The ending balance for the Cash account in Mega's general ledger will be too high, while the ending balance for the Accounts Payable account will be incorrect.
What are accounts payable?A liability account called accounts payable (AP) keeps track of the sums due by a business to its suppliers or vendors for products or services received but not yet paid for. AP is a crucial part of managing a firm's working capital since it represents the debts a company has to its creditors. AP is a crucial component of a business' balance sheet and is used to determine the current ratio, which serves as a liquidity indicator. To preserve positive working relationships with their suppliers, control cash flows, and prevent liquidity issues, businesses must manage their AP balances correctly. When an invoice is received, AP is normally recorded, and it is decreased when the invoice is paid.
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A bug moves along a vertical post and its position is given by y(t). The velocity of the bug is modeled by the equation v(t) = 2t - 1. When t = 1.y(t) = 2. Find y(3)
To find y(3), we first need to find the displacement of the bug between t = 1 and t = 3. We can do this by integrating the velocity function v(t) = 2t - 1 with respect to time: ∫(2t - 1) dt = t^2 - t + C
where C is the constant of integration. We can determine the value of C using the initial condition y(1) = 2:
y(1) = ∫(2(1) - 1) dt + C
2 = (1^2 - 1) + C
C = 2
So the displacement of the bug between t = 1 and t = 3 is:
y(3) - y(1) = ∫(2t - 1) dt from t=1 to t=3
y(3) - 2 = [(3^2 - 3) - (1^2 - 1)]
y(3) - 2 = 6
Therefore, y(3) = 8.
This means that the bug has moved a total distance of 8 units above its initial position of y = 2, after starting with an initial velocity of v(1) = 2(1) - 1 = 1, and accelerating at a constant rate of 2 units per second per second.
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chapter 5 homework principals of microeconomics
Elasticity of demand is the rise or fall in demand for a good resulting from a change in the good's price. If demand varies significantly when prices vary, it is considered to be elastic.
What is Elasticity of demand?
The quantity requested for a good depends on how sensitively it responds to its price. When prices rise, almost all products see a fall in demand; however, certain products see a bigger decline in demand than others. A 1% price rise, while holding all other variables equal, will result in a given percentage change in the quantity needed. If the elasticity is equal to two, a one percent price increase results in a two percent decrease in quantity demanded.
Other elasticities are used to determine how the quantity needed changes in respect to other factors.
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Which of the following is an example (or are examples) of a sunk cost in a capital budgeting analysis? (Read all alternatives prior to answering)
A. The amount paid for a building you currently own and intend to utilize for a project
B. The current market value of a building you own and intend to utilize for a project
C. The Increase in inventory required to begin a new project
D. The price of a consultant's report that has not yet been paid, but will be paid regardless of whether the project is accepted or rejected
E. Both of the other responses regarding the amount paid for a building you own AND the price of consultant's report that will be paid regardless, are examples of sunk costs
In a capital budgeting analysis, a sunk cost refers to a cost that has already been incurred and cannot be recovered. Therefore, the correct answer would be option E, both of the other responses regarding the amount paid for a building you own AND the price of consultant's report that will be paid regardless, are examples of sunk costs.
The amount paid for a building you currently own (option A) is a sunk cost because it has already been paid and cannot be recovered. Similarly, the price of a consultant's report that has not yet been paid, but will be paid regardless of whether the project is accepted or rejected (option D) is also a sunk cost because it will be incurred regardless of the decision made about the project. On the other hand, the current market value of a building you own (option B) and the increase in inventory required to begin a new project (option C) are not sunk costs because they are not costs that have already been incurred and cannot be recovered. Therefore, the correct answer is option E, both of the other responses regarding the amount paid for a building you own AND the price of consultant's report that will be paid regardless, are examples of sunk costs.
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Which of the following most accurately reflects the current thinking about the use of subliminal perception in marketing promotion and advertising? Select one:
a. Subliminal messages are below the threshold of perception, so they cannot be utilized in marketing.
b. It comes down to a matter of attention. If a viewer will pay enough attention to a subliminal message, then it can have specific effects.
c. There is some evidence that subliminal perception can have limited effects, but the effects are not specific enough to make subliminal messages very effective in advertising.
d. Subliminal ads can be effective, but customers do not like them; therefore marketers avoid them.
e. Subliminal ads are very effective and should be banned because consumers are not aware that they are been targeted.
