The given statement "income-related items are excluded from gross income unless particularly included by a provision in the tax code" is true because income-related items are generally excluded from gross income, unless there is a provision in the tax code that specifically includes them.
For example, some items that are excluded from gross income include gifts, inheritances, life insurance proceeds, and some types of welfare benefits. However, the tax code does include provisions that require certain types of income to be included in gross income, such as wages, salaries, and business profits.
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What is Market Research and applying marketing research to a
specific market area?
The process of gathering and examining data about a particular market, including consumer demands, preferences, habits, and trends Market research.
Market research is done to assist organisations in making judgements regarding their goods or services, pricing plans, advertising campaigns, and other business endeavours. A range of techniques, like as surveys, focus groups, interviews, and data analysis, can be used to do market research. Using market research to create a tailored marketing plan for a certain geographic area or consumer segment is known as applying marketing research to a specific market area. This may entail defining the particular traits and requirements of the target market, researching the local competitors, and creating a messaging and promotion plan that appeals to the intended audience. Businesses can adjust their marketing efforts to maximise their impact and better connect with their customers by applying marketing research to a particular market sector. By fostering closer ties with their clients, organisations can increase sales and revenue.
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which example best represents perfectly inelastic supply? a) original paintings made by Leonardo da vinci (b) a restaurant willing to cater any number of dishes if the price is greater than $10 a plate (c) a good with no substitutes in consumption (d) the market for collectible trading cards
Option a is correct. The best example of a completely inelastic restoration is Leonardo da Vinci's original painting.
“Inelasticity” is an economic term that refers to static quantities of goods or services as prices change. Inelastic demand means that consumers' buying habits stay roughly the same when prices rise.
"Inelastic" refers to the static quantity of goods or services as prices change.
A perfectly inelastic good is one whose demand does not change regardless of price. However, such goods and services are not completely inelastic.
Inelastic contrasts with elastic, the latter of which demand changes significantly in response to price changes.
Essential items such as medicines are considered inelastic, while luxury items such as cruise ships and luxury watches are considered elastic.
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Which of the following activities would be a part of the leading function of a manager? A) Devising a new strategic plan to enter a new foreign market currently dominated by a competing firm. B) Recruiting qualified workers to join the organization and assigning them to their proper position. C.Examining a financial report to see whether the firm's profits are improving and taking corrective action if they are not. D) Training and coaching workers to help them understand their job and perform it effectively.
The following tasks would be included in a manager's leading role. Employees are trained and coached to understand their jobs and do them well.
Which of the following would be a part of a manager's controlling function?Controlling entails making sure that performance adheres to norms. Three steps make up controlling: setting performance criteria, assessing actual performance against those standards, and, if necessary, remedial action.
Which of the following tasks falls under a manager's organizing responsibilities?Planning is followed by management's organizational activity. It is the activity concerned with organizing and managing human, material, and financial resources in order to accomplish organizational goals. As an illustration, this could involve developing systems, setting up teams, or setting up processes and tasks.
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Import tariffs are put in place to increase foreign competition. True or False?
False. Import tariffs are actually put in place to decrease foreign competition by making imported goods more expensive for consumers, which can make domestic goods relatively more affordable and competitive.
Governments may use import tariffs as a tool to protect domestic industries from foreign competition, as they can make imported goods less attractive to consumers by increasing their cost. Tariffs can also generate revenue for the government, as importers must pay a tax on the goods they bring into the country. While it is true that import tariffs can sometimes increase competition among domestic producers, this is typically not the primary goal of such measures. Instead, the aim is often to shield domestic industries from competition from foreign firms, particularly those with lower labor costs or more favorable trade policies. By increasing the cost of imported goods, tariffs can make it more difficult for foreign firms to compete with local producers, which may give domestic industries a boost.
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False. Tariffs are taxes imposed by governments on imported goods and services that are meant to increase the price of the imported product and protect domestic industry from foreign competition.
