When an individual is performing research it means a collection of data took place in order to form any conclusion based on the subject.
What is Research?Research is the in-depth examination of information and data to provide credentials with facts and numbers to produce outcomes that will be used for fresh research.
In the given case, the context was incomplete so it assumed that the individual is preparing a document based on the description of Walmart's check cashing service.
Based on the data gathered, it can be said that Walmart's check cashing system enables customers to immediately receive their money when they cash their checks using their check cashing system.
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The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and no adjustments were made from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for Dec. 31, 2018. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
The journal entry will be Debit- Insurance exp. and credit Prepaid insurance.
What is a journal entry?A journal entry is a record of a commercial transaction made in an organization's accounting system. The double-entry accounting method, which has been around for centuries, is built on the foundation of journal entries.
Ledgers are what?With debit and credit account entries verified by a trial balance, a general ledger serves as the mechanism for maintaining a company's financial data. A permanent summary of all sums recorded in supporting journals, which identify specific transactions by date, is kept in the ledger. Each transaction starts in a journal and moves through one or more ledgers. The summary totals in the ledgers are used to create the financial statements for a corporation.
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Darkover Inc., as part of its strategic planning process, is considering making some policy changes. What effect (i.e. Increase, Decrease, No Effect) would each the following changes have on Darkover's Net Cash Flow from Operating Activities? Assume that in each case, the change only affects the account or accounts mentioned (i.e. all other accounts are not changed by the action).1-increase2-no effect3-decrease____2_Increase investment in new plant and equipment._____(1)Change the collections policy to insure that receivables are collected sooner._____(3)Change inventory policy to increase the amount of raw materials kept on hand (work in process and finished goods inventory will remain unchanged)._____(2)Sell long term bonds and use the proceeds to reduce notes payable._____(3) Begin paying all employees every week instead of every two week, effectively decreasing accruals._____(1)Change accounts payable policy to pay bills in 20 days instead of 10 days.
Cash flows from operating operations can be calculated directly using: wages given to employees. Money given to suppliers and vendors. Cash received from clients.
The net cash flow from operating activities is what?The net cash flow from operational activities of a business tells us how much more money is entering or leaving its operations. Both changes to non-cash items and to net income are included in this (Sales less any costs, including taxes, depreciation, and cost of goods sold, among others).
How does the cash flow of a company affect notes payable?Every new loan or note that a business takes on increases the notes payable account on the balance sheet. Its cash flow is improved as a result of receiving funds from the loan. This amount is listed by the company as a cash inflow in the financing operations section of the cash flow statement.
Which of the following adjustments would have an impact on Darkover's net cash flow from operating activities (i.e. an increase, a decrease, or no impact)?no effect- Boost spending on new machinery and equipment.increase- To ensure that receivables are collected sooner, alter the collection policy.decrease- In order to have more raw materials on hand, modify the inventory policy (Inventory of both work in progress and finished goods won't change.). no effect- Modify the policy for accounts payable such that payments are now paid in 20 days rather than 10 days.decrease- Pay all employees weekly beginning today rather than biweekly to minimize accruals.increase- Change the accounts payable policy such that payments are made in 20 days as opposed to 10 days.Learn more about Cash flows from operating operations: https://brainly.com/question/17001006
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The complete question is:
Darkover Inc., as part of its strategic planning process, is considering making some policy changes. What effect (i.e. Increase, Decrease, No Effect) would each the following changes have on Darkover's Net Cash Flow from Operating Activities? Assume that in each case, the change only affects the account or accounts mentioned (i.e. all other accounts are not changed by the action).1-increase2-no effect3-
_____(a) Increase investment in new plant and equipment.
_____(b)Change the collections policy to insure that receivables are collected sooner.
_____(c)Change inventory policy to increase the amount of raw materials kept on hand (work in process and finished goods inventory will remain unchanged).