The answer is option c. There is some evidence that subliminal perception can have limited effects, but the effects are not specific enough to make subliminal messages very effective in advertising.
What does advertising mean in the simplest terms?In order to advertise a good, service, or cause, advertising involves buying space. Ads, as in short for advertisements, are the real promotional messaging. Reaching those who are most likely to be inclined to buy a company's goods or services—and persuading them to do so—is the purpose of advertising.
What does advertising primarily aim to achieve?Advertising's goals include educating consumers about a company's goods and services, persuading them that they are the best, enhancing the company's reputation, highlighting and generating demand for goods and services, showcasing novel uses for existing goods, and announcing new goods and services.
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is a type of product that has tangible attributes that a consumer's five senses can perceive.
Answer:
Explanation:
A product with tangible attributes refers to a physical product that can be touched, seen, smelled, tasted, or heard. Examples of tangible products include clothing, electronics, food, toys, and home appliances. The tangible attributes of a product often play a significant role in a consumer's purchasing decision, as they can provide a tangible representation of the product's quality, durability, and overall value.
match the terms with the appropriate definition 1. bias a publication published on a scheduled basis such as a magazine or journal 2. career outlook prediction of future available employment in a specific career 3. employment agency an agency that assists job seekers in locating employment and helps employers advertise job openings and connect with qualified job seekers 4. periodical an ability or accomplishment that makes someone suitable for a particular activity or job 5. qualification related to an occupation or trade 6. task information not based on a neutral viewpoint nor presented in a neutral manner 7. vocational work and/or assignment to be done
Periodical: a publication published on a scheduled basis such as a magazine or journal.
What is Career outlook?Career outlook: prediction of future available employment in a specific career.
Employment agency: an agency that assists job seekers in locating employment and helps employers advertise job openings and connect with qualified job seekers.
Qualification: an ability or accomplishment that makes someone suitable for a particular activity or job.
Vocational: related to an occupation or trade.
Bias: information not based on a neutral viewpoint nor presented in a neutral manner.
Task: work and/or assignment to be done.
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Business organizations can illustrate their commitment to ethical leadership, or
"values management," in which of the following ways?
Developing ethical codes
Ethical training
Monitoring of ethical protocals with a reporting system
None of the above
All of the above
Option e: All of the above. By Developing ethical codes, Ethical training, and by Monitoring of ethical protocols with a reporting system.
Ethical leadership is leadership focused on appropriate behavior through respect for ethics and values and the rights and dignity of others. The concepts of honesty, integrity, trust and fairness are all important to ethical leadership.
Ethical leadership can add value to an organization by motivating employees and encouraging them to act in accordance with company values. Experience shows that ethical leadership increases employee satisfaction and reduces turnover.
Ethical leaders must demonstrate ethical and appropriate behavior in all aspects of life over time, even if that behavior is not necessarily observable by employees.
Ethical leadership can even be offensive, such as firing employees who use company property for personal gain. Still, maintaining integrity is paramount to leadership.
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At the end of its annual accounting period, the company must make three adjusting entries. a. Accrue salaries expense. b. Adjust the Unearned Revenue account to recognize eamed services revenue.
c. Accrue wages expense. For each of these adjusting entries, indicate the account to be debited and the account to be credited a. Debit _____
a. Credit _____
b. Debit _____
b. Credit _____
c. Debit _____
c. Credit ______
The account to be debited and the account to be credited are:
Debit - Salaries ExpenseCredit - Salaries PayableDebit - Unearned Service RevenueCredit - Service RevenueDebit - Accounts ReceivableCredit - Service RevenueWhat are debit and credit?A credit entry reflects a value transfer from the account, whereas a debit entry represents a transfer of value to the account.
Each transaction involves the movement of money from credit to debited accounts.
Therefore, the entries are:
Debit - Salaries ExpenseCredit - Salaries PayableDebit - Unearned Service RevenueCredit - Service RevenueDebit - Accounts ReceivableCredit - Service RevenueTo learn more about debit and credit, refer to the link:
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FILL IN THE BLANK _______ is the process by which future cash flows are adjusted to some equivalent amount today.
