Answer:The readjusting entry will now be to Debit Office Supplies expense $259 and Credit Office Supplies $259
Explanation:
Unadjusted ending balance of Supplies = $370
Actual supplies of unused supplies = $111
Amount of supplies were used during the period ( Supplies Expense)= $370 -$111 = $259
The readjusting entry will now be
Account and explanation Debit Credit
Office Supplies expense $259
Office Supplies $259
At what value should the land be recorded in clementine repair service records?
Answer: $369,500
Explanation:
The Cost concept of accounting calls for the recording of Assets at their cost.
Clementine Repair services offered to buy the land at $350,500 when it was priced at $388,500.
The seller countered with $369,500 and Clementine accepted this.
This means that Clementine bought the land for $369,500 which makes it the cost price.
They should therefore record it at $369,500.
Check Matthew, Inc., owns 30 percent of the outstanding stock of Lindman Company and has the ability to significantly influence the Investee's operations and decision making. On January 1, 2021, the balance in the Investment in Lindman account is $335,000. Amortization associated with this acquisition is $9,000 per year In 2021, Lindman corns an income of \$90,000 and declares cash dividends of $30,000. Previously, in 2020, Lindman had sold inventory costing $24,000 to Matthew for $40,000. Matthew consumed all but 25 percent of this merchandise during 2020 and used the rest during 2021. Lindman sold additional inventory costing $28,000 to Matthew for $50,000 in 2021. Matthew did not consume 40 percent of these 2021 purchases from Lindman until 2022. a. What amount of equity method income would Matthew recognize in 2021 from its ownership interest in Lindman
Answer:
A. $16,560
B. $342,560
Explanation:
a. Calculation for What amount of equity method income would Matthew recognize in 2021 from its ownership interest in Lindman
2021 EQUITY INCOME
Equity income accrual 2021 $27,000
($90,000*3)
Amortization ($9,000)
Intra entity profit Recognized in 2020 transfer $1,200
($40,000*0.25*0.4*0.3)
Intra entity profit Deferred in 2021 transfer ($2,640)
($50,000*0.4*0.44*0.3)
2021 EQUITY INCOME $16,560
Calculation for gross profit rate on 2020 transfer
Gross profit rate=$16,000/$40,000
Gross profit rate=0.4
Calculation for gross profit rate on 2021 transfer
Gross profit rate=$22,000/$50,000
Gross profit rate=0.44
Therefore the amount of equity method income that Matthew would recognize in 2021 from its ownership interest in Lindman is $16,560
b. Calculation for What is the equity method balance in the Investment in Lindman account at the end of 2021
EQUITY METHOD BALANCE
Investment in Lindman (1/1/2021) $335,000
Equity income 2021 $16,560
Dividend 2021 (-$9,000)
($30,000*0.3)
Investment in Lindman (31/12/2021) $342,560
Therefore the equity method balance in the Investment in Lindman account at the end of 2021 will be $342,560
8. Problems and Applications Q8 Social Security benefits are increased each year in proportion to the increase in the CPI, even though most economists believe that the CPI overstates actual inflation. True or False: If the elderly consume the same market basket as other people, then Social Security would provide an increase in their standard of living.
Answer:
Social Security benefits are increased each year in proportion to the increase in the CPI, even though most economists believe that the CPI overstates actual inflation.
True
Explanation:
We realize that the elderly who receive Social Security do not consume the same market basket of goods and services as other people in the economy. Assuming that the elderly do consume the same market basket as others, Social Security would provide the elderly with an improved standard of living each year since the Consumer Price Index (CPI), which represents a weighted average of a basket of goods and services, overstates inflation and Social Security payments are tied to the CPI.
Consider a two‑nation world consisting of the United States and Mexico, which both produce strawberries. Assume there are no trade barriers or international transportation costs. The tables represent the markets for strawberries in the United States and Mexico. Mexican prices have been converted to U.S. dollars.
