Identification of transactions and supporting documentation, accounting equation analysis of transactions, journal entry, and posting of entry to ledger.
Identify financial transactions and related source documents, including invoices, receipts, and purchase orders, are gathered and examined in this stage.
Analyze financial transactions using the accounting equation: In this stage, financial transactions are assessed using the accounting equation to make sure that the total assets are equal to the total liabilities and equity and that the transaction is balanced.
After the transactions have been examined, the next step is to record them using double-entry bookkeeping in the accounting journals, such as the sales journal, cash receipts journal, and general diary.
Posting an entry to the general ledger is the final step in posting the transactions that were made in the accounting journals to the correct accounts.
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clay and marian are married and will file a joint return.marian is a u.s. citizen with a valid social security number. clay is a resident alien with an individual taxpayer identification number (itin).marian worked in 2022 and earned wages of $32,000. clay worked part-time and earned wages of $18,000.the washingtons have two children: erin, age 12 and jenny, age 18.the washingtons provided the total support for their two children, who lived with them in the u.s. all year. erin and jenny are u.s. citizens and have valid social security numbers.7. the washingtons qualify for the credit for other dependents. true or false
It is true that Clay and Marian Washington who provided the total support for their two children, who lived with them in the U.S. all year will qualify for the child tax credit for other dependents.
What is child tax credit?This tax credit, worth up to $2,000 for each qualifying child, helps to offset the costs of raising children. A person must earn more than $2,500 to be eligible for a Child Tax Credit refund.
For 2022, the Credit for Other Dependents is worth up to $500 and the Child Tax Credit is worth up to $2,000.
According to the IRS, a dependent is defined as a qualifying kid (a child who is under the age of 19, under 24 if they are full-time students, or any age if they are permanently and totally incapacitated), or a qualified relative.
The Washington's would be qualified for the credit for other dependents as Washington's as both come under age 19 which is a condition for qualifying.
Therefore, the statement is true.
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Chi Homework 6 Ramort Company reports the following for its Single product. Ramort produced and sold 21,200 units this year. Part 2013 I Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Sales price $ 16 per unit $ 18 per unit 5.9 per unit $42.400 per year 5.2 per unit $ 66,400 per year 5.78 per unit 153 DO Ramont doubles its production from 21.200 to 42,400 units while sales remain at the current 21.200 unit level () Computer gross profit when production is 42,400 units under absorption costing (b) What is the change in gross profit by increasing production from 21.200 units to 42.400 units under absorption costing cBook Complete this question by entering your answers in the tabs below. o Deferences Required A Required Compute gross profit when production is 42,400 units under absorption costing. RAMORT COMPANY Gross Profit (Absorption Costing! Sales Cost of goods sold Gross prot 1,653 600 Required
The Computer gross profit when production is 42,400 units under absorption costing would be equal to 200.
A managerial accounting technique known as "absorption costing," also known as "full costing," is used to record all expenses related to producing a specific product. This strategy accounts with all expenditures, both direct and indirect, including rent, insurance, direct labor cost, and direct labor. Absorption costing is authorized for auditing under generally accepted accounting standards (GAAP), while variable costing is not. With just this technique of costing, increased charge is added to the final inventory, which is passed over as a liability towards the following decade's balance sheet. When employing absorption costing, costs on the net income are lower since more costs are paid for that in ending inventories.
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Abdul schedules a meeting with his manager to discuss a trivial matter that could have been handled with a text message. Which of the following unethical practices does this example show?
- undermining his manager
- playing political games with his manager
- taking advantage of his manager
- wasting his manager's time
- discriminating against his manager
Abdul schedules a meeting with his manager to discuss a trivial matter that could have been handled with a text message. An unethical practices which this example show is: taking advantage of his manager. The Option C is correct.
What does an unethical practices means?Unethical practices refer to actions or behaviors that violate ethical or moral standards and principles. These practices can include actions that are harmful, dishonest, fraudulent, or unfair to others.
Examples of unethical practices in various fields include:
In business: fraud, bribery, insider trading, false advertising, discrimination, exploitation of workers, environmental violations, and other illegal or unethical business practices.In healthcare: medical malpractice, overbilling, insurance fraud, patient mistreatment, and other violations of ethical standards in patient care.In research: falsification of data, plagiarism, inappropriate use of research funds, and other unethical practices that violate research ethics.In education: cheating, plagiarism, discrimination, and other unethical practices that violate academic integrity etc.Read more about unethical practices
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Which of the following would NOT create potential liability for the employer if asked during an interview?