Tariffs can also be used to increase government revenue, as well as to limit imports of certain products to protect domestic industry from cheaper foreign competitors. Tariffs are designed to make imported goods more expensive relative to domestic goods, thus making them less attractive to consumers. This helps protect domestic producers from foreign competition and allows them to increase their market share and profits. Tariffs can also be used to protect certain industries from becoming uncompetitive and unprofitable. On the other hand, tariffs can also increase prices for consumers, reduce their purchasing power, and lead to economic inefficiencies. Overall, tariffs are used as a tool to protect domestic industries from foreign competition and are not meant to increase foreign competition.
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Which of the following activities is part of the "planning" function of management? A. Assigning a particular worker to do a specific task B. Looking at market forecasts to identify future business opportunities and challenges C. Praising a sales representative who has far exceeded her monthly sales objectives
Planning" managerial function examining market projections to find potential company possibilities and difficulties in the future.
What is market projections?Market projections is a thorough evaluation of the target market for your company's products and services as well as the industry's competitive environment. This study enables you to forecast the level of success you may anticipate when you debut your brand and its items to the market. A market is evaluated both quantitatively and qualitatively in a market analysis. It examines market size in terms of volume and value, different customer segments and purchasing behaviours, competitiveness, and the competitive and regulatory environments in the economy. Your market analysis should include information on your sector as a whole, your target market, your competitors, your own company projections, and any laws you'll need to follow.
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What aspects of demand can a business control? what can't it control? what can producers do with information about the demand curve, as well as information about trends affecting demand changes, to spur their growth?.
A business can control their pricing, advertising and product availability but they cannot control external factors such as economic conditions or consumer preferences.
Businesses have a certain level of control over the demand for their products, such as setting prices, advertising, and making their products readily available. However there are external factors such as economic conditions, changes in consumer preferences, and competition that they cannot control.
By understanding the demand curve and trends affecting demand changes, producers can adjust their marketing strategies and product offerings to cater to consumer preferences and potentially spur their growth. For example: if there is a trend towards eco-friendly products, producers can shift their focus towards creating sustainable and environmentally conscious products.
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On January 1, 2017, Robinson Company purchased Franklin Company at a price of $2,500,000. The fair market value of the net assets purchased equals $1,800,000.
What is the amount of goodwill that Robinson records at the purchase date?
Explain how Robinson would determine the amount of goodwill amortization for the year ended December 31, 2017.
Robinson Company believes that its employees provide superior customer service, and through their efforts, Robinson Company believes it has created $900,000 of goodwill. How would Robinson Company record this goodwill?
On January 1, 2017, Robinson Company purchased Franklin Company at a price of $2,500,000. The fair market value of the net assets purchased equals$1,800,000. Thus the amount of goodwill that Robinson records at the purchase date is $700,000.
What is the calculation?Step 1
Given that the entire Franklin Company was purchased by Robinson Company, goodwill should be recorded.
To solve for the purchased goodwill, we have
Goodwill= Purchase price of the company−Market value of the individual net assets
=$2,500,000−$1,800,000
= $700,000
Thus, the purchased goodwill is valued at $700,000.
Step 2
Goodwill is recorded as an asset and is not amortized, thus there will be no amount for goodwill amortization for year ended December 31, 2017. Instead, goodwill is tested for impairment annually.
Step 3
Goodwill is recorded only when it is acquired upon purchase. In this case, since goodwill is based solely on the employees' efforts of providing superior customer service, Robinson Company should not record it.
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The assignment of direct and indirect materials to a cost object reduces the
A.manufacturing overhead account.
B.raw materials inventory account.
C.work in process inventory account.
D.finished goods inventory account.
The raw materials inventory account is decreased when direct and indirect materials are assigned to a cost object.
