Arnez Company's annual accounting period ends on December 31. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,000 balance. During the year, the company purchased supplies for $13,400. which was added to the Office Supplies account. The inventory of supplies available at December 31 totaled $2,554 b. The Prepaid Insurance account had a $20,000 debit balance at December 31 before adjusting for the costs of any expired coverage for the year. An analysis of prepaid insurance shows that $12,880 of unexpired insurance coverage remains at year-end c. The company has 15 employees, who earn a total of $1,960 in salaries each working day. They are paid each Monday for their work in the five-day workweek ending on the previous Friday. Assume that December 31 is a Tuesday, and all 15 employees worked the first two days of that week Because New Year's Day is a paid holiday, they will be paid salaries for five full days on Monday, January 6 of next year d. The company purchased a building at the beginning of this year. It cost $960,000 and is expected to have a 545,000 salvage value e. Since the company is not large enough to occupy the entire building it owns, it rented space to a tenant at $3,000 per month starting on November 1. The rent was paid on time on November 1, and the amount received was credited to Rent Revenue However, the tenant has not paid the December rent. The company has worked out an agreement with the tenant, who has promised to pay both December and January rent in full on January 15 f. On November 1, the company rented space to another tenant for $2,800 per month. The tenant paid five months' rent in advance on that date. The payment was recorded with a credit to the Uneamed Revenue account. Assume no other adjusting entries are made during the year

Accounts payable (AP) are amounts due to companies or suppliers for items or offerings acquired that have now not but been paid for. The sum of all magnificent amounts owed to companies is shown as the debts payable balance on the company's stability sheet.

A cash receipt is an accounting entry that archives the series of cash from a customer. Cash receipts normally expand (debits) the company's cash stability on its balance sheet. Simultaneously, they reduce (credits) either money owed receivable or every other asset account.

Accounts receivable refers to the money a business enterprise is owed by its customers for goods and offerings that have been delivered however not but paid for. The bills receivable procedure involves invoicing clients for items or offerings that have been delivered, pursuing charge and then processing and recording payment.

Learn more about accounts payable balance here:

A stadium owner who profits from parking receipts would likely encourage fans coming to the game to use satellite parking lots. Here option B is the correct answer.

By using satellite parking lots, the stadium owner can not only accommodate a larger number of vehicles but also generate more revenue by charging a parking fee for each vehicle. Additionally, having satellite parking lots allows for better traffic management and less congestion around the stadium, which could lead to a more positive fan experience.

Encouraging fans to take public transportation or the train may also be an option, as it would reduce traffic and parking congestion around the stadium. However, this may not be as financially beneficial to the stadium owner, as they would not be able to charge a parking fee.

Metered parking may also be an option, but it is unlikely that enough metered spaces would be available to accommodate a large number of fans.

To learn more about stadium owner

https://brainly.com/question/11759392

#SPJ4

Roger needs to sell 16 pairs of shoes in order to reach his daily earnings goal of $112.

To reach his daily earnings goal of $112, Roger needs to earn $72 more in addition to his daily wage of $40.

Let x be the number of pairs of shoes that Roger needs to sell in order to reach his daily earnings goal. Since he earns a commission of $4.50 for each pair of shoes he sells, he will earn 4.5x dollars for selling x pairs of shoes.

Thus, the equation that represents Roger's daily earnings is:

40 + 4.5x = 112

Subtracting 40 from both sides, we get:

4.5x = 72

Dividing both sides by 4.5, we get:

x = 16

To learn more about earnings goals

https://brainly.com/question/11465653

#SPJ4

Economists sometimes give conflicting advice because they have different theories, models, and perspectives on how the economy works. These differing views can result in different predictions and recommendations.

For example, some economists may emphasize the importance of government intervention in the economy, while others may advocate for a laissez-faire approach. Some may prioritize reducing inflation over reducing unemployment, while others may prioritize the opposite. These disagreements stem from differences in beliefs about the role of government, the causes of economic problems, and the best way to address them.

Additionally, the availability of data and the methods used to analyze it can also lead to conflicting advice. For example, two economists may use different data sources or employ different econometric techniques, leading to different conclusions.

Another reason for conflicting advice is that economics is a social science and is subject to human biases and subjective interpretations. Economists may have different values, political views, and interests, which can influence their analysis and advice.

