The balance of the Allowance for Doubtful Accounts after adjustment will be a credit of $42,000 ($6,000 + $36,000).
To calculate the balance of the Allowance for Doubtful Accounts after adjustment, we need to first determine the estimated amount of doubtful accounts based on the company's net credit sales.
Since Storm Company estimates that doubtful accounts will be 2% of sales, we can multiply $1,800,000 (net credit sales) by 2% to get an estimated amount of $36,000 for doubtful accounts.
Next, we need to adjust the existing balance of the Allowance for Doubtful Accounts to reflect this estimated amount. Since the balance prior to adjustment is a credit balance of $6,000, we need to add $36,000 to this balance to arrive at the new credit balance after adjustment.
Therefore, this represents the amount that Storm Company expects to write off as uncollectible accounts based on its sales for the year. By having a sufficient allowance for doubtful accounts, the company can better reflect its true financial position and avoid overstating its accounts receivable.
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1) In the market for reserves, if the federal funds rate is above the interest rate paid on excess reserves, an open market sale ________ the ________ of reserves, causing the federal funds rate to increase, everything else held constant.
If the federal funds rate is above the interest rate paid on excess reserves in the market for reserves, an open market sale will decrease the supply of reserves, causing the federal funds rate to increase, everything else held constant.
This is because an open market sale involves the Fed selling securities, which reduces the amount of reserves in the banking system as banks pay for the securities with their reserves.
As the supply of reserves decreases, banks become more competitive in their bidding for reserves in the federal funds market, driving up the federal funds rate.
By contrast, if the federal funds rate is below the interest rate paid on excess reserves, an open market purchase by the Fed will increase the supply of reserves, causing the federal funds rate to decrease. The Fed uses these tools to influence the federal funds rate and achieve its monetary policy goals.
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A large investment company has used the money that its clients entrusted them with to buy risky stock instead of the bonds that it promised. Unfortunately, the stock they invested in lost money. During the shareholders meeting, the company provides statements showing a modest gain on bonds. What kind of crime is this company committing
The type of crime that the company is committing is fraud.
Fraud is a broad term that refers to intentional deception or misrepresentation made for personal gain or to cause harm to another party. In this case, the investment company promised to invest its clients' money in bonds, but instead used it to buy risky stocks without their knowledge or consent. By doing so, the company misrepresented its investment strategy and breached its fiduciary duty to act in the best interests of its clients.
The company's presentation of false statements showing a modest gain on bonds during the shareholders meeting is also an act of deception and misrepresentation. By providing false information, the company is attempting to conceal its wrongdoing and maintain the trust of its clients and shareholders.
Overall, the investment company's actions constitute a form of investment fraud, which can have serious legal and financial consequences for the company and its executives. The clients who were harmed by the company's actions may have grounds to file a lawsuit for breach of contract, breach of fiduciary duty, and/or securities fraud.
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Jonquil, a fast casual restaurant in Pecan Grove, has been open for a year. They recently researched and compared themselves to their popular, direct competitor to see how Jonquil measures up in terms of its customer service speed and accuracy while maintaining a relaxed, friendly vibe. The business term __________ is used to describe this practice of comparing an organization’s practices, processes, and products against the best.
The business term D. benchmarking is used to describe this practice of comparing an organization's practices, processes, and products against the best.
This process involves comparing an organization's practices, processes, and products against those of the best or most successful competitors in the industry. In Jonquil's case, they have researched and compared their customer service speed and accuracy, as well as the relaxed and friendly vibe they aim to maintain, against their popular direct competitor.
Benchmarking helps organizations identify areas where they may need improvement and set goals to reach or surpass the industry standard. By comparing their performance to that of their competitors, Jonquil can understand what works well and where they may need to make changes. This allows them to make informed decisions about how to improve their customer service and overall experience in order to stay competitive in the fast-casual restaurant market.
In summary, Jonquil has utilized benchmarking as a way to analyze and compare their performance against the best in their industry. This practice helps them identify areas of improvement and set goals for reaching or surpassing their competitors' success, ultimately ensuring a better customer experience and maintaining a strong position in the market. Therefore, the correct option is D.
