Accounts of Liken Services Co. As asset, liability, stockholders' equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit are as follows:
1. Accounts Payable- Debit and Credit
2. Accounts Receivable- Debit and Credit
3. Cash- Debit and Credit
4. Fees Earned- Credit Only
5. Insurance Expense- Debit only
6. Dividends - Debit only
7. Utilities Expense- Debit only
What is meant by normal balance?The accounting category for an account is normal balance. It is a component of the double-entry method of bookkeeping. A regular balance for an account is either credit or debit. An account with a typical balance of credit would be credited to improve its value.
The side of an account's balance that is positive or rising is known as the normal balance. The standard balance is on the credit side for income, equity, and liability accounts and on the debit side for asset and expense accounts.
The standard balance is on the credit side for income, equity, and liability accounts and on the debit side for asset and expense accounts. Because increases are often more than losses in any account, the designated normal balance of an account is on the side where increases go.
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The complete question is:
Normal Entries for Accounts
______________________________________________
During the month, Gates Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have debit entries only, credit entries only, or both debit and credit entries. (IDENTIFY IF THEYRE DEBIT ONLY, CREDIT ONLY OR BOTH DEBIT AND CREDIT)
1. Accounts Payable
2. Accounts Receivable
3. Cash
4. Fees Earned
5. Insurance Expense
6. Dividends
7. Utilities Expense
calculate the dupont identity for 2017,2018, and 2019.what is happening to the firm's roe? what seems to be driving the trend?
Dupont formula: In DuPont's formula, ROE is equal to profit margin times asset turnover times financial leverage. According to DuPont's analysis, Return on Equity equals Financial Leverage, which is Profit Ratio times Asset Turnover.
DuPont analysis is a useful technique used to analyze various factors of return on equity (ROE). Breaking down ROE allows investors to focus on key financial performance indicators individually to identify strengths and weaknesses. There are two versions of this tool. One considers a 3-step decomposition and the other a 5-step decomposition. Operating profit is Rs.86. The company has total assets of Rs.200 in debt and Rs.300 in equity with an interest rate of 6%. This brings the net profit to Rs 74.
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Which one of the following is NOT a component of the total compensation package for production workers at your company's production facilities? Copyright © by Glo-Bus Software, Inc. Copying, distributing, or 3rd party website posting isexpressly prohibited and constitutes copyright violation. O The dollar size of the fringe benefit package provided to production workers O Any overtime pay O Incentive payments per non-defective pair produced O Annual base pay per worker O Year-end bonuses tied to the size of the increase in each production team's productivity (annual number of pairs produced)
It depends on the specific company's compensation package for production workers. All of the options listed are correct.
What is the production about?Note that the options of (dollar size of the fringe benefit package, overtime pay, incentive payments per non-defective pair produced, annual base pay per worker, and year-end bonuses tied to the size of the increase in each production team's productivity) could potentially be components of a total compensation package for production workers.
Therefore, Without more specific information about the company in question, it is not possible to determine which option is not a component of the total compensation package for production workers.
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pysch the government wants to know how much the average citizen spends each week for groceries. so it asks every citizen to report how much he or she spends each week. it collects data for an entire year and then determines the average. this highly laborious procedure for solving the problem is an example of
This is an example of a deductive research method. Deductive research involves deriving a hypothesis or theory from a set of observations.
In this case, the government wants to find out the average amount citizens spend on groceries each week. To do this, they collect data from citizens over the course of a year. This data is then analyzed to determine the average amount spent. This method is laborious and involves a great deal of time and effort, but it allows the government to accurately determine the average amount citizens spend on groceries each week. Deductive research is useful in uncovering trends and patterns in data, and is often used in the scientific and academic fields.
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You've been asked to be the speaker for a 1-hour presentation at a large conference. The conference committee scheduled your presentation in a ballroom with a capacity of 500 people. You've been told approximately 465 people have enrolled in your session.
What environmental factor must you consider that could impact your message? (select the best answer)
Bad weather
Audio equipment
How many people attend your presentation
The traffic getting to the conference center
The traffic getting to the conference centre is the environmental factor must you consider that could impact your message. Hence, option D is correct.
