O 3), AP The following transactions are for Alonzo Company. Journalize sales transactions. 1. On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $330,000. 2. On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3. 3. On December 13, Alonzo Company received the balance due from Arte Co. Instructions a. Prepare the journal entries to record these transactions on the books of Alonzo Company. Alonzo uses a perpetual inventory system. b. Assume that Alonzo Company received the balance due from Arte Co. on January 2 of the following
Answer: See explanation
Explanation:
a. Prepare the journal entries to record these transactions on the books of Alonzo Company. Alonzo uses a perpetual inventory system.
Dec 3
Dr Account receivable $500,000
Cr Sales $500,000
Dr Cost of goods sold $330,000
Cr Merchandise inventory $330,000
Dec 8
Dr Sales return and allowance $25000
Cr Account receivable $25000
Dec 13
Dr Cash $470250
Dr Sales discount $4750
Cr Account receivable $475000
b. Assume that Alonzo Company received the balance due from Arte Co. on January 2 of the following
Jan 2
Dr Cash $475000
Cr Account receivable $475000
Mini-Case Nolan and Sadie have just opened a new restaurant on the edge of town, Cajun Kitchen. They own the land and building and have a brand-new kitchen as well as a lovely seating area, filled with mementos from the South. They have a liquor license and make wonderful Southern drinks. They are quite pleased that members of the community are helping their business grow by coming in for a meal or a drink after work. They are good businesspeople who pay their bills on time and as a result have great relationships with the vendors that supply them food. -Cajun Kitchen sits on a large landscaped lot. Nolan and Sadie have a contract with Green Goddess Lawn Service to mow the lawn and take care of the landscape. They pay $200 per month for this service. After two weeks had gone by with no service, Nolan called the company only to find out that the owner and the crew had decided to take a vacation and would not be back to do the landscaping for another two weeks. Green Goddess
A) has discharged its obligation to Nolan and Sadie.
B) is liable for specific performance.
C) will likely have to pay Nolan and Sadie damages if they decide to sue them.
D) will not likely have to pay Nolan and Sadie damages if they decide to sue them.
Answer:
C. Will likely have to pay Nolan and Sadie damages if they decide to sue them.
Explanation:
Since Nolan and Sadie has agreement with Green Goddess to maintain the landscape and they are paying them $200 for this service. Green lawn has not given them any notice about the leaves so this comes under the breach of contract terms. The company will be liable to pay Nolan and Sadie if they decide to sue them.
At the beginning of the year (January 1), Buffalo Drilling has $11,000 of common stock outstanding and retained earnings of $6,900. During the year, Buffalo reports net income of $7,200 and pays dividends of $1,900. In addition, Buffalo issues additional common stock for $6,700. Required: Prepare the statement of stockholders' equity at the end of the year (December 31)..
Answer:
Statement of stockholders' equity at the end of the year December 31
Common Stock Retained Earnings Total
At Beginning of the year :
Balances $11,000 $6,900 $17,900
During the Year :
Net Income - $7,200 $7,200
Dividend - ($1,900) ($1,900)
Issue of Common Stock $6,700 - $6,700
At End of the Year :
Balances $17,700 $12,200 $29,900
Explanation:
Stockholders' equity represents all items that are attributable to the owners of the company.
The statement of stockholders' equity at the end of the year December 31 has been prepared above according to IAS 1.
What method is generally preferred to resolve contract disputes because it saves time, money, and preserves relationships between the parties
Answer:
Alternative dispute resolution
Explanation:
Alternative dispute resolution is that way that a better alternative is chosen in resolving legal issues in civil and and commercial disputes without going to court.
This is less cumbersome, expensive, and time consuming.
There are 4 types of alternative dispute resolution: mediation, settlement, arbitration, and neutral evaluation.
Usually a third party is involved and acts as an umpire to ensure all parties are satisfied
When a proposed merger between two companies is reviewed by the government, the relevant market is defined by ________.