What is raw materials inventory account ?All types of raw materials are originally tallied as assets in an inventory asset account with a debit to the accounts payable account and a credit to the raw materials inventory account. The raw materials inventory account is decreased by the assignment of direct and indirect materials to a cost item. Finished goods kept for sale, incomplete works in progress, and any raw materials required to make goods are all included in inventory. On the company's balance sheet, it is listed as a current asset. Because they are used directly in the creation of a good or the provision of a service, raw materials are shown as direct expenses on an organization's income statement. Costs of raw materials are thought to fluctuate as manufacturing levels do because they are considered to be variable costs.
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a company wishes to determine the eoq for an item that has an annual demand of 2,000 units, a cost per order of $75, and annual carrying cost of 7.50 per unit. what is the eoq?
Economic Order Quantity (EOQ) is a model that helps determine the optimal order quantity that minimizes the total cost of inventory. It is calculated using the following formula:
EOQ = √(2DS/H)
Where:
D = Annual demand (in units)
S = Cost per order ($/order)
H = Annual carrying cost of inventory per unit ($/unit)
Plugging in the values for D, S, and H, we get:
EOQ = √(2 x 2,000 x $75)/($7.50)
EOQ = √(300,000)/($7.50)
EOQ = √(40,000)
EOQ = 200 units
So, the EOQ for the item is 200 units. This means that the company should order 200 units of the item at a time to minimize the total cost of inventory.
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All of the following tests are included in the ethical decision-making metric except
Multiple Choice
a. the admired observer test.
b. the legality test.
c. the moral mentor test.
d. the publicity test.
e. the transparency test.
d. The publicity test and e. the transparency test are not included in the ethical decision-making metric
The legality test asks whether the choice complies with existing rules and laws. The moral mentor test asks people to think about how a person they respect, like a religious leader, would behave in a comparable circumstance. Questioning how one's activities will be viewed by individuals they respect and admire is part of the respected observer test. Usually, the publicity test is not considered when making ethical decisions. It considers how the general public would view a decision, whether it would be ethical or not. Public opinion may play a role in ethical decision-making, but it shouldn't be the only one.
Although it may not be part of the ethical decision-making metric, the transparency test is a crucial component. Being open and truthful about one's conduct and making sure that all pertinent information is revealed are examples of transparency. This promotes accountability and trust while guaranteeing that decisions are made in a moral and responsible manner. The goal of an ethical decision-making metre is to assist people in making decisions that are consistent with their values, principles, and the greater good.
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Can you provide specific details about the role's day-to-day responsibilities?
The day-to-day responsibilities of any role may vary depending on the specific organization and industry.
I would need to know which role you are referring to in order to provide specific details about the day-to-day responsibilities. Different roles have different duties and requirements.
For example, the day-to-day responsibilities of a software engineer might include writing and testing code, collaborating with other team members, participating in code reviews, troubleshooting and resolving technical issues, and staying up-to-date with new technologies and trends in software development.
On the other hand, the day-to-day responsibilities of a customer service representative might include responding to customer inquiries and resolving issues, maintaining customer records and information, providing product or service information, and working with other teams within the organization to resolve complex customer problems
However, a job description or talking to someone who currently holds the position can provide more specific details about the role's day-to-day responsibilities.
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An increase in demand (given a typical upward sloping supply curve) for a product (increases/decreases) the equilibrium price, and (increases/decreases) the equilibrium quantity.
With a standard upward sloping supply curve, a rise in demand for a commodity will affect both the equilibrium price and quantity. escalates, escalates A guy has been discharged
What does the word "price" mean?The price is the amount of money (often not a negative number) that one party offers to another in exchange with one unit of products or services. In some circumstances, the manufacturing cost is referred to by a different term. The price of a thing will probably be referred to as "price" if it is a "good" in a commercial exchange.
What is the name of the item's price?
When referring to retailers who designate a finite number of price points, the cost of an item is also referred to as its "price point." One such "five and dime" or general store is Dollar General, which exclusively puts pricing points at even numbers, such as precisely one, two, four, five, or 10 dollars (among others).