_____(d)Sell long term bonds and use the proceeds to reduce notes payable
_____(e) Begin paying all employees every week instead of every two week, effectively decreasing accruals.
_____(f)Change accounts payable policy to pay bills in 20 days instead of 10 days.
a broker has found a buyer for a seller's home. the buyer has indicated in writing his willingness to buy the property for $1,000 less than the asking price and has deposited $5,000 in earnest money with the broker. the seller is out of town for the weekend, and the broker has been unable to inform him of the signed document. at this point, the buyer has signed
Option (c), The broker was unable to notify the seller of the signed agreements because he is out of town for the weekend. The document is currently an Offer.
What are the most important three legal documents for any real estate transaction, and why?The three original documents that are deemed to be the most significant are the purchase agreement, a deed, and any mortgage or trust deed. If the originals are lost or destroyed, you might be able to obtain certified copies of these documents from the lender or closing company, but unless absolutely essential, you should just not reliance on someone else's record-keeping practices.
Which legal documents are given to the buyer?A set of conditions that are outlined in the Sale and Purchase Agreement have been accepted by both the buyer and the seller. One of the clearest examples of this is the discussion on the price of the apartment at the time it was purchased. The agreement would include the apartment's agreed-upon valuation, which the buyer and seller had agreed upon.
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The complete question is:
A real estate professional has found a buyer for a seller's home. The buyer has indicated in writing a willingness to buy the property for $1,000 less than the asking price and has deposited $5,000 in earnest money with the real estate professional. The seller is out of town for the weekend, and the real estate professional has been unable to inform the seller of the signed document. At this point, the buyer has
A) a voidable contract
B) an executory agreement
C) an offer
D) an implied contract
Refer to Figure 5-2. If the tuition is set at $70 there will be
a.
a shortage at 10 a.m. and a surplus at 8 a.m.
b.
a surplus at 10 a.m. and a shortage at 8 a.m.
c.
equilibrium at 10 a.m. and a surplus of seats at 8 a.m.
d.
equilibrium at 10 a.m. and a shortage of seats at 8 a.m.
If the tuition is set at $70 there will be a surplus at 10 a.m. and a shortage at 8 a.m. Hence, option B is correct.
What is meant by surplus?An item or resource that has more than is currently being used is said to have a surplus. A surplus can relate to a wide range of things, including money, goods, capital, and profits.
When you have more of anything than you need or intend to utilize, you have a surplus. When you prepare a meal, for instance, you have an excess of food if there is any left over after everyone has finished eating.
Thus, option B is correct.
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During an internal business presentation, a speaker's credibility can be increased through which two of the following?demonstrating knowledge about a business issue.explaining how a business idea will improve the company.
During an internal business presentation, a speaker's credibility can be increased through:
A. demonstrating knowledge about a business issueC. explaining how a business idea will improve the companyWhat is demonstrating knowledge about a business issue?Demonstrating knowledge about a business issue shows that the speaker has done their research and understands the topic at hand, which can help build trust with the audience. It can also show that the speaker is well-informed and authoritative on the subject, which can help to establish their credibility.
Explaining how a business idea will improve the company shows that the speaker has thought carefully about their proposal and has a clear understanding of how it can benefit the organization. It can help to persuade the audience that the proposal is worth considering and that the speaker has the expertise and knowledge to implement it successfully.
Both of these factors can work together to increase the speaker's credibility and make their presentation more effective in influencing the audience.
Therefore the correct option is A, C.
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Washington company purchases printing equipment for $4,000, paying 40% of the amount due in cash and agreeing to pay the balance at a later date. What is the effect of this transaction on individual asset accounts, individual liability accounts, the Capital Stock account, and the Retained Earnings account?
The effect of transaction on individual asset accounts, individual liability accounts, Capital Stock account, and Retained Earnings account would be different.
What is Capital Stock?Capital stock refers to the total amount of common and preferred shares that a company is authorized to issue and sell to its shareholders. This is the amount of money that investors have contributed to a company in exchange for ownership rights. The capital stock of a company represents the long-term funding sources of the organization and serves as a key indicator of its financial health. A company's board of directors determines the number of authorized shares of capital stock, which can be issued to shareholders. These shares represent a claim on the company's assets and earnings, and entitle shareholders to vote at the company's annual meetings, as well as receive dividends if the company generates profits. Capital stock can also be used to raise additional funds through secondary offerings.
