The entries can be classified as Unearned Revenues, Accrued Expenses, Prepaid Expenses and non-cash expense .
a. To record revenue earned that was previously received as cash in advance. - Unearned Revenues
b. To record wages expense incurred but not yet paid (not recorded.) - Accrued Expenses
c. To record revenue earned but not yet billed (not recorded.) - Accrued Revenues
d. To record expiration of prepaid insurance. - Prepaid Expenses
e. To record annual depreciation expense. - Depreciation is not a type of adjusting entry. It is a non-cash expense that is recorded through a different type of journal entry called a depreciation entry. Therefore, this entry does not fit into any of the given categories.
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What is the first step of the price setting process?
Identifying the goals the business wishes to accomplish with pricing, such as maximising profits or gaining market share, is the first stage in the price setting process.
Identifying the pricing objectives is the first stage in the price setting process. This entails establishing precise objectives for the pricing strategy that are consistent with the overarching corporate goals. The pricing goals may include things like maximising earnings, expanding market share, keeping a price advantage, fending off competitors, or just existing in the market. Following the establishment of price objectives, the business can proceed to gather data on expenses, clients, competitors, and other elements that will aid in determining the best pricing approach. The pricing objectives and the data obtained in the following stages of the price setting process will eventually determine the pricing approach.
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next, you and matt discuss some of the problems that can occur in the various phases in the decision-making process. for example, when evaluating alternatives, matt should be careful:
If you are in a situation the place the hassle being addressed is unclear, the records wished to solve it is uncertain, and you do not have a lot of non-public expertise, the group approach to decision making is probably best.
What are the three prerequisites that signify tough managerial decisions?Managers make problem‐solving selections beneath three distinct conditions: certainty, risk, and uncertainty. All managers make selections beneath each condition, however risk and uncertainty are common to the more complicated and unstructured troubles faced by way of top managers.
In this closing step, reflect onconsideration on the results of your decision and consider whether or not or not it has resolved the need you identified in Step 1. If the choice has not met the identified need, you may desire to repeat positive steps of the technique to make a new decision.
In which situation is group decision-making likely a better choice over individual decision-making?
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https://brainly.com/question/30526363#SPJ4Monopolistically competitive firms frequently prefer nonprice competition to price competition because :
a. nonprice competition shifts both the demand and MC curves upward to the right b. the decrease In demand allows the firm to ralse Its price with less fear of losing customers. c. price competitlon can lead to lower economic profits or even loss d. this results In a smaller output, a higher price, and more economic profits.
Monopolistically competitive firms frequently prefer nonprice competition to price competition because the decrease In demand allows the firm to raise Its price with less fear of losing customers.
Why do corporations engaged in monopolistic competition typically favor nonprice competition over price competition?Price competition between many monopolistic enterprises could result in a price war where all the firms suffer losses, hence monopolistic competition prefers non-price competition to price rivalry.
What happens when markets are monopolistically competitive and there is nonprice competition?The demand and MC curves are both shifted upward and to the right by non-price competition. This causes a decrease in output, an increase in price, and an increase in economic profits.
A monopolistically competitive company resembles a monopoly in what ways?Suppliers in monopolistic competitive markets set prices and act similarly over time, just like monopolies do. A monopolistic competitive corporation, like a monopoly, will maximize its profits by manufacturing items until its marginal revenues and costs are equal.
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figure a: supply right shift figure b: supply left shift refer to the two figures. which statement is true? select one: a. figure a depicts the expectation that the future price will decrease. b. figure a depicts an increase in taxes. c. figure b depicts falling input prices. d. figure b depicts technological innovations.
figure a: supply right shift figure b: supply left shift refer to the two figures. Figure a depicts the expectation that the future price will decrease is the statement was true. Thus, option (a) is correct.
What is supply?The term supply refers to the provided of the goods and the services. The supply of the recourses, providers of financial assets, labour, produced the firm. The economic agents and the willing to the able as the provided.
According to the two figure, Figure A was the shift to the right means to the high chance and the expectations price will decrease in the future. It means to the increased the supply.
As a result, the significance of the supply are the aforementioned. Therefore, option (a) is correct.
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in marginal economic analysis, the cost per item of overestimating demand is also called the select cost, and the cost per item of underestimating demand is also called ______
In marginal economic analysis, the cost per item of overestimating demand is also called the salvage cost, and the cost per item of underestimating demand is also called the shortage cost.
What is marginal analysis?Marginal analysis is an examination of the associated costs and potential benefits of specific business activities or financial decisions. The goal is to determine if the costs associated with the change in activity will result in a benefit that is sufficient enough to offset them. Instead of focusing on business output as a whole, the impact on the cost of producing an individual unit is most often observed as a point of comparison.
