Read the following paragraph and copy and paste the sentence which contains the central idea:

The strength in global growth is broad-based across countries that growth has recently exceeded its post-crisis average across almost all major DM and EM countries. Among advanced economies, the three-month moving average of the CAI has been particularly strong in the Euro area and Sweden (around 2pp above their post-crisis average), Japan (1.3pp) and the US (1.1pp). A number of EM economies have recently outpaced their post-crisis average, although growth is likely still below potential in a number of emerging economies.

Answers

Answer 1

Answer:

The third sentence.

Explanation:

The third sentence contains the central idea of the passage/paragraph.

- A number of DM (Developed Market) economies have recently outpaced their post-crisis average, although growth is likely still below potential in a number of EM (Emerging Market) economies.

The first sentence somewhat defines "strength in global economic growth". The second sentence gives statistics, particularly on the quality of growth in advanced economies (DM economies).

The third sentence summarizes both points and clarifies that potential for growth is still existent in emerging economies.

Related Questions

Apr. 2 Purchased $6,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.
3 Paid $390 cash for shipping charges on the April 2 purchase.
4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $500.
17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
18 Purchased $13,100 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.
21 After negotiations, received from Frist a $400 allowance toward the $13,100 owed on the April 18 purchase.
28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

Required:
Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system.

Answers

Answer:

Apr. 2

Merchandise $6,900 (debit)

Accounts Payable : Lyon Company $6,900 (credit)

Purchased Merchandise from Lyon Company on credit

April 3.

Accounts Payable : Lyon Company $390 (debit)

Cash $390 (credit)

Payment of Freight Charges Include in Invoice (FOB)

April 4.

Accounts Payable : Lyon Company $500 (debit)

Merchandise $500 (credit)

Returned Merchandise to Lyon Company

April 17.

Accounts Payable : Lyon Company $6,010 (debit)

Discount Received $120 (credit)

Cash $5,890 (credit)

Payment of amount due to Lyon Company and discount received

April 18.

Merchandise $13,100 (debit)

Accounts Payable: Frist Corp $13,100 (credit)

Purchased Merchandise on credit from Frist Corp

April 2.

Accounts Payable: Frist Corp $400 (debit)

Purchase allowance $400 (credit)

Received and allowance from Frist Corp

April 28.

Accounts Payable: Frist Corp $12,700 (debit)

Discount Received $127 (credit)

Cash $12,573 (credit)

Payment of amount due to Frist Corp and discount received

Explanation:

See the journals and their narrations prepared above.

Firms may not include all income taxes for a period on the line for income tax expense in the income statement. Other places that income tax expenses may occur include all of the following except: Select one: a. Extraordinary Items b. Other Comprehensive Income c. Common Stock d. Discontinued Operations

Answers

Answer:

Option C

Explanation:

Firms may not include all income taxes for a period on the line for income tax expense in the income statement. Other places that income tax expenses may occur include all of the following except Common Stock. Common stock is a form of corporate equity ownership, a type of security. Common stock is reported in the stockholder's equity section of a company's balance sheet.

For Coppertone products, evaluations in the postpurchase behavior stage of the consumer purchase decision process that are most likely to cause dissatisfaction are

Answers

Answer:

dry skin and acne

Explanation:

Coppertone is an American brand name of a sunscreen. This brand is headquartered in Whippany, New Jersey. Coppertone the Coppertone girl logo and a different kind of fragrance.

For Coppertone products, evaluations in the post purchase behavior stage of the consumer purchase decision process that are most likely to cause dissatisfaction are dry skin and acne.

Computech Corporation is expanding rapidly and currently needs to retain all of its earnings; hence, it does not pay dividends. However, investors expect Computech to begin paying dividends, beginning with a dividend of $1.25 coming 3 years from today. The dividend should grow rapidly - at a rate of 32% per year - during Years 4 and 5; but after Year 5, growth should be a constant 6% per year. If the required return on Computech is 17%, what is the value of the stock today? Round your answer to the nearest cent. Do not round your intermediate calculations.