Individual Asset Accounts: The purchase of printing equipment will increase the Fixed Asset account by $4,000.
Individual Liability Accounts: The company agreed to pay balance at a later date, which means they have incurred a liability. The Accounts Payable account will increase by $2,400 (60% of $4,000).
Retained Earnings Account: The purchase of equipment does not affect Retained Earnings account.
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Rob takes a job with Seacoast securities, a FINRA member broker-dealer firm, as a receptionist in a branch. Which of the following activities may violate the rules concerning activities of registered persons?
directing a customer to a flyer for a specific mutual fund rob really likes
The activities may violate the rules concerning activities of registered person is directing a customer to a flyer for a specific mutual fund rob really likes.
FINRA Rule 2111 (Suitability) requires that broker-dealers and their registered representatives (including receptionists) must have a reasonable basis to believe that any recommended securities transaction or investment strategy is suitable for the customer based on the customer's investment profile.
If Rob directs a customer to a flyer for a specific mutual fund without assessing the customer's investment profile or without having a reasonable basis to believe that the fund is suitable for the customer, this may violate the suitability rule.
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Table 8.2.2 lage of Popcom Marginal Bottles of Marginal Utility Pop Utility 1 120 100 2 70 80 3 60 70 4 10 120 2 3 4 Refer to Table 8.2.2. Henry is maximizing his utility by consuming 3 bags of popcorn and 3 bottles of pop. What is the ratio of the price of popcorn to the price of pop? 3/4 6/5 1/2 1 4/3
The ratio of the price of popcorn to the price of pop when Henry is maximizing his utility by consuming 3 bags of popcorn and 3 bottles of pop is 6/5. The correct option is B.
According to the data, Henry is maximizing his utility by consuming 3 bags of popcorn and 3 bottles of pop. To find the ratio of the price of popcorn to the price of pop, we need to use the marginal utility of each good and apply the following formula:
Ratio of price of popcorn to price of pop = Marginal utility of pop / Marginal utility of popcorn
From the data, we can see that the marginal utility of pop at 3 bottles is 70, and the marginal utility of popcorn at 3 bags is 60.
Therefore, the ratio of the price of popcorn to the price of pop is:
Ratio of price of popcorn to price of pop = 70 / 60 = 7 / 6 = 1.1667
So the correct answer is 6/5. In conclusion, the ratio of the price of popcorn to the price of pop when Henry is maximizing his utility by consuming 3 bags of popcorn and 3 bottles of pop is 6/5.
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Presented below are selected transactions on the books of Simonson Corporation.
May 1, 2010 - Bonds payable with a par value of $900,000, which are dated January 1, 2010, are sold at 106 plus accrued interest. They are coupon bonds, bear interest at 12% (payable annually at January 1), and mature January 1, 2020. (Use interest expense account for accrued interest.)
Dec 31 - Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper amount of premium. (Use straight line amortization.)
Jan. 1, 2011 - Interest on the bonds is paid.
April 1 - Bonds of par value of $360,000 are called at 102 plus accrued interest, and retired. (Bond premium is to be amortized only at the end of each year.)
Dec 31 - Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of premium amortized.
Instructions:
Prepare the journal entries for the transactions above.
A journal entry is a written record of an individual's thoughts, observations that are typically recorded on a regular basis, such as daily
The journal entries are as follows:
May 1, 2010:
Cash $954,000
Bonds Payable $900,000
Premium on Bonds Payable $54,000
Interest Expense $36,000
Cash $36,000
Premium on Bonds Payable $9,000
Interest Expense $9,000
Dec 31:
Interest Expense $72,000
Interest Payable $72,000
Premium on Bonds Payable $9,000
Interest Expense $9,000
Jan. 1, 2011:
Interest Expense $108,000
Cash $108,000
April 1:
Bonds Payable $360,000
Loss on Bond Redemption $3,600
Premium on Bonds Payable $9,000
Cash $367,200
Dec 31:
Interest Expense $32,400
Interest Payable $32,400
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when alma arrived to her economics class, she quickly wrote down everything the teacher had outlined on the board, word for word. this is a good note taking strategy because
This is a useful note-taking strategy because it permits precise and thorough information collection, reducing the possibility of overlooking crucial particulars.