Discounting is the process by which future cash flows are adjusted to some equivalent amount today.
Future cash flows are reduced to a current value that is equal to them through the process of discounting. Discounting, a principle idea in finance is used to determine the present value of future cash flows while accounting for the time value of money.
A dollar obtained in the future is worth less than a dollar received today due to the opportunity cost of holding out for the future cash flow, according to the basic discounting concept. It is simpler to compare future cash flows with other assets and to determine the total worth of an investment when future cash flows are stated in terms of today's dollars by discounting them.
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True or False: How accounting transactions are recorded will vary depending on the entity perspective taken. This statement is
Accounting transactions recorded will vary depending on the entity perspective taken - True.
This statement is - true because accounting transactions can be recorded differently depending on the entity perspective taken.
For example, in accrual accounting, the transaction is recorded when the obligation is incurred and not when the cash is paid or received.
This means that an obligation to pay or receive money can be recorded before the transaction actually takes place.
Additionally, the recording of a transaction can also depend on the type of entity involved.
For example, a transaction between two different companies would be recorded differently than one between a company and its shareholder.
Thus, the way accounting transactions are recorded will vary depending on the entity perspective taken.
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write a statement to save all variables in the current workspace to the file data1.mat from a script.
The following statement can be used in a MATLAB script to save all variables in the current workspace to a file called "data1.mat":
save('data1.mat');
This statement will save all variables in the current workspace to a file called "data1.mat". The variables can be loaded back into the workspace at a later time using the following statement:
load('data1.mat');
What is a statement in programming?A statement is a grammatical unit of an imperative programming language that expresses some action to be performed.
A program developed in this language is made up of a series of one or more statements. Internal components of a statement are possible.
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blossom enterprises provides the following information relative to its defined benefit pension plan projected benefit obligation $2,762,100
projected benefit obligation (PBO) defined benefit pension plan is a retirement plan in which an employer promises to pay.
The benefit is typically based on a formula that takes into account the employee's years of service, age, and salary at retirement.The projected benefit obligation (PBO) is the present value of the future payments that the employer is obligated to make to employees under the terms of the defined benefit plan. The PBO is calculated using actuarial assumptions about the future, including interest rates, employee turnover, mortality rates, and other factors.In the case of Blossom Enterprises, the company's defined benefit pension plan has a projected benefit obligation of $2,762,100. This means that, based on the assumptions used to calculate the PBO, the company expects to pay out a total of $2,762,100 in retirement benefits to its employees over time.To fund the plan, Blossom Enterprises will need to contribute funds to the plan on a regular basis. The amount of the required contributions will depend on a number of factors, including the PBO, the current funding status of the plan, and the investment returns earned by the plan assets.
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the reduced sales of martha stewart branded goods at k-mart after she was accused of insider trading is an example of the strength of the profit maximization theory. T/F
It is true that the drop in sales of branded goods at k-mart after Martha Stewart was accused of insider trading is an example of the power of profit maximization theory.
The Sarbanes-Oxley Act of 2002 requires public companies to have a board audit committee composed entirely of independent directors. The basic premise of utilitarianism is that an action is moral if it maximizes the "utility" (or well-being) of society as a whole. His two most important philosophers in this tradition are Jeremy Bentham and John Stuart Mill.
Utilitarianism is a form of consequentialism as it is based on the idea that it is the result or outcome of actions, laws, policies, etc. Decide if they are good or bad, right or wrong.
Consequentialist ethics hold that correct moral responses are related to the consequences or consequences of trading alone.
The utilitarian principle states that an action is morally right if it brings the greatest benefit to the greatest number of people. An action is morally correct if it is the largest compared to the net benefit of the alternative.
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bank fees for use of an automated teller machine (atm) do not need to be considered when choosing a bank since fees are set by the federal government and are the same for all banks. T/F
The answer is True, bank fees for use of an automated teller machine (atm) do not need to be considered when choosing a bank since fees are set by the federal government and are the same for all banks are true.