Price per pound Quantity supplied (in millions) Quantity demanded (in millions)
$2 300 500
$3 350 450
$4 400 400
$5 450 350
$6 500 300
$7 550 250
$8 600 200
Price per pound Quantity supplied (in millions) Quantity demanded (in millions)
$2 400 800
$3 450 750
$4 500 700
$5 550 650
$6 600 600
$7 650 550
$8 700 500
Required:
a. What is the equilibrium world price per pound?
b. What is the equilibrium quantity of exports and imports?
c. Which country will export strawberries?
a. United States
b. Mexico
Answer:
a. The equilibrium world price per pound is $5.
b. The equilibrium quantity of exports and imports is 1,000 pounds.
c. The country that will export strawberries is:
a. United States
Explanation:
Price per Quantity supplied Quantity demanded
pound US (in millions) Mexico World US (in millions) Mexico World
$2 300 400 700 500 800 1,300
$3 350 450 800 450 750 1,550
$4 400 500 900 400 700 1,100
$5 450 550 1,000 350 650 1,000
$6 500 600 1,100 300 600 900
$7 550 650 1,200 250 550 800
$8 600 700 1,300 200 500 700
b) At equilibrium when the world quantity supplied and demanded are equal, the world price per pound is $5 and the quantity demanded and supplied equaled 1,000 pounds respectively. At this equilibrium, the United States will export 100 pounds (450 - 350) of strawberry to meet the excess demand of 100 pounds by Mexico (650 - 550).
The equilibrium world price per pound is $5. The equilibrium quantity of exports and imports is 1,000 pounds and the country that will export strawberries is the United States.
From the table given, it can be deduced that the equilibrium quantity of exports and imports is 1000 units. This is the quantity at which the quantity demanded and supplied are equal.
Based on the information, it can be deduced that the United States will export strawberries in order to meet the excess demand.
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What are the moral and legal issues surrounding computer ethics?
Explanation:
plzzzz mark me brainliest if it helps you then
9. Problems and Applications Q9 Suppose that a borrower and a lender agree on the nominal interest rate to be paid on a loan. Then inflation turns out to be lower than they both expected. True or False: The real interest rate on this loan is lower than expected.
Answer: False
Explanation:
The real interest rate is the nominal interest rate adjusted for inflation.
If the nominal interest rate was made with inflation in mind and this inflation is less than anticipated, the real rate will be higher not lower than expected.
For instance: Assume the nominal rate is 8% and the two parties assumed inflation would be 4%. Real rate would be:
= 8 - 4 = 4%
If inflation is instead 2%, real rate would be:
= 8 - 2 = 6%
Real rate would be higher than anticipated.
How has the current cultural environment of our country shaped the way that companies are looking at their own corporate cultural standards
Answer: Corporate culture is based on the kind of system on which the firm is ran which could be based in shared values, social norms and attitudes that shapes how members take decisions and act.
Explanation:
Corporate culture is based on the kind of system on which the firm is ran which could be based in shared values, social norms and attitudes that shapes how members take decisions and act. Although, the environment can have its effect to how corporate environment is ran but this is minimal compared to the standard the organization has set for itself
A company estimates that warranty expense will be 7% of sales. The company's sales for the current period are $315,000. The current period's entry to record the warranty expense is ________.
Answer:
Dr Warranty expense $22,050
Cr Warranty expense liability $22,050
Explanation:
Warranty expense is a liability that may be incurred by a business or firm due to the outcome of an unpredictable future events. It is a contingent liability
Given that ;
Current sales = $315,000
Warranty expense = $22,050 (7% of $315,000)
As a rule in accounting, debit increases assets and expenses while credit reduces assets and expenses.
Also, credit increases stock, sales revenue and liabilities while debit reduces them.
The entry is;
Dr Warranty expense $22,050
Dr Warranty expense liability $22,050
When business strength is low and industry attractiveness is weak, the recommendation from the GE Stoplight matrix is to ....
