Following the entry of adjustments on a work sheet, journalizing and posting adjusting entries are necessary.
The adjusting journal entries are made using data from the Adjustments columns correctly describe how to use the work sheet in the adjustment process.
What is the correct order of current assets when preparing a balance sheet in order of permanence?A worksheet used by the accounting division to model and analyze account balances is known as an accounting worksheet. For checking that accounting entries are obtained accurately, a worksheet is helpful. Tracking changes to an account from one period to the next can also be useful.
Cash, short-term investments, accounts receivable, inventories, and pre-paid expenses are generally included within current assets, which are typically listed in the order of their liquidity. Simply said, cash is the money that is available for general company uses and is either on hand or deposited.
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Answer: information from the adjustments columns are used for the adjusting journal entries, journalizing and posting adjusting entries is required after adjustments are entered in a work sheet
Explanation:
Towards the end of the 16th century the potato (originated in South America) was brought to Europe. In particular, within a short time period it became the prime agricultural crop in Ireland. The population of Ireland that was about 2 million in 1650, increased to about 6 million by 1845. Suppose Ireland is in a Malthusian steady-state equilibrium prior to the introduction of potatoes.
(a) What should have been the increase in the productivity of land, A, (due to the introduction of potatoes) so as to generate a 3-fold increase in population.
(b) Draw the phase diagram that describes the evolution of population from one steady-state to another
(c) Given the fact that the Irish economy was in a Malthusian state over the period 1650-1850 what should we expect the level of income per capita to be in 1845 relative to the level in 1650?
(d) Draw the phase diagram that describes the dynamics of income per capita over this period
What might we anticipate the amount of income per capita being in 1845 relative to a level in 1650 given that the Irish economy was in an Malthusian condition between 1650 and 1850?
The Malthusian economy is what?When a current societal production technology develops so slowly that population growth drives incomes to the subsistence level, the Malthusian economy is the dominant economic system.
What is the latest Malthusian theory?Neo-Malthusianism, which is the belief that a huge population might cause an ecological and humanitarian catastrophe and that preventing so-called overpopulation is therefore a vital issue, has real-world repercussions. The notion frequently leads to support for coercive laws.
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Which of the following describes how a merchandise income statement is different from a service income statement?
a. The revenue from a merchandise business is reported as fees earned.
b. The program and production expenses are subtracted from gross profit to arrive at operating income.
c. Depreciation and amortization expenses are added to the cost of goods sold.
d. A merchandise business shows a gross profit line.
The sort of business represented by a goods income statement and service income statement is different. Businesses that sell tangible objects or products use a merchandise income statement
The term "merchandise" refers to the tangible commodities or products that a company purchases or creates in order to market to clients. These goods might include anything like apparel, gadgets, food, or furnishings. Purchasing inventory, monitoring inventory levels, and controlling the cost of items sold are all steps in the selling process. The selling of items is a significant source of income for many companies. Manufacturers, wholesalers, and retail establishments are a few examples of companies that rely on the selling of goods to make money. Various tactics may be used to handle merchandise successfully, including supply chain optimization, advantageous contract negotiations with suppliers, and the development of successful marketing campaigns to draw in buyers.
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To find the present value of an annuity of $100 per year for 5 years at 10 percent per year using the tables, look up the present value interest factor which is ____and multiply that by ___O 3.1699: 10 O 4.3553; 10 O 3.7908; $100 O 7.7217; $100
The present value of an annuity of $100 per year for 5 years at 10 percent per year can be found using the tables by looking up the present value interest factor which is 3.7908 and multiplying that by $100. The answer is $379.08.
What is annuity?An annuity is a financial instrument that provides a regular stream of payments to an individual in exchange for an upfront lump-sum payment or a series of payments. Annuities are often used for retirement and income planning as they provide a guaranteed income for a set period of time. Annuities can be structured as either immediate or deferred, with the latter providing payments that start at some point in the future. Annuities are generally purchased from insurance companies and are regulated by state insurance departments.
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a gardener, a citizen of state a, sued a homeowner, a citizen of state b, in a state a federal court for breach of contract. the state a federal court may exercise personal jurisdiction without violating the due process clause of the u.s. constitution. however, state a's long-arm statute would not grant a state court in state a personal jurisdiction over the homeowner.