The question was incomplete, Find the full content below:
Jonquil, a fast-casual restaurant in Pecan Grove, has been open for a year. They recently researched and compared themselves to their popular, direct competitor to see how Jonquil measures up in terms of its customer service speed and accuracy while maintaining a relaxed, friendly vibe. The business term __________ is used to describe this practice of comparing an organization's practices, processes, and products against the best.
A. real-time networking
B. outsourcing
C. tracking coordination
D. benchmarking
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If the quantity of loanable funds demanded exceeds the quantity of loanable funds supplied, there is a
If the quantity of loanable funds demanded exceeds the quantity of loanable funds supplied, there is a shortage in the credit market. This can lead to higher interest rates as lenders compete for the limited funds available.
It may also result in some borrowers being unable to secure loans, which can have negative impacts on investment and economic growth.If the quantity of loanable funds demanded exceeds the quantity of loanable funds supplied, there is a shortage in the loanable funds market.
In this situation, the demand for loans is greater than the supply of loans available, which typically leads to an increase in interest rates. As interest rates rise, borrowers may be less inclined to take out loans, while lenders become more willing to supply loans. This process continues until the quantity of loanable funds demanded equals the quantity of loanable funds supplied, establishing a new equilibrium in the market.
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_____ are designed to draw data in real time from various sources, including corporate databases and spreadsheets, so decision makers can make use of up to the minute data.
Business Intelligence tools are designed to draw data in real time from various sources, including corporate databases and spreadsheets, so decision makers can make use of up to the minute data. The main purpose of these tools is to enable decision-makers to access and utilize data as it is generated.
The real-time data provided by these tools is crucial for organizations that require timely information to make decisions. For instance, companies in the finance industry rely heavily on real-time data to make decisions related to investments and trading. In addition, BI tools can help businesses identify trends, make predictions, and optimize business processes. Moreover, BI tools come with various features such as dashboards, reports, and alerts that enable decision-makers to visualize data, track performance, and identify areas that require attention.
These tools also provide flexibility in terms of data analysis, allowing users to drill down into data to uncover insights and correlations that were not visible before. In conclusion, BI tools are essential for organizations that need to make informed decisions based on real-time data. By providing up-to-the-minute data from various sources, these tools help businesses optimize their operations, identify new opportunities, and stay ahead of the competition.
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Justine's rich uncle wants to give her $5,000 toward the purchase of a car. But since Justine doesn't plan to buy the car for at least another year, her uncle told her that she can have the money now, or he can wait and give her the money when she actually buys the car. Justine chooses to take the money now and deposit it in her savings account. After all, her deposit will yield 6% interest compounded annually. A year from now, her $5,000 will be worth $5,300. What financial concept does this scenario illustrate
In this case, Justine's uncle is offering her $5,000 today, but since she is not planning to buy the car for at least another year, the value of that money will change due to the interest rate she can earn by depositing it in her savings account.
This scenario illustrates the concept of time value of money. Time value of money is the idea that the value of money changes over time due to various factors such as inflation, interest rates, and opportunity cost.
In this case, Justine's uncle is offering her $5,000 today, but since she is not planning to buy the car for at least another year, the value of that money will change due to the interest rate she can earn by depositing it in her savings account.
By choosing to deposit the money in her savings account, Justine is taking advantage of compound interest, which means that the interest earned on her deposit will be added to her account balance and earn even more interest in the future.
At a 6% interest rate compounded annually, her $5,000 deposit will grow to $5,300 after one year.
This scenario also highlights the importance of considering the time value of money when making financial decisions.
By choosing to take the money now and deposit it in her savings account, Justine is essentially earning a return on her investment. If she had waited for her uncle to give her the money when she actually buys the car, she would have missed out on a year's worth of interest earnings.
This illustrates the concept of opportunity cost, which is the potential benefit that is foregone by choosing one option over another.
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One overlooked internal source of secondary marketing information discussed in the text is Group of answer choices accounting records. consumer surveys. sales receipts. quality control data. interviews with salespeople.
Answer:
Your answer
Explanation:
Accounting Records
Simmons Corp. can borrow from its bank at 17 percent to take a cash discount. The terms of the cash discount are 1.5/10, net 45. a. Compute the cost of not taking the cash discount. (Use a 360-day year. Do not round intermediate calculations. Input your final answer as a percent rounded to 2 decimal places.) b. Should the firm borrow the funds
a) The cost of not taking the cash discount is 27.31%. b) the firm can reduce its costs and improve its cash flow position
a) The cost of not taking the cash discount can be computed as follows:
Cost of not taking cash discount = [(1 + Discount %)/(1 - Discount %)] x [(360/(Days of credit - Discount period))] - 1
Here, Discount % = 1.5%, Days of credit = 45 days, and Discount period = 10 days.