What is environmental factor?In relation to genetics, environmental influences include things like pesticides or industrial waste we are exposed to where we live or work, unhealthy lifestyle choices like smoking or eating poorly, and stressful events.
Environmental elements include things like air, water, climate, soil, natural vegetation, and landforms. By definition, environmental factors have an impact on daily life and are a significant contributor to disparities in health between regions.
Thus, option D is correct.
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If supply is price inelastic, the value of the price elasticity of supply must be: __________
In order for supply to be price inelastic, the value of supply's price elasticity must be: smaller than 1. If the price elasticity of supply is equal to 1 or greater, the item is unit price elastic; otherwise, the item is price elastic.
The term "completely inelastic" refers to a vertical supply curve. A demand or supply is said to be inelastic if its elasticity is less than one, indicating that it is not very responsive to changes in price. Unitary elasticities show proportional responsiveness of either the supply or the demand.
The two extremes of elasticity are described as being fully elastic and perfectly inelastic. The amount supplied changes by a larger percentage than the price when the price elasticity of the supply is greater than one.
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#1 Taylor has been thinking about
buying a new surfboard and has
been saving the money from her
part-time job for the last couple of
years. She finally has enough to
get the surfboard but when she
visita the store, she discovers that
the prices of surfboards have gone
up by 10% over the past two years.
Phase of the Business Cycle
Explanation
Based on the information provided, it is not possible to determine the phase of the business cycle. The information only pertains to the price increase of surfboards over the past two years and does not provide information on broader economic indicators such as GDP, employment rates, or inflation rates that would be necessary to identify the phase of the business cycle.
In the case of Taylor, the fact that she has been able to save up enough money for a new surfboard suggests that she has a job and a steady income, which may be a positive sign for the overall state of the economy. However, the fact that the price of surfboards has increased by 10% over the past two years may make it more difficult for some consumers to afford such purchases, which could have negative implications for the overall demand for surfboards and related products.
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the ground-fault protection provisions of 230.95 ? apply to a service disconnect for a continuous industrial process where a nonorderly shutdown will introduce additional or increased hazards.
Yes, the ground-fault protection provisions of 230.95 apply to service disconnects for continuous industrial processes where a non-orderly shutdown would introduce additional or increased hazards.
The ground-fault protection provisions of 230.95 are part of the National Electrical Code (NEC) and set requirements for the protection of electrical systems from ground faults. A ground fault occurs when electrical current strays from its intended path and flows into the ground, which can pose a risk of electrical shock or fire. In the case of a continuous industrial process, a non-orderly shutdown could introduce additional or increased hazards. This means that the electrical system needs to be designed and protected in a way that minimizes the risks of electrical shock or fire in case of a ground fault. The ground-fault protection provisions of 230.95 require that a service disconnect include ground-fault protection, which is a device that detects a ground fault and interrupts the electrical current to prevent further damage or harm. This helps to ensure the safety of electrical systems in continuous industrial processes and to prevent additional or increased hazards in case of a non-orderly shutdown.
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profit would be an example of a(n) group of answer choices mission statement. strategy. goal or objective. strength. operating philosophy.
Profit is an example of a(n) collection of possible answers. A mission statement identifies a goal or objective.
A mission statement is a declaration of purpose that lists the aims and ambitions of a company, group, or person. It is a concise declaration of what the organization or individual intends to do and how it intends to do it.
It is typically used to communicate the overall purpose of the organization or individual to its stakeholders, such as employees, customers, and investors. The mission statement should provide a clear and concise explanation of the organization's purpose and should serve as a guide for decision-making.
A mission statement should also be regularly reviewed and updated to ensure that it remains relevant and up-to-date.
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hud, co. had a beginning retained earnings of $27,875. for the year, the company had net income of $4,790 and paid dividends of $1,600. the company also issued $3,000 in new stock during the year. what is the ending retained earnings balance?
Closed Balance = $31,065 is the final balance of retained earnings.
We will begin with the beginning balance of retained earnings and add or subtract the specified transaction amounts to arrive at the finishing balance. Please be aware that new stock issuance will not be counted toward retained earnings.