In the given scenario, federal courts have little ownership of property, so the answer is no.
It explains the process and how plaintiffs must present their claims in court or by decision, according to the Code of Civil Procedure. In this case, the states have long laws to apply, so federal judges apply the Code of Civil Procedure.
The Federal Courts are Canada's first-instance courts that hear cases arising from certain areas of federal law. The Federal Court of Justice is a high court with nationwide jurisdiction.
A court is an individual or agency, often a government agency, that has the power to decide disputes between parties and to try civil, criminal, and administrative matters in accordance with the rule of law.
In both common law and civil law systems, the courts are the primary means of resolving disputes, and it is generally believed that everyone has the opportunity to pursue their case in court. Rights of persons accused of malpractice include the right to defend themselves in court.
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Complete question:
A gardener, a citizen of State A, sues a homeowner, a citizen of State B, in a State A federal court seeking damages for breach of contract. It would not violate the Due Process Clause of the U.S. Constitution for a State A federal court to hear the case. However, State A's long-arm statute would not grant a State A state court jurisdiction over the homeowner.
Required:
Can the State A federal court exert personal jurisdiction over the homeowner?
Which statement best describes scientific management?
Group of answer choices
It focuses on effectiveness rather than efficiency.
It is an outgrowth of the Hawthorne studies, which found that people performed best in an environment of clearly specified, narrow job tasks.
It used scientifically tested methods of motivation to improve organizational performance.
It is successful at increasing output, in part through the use of incentive systems.
The statement best describes scientific management is It is successful at increasing output, in part through the use of incentive systems. Thus the correct option is D.
What is scientific management?Federick W. Taylor described scientific management as a system of organizing job tasks according to scientific principles. It is based on worker specialization, control of the time allotted to each activity, and task partitioning.
The main objective of classical management theory is to boost productivity, which attempts to promote equal and impartial treatment of everyone in terms of pay and other things without any discrimination.
Therefore, option D is appropriate.
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The Mortgage Payable account is increased with an entry on the ______ side of the T-Account. (Enter one word per blank.) Right.
The amount owed on a mortgage loan is shown in the Mortgage Payable account, which is a liability account.
When a mortgage loan is obtained, the borrowed amount is shown as a liability on the balance sheet, and each payment made reduces the liability's outstanding sum. On the right side of the T-Account, commonly referred to as the credit side, an entry is made to boost the Mortgage Payable account. To put it another way, when a home loan is taken out, the liability grows and the credit entry reflects this growth. The Mortgage Payable account is decreased when a loan payment is made by recording an entry on the left side of the T-Account, also referred to as the debit side. This entry lowers the liabilities and represents the decrease in the mortgage balance.
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the balance sheet identity shows that stockholders' equity equals assets blank liabilities. multiple choice question. times plus minus
The answer is minus, The balance sheet identity shows that stockholders' equity equals assets minus liabilities.
What does "stockholder" actually mean?Owners of an organization's existing shares—also known as stockholders—represent a residual piece of the company's assets and earnings as well as a portion of the voting power.
What distinguishes a shareholder from an investor in stock?Associated Courses. A person who owns shares in a corporation is referred to as a stockholder or shareholder, which denotes their ownership interest in the company. Consequently, both names denote the same thing and can be used interchangeably when discussing corporate ownership.
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Suede Inc., a company that manufactures bags, makes extensive use of advertising to compete in the market. The features of its product are similar to existing products in the market. It uses other promotional tools such as discounts, coupons, and rebates to increase its customer base. In this scenario, which of the following elements does Suede rely on to differentiate its products?
a. Product reliability
b. Convenience
c. Brand image
d. Quality
In this scenario, brand image of the following elements Suede does rely on to differentiate its products.
What is brand image?Brand image refers to the perception that consumers have of a brand. It is the way that a brand is perceived by its target audience, including its reputation, personality, and values. A strong brand image can enhance the credibility and loyalty of a brand, while a negative brand image can result in a loss of trust and loyalty. A brand's image is influenced by a variety of factors, including its marketing and advertising, product quality, customer service, and overall brand experience. A positive brand image can differentiate a brand from its competitors, and can create a strong emotional connection between the brand and its customers, leading to increased sales and brand loyalty.
