Answer and Explanation:
The journal entries are given below:
1. Petty cash A/c Dr $230
To Cash A/c $230
(Being petty cash fund established)
For recording this we debited the petty cash account as it increased the assets and credited the cash as it decreased the asset
2 Entertainment expense A/c Dr $41
Postage expense A/c Dr $17
Printing expense A/c Dr $17
To Cash A/c Dr $75 ($230 - $155)
(Being reimbursement of the fund is recorded)
For recording this we debited all expenses as it increased the expenses and credited the cash as it decreased the asset
The _____ is a piece of U.S. legislation that raises executive and board responsibility and ties criminal penalties to certain accounting and financial violations.
Answer: Sarbanes-Oxley Act
Explanation:
In the wake of the accounting scandals that rocked the world in the early 2000s from companies like WorldCom and Enron, the U.S. Government passed a law that was aimed at ensuring that such an event would not repeat itself.
The Act was the Sarbanes-Oxley Act which was passed in 2002 and amongst other methods, it aimed to protect investors in a company from accounting misstatements by raising executive and board responsibility and also tying criminal penalties to certain accounting and financial violations.
Price lining is setting a price floor and a price ceiling for a line of products and then setting price points in between to represent differences in quality.A. TrueB. False
Answer:
FALSE
Explanation:
This capital lease is recorded as an asset on the balance sheet of the lessee in an amount equal to the: A) dollar amount of each lease payment multiplied by the total number of lease payments in the original agreement. B) dollar amount of each lease payment multiplied by the number of lease payments remaining. C) dollar amount of each lease payment multiplied by the number of lease payments per year. D) present value of the remaining lease payments. E) lesser of the present value of the remaining lease payments or the present value of the lease payments for a one-year period..
Answer: e. lesser of the present value of the remaining lease payments or the present value of the lease payments for a one-year period..
Explanation:
The capital lease is recorded as an asset on the balance sheet of the lessee in an amount equal to the lesser of the present value of the remaining lease payments or the present value of the lease payments for a one-year period.
On August 2, Jun Co. receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment on his $7,000 account. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year.
Answer:
Journal entry to record receipt of notes receivable on August 2
Date Description Debit Credit
August 2 Notes Receivable $7,000
Account Receivables $7,000
Journal entry to record note receivables honored by the customer
Date Description Debit Credit
October 31 Cash $7,198.49
Notes Receivables $7,000
Interest Receivables $198.49
Workings
Interest = Principal amount * Periodic interest rate
Interest = $7,000 * 11.5% * 90/365
Interest = $198.49
Hence, the interest on note receivables is $198.49
With an Adjustable-rate Loan the interest rate fluctuates and is usually tied to an index. The interest rate for any given period is the indexed rate plus the
Answer:
margin amount
Explanation:
Adjustable rate loan has a defined interest rate associated with it for an initial period, further after that the interest is decided by adding an indexed rate + the margin rate depending upon certain other factors.
It is also called as the floating rate loan, and the margin is not fixed it keeps on changing with the change in period.
It might be six monthly, monthly, or quarterly or in any period of interval.
This provides for the calculation each time that is different. As margin is the additional added amount which differs each time.
Frank was so entertained by the Paris Symphony on his visit to France that he mailed them a donation of $100 to support their organization as soon as he returned home to Seattle. Frank may deduct the charitable contribution to the Paris Symphony on his US tax return.
A. True
B. False
Answer: False
Explanation:
A tax is simply a levy that is paid by an economic agent to the government of a particular country.
In this scenario, we are informed that Frank was so entertained by the Paris Symphony on his visit to France that he mailed them a donation of $100 to support their organization as soon as he returned home to Seattle.
In this situation Frank does not have to deduct the charitable contribution to the Paris Symphony on his US tax return.
Therefore, the answer is false.
2. Advertisements, employment agencies, college placement offices, online resume-posting services and industry referrals are good ________ sources that can be used in the recruiting efforts of a firm.
Answer:
External.
Explanation:
Advertisements, employment agencies, college placement offices, online resume-posting services and industry referrals are good external sources that can be used in the recruiting efforts of a firm.