Given according to the questions-
Retained earnings of the company = $27,875
Net income of the company = $4,790
Paid dividends of the company = $1,600
Closing Balance = initial balance + Net Income - (Paid dividends)
Closing Balance = $27,875 + $4,790 - ($1,600)
Closing balance = $31,065
The retained earnings are determined by adding net income to the previous term's retained earnings (or deducting net losses from them), and then deducting any net dividends paid to shareholders. At the conclusion of each accounting period (monthly, quarterly, or annually), the amount is determined.
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______________ is the application of moral standards to business situations.
The study of right and wrong as well as the morality of decisions is known as ethics. The application of moral principles to business contexts is known as business ethics.
Business ethics make guarantee that there is at least a minimal level of trust between customers and different types of market participants with enterprises.
A portfolio manager, for instance, must treat the portfolios of small business owners and family members with the same respect as their more wealthy clients.
The public is treated fairly thanks to these kinds of procedures. Since then, business ethics has undergone some development.
Business ethics aims to balance what businesses must do legally with maintaining a competitive advantage over rival companies.
It goes beyond simply establishing moral principles of right and wrong. Various approaches are used by businesses to demonstrate their business ethics.
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ibm creates and sells additional stock to the investment banker morgan stanley. morgan stanley then resells the issue to the u.s. public through its mutual funds. morgan stanley is acting as a(n)
Morgan Stanley, an investment banker, purchases additional stock that IBM creates and asset. The issue is then resold to the American public by Morgan Stanley.
Asset converter Asset transformation is the process of transforming liabilities (deposits) into new, relatively stock, large denomination assets (loans) that are repaid according to a predetermined schedule by converting small denomination, immediately available, and relatively risk free bank deposits into loans.
Asset transformation is the process of converting risky assets into safer ones for investors. To do this, one must create and sell risky stock that people are comfortable with, then use the proceeds from the sale of these assets to buy other assets that might be more risky.
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clement company paid an account payable related to a previous utility bill of $1,100. how would this transaction be recorded on the payment date?
The transaction would be recorded in the company's general ledger as a debit to the Utilities Expense account for $1,100 and a credit to the Cash account for $1,100.
The Utilities Expense account is used to track expenses related to the company's utility bills, while the Cash account is used to track the company's available cash.
This journal entry effectively reduces the company's total liabilities, as the account payable related to the utility bill has been paid in full. In addition, it reduces the company's available cash by $1,100, as the company has used the cash to pay the account payable.
This transaction is an example of a cash disbursement, which is a type of transaction that records a company's payments for goods, services, and liabilities.
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nderapplied or overapplied overhead is the . multiple choice question. difference between overhead applied to work in process and actual overhead sum of overhead applied to work in process and actual overhead actual overhead overhead applied to work in process
Underapplied or overapplied overhead is the "difference between overhead applied to work in process and actual overhead."
In manufacturing, overhead costs refer to indirect costs that are not directly tied to the production of a specific product or service. Overhead costs must be allocated or assigned to the products manufactured in order to determine the total cost of each product. This allocation is based on an overhead rate, which is calculated by dividing the total overhead costs by a measure of production volume, such as direct labor hours or machine hours. Overhead applied to work in process refers to the amount of overhead costs that have been assigned or allocated to the products being produced. Actual overhead refers to the actual amount of overhead costs incurred during the accounting period.
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assume that big chicken grower (bcg) is sued in a court of equity and the court issues a temporary injunction against bcg to prevent it from discharging waste water from its processing plant into the local river. this temporary injunction is an example of a (n) .
This interlocutory decree is an illustration of a temporary injunction.
A judicial ruling that is not final or that deals with a matter unrelated to the main issue in the current debate is known as an interlocutory decree.
For instance, a judicial judgement declaring the parties' divorce provisionally.
But deferring the dissolution of the marriage until a specific time period is known as an interlocutory decree of divorce in the United States or a decree nisi in England.
In order to prevent hasty and simple divorce, promote reconciliation, and allow the court to oversee the arrangements to be made for the couple's children, such a period of time is required.
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a company paid $5,000 cash to purchase equipment. the company recorded a debit to equipment of $5,000 and a credit to cash of $500. this company's accounting records are .