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All of the following household expenditures are included in consumption expenditure or C, EXCEPT________?
A. Purchase of a new hat.
B. Payment to a dentist for X-Rays.
C. Purchase of a new home.
D. Purchase of hair styling products.
All of the following household expenditures are included in consumption expenditure or C, except purchase of a new home.
What is consumption expenditure?
Spending by households on products and services excluding purchases of new housing is referred to as consumption expenditure. It has surpassed all other components of gross domestic product in industrialized nations (GDP). Spending by families is represented by consumption expenditure. It includes the acquisition of three types of products: services, nondurables, and durables.
The government frequently emphasizes expenditure-side measures to stimulate the economy. Income that is available for purchase is the main factor influencing spending. It is household revenue that has been taxed, or income that has been after taxes.
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Fill in the blankas a result of ___, large amounts of economic activity in india are not made official and the gdp figures of the country fail to tell the entire story of the economy.
As a result of active bartering, large amounts of economic activity in india are not made official and the gdp figures of the country fail to tell the entire story of the economy.
What does active bartering means in economics?Active bartering refers to a type of bartering where two or more parties actively negotiate and exchange goods or services without the use of money. In active bartering, each party seeks to trade something they have for something they want or need, and the exchange is made on the basis of perceived value.
Active bartering can take many forms, ranging from simple exchanges between individuals to more complex transactions involving businesses or organizations. Examples of active bartering include trading goods or services, such as trading goods or services directly with another party or through a bartering network or platform.
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Country A is a main producer of agricultural goods. In the past three years, farmers in country A have seen their sales drop because consumers have begun to buy cheaper imported produce from country B. Not wanting the income of its farmers to drop, the government of country A imposes a tax on all agricultural imports from country B so that those goods are more expensive, and therefore less attractive, to consumers. The farmers in country A see their incomes begin to rise. Two months later, country B retaliates by levying a tax on all imports from country A. Because the manufacturing firms in country A lose business from the country they export to the most, they are forced to close.
What impact did the tariff that country A imposed on country B have?
Country B forced a tariff on country A's merchandise to retaliate for country A's tariffs.
What is a tax?Tax is exacted on an extensive variety of pay originating from salary, benefits from the business, property rental, and so financial contribution forced on the creation expenses or sales costs of labor and products.
In this way, while livelihoods increased for farmers in country A, the country's manufacturers lost a substantial amount of commodity business.
The manufacturers shut down, and their representatives lost their jobs. Ultimately, country A's regulations had an unfavorable impact on the country's own economy. Additionally, the tariff may have harmed country A's reputation as a trade partner and affected its future trade possibilities.
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in today's environment of hyperchoice, consumers actually make poorer decisions and feel more frustrated than when they had fewer choices. True or False
The given statement "in today's environment of hyper choice, consumers actually make poorer decisions and feel more frustrated than when they had fewer choices" is true because it can actually lead to poorer decision-making and more frustration for consumers.
Consumers often feel overwhelmed and confused when presented with too many choices. With so many options, it becomes difficult for them to weigh the pros and cons of each choice and make a decision.
Furthermore, the more choices consumers have, the higher their expectations become. They start to believe that they will find the perfect option that meets all their needs and preferences.
Additionally, having too many choices can also lead to regret. Consumers may feel like they missed out on a better option or made the wrong decision when they see other choices available later on.
This can result in a sense of dissatisfaction with their decision and may even cause them to avoid making any future decisions altogether.
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During the past two years, both the cost per unit and the selling price per unit remained constant at The Floor Store. The firm was able to increase the quantity of goods it sells while holding the amount of inventory on hand at a constant level. This accomplishment will be reflected in the firm's financial ratios in which one of the following ways?
A) Increase in the fixed asset turnover rate
B) Decrease in the total asset turnover rate
C) Decrease in the days' sales in inventory
D) Decrease in the net working capital turnover rate
E) Decrease in the inventory turnover rate
The accomplishment described in the scenario will be reflected in the firm's financial ratios in the form of an increase in the inventory turnover rate, and therefore the correct option is (E): "Decrease in the inventory turnover rate".