External sources of recruitment involves the process of seeking the required manpower or workforce from outside the shores of an organization. This ultimately implies that, potential employees are usually sourced outside an organization by the recruiters or human resources department.
A financial lease: A) is generally called a capital lease by accountants. B) requires the lessor to maintain the asset. C) is a partially amortized lease. D) is often called a single net lease. E) can generally be cancelled without penalty..
Answer:
Option A seems to be the correct approach.
Explanation:
A financial lease seems to be a contractual contract in which: the lessee requires a property. Consider buying the commodity from the lessor. Mostly during the rental agreement, the lessee seems to be using that income stream.The obligation to pay a sequence of installments or leases and the use of the commodity. Although a finance lease becomes capitalized, the financial statement raises when both capital as well as the responsibilities.The other alternatives in question aren't relevant to something like a particular circumstance. Then the above will have to be a viable substitute.
Answer:
A) is generally called a capital lease by accountants, is the correct answer.
Explanation:
It is an alternate way of financing in which the lessor buys an asset on behalf of its customer and the lessee signs a contract to repay the payments in installments.
In this type of lease the finance company has the ownership of the asset during the tenure but all the reward and risk related to the asset are transferred to the lessee. The lessee get the ownership of the asset at the end of the lease term.
A university does not have a centralized receiving function for departmental purchases of books, supplies, and equipment. Which of the following controls will most effectively prevent payment for goods not received, if performed prior to invoice payment?
a. Vendor invoices should be approved by a departmental supervisor other than the employee ordering the goods.
b. Invoices over a specified amount should be approved by the vice president of finance.
c. Names and addresses on vendor invoices should be compared to a list of department-authorized vendors.
d. Vendor invoices shoul be matched with department purchase orders.
Answer: a. Vendor invoices should be approved by a departmental supervisor other than the employee ordering the goods.
Explanation:
From the question, we are informed that a university does not have a centralized receiving function for departmental purchases of books, supplies, and equipment.
The control that will most effectively prevent payment for goods not received, if performed prior to invoice payment is that the invoices of the vendor should be approved by a departmental supervisor other than the employee ordering the goods.
"An issuer making a tender offer for its non-convertible bonds and later increases the price being offered by 10%. Which statement is TRUE?"
Answer: B. The increase in the tender price increases the life of the offer by another 5 business days
Explanation:
The options to the question are:
A. The increase in the tender price has no effect on the life of the offer
B. The increase in the tender price increases the life of the offer by another 5 business days
C. The increase in the tender price increases the life of the offer by another 10 business days.
D. The increase in the tender price increases the life of the offer by another 20 business days
From the question, we are informed that an issuer is making a tender offer for its non-convertible bonds and later increases the price being offered by 10%.
It should be noted that a tender offer is a bid for public takeover and in this scenario, the option that is true is that the increase in the tender price increases the life of the offer by another 5 business days.
At a trustee's sale, a property was sold for $160,800. The fees and court costs amounted to $1,600. The property was encumbered with a first deed of trust in the amount of $156,500 and a second deed of trust in the amount of $2,000. Which of the following is correct?
a. There would be a surplus, which would go to the beneficiary
b. There would be a surplus, which would go to the trustor
c. There would be a surplus, which would go to the trustee
d. The beneficiary of the second trust deed could initiate court action for a deficiency against the trustor
Answer:
Option C, there would be a surplus, which would go to the trustee, is the right answer.
Explanation:
The property sold at a price = $160800
The fees and court cost = $1600
First deed amount = $156500
Second deed amount = $2000
Total costing = 1600 + 156500 + 2000 = $160100
Since the selling amount is greater than the cost amount. Thus, there will be surplus to the trustee. So, Option c is correct.
Ms. Jessup teaches 7th grade. Her students do not pay tuition to attend her school. Which describes the type of school that Ms. Jessup works at? She is in a private elementary school. She is in a public elementary school. She is in a private middle school. She is in a public middle school.
Answer:
She is in a public middle school.
Explanation:
A middle school is a part of the stages of the education system that exist between the primary school and the high school. It plays the function of the intermediate school between the two stages. Public middle schools are the schools that run on the funds provided by the government. Either the state of the federal government may provide grants to run the school.