Marginal analysis can also help in the decision-making process when two potential investments exist, but there are only enough available funds for one.
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Using the information below, determine what percentage of total GDP for this country consists of services. Round your answer to the nearest tenth. Components of GDP on the Supply Side (in trillions of dollars) Durable goods 3.21 Nondurable goods 2.58 Services 12.03 Structures 1.77 Change in inventories 0.43 Total ?
The answer is 60.1% is the GDP,
Working-
GDP=Durable goods + Nondurable goods + Services + Structures + Change in inventories
For this economy,
GDP=3.21+2.58+12.03+1.77+0.43=$20.02 trillion
To find the percentage of services,
12.03/20.02×100=60.1%.
What is a straightforward explanation of GDP?GDP calculates the monetary value of the final goods and services—those purchased by the consumer—produced in a nation over a specified time period (say a quarter or a year). It totals all the output produced inside a nation's boundaries.
What is GDP and why is it significant?Gross domestic product, also referred to as GDP, is one of the most significant. This economic indicator shows the monetary value of goods (ranging from food items to machinery, automobiles, and textiles) and services (such as health care, education, etc.) produced in the nation over a specific time period.
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given the following information, determine the final appraisal value of the subject property. adjustments market conditions -0.20% (per month, without compounding) lot size $70,000 (per acre) effective age (years) -$3,000 (per year) living area (sq. ft) $300.00 (per sq. ft.) bath $10,000 (per bath) bedrooms $30,000 (per bedroom) subject property comparable property time sold today 3 months ago lot size (acres) 0.85 0.80 effective age (years) 8 12 living area (sq. ft) 2,296 2,380 bath 2.5 3 bedrooms 3 3 sale price - $687,000
Adjusted sale price of comparable property: $687,000 + $21,700 = $708,700. Final appraisal value of the subject property: $708,700.
How do you determine the final appraisal value of the subject property?To determine the final appraisal value of the subject property, we need to make adjustments based on the comparable properties. The adjustments are calculated as follows:
Lot size adjustment:
0.85 - 0.80 = 0.05 (acres)
0.05 x $70,000 = $3,500
Effective age adjustment:
12 - 8 = 4 (years)
4 x -$3,000 = -$12,000
Living area adjustment:
2,380 - 2,296 = 84 (sq. ft.)
84 x $300 = $25,200
Bath adjustment:
3 - 2.5 = 0.5 (bath)
0.5 x $10,000 = $5,000
Bedroom adjustment:
3 - 3 = 0 (no adjustment)
Total adjustments:
$3,500 - $12,000 + $25,200 + $5,000 = $21,700
Adjusted sale price of comparable property:
$687,000 + $21,700 = $708,700
Final appraisal value of the subject property:
$708,700
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Which of the following are examples of marketing strengths that might be enjoyed by the Coca Cola Company? (Check all that apply.)Efficient manufacturing facilitiesRecognizable branding
Good relationships with retailers
Experienced sales force
Recognizable branding, Experienced sales force and Good relationships with retailers are examples of marketing strengths that might be enjoyed by the Coca Cola Company .
Option b , c , d is correct .
The marketing mix, also known as the four Ps of marketing, refers to the four basic elements of a marketing strategy: product, price, place, and promotion. Incorrectly, marketing managers find competitive advantage when competitors do not have similar strengths.
Cost advantage - manufacturing a product or providing a service at a lower price than competitors. Provide an advantage - Differentiate the product by adding features that customers value. Niche advantage - serving a specific market segment better than anyone else.
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Kohler Corporation reports the following components of stockholders’ equity at December 31 of the prior year.
Common stock—$20 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $ 1,100,000
Paid-in capital in excess of par value, common stock 70,000
Retained earnings 400,000
Total stockholders' equity $ 1,570,000
During the current year, the following transactions affected its stockholders’ equity accounts.
January 2 Purchased 5,000 shares of its own stock at $25 cash per share.
January 5 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 stockholders of record.
February 28 Paid the dividend declared on January 5.
July 6 Sold 2,500 of its treasury shares at $29 cash per share.
August 22 Sold 2,500 of its treasury shares at $21 cash per share.
September 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record.
October 28 Paid the dividend declared on September 5.
December 31 Closed the $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
Required:
1. Prepare journal entries to record each of these transactions.
2. Prepare a statement of retained earnings for the current year ended December 31.
3. Prepare the stockholders’ equity section of the balance sheet as of December 31 of the current year.
Journal entry worksheet
Record the declaration of a cash dividend of $6 per share.