The inventory turnover ratio measures the number of times a company sells and replaces its inventory over a specific period. When a company is able to increase the quantity of goods sold while holding the inventory levels constant, it means that the company is selling its inventory more efficiently. Therefore, the inventory turnover rate will increase. Since the cost per unit and selling price per unit remained constant, the increase in the quantity of goods sold will result in a decrease in the inventory turnover rate, indicating that the company is managing its inventory more efficiently.
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An article in Forbes noted that the Intercounty Connector toll road that connects two counties in Maryland was not generating as much toll revenue as predicted. At that time, the toll rate was $8 for a passenger car making a round trip from end to end on the tollway during rush hour. what additional information would you need to know in order to determine if the toll should be increased or decreased? The number of vehicles using the tollway per day The price elasticity of supply The price elasticity of demand The income elasticity of drivers using the tollway 3:40M
The additional information would you need to know in order to determine if the toll should be increased or decreased is The price elasticity of supply.
What does the supply-side price elasticity formula mean?The price elasticity of supply is defined as % change in quantity provided /% change in price. The quantity supplied of an item is either elastic or inelastic depending on the price elasticity of supply, which economists calculate. PES greater than 1: Elastic supply.
What does supply elasticity of pricing mean in practice?For instance, a commodity's price might rise by 20% but its supply would grow by 40%. Due to the fact that the percentage change in the amount supplied of the commodity is twice as great as the percentage change in its price, the supply of the good is extremely elastic in this scenario.
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given the following data from a comparative competitive efforts page in the cir: wholesale segment your company industry average your company vs. ind. avg. wholesale price ($ per pair) $44.00 $53.83 -18.3% s/q rating (1 to 10 stars) 4.0 6.3 -36.5% model availability 350 300 16.7% brand advertising ($000s) 11,000 14,350 -23.3% rebate offer ($ per pair) 4.00 3.40 17.6% delivery time (weeks) 3 wks 2.8 wks 7.1% retailer support ($ per outlet) 5,500 4,675 17.6% retail outlets 1,007 1,538 -34.5% celebrity appeal 100 111 9.9% brand reputation (prior-year average) 63 76 -17.1% pairs demanded 2,773 2,413 14.9% gained/lost (due to stockouts) -16 0 pairs sold (000s) 2,757 2,413 14.3% market share (%) 11.4% 10.0% 1.4 pts based on the above data for your company, which of the following statements is false?
Without knowledge of the assertions being referenced, it is impossible to identify which statement is untrue based on the information presented.
Why are the following assertions untrue?A wholesale shoe company's numerous comparable metrics are shown in the provided data. It is impossible to determine which assertion is incorrect without understanding the details of the statements that are being compared. However, several important conclusions can be drawn. For instance, the company has a competitive edge because its wholesale pricing per pair is 18.3% lower than the industry standard. The company's SQ rating, on the other hand, is 36.5% lower than the industry standard, suggesting a potential weakness in the firm's product quality. Although the company spends 17.6% more on retailer assistance per outlet than the industry average, their brand advertising budget is 23.3% lower than the average for the sector, indicating an emphasis on improving support for retailers. In the end, a more thorough examination of the data and comparative claims would be necessary.
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Sodexo is a corporation that manages school cafeterias, university dining halls, mess halls at military bases, concession stands at sports arenas, and other large-scale food service facilities. If Sodexo were to begin to sell individual frozen meals in supermarkets, it would be pursuing a _____growth strategy.
a. product development b. market development c. unrelated diversification d. related diversification e. market penetration
Sodexo would be following a diversification growth plan if it started selling individual frozen meals in grocery stores.
What is a growth strategy that focuses on diversification?One of the most well-known uses of a portfolio is at General Electric. The company's initial concentration was on electrical items. However, they have purchased and established businesses in the kitchen appliance, gas, power plant, and rail industries throughout the years.
Describe diversity with an example.By diversifying, a business may successfully cross-sell its goods. For instance, a vehicle firm known for its car discounts may cross-sell new items or bring synthetic oil or other automotive parts to an existing market.