Substituting these values in the above formula, we get:
Cost of not taking cash discount = [(1 + 0.015)/(1 - 0.015)] x [(360/(45-10))] - 1
= 0.2731 or 27.31% (rounded to 2 decimal places)
Therefore, the cost of not taking the cash discount is 27.31%.
b) To determine whether the firm should borrow the funds to take the cash discount, we need to compare the cost of borrowing at 17% with the cost of not taking the cash discount, which is 27.31%.
Since the cost of borrowing at 17% is lower than the cost of not taking the cash discount, it would be beneficial for the firm to borrow the funds and take the cash discount.
By taking the cash discount, the firm can reduce its costs and improve its cash flow position. However, it should also consider the impact of the loan on its overall financial position and ensure that it can meet the loan repayment obligations.
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What does a debit balance in Allowance for Doubtful Accounts mean? Select one: a. Bad Debt Expense has been overestimated. b. More accounts have been written off than had been estimated. c. The direct method is being used. d. A posting error has been made.
A debit balance in Allowance for Doubtful Accounts means that Bad Debt Expense has been overestimated.
The correct option is (A)
The Allowance for Doubtful Accounts is a contra-asset account that is used to estimate and record the amount of accounts receivable that are expected to be uncollectible.
When Bad Debt Expense is estimated and recorded, it is debited to the Bad Debt Expense account and credited to the Allowance for Doubtful Accounts account.
If the Bad Debt Expense is overestimated, it means that too much has been credited to the Allowance for Doubtful Accounts account, resulting in a debit balance.
This may happen if the company has been too conservative in its estimate of uncollectible accounts, or if actual bad debt write-offs have been less than expected.
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The operating cost of a small machine is $800 in year one, $900 in year two, $1000 in year three, increasing by $100 per year through year ten. At an interest rate of 8% per year, the equivalent annual worth of the machine is nearest to:
The nearest equivalent annual worth of the machine is $1,414.78.
Using the formula for present worth:
PW = F/(1+i)^n
Where PW is the present worth, F is the future value, i is the interest rate, and n is the number of years.
We can calculate the present worth for each year:
PW1 = 800/(1+0.08)^1 = $740.74
PW2 = 900/(1+0.08)^2 = $789.96
PW3 = 1000/(1+0.08)^3 = $834.97
PW4 = 1100/(1+0.08)^4 = $876.29
PW5 = 1200/(1+0.08)^5 = $914.50
PW6 = 1300/(1+0.08)^6 = $950.11
PW7 = 1400/(1+0.08)^7 = $983.64
PW8 = 1500/(1+0.08)^8 = $1015.48
PW9 = 1600/(1+0.08)^9 = $1045.99
PW10 = 1700/(1+0.08)^10 = $1075.45
Then, we can sum up all the present worths:
PW total = PW1 + PW2 + PW3 + PW4 + PW5 + PW6 + PW7 + PW8 + PW9 + PW10
= $8,046.84
Finally, we can calculate the equivalent annual worth:
EAW = PW total/i * (1+i)^n / ((1+i)^n - 1)
= $8,046.84/0.08 * (1+0.08)^10 / ((1+0.08)^10 - 1)
= $1,414.78
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When common stock is purchased by the issuing corporation at a price below the original issue price and the stock is retired, the transaction:
When common stock is purchased by the issuing corporation at a price below the original issue price and the stock is retired, it is called treasury stock.
This transaction reduces the number of outstanding shares, which can increase the value of the remaining shares for shareholders. The retired shares can also be reissued at a later date, providing the company with a way to raise additional capital.
The purchase of treasury stock is typically seen as a sign of financial strength and confidence in the company's future performance. However, the purchase of treasury stock may also have tax implications for the company and its shareholders.
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George, who lives in England, works 10 hour days and earns 20 U.K. pounds per hour. He spends all his income on baskets of fish and chips, each costing 5 U.K. pounds. What does George forgo when he decides to spend an hour in leisure
Let's first determine George's daily income. His daily income would be 200 U.K. pounds (10 x 20) if he worked 10 hours a day and was paid 20 U.K. pounds per hour.