Record the payment of the cash dividend.
Record the entry to close the $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
Prepare a statement of retained earnings for the current year ended December 31. (Amounts to be deducted should be indicated by a minus sign.)
Prepare the stockholders’ equity section of the balance sheet as of December 31 of the current year.
Kohler Corporation reports the following components of stockholders’ equity at December 31 of the prior year the Total stockholders' equity is 1,426,125.
Stockholders are individuals or entities that own shares or stocks in a company. They are also known as shareholders or equity owners. When someone purchases a stock in a company, they become a partial owner of that company. This ownership entitles them to vote on certain company matters, such as board member elections and significant business decisions. It also entitles them to a portion of the company's profits, called dividends.
Stockholders are important to a company because they provide the necessary capital for growth and expansion. The more stocks a company sells, the more money it can raise for operations or investment. Additionally, having a diverse range of stockholders provides a company with a broad base of support, reducing the risks associated with relying on a single or small group of investors. Overall, stockholders play a crucial role in the success of a company and are an essential component of the capitalist economic system.
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Bonds which sell at less than par value are priced at a ___, while bonds which sell at greater than face value sell at a ___.
Bonds that trade below par value are priced at a discount, while those that trade above face value are priced at a premium.
What are bonds?A borrower, such as a company or the government, is given a loan by an investor under the simplest terms feasible. The money is used to support the borrower's operations, and the investor benefits from the investment by earning interest. The market value of bonds is prone to change.
Stocks, bonds, and other fixed-income instruments are the three main asset classes, or groups of comparable products, that are frequently used in investing. Since they help to gradually balance risk, bonds should be a part of most investment portfolios. In the case of a stock market meltdown, bonds can mitigate the effects.
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Data Analysis ch 25
1. In the Makeupsort.xlsx file, sort the sales data alphabetically by location, then by product type, then by name, then by date of sale, and finally by units sold.
In the Makeupsort.xlsx file, we must sort the sales data alphabetically by location, then by product type, then by name, then by date of sale, and finally by unit sold.
What is the extension use in Microsoft Excel worksheets file?The XLS file extension is used for files saved as Microsoft Excel worksheets. Excel is a popular spreadsheet program used with data like numbers and formulas, text, and drawing shapes. Excel is part of the Microsoft Office Suite of software. XLS files use a Binary Interchange File Format to store spreadsheet data and are proprietary to Microsoft.
The .xlsx files are used in Microsoft Excel (2007/2010) for Workbooks, spreadsheet, and document files.
The Makeupsort.xlsx file is shown below with an image attached:
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Exercise 6-5 Changes in Variable Costs, Fixed Costs, Selling Price, and Volume (LO6-4] [The following information applies to the questions displayed below.] Data for Hermann Corporation are shown below: Selling price Variable expenses Contribution margin Per Unit $ 105 63 $ 42 Percent of Sales 100% 60 40% Fixed expenses are $81,000 per month and the company is selling 3,800 units per month.
2-a. Refer to the original data. How much will net operating income increase (decrease) per month if the company uses higher-quality components that increase the variable expense by $4 per unit and increase unit sales by 20%.
2-b. Should the higher-quality components be used?
The net operating income will decrease by $38,520 per month and the company should not use a higher-quality component
What is the change in the net operating income2-a. If the company uses higher-quality components that increase the variable expense by $4 per unit and increase unit sales by 20%, the new variable expense per unit will be $63 + $4 = $67, and the new unit sales will be 3,800 x 1.2 = 4,560 units. The new contribution margin per unit will be $105 - $67 = $38, and the new net operating income will be:
$38 x 4,560 - $81,000 = $42,480 - $81,000 = -$38,520
Therefore, net operating income will decrease by $38,520 per month.
2-b. Based on the above calculation, the company should not use the higher-quality components as it will result in a significant decrease in net operating income.
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4. Which stage of short run production is efficient? why?
Answer:
The range of variable input employment where the
marginalproduct of the variable input is diminishing but
positive is where the efficient area of production lies. This manufacturing phase is known as the rational or
economic production phase.
can I please get the 5 points:)
Environmentalists assert that the marketing system's goal should be to maximize ________.A) consumer protectionB) consumer satisfactionC) life qualityD) consumer choiceE) consumption
Environmentalists would undoubtedly contend that the marketing system should prioritise environmental sustainability while maximising customer delight. This implies that customers should be able to choose
Environmentalists are people or organisations that support the preservation and conservation of the natural environment in order to guarantee a sustainable and healthy planet for both the present and the future generations. Environmentalists strive for legislative reforms that prioritise conservation, sustainability, and the lessening of harmful effects on the world. They also work to raise awareness of environmental concerns. They utilise a variety of tactics to further their objectives, including education campaigns, lobbying, protests, and legal action. They frequently concentrate on topics including climate change, pollution, deforestation, loss of biodiversity, and resource depletion. Promoting ethical and sustainable connections between people and the environment is a major task for environmentalists.