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If the representative firm in a monopolistically competitive industry has an optimal output where P < ATC, the industry will expand in the long run
True/False
The given statement "if the representative company in a monopolistically competitive industry has an optimal output where P < ATC, the industry will expand in the long terms" is false because if the representative firm in a monopolistically competitive industry has an optimal output where P < ATC (i.e., the price of the product is less than the average total cost of producing it), it means that the firm is not earning enough revenue to cover its costs, including both variable and fixed costs. In the long run, this would not be sustainable for the firm, as it would eventually have to shut down or exit the market.
If many firms in the industry are facing similar conditions, this could lead to a contraction in the industry, as some firms exit the market or reduce their output. This could eventually lead to an increase in the price of the product, as the remaining firms have more market power and are able to charge higher prices.
Therefore, if the representative firm in a monopolistically competitive industry has an optimal output where P < ATC, it is more likely that the industry will contract or consolidate in the long run, rather than expand.
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Heritage Glass in rural Tennessee expects 60 to 70 percent of its sales to come from regions outside of the United States including the Philippines, Europe, and South America. Heritage Glass has a _____ vision.
O absolute
O strategic
O protectionist
O global
Heritage Glass in rural Tennessee expects 60 to 70 percent of its sales to come from regions outside of the United States including the Philippines, Europe, and South America. Heritage Glass has a global vision. So, option d. is the correct answer.
Having a global vision implies recognizing and reacting to international business possibilities, being knowledgeable of threats from foreign opponents in all markets, and effectively using International allocation networks to acquire raw materials and move finished products to the consumer. An organization planning to have a global business mandates a transnational strategy. Such a technique requires a global vision. This entails that the whole world is contemplated as a possible marketplace.
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compute the income elasticity of demand for each good and use the dropdown menus to complete the first column in the following table. then, based on the income elasticities, classify each good as either a normal good or an inferior good. (hint: be careful to keep track of the direction of change. the sign of the income elasticity of demand can be positive or negative, and the sign gives important information.)Good income elasticity of demand normal or inferior goodFlops ____ ____Spades ____ ____Diamonds ____ ____Which of the following three goods is most likely to be classfield as a luxury good?a. Spadesb. Flopsc. diamonds
According to the question diamonds are most likely to be classfield as a luxury good.
What is luxury good?A luxury good is a type of product or service that has a high level of quality and price. These goods usually have a higher price tag than similar items and often come with a high level of craftsmanship. Luxury goods may also be associated with a certain level of prestige or status. Examples of luxury goods can include things like expensive jewelry, designer clothes, cars, and private jets. Luxury goods also often come with a certain level of exclusivity. For example, a handmade watch might be only made in limited quantities, making it a rare find. Luxury goods are usually seen as a sign of wealth and success, and they can often be used to show off one's financial status. Luxury goods can also be seen as a way of expressing one's individual style or taste.
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According to the text, the strategic management process entails three ongoing processes. They are______
The text claims that there are three continuing processes involved in the strategic management process. They consist of evaluations, choices, and actions.
Which three components constitute strategic management the most?As part of its strategic management approach, a corporation establishes a culture of ongoing evaluation to surpass competitors. Although it may appear simple, this is a challenging process that involves creating the organization's big picture vision for both short- and long-term objectives.
Strategic management, which comprises the use of three essential components including environmental scanning, strategy development and implementation, and strategy evaluation, is the practice of employing such a broad-based, goal-oriented approach.
As part of strategic management, a corporation sets goals, analyzes competitor behavior, reviews its internal organizational structure, evaluates its present plans, and makes sure that those strategies are carried out across the entire organization. Prescriptive and descriptive approaches to strategic management are both available.
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problem 3-1a (static) determine accrual-basis and cash-basis revenues and expenses (lo3-1, 3-2) required: for each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period.
The accrual accounting has been solved for below.
What is accrual accounting?Accrual accounting is an accounting method in which revenues and expenses are recognized and recorded when they are earned or incurred, regardless of whether the cash has been received or paid. This means that transactions are recorded in the period in which they are earned or incurred, rather than when the cash is received or paid.