In the given excerpt, the type of school in which Ms. Jessup is the teacher is the public middle school. She is the teacher of the seventh grade and in this school, the students do not pay their tuition fees. This means that the school is run by the grants provided by the government.
Answer:
She is in a public Middle School (D)
Explanation:
I took the test, have a lovely day!! :)
An existing customer of a brokerage firm wishes to buy an initial public offering that he has heard good things about. The registered representative only has a limited number of shares to sell and explains to the customer that the offering is already "sold out." The customer tells the registered representative "If you can get me some of the stock, I will drop off cash payment in full today, with a little extra for you." The registered representative:_________
a. Can accept the customers offer
b. Cannot accept the customers offer because cash payment for securities purchases cannot be excepted from a customer
c. Can except the customers offer if the extra cash payment does not exceed $500
d. Cannot except the customers office
Answer: d. Cannot accept the customer's offer
Explanation:
Apart from the offer being unethical, the registered representative also cannot accept the customer's offer because the registered representative is prohibited from accepting cash directly from a customer.
The cash would have to be deposited in the account of the customer so as to make it more legal. Even at that however, with a limited number of shares, ethical issues come into play about how the shares can be distributed between clients so the registered representative cannot accept the customer's offer.
Pizza Deluxe University is an in-house center and education facility that offers broad-based learning opportunities for employees. Pizza Deluxe University would be considered a(n) ________.
Complete Question:
Pizza Deluxe University is an in-house center and education facility that offers broad-based learning opportunities for employees. Pizza Deluxe University would be considered a(n):
Group of answer choices
A) assessment center.
B) on-the-job training center.
C) orientation center.
D) corporate university.
E) learning community.
Answer:
D) Corporate university.
Explanation:
Since Pizza Deluxe University is an in-house center and education facility that offers broad-based learning opportunities for employees. Pizza Deluxe University would be considered a corporate university.
A corporate university can be defined as an educational institution set up by a company, which is then used as a strategic tool that helps its parent institution in achieving its goals by providing essential activities such as tailored learning and developing staffs so as to foster individual and institutional knowledge, understanding and learning.
Companies engaged in a single line of business most commonly utilize an organizational structure that can be:_______.
a. expected to evolve over time into a matrix or hybrid structure.
b. a functional (departmental) organizational structure.
c. either a centralized, principal, or critical-path organizational structure.
d. either independent, consolidated, or hybrid profit centers.
e. hybrid functional organizations with a combination of decentralized and centralized decision making.
Answer:
b. a functional (departmental) organizational structure.
Explanation:
Companies engaged in a single line of business most commonly utilize an organizational structure that can be a functional (departmental) organizational structure.
A functional (departmental) organizational structure is a type of structure used to organize staffs by dividing them into various departments based on their skill set, roles or functions and knowledge.
These departments which are vertically structured may include, finance, information and communications technology, sales and marketing, research and development, customer service etc. Also, the various departments are headed by a functional manager who are saddled with the responsibility of overseeing, managing and reporting to the executive management.
Hence, a functional (departmental) organizational structure enhance efficiency and an improved quality of production because workers having similar skills, knowledge and experience are grouped together to achieve common goals and objectives.
Which option best describes the main behavior that economics studies?
A. People creating different governments around the world
B. People participating in a traditional musical performance
C. People experiencing the physical symptoms of a disease
D. People making choices based on their limited resources
SUBMIT
Answer:
D. people making choices based on their limited resources
Explanation:
Janelle spends three hours each day working as an online customer service representative for an online retailer. She can choose her own hours, within reason. The job works out well for her since she has a new baby that she cares for much of the day. The retailer does not provide her or the other 200 customer service reps with workspace, which constitutes a sizeable cost savings for the company. Janelle participates in a popular work strategy known as ______________.
Answer:
Home-based work
Explanation:
Home-based work is when people perform their job at their house using the internet and phone instead of going to an office. According to this, the answer is that Janelle participates in a popular work strategy known as home-based work because Jannelle works as an online customer service representative from home.