Answer:
whether or not there are close substitutes for the products of the two firms
Explanation:
The law watches closely for mergers that actively seek to inhibit or totally annihilate competition in the market which will be harmful for consumers. Mergers such as horizontal mergers, vertical mergers tend to bring about a monopoly whereby sellers aim to coordinate in a such a way that there is an agreement amongst them and profit is ensured while market becomes less efficient.
Item 14If a check correctly written and paid by the bank for $272 is incorrectly recorded in the company's books for $227, how should this error be treated on the bank reconciliation
Answer:
Reduce the Cash Book Balance by $45
Explanation:
The Cash Book Balance will be $45 too much (overstated) and should be reduced. Thus, this error be treated on the bank reconciliation by reducing the Cash Book Balance by $45.
A(n) on bonds payable occurs when a company issues bonds with a contract rate less than the market rate.
Answer:
A discount on bonds payable: Occurs when a company issues bonds with a contract rate less than the market rate.
Explanation:
A discount on bonds payable: Occurs when a company issues bonds with a contract rate less than the market rate
Premium on bonds payable - occurs when a company issues bonds for an amount greater than their face or maturity amount. This causes the bonds to have a contract interest rate that is higher than the market interest rate for similar bonds.
On the other hand, Discount on bonds payable - occurs when a company issues bonds for an amount lesser than their face or maturity amount. This causes the bonds to have a contract interest rate that is lesser than the market interest rate for similar bonds.
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If producers expect the price of a good to decrease in the future, what will happen to the current equilibrium price and quantity of that good?
a. The equilibrium price and quantity will both decrease.
b. The equilibrium price and quantity will both increase.
c. The equilibrium price will increase and equilibrium quantity will decrease.
d. The equilibrium price will decrease and equilibrium quantity will increase.
Explanation:
C = the equilibrium price will increase and equilibrium quantity will decrease
Answer:
C
Explanation:
economic systems from the most government involvement in the economy to least government involvement.
Explanation:
In a command economy, the system is controlled by the government. A mixed economy is partly run by the government and partly as a free market economy, which is an economic system that includes no government intervention and is mainly driven by the law of supply and demand.
Expliquen la siguiente frase:
El mero crecimiento económico no es suficiente para terminar con la pobreza y preservar el medio ambiente
Answer:
Efectivamente, el mero crecimiento económico no es suficiente para terminar con la pobreza y preservar el medio ambiente, sino que dicho crecimiento debe ir acompañado de un desarrollo estructural que contemple el acceso igualitario a los distintos servicios por parte de la sociedad, así como también el establecimiento de controles sanitarios y medioambientales que preserven el bienestar de los individuos en el marco del desarrollo de las actividades económicas.
When Lee talks about an approach to management that helps to attain customer satisfaction through tools that deliver high-quality goods, he is referring to
Answer:
Total quality management (TQM).
Explanation:
Total quality management is refer to a management framework that is focused on achieving long-term success through the satisfaction of your customers by the efforts of all the member of staff in an organization.
This ultimately implies that, total quality management (TQM) is a management tool used by businesses to attain customers' satisfaction and improved level of productivity leading to long-term success in the business.
In conclusion, total quality management (TQM) is an approach to management that helps a business firm to attain customer satisfaction by employing or making use of tools that deliver high-quality goods. Thus, Lee is referring to total quality management (TQM).
9. A necessary condition for international portfolio diversification to be beneficial is that: a. The various national market returns exhibit low correlation. b. The various national market returns exhibit high correlation. c. The various national market returns are perfectly positively correlated. d. The various national market returns exhibit correlations that are non-unity. e. The various national market returns are perfectly negatively correlated.
Answer:
A
Explanation:
International portfolio diversification is the process by which an investor diversifies her portfolio by holding both domestic and foreign assets in her portfolio. The aim of this strategy is to reduce the risk of the portfolio.
Correlation is a statistical measure used to measure the relationship that exists between two variables.