Next, we must determine how much George spends each day on baskets of fish and chips. He spends all of his money—5 U.K. pounds—on each basket, so he purchases 40 each day (200 / 5).
George is essentially giving up the chance to earn 20 British pounds when he chooses to spend an hour in leisure. He might have worked for that hour and made the money, therefore the reason. Therefore, he forfeits the opportunity by choosing leisure over work, he is giving up the potential income of 20 U.K. pounds for that hour.
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A law firm's total profits equal $500,000. Its total revenues equal $900,000. What are this firm's total costs
The law firm's total costs are $400,000.
In order to determine a law firm's total costs, we need to subtract its total profits from its total revenues. This will give us the total amount of expenses that the firm incurred in order to generate its revenues.
Using the information provided in the question, we can calculate the law firm's total costs as follows:
Total Revenues - Total Profits = Total Costs
$900,000 - $500,000 = $400,000
Therefore, the law firm's total costs are $400,000.
It is important to note that total costs can be broken down into different categories, such as fixed costs and variable costs. Fixed costs are expenses that do not change with the level of production or sales, such as rent or salaries. Variable costs, on the other hand, are expenses that do change with the level of production or sales, such as raw materials or commissions.
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reScientists are currently planning a mission that should tell us definitively whether there is an ocean on Europa. This mission will do that in the cheapest way possible, which is to ________.
Scientists are currently planning a mission to definitively determine whether there is an ocean on Europa. This mission will do that in the most cost-effective way possible, which is to analyze data gathered from orbiters and remote sensing techniques.
Scientists are currently planning a mission that should tell us definitively whether there is an ocean on Europa. This mission will do that in the cheapest way possible, which is to conduct a flyby mission. A flyby mission involves sending a spacecraft to fly by the target celestial object, in this case, Europa, to collect scientific data and images. This type of mission is generally less expensive than a landing or orbiter mission because it requires less fuel and equipment. However, it also has limitations in terms of the amount of time the spacecraft can spend near the target and the amount of data that can be collected.
In the case of Europa, a flyby mission is expected to provide valuable information about the moon's surface features, composition, and magnetic field. By analyzing this data, scientists hope to determine definitively whether there is an ocean beneath Europa's icy crust and whether that ocean could potentially harbor life.
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Exercise 12-5A Evaluate risk ratios (LO12-3) The 2021 income statement of Adrian Express reports sales of $13,206,000, cost of goods sold of $7,471,500, and net income of $1,510,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 510,000 $ 670,000 Accounts receivable 1,220,000 910,000 Inventory 1,620,000 1,310,000 Long-term assets 4,710,000 4,150,000 Total assets $ 8,060,000 $ 7,040,000 Liabilities and Stockholders' Equity Current liabilities $ 1,930,000 $ 1,570,000 Long-term liabilities 2,270,000 2,310,000 Common stock 1,820,000 1,820,000 Retained earnings 2,040,000 1,340,000 Total liabilities and stockholders' equity $ 8,060,000 $ 7,040,000 Industry averages for the following four risk ratios are as follows: Average collection period 25 days Average days in inventory 60 days Current ratio 2 to 1 Debt to equity ratio 50% Required: 1. Calculate the four risk ratios listed above for Adrian Express in 2021. (Use 365 days in a year. Round your answers to 1 decimal place.)
The Average Collection Period Ratio is 33.7 days
The Average Days in Inventory Ratio is 60 days
The current ratio is 1.7
Adrian Express has $1.10 in debt for every dollar inequity, which is higher than the industry average of 50%.
The average collection period ratio measures the number of days it takes for a company to collect its accounts receivables. To calculate this ratio, we divide the accounts receivable by the average daily credit sales.
Average Collection Period Ratio = (Accounts Receivable / Annual Credit Sales) x 365
For Adrian Express in 2021, the average collection period ratio is:
Average Collection Period Ratio = (1,220,000 / 13,206,000) x 365 = 33.7 days
The average days in inventory ratio measures the number of days it takes for a company to sell its inventory. To calculate this ratio, we divide the inventory turnover ratio by 365.