Answer:
The correct option is (b) harvest or divest
Explanation:
In the case when the strength of the business is low and the attractiveness of the industry is weak so the suggestion is that harvest or digest
Here harvest refer to reducing the investment that made in the business or not to do the new investment in order to decreased the losses
While on the other hand, the divest refer the assets are sold and the same would become the part of an organization
Therefore as per the given scenario, The correct option is (b) harvest or divest
If the variable overhead efficiency variance is $500 unfavorable and the variable overhead spending variance is $100 favorable, the journal entry will include a: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) check all that apply Debit to variable overhead efficiency varianceunanswered Credit to variable overhead efficiency varianceunanswered Debit to variable overhead spending varianceunanswered Credit to variable overhead spending variance
Answer:
Dr Variable overhead efficiency variance
Cr Variable overhead spending variance
Explanation:
Preparation the journal entry
Based on the information given in a situation where the variable overhead efficiency variance is unfavorable with the amount of $500 which means that that UNFAVORABLE VARIANCE will be DEBITED and if the variable overhead spending variance is favorable with the amount of $100 which means that the FAVOURABLE VARIANCE will be CREDITED and below is the way the journal entry will be:
Dr Work in process inventory
Dr Variable overhead efficiency variance (UNFAVORABLE)
Cr Factory overhead
Cr Variable overhead spending variance (FAVORABLE)
Therefore the journal entry will include a:
Dr Variable overhead efficiency variance (UNFAVORABLE)
Cr Variable overhead spending variance(FAVORABLE)
which speaker most supports the ideals of a market economy
Answer:
Speaker 2
Explanation:
Identify and describe the main types of discounts that are used in the pricing of business products.
Answer:
In simple words, discount refers to the deduction or relief on value that a customer will get on the initial price. The discount is depicted as certain percentage on the price of the product. The main types of discounts are as follows :
1. Volume discounts
2. Functional discounts
3. Advertising discounts
4. Seasonal discounts
5. Cash discounts
Leasing a car for a short time is usually cheaper than buying the same car since __________.
a.
insurance premiums are lower for leased cars
b.
leasing generally comes with a lower interest rate
c.
people who lease cars are considered more responsible than those who buy
d.
in leasing a car you pay only for the depreciation of the car rather than the total value
Answer:
D
Explanation:
For a person to Lease a car for a short time is said to be cheaper than buying the same car since in leasing a car you pay only for the depreciation of the car rather than the total value.
Is Leasing a car cheaper then buying the same car?The purchasing of a vehicle after the lease can save you a lot of extra fees and penalties.
Leasing a car has its own benefits that do appeal to a lot of drivers. it is said to Lower monthly payments.
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Deliverance Corporation has annual Cost of Goods Sold of $56.0 million and Average Inventory of $4,760,000. Its CEO boasts of the fastest Inventory Turnover of 8.5 times a year. Is he right
Answer:
No. The CEO is wrong inventory turnover is 11.76 times a year
Explanation:
Inventory turnover is an Asset Management ratio which measures the activity of liquidity of a Company`s Inventory
Deliverance Corporation should calculate Inventory turnover as follows :
Inventory turnover = Cost of Goods Sold ÷ Average Inventory
Where,
Cost of Goods Sold = $56,000,000
and
Average Inventory = $4,760,000
Therefore,
Inventory turnover = $56,000,000 ÷ $4,760,000
= 11.76
Conclusion :
The CEO is wrong inventory turnover is 11.76 times a year
Saira's Maid Service began the year with total assets of $120,000 and stockholders' equity of $40,000. During the year the company earned $90,000 in net income and paid $20,000 in dividends. Total assets at the end of the year were $215,000. How much was stockholders' equity at the end of the year
Answer:
$110,000
Explanation:
Calculation for How much was stockholders' equity at the end of the year
Beginning balance of stockholders' equity $40,000
Add net income $90,000
Less the dividends paid ($20,000)
Ending stockholders' equity $110,000
Therefore How much was stockholders' equity at the end of the year is $110,000
When repaying an amortized loan, the interest payments increase over time due to the compounding process. Group of answer choices True False
Answer:
False
Explanation:
The larger part of the first payments of a loan are usually dedicated to payment of interest. Then in the later years this changes as the interest will decrease and most payments are dedicated to repayment of the principle amount. Therefore, when repaying an amortized loan, the interest payments do not increase over time due to the compounding process.
What is a household inventory?