1. Positive correlation : it mean that the two variables move in the same direction. If one variable increases, the other variable also increases.
For example, there should be a positive correlation between quantity supplied and price
When there is a positive correlation, the graph of the variables is upward sloping
2. Negative correlation : it mean that the two variables move in different direction. If one variable increases, the other variable decreases.
For example, there should be a negative correlation between quantity demanded and price
When there is a negative correlation, the graph of the variables is downward sloping
3. Zero correlation : there is no relationship between the variables
For an international diversified portfolio, the optimal situation is for the domestic and foreign investments to have little or no correlation
define business systems
Answer:
In business terminology, a business system refers to the value-added chain, which describes the value-added process, meaning the supply of goods and services. A business can span one or several business systems. Each business system, in itself, generates economic benefit.hope it helps.stay safe healthy and happy...If the maximum loan-to-value ratio that a lender will accept on a house costing $100,000 is 80%, then the borrower must make a down payment of at least: Group of answer choices $100,000. $80,000. $180,000. $20,000. $120,000.
Answer:
$20,000
Explanation:
Calculation to determine what the borrower must make as down payment
Using this formula
Down payment=Cost -(Cost *Maximum loan-to-value ratio)
Let plug in the formula
Down payment=$100,000-($100,000*80%)
Down payment=$100,000-$80,000
Down payment=$20,000
Therefore the borrower must make a down payment of at least: $20,000
Lee, an attorney, uses the cash receipts and disbursements method of reporting. A client gave Lee 500 shares of a listed corporation's stock in full satisfaction of a $10,000 legal fee the client owed to Lee. This stock had a fair market value of $8,000 on the date it was given to Lee. The client's basis for this stock was $6,000. Lee sold the stock for cash the next year. In Lee's income tax return, what amount of income should be reported in connection with the receipt of the stock
Answer:
$8,000
Explanation:
Based on the information given we were told that the stock had a FAIR MARKET VALUE of the amount of $8,000 on the date it was given to Lee which therefore means that In Lee's income tax return, the amount of INCOME that should be reported in connection with the receipt of the stock will be the FAIR MARKET VALUE of the amount of $8,000.
which is an advantage of doing an apprenticeship program
Answer:
Answer to the following question is as follows;
Explanation:
An apprenticeship programme is a type of training programme in which students gain work experience while still taking courses. Apprenticeships are usually compensated. The advantage of taking an apprenticeship programme, according to the same, is that you generate income while learning specialised job skills.
Answer:
You earn money while you learn specific career skills.
Explanation:
Thomas McDonald earns $12,550 every month and sets aside the minimum amount for saving. How much would Thomas McDonald
be saving from his income?
1. $677.5
2. $1,255
3 .$2,510
4. $3,765
Answer:
1. $677.5
Explanation:
The minimum amount that Mc Donald would be saving from his income.
What is offshoring and why is it a cause of structural unemployment in the United States?
A. It is when new resources replace old resources which leads to shutting down mines and plants.
O
B. It is when consumers stop buying one product in favor of another which means eliminating factories.
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C. It is when new inventions and ideas push out older ways of doing things which means closing markets.
O
D. It is when companies relocate facilities to countries where costs are lower which means relocating jobs.
Answer:
O D. It is when companies relocate facilities to countries where costs are lower which means relocating jobs.
Explanation:
Offshoring is when companies make foreign countries their company's base. In other words, we can say offshoring is the practice of placing one's company based in other countries. Like, when US-based companies are based in India, that means offshoring.
This professional practice is an example of structural unemployment in the US because it means relocation of the jobs, thereby resulting in employees moving to the "offshore" base.
Thus, the correct answer is option D.
When someone takes out a mortgage loan to buy a house, the mortgage lender can take possession of the house and sell it if the borrower defaults by failing to make payments on the loan because the house is being pledged as ________ for the loan. Select one: A. collateral B. a liability C. goodwill D. insurance Clear my choice
Answer:
A. Collateral
Explanation:
A collateral is a valuable item, a property or an asset that is offered by a borrower of a loan to the lender of the loan as a form of loan security, such that the lender can take possession of the asset, monetize the asset and recover the losses. Collateralized loans includes car loans and mortgages.