A.Have you ever filed a workers’ compensation claim for a work-related injury or illness?
B.Your accent is beautiful, where are you from?
C.How often do you go out on dates?
D.Why do you want to work for this company?
The answer is option d. Why do you want to work for this company?, this would not create potential liability for the employer if asked during an interview.
A company's simple definition is what?A corporate structure that has a separate legal identity from its owners is a company. Due to additional reporting requirements and more serious legal obligations, it is a complex corporate structure with greater setup and administrative costs.
What does a company's introduction entail?An organization is a voluntarily created group of people who conduct business for profit or non-profit goals. These people invest in the capital by purchasing the shares into which it is divided.
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Streamline Luggage Company markets it roll-aboard suitcases to international executives and business people that travel regularly. This is an example of segmenting based on _____.
Streamline Luggage Company markets it roll-aboard suitcases to international executives and business people that travel regularly. This is an example of segmenting based on demographics
What is segmentation?Segmentation is the process of dividing a market into smaller groups of consumers with similar needs, wants, or characteristics. In this case, Streamline Luggage Company has segmented its market based on two criteria:
Demographics: The company is targeting international executives and business people, which suggests that it has identified a specific group of consumers based on their occupation or job title. This demographic segmentation helps the company tailor its marketing messages and product features to meet the unique needs and preferences of this group.
Behavior: The company is also targeting consumers who travel regularly. This behavioral segmentation recognizes that travel frequency is an important factor in determining luggage needs, and that consumers who travel frequently may have different requirements and preferences than those who travel less frequently.
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which of the following accounts are listed in a post-closing trial balance? (select all that apply.) check all that apply salaries expense salaries expense supplies supplies retained earnings retained earnings dividends dividends service revenue service revenue
Salaries expense, suppliers and dividends are listed in post-closing trial balance.
What is Salaries expense?Salaries expense is the cost incurred by a company for the compensation paid to its employees. This includes all forms of payment to employees, including salaries, wages, bonuses, commissions, and benefits. The salaries expense is a significant expense item for most businesses, and it is critical to accurately track and record all employee-related costs to ensure accurate financial statements. In addition, the salaries expense also includes employer contributions to employee benefits such as health insurance, retirement plans, and payroll taxes. It is important for companies to budget for salaries expense, as it is a significant factor in determining profitability and cash flow. Effective management of salaries expense requires a combination of proper staffing levels, competitive compensation, and efficient payroll processes.
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research online and find two software tools for bank account reconciliation. try out both tools and write a 500-word report comparing their features and benefits.
For this comparison, I chose to research and evaluate two software tools for bank account reconciliation: Bank Reconciliation Services from Sage and Bank Reconciliation from QuickBooks.
For businesses, bank account reconciliation is a critical component of financial management. Reconciling a bank account involves comparing the transactions recorded in the business’s financial records with the transactions recorded by the bank in the account statement. Reconciliation helps ensure accuracy and completeness of the financial records, and serves as an important internal control measure.
For this comparison, I chose to research and evaluate two software tools for bank account reconciliation: Bank Reconciliation Services from Sage and Bank Reconciliation from QuickBooks.
Sage Bank Reconciliation Services is a cloud-based solution that allows users to quickly reconcile their bank accounts. It is designed to help streamline the bank reconciliation process, saving businesses time and money. The software allows users to easily import bank statements, and provides an intuitive user interface for quickly reconciling transactions.
QuickBooks Bank Reconciliation is another cloud-based solution for reconciling bank accounts. It provides users with an easy-to-use interface for quickly reconciling transactions, and also allows users to easily import bank statements. Additionally, QuickBooks Bank Reconciliation provides users with reporting capabilities, allowing them to generate reports to analyze their financial data.
Sage Bank Reconciliation Services provides an audit trail feature, allowing users to easily review and approve reconciliations. Additionally, Sage Bank Reconciliation Services provides users with a range of reporting capabilities, allowing them to easily analyze their financial data. QuickBooks Bank Reconciliation does not provide an audit trail feature, and does not provide users with the same range of reporting capabilities as Sage Bank Reconciliation Services.