What does the word "bank" mean in its simplest form?When used as a noun, "bank" can refer to a location where people deposit money or to a lengthy mound or slope, such as a riverbank. The word "to bank" can also indicate to rebound off of something. The term "word bank" is used frequently and can be used in both noun and verb senses.
Why do they refer to it as a bank?Since Italian merchants in the Renaissance established negotiations to borrow and lend money next to a bench, the word bank is derived from the Italian word banco, which means bench. They put the cash on that bench. Basic accounting records have existed since the dawn of time.
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Enzo needs to inform his entire company about the upcoming seminar. The corporate office will be offering. He needs to describe each session that will be offered the time in date for each session and the steps to take to sign up for each session which is more logical channel for Enzo to use to communicate this information?
Answer:
Explanation:
For Enzo to communicate this information effectively to his entire company, the most logical channel to use would be email or the company's intranet system.
Email is a fast and efficient way to reach a large number of people in a short period of time. Enzo can send a company-wide email that includes all the necessary information about the upcoming seminar, including the session descriptions, time and date for each session, and steps to take to sign up for each session. He can also attach any relevant documents or links to the email to provide more information.
Alternatively, if the company has an intranet system, Enzo can post the information about the seminar on the intranet, making it easily accessible to all employees. He can create a dedicated page or section on the intranet that includes all the information about the seminar and any relevant links or documents.
Both email and the intranet system provide a convenient and accessible way to communicate important information to a large number of people in a clear and concise manner. Enzo can use either of these channels or both to ensure that all employees receive the necessary information about the upcoming seminar.
fill in the blank. __ the record holding all the accounts of a business, the changes in those accounts, and their balances
The correct answer to fill the blank to the question above is "Ledger"
Ledger is the record holding all the accounts of business the changes in those accounts and their balances. Journal is a record of transactions in date or orderAccounts a detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period of time. The side of the n account when increases are recorded is called normal balance.The left side of the t-chart is called debit and the right side is called credit.Learn more about Accounting ledger at: https://brainly.com/question/18018348
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josh announces a reward of $500 for his dog, ginger, that ran away from his house. josh spreads the word only by pinning up posters in his neighborhood. amanda, josh's colleague, sees ginger and brings her back to josh without ever seeing the poster. after returning the dog, amanda sees one of the reward posters and returns to claim the money. in the context of this scenario, which of the following statements is true?
Amanda is entitled to the money because fulfilling the required act in the poster indicates acceptance.
What are the requirements of a valid acceptance?Acceptance is a critical component in the formation of a binding agreement between two parties in contract law. It must meet the following criteria to be considered a valid acceptance: Acceptance must be communicated to the offeror through words, actions, or other means. Acceptance must be unconditional, which means it must be a clear and unequivocal expression of willingness to be bound by the terms of the offer. Any changes or modifications to the offer may be regarded as a counteroffer rather than a valid acceptance. Acceptance must be a "mirror image" of the offer, which means it must be an unqualified acceptance of all of the offer's terms and conditions. Acceptance must be properly addressed and transmitted.
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TRUE/FALSE. a strategy in system analysis and design in which the project is reviewed after each phase and continuation of the project is rejustified.
TRUE. The mentioned technique, sometimes referred to as the "phased approach" or "phased development," is typical in system analysis and design. With this method, the project is broken up into numerous phases,
The process of researching and evaluating complex systems to find issues, inefficiencies, and potential areas for change is known as system analysis. It entails disassembling a system into its component parts and analysing how these parts work together to accomplish a shared objective. System analysis seeks to pinpoint the underlying problems that impact a system's efficacy and efficiency and then makes recommendations for how to address these problems. Identifying user requirements, creating software and hardware, modelling system behaviour and performance, testing and verifying system functioning are all common steps in system analysis. System analysis is a crucial step in creating high-quality systems that satisfy stakeholders' and end-users'
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under cash-basis accounting, (select all that apply.) multiple select question. expenses are recorded when cash is paid. expenses are recorded in the period related revenue is generated. revenues are recorded when cash is received. revenues are recorded when goods or services are provided.