To learn more about economists

https://brainly.com/question/14299791

#SPJ4

The Times Interest Earned Ratio (TIE) measures how easily a company can pay off its debt with its current income. Calculated as EBIT / Interest Expense = TIE.

EBIT represents all the profits made by the company in a given accounting period without considering the payment of taxes, interest or any other elements.

To calculate the interest over time ratio, divide your income by the total interest owed on bonds or other forms of debt. Once you've made that calculation, you'll see a number that evaluates the company's ability to cover interest on pre-tax profits.

In general, the advanced the EIR, the further liquidity the company will have. The TIE measures how numerous times a company could cover interest costs over a given period of time.

To know more about Times interest earned ratio,

brainly.com/question/30460014

#SPJ4

True, in the video from the Office when the women were communicating with a client, they were using verbal communication to connect and relate.

Verbal communication is when you or another person exchanges words orally. On the other hand, nonverbal communication refers to things that are expressed nonverbally, such as gestures, facial expressions, and body language.

An essential component of daily interactions at work is verbal communication. These abilities will help you communicate your work to your supervisor, share outcomes with key stakeholders, and update your team.

Additionally, you will employ them when you reply to others, whether to elucidate or offer criticism. Because they make for more productive, collaborating team members, employers prefer candidates with these skills.

To learn more about verbal communication: https://brainly.com/question/27876354

#SPJ4

The opportunity cost of producing another computer is different at most points along the frontier but equal at points A and B because they are equally distant from the axes. So the option C is the correct.

In the given question according to the figure and we have to find the opportunity cost of producing another computer .

The equation of the frontier is:

y = x + (1/2)A + (1/2)B

At point A, the equation of the frontier is:

y = x + (1/2)A

At point B, the equation of the frontier is:

y = x + (1/2)B

The option C "different at most points along the frontier but equal at points A and B because they are equally distant from the axes" is the correct option.

To learn more about equally distant link is here:

brainly.com/question/1660546

#SPJ4

The superior mix of output is the most suitable aggregate of output manageable with current resources, technology, and social values.

The market mix of output and the gold standard combine of output are continually the same. The market tends to underproduce public goods. Public choice idea emphasizes the function of self-interest in public decision-making.

Market failure implies that the market mechanism: Leads the economy to the incorrect combine of output. Market failure leads to: Public items being under-produced.

Learn more about optimal mix here:

https://brainly.com/question/15124694

#SPJ4

Mass production affects price of the consumer goods as it resulted in lower prices of consumer goods.

Mass production is the manufacturing of goods in large quantities through standardized processes and assembly line techniques. This method of production emerged in the early 20th century with the introduction of the assembly line by Henry Ford. It allows for increased efficiency, lower costs, and faster production rates. Mass production has been implemented in various industries such as automotive, electronics, and consumer goods. This approach requires a significant investment in capital, technology, and specialized labor. It has also been criticized for its negative impact on the environment, labor force, and local economies. Despite its drawbacks, mass production remains a vital component of modern industrial production and has transformed the way goods are produced and consumed.

To learn more about production, visit:

https://brainly.com/question/11010935

#SPJ4

Raising interest rates is a common tool used by the Federal Reserve to fight inflation. The basic idea is that by raising interest rates, the Federal Reserve makes it more expensive for individuals and businesses to borrow money. This, in turn, slows down spending and can help curb inflation.

When borrowing costs increase, people and businesses are less likely to take out loans and spend money, which can reduce the demand for goods and services and put downward pressure on prices. Additionally, higher interest rates can encourage people to save money instead of spending it, which can also help to slow down the rate of inflation. By using the tool of interest rates, the Federal Reserve can help keep the economy stable and prevent inflation from getting out of control.

You can learn more about Raising interest rates  at

https://brainly.com/question/29801207

#SPJ4

A transaction is recorded in the general journal when it occurs, and it must be recorded accurately to ensure that financial statements are prepared correctly.

Let's take a closer look at what this means mathematically. Every transaction has two sides, a debit and a credit. The debit side represents the inflow of assets or the outflow of liabilities or equity, while the credit side represents the opposite.

To record the transaction in the general journal, the accountant would write the date of the transaction, a brief description of the transaction, the accounts affected (in this case, inventory and cash), and the amount of the debit and credit entries.