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multiple versus single overhead rates, activity drivers deoro company has identified the following overhead activities, costs, and activity drivers for the coming year: activity expected cost activity driver activity capacity setting up equipment $480,000 number of setups 600 ordering costs 360,000 number of orders 18,000 machine costs 840,000 machine hours 42,000 receiving 400,000 receiving hours 10,000 deoro produces two models of dishwashers with the following expected prime costs and activity demands: model a model b direct materials $600,000 $800,000 direct labor 480,000 480,000 units completed 16,000 8,000 direct labor hours 6,000 2,000 number of setups 400 200 number of orders 6,000 12,000 machine hours 24,000 18,000 receiving hours 3,000 7,000 the company's normal activity is 8,000 direct labor hours.
The unit cost for each model using direct labor hours to apply overheads are $165 and $225
Determining the total amount for the given questions -
1) Determining the unit cost
Overhead rate = Direct labor + Ordering cost + Machine cost +Receiving/ Direct labor hour for A + Direct labor hour for B
= 480,000 + 360,000 + 840,000 +400,000 / 6,000+2,000
= 2,08,0000/ 8000
= 260
Model A cost per unit
= Direct material +Setting up /Units +(Direct labor hour × Overhead rate/Units
=(600,000+480,000)/16,000 +( 6,000 × 260/16,000)
= 165
Model B cost per unit
= 800,000 + 480,000 / 8,000 + (2,000 × 260/8,000 )
= 225
2) Determining the unit cost for each model using the four activity drivers
Model A cost
=((Direct material + direct labor)+(direct labor×no. of setups / number of setup) + (ordering cost x orders / machine hours) + (machine costs x orders/ machine hours) + (receiving×receiving hours/ receiving hours)) / Units
= (( 600,000+ 480,000) + ( 480,000 × 400/600) + ( 360,000× 12,000/ 18,000) +( 840,000 × 18,000/42,000) + ( 400,000 × 3,000/10,000)) / 16,000
= 32.50
Model B cost
= (( 800,000+ 480,000) + ( 480,000×200/600) + ( 360,000 × 12,000/18,000) +( 840,000 × 18,000/42,000) + ( 400,000 × 7,000/ 10,000))/8,000
= 290
3) The more accurate cost assignment is produced by Activity Driver Method.
Complete Question:
Multiple Versus Single Overhead Rates, Activity Drivers Deoro Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost Activity Driver Activity Capacity Setting up equipment $480,000 Number of setups 600 Ordering costs 360,000 Number of orders 18,000 Machine costs 840,000 Machine hours 42,000 Receiving 400,000 Receiving hours 10,000 Deoro produces two models of dishwashers with the following expected prime costs and activity demands: Model A Model B Direct materials $600,000 $800,000 Direct labor $480,000 $480,000 Units completed 16,000 8,000 Direct labor hours 6,000 2,000 Number of setups 400 200 Number of orders 6,000 12,000 Machine hours 24,000 18,000 Receiving hours 3,000 7,000 The company's normal activity is 8,000 direct labor hours. Required: 1. Determine the unit cost for each model using direct labor hours to apply overhead. Unit Cost Model A $ Model B $ 2. Determine the unit cost for each model using the four activity drivers. Round your answers to nearest cent. Unit Cost Model A $ Model B $ 3. Which method produces the more accurate cost assignment?
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compared to checks, paper currency and coins have the major drawbacks that they must be backed by gold. are hard to counterfeit. are not the most liquid assets. are easily stolen.
One of the major drawbacks of paper currency is that they are easily stolen.
What is currency?A currency is the standardization of money, including banknotes and coins, that is used or in circulation as a means of exchange. A currency can also be defined more broadly as a system of money that has been used often over time within a particular setting, particularly by residents of a country state.
The term "currency" refers to the legal tender or formal mode of payment of a nation or area. The US dollar, euro, Japanese yen, British pound, and Swiss franc are some of the most well-known currencies.
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vance enterprises makes computer components. the company uses direct labor hours as its application base. the predetermined overhead rate for the year was $18.56 per direct labor hour. the estimated manufacturing overhead for the year was $47,362. rounded to the nearest hour, the budgeted number of direct labor hours for the year was 5,222 3,502 2,552 3,225
The budgeted number of direct hours for the year can be found to be C. 2,552.