This company's accounting records are incorrect because debits do not equal credits.
An account is a particular document within an organization's financial ledger or stability sheet. Accountants, finance specialists, and bookkeepers can use debts to document vital monetary statistics, like reporting daily transactions to affirm the exact amount of money an enterprise has at any moment.
In accounting, an account is a document inside the well-known ledger this is used to type and keep transactions. for example, companies may have an account of a coin wherein to file each transaction that will increase or decreases the company's coins. fundamental accounting principles used inside the commercial enterprise global cowl sales, charges, assets, and liabilities. those elements are tracked and recorded in files which include stability sheets, earnings statements, and cash float statements.
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munster inc. debits deferred revenue and credits service revenue. as a result of this adjusting entry, munster's: (select all that apply.) multiple select question. liabilities will increase liabilities will decrease equity will increase assets will increase assets will decrease equity will decrease
Deferred revenue is debited and service revenue is credited by Münster Inc. Due to this adjusting entry, liabilities will increase , assets will increase , equity will increase
Deferred revenue is a liability account that is used to record the amount of revenue that has been received but not yet earned. When a company receives payment for goods or services that have not yet been delivered, the amount is recorded as a liability in the deferred revenue account.
Debiting the deferred revenue account and crediting the service revenue account adjusts the deferred revenue when the items or services are supplied.
An income account called "service revenue" shows the money made from offering services.
The earned revenue is recognised using this adjustment entry.
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The ratio of good output to quantity of raw material input is called: ___________
The ratio of good output to quantity of raw material input is called production efficiency.
Production efficiency refers to the optimal use of resources in the production process to maximize output and minimize waste. In economic terms, it is defined as the relationship between the inputs used in production and the output produced. A production process is considered efficient when it produces the maximum possible output for a given set of inputs or uses the minimum inputs to produce a given output. In other words, it is about achieving the highest possible level of output given the resources available. Production efficiency is an important concept in economics and is critical for firms to remain competitive in the market. Improving production efficiency can lead to cost savings, increased productivity, and improved competitiveness. To achieve production efficiency, firms may use techniques such as economies of scale, process optimization, and resource allocation.
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you believe that you will need to have saved $600,000 by the time you retire in 30 years in order to live comfortably. if the interest rate is 8% per year, how much must you save each year to meet your retirement goal (assuming you make annual payments to your saving account)?
As per the data given in the question, $20,000 the money you need to save each year (Also called Annual Savings) for the next 30 years to reach your retirement goal of $600,000, assuming an 8% interest rate.
To calculate how much you need to save each year to reach your retirement goal, you can use the following formula:
FV = PV * (1 + r)^n
where:
FV = future value (your retirement goal of $600,000)
PV = present value (the amount you have saved now)
r = interest rate (8%)
n = number of years until retirement (30)
Rearranging the formula to solve for PV:
PV = FV / (1 + r)^n
And then, solving for the annual savings amount:
annual savings = (FV - PV) / n
Plugging in the values:
annual savings = ($600,000 - PV) / 30
Assuming you have not saved anything yet, PV = 0:
Annual savings = $600,000 / 30 = $20,000
So, you need to save $20,000 each year for the next 30 years to reach your retirement goal of $600,000, assuming an 8% interest rate.
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what was original intent of the comstock law? a. to ban the production, distribution, or public display of obscenity. b. to bring order to lawless mining camps in the west. c. to establish methods for enforcing federal mining law. d. to require inspection of prepared foods and pharmaceuticals.
The original intent of the Comstock Law was to ban the production, distribution, or public display of obscenity.
The law was passed in 1873, and Anthony Comstock served as its principal champion. The Comstock Law was designed to censor anything that Comstock and other moral crusaders considered to be immoral or obscene, such as sexually explicit content and information on contraception and abortion. The statute authorised the U.S. Post Office to collect and destroy such materials and to bring legal action against anybody responsible for their creation, distribution, or sale. The Comstock Law's expansive definition of obscenity made it possible to impose restrictions on the right to free speech and expression and to censor material and viewpoints that were viewed as offensive or damaging to public morality.