This information is then posted to the respective accounts in the general ledger, which is a collection of all the accounts used by a business.

To know more about transaction here

https://brainly.com/question/24730931

#SPJ4

A multinational corporation that has a global reach and does not regard a certain nation as its base, home, and headquarters is referred to as a "transnational organization."

The transnational corporation, also referred to as multinational corporation, is a business that has a registered office, conducts business, and has assets or any other facilities in for at least one other nation.

One nation serves as the headquarters for these corporations.

Thus, a multinational corporation that has a global reach and does not regard a certain nation as its base, home, and headquarters is referred to as a "transnational organization."

To know more about the transnational organization, here

https://brainly.com/question/29798384

#SPJ4

When real unemployment is lower than its natural rate, there must be significant inflation in the economy. Here option E is the correct answer.

A lower-than-normal rate of unemployment suggests that the economy is growing more quickly than it can support, which drives up prices and wages generally and boosts inflation.

Stagflation is a situation where the economy is experiencing both inflation and stagnation. This kind of situation causes the economy's unemployment rate to increase and overall prices to rise.

According to Phillips, inflation and unemployment have an inverse connection, with high unemployment years showing low inflation and low unemployment years showing high inflation.

To learn more about unemployment

https://brainly.com/question/14227610

#SPJ4

Because manufacturing overhead is applied based on a preset overhead rate, there is a possibility that it will either be underapplied or overapplied. Manufacturing overhead is being overapplied if the account has a credit balance at the conclusion of the quarter.

A debit to the Manufacturing Overhead account is used to transfer manufacturing overhead expenses to the Work-in-Process Inventory account. Process costing is employed by accounting firms, construction companies, and healthcare organizations.

Each client is viewed as a task by a service provider, such as an accountancy firm. Actual overhead expenses exceeded those that were applied to jobs.

To know more about manufacturing overhead, refer:

https://brainly.com/question/30648249

#SPJ4

If inventory is debited and the accounts payable is credited, then company uses the accrual accounting method.

An inventory is a comprehensive list of a business's assets, including the quantity and value of its products or goods. This record helps companies keep track of their stock levels, monitor their assets, and make informed decisions about ordering and restocking. Maintaining an accurate inventory is crucial for businesses as it enables them to optimize their supply chain, minimize waste, and maximize profits. With the help of modern technologies such as barcode scanners and inventory management software, businesses can streamline their inventory management processes and stay competitive in today's fast-paced market.

To learn more about inventory, visit:

https://brainly.com/question/14184995

#SPJ1

The entertainment industry has been a significant contributor to the economy through various means. The industry includes activities such as film, music, television, sports, gaming, and more.

It has provided employment opportunities for many individuals across different professions, such as actors, musicians, producers, directors, technicians, and many others. In addition, the industry has stimulated growth in the retail, hospitality, and tourism sectors.

For example, a successful movie or TV show can generate a substantial amount of revenue for the surrounding businesses, including restaurants, hotels, and souvenir shops.

The entertainment industry also plays a critical role in promoting culture and tourism, which are significant contributors to the economy. Many people travel to different parts of the world to experience various aspects of the entertainment industry, such as attending a concert, visiting a film studio or theme park, or attending a sports event.

To learn more about entertainment industry

https://brainly.com/question/14992198

#SPJ4

When unethical acts are discovered in a firm, in most instances d. there was knowing cooperation or complicity from within the company.

Unethical acts refer to behaviors or actions that violate moral principles, ethical standards, or established codes of conduct. Here are some examples of unethical acts is Fraud which is Deliberately deceiving others for personal gain or financial benefits, another one is Plagiarism which is Passing off someone else's work as one's own without proper attribution or credit.

An act that deviates from what is right or appropriate for a person, a profession, or an industry is deemed unethical behavior. People, businesses, professionals, and governments can all act unethically.

Therefore, option D are correct.

Learn more about unethical at:

https://brainly.com/question/30092922

#SPJ1

A tax imposed on the sellers of a good will raise the price buyers pay and lower the effective price sellers receive.

The term tax is referring as, A tax is a mandatory commercial as the undertaking charge or some other type of levy bring down on the taxpayer (an individual or legal entity) by a polity social group.