Option (a) and (c), Cash-basis accounting entails
Expenses are noted when money is exchanged.When money is received, revenues are reported.The cash basis of accounting covers what?Under the cash basis, revenues and expenses are reported as money is received and spent, respectively. Revenues and expenses are reported when they are earned or spent, respectively, under the accrual basis, regardless of when the money is actually paid or collected.
When adopting the cash method of accounting, how are expenses managed?The cash method of accounting is used to record transactions when money is received or paid in cash. As a result, income is recorded when cash is received in exchange for the sale of goods or services, and costs are reported when suppliers are paid in cash for the purchase of goods or services.
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Troy Kennedy exchanges property (basis of $200,000 and fair market value of $850,000) for 75% of the stock of Red Corporation. The other 25% is owned by Sarah Mitchell, who acquired her stock several years ago. You represent Troy, who asks whether he must report gain on the transfer.
Complete the letter to Troy and a memorandum for the tax files.
Dear Mr. Kennedy:
This letter is in response to your question as to whether you must report gain on the transfer of property to Red Corporation. Our conclusion is based on the facts as outlined in your March 12 letter. Any change in facts may cause our conclusion to be inaccurate.
The property you transferred had a tax basis of $200,000 and a fair market value of $850,000, for which you received stock representing a 75% interest in Red Corporation. The other 25% interest is owned by Sarah Mitchell, who acquired her shares several years ago.
Because the amount of stock you acquired represents less than the minimum requirement of ___1___% interest in Red Corporation, you ___2___ the $___3___ gain on the transfer.
Should you need more information or need clarification on our conclusion, do not hesitate to contact me.
Because this transaction meets the control of the corporation requirement, Janice has income of $0 and Thom has income of $40,000.
What is transaction?An executed contract between a buyer and a seller to trade goods, services, or financial assets in exchange for money is known as a transaction.
The phrase is also frequently used in business accounting. This straightforward definition might be challenging in corporate bookkeeping. Depending on whether a corporation utilizes accrual accounting or cash accounting, it may record a transaction sooner or later.
Regardless of when payment is received or paid, accrual accounting records a transaction as soon as it is complete. Smaller businesses tend to employ cash accounting, which only records transactions when cash is received or dispersed.
Regardless of when money is collected or expenditures are paid, the accrual accounting technique mandates that a transaction be recorded as soon as it takes place.
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identify one current event that you believe is affecting how consumers are making buying decisions. Then, address the following:
Briefly summarize the current event and the specific ways in which it is broadly affecting consumer behavior.
Describe how the current event has specifically affected your own purchasing decisions.
The summarization of current event is significantly impacted consumer behavior worldwide, with many consumers becoming more cautious and mindful of their spending.
Yes, the current event has specifically affected your own purchasing decisions.
The COVID-19 pandemic is a global health crisis caused by the novel coronavirus, which has affected people and businesses around the world.
These measures have significantly impacted consumer behavior in various ways.
One of the most significant ways the pandemic has affected consumer behavior is by shifting the way consumers purchase goods and services. With restrictions on physical stores, many consumers have turned to online shopping for their needs, resulting in an increase in online sales.
Since I am working from home, I have reduced my spending on commuting, work clothes, and other non-essential expenses.
However, I have also been purchasing more groceries and household items than before since I am spending more time at home. I have also been more cautious about the places I go and the things I do, prioritizing my health and safety when making any decisions.
In conclusion, the COVID-19 pandemic has significantly impacted consumer behavior worldwide, with many consumers becoming more cautious and mindful of their spending.
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lisa is a manager at trell inc. when she hires her employees, she focuses on finding the right job for the right person. which of the following pay plans is her employer most likely using?
Lisa is a manager at Trell Inc. When she hires her employees, she focuses on finding the right job for the right person. The pay plans that her employer is most likely using is job-based pay plan.
What type of plan is job-based pay plan?A job-based pay plan is a type of compensation system in which an employee's pay is based on the specific job they perform. The focus of this pay plan is on the job duties and responsibilities of a particular position rather than the individual employee's performance or skills.
Under a job-based pay plan, employees in similar roles are generally paid the same rate, with salary ranges typically established based on factors such as the job's level of responsibility, required skillset, and market demand for the position. This can help to promote fairness and consistency in pay across the organization and reduce the potential for pay discrimination.