How to find the number of hours ?The number of direct hours that was budgeted for the year can be found by the formula :
= Amount budgeted for manufacturing overhead / Amount per direct labor hour
Amount budgeted for manufacturing overhead = $ 47, 362
Amount per direct labor hour = $ 18. 56
The number of hours is:
= 47, 362 / 18. 56
= 2, 551. 83
= 2, 552 hours
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T/F codes of ethical conduct adopted by corporations and professional associations have the same legal status as ordinances.
This statement is True, codes of ethical conduct adopted by corporations and professional associations have the same legal status as ordinances.
Associations refer to groups of individuals or organizations that share a common interest or purpose and work together to achieve their goals. These groups may be formed for a variety of reasons, such as to advocate for a specific cause, promote a particular industry or profession, or provide support and resources to their members.
Associations typically have a formal structure, with bylaws and a governing board, and may offer various services to their members, such as networking opportunities, training and education, and access to specialized resources. They may also engage in lobbying or other advocacy efforts on behalf of their members. Associations can be found in many different fields, including business, healthcare, education, and the arts.
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(T/F) Credit unions are nonprofit depository institutions that serve members who have a common affiliation (such as the same employer or same community).
The given statement "credit unions are nonprofit depository organizations that serve members who have a common affiliation, such as the same employer or same community" is true because credit unions are nonprofit depository institutions that serve members who have a common affiliation, such as the same employer, same community, or other qualifying criteria.
Credit unions are owned by their members and exist to serve their financial needs, rather than to generate profits for shareholders. Because credit unions are nonprofit organizations, they typically offer lower fees and interest rates on loans, as well as higher interest rates on deposits, than traditional for-profit banks. Credit unions are regulated by the National Credit Union Administration (NCUA), and deposits in credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF), up to certain limits.
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depreciation expense question 36 options: is listed on the income statement as a variable expense. is subtracted from the statement of cash flows. is added to the statement of cash flows because it is not an expenditure. appears only on the income statement.
Depreciation expense is added to the statement of cash flows because it is not an expenditure. Thus, option 3 is correct.
Depreciation expense on the income statement is what?The income statement lists depreciation expenditure as an expense tο reflect how much of an asset's wοrth has been depleted for the year. As a result, it is neither an asset nor a liability.
Due tο the fact that it raises a company's operational costs, depreciation is viewed as an expense fοr accounting purposes. Over the course of their useful life, machines and οther assets experience wear and tear and lose value. Depreciation expense is displayed οn the income statement.
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Complete question:
Depreciation expense:
is listed on the income statement as a variable expense.is subtracted from the statement of cash flows.is added to the statement of cash flows because it is not an expenditure.appears only on the income statement.which of the following reflects a way of expressing information about the amount of coffee cups producers are willing and able to produce?
a) Supply curve and supply schedule reflects a way of express-ing inform-ation about the amount of coffee cups producers that are will-ing and able to produce.
A supply schedule is a table that sho-ws the quan-tity supplied at each price. A supply curve is a graph that sho-ws the quantity supplied at each price. Some-times the supply curve is called a supply schedule beca-use it is a graphical represent-ation of the supply schedule.
A supply schedule is a tabular depict-ion of the relation-ship between price and quantity supplied, represented graph-ically as a supply curve. A firm's supply sche-dule helps to make the supply curve.
Complete question- which of the following reflects a way of expressing information about the amount of coffee cups producers are willing and able to produce?
a) Supply curve and supply schedule
b) Demand curve and demand schedule
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fill in the blank. suppose the equilibrium price for basketballs is $23. if every store prices their basketballs at $21, this would lead to a___and would put pressure on prices.
When market price is below the equilibrium price than it results in shortage and puts upward pressure on the prices.
The correct answer is shortage; upward pressure.
When market prices of the goods are below the equilibrium price then consumers increase the demand for the good due to lower prices. When demand increases it leads to shortage of goods in the market as producers will supply less goods below the market price and consumers would demand more. When demand is more than supply it puts upward pressure on the prices of goods resulting in increase in the price.
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This would lead to a shortage and would put pressure on prices to increase.
Equilibrium price is the market price at which the quantity of goods or services demanded by buyers is equal to the quantity of goods or services supplied by sellers. At the equilibrium price, there is no excess supply or demand in the market.
