This prompt explains some details of the UBS Scandal/Crisis. This scandal was historic because of its magnitude as well the potential damage it would have caused had it not been contained.
To what extent did the government and national culture play in the scandal?The key role of the Swiss government which aided the scandal was that she supported anonymity and secrecy between the parties involved (that is the banks and their clients).
To what extent did corporate culture contribute to the scandal?Not that the corporate culture was in itself bad. The corporate culture at Barclays at that time was largely:
Being Result Oriented; Loyalty; and Ensuring and maintaining a positive outlook or outcome.What was the possibility of uncovering the crises had the Global Financial Crises not occurred?Yes, The scandal would have lingered. This is because, UBS had engaged in a high-risk move, which was exposed by the mortgage crises of the time.
Does it matter who or what entities could have been impacted by the scandal?Of course, it mattered to the entities that were going to be impacted. It was estimated that in Switzerland alone, about 1 million current account holders and three hundred thousand corporate accounts were at risk.
Even at a Net-on-Net position, had the Swiss Government not bailed UBS out, it would have resulted in a disastrous effect of global proportions.
Taken too far, this culture drove some of those involved to do all they could to win, albeit unethical actions.
Is the next scandal underway?There is no way to tell for sure. On the balance of probability (based on history and industry character), however, one could say that there is a 50 percent chance that scandals are occurring every now and then.
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Lori Nichols started an engineering firm, Engineering Enterprises P.C. During its first month of operations, the following transactions were completed:I.Lori invested $33,000 in the business, which in turn issued common stock to her.II.The business purchased equipment on account for $6000.III.The business provided engineering services on account, $12,000.IV.The business paid salaries to the receptionist, $4000.V.The business received cash from a customer as payment on account $7000.VI.The business borrowed $9000 from the bank, issuing a note payable.At the end of the month, cash equals:$45,000$38,000$33,000$71,000
a think is 45 because is 33
Based on your reading of the following, choose the best answer to the question. The KittyKarry Company manufactures carriers for cats as well as cat toys and other products (for example, grooming products) for the discerning feline. The company wishes to expand its line of products and has decided to set up focus groups of feline owners to learn more about what kinds of products they might want or need for their cats. The focus groups are part of which stage in the formal process of product development?
A. generate ideas
B. screen ideas
D. develop the concept
E. market and sell the product
Answer:
A. generate ideas
Explanation:
It makes sence to have more ideas before you market the product.
North Company designs and manufactures machines that facilitate DNA sequencing. Depending on the intended purpose of each machine and its functions, each machine is likely to be unique. The job costing system in its Norfolk plant has five activity cost pools, in addition to direct materials and direct labor. Job TPY—2306 requires 1,000 printed-circuit boards. The cost per board that passes the final inspection is $240. On average, only 50% of the completed units pass the final inspection. The prime costs per completed board include $26 for direct materials and $8 for direct labor
Required:
Information pertaining to manufacturing overhead for printed-circuit boards follows: Fill in the missing amount.
Activity Cost Driver Activity Driver Rate Activity Consumption per Board Factory Overhead per Board
Axial insertion Number of axial insertions $0.27 10.0
Hardware insertion Number of hardware insertions 4.00 110.0
Hand load Boothroyd time 8.00 48.24
Masking Number of points masked 0.30 170.00
Final test Test time 10.00 10.00
Answer:
1. Axial insertion
Factory overhead per board 2.70
2. Hand load
Activity consumption per board 27.50
3. Hand load
Activity driver rate 6.03
4. Masking
Factory overhead per board 51
5. Final test Test time 1
Explanation:
Calculation to Determine the missing amount
Activity Cost Driver Activity driver rate Activity consumption per board Factory overhead per board
1. Axial Insertion Number of axial insertions 0.27 10 10*.27 = 2.70
2. Hardware Insertion Number of hardware
insertions 4.00 (110/4 = 27.50) 110
3. Hand load Boothroyd time (48.24/8 = 6.03) 8 48.24
4. Masking Number of points masked 0.30 170 (170*.30 = 51)
5. Final test Test time (10/10=1) 10 10
A cost due to an increase in activity is called?
Answer:
Marginal benefit is the additional benefit an individual derives from increase in an activity.
Explanation:
A retailer spends a $500 per month to keep its online shop active and updated. The store acquires shirts at a cost of $5 per shirt. Each shirt sells for a marginal benefit of $10 per shirt.
How many shirts would you have to sell for it’s marginal benefits to be greater than its total costs?
Answer:
100 shirts
Explanation:
Borrowing from the contribution margin concept, the level where the marginal benefit is greater than total costs is the break-even point.
Break-even point = fixed cost / contribution margin per unit.