Answers

Answer:

P₀ = $12.23

Explanation:

Div₃ = $1.25

Div₄ = $1.65

Div₅ = $2.178

Div₆ = $2.30868

first we must calculate the terminal value using the dividend discount model = $2.30868 / (17% - 6%) = $20.988

now we must discount all the future dividends + terminal value

P₀ = $1.25/1.17³ + $1.65/1.17⁴ + $2.178/1.17⁵ + $20.988/1.17⁵ = $12.23

The technique recommended by the text to organize an analysis of external strategic factors is called

Answers

you know you can find the answer on google

Read the following sentences, and identify the error.

a. Paolo recruited job applicants for the company that showed promise.

The error in this sentence is a:_________ .

b. We will be visiting our accounts in California, Oregon, and visiting our accounts in Washington.

The error in this sentence is a:________ .

Before you decide whether to use passive or active voice, you should consider the purpose of your message and the nature of the situation. Read the scenario, and then fill in the blanks.

You work for a printing company, and you realize that your colleague sent incorrect price quotes to a client. You begin to write an e-mail to the client to apologize for the mistake. You want to remedy the situation without criticizing your colleague. The sentence excerpted from the e-mail uses ______________ voice. Given the purpose of your message, this voice ___________ appropriate.

Answers

Answer:

a. Paolo recruited job applicants for the company that showed promise.

The error in this sentence is a: AMBIGUITY.

Who showed promise? The company or the job applicants? This sentence is not specific and you really cannot tell whether the job applicants or the company showed promise.

b. We will be visiting our accounts in California, Oregon, and visiting our accounts in Washington.

The error in this sentence is a: LACK OF PARALLELISM.

In order to show parallelism you should include the dates of the visits, since you cannot visit all 3 states in the same day and do your work properly.

You work for a printing company, and you realize that your colleague sent incorrect price quotes to a client. You begin to write an e-mail to the client to apologize for the mistake. You want to remedy the situation without criticizing your colleague.

The sentence is missing, so I looked for a similar question:

"Bill made an error when he was processing your invoice."

The sentence excerpted from the e-mail uses ACTIVE voice. Given the purpose of your message, this voice IS NOT appropriate.

The whole purpose of this message is to solve a problem without criticizing Bill, but by using active voice, you are directly criticizing him.

f Europe has a real GDP growth rate of 5%, and the United States has a real GDP growth rate of 6%, while money growth in Europe is 7%, and money growth in the United States is 5%, what would the monetary exchange rate model predict for exchange rates in the long run

Answers

Answer:

the dollar will appreciate by 3% against the euro

Explanation:

long run change in the exchange rate = (growth rate money supply Europe - growth rate money supply US) - (growth rate real GDP Europe - growth rate real GDP US) = (7% - 5%) - (5% - 6%) = 2% - (-1%) = 2% + 1% = 3%

This is a very simplistic approach to the monetary exchange rate model, but since we are given only this information, it's all that we can use.

Selected Information from Balance Sheets (As of Year End for Years 0 and 1)
Year 0 Year 1
Cash 1,000 2,000
Accounts Receivables 1,000 5,000
Inventory 5,000 4,000
Property, Plant and Equipment (net) 12,000 11,000
Accounts Payable 5,000 4,000
Unearned Revenue 2,000 1,000
Bonds Payable 5,000 6,000
Common Stock 3,000 4,000
Retained Earnings 5,000 7,000
Income Statement (Year 1)
Sales 20,000
Costs of Goods Sold (8,000)
Wage Expense (4,000)
Depreciation Expense (2,000)
Loss from PP&E Sale (1,000)
Net Income Before Tax 5,000
Tax Expense (2.000)
Net Income 3.000
In the space provided, prepare the Operating section of the statement of cash flow for Year 1, using the indirect approach.