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23.3% complete question if a user's device becomes infected with crypto-malware, which of the following would have been the best way to mitigate this compromise?
The easiest strategy to lessen this compromise is to keep current backups of the encrypted contents in case a user's device gets attacked with crypto-malware.
What are the two distinct crypto malware assaults' working principles?Crypto ransomware is distributed through a variety of ways, including downloads, rogue websites, and phishing emails. Double extortion is the term for ransomware that encrypts files and exports data. The attackers threaten to use double extortion ransomware to reveal stolen data if their demands are not satisfied.
What strategies can be employed to thwart ransomware attacks?So that hackers cannot target your backup data, it should be properly protected and kept offline or out-of-band. Because many cloud services keep previous versions of your files on hand and let you restore an unencrypted version if necessary, using them may help you avoid a ransomware epidemic.
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The correct question is:
If a user's device becomes infected with crypto-malware, which of the following is the best way to mitigate this compromise?
Have up-to-date backups of the encrypted contents Use a keyboard that encrypts key strokesEstablish a connection with a Command and Control serverLaunch a distributed denial sevrive (DDoS) attackAn automated car wash called Jet Express outside a large Texas city on the beltway is deciding whether to build and install one dedicated vehicle wash line or have two parallel wash lines. There are no other car washes at this intersection and there will be none because all the land is developed. The second line allows for some economies of scale in total cost. The monthly fixed cost of one wash line is $16,000 per month or $192,000 per year. This includes the mortgage payment, taxes on the building, and wash equipment. The variable cost for this single line is $17 per vehicle. The fixed cost for two wash lines is $27,000 per month or $324,000 per year, and the variable cost to operate two lines is $15 per vehicle because some wash crews can work both lines. The price of the average interior and exterior car wash is $27. Use the Excel template Break-Even in MindTap to answer the following questions: a. What is the break-even quantity for one and two automated wash line? Round your answers to the nearest whole number. For one wash line: 19200 vehicles per year For two wash lines: 27000 vehicles per year b. Annual forecasts of demand for this site ranges from 19,200 to 38,400 per year. Calculate the net profit/loss of the site in each of the following situations. Round your answers to the nearest dollar. If your answer is zero, enter "0". Use a minus sign to enter loss, if any. One Two wash line wash lines 19,200 vehicles $ $ 28,800 vehicles $ 38,400 vehicles $ $
Let the break-even for one wash line and two wash line be x and y respectively. Now at break-even, Sales = Fixed cost + Variable cost
What is break-even point?By comparing an asset's market price to its initial cost, the breakeven point for a transaction or investment can be identified. The breakeven point is reached when the two prices are equal.
The breakeven point formula in corporate accounting is calculated by dividing the total fixed costs of production by the revenue per unit less the variable expenses per unit.
In this context, fixed costs are those expenses that are constant regardless of the quantity of units sold. The production level at which total sales for a product equal total expenses is known as the breakeven point.
The production level at which a product's expenses and revenues are equal is known as the breakeven point.
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The balance sheet for Shankland Corporation follows:
Current assets
Long-term assets (net)
Total assets
Current liabilities
Long-term liabilities
Total liabilities
Common stock and retained earnings
Total liabilities and stockholders' equity
Working capital
Current ratio
Debt-to-assets ratio
Debt-to-equity ratio
$ 600,000
1,900,000
$2,500,000
Required
Compute the following. (Round "Ratios" to 1 decimal place.)
%
$ 400,000
1,200,000
1,600,000
900,000
$2,500,000
Answer:
the working capital is $200,000, the current ratio is 1.5, the debt-to-assets ratio is 36%, and the debt-to-equity ratio is 56%.
Explanation:
To calculate the ratios, we need to use the information given in the balance sheet.
Working capital = Current assets - Current liabilities
Working capital = $600,000 - $400,000 = $200,000
Current ratio = Current assets / Current liabilities
Current ratio = $600,000 / $400,000 = 1.5
Debt-to-assets ratio = Total liabilities / Total assets
Debt-to-assets ratio = $900,000 / $2,500,000 = 0.36 or 36%
Debt-to-equity ratio = Total liabilities / Common stock and retained earnings
Debt-to-equity ratio = $900,000 / $1,600,000 = 0.56 or 56%
Therefore, the working capital is $200,000, the current ratio is 1.5, the debt-to-assets ratio is 36%, and the debt-to-equity ratio is 56%.