Average Days in Inventory Ratio = (Inventory Turnover Ratio / 365)
Inventory Turnover Ratio = Cost of Goods Sold / Average Inventory
For Adrian Express in 2021, the average days in inventory ratio is:
Inventory Turnover Ratio = 7,471,500 / ((1,620,000 + 1,310,000) / 2) = 4.9 times
Average Days in Inventory Ratio = (4.9 / 365) x 365 = 60 days
The current ratio measures a company's ability to pay its short-term debts using its current assets. To calculate this ratio, we divide the current assets by the current liabilities.
Current Ratio = Current Assets / Current Liabilities
For Adrian Express in 2021, the current ratio is:
Current Ratio = 3,350,000 / 1,930,000 = 1.7
The debt-to-equity ratio measures the amount of debt a company has compared to its equity. To calculate this ratio, we divide the total liabilities by the total equity.
Debt-to-Equity Ratio = Total Liabilities / Total Equity
For Adrian Express in 2021, the debt-to-equity ratio is:
Debt-to-Equity Ratio = 4,200,000 / 3,860,000 = 1.1
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In the context of a business environment, computers, telecommunications, and other digital tools are considered to be part of the _____.
In the context of a business environment, computers, telecommunications, and other digital tools are considered to be part of the technological infrastructure.
Technological infrastructure refers to the collection of hardware, software, and networks that enable communication, data processing, and other business operations.
These tools have become essential components of modern business operations, enabling companies to streamline their workflows, improve efficiency, and access a range of digital resources and services.
Computers are the primary devices used in business environments, providing employees with access to various software applications, databases, and other resources needed to complete their tasks.
Telecommunications technology, including smartphones, video conferencing, and email systems, allows for communication and collaboration between employees, clients, and other stakeholders, regardless of their physical location.
Other digital tools such as cloud computing, data analytics, and digital marketing platforms are also considered part of the technological infrastructure, providing businesses with essential tools for managing and analyzing data, developing and executing marketing strategies, and more.
Overall, the technological infrastructure is critical for businesses to remain competitive in today's digital landscape. The effective use of computers, telecommunications, and other digital tools can help companies to streamline their operations, increase productivity, and gain a competitive edge.
As technology continues to evolve, businesses must continue to adapt and integrate new tools into their operations to remain relevant and competitive.
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Assume that Andretti Company has sufficient capacity to produce 121,500 Daks each year without any increase in fixed manufacturing overhead costs. The company could increase its unit sales by 35% above the present 90,000 units each year if it were willing to increase the fixed selling expenses by $120,000. What is the financial advantage (disadvantage) of investing an additional $120,000 in fixed selling expenses
investing an additional $120,000 in fixed selling expenses would result in a financial advantage of $4,740,000 for Andretti Company.
If Andretti Company increases its unit sales by 35% above the present 90,000 units, the total units sold would be 121,500 units (90,000 x 1.35). Since the company already has the capacity to produce 121,500 units without any increase in fixed manufacturing overhead costs, the only additional cost would be the increase in fixed selling expenses of $120,000.
To calculate the financial advantage (disadvantage) of investing an additional $120,000 in fixed selling expenses, we need to calculate the additional profit that the company would generate from the increased sales. To do this, we can use the contribution margin per unit, which is the difference between the selling price per unit and the variable cost per unit.
Let's assume that the selling price per unit is $100 and the variable cost per unit is $60. The contribution margin per unit would be $40 ($100 - $60).
If the company sells 121,500 units, the total contribution margin would be $4,860,000 (121,500 units x $40 per unit).
The additional fixed selling expenses of $120,000 would reduce the company's net profit by that amount. Therefore, the financial advantage (disadvantage) of investing an additional $120,000 in fixed selling expenses would be:
Net profit = Total contribution margin - Fixed selling expenses
Net profit = $4,860,000 - $120,000
Net profit = $4,740,000
Therefore, investing an additional $120,000 in fixed selling expenses would result in a financial advantage of $4,740,000 for Andretti Company.
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Individuals convicted under the Anti-Bribery Convention of the Organization for Economic Cooperation and Development will most likely be required to ________.
Individuals convicted under the Anti-Bribery Convention of the Organization for Economic Cooperation and Development (OECD) will most likely be required to face severe legal and financial consequences.