A. coverage that protects a residence
B. documentation of personal belongings
C. insurance that covers a specific item
D. additional living expenses
Where can you locate legislative materials, white papers, etc. to help implement legislation into an organization
Answer: USCA. Westlaw Id
- USCS. Lexis Id
- Proquest Congressional (or LexisNexis Congressional)
- U.S. Code Congressional and Administrative News (USCCAN)
- Researching Current Federal
Explanation:
There are numerous resources for tracking the history of legislation. see the library's Federal Legislative History guide to learn more. The following lists some licensed databases;
- USCA. Westlaw Id
- USCS. Lexis Id
- Proquest Congressional (or LexisNexis Congressional)
- U.S. Code Congressional and Administrative News (USCCAN)
- Researching Current Federal Legislation and Regulations: A Guide to Resources for Congressional Staff.
LinkUp, Inc. paid $450,000, plus $25,000 in closing costs, to buy a parcel of land with a factory on it. The purchase also contained equipment. The land is appraised at $130,000, a building appraised at $325,000, and equipment appraised at $50,000. Compute the cost that should be allocated to the land.
Answer: $122,277
Explanation:
The cost that should be allocated to the land should be calculated thus:
Closing cost will be:
= 450,000 + 25,000
= 475,000
Total value of assets will be:
= Value of land + Value of building + Value of equipment
= 130,000 + 325,000 + 50,000
= 505,000
Therefore, cost allocated to land will be:
= (Total payment made x Value of land) / Total value of all assets
= (475,000 x 130,000) / 505,000
= 122,277
Question 8 of 10
Which of the following responses is the most ethical way to deal with a
problem?
A. Hire a public relations firm to deal with the media fallout.
B. Consider what effects your actions would have over the long term
if they were discovered.
C. Discover who was responsible and terminate their relationship
with the company.
D. Assume that the customer is always right.
Answer:
B
Explanation:
If you're going to solve it ur going to need to know how it's going to effectively help don't just do it first think.
Out of the choices provided above, it can be concluded to state that considering the effects of one's actions over a long term discovery is one of the ideal responses, and an ethical way to deal with a problem. Therefore, the option B holds true.
What is the significance of an ethical problem?An ethical problem can be referred to or considered as one of the most critical concern for the smooth functioning of a working organization. It is needed to be dealt in an effective way using relevant solutions that can derive positive outputs for the organization.
The consequences of a problem may be ambiguous in nature, and thus, it becomes important to review them well by taking the effects of actions into consideration, and what influence they could have on the organization in the longer run.
Therefore, the option B holds true and states regarding the significance of an ethical problem.
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Holt and Collins decide to have their dispute arbitrated by Corrales. Which of the following will NOT be a result of the arbitration?
a.
Corrales will render a binding decision.
b.
Holt and Collins give up the right to discovery.
c.
Corrales need not give reasons for the decision.
d.
Holt and Collins will not have the chance to present their cases.
Answer:
The correct answer is D. It is not correct that Holt and Collins will not have the chance to present their cases.
Explanation:
Arbitration is an alternative means of conflict resolution, in which an impartial third party, the arbitrator, is selected so that after hearing the cases of the parties, make a decision applying both the law and the ethics and morals. Thus, it is avoided to reach the court using an alternative and quick resolution route, which seeks to save time and money for the parties. The arbitrator's decision will be called an award, and it will be binding on the parties just as the judges' sentences are in trials.
Neal Kim saw an advertisement for $50 off an all-in-one printer. All printers are marked down 20%. What is the regular selling price of a printer
Answer:
$62.50
Explanation:
X * (1 -0.20) = 50
0.8X = 50
X = $62.50
$250 is the regular selling price of a printer. Markdown prices are reductions in a product's selling price from its original selling price expressed as a percentage.
What does it mean to mark down a price?A markdown in finance is a decrease in an asset's price and value. With SumUp Invoices, you can make attractive invoices for nothing. Markdowns typically happen when a company can't sell a product for its current price because they are intended to increase sales.
Given
Discounted Price = $50
Discount rate = 20%
Required to calculate regular selling price =?
Regular selling price = Discounted Price x 100% / 20%
= 50 x 100% / 20% = $250
Markdown prices are more commonly referred to as discounts. Companies mark down the prices of their products when they have sales. $250 is the regular selling price of a printer.