Answers

Answer:

Cash flow from operating activities = $1,000

Explanation:

Statement of Cash flow

Cash from Operating activities

Net Income $3,000

+ Depreciation $2,000

+ Loss from sales of PPE $1,000

Adjustment on Working capital

Increase in accounts receivables -$4,000

(1,000 - 5,000)

Decrease in Inventory $1,000

(5,000 - 4,000)

Decrease in Account payable -$1,000

(4,000 - 5,000)

Decrease in unearned revenue -$1,000

(1,000 - 2,000)

Cash flow from operating activities $1,000

on an annal basis, the first set of expenses is ____% of the second set of expenses. MAria spends 17 dollars on lottery tickets every week and spends

Answers

Completion Question:

On an annualbasis, the first set of expenses is _______% of the second set of expenses. Maria spends $17 on lottery tickets every week and spends $133 per month on food. On an annual basis, the money spent on lottery tickets is % of the money spent to buy food. (Round to the nearest percent asneeded.)

Answer:

Maria's Spending

On an annualbasis, the first set of expenses is ____55.39___% of the second set of expenses. Maria spends $17 on lottery tickets every week and spends $133 per month on food. On an annual basis, the money spent on lottery tickets is 55.39 % of the money spent to buy food.

Explanation:

Maria spends $17 on lottery tickets every week

Therefore, every 4-week month, she spends $68 ($17 * 4) on lottery tickets

Normally, a year = 52 weeks.

Annually, Maria spends $884 ($17 * 52) on lottery tickets

Also

Maria spends $133 per month on food.

Normally, a year = 12 months.

Annually, she spends $1,596 ($133 x 12) on food

Ratio of Lottery tickets to Food annually:

= $884 : $1,596

= $884/$1,596

= 55.39%

0.5539 : 1

b) What is done here is to convert to each cost to its annual equivalent. The cost of Lottery tickets was converted from per week basis to per annum. The cost of food was converted from per month basis to per annum. These conversions make the two variables comparable, since they have been reduced to similar standards of measurement.

There are two machines for sale that you are considering purchasing for your sawmill to produce hardwood flooring. You want to find the one that has a higher process capability index, or Cpk. The goal is to produce flooring that is between 46 and 50 millimeters thick. The first machine is more accurate on average, producing to a mean of 48 millimeters...but unfortunately it has more variation with a standard deviation of 7 millimeters. The second machine is not as accurate, with a mean of 47mm, but does deliver a more consistent output, with standard deviation of 3mm.
[ Select] What is the Cpk of machine 1?
[Select] What is the Cpk of machine 2?
[ Select] If your goal is to be capable', what would you do?
[ Select] If (somehow) you could combine the best of both machines (the centering or average of machine 1 coupled with the constancy or standard deviation of machine 2, what would the Cpk be?

Answers

Answer:

Machine 1 = 0.092

Machine 2 = 0.111

Combined = 0.222

Explanation:

Given the following :

Lower specification limit (LSL) = 46 mm

Upper specification limit (USL) = 50 mm

MACHINE 1:

Mean 1 (m1) = 48

Standard deviation 1 (σ1) = 0.7

MACHINE 2:

Mean 2 (m2) = 47

Standard deviation 2 (σ2) = 0.3

Cpk formula:

Min(USLcpk, LSLcpk)

USLcpk = (USL - m) / 3σ

LSLcpk = (m - LSL) / 3σ

FOR MACHINE 1:

USLcpk = (50 - 48) / 3(7) = 0.0952

LSLcpk = (48 - 46) / 3(7) = 0.0952

Cpk = Min(0.952, 0.952) = 0.952

FOR MACHINE 2:

USLcpk = (50 - 47) / 3(3) = 0.333

LSLcpk = (47 - 46) / 3(3) = 0.111

Min(USLcpk, LSLcpk)

Cpk = Min(0.333, 0.111) = 0.111

When combined :

Mean = 48

σ = 3

USLcpk = (50 - 48) / 3(3) = 0.222

LSLcpk = (48 - 46) / 3(3) = 0.222

Min(USLcpk, LSLcpk)

Cpk = Min(0.222, 0.222) = 0.222

Ten years ago, Ginny inherited $50,000 from her grandmother. She decided to invest all of this money in GE stock. Suppose she decides to sell the stock today so she can purchase her first home. The sale price of the stock is $64,500. Calculate the size of Ginny's taxable capital gain.