The Anti-Bribery Convention is a legally binding instrument aimed at combating bribery in international business transactions. It requires member countries to criminalize bribery of foreign public officials and put in place effective measures to prevent and detect such corrupt practices. The OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions was adopted in 1997 and has since been ratified by 44 countries, including major economies such as the United States, the United Kingdom, Germany, Japan, and Australia.
The Convention has been instrumental in raising awareness about the damaging effects of bribery on economic growth, public trust, and the rule of law. Individuals convicted under the Anti-Bribery Convention may face imprisonment, fines, or both. In addition, they may be subject to other legal and financial sanctions, such as asset forfeiture, debarment from public contracts, and reputational damage.
Companies involved in bribery may also face similar legal and financial consequences, including prosecution, fines, and exclusion from public contracts .It is essential to note that the Anti-Bribery Convention imposes obligations on member countries to enforce its provisions effectively. Thus, individuals and companies engaging in corrupt practices cannot expect to get away with it without severe consequences. The OECD and its member countries remain committed to fighting bribery and promoting integrity in international business transactions.
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What causes the balance of Disney's bank statement to differ from the cash balance in its general ledger? Select one: a. Time lags b. Errors by the bank c. Errors by the company d. All of the above
The causes of the balance of Disney's bank statement to differ from the cash balance in its general ledger can be due to any or all of the following factors:
a. Time lags: There may be time lags between when transactions are recorded in the general ledger and when they are processed by the bank. For example, a deposit made on the last day of the month may not be recorded by the bank until the first day of the next month.
b. Errors by the bank: The bank may make errors in processing transactions, such as recording a deposit for the wrong amount or posting a withdrawal to the wrong account.
c. Errors by the company: The company may make errors in recording transactions in its general ledger, such as entering the wrong amount or recording a transaction in the wrong account.
Therefore, the correct option is d. All of the above.
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Each of the following are requirements of a qualified tax-advantaged retirement plans EXCEPT: Group of answer choices Plan documentation. Employee communications of plan information.. Employee participation is limited to highly compensated employees ONLY. Employee vesting
A qualified tax-advantaged retirement plan has several requirements to ensure compliance with regulations and provide benefits to employees. Among the given answer choices, the option that is NOT a requirement of a qualified tax-advantaged retirement plan is: "Employee participation is limited to highly compensated employees ONLY."
Qualified plans must have proper plan documentation to outline the plan's provisions and ensure compliance with relevant laws. Employee communications of plan information are essential to keep participants informed about their benefits and options within the plan. Employee vesting, which refers to the employee's ownership of the retirement benefits, must be in accordance with specified schedules set by the plan or regulations. On the other hand, limiting employee participation to highly compensated employees only would not comply with non-discrimination rules, which require the plan to be made available to a broad range of employees.
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A code of ethics: Group of answer choices provides employees with the knowledge of what their firm expects in terms of their responsibilities and behavior toward fellow employees, customers, and suppliers can offer a lengthy and detailed set of guidelines to employees is a summary statement of the firm's goals, policies, and priorities is considered by some to be public relations gimmicks is accurately described by all of the above
A code of ethics provides employees with the knowledge of what their firm expects in terms of their responsibilities and behavior toward fellow employees, customers, and suppliers.
A code of ethics is a set of guidelines that outlines the standards of conduct that employees are expected to follow in their work environment. It covers a wide range of topics such as honesty, integrity, respect, confidentiality, and compliance with laws and regulations. By providing a clear set of expectations, a code of ethics can help employees understand their roles and responsibilities within the company.A code of ethics can also serve as a summary statement of the firm's goals, policies, and priorities. It can provide employees with a better understanding of the company's mission, vision, and values. Furthermore, a code of ethics can help to establish a positive corporate culture that promotes ethical behavior and fosters trust and respect among employees, customers, and suppliers.
Overall, a code of ethics is an essential tool for companies to communicate their expectations for ethical behavior and to promote a positive corporate culture.
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New product and service innovation is important because the longer a product or service exists in a given marketplace, the more likely that the market will become Blank______.
The longer a product or service exists in a given marketplace, the more likely that the market will become saturated or commoditized.
Saturation occurs when the market becomes oversaturated with similar products or services, making it difficult for any one product or service to stand out.