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When we express the value of a cash flow or series of cash flows in terms of dollars today, we call it the ________ of the investment. If we express it in terms of dollars in the future, we call it the ________. Group of answer choices present value; future value future value; present value ordinary annuity; annuity due discount factor; discount rate
Answer:
present value; future value
Explanation:
When we express the value of a cash flow or series of cash flows in terms of dollars today, we call it the present value of the investment. This is achieved by discount the future cash flows using the appropriate discounting rate to show the effect of time value of money.
Then, If we express it in terms of dollars in the future, we call it the future value. This is achieved by Compounding the Principle or Present Value using the appropriate compounding rate to show the effect of time value of money
Which of the following is an example of a behavioral question? Please select the best answer from the choices provided
Answer: C
describe an experiemce when you dealt with an angry customer
Explanation:
got it right on edg. 2021
Describe an experience when you dealt with an angry customer of the following is an example of a behavioral question. Thus, option (c) is correct.
What is behavioral?The term behavior refers to how a person react to a particular situation. A person behavior reflect the personality and show person attitude. The behavior of the person are good and bad. A behavior is like anger, normal, polite, aggressive, and emotional.
According to the behavioral, was the basis on the person react on the particular situation. It was experienced on the situation are the behave. "Describe an experience when you dealt with an angry customer." It was a perfect example of the behavioral question.
As a result, the significance of the behavioral question example are the aforementioned. Therefore, option (c) is correct.
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Your question is incomplete, but most probably the full question was.
Which of the following is an example of a behavioral question?
a. Why do you want to leave your current job?
b. Have you ever been fired from a job?
c. Describe an experience when you dealt with an angry customer.
d. How would you describe yourself?
Obligations to suppliers of merchandise that bear interest and are for a longer term than open accounts are called
Answer:
Non - Current or Long term liabilities
Explanation:
According to the Conceptual Framework, Liabilities are present obligation of an entity that arise as a result of past events from which cash outflows are expected.
Liabilities of a long term nature usually exceeding period of 12 months are called Non- Current or Long term Liabilities
Thus, Obligations to suppliers of merchandise that bear interest and are for a longer term than open accounts are called Long term liabilities
Local government officials would like to know if city residents are generally satisfied with the cleanliness of local
streets and recreation areas. To estimate the level of satisfaction, city officials appear on a local television morning
show, where residents are invited to share their satisfaction through an online poll. Which of the following
statements best describes the potential results from this poll?
Answer:
D. This is a voluntary response sample and is likely to underestimate the proportion of residents satisfied with the cleanliness of the area.
Explanation:
i took the quiz
This is a voluntary response sample and is likely to underestimate the proportion of residents satisfied with the cleanliness of the area.
What is survey ?A survey is a set of questions used in human subject research with the goal of gathering specific information from a certain population. Surveys can be carried out via the phone, by mail, online, at street corners, and even in shopping centers. Surveys are used to collect data or learn more in areas like demography and social research.
Survey research is frequently used to evaluate ideas, beliefs, and emotions. Surveys might have narrow, focused objectives or they can have broad, more general objectives. In addition to being utilized to satisfy the more practical requirements of the media, such as evaluating political candidates, public health officials, professional organizations, and advertising and marketing directors, surveys are frequently employed by psychologists and sociologists to evaluate behavior.
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Fuzzy Monkey Technologies, Inc., purchased as a short-term investment $250 million of 8% bonds, dated January 1, on January 1, 2021. Management intends to include the investment in a short-term, active trading portfolio. For bonds of similar risk and maturity the market yield was 10%. The price paid for the bonds was $228 million. Interest is received semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31, 2021, was $240 million.
Required:
a. Prepare the relevant journal entries on the respective dates.
b. At what amount will Fuzzy Monkey report its investment in the December 31, 2016, balance sheet?
c. Prepare any entry necessary to achieve this reporting objective.
d. How would Fuzzy Monkey's 2016 statement of cash flows be affected by this investment?