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Mixed cost is the cost which includes the components of both the fixed cost and variable cost. True/False?
The statement made is false. The hog-low method is used to separate the fixed and variable components of mixed costs.
What is a mixed cost?A cost with both a fixed and a variable cost component is known as a mixed cost. In order to predict how costs will change with various levels of activity, it is essential to comprehend the mix of these costs' components. In most cases, a mixed cost may exist in part even when there is no activity, and the cost may also rise as activity levels rise. The variable cost component will rise while the fixed cost component will remain unchanged as usage of a mixed cost item increases.
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Does Suntrust offer business accounts?
SunTrust Bank, now known as Truist Bank, does offer business accounts. They offer a range of business banking services, including checking and savings accounts, credit cards, loans, and cash management solutions.
Business accounts are financial accounts that are designed to help companies manage their money and track their financial transactions. These accounts are offered by banks and other financial institutions and come with a range of features and services that are tailored to the needs of businesses.
Some of the key features of business accounts include the ability to make and receive payments, access to credit facilities, and online banking tools that allow businesses to manage their accounts and track their spending. Business accounts may also offer overdraft facilities, which can be useful for companies that need to manage cash flow fluctuations. Business accounts are an essential tool for any company that wants to manage its finances effectively and make the most of its money.
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Complete Question: -
Does Suntrust bank offer business accounts?
What is an example of opportunity cost in consumers?
Opportunity cost is a fundamental concept in economics that refers to the cost of any action in terms of the next best alternative foregone.
In the context of consumers, opportunity cost can be seen as the cost of choosing one option over another. An example of opportunity cost in consumers could be deciding between purchasing a new television or going on a vacation.
If a consumer decides to purchase a new television, the opportunity cost of that decision is the vacation they could have taken with the same amount of money. On the other hand, if the consumer decides to go on vacation, the opportunity cost of that decision is the new television they could have purchased with the same amount of money.
In this way, the opportunity cost of any decision involves weighing the benefits and drawbacks of each option and considering what could have been gained if another option had been chosen. Opportunity cost is an important concept for consumers to consider when making decisions about how to allocate their resources, including time, money, and effort.
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The appeal of using predetermined departmental overhead rates is they presumably provide ___.
The appeal of using predetermined departmental overhead rates is they presumably provide a more accurate accounting of costs, enhanced information.
What is accounting?Accounting, which is frequently referred to as simply "accounting," is the process of gathering, analyzing, and disseminating financial and other data on companies and businesses.
Accounting is the activity of keeping records of a company's financial transactions.
The benefit of adopting departmental overhead rates that have been defined is that they should provide better information and a more accurate accounting of expenditures.
Thus, this rate is distinct at every stage of production because various departments employ various procedures that enable management to precisely review manufacturing inefficiencies and determine the best course of action.
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Tom wishes to purchase a property that has been valued at $300,000. He has $30,000 available as a deposit, and will require a mortgage for the remaining amount. The bank offers him a 25-year mortgage at 2% interest. Calculate his monthly repayments. Give your answer in dollars and cents. Do not include commas or the dollar sign in your answer.
He can get a mortgage from the bank for 25 years at 2% interest. Tom's monthly repayments will be $1,193.17.
To calculate the monthly repayments for Tom's mortgage, we can use the formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where M is the monthly payment, P is the principal (the amount of the mortgage), i is the monthly interest rate, and n is the number of monthly payments.
First, we need to calculate the principal, which is the amount Tom needs to borrow:
$300,000 - $30,000 = $270,000
Next, we need to calculate the monthly interest rate. Since the annual interest rate is 2%, the monthly interest rate is:
2% / 12 = 0.002
Finally, we need to calculate the number of monthly payments. Since the mortgage is for 25 years, or 300 months, n = 300.
