The total cost of the truck, including all additional costs, should be recorded as an asset on the company's books for a total of $43,500.
What is Asset?An asset is an economic resource that can be owned and controlled by an individual or company. An asset is something valuable that an individual, corporation, or country possesses or controls with the aim of generating a profit or for future benefit. The purchase price of the truck is $40,000.
Additional cost:
Sales tax = $500
Interest = $1,000
Bed liner = $2,000
Thus, the Watson company should record the truck on its books as an asset at $43,500.
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13. Suppose that expected inflation rises from 3% to 6%.
a. How will the real interest rate be affected by this
change?
b. How will the nominal interest rate be affected by this
change?
c. What will happen to the equilibrium quantity of
loanable funds
The equilibrium amount of funds that can be loaned will remain the same, while the nominal interest rate will rise by 3%.
How Does Inflation Work?The term "inflation" refers to a gradual decline in a person's ability to purchase goods and services. The average price increase of a selected basket of goods and services over some time can show the rate at which purchasing power decreases. As a result of the price increase, which is frequently expressed as a percentage, a unit of currency effectively costs less to buy than it did in previous times. Deflation, on the other hand, occurs when prices rise while purchasing power decreases. Even though it is simple to track how prices have changed over time for individual products, human needs go beyond just a few products.
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Don, a motorcycle retailer, had an adult daughter, Polly, who needed a motorcycle for transportation but had only $3,000 with which to buy one. Don wrote to her, "Give me your $3,000 and I'll give you the motorcycle on our lot that we have been using as a demonstrator." Polly thanked her father and paid him the $3,000. As both Don and Polly knew, the demonstrator was reasonably worth $10,000. After Polly had paid the $3,000, but before the motorcycle had been delivered to her, one of Don's sales staff sold and delivered the same motorcycle to a customer for $10,000. Neither the salesperson nor the customer was aware of the transaction between Don and Polly. Does Polly, after rejecting a tendered return of the $3,000 by Don, have an action against him for breach of contract?a. Yes, because Don's promise was supported by the moral obligation a father owes his child as to the necessities of modern life.
b. Yes, because Don's promise was supported by bargained-for consideration.
c. No, because the payment of $3,000 was inadequate consideration to support Don's promise.
d. No, because Don tried to return Polly's money.
Based on the given scenario, Polly after rejecting a tendered return of the $3,000 by Don have an action against him for breach of contract is correct because Don's promise was supported by bargained-for consideration. Therefore, the correct option is B.
Consideration, a main element of a contract, refers to a promise, performance, or forbearance bargained by a promisor in exchange for their promise. In the provide case, Polly and Don had a legally binding agreement, where she gave him the $3,000 in exchange for the motorcycle.
This is a bargained-for consideration, meaning the agreement is legally enforceable. Don was in breach of contract when he sold the same motorcycle to another customer for $10,000. Polly has the right to take legal action against him for breach of contract. Hence, the correct option is B.
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What do yo call a form for recording transactions in chronological order?
In the following question, among the conditions given, The form for recording transactions in chronological order is called a Journal.
Among the conditions given, The journal is a chronological record of all financial transactions that take place in a company or organization. It documents a company's financial transactions and is used to prepare financial statements.
Each transaction is listed in the journal in chronological order. Every entry in the journal should contain the following information:
date of the transaction; account title and account number to be debited and credited; transaction amount; an explanation of the transaction. The form for recording transactions in chronological order is called a Journal.
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the manager of a company selling replacement windows in rural u.s. markets asks you to conduct a survey to uncover what percentage of people in the state of washington live in communities of fewer than 10,000 people. the problem with this research objective is that
The problem with this research objective is that it is already known and available from the U.S. Bureau of the Census.
What is Research Objective?Research objectives spell out the goals you have for your investigation. They serve to focus your study by providing an overview of the project's methodology and goals.
Your research paper's beginning should include your objectives after the problem statement.
Thus, the given problem about selling replacement windows in rural u.s. markets asks you to conduct a survey to uncover what percentage of people, the problem is the Census Bureau already knows this.
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fit for life foods reports the following income statement accounts for the year ended december 31 gain on sale of equipment 6320depreciation expense office copier 480office supplies expense760sales discounts15 700insurance expense1 370sales returns and allowances3 900sales217 000tv advertising expense2 200office salaries expense31 300interest revenue600rent expense selling space10 300cost of goods sold89 000sales salaries expense23 100sales commission expense13 000prepare a multiple step income statement
The Income Statement of Fit for Life Foods for the year ended December 31 is $22570.