Shortage refers to a situation in a market where the quantity demanded of a good or service is greater than the quantity supplied, at the current market price. In other words, when the market price is below the equilibrium price, there is excess demand for the good or service, leading to a shortage. This can result in long wait times, increased competition, and upward pressure on prices.
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the sales projections for travel-space trailers appear to be valid and reasonable. the company has researched the market and has determined the potential demand for their products. the demand for travel-space trailers company products is high. the company has a good reputation and their products are well-made. the market for their products is good, and they have a lot of repeat customers. according to fessler
According to marketing strategy, "the market plan for the product is inadequate" is one of the four typical reasons why new products may fail.
Business markets are the markets where transactions between businesses take place, to put it simply. In such markets, one company sells its goods to clients who do not ultimately make use of the goods' benefits but rather utilize them to produce new benefits. In the example provided, a corporation is buying a product from another company to incorporate into a different product. As a result, the example case shows the business market. A "product failure" occurs when a company is unable to meet the strategic Objectives & Key Results (OKRs) targets set for the product. So, in this case, it can be claimed that there are many possible causes for new products to fail.
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question content area angela is frustrated that you keep asking her more questions about the photographer, but when you meet chris reminds her that he expects the photographs in both print and digital format. this is not included in the packages that you suggested, but another photographer can provide them for a higher fee. you were right to keep probing for more detailed acceptance criteria on her requirements. the photography goes well, and the couple gets the photos they want in both formats. it is now four months before the wedding. you move through your planning worksheet and meet with chris and angela to plan the catering. you break the original wbs item into more detailed tasks. you arrange meetings to interview caterers and to sample their food. angela selects one that you have not used before, but who has good reviews. the food is excellent, and the price fits the budget. the caterer sends angela an email outlining a tentative menu and pricing. she asks angela to reply to confirm their contract, with an agreement to meet again three weeks prior to the wedding to finalize headcount and any last-minute menu changes. what do you suggest that angela do before confirming the contract? A. you and angela get another reference who had a good experience with this caterer. B. angela copies the activity list from your plan into her email and commits to the order contingent on the caterer confirming her agreement to those tasks. C. you want another meeting with the caterer to discuss exactly what they will and will not do on the wedding day. D. you have already agreed on the menu, pricing, and the task list. E. you assume they will complete their work as customary in your area. F. the couple questions why you insist on yet another meeting, but ultimately agree.
The cost of commodities serves as a prominent example of a stagnating economy. In this case, we suppose that the price is determined by the same-era dynamics of supply and demand. Price, demand, and supply all apply to the same time frame.
What is meant by Statics?If two variables are functionally related and their values reflect the same time period or point in time, the analysis is said to be static.
To put it another way, static analysis or static theory is the study of static relationships between pertinent variables. The main objectives of statistics for economics are the gathering, processing, and assessment of particular economic data.
Therefore, It shows relationships among several factors, including as output, pricing, demand, and supply, among others, which helps us understand and analyse economic theories.
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if national income accountants fail to make an adequate adjustment for increases in the quality of goods and services over time, ____
The GDP deflator will overestimate inflation if national income accountants fail to account for changes in the quality of goods and services over time.
What is the GDP deflator used for?It is used to figure out how much new domestically produced final goods and services cost each year in a country. a measure of inflation in the prices of US-produced goods and services, including exports. Although they are calculated in different ways, the GDP price index and the gross domestic price deflator are closely related. GDP deflator, inflation, and long definition The annual growth rate of the GDP implicit deflator is used to measure inflation, which depicts the rate of price change throughout the economy.
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A broker needs to train affiliated licensees on properly following disclosure requirements. Which of these strategies will help the training initiative be most effective?
a. Offer multiple classes so that new licensees are trained separately from experienced salespeople.
b. Have all associates take a multiple choice exam at the end of the training.
c. Use a "scared straight" approach by asking licensees who have been disciplined for disclosure errors to speak at the training.
d. Create a document listing the disclosure rules and require all associates to sign an acknowledgment of receipt.
A broker needs to train affiliated licensees on properly following disclosure requirements. The strategies that will help the training initiative be most effective Is option A: Offer multiple classes so that new licensees are trained separately from experienced salespeople.
The most effective approach to training affiliated licensees on disclosure requirements is to offer tailored training for different experience levels.
This allows for targeted training to address knowledge gaps and ensures effective learning and retention of information.