Now we can use the formula to find the monthly payment:
M = $270,000 [ 0.002(1 + 0.002)^300 ] / [ (1 + 0.002)^300 – 1]
M = $1,193.17
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Answer1144.41
Explanation: got the answer wrong with the one before mine and got it wrong. it said it was this
Suppose initially that the United States is consuming 22 boots and 1818 shirts and Canada is consuming 1212 boots and 22 shirts. Then, suppose the United States and Canada specialize by each only producing the good for which they have a comparative advantage and then trade with each other. In particular, suppose the United States trades Canada half of its production for half of what Canada produces.How many additional shirts will the United States have after the trade?
The United States would have a total of 1829 shirts after the trade.
In terms of creating shirts, the United States has a competitive advantage over Canada since it can create more shirts per worker. Canadian production of boots has a comparative advantage over American production in that it can create more boots per unit of labor.
Prior to the trade, the United States produced 1818 shirts and 22 pairs of boots, whereas Canada produced 1212 pairs of boots and 22 shirts. Canada will only create boots after the trade, and the United States will only make shirts. Please take into account that the United States gave Canada 11 of its shoes in return for 50 of its shirts (11 shirts).
After the exchange, Canada would receive 11 boots and the United States would receive 11 more shirts. As a result, following the trade, the United States would possess 1818 + 11 = 1829 shirts altogether.
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what types of businesses in the area hosting the super bowl will profit from the experience?
Hotels, restaurants, bars, transportation services, event planning and production companies, merchandising and souvenir shops, and security and staffing companies are among the types of businesses in the area hosting the Super Bowl that can potentially profit from the experience.
Hosting the Super Bowl can have a significant economic impact on the area where the event is held. This is because the Super Bowl attracts a large number of visitors who spend money on various goods and services, such as accommodations, dining, transportation, entertainment, and merchandise.
As a result, local businesses in the area have an opportunity to generate increased revenue and profits during the event. Hosting the Super Bowl can also lead to job creation and additional tax revenue for the local government.
The economic impact may vary depending on factors such as the size of the event, the location, and the level of investment made in hosting the event.
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What is revenue recorded under the cash basis system of accounting?
Small enterprises and organizations that pay taxes through the personal tax returns of their owner(s) frequently employ cash basis accounting.
What is cash basis accounting?Cash basis accounting is a method of accounting where a business records its transactions based on the actual cash received or paid out. Under this method, revenue is recorded only when cash is received from customers, while expenses are recorded only when cash is paid out. This means that there is no recognition of accounts payable or accounts receivable, and the timing of revenue and expenses is based solely on the movement of cash in and out of the business. Cash basis accounting is generally used by small businesses with a relatively simple financial structure, as it does not require complex bookkeeping or accounting practices. However, it may not provide an accurate picture of the financial health of a business, especially if it has large accounts payable or receivable balances.
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What types of businesses in the area hosting the Super Bowl will Profit?
The type of business that may be profitable in the Super Bowl are hotels, restaurants, entertainment venues and retail businesses.
In the term of championship, The Super Bowl generally can be defined as an annual final playoff game of the National Football League. The Super Bowl be held to determine the league champion. he Super Bowl has served as the final game of every NFL season since 1966. In the Super Bowl Championship, the supporters may need accommodation like hotels and villa to attend to Super Bowl. In the other side, a business like restaurant, cafe, entertainment venues also may gain a big profit.
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The fallacy of composition is the incorrect view that
a. if something is true for an individual, then it must also be true for the group.
b. when two events are associated, the one observed first must have caused the second.
c. everything else is always held constant when a change occurs.
d. a small change in an economic variable will have unrecognizable but significant consequences on the economy.
The fallacy of composition is the incorrect view that if something is true for an individual, then it must also be true for the group. Hence, the correct option is (A).
What Is The Fallacy Of Composition?The fallacy of composition is a form of error in the interpretation of a logic. The fallacy of composition is basically when we conclude that something is true for someone in a group, then it is also true for everyone in that group. This logic is called fallacy because what is true for one person does not always work for all people.