The method Alma used to take note-taking strategy what the instructor said on the board—can be beneficial for a variety of reasons. First of all, it enables her to remember all of the important ideas and facts that were covered in class. This is especially helpful if the subject matter discussed is intricate or substantial. Second, having a comprehensive collection of notes might make it simpler to review the content later on and prepare for tests. Thirdly, it can act as a fallback in case anything is forgotten or missed during the lesson. It is crucial to remember that this approach might not be effective for all pupils because some could find it challenging to maintain their focus while taking in-depth notes at the same time.
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choose the formula below that is used to calculate the current ratio of a business. multiple choice question. current liabilities divided by long-term liabilities current assets divided by current liabilities current assets divided by plant assets current liabilities divided by current assets
The correct formula that is used to calculate the current ratio of business is option B "current assets divided by current liabilities"
Current ratio: explained the relationship between the company's liabilities and company assets,if a company has more assets than its liabilities, it means the company has a higher ratio. The current ratio can also mean a simple measure that estimates whether the business can pay debt with one year out of the current assets.
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knowledge check 01 a buyer uses a periodic inventory system, and on december 5, it purchases $4,000 of merchandise on credit terms of 2/10, n/30. complete the journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
The answer is Dr. - Merchandise Inventory $4,00 to Cr. - Accounts Payable $4,000, is the complete journal entry for the equation.
What do you mean by inventory?All of the goods, merchandise, and supplies that a company keeps on hand in anticipation of selling them for a profit are referred to as inventory. Example: If a newspaper seller utilizes a vehicle to deliver newspapers to consumers, just the newspapers will be counted as inventory. The car will be handled as an asset.
What is the primary function of inventory?The goal of the inventory is to act as a buffer between production and sales, regulating the flow of goods and guaranteeing that commodities are available when customers place orders. Companies must carefully control their inventory levels to accomplish this goal, possibly investing in the right method.
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The technological conservatism of bicycle manufacturers is a reflection of the kinds of demand they are trying to meet. The only cyclists seriously interested in innovation and willing to pay for it are bicycle racers. Therefore, innovation in bicycle technology is limited by what authorities will accept as standard for purposes of competition in bicycle races.
Which of following is an assumption made in drawing the conclusion above?
(A) The market for cheap, traditional bicycle cannot expand unless the market for high-performance competition bicycles expands.
(B) High-performance bicycles are likely to be improved more as a result of technological innovations developed in small workshops than as a result of technological innovations developed in major manufacturing concerns.
(C) Bicycle racers do not generate a strong demand for innovations that fall outside what is officially recognized as standard for purpose of competition.
(D) The technology conservatism of bicycle manufacturers results primarily from their desire to manufacturer a product that can be sold without being altered to suit different national markets.
(E) The authorities who set standards for high-performance bicycle racing do not keep informed about innovative bicycle design.
Option C is correct, bicycle racers do not generate a strong demand for innovations that fall outside what is officially recognized as standard for purpose of competition.
What is bicycle industry?The sector of the economy that deals with bicycles and cycling is known as the "bicycle industry" or "cycling industry." It comprises at the very least accessory and part makers as well as bicycle manufacturers.
What is technical conservatism?A technology that is already part of your stack should be preferred, but only if it is the best choice. This is known as technical conservatism. An current technology may not be suitable in some circumstances.
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Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $40,000 of merchandise it purchases for resale from Troy: invoice dated May 11: terms 3/10, n/90; FOB shipping point. The goods cost Troy $30,000. Sydney pays $345 cash to Express Shipping for delivery charges on the merchandise. 12 sydney returns $1,400 of the $40, 000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,050. 20 Sydney pays Troy for the amount owed. Troy receives the cashi (Both Sydney and Troy use a perpetual inventory system and the gross method) es 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.
The timing of a company's revenue recognition will depend on the terms of its sales. When Free-On-Board Shipping is used, the seller only gets paid when the goods they sell leave the warehouse and are delivered to the customer.