For this retailer,
Fixed costs are $500,
The contribution margin per unit = selling price- variable cost
=$10-$5
=$5
Break-even point
= $500/$5
= 100units
The retailer would have to sell 100 shirts for it’s marginal benefits to be greater than its total costs.
What is breakeven point?This is the point where the additional gain derived is more than the total costs.
Applying break even point, we'll have
Break-even point
= Fixed cost / Contribution margin per unit.
Fixed cost
= $500
Contribution margin per unit
= Selling price - Variable cost
= $10 - $5
=$5
Break-even point
= $500 / $5
= 100units
Hence, the retailer would have to sell 100 shirts for it’s marginal benefits to be greater than its total costs.
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Aisha's organization uses special performance tests, which are then supplemented by other appraisal methods. Why would her firm use these types of tests
If Aisha's organization uses special performance tests the firm use these type of tests: To measure ability
What is Performance test?Performance test can be defined as the type of test conducted to check or to evaluate how an employee will perform on their given job.
Most companies or organization tend to carryout performance test on their employee in order to measure their ability including how productive they will be on their job.
Inconclusion if Aisha's organization uses special performance tests the firm use these type of tests: To measure ability
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Most P2P apps or services can be linked to checking accounts, debit cards or _____
It should be noted that most P2P apps or services can be linked to checking accounts, debit cards or payment options
What is Peer-to-peer payment systems?Peer-to-peer payment systems can be regarded as the money transfer apps platform like Venmo.
It allows users to send money to people or organization.
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On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,500. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1.
Required:
For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1.
Answer:
March 1
Note Receivable $10500 Dr
Accounts Receivable $10500 Cr
September 1
Cash 10920 Dr
Note Receivable 10500 Cr
Interest Revenue 420 Cr
Explanation:
March 1.
The acceptance of note receivable by Terrell would mean that Terrell would create a new asset in the book namely Note receivable for $10500 and write off the asset named Accounts receivable against this amount. Thus, the entry would be to debit the note receivable and credit the accounts receivable.
September 1.
The Note pays interest at 8% annual rate. The note remains outstanding for 6 months from March to August. Thus, Terrell would receive the interest on note at 8% annual interest rate for 6 months. The amount of Interest revenue would be,
Interest revenue = 10500 * 0.08 * 6/12 = $420
Terrell would receive cash equal to the value of note receivable plus the interest on note receivable.
So, cash received would be = 10500 + 420 = 10920
Terrell will debit cash as it is received and credit the asset note receivable for 10500 to write it off and record interest revenue of $420
Matthews Delivery Service, Inc., completed the following transactions during its first month of operations for January 2012:
a. Matthews Delivery Service, Inc., began operations by receiving $6,000 cash and a truck valued at $11,000. The business issued common stock to aquire these assets.
b. Paid $300 cash for supplies.
c. Prepaid insurance, $700.
d. Performed delivery services for a customer and received $800 cash.
e. Completed a large delivery job, billed the customer $1,500, and received apromise to collect the $1,500 within one week.
f. Paid employee salary, $700.
g. Received $12,000 cash for performing delivery services.
h. Collected $600 in advance for delivery service to be performed later.
i. Collected $1,500 cash from a customer on account.
j. Purchased fuel for the truck, paying $200 with a company credit card. (CreditAccounts payable)
k. Performed delivery services on account, $900.l.Paid office rent, $600. This rent is not paid in advance.
m. Paid $200 on account.
n. Paid cash dividends of $2,100.
Required:
a. Record each transaction in the journal.
b. Post the transactions that you recorded in Requirement 1 in the T-accounts.
c. Write the trial balance for the month ended January 31, 2012.
Answer:
a. Matthews Delivery Service, Inc., began operations by receiving $6,000 cash and a truck valued at $11,000. The business issued common stock to acquire these assets.
Dr Cash 6,000
Dr Vehicles 11,000
Cr Common stock 17,000
b. Paid $300 cash for supplies.
Dr Supplies 300
Cr Cash 300
c. Prepaid insurance, $700.
Dr Prepaid insurance 700
Cr Cash 700
d. Performed delivery services for a customer and received $800 cash.
Dr Cash 800
Cr Service revenue 800
e. Completed a large delivery job, billed the customer $1,500, and received a promise to collect the $1,500 within one week.
Dr Accounts receivable 1,500
Cr Service revenue 1,500
f. Paid employee salary, $700.
Dr Wages expense 700
Cr Cash 700
g. Received $12,000 cash for performing delivery services.
Dr Cash 12,000
Cr Service revenue 12,000
h. Collected $600 in advance for delivery service to be performed later.