Answers

Answer:

$14,500

Explanation:

The size of Ginny's taxable capital gain = $64,500 - $50,000 = $14,500

Note: Capital gains tax is a tax on the profit realized on the sale of a non-inventory asset.

At year-end, Marshall Enterprise's Factory Overhead account has a credit balance of $5,000, which is not a material amount. What entry should Marshall make at year-end

Answers

Answer:

Factory overheads $5,000 - Debit

Cost of goods sold $5,000 - Credit

Explanation:

Credit balance of overheads means over-applied overheads. Hence, when it is not material amount, it will be closed in Cost of goods sold account.

Date Accounts title and explanation Debit Credit

Factory Overheads $5,000

Cost of goods sold $5,000

(For closing the overheads credit balance)

g after examining the various personal loan rates available to you, you find that you can borrow funds from a finance company at an APR of percent compounded or from a bank at an APR of percent compounded . Which alternative is more attractive? a. If you borrow $ from a finance company at an APR of percent compounded for year, how much do you need to payoff the loan?

Answers

question text WITH missing information:

After examining the various personal loan rates available to you, you find that you can borrow funds from a finance company at an APR of 12 percent compounded monthly or from a bank at an APR of 13 percent compounded annually. Which alternative is more attractive?

If you borrow $100 from a finance company at an APR of 9% percent compounded for year, how much do you need to payoff the loan?

Answer:

The finance company option is better as we are taking the loan we want the lower rate possible.

We need $109 to payoff the loan of $100 at 9% annualy after a whole year.

Explanation:

We solve for the effective rate of 12% compounded monthly

[tex](1+\frac{0.12}{12} )^{12}[/tex] = 1.12682503 = 0.126825 = 12.6825%

As this rate is lower than 13% this option is better

If we take 100 dollars after a year we have to pay:

$100 x (1 + r) = 100 x (1 + 0.09) = 100 x 1.09 = $109

At Davide Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include:

WIP beginning (60% for conversion) 17,500 units
Units started 114,500 units
Units completed and transferred out 111,700 units
WIP ending (30% for conversion) 20,300 units
Beginning WIP direct materials $22,300
Beginning WIP conversion costs $19,700
Costs of materials added $370,000
Costs of conversion added $280,000

What is the total cost of units completed and transferred out?

Answers

Answer and Explanation:

For materials

Equivalent completed units = Completed units + WIP ending

= 111,700 + 20,300

= 132,000 units

Cost of materials = Beginning WIP + Cost of materials added

= 22,300 + 370,000

= $392,300

Cost of material per units = 392,300 ÷ 132,000

= $2.97197

For conversions

Equivalent completed units = Completed units + WIP ending

= 111,700 + 20,300 × 30%

= 117,790 units

Cost of Conversion = Beginning WIP + Cost of conversion added

= 19,700 + 280,000

= $299,700

Cost of conversion per units = 299,700 ÷ 117,790

= $2.54436

Total cost of units completed and transferred out

= 111,700 × (2.97197 + 2.54436)

= $616,174

Sunland Diesel owns the Fredonia Barber Shop. He employs 4 barbers and pays each a base rate of $1,440 per month. One of the barbers serves as the manager and receives an extra $520 per month. In addition to the base rate, each barber also receives a commission of $9.15 per haircut. Other costs are as follows.

Advertising $240 per month
Rent $1,100 per month
Barber supplies $0.35 per haircut
Utilities $185 per month plus $0.10 per haircut
Magazines $35 per month Sunland currently charges $16 per haircut.