Who pays for free shipping on board?The buyer must bear the freight transportation costs, as stated in the buyer FOB freight collect and allowed. However, the cost is deducted from the seller's invoice by the buyer. Because the seller still owns the goods while they are in transit, they are their responsibility.
What is included in the free onboard package?When goods are sold, the term "free on board," which is frequently abbreviated as "F.O.B.," means that the purchased property will be shipped to a specified location on a vessel at no cost to the buyer for packing, potage, cartage, etc.
Dr Cr Inventory = 40,000 plus 375 Accounts payable 40,000 Cash 375 12 May:
Dr. Cr.'s accounts payable are 1,400, and inventory is 1,400.
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in year 1, frill corp. issued 1,000 shares of $1 par value common stock for $10 per share. in year 3, frill repurchased and immediately retired 100 shares of the stock at $12 per share. which of the following entries would be included in the journal entry to retire the shares? (select all that apply.)
Based on this analysis, the following entries would be included in the journal entry to retire the shares: Debit: Common Stock $100;Debit: Additional Paid-in Capital $1,100;Credit: Cash $1,200
There are a few possible ways to approach this question, but one common method is to the effects of the stock issuance and repurchase on Frill Corp.'s accounts and then determine which accounts need to be adjusted in the journal entry to retire the shares. Here's one possible solution:Year 1 stock issuance:
Debit: Cash $10,000 (1,000 shares x $10 per share)
Credit: Common Stock $1,000 (1,000 shares x $1 par value)
Credit: Additional Paid-in Capital $9,000 (the excess of the issuance price over the par value)
Year 3 stock repurchase and retirement:
Debit: Common Stock $100 (100 shares x $1 par value)
Debit: Additional Paid-in Capital $1,100 (the excess of the repurchase price over the par value and the original issuance price)
Credit: Cash $1,200 (100 shares x $12 per share)
Based on this analysis, the following entries would be included in the journal entry to retire the shares:
Debit: Common Stock $100
Debit: Additional Paid-in Capital $1,100
Credit: Cash $1,200
Therefore, the correct options are:
Debit: Common Stock
Debit: Additional Paid-in Capital
Credit: Cash
Note that the total amount debited ($1,200) equals the total amount credited ($1,200), which ensures that the journal entry is balanced. Also, the retirement of the shares reduces the total number of outstanding shares from 1,000 to 900 (1,000 - 100), which may affect the calculation of earnings per share and other financial ratios.
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T/F : although producing electricity from burning fossil fuels, such as in coal-fired power plants, is common around the world, some scientists and economists argue that where the geography is appropriate, hydroelectric power is a better method for generating electricity.
True. Although burning fossil fuels to produce electricity is a standard practise across the world, some scientists and economists contend that hydroelectric power is a more effective way to produce energy in places where it makes sense geographically.
Although burning fossil fuels to produce electricity is a standard practise across the world, some scientists and economists contend that hydroelectric power is a more effective way to produce energy in places where it makes sense geographically. In contrast to using fossil fuels, the process of producing electricity by using hydroelectric power involves transforming the energy of falling water into electrical energy. Hydroelectric power facilities are also usually more efficient than fossil fuel-based power plants and do not emit greenhouse gases, which are a factor in climate change. Hydroelectric power has its own environmental effects, such as the destruction of river ecosystems and the eviction of local inhabitants, and it is not practical in all geographical areas.
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all except which of the following help to develop informal networks that play an important role in an organization?
All except d) performance reviews help to develop informal networks that play an important role in an organization.
Informal networks play a significant role in the exchange of news and information within the organization between peers, superiors, and subordinates, and it's frequently the case that those with the inside track are the first to learn of impending announcements regarding promotions and the introduction of new products.
In addition to this, informal networks can be a good way to bond with coworkers and relieve stress in high-stress environment of today. Sharing coffee or tea during breaks and having light conversations, or "talking shop," as it is also known, can add value to the organization.