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both small and big businesses can benefit from using big data in their organization. which of the following are ways businesses could use big data to their advantage?
Both small and big businesses can benefit from using big data in their organization because big data can be easily collected and analysed in real-time regarding customer behavior to then implement real-time solutions.
What is Business?A business is an organization formed to earn profit by selling goods and commodities to their customers.
Big data can also be used to forecast weather, natural disasters, urban and community planning, traffic management, logistics and machine efficiency, personalized healthcare, customized learning, autonomous vehicles, fraud detention, translation, smart homes, robotics, etc. also it helps business to harness their data and use it to identify new opportunities.
Therefore, Big amount of data can be easily collected and analyzed in real-time considering customer behavior to then utilize real-time solutions.
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True or False: one of the components of marketing involves the process of collaborating with suppliers and customers to create offerings that have value.
The statement is True. one of the components of marketing involves the process of collaborating with suppliers and customers to create offerings that have value.
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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Which clinical situation is addressed by the provisions of the Health Insurance Portability and Accountability Act (HIPAA)?
a. A client has asked a nurse if he can read the documentation that his physician wrote in his chart.
b. A client wishes to appeal her insurance company's refusal to reimburse for a diagnostic test.
c. A client has asked for a second opinion regarding treatment options for her diagnosis of ovarian cancer.
d. A client who resides in Indiana has required hospitalization during a vacation in Hawaii.
The clinical situation that is addressed by the provisions of the Health Insurance Portability and Accountability Act (HIPAA) is a. A client has asked a nurse if he can read the documentation that his physician wrote in his chart.
What constitutes a key element of Hipaa?The HIPAA Act's most crucial provision requires you to maintain the confidentiality and security of personally identifiable patient information. Patients now have access to safer electronic health records because to this clause. However, it has also forced health care providers to follow a number of, occasionally onerous, regulations.
The right of patients to access and read their medical records is one of HIPAA's provisions. Aspects of care that are under the special purview of HIPAA include discussions with an insurance provider, the requirement for a second opinion, and out-of-state care.
Therefore, option A is correct.
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Two car dealerships have similar annual net sales. One car dealership has a gross profit rate of 52.6%, whereas the other car dealership has a gross profit rate of 23.7 percent. Which of the following explanations is the most likely reason for this difference?
A : The car dealership with a gross profit rate of 52.6% has lower inventory turnover, whereas the car dealership with a gross profit rate of 23.7% has higher inventory turnover.
B : The car dealership with a gross profit rate of 52.6% sells high-end sports and luxury vehicles, whereas the car dealership with a gross profit rate of 23.7% sells sedans and used vehicles.
C : The car dealership with a gross profit rate of 52.6% sells sedans and used vehicles, whereas the car dealership with a gross profit rate of 23.7% sells high-end sports and luxury vehicles.
D : The car dealership with a gross profit rate of 52.6% has higher inventory turnover, whereas the car dealership with a gross profit rate of 23.7% has lower inventory turnover.
The following explanations is the most likely reason for this difference: The car dealership with a gross profit rate of 52.6% sells high-end sports and luxury vehicles, whereas the car dealership with a gross profit rate of 23.7% sells sedans and used vehicles Thus option (B) is correct.
What is Gross Profit ?Gross profit is a financial metric that represents the difference between a company's revenue and the cost of goods sold (COGS).
It is a measure of the profitability of a company's core business operations, excluding other expenses such as overhead and taxes.
In the above case, the car dealership with a gross profit rate of 52.6% sells high-end sports and luxury vehicles, whereas the car dealership with a gross profit rate of 23.7% sells sedans and used vehicles is the most likely reason for this difference in gross profit rate.
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Which of the following is the overall goal of total quality management (TQM)?
a. decreasing bargaining power of suppliers
b. increasing environmental richness
c. achieving radical innovation
d. achieving continuous improvement
Option d: achieving continuous improvement is the overall goal of total quality management (TQM).
Total Quality Management (TQM) is an enterprise-wide practice to "create and create a lasting environment that continuously improves the ability of employees to deliver on demand products and services of particular value to their customers."