Accrual basis Cash basis
Transation # Revenue Expenses Revenue Expenses
1 0 460
2 0 80
3 0 1300
4 660 660
5 860 0
6 1900 1900
7 0 0
8 0 0
9 0 610
10 310 310
You are to fill the values into the table in the attachment
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Last year sales of XYZ company are Rs. 900,000 and 80% sales are on credit. Gross profit margin is 25% on sales. The closing stock value is Rs. 90,000. What must be the inventory turnover ratio and age of inventory of the firm?
The inventory turnover ratio of the firm is 7.5 times, and the age of inventory is 48.67 days.
What is turnover?
In business and finance, turnover refers to the total amount of revenue generated by a company through its operations over a specific period of time, typically a year. It can also refer to the rate at which a company's inventory is sold and replaced over a given period of time, usually a year. Turnover can be measured in terms of sales revenue, number of units sold, or number of transactions processed.
In accounting, turnover can also refer to the number of times a particular asset, such as inventory or accounts receivable, is replaced or converted into cash over a specific period of time. This is commonly referred to as the inventory turnover ratio or accounts receivable turnover ratio, respectively.
In general, turnover is an important metric used to evaluate a company's financial performance and efficiency, as it indicates how effectively a company is able to generate revenue from its operations and manage its assets.
To calculate the inventory turnover ratio and age of inventory of the firm, we need to use the following formulas:
Inventory turnover ratio = Cost of goods sold / Average inventory
Age of inventory = 365 days / Inventory turnover ratio
To calculate the cost of goods sold, we first need to calculate the total sales and the gross profit.
Total sales = Rs. 900,000
Credit sales = 80% of total sales = 0.8 x Rs. 900,000 = Rs. 720,000
Cash sales = Total sales - Credit sales = Rs. 900,000 - Rs. 720,000 = Rs. 180,000
Gross profit = Gross profit margin x Total sales = 0.25 x Rs. 900,000 = Rs. 225,000
Cost of goods sold = Total sales - Gross profit = Rs. 900,000 - Rs. 225,000 = Rs. 675,000
To calculate the average inventory, we need to add the opening and closing stock values and divide by 2.
Closing stock value = Rs. 90,000
Assuming that the opening stock value is the same as the closing stock value, the average inventory is (Rs. 90,000 + Rs. 90,000) / 2 = Rs. 90,000
Now we can calculate the inventory turnover ratio and the age of inventory:
Inventory turnover ratio = Cost of goods sold / Average inventory = Rs. 675,000 / Rs. 90,000 = 7.5 times
Age of inventory = 365 days / Inventory turnover ratio = 365 days / 7.5 times = 48.67 days
Therefore, the inventory turnover ratio of the firm is 7.5 times, and the age of inventory is 48.67 days. This means that the company sells its entire inventory 7.5 times in a year, and it takes around 48.67 days to sell its inventory.
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Suppose that the estimated demand equation for a firm’s good is given by:
Qx = 100 – 10Px – 2Py + 0.1M + 0.2A. Where Qx is unit sales of good x, Px is the price of good x, Py is the price of good y, M is per-family money income in thousands of dollars, and A is the level of advertising expenditures in thousands of dollars.
Suppose that Px = $2, Py = $3, M = $50 (thousand), and A = $20 (thousand).
Based on the given information, It is considered as Inelastic as it is less than 1.
What is demand?Increased consumer propensity to purchase any good results in an increase in demand. This willingness will alter when the cost or level of service changes.
Applying the value in the given equation as
Q=100-10PX-2PY+0.1M+0.2A
Q=100-10*2-2*3+0.1*50+0.2*20
Q=100-20-6+5+4
Q=83
The relation between P and X is defined as
All the other value is assumed as constant, LET PX=3
Q=100-10*3-2*3+0.1*50+0.2*20
Q=100-30-6+5+4
Q=73
Price Elasticity = (73-83/83)/(3-2)/2)
=(-10/83)/(1/2)
= -0.24
After the calculation value is less than 1 then it is considered inelastic.