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there are several requirements to properly use a pay-off matrix. the events, or outcomes, of actions considered must be: mutually beneficial collectively exhaustive distinct
Pay-off The matrix of conditional values associated with all the potential combinations of acts and occurrences is shown by the table.
When choosing a decision option using the expected value strategy, the reward that really occurs will typically have a value that differs from the expected value. The result that has the highest utility will also have the largest payoff. A risk avoider will have a utility function that is concave.
First, the alternative should line up with the company's aims and objectives. Second, the alternative should be consistent with the present evaluation of the company's advantages. Third, the products must have market opportunities. The final need is that the product can be produced effectively and efficiently.
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leticia is an uber driver who works at night. last night, there was a large increase in the number of uber drivers willing to work. how will this change in supply affect the equilibrium, all else equal?
If this change in supply affects the equilibrium, all else equal then the price will increase and quantity will increase too.
What is supply?
A basic economic notion called supply refers to the total amount of a particular commodity or service that is made available to consumers. When shown as a graph, supply can refer to the quantity that is offered at a particular price or the quantity that is offered over a range of prices. This is strongly related to the demand for an item or service at a particular price; all other things being equal, the supply offered by producers will increase if the price rises because all businesses aim to maximize profits.
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which is a reason priscilla will share with the new analysts for recommending that a client purchase a software package?
The client has several extremely specific security demands.
Actress and entrepreneur Priscilla Ann Presley hail from the United States. She served as the co-founder and former chairperson of Elvis Presley Enterprises, the business that made Graceland one of the most popular tourist destinations in the country, as well as the former spouse of American artist Elvis Presley. Since her divorce from Elvis, Presley has been in partnerships. She moved in with karate instructor Mike Stone shortly after, but the couple split up in 1975. The longest relationship in Presley's life lasted 22 years with Brazilian screenwriter-turned-computer programmer Marco Antonio Garcia (also known as Marco Garibaldi). In 1984, they met through a mutual friend after she read his script in hopes of producing it.
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the adjusting entry to record interest earned during the period includes a: multiple choice debit to cash. credit to cash. credit to interest revenue. debit to interest expense.
The adjusting entry to record interest earned during the period includes a credit to interest revenue.
Interest revenue is recorded when a company earns interest on its investments or loans. The amount of interest earned during the accounting period must be recognized in the financial statements even if the cash is not received until a later date.
To record this, an adjusting entry is made at the end of the accounting period. The entry includes a credit to interest revenue and a corresponding debit to another account, such as interest receivable.
For example, if a company earns $1,000 in interest during the period, the adjusting entry would be:
Debit: Interest Receivable $1,000
Credit: Interest Revenue $1,000
This entry increases the company's revenue and accounts receivable, and provides a more accurate representation of the company's financial performance and financial position.
In conclusion, the adjusting entry to record interest earned during the period is a critical component of the end-of-period accounting process, as it helps ensure that the financial statements accurately reflect the company's financial performance and financial position.
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the national restaurant association announces a new industry code of ethics. the effectiveness of this code will be determined by
The effectiveness of a new industry code of ethics from the National Restaurant Association will depend on how it is implemented and enforced.
The code should be comprehensive enough to cover all aspects of the restaurant industry, including the safety of employees and customers, food safety, environmental impact, and customer service. It should also include clear guidance on how to handle any potential ethical issues that arise.
It is important that the code is well-publicized and that all restaurant owners and operators are aware of it. The code should be reviewed on a regular basis to ensure that it remains relevant and up to date. Additionally, restaurant owners and operators should be held accountable for adhering to the code. This could include training employees on the code and providing incentives to those who follow it.
Overall, the effectiveness of a new industry code of ethics is dependent on its implementation. If the code is well-publicized and enforced, then it can be an effective tool in helping to create a more ethical restaurant industry.
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were the vikings without standards or business-ethics simply because they were not christian, jewish or moslem? explain.
The statement that " Vikings were without standards or business-ethics is wrong and even if it was true than also the reason of their lack of business ethics would not be their religion only.