The formula for the predetermined overhead rate is estimated annual overhead costs divided by an expected annual operating activity. a. true b. false
Answer:
True
Explanation:
Absorption costing is a method of costing where production units and inventories are value at the full cost per unit. Here, fixed overheads are charged to all units produced using an overhead absorption rat
Under the traditional absorption costing system, overhead is assigned to units produced using different bases ranging from labour hours, machine hours, e.t.c
Overhead absorption rate = Estimated overhead/Estimated Activity level
Answer : True
Suppose that the firms in the perfectly competitive oat industry are currently receiving a price of $2 per bushel for their product and there are constant returns to scale. The minimum possible average total cost of producing oats in the long run is $1 per bushel. Other things being equal, it follows that:
Answer:
The firms make a $1 per bushel in profit.
Explanation:
When the price is greater than the long run total costs, then a profit is being generated. This helps the firms in the perfectly competitive oat industry to remain in the industry since they are making 100% profit on their investments, which they may not get elsewhere. If they are not making such large profits, some of the firms may decided to leave the industry and relocate their resources to other industries where they can make enough profits.
Most recent work on the history of leisure In Europe has been based on the central hypothesis of a fundamental discontinuity between preindustrial and industrial societies. According to this view, the modern idea of leisure did not exist In medieval and early modern Europe: the modern distinction between the categories of work and leisure was a product of Industrial capitalism. Preindustrial societies had festivals (together with Informal and Irregular breaks from work), while industrial societies have leisure in the form of weekends and vacations. The emergence of leisure is therefore part of the process of modernization. If this theory is correct, there is what Michel Foucault called a conceptual rupture between the two periods, and so the v
Answer:should be noted that, first paragraph of the passage enlightens us on the difference between preindustrial and industrial society in Europe and how great was it to an extent that “the modern
distinction between the categories of work and leisure” (lines 4-5) cannot be reasonably applied to the former, which implies that there exists a discontinuity between the two periods.
Furthermore, the second paragraph argues that the discontinuity approach can accommodate historical data.
On a final note, the third paragraph admits that, while it is very useful in some aspects, this approach “can pose problems of its own” (line 25) and it then briefly describes these problems. All this points to Choice E as correct.
The word “dichotomy” as it appears in the last paragraph of the passage. One of the key claims there is that the dichotomy “reduces a great variety … to the simple formula” (lines 31-33). Therefore Choice C is correct.
More so, “Simple dichotomy” is also mentioned in line 26. The passage states that this dichotomy “remains of use in so far as it reminds us that the rise of industrial capitalism” (lines 28-29) was not just an economic phenomenon, but also a social and a cultural phenomenon. This points to Choice A as correct.
We should also not forget that, the main purpose of the passage is to discuss the idea of “the central hypothesis of a fundamental discontinuity between preindustrial and industrial societies” (lines 1-3) in terms of the development of the concept of leisure. Large volume of the passage is focused on demonstrating the usefulness of this hypothesis; nonetheless, the second part of the third paragraph mentions some “distortions” (line 31) that may result if the hypothesis is accepted. Therefore Choice B is correct. Choices A, D, and E are incorrect, as only one hypothesis/solution is discussed in the passage. Choice C is incorrect, as the passage does not mention that the “distortions” (line 31) caused by accepting the hypothesis are illusory
One of your subordinate employees, Timothy, worked extra hours on Tuesday and Thursday so he could attend Ash Wednesday services at his church. Which of the following statements is true?
a. Timothy should have taken personal leave in order to miss work to attend religious services during his scheduled work time.
b. This situation is only problematic if a colleague complains about Timothy’s absence Wednesday or is offended by the ashes on his forehead.
c. Supervisors can use individual discretion when deciding whether to allow a subordinate to adjust his work schedule for religious practices.
d. Permitting Timothy to make up time lost due to the observance of religious practices is a reasonable religious accommodation.
Answer:
D. Permitting Timothy to make up time lost due to the observance of religious practices is a reasonable religious accommodation.
Explanation:
This statement is true in line with normal workplace ethics. Also, been his superior it would favor the company if Timothy is asked to make up time lost due to the observance of his religious practices.
A reasonable employer knows that his employees also have a constitutional right to freedom of worship, and would be flexible in the company policy on working hours.
The __________ the proportion of total return that is in the form of price appreciation, the __________ will be the value of the tax-deferral option for taxable investors.