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Parnell Industries buys securities to be available for sale when circumstances warrant, not to profit from short-term differences in price and not necessarily to hold debt securities to maturity. The following selected transactions relate to investment activities of Parnell Industries whose fiscal year ends on December 31. No investments were held by Parnell at the beginning of the year.
2009
March 1 Purchased 2 million Platinum Gems, Inc. common shares for $124 million, including brokerage fees and commissions.
April 13 Purchased $200 million of 10% bonds at face value from Oracle Wholesale Corporation.
July 20 Received cash dividends of $3 million on the investment in Platinum Gems, Inc. common shares.
October 13 Received semiannual interest of $10 million on the investment in Oracle bonds.
October 14 Sold the Oracle bonds for $205 million.
November 1 Purchased 500,000 SPI International preferred shares for $40 million, including brokerage fees and commissions.
December 31 Recorded the necessary adjusting entry(s) relating to the investments. The market prices of the investments are $64 per share for Platinum Gems, Inc. and $74 per share for SPI International preferred shares.
2010
January 25 Sold half the Platinum Gems, Inc. shares for $65 per share.
March 1 Sold the SPI International preferred shares for $78 per share.
December 31 Recorded the necessary adjusting entry(s) relating to the investments. The market price of the investments are $65 per share for Platinum Gems, Inc.
Required:
1. Prepare the appropriate journal entry for each transaction or event.
2. Show the amounts that would be reported on the company’s 2009 income statement relative to these investments.
The amounts that would be reported on the company’s 2009 income statement relative to these investments the income is 2 millions.
Net income = 3 million - 1 million = 2million
Investment refers to the process of allocating money or resources to an asset, such as stocks, bonds, mutual funds, real estate, or other financial instruments, with the goal of generating returns over a specified period. Investments can be categorized into short-term or long-term, based on the duration of the investment horizon.
Investors make investments to earn profits from the appreciation in the value of the asset, as well as the interest, dividends, or rental income generated from the asset. The potential for returns and risk associated with an investment varies across different asset classes. Investing requires research, analysis, and informed decision-making. Diversification is a key strategy to minimize risk and maximize returns by spreading investments across multiple assets and sectors. Successful investing also requires discipline, patience, and a long-term perspective.
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10. Net Income (or Loss) and Retained Earnings
The following information is available from the records of Buena Vista Corp. at the end of the year:
Accounts payable $5,000 Landscaping revenues $24,000
Accounts receivable 4,500 Office equipment 7,500
Capital stock 8,000 Rent expense 6,500
Cash 12,000 Retained earnings, beginning of year 8,500
Dividends paid during the year 3,000 Salary and wage expense 12,000
Required:
Use the above information to answer the following questions.
1. What is Buena Vista's net income for the year?
$fill in the blank 1
2. What is Buena Vista's Retained Earnings balance at the end of the year?
$fill in the blank 2
3. What is the total amount of Buena Vista's assets at the end of the year?
$fill in the blank 3
4. What is the total amount of Buena Vista's liabilities at the end of the year?
$fill in the blank 4
5. How much owners' equity does Buena Vista's have at the end of the year?
$fill in the blank 5
6. What is Buena Vista's accounting equation at the end of the year?
= + $fill in the blank 9 = $fill in the blank 10 + $fill in the blank 11
To answer these questions, we will use the basic accounting equation: Assets = Liabilities + Owners' Equity. We will also use the formula for calculating net income: Revenues - Expenses = Net Income.
Net Income = Revenues - Expenses
Net Income = $24,000 - ($6,500 + $12,000)
Net Income = $24,000 - $18,500
Net Income = $5,500
So, Buena Vista's net income for the year is $5,500.
Retained Earnings (end of year) = Retained Earnings (beginning of year) + Net Income - Dividends
Retained Earnings (end of year) = $8,500 + $5,500 - $3,000
Retained Earnings (end of year) = $11,000
So, Buena Vista's Retained Earnings balance at the end of the year is $11,000.
Assets = Cash + Accounts Receivable + Office Equipment + Land
Assets = $12,000 + $4,500 + $7,500 + $0
Assets = $24,000
So, the total amount of Buena Vista's assets at the end of the year is $24,000.
Liabilities = Accounts Payable
Liabilities = $5,000
So, the total amount of Buena Vista's liabilities at the end of the year is $5,000.