Vin currently charges $10 per haircut.
Required:

a. Determine the variable costs per haircut and the total monthly fixed costs.
b. Compute the break-even point in units and dollars.
c. Prepare a CVP graph, assuming a maximum of 1,800 haircuts in a month. Use increments of 300 haircuts on the horizontal axis and $3,000 on the vertical axis.
d. Determine net income, assuming 1,600 haircuts are given in a month.

Answers

Answer:

a. Variable costs = $9.60 and Fixed Costs = $7,840

b. 1,225 haircuts and $19,600

c. See attachment

d. $2,400

Explanation:

Variable Costs per haircut Calculations

Barber supplies $0.35

Utilities $0.10

Commission $9.15

Total Variable Costs per haircut $9.60

Total Monthly Fixed Costs Calculation

Base Salary (1,440 × 4 + 520) $6,280

Advertising $240

Rent $1,100

Utilities $185

Magazines $35

Total Monthly Fixed Costs $7,840

Contribution per unit = Selling price per unit - Variable Cost per unit

= $16.00 - $9.60

= $6.40

Contribution Margin Ratio = Contribution ÷ Selling Price

= $6.40 ÷ $16.00

= 0.40

Break-even point (units) = Fixed Cost ÷ Contribution per unit

= $7,840 ÷ $6.40

= 1,225 haircuts

Break-even point (dollars) = Fixed Cost ÷ Contribution Margin Ratio

= $7,840 ÷ 0.40

= $19,600

Net income, assuming 1,600 haircuts are given in a month [calculation]

Contribution (1,600 × $6.40) $10,240

Less Fixed Costs ($7,840)

Net Income/(loss) $2,400

Please complete the spreadsheet template:
Trans no. Transaction
1. Pamela Wong, the owner, opened a checking account for the business by depositing $48,000 of her personal funds.
2. Paid the monthly rent of $1,500.
3. Bought office furniture on account for $1,000.
4. Pamela Wong invested $3,000 of office equipment in the business.
5. Paid cash for a new computer for the business, $5,000.
6. Paid for an advertisement in the local newspaper, $200.
7. Completed graphic desktop publishing services for a client and sent a bill for $800.
8. Paid $700 on account for the office furniture bought earlier.
9. Received $500 on account from a client.
10. Pamela Wong withdrew $1,000 for personal use.
11. Received $400 cash for desktop publishing services completed for a client.

Answers

Answer:

I used an excel spreadsheet sine there is not enough room here.

Explanation:

Excel templates make it simpler to create a spreadsheet with a polished appearance by including all of the following, with the exception of Data.

What is Excel Sheet ?

To eliminate the necessity for the user to generate those designs from scratch, templates are made to specify the fundamental structure of each document that is repeated.

A template typically includes formatting and pre-defined formulas. However, it won't include any data as the template's goal is to have a consistent structure but allow for variable values so that it can respond appropriately to the data.

Formatting and pre-made formulas are frequently included in templates. Although the template aims to have a consistent structure and allow for variable values so that it can react appropriately to the data, it won't contain any data.

Any template will therefore include design but not data. We are able to make a new one, modify an existing template, or utilize the default template.

Learn more about Templates here

https://brainly.com/question/13270285

# SPJ 5

Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
A. The equipment was purchased on account for $25,000. Credit terms were 2/10, n/30. Payment was made within the discount period and the company records the purchases of equipment net of discounts.
B. Connors gave the seller a noninterest-bearing note. The note required payment of $27,000 one year from date of purchase. The fair value of the equipment is not determinable. An interest rate of 10% properly reflects the time value of money in this situation.
C. Connors traded in old equipment that had a book value of $6,000 (original cost of $14,000 and accumulated depreciation of $8,000) and paid cash of $22,000. The old equipment had a fair value of $2,500 on the date of the exchange. The exchange has commercial substance.
D. Connors issued 1,000 shares of its nopar common stock in exchange for the equipment. The market value of the common stock was not determinable. The equipment could have been purchased for $24,000 in cash.
Required:
For each of the above situations, prepare the journal entry required to record the acquisition of the equipment.