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Note that the full question is:
All of the following help to develop informal networks that play an important role in an organization EXCEPT for:
a) Job rotation
b) Company softball team
c) Virtual communities
d) Performance reviews
e) Attendance at a conference
peron company uses a perpetual inventory system and the net method of recording invoices. the company purchased merchandise on november 4 at a $2,000 invoice price with terms of 2/10, n/30. complete the journal entry by selecting the account names from the drop-down menus and the amounts in the debit and credit columns.
The journal entry to record the purchase on November 4 would be: The Purchase Discounts account is a contra-expense account that is credited when the company takes advantage of a discount. By crediting this account, the company records the reduction in the cost of goods sold due to the discount.
The image of the journal is attached below
What is journal entry?Generally, the image below
Since Peron Company uses a perpetual inventory system, it records each purchase of merchandise into the Merchandise Inventory account, which is a current asset account that reflects the cost of goods available for sale.
Since the invoice terms are 2/10, n/30, the company can take a 2% discount if it pays within 10 days. The discount is calculated as 2% of the invoice price, or $40 ($2,000 x 2%). The net amount due is $1,960 ($2,000 - $40).
Since the company is using the net method of recording invoices, it records the net amount due in the Accounts Payable account, which is a current liability account that reflects the amount owed to the vendor.
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Suppose Devon is a fashionista and buys only denim jackets. Devon deposits $4,000 into a savings account that pays an annual nominal interest rate of 10%. Assume this interest rate is fixed, and so it will not change over time.
On the day she makes her deposit, suppose that a denim jacket has a price of $20.00. Initially, Devon's $4,000 deposit has a purchasing power ____ of denim jackets.
For each of the annual inflation rates given in the following table, first determine the new price of a denim jacket, assuming it rises at the rate of inflation. Then enter the corresponding purchasing power of Devon's deposit after one year in the first row of the table for each inflation rate. Finally, enter the value for the real interest rate at each of the given inflation rates. Hint: Round your answers in the first row down to the nearest denim jacket.
For example, if you find that the deposit will cover 20.7 denim jackets, you would round the purchasing power down to 20 denim jackets under the assumption that Devon will not buy seven-tenths of a denim jacket.
Annual Inflation Rate 0% 10% 13%
Number of Jackets Devon Can Purchase after One Year __ 220, 200, 190,174? ___220, 200, 190,174? ___220, 200, 190,174?
Real Interest Rate __% __% __%
When the rate of inflation is greater than the interest rate on Devon's deposit, the purchasing power of her deposit _____ over the course of the year. rises, falls, remains the same?
Real Interest Rate 10% 0% -3%When the rate of inflation is greater than the interest rate on Devon's deposit, the purchasing power of her deposit falls over the course of the year.
What is real interest rate and inflation rate?
Real interest rates are interest rates that have been modified to take inflation into account. Once modified, it reflects the actual cost of borrowing money for a borrower and the actual yield received by a lender or investment. The rate at which prices increase over a specific time period is known as inflation.
Initially, Devon's $4,000 deposit has a purchasing power of 200 denim jackets ($4,000 ÷ $20.00 per jacket).
Given Annual Inflation Rate 0% 10% 13%
Number of Jackets Devon Can Purchase after One Year 200 180 174
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Eleanor wants to repeat the first row of the worksheet on each printed page of a four-page worksheet. Which of the following options should she use in the Page Setup dialog box?
a. Print area
b. Row and column headings
c. Print titles
d. Gridlines
Eleanor wants to repeat the first row of the worksheet on each printed page of a four-page worksheet of the following options should she use in the Page Setup dialog box Row and column headings.
How can I get Excel to repeat the first row across all pages?Navigate to the [Page Layout] tab. Click [Print Titles] in the "Page Setup" group. Click the spreadsheet icon in the "Rows to repeat at top" section under the [Sheet] tab. The row you want to appear at the top of each page can be chosen by clicking on it. Click [OK] after pressing the [Enter] key.
In Excel, how do I duplicate rows?Click Page Setup under the Page Setup group on the Page Layout tab. Select the column or row that contains the titles you wish to repeat by clicking under Rows to repeat at the top or Columns to repeat at the left under Print Titles. Select OK.