M
TAP, Inc., has fewer than 100 shareholders. The shareholders wish to enter into an agreement pertaining to the exercise of the corporate powers or the management of the affairs of the corporation. Which of the following, if adopted by the shareholders, would be contrary to public policy and, therefore, unenforceable in Florida?
Answers:
A. An agreement that exculpates directors from all personal liability.
B. An agreement that authorizes a particular shareholder to manage the affairs of the corporation.
C. An agreement that requires dissolution of the corporation at the request of one of the shareholders.
D. An agreement that eliminates the board of directors.
Option B would be contrary to public policy and therefore unenforceable in Florida.
Under Florida law, the management of a corporation is typically vested in its board of directors, who owe a fiduciary duty to the corporation and its shareholders. All shareholders, regardless of the size of their ownership interest, are entitled to vote in the election of directors and have a say in the management of the corporation. An agreement that authorizes a particular shareholder to manage the affairs of the corporation would effectively undermine this principle of democratic governance and unfairly concentrate power in the hands of a single shareholder. Such an agreement would be contrary to public policy, as it would violate the fundamental principles of corporate law and could potentially harm the interests of minority shareholders.
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to obtain a given real rate of return, lenders must charge a ______ nominal interest rate in the face of increasing inflation
To obtain given real rate of return, the lenders must charge higher nominal interest rate in face of increasing inflation.
What is rate of return?The rate of return is the amount of profit or loss that an investment generates over a specified period of time, expressed as a percentage of the initial investment. It is an important metric for investors and businesses as it helps to evaluate the profitability and efficiency of an investment. The rate of return can be calculated in various ways, including simple rate of return, which is calculated as the difference between the initial cost and the final value of an investment, divided by the initial cost, or as the compound annual growth rate, which takes into account the effect of compounding over time. The rate of return can be influenced by various factors, including the type of investment, market conditions, and the length of the investment horizon.
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the condition for allocative efficiency is violated when responses A. firms are price makers( price searchers) B. short-run profits exist in a competitive industry C. price equals average total cost D. the market demand curve is inelastic in a competitive industry E. the market demand curve is elastic in a competitive industry
The condition for allocative efficiency is violated when responses is option (A) firms are price makers (price researchers).
A firm is a profitable commercial business that offers quality services, such as a franchise, limited liability company (LLC), or alliance. Most businesses only have one location. On the other hand, a business firm is made up of one or more physical locations which are all owned by the exact person and share the same EIN (EIN). The term "firm," as used in a title, is usually connected to businesses that provide expert legal and financial services, but it also refer to a wide variety of businesses, like advisory, marketing, and logo design firms, amongst many others. To ensure operational success, a company may leverage physical, financial, of natural resources.
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the december 31, 2021, adjusted trial balance for the blueboy cheese corporation is presented below. account title debits credits cash 65,800 accounts receivable 255,000 prepaid rent 5,500 inventory 36,000 office equipment 460,000 accumulated depreciation 194,000 accounts payable 42,000 notes payable (due in six months) 18,000 salaries payable 6,100 interest payable 600 common stock 400,000 retained earnings 75,000 sales revenue 610,000 cost of goods sold 366,000 salaries expense 91,500 rent expense 16,500 depreciation expense 46,000 interest expense 1,200 advertising expense 2,200 totals 1,345,700 1,345,700 required: 1. prepare an income statement for the year ended december 31, 2021. 2. prepare a classified balance sheet as of december 31, 2021. 3. prepare the necessary closing entries at december 31, 2021.
In the Blueboy cheese corporation, an income statement for the year ended December 31, 2021 is $ 86,600.
What do you mean by an income statement?The net income is one of the three essential financial statements used to show an industry's measure of profitability income statement. The balance sheet and the cash flow statement are the other two important statements.
The revenue, costs, gains, and losses incurred by a company over a specific time period are the main topics of the income statement.