As, when the tax imposed on the sellers of a good will raise the overall cost of production that of the good will increase, as this quantity was supplied at the every price level.

Therefore, As a result, the demand of the supply analysis, the curves will shift in the left as responses in the tax.

Learn more about determine here:

https://brainly.com/question/16423331

#SPJ1

the company's management, which is being examined. The whole sentence is: "The management of the firm being audited has primary responsibility for the audited financial statements

Being accountable or responsible for one's actions, decisions, or commitments is a state or a fact. It entails taking responsibility for one's obligations, being dependable and trustworthy, and accepting the results of one's decisions. In both personal and professional settings, responsibility is an essential quality since it enables people to carry out their responsibilities in an efficient and moral manner. Being responsible in interpersonal interactions entails keeping one's promises and showing consideration for the needs and feelings of others. Responsibilities at work include completing duties to the best of one's abilities, meeting deadlines, and taking responsibility for one's errors. In general, being responsible is a crucial quality that promotes honesty, integrity, and

Learn more about responsibility here:

https://brainly.com/question/29729388

#SPJ4

OANDA's Currency Converter is an online tool that allows users to convert currencies from one to another. It is a free, web-based application that can be accessed from any device with an internet connection.

The Currency Converter uses real-time exchange rates to calculate currency conversions. It supports over 190 currencies, including major world currencies like US dollars, British pounds, euros, Japanese yen, Canadian dollars, and Australian dollars, as well as many other less common currencies.

To use the OANDA Currency Converter, you simply enter the amount of the currency you wish to convert and select the currency you want to convert to. The tool will then display the converted amount, based on the current exchange rate.

The Currency Converter also allows users to access historical exchange rates for a specific date range, which can be useful for tracking currency trends over time.

Overall, OANDA's Currency Converter is a convenient and reliable tool for anyone who needs to convert currencies for travel, business, or personal reasons.

For more such questions on currency converter

https://brainly.com/question/21263954

#SPJ4

Profit margin is a measure of profitability. It is calculated by finding the profit as a percentage of revenue and under these agreements, Sonja's company shall receive $9 per unit which is (B) $9.75 approx.

Profitability is gauged by profit margin.

Finding the profit as a proportion of revenue is used to calculate it.

The profitability of your company is determined by your profit margin.

It evaluates how much of each dollar in sales or services your company retains from its profits and is stated as a percentage.

When the net income of the business is divided by the net sales or revenue, the result is the profit margin.

On the surface, a gross profit margin ratio of between 50 and 70 percent would be seen as healthy, and it would be for many different kinds of enterprises, including restaurants, merchants, manufacturers, and other goods makers.

So, the total margin including wholesaler and retailer margin is:

10 + 35 = 45

Then, the profit margin would be:

= 20/100 * 45

= 0.2 * 45

= $9

Therefore, the profit margin is a measure of profitability. It is calculated by finding the profit as a percentage of revenue and under these agreements, Sonja's company shall receive $9 per unit which is (B) $9.75 approx.

Know more about profit margins here:

https://brainly.com/question/24962994

#SPJ4

Policies for inventory control based on ABC analysis may invest more in supplier development for A items.

The development of suppliers for A products may receive additional funding as a result of policies based on the ABC analysis. Businesses can prioritize their inventory based on annual dollar volume by using ABC analysis. Class A items, such as supplier development, records verification, and forecasting, will receive the most focus. Class C things will get the least time and attention, while Class B products will get less of both.

Inventory is split into three groups, A, B, and C, and their values are ranked descending in the ABC analysis approach. The highest valued items are those in category A, followed by those in category B and then those in category C. It's crucial for a corporation to manage and control its inventory.

To Know more about supplier development

https://brainly.com/question/17016541

#SPJ4

The settlement option that pays a stated amount to an annuitant, but no residual value to a beneficiary is the life income. The correct option is "D".

The life income settlement option is one that pays a stated amount to an annuitant, but does not provide a residual value to a beneficiary. This type of settlement option is typically used when an annuitant wants to receive regular payments over a period of time, without having to worry about leaving a residual value to a beneficiary.

A life income settlement is a financial arrangement that is made to provide a steady stream of income for the remainder of a person's life. This type of settlement is often used to provide financial security for the future, and is typically funded by investments, annuities, or other sources of income.