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How is a debit card different from a credit card
The main difference between a debit card and a credit card is that a debit card lets you spend your own money, while a credit card lets you spend someone else's money (the card issuer's) with the expectation that you will pay it back.
What is the Difference between Debit and Credit Cards?A debit card and a credit card are two different types of payment cards that serve different purposes.
A debit card is linked to your checking account and is used to withdraw money or make purchases directly from your account. When you use a debit card, the amount of the transaction is deducted from your account balance. Essentially, a debit card lets you spend money that you already have.
On the other hand, a credit card is a loan in the form of a card. When you use a credit card, you are borrowing money from the card issuer up to a certain limit. You are then expected to repay the borrowed amount, usually with interest and fees. A credit card allows you to make purchases even if you don't have the money available in your account, giving you the flexibility to spend now and pay later.
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the following transactions occur for badger biking company during the month of june: provide services to customers on account for $35,000. purchase bike equipment by signing a note with the bank for $27,000. repay $20,000 of the note in (b) above. pay utilities of $3,500 for the current month. analyze each transaction and indicate the amount of increases and decreases in the accounting equation.
Analyze each transaction and indicate the amount of increases and decreases in the accounting equation.
Assets = Liabilities + Equity
$27,000= $3,500+8,000+0
What is an accounting equation?The accounting equation is a fundamental principle in accounting that states that assets must always equal the sum of liabilities and equity. The equation is expressed as: Assets = Liabilities + Equity
The assets refers to the economic resources owned by a business or individual, such as cash, accounts receivable and liabilities are the financial obligations or debts owed by the business or individual, such as accounts payable, loans, and mortgages.
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Which of the following involves fixed premium payments and a benefit payout at the time of death that will depend on investment returns over the life of the policy?
A. Term life.
B. Variable life.
C. Whole life.
D. Endowment life.
E. Universal life.
Fixed premium payments and a benefit payout at the time of death that will depend on investment returns over the life of the policy are Variable life. Because this insurance is a type of permanent life insurance that requires fixed premium payments. So, the correct option is (B).
The benefit payout amount depends on the performance of the investments chosen by the policyholder. The benefit payout is not fixed and can vary based on the investment returns over the life of the policy.
The investment options available in variable life policies are typically mutual funds that invest in stocks, bonds, or other securities. In contrast, whole life, endowment life, and universal life policies provide a fixed benefit payout, and term life insurance policies do not have any cash value or investment component. So, correct answer is (B) Variable life.
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General purpose governments generally provide a wider range of services to their residents than do special purpose governments? T/F
The answer is True, General purpose governments generally provide a wider range of services to their residents than do special purpose governments is true.
An official government definition is what?The structure used to run a state or a community is called a government. Government is described by the Columbia Encyclopedia as "a system of social management where the power to enact laws and to enforce them is vested in a certain group in society."
What is the purpose of the government?A government is a structure whereby authorities use their authority to enact and uphold laws. The fundamental duties of a government include providing direction, upholding the law, delivering public services, ensuring national security, ensuring economic security, and assisting with the economy.
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a firm with more courteous and helpful clerks than its rivals enables the firm to differentiate their good based on which of the following?
Service to a firm with more courteous and helpful clerks than its rivals enables the firm to differentiate its good base.
What is the role of customer service?A Customer Service Representative assists customers who have complaints, orders, or questions about the organization's products/services. They also provide solutions that are tailored to the specific needs of the customer at every stage of the process.
This statement emphasizes the importance of providing good customer service and how it can contribute to a firm's success. By focusing on building a base of satisfied customers, a firm can create a competitive advantage that sets it apart from its rivals.
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Contrast the role of fixed costs and variable costs in economic decisions about future production and pricing.
Fixed costs are sunk costs because they are in the past and cannot be altered. For this reason, fixed costs should play no role in economic decisions about future production or pricing. Variable costs typically show diminishing marginal returns, so that the marginal cost of producing higher levels of output rises.
Why is it important to know what are the fixed and variable costs in a production firm?Based on a detailed understanding of your company's fixed and variable costs, we can establish the price point that will generate a profit for the products or services that you offer. By using this data, you may calculate your break-even point, which is the amount in units or dollars at which total revenues and total costs are equal.