Answers

Answer:

Entries and their narrations are posted below

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

Journal Entries

Debit Credit

A. The equipment was purchased on account for $25,000.

Equipment $25,000

Accounts Payable $25,000

B. Connors gave the seller a noninterest-bearing note. The note required payment of (27,000 x 1/(1+10%)

Equipment $24,545

Discount on Notes Payable $2,455

Note Payable $27,000

C. Connors traded in old equipment that had a book value of $6,000

Equipment New $24,500

Accumulated Depreciation $8,000

Loss on Equipment $3,500

Cash $22,000

Equipment Old $14,000

D.Connors issued 1,000 shares of its no-par common stock in exchange for the equipment

Equipment $24,000

Common Stock $24,000

Journal entry 25,000/(1-.02) = 24,500

Debit: Equipment - new 24,500

Credit: Accounts Payable 24,500

B. 27,000/(1+.10)=24,545 then 27,000-24,545 = 2,455

Debit: Equipment - new 24,545

Debit: Discount on Notes Payable 2,455

Credit: Notes Payable 27,000

Debit: Equipment - new 24,500 (22,000+2,500)

Debit: Accumulated Depreciation 8,000

Debit: Loss on Exchange of assets 3,500 (6,000-2,500)

Credit: Cash 22,000

Credit: Equipment - old 14,000

Debit: Equipment 24,000

Credit: Common Stock 24,000

If the AD shortfall is $700 billion and the MPC is 0.95, Instructions: Enter your responses rounded to one decimal place. a. How large is the desired fiscal stimulus

Answers

Answer:

a. The desired fiscal stimulus is $35.0 billion.

b. The income tax cut is $36.8 billion.

c. The amount of government spending that would achieve the target is $35.0 billion.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

If the AD shortfall is $700 billion and the MPC is 0.95, Instructions: Enter your responses rounded to one decimal place.

a. How large is the desired fiscal stimulus?

b. How large an income tax cut is needed?

c. Alternatively, how much government spending would achieve the target?

The explantion of the answers is now provided as follows:

From the question, we have:

Aggregate demand (AD) shortfall = $700 billion

Marginal Propensity to Consume (MPC) = 0.95

a. How large is the desired fiscal stimulus?

To calculate the the desired fiscal stimulus, we need to first calculate the multiplier as follows:

Multipliers = 1 (1 - MPC) ................... (1)

Substituting the value into equation (1), we have:

Multipliers = 1 (1 - 0.95) = 1 / 0.05 = 20

The formula for calculating the fiscal stimulus is as follows:

Fiscal stimulus = AD shortfall / Multiplier ..................... (2)

Substituting the values into equation (2), we have:

Fiscal stimulus = $700 billion / 20 = $35.0 billion.

Therefore, the desired fiscal stimulus is $35.0 billion.

b. How large an income tax cut is needed?

This can be calculated using the following formula:

Income tax cut = Fiscal stimulus / MPC .............. (3)

Substituting the values into equation (3), we have:

Income tax cut = $35 billion / 0.95 = $36.8421052631579 billion

Rounding to one decimal place, we have

Income tax cut = $36.8 billion

Therefore, the income tax cut is $36.8 billion.

c. Alternatively, how much government spending would achieve the target?

The amount of increase in government spending that would achieve the target is the same thing as the desired fiscal stimulus already obtained in part a above.

Therefore, the amount of government spending that would achieve the target is $35.0 billion.

Part of implementing Quality Windows Limited new enterprise resource planning (ERP) software is ensuring all workstations and servers run secure applications. Since the ERP software is new, Quality Windows Limited needs a new policy to set security requirements for the software. This policy will guide administrators in developing procedures to ensure all client and server software is as secure as possible. The goal is to minimize exposure to threats to any part of the new ERP software or resources related to it.