Question:
The __________ the proportion of total return that is in the form of price appreciation, the __________ will be the value of the tax-deferral option for taxable investors.
A) greater; greater
B) greater; lower
C) lower; greater
D) Cannot tell from the information given
E) None of the options
Answer:
The correct answer is A) greater; greater
That is, the greater the proportion of total return that is in the form of price appreciation, the greater will be the value of the tax-deferral option for taxable investors.
Explanation:
To understand the above, you need to know that Total Return in this instance means capital appreciation and all the form of income receiveable on an investment. When the prices of one's investment (e.g. stock or share in a company) appreciates, it becomes more appealing for investors to defer payment of tax.
Cheers!
What are the answers for these? Please help it’s economics
Answer:
Question 4 is D
Question 5 is A possibly
Define and compute opportunity cost
Answer:
opopportunity cost is the value of the next best alternative or option. this value may not be measure on money
value can also be satisfaction. one formula to calculate opportunity cost could be the ratio of what you are sacrificing to what you are going
In the context of the chain of command, _____ perform tasks that reflect an organization's primary goal and mission.
Answer:
line departments.
Explanation:
The chain of command of an organization can be defined as the hierarchy of the company, through which the subordination relationships of an organization are established.
Therefore, in a chain of command, the department lines are made up of the company's hierarchical top, that is, the managers who have the role of making decisions in the company and establishing the essential goals and objectives of the organization.
The market price of pomegranates is $2, and JoAnne sells 25 pomegranates at the local farmer's market. The total revenue is and the marginal revenue IS
Answer:
$50 and $2
Explanation:
The computation of the total revenue and the marginal revenue is shown below:
Total revenue is
= Price × quantity
= $2 × 25
= $50
And, the marginal revenue is received collected from one unit i.e price of the one units that equivalent to $2
Hence, we simply applied the above formula to determine the total revenue and the marginal revenue
Which of the following statements concerning capital structure theory is NOT CORRECT?
A. The major contribution of Miller's theory is that it demonstrates that personal taxes decrease the value of using corporate debt.
B. Under MM with zero taxes, financial leverage has no effect on a firm's value.
C. Under MM with corporate taxes, the value of a levered firm exceeds the value of the unlevered firm by the product of the tax rate times the market value dollar amount of debt.
D. Under MM with corporate taxes, rs increases with leverage, and this increase exactly offsets the tax benefits of debt financing.
E. Under MM with corporate taxes, the effect of business risk is automatically incorporated because rsL is a function of rsU.
Ted Paine wants to facilitate exchange for his products by informing groups and influencing them to accept his firm's products. What would you suggest
Answer:
Select the appropriate promotional activities.
Explanation:
In the scenario being described the best suggestion that can be provided is for Ted to Select the appropriate promotional activities. Doing this correctly will drastically increase and maximize the activities influencing potential, which will attract a very large audience to the firm's products. This will also drastically increase the firm's profits as they will become loyal customers.
Chung manages his employees by carefully monitoring their production, comparing what they do to predicted schedules and desired budgets. Chung can best be described as a ________ leader. Multiple Choice task-oriented charismatic transformational relationship-oriented
Answer:
task-oriented
Explanation:
-Task-oriented leader is a leader that focuses on plans and schedules to be able to accomplish goals.
-Charismatic leader is a person that is persuasive and because of that is able to convince people to support him/her.
-Transformational leader is a person that is able to influence people to make changes.
-Relationship-oriented leader is a person that works on motivating and developing relationships among people that are part of a group.
According to this, the answer is that Chung can best be described as a task-oriented leader because he is focused on controlling the activities to make sure the plans and schedules are met to reach the objectives.
Ellie has been working for an engineering firm and earning an annual salary of $80,000. She decides to open her own engineering business. Her annual expenses will include $15,000 for office rent, $3,000 for equipment rental, $1,000 for supplies, $1,200 for utilities, and a $35,000 salary for a secretary/bookkeeper. Ellie will cover her start-up expenses by cashing in a $20,000 certificate of deposit on which she was earning annual interest of $500.
Ellie's annual implicit costs will equal:________
a. $55,200.
b. $75,200.
c. $80,500.
d. $165,700.