Variable costs often display declining marginal returns, which causes the marginal cost of producing rising amounts of output to rise with these costs. Variable costs vary depending on how much is generated. Examples of variable expenses include raw materials, commissions, and labour.
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purchasing a machine for cash is an example of decrease in asset and as decrease in liability
Option a) decrease in asset and as decrease in liability suits the given example of 'purchasing a machine for cash'.
In financial accounting, a liability is defined as a future sacrifice of economic benefit that an enterprise must make to another enterprise as a result of past transactions or other past events, the settlement of which is the transfer or use of an asset. can result in provision of services or other future economic benefits.
A liability is defined by the following characteristics:
Borrowing of any kind from individuals or banks to improve business or personal income payable in the short or long term.
Obligation to others to effect future transfer or use of assets, performance of services, or other settlement of any economic interest upon the occurrence of a specified event or upon request at a specified or determinable time. Or liability.
An obligation or liability that imposes another obligation on the company and leaves little or no discretion to avoid settlement. and,
A transaction that has already occurred or an event mandated by the company
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Complete question:
Purchasing a machine for cash is an example of
a) decrease in asset and as decrease in liability
b) An increase in an asset and an increase in an another asset.
c) an increase in asset and an decrease in an another asset.
d) an increase in liability and a decrease in an stockholders' equity account.
A company had revenues of $75,000 and expenses of $62,000 for the accounting period. The owner withdrew $8,000 in cash during the same period. Which of the following entries could NOT be a closing entry?
a. Debit Revenues $75,000; credit Income Summary $75,000.
b. Debit Income Summary $75,000; credit Revenues $75,000.
c. Debit Income Summary $13,000; credit Owner's, Capital $13,000.
d. Debit Income Summary $62,000, credit Expenses $62,000.
The correct answer is (b) Debit Income Summary $75,000; credit Revenues $75,000.
This is because option (b) is an incorrect closing entry as it debits the Income Summary account, which should only be credited with the total revenue earned during the period. The correct entry for closing the books would be to debit Income Summary $13,000 (which is the net income) and credit Owner's, Capital $13,000 to reflect the owner's equity in the business.
Option (a) is a correct closing entry, which debits Revenues for the total revenue earned during the period and credits Income Summary for the same amount.
Option (c) is also a correct closing entry, which debits Income Summary for the net income and credits Owner's, Capital to reflect the owner's equity in the business.
Option (d) is a correct closing entry, which debits Income Summary for the total expenses incurred during the period and credits Expenses for the same amount.
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Which of the following are steps in the closing process? Select all that apply.
a) Nominal accounts are reset to zero.
b) Real accounts are reset to zero.
c) Net income is transferred to the cash account on the balance sheet.
d) Net income is transferred to the retained earnings account on the balance sheet.
e) The retained earnings account is reset to zero.
The correct option is A. In the closing process, Nominal accounts are reset to zero.
An account is a particular report inside an employer's financial ledger or balance sheet. Accountants, finance experts, and bookkeepers can use debts to report important financial records, like reporting day-by-day transactions to confirm the exact amount of money an organization has at any moment.
In accounting, an account is a document within the famous ledger this is used to kind and maintain transactions. as an example, groups may additionally have an account of a coin wherein to file every transaction so one can increase or decreases the business enterprise's cash. fundamental accounting ideas used in commercial organizations globally cover income, charges, belongings, and liabilities. the one's elements are tracked and recorded in documents which encompass stability sheets, income statements, and cash glide statements.
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which of the following are normally included in a credit application? (choose every correct answer.)
The following are normally included in a credit application:
Other credit relationshipsBank accountsLiabilitiesWhat is credit applications?Credit applications typically request information about a borrower's financial situation, including other credit relationships, bank accounts, and liabilities.
This information is used by lenders to evaluate the borrower's creditworthiness and ability to repay the loan. Information about family life and driving record is generally not relevant to the credit application process.
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The complete question is:
Which of the following are normally included in a credit application? Information about: (Select all that apply)
- Family life
- Other credit relationships
- Bank accounts
- Liabilities
- Driving record