Lending such as those given in business credit card does not require loan securities
A company is considering a capital investment of $45,000 in new equipment which will improve production and increase cash flows by $15,000 per year for 6 years. The payback period is years.
Answer:
3 years
Explanation:
Calculation to determine The payback period
Using this formula
Payback period=Capital investment/ Increase cash flows
Let plug in the formula
Payback period=$45,000/$15,000
Payback period=3 years
Therefore The payback period is 3 years
In Mexico, Walmart has built stores with wider aisles than in U.S. stores. Walmart made this adjustment because in Mexico families have the habit of shopping together such that one family might bring six people to Walmart to shop. This example shows that _______.
Answer: segmentation helps Walmart decision makers align with local customs
Explanation:
Market segmentation is the division of a broad consumer market, into sub-groups of consumers which are called the segments since the needs of customers are different.
Since Walmart has built stores with wider aisles than in U.S. stores because in Mexico families have the habit of shopping together, it shows that segmentation helps Walmart decision makers align with local customs.
Some consumer electronic products such as plasma TVs, DVD players and digital cameras, are introduced at very high prices but over time, their prices start falling (beyond what could be attributed to falling costs as companies take advantage of economies of scale and cheaper technologies). Which of the following is the best explanation for this observation?
A. More firms are likely to enter the consumer electronic market over time, forcing market prices down.
B. Early adopters of these new products typically have a higher demand and higher income compared to those who are willing to wait.
C. Early adopters are more quality conscious and are willing to pay higher prices for the initial production of these goods.
D. After satisfying the demand for early adopters, firms lower price to attract the more price sensitive consumers.
Answer: D. After satisfying the demand for early adopters, firms lower price to attract the more price sensitive consumers.
Explanation:
Based on the scenario given in the question, the reason for the fall in price over time is that after satisfying the demand for early adopters, firms lower price to attract the more price sensitive consumers.
The early adopters are the individuals who use the product before other people starts using it. In this case, once the early adopters have been satisfied, other people will want to buy the product and the price has to be lowered so that such people can afford it.
Two brothers who were certified public accountants worked together at a large accounting firm practicing their chosen profession. The older brother was concerned about his younger brother's apparent inability to show up at his job by 9 a.m. each morning, sober and clear-eyed. One day, after the younger brother showed up late for work yet again, the older brother told him that if he would show up at the office sober and ready to work by 9 a.m. each morning for the next 10 months, he would pay him $15,000 at the end of that time. The younger brother accepted the offer and complied with its terms from that day forward. Nine months later, the older brother died unexpectedly. One month after that, the younger brother filed a claim with his brother's estate for the $15,000. Will the younger brother prevail in his claim
Answer: Yes. The younger brother will prevail in his claim since he has performed under a valid contract.
Explanation:
Based on the information given, the younger brother will prevail in his claim because he has performed under a valid contract.
Based on the information given, he entered into a valid contract with his elder brother, accepted the offer and complied with its terms from that day forward. Since he performed the contract, he's entitled to the $15000 when after his brother's death.
Required-: JOURNAL ENTRY
Paid Rs. 28,000 to Sansee stores in fullsettlement of Rs. 30,000 by cheque
please help Me with this.
I'm still confused in it.
Explanation:
Given:
Paid 28,000 in full settlement
Explanation:
Books of (......LTD)
Journal entries
Particular Debit Credit
Sansee stores A/C DR. 30,000
To Discount A/C CR 2,000
To Bank A/C CR 28,000
In order to build alliance management capabilities in small companies, it is recommended that firms take the ______ approach
Answer:
non-equity alliance.
Explanation:
In Business management, a strategy can be defined as a set of guiding principles, actions and decisions that an organization combines so as to achieve its business goals, attract customers and possess a competitive advantage over its rivals in the industry.