The correct option is "D".

To know more about settlement , click here.

https://brainly.com/question/30552596

#SPJ4

The concept is the Panama Canal. It is an 82 km long artificial waterway in Panama that connects the Atlantic with the Pacific and separates North and South America.

More than a century agone , the opening of the Panama Canal revolutionized transnational trade, making trip between the Atlantic and Pacific much easier and briskly. Considered one of the prodigies of the ultramodern world, the Panama Canal opened its doors 100 times ago this Friday, connecting the Atlantic and Pacific abysses and furnishing a new route for transnational trade and military transport.

The main effect of the Panama Canal was to dock the duration of ocean passages between the Atlantic and the Pacific. Before the conduit opened in 1914, vessels had to circumnavigate the southern tip of South America to get from seacoast to seacoast.

The Panama Canal's topmost asset was its influence on shipping between the east and west beachfronts of the United States. The main advantage of the construction of the Panama Canal was the preface of new plumbing technologies.

To know more about the Panama Canal,

brainly.com/question/26573102

#SPJ4

The given statement "if demand for a good is price inelastic and the price decreases, total revenue will decrease" is false because if demand for a product is price inelastic and the price decreases, total revenue will increase.

Price elasticity refers to the responsiveness of demand to changes in price. A product with price inelastic demand means that the demand for the product is not very sensitive to changes in price. If the price of a product with price inelastic demand decreases, the quantity demanded will increase more than the price decrease, resulting in an increase in total revenue.

This is because consumers are willing to pay a relatively high price for the product, and a lower price will encourage them to purchase even more of it. On the other hand, if the price of a product with price elastic demand decreases, the quantity demanded will increase less than the price decrease, resulting in a decrease in total revenue.

You can learn more about demand at

https://brainly.com/question/1245771

#SPJ4

The term buying goods or services instead of the producing or the providing them in-house is called "outsourcing". The correct option is B.

The outsourcing is the term in the economics and business  that refers to the business or organizational activity in which the company or business can hire individual to perform their services and produce their company's products that were traditionally formed in the house.

The outsourcing's benefit is to improve focus on the core business activities, increased efficiency, controlled costs, increased reach, greater competitive advantage and offshore outsourcing issues. So, the outsourcing is buying goods or services instead of the producing or to providing them in-house.

To know more about outsourcing here,

https://brainly.com/question/28915776

#SPJ4

Answer:

coal, oil, and natural gas

Explanation:

The deadweight loss formula is used to calculate the economic inefficiency that occurs when the equilibrium quantity of a good or service is not being produced due to a market failure such as taxes, subsidies, price floors, or price ceilings.

The formula for deadweight loss is as follows:

DWL = 0.5 x (P2 - P1) x (Q1 - Q2)

where:

DWL is the deadweight loss

P1 is the price buyers pay before the market intervention

P2 is the price buyers pay after the market intervention

Q1 is the quantity bought and sold before the market intervention

Q2 is the quantity bought and sold after the market intervention

This formula calculates the triangle area between the supply and demand curves, with the height being the difference between the initial and post-intervention prices and the base being the difference between the initial and post-intervention quantities. This triangle represents the loss of consumer and producer surplus due to the market inefficiency caused by the market intervention.

For more such questions on deadweight loss

https://brainly.com/question/25484804

#SPJ4

Set operational goals and plans is the list of the steps that reflect the best order for the planning process therefore the correct option is C.

The planning process ought to start with setting vital assumptions and plans. This includes laying out long-haul protests and imagining systems to contact them. After the essential assumptions and plans are set up, political assumptions and plans ought to be set. These are more unambiguous and focused on the ordinary tasks of the affiliation.

Tactical plans ought to be lined up with essential assumptions and articles. In the long run, utilitarian assumptions and plans ought to be set. This is the most grainy place for arranging, affixing on everyday undertakings and molding to accomplish political assumptions.

Learn more about Tactical plans:

https://brainly.com/question/30052630

#SPJ4

This question is not complete, Here I am attaching the complete question:

Which list of steps reflects the best order for the planning process? -Set tactical plans

(A) set strategic goals and plans

(B) set tactical goals and plans

(C) set operational goals and plans

Answer: $6.5 million