Between the 9th and the 11th centuries, the Vikings were explorers, traders, raiders, pirates, colonisers, and traders. They frequently sailed from Scandinavia and occupied parts of Europe and beyond.
Contemporary manuscripts from Scandinavia and other areas where the Vikings were active are the most significant primary sources on the Vikings. There aren't many native documentary sources from Scandinavia before the late 11th and early 12th centuries because writing in Latin letters was brought to the region with Christianity.
Rune inscriptions were used by the Scandinavians, but they are typically brief and formulaic. Texts written in Christian and Islamic societies outside of Scandinavia, frequently by authors who had been adversely affected by Viking activities, make up the majority of contemporary documentary sources.
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| Personal Finance |
What should you do if a deposit made to an ATM on a date before the closing date is missing from your statement?
A) Make sure you have the ATM receipt with the date, time, and location of the ATM, the amount, and the transaction number printed. Then call the bank.
B) Go back to the ATM and look for your deposit.
C) Forget about it as the bank will never admit an error.
D) If the deposit was a check, call the originator of the check and ask for a new check.
Countries that develop and use the most advanced technologies, which then became available to follower countries, are known as __________countries.
Countries that develop and use most advanced technologies, which then became available to the follower countries, are known as pioneer countries.
What are pioneer countries?Pioneer countries are nations that lead the way in technological and industrial advancements. These countries were often the first to adopt new technologies and systems, and as a result, they experienced significant growth and prosperity. Some of the most well-known pioneer countries include the United Kingdom, which was a leading industrial power in the 19th century, and the United States, which became a dominant force in the 20th century. Other notable pioneer countries include Germany, Japan, and South Korea, all of which experienced rapid industrial growth and development in the 20th and 21st centuries. These countries have set the standard for technological and industrial progress, and they continue to be leaders in these fields today.
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zemingway inc. offers you a 3-year project that will return $50,000/year. if the initial cost of the project is $100,000, and the opportunity cost of capital is 14%, what should be the npv of the project?
The answer is 16081.30$, if the initial cost of the project is $100,000, and the opportunity cost of capital is 14%, what should be the NPV of the project is 16081.30$.
What does the economics definition of cost mean?Cost, as used in everyday speech, refers to the monetary worth of the items and services that producers and customers buy. Cost, in a fundamental definition of the word, is the measurement of the alternative opportunities given up in favor of a certain good or activity. Usually referred to as opportunity cost, this fundamental cost is necessary.
What are some examples and costs?Definition: Costs are the expenses incurred in the manufacture, marketing, or preparation of a good or asset for regular use. Or to put it another way, it's the cost associated with producing a good, buying stock, selling goods, or setting up equipment for use in a commercial activity.
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alpha company uses its invoices for invoices for posting perpetual inventory records, inadequate controls over the invoicing function allow goods to be shipped that are not invoiced. the inadequate controls could cause an
Unshipped products can be charged due to insufficient control activities over the billing mechanism. An overstatement of revenues and receivables and an understatement of inventory may result from insufficient control actions.
What method of inventory management helps a company keep its inventory costs in check?Economic Order Quantity (EOQ) is a model used in inventory management to predict how many units a company should add to its inventory with each batch order in order to reduce the overall costs of its inventory. It makes the assumption that client demand will remain constant.
In order to strengthen the balance sheet, what impact would the sale of inventory that is no longer required have on profits?When a business realizes that a portion of its inventory is no longer useful, it must depreciate the asset by recording an allowance on the balance sheet. This allowance will increase the cost of goods sold, which will adjust the income statement in line with that change.
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does the purchase of a new oven produced in america count as consumer spending or investment spending?
Spending by consumers (C) would be the purchase of the oven if it is made for a residence. If an establishment buys the oven, it would be purchasing investments (I)
Consumer expenditure is what?The value of the products and services purchased by or on behalf of US citizens is known as consumer spending, or personal consumption expenditures (PCE). Annual, quarterly, and monthly consumer spending estimates are made public by BEA on a nationwide level. most recent release.
What exactly does investing entail?Expenditures on capital goods, or goods utilised in the creation of capital, goods, or services. Equipment, real estate, production inputs, and infrastructure are just a few examples of what investment money might be used for.
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