Therefore, in the Blueboy cheese corporation following are as follow:
An income statement for the year ended December 31, 2021 is $ 86,600. A classified balance sheet as of December 31, 2021 is total assets and total liabilities & stockholder's Equity is $ 628,300.To know more about the income statement, visit:
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The image is attached with solved description:
compute the current-year income tax liability for each of the following unrelated calendar year c corporations. a. darter corporation has taxable income of $68,000. $_______b. owl corporation has taxable income of $10,800,000. $_______ c. toucan corporation, a personal service corporation, has taxable income of $170,000. $______
A. Darter Corporation's current-year income tax liability is $14,280.
B. Owl Corporation's current-year income tax liability is $2,268,000.
C. Toucan Corporation's current-year income tax liability is $59,500.
How did we get these values?a. Darter Corporation:
Assuming that Darter Corporation is not a personal service corporation, its current-year income tax liability can be calculated as follows:
Taxable Income: $68,000
Tax Rate: 21% (for C Corporations with taxable income between $50,000 and $75,000)
Current-Year Income Tax Liability: $14,280
Therefore, Darter Corporation's current-year income tax liability is $14,280.
b. Owl Corporation:
Assuming that Owl Corporation is not a personal service corporation, its current-year income tax liability can be calculated as follows:
Taxable Income: $10,800,000
Tax Rate: 21% (for C Corporations with taxable income over $10,000,000)
Current-Year Income Tax Liability: $2,268,000
Therefore, Owl Corporation's current-year income tax liability is $2,268,000.
c. Toucan Corporation:
Assuming that Toucan Corporation is a personal service corporation, its current-year income tax liability can be calculated as follows:
Taxable Income: $170,000
Tax Rate: 35% (for personal service corporations with taxable income up to $50,000)
Current-Year Income Tax Liability: $59,500
Therefore, Toucan Corporation's current-year income tax liability is $59,500.
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Daniel owns a poultry supply company and sells frozen chickens to restaurants. One day, he shipped frozen wings to Pizza Ibiza who practice strict quality controls. Pizza Ibiza came back saying that there was too much ice included in the weight of chicken that he sold. Daniel discovered that there was a problem with the freezer and allowed Pizza Ibiza to deduct 10% off the last bill of $1,000. Which of the following journal entries should Daniel make when Pizza Ibiza settles the bill? Select one:
a. Dr Cash $900, Dr Sales Returns and Allowances $100, Cr Accounts Receivable $1,000
b. Cr Cash $900, Cr Revenue $100, Dr Accounts Receivable $1,000
c. Dr Cash $900, Cr Sales Returns & Allowances $100, Cr Accounts Receivable $900
d. Dr Cash $900, Dr Cost of Goods Sold $100, Cr Accounts Receivable $1,000
The correct journal entry for Daniel to make when Pizza Ibiza settles the bill would be option c. Option c reflects the fact that Daniel has agreed to allow a discount of 10% off the original bill of $1,000.
This means that Pizza Ibiza will only be paying $900 for the goods received. The entry would be:
Dr Cash $900 - this represents the amount of cash received from Pizza Ibiza
Cr Sales Returns & Allowances $100 - this is the allowance that Daniel made to Pizza Ibiza for the excess ice in the chicken wings
Cr Accounts Receivable $900 - this is the amount that Pizza Ibiza owes to Daniel after the discount has been applied
Option a is incorrect because it incorrectly debits the Sales Returns and Allowances account, which should be credited to record the allowance. Option b is also incorrect because it credits Revenue, which should not be adjusted since the sales were made and the discount is a separate transaction. Option d is incorrect because it debits Cost of Goods Sold, which is not affected by the discount given to Pizza Ibiza. It is important for businesses to accurately record transactions in their accounting system to maintain accurate financial records and to ensure that they are able to make informed decisions based on their financial position.
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6.01 Basic AccountingTo understand the accounting process, you will need to understand the accountingformula.ASSETS = EQUITY + LIABILITIES. Assets are something of value that abusiness owns that has a potential to make the business money, equity is the value ofassets that the owner can lay claim to and liabilities is a claim or money owed by abusiness. Use your understanding of the accounting formula to answer the followingquestions.Which following items is not an asset?a) Buildingb) Equipmentc) Cashd) Owner’s equity
In light of the given statement, option (d) is the most advantageous option. ownership portion
Exactly what is a "asset"?An asset is anything you own that boosts your financial value, whereas a liability is cash you owe. Personal assets might be your home or other property investment, such a rental property or a commercial facility. checking and savings accounts.
Is owning a home considered an asset?Your home counts as an asset even if you've not completely paid off the mortgage. Depending on how other properties are selling in the neighbourhood your home's value may be based on the price you paid for it, the tax value, or rather its current market price.