The Income Statement of Fit for Life Foods for the year ended December 31 will be given as follows:
Sales 217000
Less: Sales returns and allowances 3900
Sales discounts 15700
Net Sales 199400
Cost of goods sold 89000
Gross Profit 110400
Operating Expenses: Office salaries expense 31300
Sales salaries expense 23100
Sales commission expense 13000
Rent expense selling space 10300
Depreciation expense office copier 480
TV Advertising expense 2200
Office Supplies expense 760
Insurance expense 1370
Total Operating Expenses 81110
Income from Operations 29300
Other Revenues and Gains:
Gain on sale of equipment 6320
Interest revenue 600
Total Other Revenues and Gains 6920
Other Expenses and Losses:
None Income before Income Tax 36220
Income Tax expense(-)13650
Net Income22570
Therefore, the multiple-step income statement of Fit for Life Foods for the year ended December 31, XXXX is prepared as above.
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which of the following companies is credited with being the first franchisor in the united states? a. mcdonald's b. nathans's famous inc. c. singer sewing machine d. h
The company credited with being the first franchisor in the United States is C) Singer Sewing Machine.
What is a franchise?A franchise is a sort of permit that allows a person or company to operate under the brand name of another business. It enables a business to expand quickly without needing to spend money on advertising or other marketing efforts to establish their brand.
Typically, the company that owns the franchise provides training, marketing support, and other resources to assist the franchisee in operating their business effectively.
In the US, Singer Sewing Machine is credited with being the first franchisor.
Singer allowed independent sewing machine dealers to sell their sewing machines as a way to expand their distribution network in the late 19th century. Thus, it became one of the earliest and most successful franchisors in the United States of America.
Therefore, the correct answer is c. Singer Sewing Machine.
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Kevin purchasing concert tickets with his debit card is an example of the _____ function of money.
A) medium of exchange
B) unit of account
C) store of value
D) specialization
Kevin purchasing concert tickets with his debit card is an example of the A) medium of exchange function of money.
Money is a A) medium of exchange that is widely accepted in daily transactions. The primary function of money is to serve as a medium of exchange in daily transactions. It is one of the most critical aspects of money. Any commodity, such as gold or silver, may be used as a medium of exchange as long as it is widely recognized as such.
Kevin, who bought concert tickets using his debit card, is an example of the medium of exchange function of money. Because the concert tickets had a specific value assigned to them, Kevin paid the price and acquired the tickets without the need for a barter transaction.The Unit of account is another function of money.
It indicates the price of goods and services in the economy, making transactions easier to comprehend. When an economy has a single currency, it simplifies the process of evaluating costs, wages, and salaries, and it allows for quick price comparisons.
If the unit of account function is not fulfilled, it will make trading difficult as people would have to identify the relative worth of each commodity.Store of value is another function of money. This function aids in the accumulation of wealth. It helps individuals to save money that can be used in the future.
The value of money can decrease as a result of inflation, and as a result, people may seek other means of preserving their wealth. Specialization is not a function of money. It is an aspect of production, in which individuals or organizations focus on creating or supplying one or a few goods or services. They might then exchange these goods or services for other goods or services. In a trade exchange, money can be utilized as a medium of exchange.
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the purchase of merchandise on account is recorded with a debit to ______ and a credit to ______.
A debit to "Inventory" or "Merchandise Inventory" and a credit to "Accounts Payable" is used to track the purchase of goods on account.
When a business buys items from a vendor or supplier on account, it signifies that it will pay for those things at a later time. The transaction is entered into the company's accounting system using the double-entry approach, which calls for at least one debit and one credit entry for each transaction. Because the business is collecting inventory that it will sell to clients, the purchase of goods on the account is in this instance recorded as a debit to the "Inventory" or "Merchandise Inventory" account. Because the business must eventually pay for the goods, a credit entry is issued to the "Accounts Payable" account.
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On January 15th, Linus transfers property to a trust over which he retains a right to revoke one-fourth of the trust. The trust is to pay Patti 5% of the trust assets valued annually for her life with the remainder to be paid to a qualified charity. On September 1st, Linus dies and the trust becomes irrevocable. Which of the following statements is/are correct? 1. The trust is created January 15th. 2. The trust is created when it becomes irrevocable at September 1st. 3. Linus receives a charitable deduction equal to the present value of 25% of the remainder interest. 4. Linus receives a charitable deduction equal to the present value of 75% of the remainder interest 3 and 4 3 only O1 only. 1 and 2
The answer is 1 and 2. Trust property means property entrusted between the trustee and the trustee of the designated beneficiary.
Trust property can include all types of assets such as cash, stocks, real estate, life insurance policies, etc.
The trust was created on January 15th when it was transferred to the trust. The trust became irrevocable on September 1st when Linus died. However, Linus does not receive a charitable deduction in this case since he still retains a right to revoke one-fourth of the trust. Therefore the answer is 1 and 2.
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