Describe the goals that define a secure application. Specifically, you will write two policies to ensure Web browsers and Web servers are secure. All procedures and guidelines will be designed to fulfill the policies you create.

Answer the following questions for Web browser and Web server software:

a. What functions should this software application provide?
b. What functions should this software application prohibit?
c. What controls are necessary to ensure this applications software operates as intended?
d. What steps are necessary to validate that the software operates as intended?

Answers

Answer:

A)i) web browser software :

ii) web server software :

B) i) Web browser software: Auto-download updates and Tracking functionality

ii) web server software : unauthorized access and unsecure connection from web browse

C) i) Legal and regulatory controls

ii) Access controls

D) i) Validation process -

ii) Define Requirements-

iii) Develop:

iv)Testing: Test what has been developed

v) Review/Management :

Explanation:

A ) Functions that the software application should provide

i) web browser software : This functions requires the software to make requests from the relevant web pages and sending them to the web server software application and serve it up to customers

ii) web server software : This function means that the software should be able to store, process and deliver web pages to web browser applications’.

B) Functions that this software application should prohibit

i) Web browser software: Auto-download updates and Tracking functionality

ii) web server software : unauthorized access and unsecure connection from web browser

C) Controls that are necessary to ensure application software operates as intended

i) Legal and regulatory controls such as privacy laws, and copyright policies will help the software operate smoothly

ii) Access controls such as user authentication when a user is trying to login is very vital for the security of the user

D Steps necessary to validate that the software operates as intended

i) Validation process - The validation process is the first step which is intended to implement plans that identifies who has access to the software, what is been done on the software, and where the software is going to be accessed from.

ii) Define Requirements- defining the functions of the software and what the system can't do as well

iii) Develop: after Defining the requirements the next step is to develop the software in line with the defined requirements

iv)Testing: Test what has been developed

v) Review/Management : After successful testing of the product/software a review of the whole process before commercializing it is required as well

The stockholders’ equity accounts of Castle Corporation on January 1, 2020, were as follows.
Preferred Stock (8%, $50 par, 10,000 shares authorized) $400,000
Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000
Paid-in Capital in Excess of Par—Preferred Stock 100,000
Paid-in Capital in Excess of Stated Value—Common Stock 1,450,000
Retained Earnings 1,816,000
Treasury Stock (10,000 common shares) 50,000
During 2020, the corporation had the following transactions and events pertaining to its stockholders’ equity.
Feb. 1 Issued 25,000 shares of common stock for $120,000.
Apr. 14 Sold 6,000 shares of treasury stock—common for $33,000.
Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,000.
Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000.
Dec. 31 Determined that net income for the year was $452,000.
Instructions:
A) Journalize the transactions and the closing entry for net income.
B) Enter the beginning balances in the accounts, and post the journal entries to the stockholders’ equity accounts. (Use J5 for the posting reference.)
C) Prepare a stockholders’ equity section at December 31, 2017.

Answers

Answer:

Castle Corporation

A) Journal Entries:

Feb. 1:

Debit Cash Account $120,000

Credit Common Stock $25,000

Credit Paid-in Capital in Excess of Stated Value—Common Stock $95,000

To record the issue of 25,000 common stock shares for $120,000

Apr. 14:

Debit Cash Account $33,000

Credit Treasury Stock $33,000

To record the reissue of 6,000 shares of treasury stock- common for $33,000.

Sept. 3:

Debit Patent $35,000

Credit Common Stock $5,000

Credit Paid-in Capital in Excess of Stated Value—Common Stock $30,000

To record the issue of common stock shares for a patent valued at $35,000

Nov. 10:

Debit Treasury Stock $6,000

Credit Cash $6,000

To record the purchase of treasury stock for $6,000

Dec. 31:

Debit Net Income (Income Statement) $452,000

Credit Retained Earnings $452,000

To close the net income on the income statement to the Statement of retained earnings.

B) Stockholders' Equity Accounts:

Preferred Stock (8%, $50 par, 10,000 shares authorized)