Owners' Equity = Capital Stock + Retained Earnings
Owners' Equity = $8,000 + $11,000
Owners' Equity = $19,000
So, Buena Vista's has $19,000 of owners' equity at the end of the year.
Assets = Liabilities + Owners' Equity
$24,000 = $5,000 + $19,000
So, Buena Vista's accounting equation at the end of the year is $24,000 = $5,000 + $19,000.
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Match the following type of report with the most likely statement user: management, taxation authority, regulatory agency, or investor.
- Financial Statements
- Tax Return
- Annual Budget
- Special report on a bank's financial health
Regulatory agencies special report on a bank's financial health, tax return taxes, annual budget management, and financial statements for investors.
Financial statements: what are they?Financial statements are written records that give an account of an organization's operations and financial performance. Financial statements are regularly audited by governmental organizations, accountants, corporations, etc. to verify the correctness and for tax, financing, or investing purposes.
For-profit organizations' four fundamental financial statements are the balance sheet, income statement, cash flow statement, and statement of changes in equity. Nonprofit organizations utilize financial statements, despite the fact that they are identical.
To determine a company's financial soundness and potential profitability, creditors, market analysts, and investors review its financial statements. The three main financial statement reports are the cash flow statement, the income statement, and the balance sheet.
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identify the components of utility. multiple select question. a. price b. consumer satisfaction c. inconvenience stability d. consumption utility
D. Consumption utility .The enjoyment or joy a consumer experiences from consuming products and services is referred to as utility by economists.
How important is consumer utility?The essential building blocks of an economy are consumers. In order to maximise utility and satisfaction, all consumers use products and services directly and indirectly. Consumers want to maximise their utility, yet they only have a certain amount of money.
In what way do utility and consumption relate to one another?The marginal utility of a good is what determines how much a customer is prepared to pay for it. According to the law of diminishing marginal utility, the marginal utility of a good decreases with each additional unit of consumption. As a result, when consumption rises, so does the price of an ordinary good.
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TRUE/FALSE. unfortunately given that good employees move from one organization to another they do not create a resource valuable enough for creating competitive advantage
Unfortunately given that good employees move from one organization to another they do not create a resource valuable enough for creating competitive advantage. (True)
What exactly do u mean by such a competitive edge?Anything that offers a business an edge over its rivals, enabling it to draw in more clients and increase its market share, is considered a competitive advantage. Three main types of competitive advantages are possible: Cost advantage is the ability to produce a good or deliver a service for less money than rivals.
Why is it vital to have a competitive advantage?In the viewpoint of its customers, a company's competitive edge is what distinguishes it from its rivals. These benefits enable a business to attain and sustain stronger profitability, a greater growth profile, or increased customer loyalty. A competitive advantage is usually referred to as a "protective moat."
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External auditors may choose to rely on the work performed by the client's internal auditors.True or False
True, The work done by the client's internal auditors may be relied upon by external auditors if they so desire. Before relying on the work of the internal auditors, the external auditors must first evaluate their skill and objectivity.
As it can assist to lower audit costs and improve the effectiveness of the entire audit process, external auditors may decide to rely on the work produced by the client's internal auditors. Before relying on the internal auditors' work, the external auditors must first evaluate the internal auditors' objectivity and competency. They must also assess the internal auditors' work to see if it is trustworthy and pertinent to the financial accounts. If the external auditors choose to rely on the internal auditors' work, they will do so in order to inform their own assessments of the client's financial accounts.
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to show an increasing preference for electric cars, we draw an initial demand curve for those cars and then show:\
To show an increasing preference for electric cars the demand curve will shift rightward for electric cars.
To show an increasing preference for electric cars, we would shift the demand curve for electric cars to the right, indicating an increase in demand at each price point. This shift could be caused by various factors, such as increased awareness of the environmental benefits of electric cars, government incentives for electric car ownership, improvements in battery technology, or changes in consumer preferences. By shifting the demand curve to the right, we can demonstrate that, at each price level, consumers are now willing and able to purchase more electric cars than they were previously, reflecting an increasing preference for this type of vehicle.
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