Total” emphasizes that in addition to manufacturing (sales and marketing, accounting and finance, engineering and design, etc.), these departments have an obligation to improve their operations. Management emphasizes that leaders are responsible for proactively managing quality through funding, training, staffing, and goal setting.
While there is no universally accepted approach, TQM efforts usually rely heavily on previously developed quality management tools and techniques. TQM gained a lot of attention in the late 1980s and early 1990s before being overshadowed by ISO 9000, Lean Manufacturing and Six Sigma.
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Complete the following problem. It brings together several different stockholders' equity transactions. Post your solution to part (b) only. On January 5, 2010, Phelps Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par value common stock. It then completed these transactions: Jan. 11 - Issued 20,000 shares of common stock at $16 per share Feb. 1 - Issued to Sanchez Corp. 4,000 shares of preferred stock for the following assets: machinery with a fair market value of $50,000; a factory building with a fair market value of $160,000; and land with an appraised value of $270,000. July 29 - Purchased 1,800 share of common stock at $17 per shared. (Use cost method.) Aug. 10 - Sold the 1,800 treasury shares at $14 per share. Dec. 31 - Declared a $0.25 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 - Closed the Income Summary account. There was a $175,000 net income. Instructions: Record the journal entries for the transactions listed above. Prepare the stockholders' equity section of Phelps Corporation's balance sheet as of December 31, 2010.
The stockholders' equity section of Phelps Corporation's balance sheet as of December 31, 2010 is $1,295,000.
Journal Entries
Jan. 11:
Debit Cash $320,000
Credit Common Stock $500,000
Credit Paid-in Capital in Excess of Par Value - Common $220,000
Feb. 1:
Debit Machinery $50,000
Debit Building $160,000
Debit Land $270,000
Credit Preferred Stock $400,000
Credit Paid-in Capital - Preferred Stock $400,000
July 29:
Debit Cash $30,600
Credit Treasury Stock - Common $30,600
Aug. 10:
Debit Cash $25,200
Credit Treasury Stock - Common $25,200
Dec. 31:
Debit Dividends Payable $12,500
Credit Retained Earnings $12,500
Debit Retained Earnings $162,500
Credit Dividends Payable $162,500
Balance Sheet as of December 31, 2010
Stockholders' Equity:
Preferred Stock, $100 par value, 8% cumulative and nonparticipating, 4,000 shares issued and outstanding $400,000
Common Stock, $10 par value, 50,000 shares issued and outstanding $500,000
Paid-in Capital in Excess of Par Value - Common $220,000
Retained Earnings $175,000
Total Stockholders' Equity $1,295,000
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ournaize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: The prepaid insurance account had a balance of $9,000 at the beginning of the year. The account was debited for $10,000 for premiums on policies purchased during the year. The amount of unexpired insurance applicable to future penods is $1,700.
Subtract $17,300 from the insurance expense and credit $17,300 prepaid for insurance
What is covered by prepaid insurance?Prepaid insurance premiums are those that are paid in full in front. A recurring payment made on a regular basis to a provider in exchange for insurance benefits is known as a premium. Usually, premiums are paid each month.
What area of accounting involves the cost of insurance?The price of the insurance contract as well as any additional premium payments are included in a company's insurance expenses. The payment made by the corporation is noted as an expense for the specific accounting period.
The insurance charge for future periods is shown on the balance sheet as a prepaid expense as current assets, while the current-year expense is shown in the profit and loss statement as an expenditure.
Insurance expense- debit $17,300
Prepaid insurance- credit $17,300
(9000+10000-1700=17300)
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The complete question is:
Journaize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: The prepaid insurance account had a balance of $9,000 at the beginning of the year. The account was debited for $10,000 for premiums on policies purchased during the year. The amount of unexpired insurance applicable to future penods is $1,700.
explain how poor finiacial literacy can effect your current and future carerrer aspirations
Poor financial literacy can affect a career in several ways. Financial literacy can help boost productivity and self-confidence. When we lack productivity, it can lead to sloppy work, and stress in the workplace.
What is financial literacy?Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. The meaning of financial literacy is the foundation of your relationship with money, and it is a lifelong journey of learning.
The earlier you start, the better off you will be because education is the key to success when it comes to money.
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