Choice exams, a "scared straight" approach, or providing a document with rules alone are not as effective.
Option A allows for efficient training by separating new and experienced licensees and providing foundational or advanced courses accordingly.
Overall, offering multiple classes for different experience levels is the best strategy for training affiliated licensees on disclosure requirements.
Therefore the correct answer is option A.
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Suppose a study finds that drinking a daily glass of orange juice reduces the risk of heart disease. Instruction: Depict how this event will affect the market for oranges by dragging the appropriate curve in the graph. What will happen to the equilibrium price and quantity of oranges? O Equilibrium price will decrease and equilibrium quantity will increaseO Equilibrium price and equilibrium quantity will decrease O Equilibrium price and equilibrium quantity will increase O Equilibrium price will increase and equilibrium quantity will decrease.
The equilibrium price and quantity of oranges will increase. The correct option is C.
What happens to equilibrium when the price is increased?Changes in supply and/or demand determinants result in a new equilibrium price and quantity. When supply or demand changes, the old price no longer serves as an equilibrium. Instead, there will be a scarcity or surplus, and prices will adjust until a new equilibrium is reached.
If demand rises while all other factors remain constant, the equilibrium price rises and the quantity supplied rises. When demand falls, the equilibrium price falls, and the quantity supplied falls.
Thus, the ideal selection is option C.
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prepare a job cost sheet for job 9, which includes costs for direct materials, direct labor, overhead, and total cost
Direct materials Direct Labor Overhead Total Cost
Req No. Amount Time ticket no Amount Cost Applied
07/01 Q 4698 $1,850 W 3393 $1,200 $1,320 $4370
07/05 Q 4725 $1,600 W 3479 $1,050 $1,155 $3805
07/10 W 3559 $ 900 $990 $1890
$3,450 $3,150 $3,465 $10,065
Direct labour costs are a portion of the wage bill or payroll that are particularly and frequently tied to or associated with the manufacture of a good, a particular task order, or the provision of a service. Furthermore, we may add that it represents the cost of the labour put in by those workers who really build the product on the assembly line.How to determine the direct labour cost before starting the work citing knowledge, skill, etc. when discussing the job's requirements.placing the appropriate individuals in the right positions.Usage Costs manufacturing include direct labour costs.
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when negative externalities occur as a result of a product market's activity, the market will ____ than is desirable.
When negative externalities occur as a result of a product market's activity, the market will produce more than is desirable.
Negative externalities are costs imposed on society that are not reflected in the market price of a good or service. These costs can include things like pollution, traffic congestion, or other environmental impacts.
When the market price does not reflect these costs, the result is a "market failure," where the market produces more than is socially desirable. In other words, the market does not take into account the full cost of production, so firms will produce more goods and services than they would if they had to pay for the full cost of their actions.
This leads to an overallocation of resources to the production of the good or service in question, and a corresponding underallocation of resources to other, more socially beneficial activities.
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Adjustment for Accrued Revenues
At the end of the current year, $14,780 of fees have been earned but have not been billed to clients.
Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank.
Accounts Receivable 14,780 (D), Fees Earned 14,780 (C)
The year end adjustment journal entry for unrecorded fees revenue will be as follows: Accounts Receivable A/c Dr. is $14780 and To Accrued Revenue is $14780.
Accrued revenue refers to the revenue that a company has earned but has not yet received payment for. This typically occurs when a business provides goods or services to a customer on credit, with payment expected at a later date. In such cases, the company records the revenue as earned and records it in their financial statements, even though the payment has not yet been received.
Accrued revenue is a crucial aspect of a company's financial records, as it allows for a more accurate representation of the company's financial health. It also provides an insight into the company's cash flow, indicating that a certain amount of cash will be received at a later date. It is essential for companies to keep track of accrued revenue, as it affects the company's financial statements, such as the balance sheet and income statement.
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Complete Question:-
Adjustment for Accrued Revenues At the end of the current year, $14,780 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank.
A follower with low-level motivation and mid-to-high level ability to complete the job benefits from a. A leader who provides a high level of support b. A leader who directs tasks carefully c. A leader who stays out of the day-to-day tasks d. A leader who is both a cheerleader and authoritarian
A follower with low-level motivation and mid-to-high level ability to complete the job benefits from leader who is both a cheerleader and authoritarian. Option D is correct.