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When a firm has ______, it can place more emphasis on other objectives
When a firm has mission planning, it can place more emphasis on other objectives. Here, you determine the most effective strategy for achieving your goal.
Make a plan for how you're going to get there. Because practically no strategy is perfect the first time around, prepare for unforeseen goal circumstances. Only the elements that are most crucial to the organisation should be highlighted in the firm mission statement.
It should be succinct, lucid, instructive, straightforward, and direct. It firm should steer clear of flowery language, cliches, and generalisations and place a strong emphasis on the organization's goals and the individuals it serves. Mission planning strategy is a task that frequently necessitates communication between numerous entities.
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which one of the following is an implication of the laffer curve?
An Implication of the Laffer Curve is that There are Optimal Tax Rates
1. The Laffer Curve suggests that there is an ideal rate of taxation that maximizes government revenue.
2. Economic theory suggests that when this optimal rate is exceeded, decreases in taxes can increase tax revenue.
3. Therefore, the Laffer Curve emphasizes the need to find the right balance between taxation levels and economic incentives.
4. In other words, high tax rates may result in decreased incentives to work, resulting in lower overall revenues.
In the following question, among the given options, The implication of the Laffer Curve is that there is an ideal rate of taxation that maximizes government revenue. Therefore, statement 1 is the correct implication of the Laffer Curve.
The Laffer Curve is a theoretical concept that suggests that there is a level of taxation beyond which further increases in tax rates may lead to a decrease in government revenue due to reduced incentives to work, invest, and engage in economic activity. However, it does not necessarily imply that tax cuts will always lead to increased revenue, as the relationship between tax rates and government revenue is complex and influenced by many factors. Statements 2, 3, and 4 are related concepts but not direct implications of the Laffer Curve.
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Drawback in the use of patents to protect investors' rights is that they
a. confer a legal monopoly for a fixed number or years
b. raise the price that the public pays for the products of patent holders during the time they are held
c. a nd b
d. none of the above
The use of patents to protect investors' rights does have some drawbacks, including that A: patents confer a legal monopoly for a fixed number of years and B: raise the price that the public pays for the products of patent holders during that time.
By granting a monopoly, patents allow patent holders to set higher prices for their products without fear of competition, which can result in higher costs for consumers. Additionally, the high costs of obtaining and maintaining a patent can also discourage innovation and competition. These limitations can be viewed as trade-offs between the protection of intellectual property rights and the promotion of innovation and competition in the marketplace.
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Your internet service provider (isp) charges a $55 installation fee and a fixed charge per month for its service. The total cost for this service after 6 months is $445. Write an equation for cost, c, after t months of service.
The equation for cost, c, after t months of service is c = 55 + (t x 40), where t is the number of months of service.
This equation can be derived from the given information that the installation fee is $55 and the fixed charge per month for the service is $40. The cost after 6 months of service is $445, so the equation can be further simplified to c = 55 + (6 x 40) = 445.
The equation is linear, meaning that the cost increases by a fixed amount for every additional month of service. For example, if the cost is $445 after 6 months, the cost after 12 months of service will be c = 55 + (12 x 40) = 595.
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what is one of the most important internal controls for cash ?
Several tools are used as internal controls for cash. The management's continuous and regular oversight of the bank account is the finest tool.
Setting up internal controls is an essential step in developing your organization's risk management and security policies. Internal control methods aid in defending your company against threats to its general reputation, finances, and business plan. To make sure your organisation is operating effectively and efficiently, controls act as a form of check-up. Internal financial controls assist your company in maintaining the regulatory compliance mandated by industry standards. In order to safeguard investors, the Sarbanes-Oxley Act of 2002 (SOX) of the U.S. government demands evidence that businesses are honestly disclosing their financials. Establishing a system of controls for your company's cash management and financing helps support business continuity and protect your finances.
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True/False. fixed cost remains unchanged when the volume of activity changes within the relevant range.