Generally, a business strategy sets the overall direction for the business because it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan. The components of a business strategy includes the following;
I. Mission.
II. Value.
III. Vision.
Hence, when you wish to build alliance management capabilities in small companies, it is highly recommended that business firms take the non-equity alliance approach.
A non-equity alliance approach can be defined as a contractual relationship between two or more organizations that are interested in achieving common goals and objectives by pooling their resources, capabilities and efforts together while respectively maintaining their organizational independence without creating a new corporation or equity entity.
Individuals can differentiate themselves by making human capital investments, just as a firm can differentiate itself by paying higher wages.
A. True
B. False
Answer: True
Explanation:
Human capital refers to the skills, health and knowledge that people invest in which allows them to realize their potential.
Individuals can differentiate themselves by making human capital investments. This enables them standout from others just exactly as a firm can differentiate itself by paying higher wages.
A. A plan for mass casualty incidents should include protective actions to reduce vulnerabilities, response actions to minimize negative consequences, and post incident actions to promote community recovery. B. A partnership approach to planning for mass casualty incidents helps to ensure that the plans for your organization are compatible with those of the agencies that would respond if an incident occurred. C. When an organization is planning for mass casualty incidents, an effective approach is to request law enforcement personnel to develop a separate plan for mass casualty incidents for the organization. D. It is important to customize your emergency plan to reflect the risks, realities, and resources that characterize the local area and your own organization.
Answer: When an organization is planning for mass casualty incidents, an effective approach is to request law enforcement personnel to develop a separate plan for mass casualty incidents for the organization
Explanation:
A Mass Casualty Incident refers to an overwhelming event, which leads to more patients at a time than what the available resources can easily manage such that it requires additional assistance.
A plan for mass casualty incidents should include protective actions that will be used to reduce vulnerabilities, response actions to minimize negative consequences, and post incident actions to promote community recovery.
A partnership approach to planning for mass casualty incidents is important as it helps in ensuring that the plans for your organization are compatible with those of the agencies that would respond if an incident occurred.
It's also vital to customize your emergency plan to reflect the risks, realities, and resources that characterize the local area and your own organization.
The false statement is "When an organization is planning for mass casualty incidents, an effective approach is to request law enforcement personnel to develop a separate plan for mass casualty incidents for the organization". This isn't true.
On August 1, 2021, Turner Manufacturing lends cash and accepts a $17,000 note receivable that offers 2% interest and is due in nine months. How would Turner record the year-end adjustment to accrue interest in 2021
Answer:
850
Explanation:
Turners manufactring accepts $17,000 as receivable
The interest is 2%
The year adjustment can be calculated as follows
= 17,000×0.02×5/2
= 17,000×0.02×2.5
= 850
Coca-Cola vending machines are found all over the world. The newest machines have an interactive screen that runs advertisements and allows users to obtain free photos of themselves and ringtones after they have bought a drink. Critics of these new vending machines are concerned that entertaining technology is being used to market sugary products. In terms of a SWOT analysis, this concern from outside critics would be an example of a(n):
Answer:
Threat
Explanation:
From the question we are informed about Coca-Cola who was vending machines are found all over the world. The newest machines have an interactive screen that runs advertisements and allows users to obtain free photos of themselves and ringtones after they have bought a drink. Critics of these new vending machines are concerned that entertaining technology is being used to market sugary products. In terms of a SWOT analysis, this concern from outside critics would be an example of a threat.
SWOT analysis can be regarded as business analysis which make sure that there is definition for objectives of a project and all factors that has relation to the project are properly identified. It encompass four areas, these are
✓Strengths
✓Opportunities
✓ Threats
✓Weaknesses
Threats can be regarded as anything which can destroy ones organization or company or product.
True or false: According to the equity theory, each worker develops a personal input-output ratio to compare his or her inputs with the inputs or rewards offered by the organization.
Answer:
true
Explanation:
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