Leadership: What Is It?In business, leadership is the ability of a company's management to set and achieve difficult goals, act quickly and decisively when necessary, outperform the competition, and motivate others to perform at their best.
Why is leadership important in management?Leaders provide direction and vision, inspire others to achieve the organization's goals, and contribute to the creation of a successful environment by encouraging team members to communicate and work together.
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a company purchases supplies for $500 cash. this transaction would be journalized with a debit to the account and a credit to the account.
A supply purchase made on credit results in a credit to accounts payable and a debit to supplies expense. For instance, a transaction might be recorded as a debit to the supplies account and a credit to the accounts receivable account when a business purchases supplies on credit.
You must create a journal entry with one debit and one credit whenever you buy materials on account. The debit is applied to the supply expenditure account, a temporary account intended to record costs that will appear on the income statement. Debit transaction the work-in-progress inventory account for direct materials and credit the raw materials inventory account.
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top executives at bbt corporation set the strategic direction for the firm at corporate headquarters. bbt's local managers are then informed of these strategies and given complete freedom to implement them. which of the following management functions best describes the freedom provided local managers?
The management function that best describes the freedom provided to local managers at BBT Corporation is "organizing". So, the correct option is B.
Organizing is the management function that involves arranging resources, people, and tasks to achieve the desired goals. In this case, the top executives at BBT Corporation set the strategic direction for the firm at corporate headquarters, and local managers are informed of these strategies and given complete freedom to implement them.
This means that the local managers are responsible for organizing the resources, people, and tasks within their respective areas of responsibility to achieve the company's goals.
By providing local managers with complete freedom to implement the strategies, the top executives are delegating the responsibility of organizing the resources, people, and tasks to the local managers.
This allows the local managers to use their knowledge and expertise to make decisions about how best to organize their areas of responsibility to achieve the company's goals.
In summary, the freedom provided to local managers at BBT Corporation is related to the management function of organizing, as they are responsible for arranging resources, people, and tasks within their respective areas of responsibility to achieve the company's goals.
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Complete question is:
Top executives at bbt corporation set the strategic direction for the firm at corporate headquarters. bbt's local managers are then informed of these strategies and given complete freedom to implement them. which of the following management functions best describes the freedom provided local managers?
a) planning
b) organizing
c) decision-making
d) Leading
During the process of mapping the consumption chain of a product, Nina looks at the methods followed by companies which send their engineers to check laptops when they detect that a possible bug could be affecting a system. Which of the following questions does this example address?
A. What if customers aren't satisfied and need a return or exchange?
B. What help do customers need to become familiar with the product?
C. How is your product stored?
D. How is your product repaired, serviced, or disposed of?
Option D is correct. How is your product maintained, disposed of, or repaired?
The maintenance product is what?The term "Maintained Products" refers to hardware, software, or peripheral products for which Services are either included with the Products or necessary as part of a Service Offering chosen and ordered by the Customer, accepted by ISL, and noted on the Invoice, as well as any updates or modifications thereto that may occur from time to time.
What does "product support" mean?a service offered by businesses that sell technical items, helping clients with issues: You will be responsible for offering product support to clients that contact our technical helpline. Compare.
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mitra associates purchased equipment for $5,000, by paying $1,000 cash and agreeing to pay the balance in 30 days. this transaction would be recorded with which of the following entries?
Option (a), Debit Equipment for $5,000, Credit Cash for $1,000, and Credit Accounts Payable for $4,000.
In terms of accounts payable, what do the terms debit and credit mean?The accounts payable account is credited when a company makes a credit purchase of goods or services. There is a debit to the balance as a result of the repayment of a portion of the company's account payable.
Is equipment, a debit or a credit?The equipment account in the company's accounting software shows a debit balance. The equipment is considered one of the organization's fixed assets when it is used for legitimate commercial operations.