Commoditization occurs when the market views products or services as interchangeable commodities, leading to price competition and decreased profit margins for businesses. Therefore, continuous innovation is necessary to differentiate a product or service from competitors and maintain a competitive advantage in the marketplace.
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Carrie bought a house five years ago for $150,000. At that time she borrowed $140,000 from her bank. The house is now worth $162,000. Her PMI will automatically be dropped when her mortgage balance drops to: Multiple Choice $140,000. $117,000. $122,000. $162,000. $150,000.
Carrie's PMI will automatically be dropped when her mortgage balance drops to $122,000.
PMI (Private Mortgage Insurance) is a type of insurance that borrowers are required to pay if they make a down payment that is less than 20% of the home's purchase price. It protects the lender in case the borrower defaults on the loan. In this case, Carrie borrowed $140,000 from her bank, which is more than 20% of the purchase price of $150,000, so she would have had to pay PMI.
The condition for automatic PMI removal in most cases is when the borrower's mortgage balance falls below 78% of the original purchase price of the home. In this case, 78% of $150,000 is $117,000.
However, since Carrie borrowed $140,000, she would need to pay down her mortgage balance to $122,000 ($140,000 - 0.78*$150,000) in order for her mortgage balance to fall below 78% of the original purchase price and for her PMI to be automatically dropped.
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Automatic cost-of-living adjustments (COLAs) to wages or pension payments are done through a process known as (Click to select) .
Automatic cost-of-living adjustments (COLAs) to wages or pension payments are done through a process known as indexing.
Indexing is a technique used to adjust income, wages, or other monetary values to account for inflation or changes in the cost of living. This process is based on a price index, which measures the average change over time in the prices of a specific group of goods and services. When the index goes up, the cost of living increases, and COLAs are triggered to keep wages or pension payments in line with the rising costs. Indexing ensures that workers and retirees can maintain their standard of living, even as prices rise over time. It is an essential tool in maintaining economic stability and social welfare.
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The closing process involves separate entries to close (1) expenses, (2) dividends, (3) revenues, and (4) income summary. The correct sequencing of the entries is
The correct sequencing of the entries is (3), (1), (4), (2)
The correct sequencing of the entries in the closing process is as follows:
1. Close revenue accounts by debiting each revenue account and crediting Income Summary account.
2. Close expense accounts by debiting Income Summary account and crediting each expense account.
3. Close Income Summary account by debiting it (if there is a credit balance) or crediting it (if there is a debit balance) and crediting Retained Earnings account.
4. Close Dividends account by debiting Retained Earnings account and crediting Dividends account.
These entries ensure that all temporary accounts (revenue, expense, and dividends) are closed at the end of the accounting period and their balances are transferred to the permanent account (Retained Earnings).
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stock had returns of -17.00% (1 year ago), 7.00% (2 years ago), X (3 years ago), and 27.00% (4 years ago) in each of the past 4 years. Over the past 4 years, the arithmetic average annual return for the stock was 5.00%. What was the geometric average annual return
To find the geometric average annual return for the stock over the past 4 years, the geometric average annual return for the stock over the past 4 years was 12.32%. We need to use the following formula:
Geometric average[tex]= [(1 + r1) * (1 + r2) * (1 + r3) * (1 + r4)] ^ (1/n) - 1[/tex]
where r1, r2, r3, and r4 are the annual returns for each of the past 4 years, and n is the number of years.
Using the given returns, we have:
r1 = -17.00%
r2 = 7.00%
r3 = X
r4 = 27.00%
And the arithmetic average return is given as 5.00%.
To solve for X, we can use the fact that the arithmetic average return is the sum of the annual returns divided by the number of years:
[tex](1 + r1 + r2 + r3 + r4) / 4 = 5.00%[/tex]
Substituting in the values we know, we get:
[tex](1 - 0.17 + 0.07 + X + 0.27) / 4 = 0.05[/tex]
Simplifying and solving for X, we get: [tex]X = 0.108 = 10.80%[/tex]
Now we can substitute all the values into the geometric average formula:
Geometric average = [tex][(1 - 0.17) * (1 + 0.07) * (1 + 0.108) * (1 + 0.27)] ^ (1/4) - 1[/tex]
Geometric average[tex]= 12.32%[/tex]
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if a borrower is behind in his loan payments, the lender can call for the entire balance immediately based on the
If a borrower is behind in their loan payments, the lender can invoke the acceleration clause. This clause allows the lender to demand the entire outstanding balance of the loan to be repaid immediately.