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Select the term associated with making housing decisions that corresponds to each of the given descriptions. (Note: These are not necessarily complete definitions, but there is only one possible answer for each description.) Description Term Closing costs Condominium This refers to the situation in which a homeowner is unable to make the principal and interest payments on his or her mortgage, so the lender can seize and sell the property as stipulated in the terms of the mortgage contract Contingency clause Earnest money deposit This insurance policy protects the mortgage lender from a default by its mortgage borrower, and it is typically required when the borrower uses a down payment that is less than 20% Foreclosure Loan-to-value ratio This term is used to describe the situation in which the market value of a parcel of real estate is lower than the amount owed on the loan used to purchase the parcel. 15 Mortgage points Negative equity This is the name given to a situation in which a home and the property on which it sits secures a 5185,000 mortgage loan, and the property is sold for only $155.000 Private mortgage insurance Short sale This refers to the cause in a real estate sales contract that makes the agreement conditional on one or more factors or events, such as the availability of financing of the results of a property inspection
The process of the lender selling the collateral property in order to recover the principal and interest that the borrower owes after they stopped making payments is known as foreclosure.
Which one is Private Mortgage Insurance?If you have a conventional loan, you may be required to pay for private mortgage insurance, also known as PMI. Private mortgage insurance is a type of mortgage insurance. PMI, like other forms of mortgage insurance, protects the lender, not you, in the event that you fail to make your loan payments.
Private Mortgage Insurance is Statement 2. When the borrower's down payment is less than 20%, they are required to purchase private mortgage insurance.
Statement 3 refers to negative equity in which the market price of a real estate property is less than the mortgage balance on that property.
Statement 4 is a negative equity situation. Negative equity occurs when the market price of a real estate property is less than the mortgage balance on that property.
Statement 5 is a contingency clause. A real estate contract's contingency clause includes conditions and actions that are legally enforceable.
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Complete Question:
Select the term associated with making housing decisions that corresponds to each of the given descriptions. (Note: These are not necessarily complete definitions, but there is only one possible answer for each description.) Description Term Closing costs Condominium
1.This refers to the situation in which a homeowner is unable to make the principal and interest payments on his or her mortgage, so the lender can seize and sell the property as stipulated in the terms of the mortgage contractor
Contingency clause Earnest money deposit
2.This insurance policy protects the mortgage lender from a default by its mortgage borrower, and it is typically required when the borrower uses a down payment that is less than 20% Foreclosure Loan-to-value ratio
3.This term is used to describe the situation in which the market value of a parcel of real estate is lower than the amount owed on the loan used to purchase the parcel. 15 Mortgage points Negative equity
4.This is the name given to a situation in which a home and the property on which it sits secures a 5185,000 mortgage loan, and the property is sold for only $155.000 Private mortgage insurance Short sale
5.This refers to the cause in a real estate sales contract that makes the agreement conditional on one or more factors or events, such as the availability of financing of the results of a property inspection
: Answer the question based on the following information for a public good. Pa and Pb are the prices that individuals A and B are willing to pay for the last unit of a public good, rather than do without it. These people are the only two members of society. 0 Pa Pb
1 3 5
2 2 4
3 1 3
4 0 2
5 0 1
If the marginal cost of producing this good at the optimal quantity is $6, the optimal quantity must be :
Multiple Choice
A. 6 units B. 4 units C. 3 units
D. 2 units
The ideal amount must be 4 units is if marginal cost of manufacturing this item just at optimal quantity is $6.
What do mean by cost?An expense is the value of money that was spent to produce an item or deliver a service and is now unavailable for use in manufacturing, development, retail, as well as accounting. While calculating an inventory costs, the sum of the acquisition's costs is taken into account.
What is cost in simple words?Cost is the sum of money that a company spends to manufacture or produce goods or services. This profit margin markup is not included. The main consideration for a vendor is price.
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under certain circumstances, a cooperative insurer can obtain additional capital by borrowing funds using surplus notes. these notes can usually be repaid only from
A combined ratio (CR), which is determined by dividing the total of incurred losses and expenses by earned premiums, is a gauge of insurance underwriting profitability.
Because of levels of investment income, insurers expenses can have an underwriting loss (a CR of more than 100%) and still turn a profitability. We're here to outline the five main distinctions between these types of insurance. Principal objectives:
A mutual insurer's major goal is to consistently retain sufficient capital to meet the demands expenses of policyholders. On the other hand, a stock insurer's primary objective is to increase profitability for its shareholders. The consideration clause specifies the amount and timing of the premium payments.
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Suppose the market for computers is unregulated, in other words, the price of computers can adjust freely based on supply and demand forces. If a shortage exists in the computer market, then the current price must be _____ than the equibrium price. For equilibrium to be reached in the market, you would expect ______.
If a shortage exists in the computer market, then the current price must be less than the equilibrium price. For equilibrium to be reached in the market, you would expect prices to rise.
What is a shortage?A shortage occurs when the price of a good is below the equilibrium price. Equilibrium price is the price at which the quantity demanded is equal to the quantity supplied.