Equipment- debit $5,000
Accounts Payable- credit $4,000
Cash- credit $1,000
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The complete question is:
Mitra associates purchased equipment for $5,000, by paying $1,000 cash and agreeing to pay the balance in 30 days. this transaction would be recorded with which of the following entries?
credit to Accounts Payable for $4,000, credit to Cash for $1,000 and debit to Equipment for $5,000debit to Accounts Payable for $4,000, credit to Cash for $1,000 and debit to Equipment for $5,000credit to Accounts Payable for $4,000, debit to Cash for $1,000 and debit to Equipment for $5,000wilson owned equipment with an estimated life of 10 years when the equipment was acquired for an original cost of $80,000. the equipment had a book value of $50,000 at january 1, 2020. on january 1, 2020, wilson realized that the useful life of the equipment was longer than originally anticipated, at ten remaining years. on april 1, 2020 simon company, a 90% owned subsidiary of wilson company, bought the equipment from wilson for $68,250 and for depreciation purposes used the estimated remaining life as of that date. the following data are available pertaining to simon's income and dividends declared: 2020 2021 2022 net income $ 100,000 $ 120,000 $ 130,000 dividends declared 40,000 50,000 60,000 compute the amortization of gain through a depreciation adjustment for 2022 for consolidation purposes.
The amortization of gain through a depreciation adjustment for 2022 is $510.32.
How to Calculate Amortization of Gain through a Depreciation Adjustment?To calculate the amortization of gain through a depreciation adjustment for 2022, we first need to calculate the original cost and book value of the equipment on April 1, 2020, when Simon Company bought it from Wilson.
The equipment had an estimated useful life of 10 years when it was acquired, and as of January 1, 2020, it had been in service for (10-2) = 8 years. Therefore, the accumulated depreciation as of January 1, 2020, was $80,000 - $50,000 = $30,000.
Since Simon Company purchased the equipment from Wilson on April 1, 2020, they acquired it with an original cost of $68,250, which is the price at which it was sold by Wilson.
To calculate the book value of the equipment on April 1, 2020, we need to calculate the accumulated depreciation from January 1, 2020, to April 1, 2020. The remaining useful life of the equipment as of January 1, 2020, was 10 years, and as of April 1, 2020, it had a remaining useful life of 8.75 years. Therefore, the accumulated depreciation for the period from January 1, 2020, to April 1, 2020, is ($80,000 / 10) * (0.25) = $2,000.
Thus, the book value of the equipment on April 1, 2020, was $68,250 - $2,000 = $66,250.
To calculate the gain on sale of the equipment, we need to compare the selling price of $68,250 to the book value of $66,250. The gain on sale is $2,000.
Since Simon Company purchased the equipment with a remaining useful life of 8.75 years, they should depreciate it over this period. The annual depreciation expense is ($68,250 - $66,250) / 8.75 = $2,286.
For consolidation purposes, the gain on sale of the equipment should be amortized over its remaining useful life of 8.75 years. Therefore, the amortization of gain through a depreciation adjustment for 2022 is (8.75 - 2) / 8.75 * $2,000 - $2,286 = $510.32.
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Firm Market Share (%)A 32B 25C 21D 15E 4F 3Refer to the data. Suppose that firms in this industry split up such that there were 25 firms, each with a 4 percent market share. The four-firm concentration ratio and the Herfindahl index respectively would beMultiple Choicea. 16 percent and 400.b. 100 percent and 10,000.c. 16 percent and 16.d. 400 percent and 64.
The correct option is D. The four-firm concentration ratio and the Herfindahl index respectively would be 16 percent and 400.
Firm concentration ratio = share of 4 largest firms/ total share of the firm
= 4+4+4+4/100= 16/100 = 16 percent
Herfindahl index= (4)^2 + (4)^2 +(4)^2 +.......+(4)^2
= 16+16 +......+16 = 16×25= 400.
A market is any region in which or greater occasions can meet to interact in a monetary transaction—even the ones that do not involve legal gentleness. A market transaction might also moreover comprise goods, services, statistics, foreign money, or any aggregate of those that bypass from one birthday celebration to another.
In elegant, the function of a marketplace is to collect products from scattered resources and channel them to scattered stores. From the factor of view of the seller, dealers channel the call for their product; from the thing of view of the consumer, they bring elements within his obtain. A marketplace is an area wherein buyers and sellers can meet to facilitate the change or transaction of products and services. other examples encompass illegal markets, public sale markets, and economic markets.
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Complete Question:
Firm Market Share (%)A 32B 25C 21D 15E 4F 3Refer to the data. Suppose that firms in this industry split up such that there were 25 firms, each with a 4 percent market share. The four-firm concentration ratio and the Herfindahl index respectively would be
1. 100 percent and 10,000.
2. 16 percent and 16.
3. 400 percent and 64.
4. 16 percent and 400.