The borrower then has a specified amount of time to pay the remaining balance, or the lender may pursue legal action to recover the amount owed. The acceleration clause is typically found in most loan agreements and is designed to protect the lender in case of default by the borrower.
It gives the lender the ability to minimize their losses and recover their investment quickly. However, the borrower should be aware that failing to pay the accelerated balance can result in serious consequences, such as foreclosure or repossession of collateral, damaging their credit score and making it harder to secure loans in the future.
It is crucial for borrowers to stay up to date with their loan payments to avoid invoking the acceleration clause.
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If Pepper Company has a price-earnings ratio of 32 and Squash Company has a price-earnings ratio of 24, this may suggest that the stock market is ______ optimistic about Pepper Company's future earnings potential compared to Squash Compan
If Pepper Company has a price-earnings ratio of 32 and Squash Company has a price-earnings ratio of 24, this may suggest that the stock market is more optimistic about Pepper Company's future earnings potential compared to Squash Company.
The price-earnings ratio (P/E ratio) is a valuation ratio calculated by dividing the market price per share of a stock by its earnings per share (EPS). This ratio is widely used by investors to determine the relative valuation of a company's shares compared to other companies in the market.
A higher P/E ratio indicates that investors are willing to pay more for each dollar of earnings generated by the company, which can be interpreted as greater optimism about the company's future earnings potential.
In this case, since Pepper Company has a higher P/E ratio (32) compared to Squash Company (24), the market is likely more optimistic about Pepper Company's prospects for future earnings growth.
It's important to note that while the P/E ratio is a useful tool for comparing the relative valuations of different companies,
it's not an absolute indicator of a company's future performance. Other factors, such as industry trends, management effectiveness, and overall economic conditions, can also influence a company's stock price and future earnings potential.
In summary, based on the given P/E ratios, the stock market appears to be more optimistic about Pepper Company's future earnings potential compared to Squash Company. However, it's essential for investors to consider other factors and conduct a comprehensive analysis of both companies before making investment decisions.
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Cat Boarding 207 has one __________ CFM ceiling exhaust fan that is described in the exhaust fan schedule.
Cat Boarding 207 has one ceiling exhaust fan with a CFM (cubic feet per minute) rating that is listed in the exhaust fan schedule.
The CFM rating of an exhaust fan determines the amount of air that can be moved through the fan in one minute. This is important because it indicates how effective the fan will be in removing odors, moisture, and other contaminants from the air.
The ceiling exhaust fan is an essential component of the ventilation system in Cat Boarding 207. Without proper ventilation, the air inside the building can become stagnant, leading to poor air quality and potential health issues for the cats staying there.
It is important to choose an exhaust fan with the appropriate CFM rating for the size of the room and the number of cats staying there. A fan with too low of a CFM rating will not effectively remove pollutants from the air, while a fan with too high of a rating can create excessive noise and potentially damage the building's structure.
Overall, the ceiling exhaust fan in Cat Boarding 207 plays a critical role in maintaining a healthy and comfortable environment for the cats staying there, and its CFM rating is an important factor to consider in ensuring optimal ventilation.
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Bigbux Savings and Loan agreed to extend Appleman's Orchards $250,000 of unsecured short-term funds, contingent upon the bank having the funds available. This arrangement represents a Multiple Choice factoring agreement. line of credit. trade voucher. pledge agreement.
The arrangement described represents a line of credit. Option( B )
A line of credit is an arrangement between a borrower and a financial institution that allows the borrower to access funds on an as-needed basis, up to a predetermined credit limit. The borrower may draw on the line of credit at any time, as long as they do not exceed the credit limit and meet the terms of the agreement. In this case, Bigbux Savings and Loan agreed to extend Appleman's Orchards $250,000 of unsecured short-term funds on an as-needed basis, subject to the bank having the funds available. This is a typical feature of a line of credit.
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Full Question ;
Bigbux Savings and Loan agreed to extend Appleman's Orchards $250,000 of unsecured short-term funds, contingent upon the bank having the funds available. This arrangement represents a Multiple Choice
factoring agreement.
line of credit.
trade voucher.
pledge agreement.