True. Fixed costs are costs that do not vary with changes in the volume of activity, at least within a certain range of output or level of production. The relevant range is the range of production levels over which the assumptions made about cost behavior are valid.
For example, a company may have a fixed rent expense of $10,000 per month for its office space. Whether the company produces 100 units or 1,000 units of product, the rent expense remains the same at $10,000 per month. This is because the cost of rent is not affected by changes in production volume within the relevant range. It is important to note, however, that fixed costs may change if the level of production falls outside the relevant range. For example, if the company were to shut down its operations for a month, it would not incur rent expenses during that period. Similarly, if the company were to significantly increase its production beyond the capacity of its existing facilities, it may incur additional fixed costs, such as the cost of leasing or building a new facility.
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how do investigators determine where a shooter was standing
When investigating a shooting incident, investigators use a variety of techniques and tools to determine where a shooter was standing. Some of the methods that investigators may use include:
Physical evidence.Bullet trajectory.When a shooting incident occurs, investigators will typically conduct a thorough investigation to gather as much information as possible. One of the key pieces of information that they will try to determine is the position of the shooter at the time of the incident.
This is important for a number of reasons, including identifying the person responsible for the shooting and building a case against them. To determine where a shooter was standing, investigators will use a variety of techniques and tools.
They may start by looking for physical evidence, such as spent shell casings or bullet fragments, at the scene of the shooting. By analyzing the location of these items, investigators can get an idea of where the shooter was standing and the direction in which they were firing.
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After making a payment of $2,300 for an automobile, Xavier paid $423 per month for 48 months with interest charged at 3.9% per year compounded monthly on the unpaid balance. How much did Xavier pay towards the principal of the loan on the car? What was the original cost of the car (in dollars)? What is the total amount that Xavier paid for the car (in dollars)? How much of Xavier's total car payments went toward interest charges (in dollars)?
Answer:
How much did Xavier pay towards the principal of the loan on the car?Explanation:
The formula for determining the principal taken out on a loan where you are paying at regular intervals is given by the formula:
[tex]\boxed{P = \dfrac{d \left( 1 - \left( 1+ \dfrac{r}{n} \right)^{-nt} \right) }{\left(\dfrac{r}{n}\right)} \cdots\cdots\cdots (1)}[/tex]
where
[tex]P[/tex] is the balance in the account at the beginning (the principal, or amount of the loan).
[tex]d[/tex] is the periodic payment
[tex]r[/tex] is the annual interest rate in decimal form
[tex]n[/tex] is the number of compounding periods in one year.
[tex]t[/tex] is the length of the loan, in years
Looking at the problem description we see that
The monthly loan payment [tex]d = \$423[/tex]
3.9% annual rate: [tex]r = 0.039[/tex]
Since we are compounding monthly, [tex]n = 12[/tex]
Monthly payments for [tex]4[/tex] years means [tex]t = 4[/tex]
Plugging these into the Equation 1 above we get
[tex]P = \dfrac{423 \left( 1 - \left( 1+ \dfrac{0.039}{12} \right)^{-4(12)} \right) }{\left(\dfrac{0.039}{12}\right)}[/tex]
[tex]P = \dfrac{423\times \left( 1 - \left( 1.00325\right)^{-48} \right) }{\left( 0.00325\right)}[/tex]
[tex]P = \dfrac{423\left( 1 - 0.8557756\right) }{\left( 0.00325\right)}[/tex]
[tex]P = \dfrac{423 \times 0.14422}{0.00325}\\\\P = \$18,771.36[/tex]
So the loan amount was $18,771.36 = $18771 (ignoring cents)
Original cost = Loan amount + down payment
= [tex]\$18,771 + $2,300 = \$21071[/tex]
But he paid a total of 48 monthly payments of $423 and a down payment of $2,300
Total amount paid = $423 x 48 + $2,300 =$20,304 + $2,300 = $22,604
Interest paid = Amount paid for loan - Principal
= $20,304 - $18,771
= $1,533