When price is below equilibrium price, consumers would demand more than the quantity supplied. This would lead to a shortage. When there is a shortage, to restore equilibrium, price would increase until the equilibrium price is reached.
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Suppose Bob is the only seller in the market for bottled water and Sean is the only buyer. The following lists show the value Sean places on a bottle of water and the cost Bob incurs to produce each bottle of water:
Sean's Value
Value of first bottle: $9
Value of second bottle: $7
Value of third bottle: $4
Value of fourth bottle: $1
Bob's Costs
Cost of first bottle: $1
Cost of second bottle: $4
Cost of third bottle: $7
Cost of fourth bottle: $9
The following table shows their respective supply and demand schedules:
Price Quantity Demanded Quantity Supplied
$1 or less 4 0
$1 to $4 3 1
$4 to $7 2 2
$7 to $9 1 3
More than $9 0 4
Use Bob's supply schedule and Sean's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $5, and $8. Enter these values in the following table.
Price Quantity Demanded Quantity Supplied
2 _____ ______
5 _____ ______
8 _____ _____
A price of _____ brings supply and demand into equilibrium.
At the equilibrium price, consumer surplus is ______ , producer surplus is______ , and total surplus is ______
If Bob produced and Sean consumed one less bottle of water, total surplus would ______.
If instead, Bob produced and Sean consumed one additional bottle of water, total surplus would _________
When the price is $1 to $4, quantity demanded is 3 units and quantity demanded is 1 unit. Thus, the quantity demanded is 3 units and quantity supplied is 1 unit at price $2.
What will be the further calculation?When the price is $4 to $7, quantity demanded is 2 units and quantity demanded is 2 units. Thus, the quantity demanded is 2 units and quantity supplied is 2 units at price $5. When the price is $7 to $9, quantity demanded is 1 unit and quantity demanded is 3 units. Thus, the quantity demanded is 1 unit and quantity supplied is 3 units at price $8.
Putting these values in the table:
Price Quantity demanded Quantity supplied
2 3 1
5 2 2
8 1 3
The quantity demanded is equal to quantity supplied when the price is $2 per unit.
Hence, a price of $2 brings supply and demand into equilibrium.
Consumer surplus is the difference between value and price, while producer surplus is the difference between marginal value and price at each level of quantity.
At the equilibrium price:
Consumer surplus for first bottle = $9 - $5 = $4
Consumer surplus for second bottle = $7 - $5 = $2
Hence, consumer surplus is $(4 + 2) = $6.
Producer surplus for first bottle = $4 - $1 = $3
Producer surplus for second bottle = $4 - $4 = $0
Hence, producer surplus is $(3 + 0) = $3.
Total surplus is the sum of consumer surplus and producer surplus.
Hence, total surplus is $(6 + 3) = $9.
If they produce and consume one less bottle,
Consumer surplus for first bottle = $9 - $5 = $4. Thus, consumer surplus is $4.
Producer surplus for first bottle = $4 - $1 = $3. Thus, producer surplus is $3.
Therefore, total surplus is $(4 + 3) = $7. The total surplus falls from $9 to $7.
Hence, if Bob produced and Sean consumed one less bottle, total surplus would fall.
If they produce and consume one more bottle:
Consumer surplus for first bottle = $9 - $5 = $4
Consumer surplus for second bottle = $7 - $5 = $2
Consumer surplus for third bottle = $4 - $5 = -$1
Hence, consumer surplus is $(4 + 2 - 1) = $5.
Producer surplus for first bottle = $4 - $1 = $3
Producer surplus for second bottle = $4 - $4 = $0
Producer surplus for third bottle = $4 - $7 = -$3
Hence, producer surplus is $(3 + 0 - 3) = $0.
Therefore,
Total surplus = Consumer surplus + Producer surplus
Total surplus = $5 + $0 = $5
Therefore, total surplus falls from $9 to $5.
Hence, if Bob produced and Sean consumed one more bottle, total surplus would fall.
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quality aims to produce defect-free products, whereas quality relates to the set of features the product contains. T/F
False. Both products with desired qualities and ones devoid of flaws are produced with the goal of meeting or exceeding client expectations.
Two distinct quality notions are mixed together in the phrase. A product, service, or process is said to be of high quality if it is overall excellent or outstanding in every way. This might include generating items without flaws as well as include appealing characteristics. It is common to distinguish between two types of quality: conformance quality, which focuses on creating products that adhere to established standards and specifications, and performance quality, which describes a product's capacity to live up to or surpass the expectations of the customer in terms of features, performance, and other aspects. Companies frequently seek to be the best in both categories of quality since they are crucial for guaranteeing consumer happiness and loyalty.
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