Answer:
A. 1-Jan-21
Dr Investment in Bond $250
Cr Cash $228
Cr Discount on bond investment $22
30-Jun-21
Dr Cash $10
Dr Discount on bond investment $1.40
Cr To Interest revenue $11.40
31-Dec-21
Dr Cash $10
Dr Discount on bond investment $1.47
Cr Interest revenue $11.47
B. $240 million
C. In Million)
31-Dec-21
Dr Fair value adjustment $9.13
Cr Unrealized holding gain or loss - NI $9.13
D. Net cash flow from operating activities= $208 Outflow
Cash flow from investing activities=$0.00
Explanation:
a. Preparation of the relevant journal entries on the respective dates.
1-Jan-21
Dr Investment in Bond $250
Cr Cash $228
Cr Discount on bond investment $22
($250-$228)
(Being to record the investment in bond )
30-Jun-21
Dr Cash $10
($250 * 8% * 6/12)
Dr Discount on bond investment $1.40
($11.40-$10)
Cr To Interest revenue $11.40
($228*10%*6/12)
(Being to record revenue recognition for bond interest and discount amortized)
31-Dec-21
Dr Cash $10
($250 * 8% * 6/12)
Dr Discount on bond investment $1.47
($11.47-$10)
Cr Interest revenue $11.47
($229.40*10%*6/12)
(Being to record revenue recognition for bond interest and discount amortized)
b. Calculation for what amount will Fuzzy Monkey report its investment in the December 31, 2016, balance sheet
Based on the information given we were told that the fair value of the bonds at December 31, 2021, was the amount of $240 million which means that the amount that Fuzzy monkey will report its investment on December 31, 2021 balance sheet will be the fair value amount of $240 million
c. Preparation of any entry necessary to achieve this reporting objective
(In Million)
31-Dec-21
Dr Fair value adjustment $9.13
($240 - $228 - $1.40 - $1.47)
Cr Unrealized holding gain or loss - NI $9.13
(Being to record adjusting entry to record investment at fair value)
d. Calculation for How would Fuzzy Monkey's 2016 statement of cash flows be affected by this investment
STATEMENT OF CASH FLOW (Partial) For 2021
(In million)
Cash flow from operating activities
Short term investment $228
Less: Interest received ($20)
Net cash flow from operating activities $208 Outflow
Cash flow from investing activities $0.00
The operational improvement cycle is referred to as the: Select one: a. 5S cycle b. FMEA cycle c. DMAIC cycle d. Generate - Integrate - Interpret - Act cycle
Answer:
Option c: DMAIC cycle
Explanation:
DMAIC
It is commonly known that DMAIC simply means Design, Measure, Analyze, Improve and Control. It is said to be a structural five step of problem solving procedure.
Six Sigma of improvement Process are simply refered to as the DMAIC Process.it is a long-term work to improvement that does not simply change the outcome or company measures success.
Operational improvement is defined as a crucial requirement and good effort for any organization that is on succeed road in daily environment of change and challenges occuring everyday.
A total of $42,000 is invested in two municipal bonds that pay 4.25% and 7.75% simple interest. The investor wants an annual interest income of $2765 from the investments. What amount should be invested in the 4.25% bond
Answer:
$14,000 should be invested in the 4.25% bond.
Explanation:
Let's assume
Investment in bond with a coupon rate of 4.25% = x
Investment in bond with a coupon rate of 7.75% = y
According to given condition
x + y = $42,000 (i)
4.25%x + 7.75%y = $2,765
or
0.0425x + 0.0775y = $2,765 (ii)
Multiplying the equiation (i) by 0.0425
0.0425x + 0.0425y = $1,785 (iii)
Subtracting equation (iii) from equation (ii)
0.0425x + 0.0775y = $2,765
-0.0425x - 0.0425y = -$1,785
0 + 0.0350y = $980
0.0350y = $980
y = $980 / 0.0350
y = $28,000
Placing valye of y in equiation (i)
x + $28,000 = $42,000
x = $42,000 - $28,000
x = $14,000
Hence
Investment in bond with a coupon rate of 4.25% = x = $14,000
how businesses and government officials use euphemistic language to hide the truth and to manipulate their customers and constituents
Answer:
Businesses and governments use euphemistic languages to hide the truth and manipulate the public because their commercial or governmental success depends to a great extent on the happiness that people perceive when using their services or products, or when evaluating the performance of the government. Thus, governments and businesses must to some extent hide reality, seeking that the population perceives everything in a positive way in order to increase their success.