Dr Cash 600
Cr Unearned revenue 600
i. Collected $1,500 cash from a customer on account.
Dr Cash 1,500
Cr Accounts receivable 1,500
j. Purchased fuel for the truck, paying $200 with a company credit card. (CreditAccounts payable)
Dr Fuel expense 200
Cr Accounts payable 200
k. Performed delivery services on account, $900.
Dr Accounts receivable 900
Cr Service revenue 900
l.Paid office rent, $600. This rent is not paid in advance.
Dr Rent expense 600
Cr Cash 600
m. Paid $200 on account.
Dr Accounts payable 200
Cr Cash 200
n. Paid cash dividends of $2,100.
Dr Dividends 2,100
Cr Cash 2,100
Cash
Debit Credit
6,000
300
700
800
700
12,000
600
1,500
600
200
2,100
16,300
Vehicles
Debit Credit
11,000
Common stock
Debit Credit
17,000
Supplies
Debit Credit
300
Prepaid insurance
Debit Credit
700
Service revenue
Debit Credit
800
1,500
12,000
900
15,200
Accounts receivable
Debit Credit
1,500
1,500
900
900
Wages expense
Debit Credit
700
Unearned revenue
Debit Credit
600
Accounts payable
Debit Credit
200
200
0 0
Fuel expense
Debit Credit
200
Rent expense
Debit Credit
600
Dividends
Debit Credit
2,100
Trial balance
debit credit
Cash 16,300
Vehicles 11,000
Accounts receivable 900
Supplies 300
Prepaid insurance 700
Unearned revenue 600
Common stock 17,000
Service revenue 15,200
Wages expense 700
Fuel expense 200
Rent expense 600
Dividends 2,100
Totals $32,800 $32,800
Kyle is a college student who works during the summer to pay for tuition. Last summer he worked at a fast-food restaurant and earned $2,500. This summer he is working as a painter and will earn $4,000. To do the painting job, Kyle had to spend $200 on supplies. What is Kyle's accounting profit
Based on the amount Kyle earned and his costs, Kyle's accounting profit is $3,800.
What is Kyle's Accounting profit?This can be found by the formula:
= Amount he is paid as painter - Cost of painting supplies
Solving gives:
= 4,000 - 200
= $3,800
In conclusion, his accounting profit is $3,800.
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Discuss any five reason why corporate and business organization are now taking a keen interest in environment issue.
Our shared inheritance includes the air, water, woods, and land.
Companies have been dumping garbage into my air and water, as well as causing damage to my portion of the woods and land, without paying me or others.
We're enraged and ready to throw in the towel. The quality of my remaining life, as well as the lives of my grandchildren, depends on our addressing this deplorable lack of responsible resource stewardship. Sustainable methods are also helpful for business. Short-sighted business tactics that lead to a company's demise cannot be helpful for the bottom line.
Some people are concerned about environmental concerns and will patronize companies that take action to address them. Some business executives see that we are on the verge of disaster and wish to take steps to ensure their companies' long-term viability.
Those who uphold their power's commitments are deserving of it. Climate change and biodiversity loss are major issues that must be addressed. Those that continue to poison our commonwealth can expect their pollution profiteering to be less understood in the future. Corporations and companies exist primarily to make money, but they also function under the assumption that they will do more good than harm in the long run. If it is discovered that they are more bad than good, they will lose the trust of the communities in which they operate. They will be history if enough investors, voters, workers, and citizens decide to hold them accountable. I hope that more businesses and corporations take their environmental duties seriously, and I wish those that already do so the best of luck in expanding their market share.
I hope this helps.
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Thank you.
The following list of five reasons explains why corporate and business organizations are now paying close attention to environmental challenges.
Why do corporate take a keen interest in environmental issues?Being environmentally conscious has advantages for both the environment and the corporate company.
Customers who value environmentally friendly practises will be more satisfied after using products from a company that is demonstrating that it does no harm to the environment or minimises harm to the environment.
This will also help the company build a positive reputation and make it more appealing to employees and business partners who value environmentally sustainable practises.
Developing creative methods that have a positive impact on the environment, can improve sales, and can give a company a competitive edge over rivals that don't practice environmental responsibility.
Attracting new clients who are looking for environmentally friendly goods and services.
Therefore, reduced operating expenses, more innovation, enhanced brand recognition, and an increase in new customers that appreciate sustainability all contribute to sustainable enterprises' increased revenue.
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Which three things does money help people do in an economy? (Pick three)
-Exchange commodities
-measure the value of commodities
-avoid inflation
-store value
-hide the price of a commodity
-increase inflation
-remove value
Answer:
Exchange commodities
store value
measure the value of commodities
You take $100 you had kept under your mattress and deposit it in your bank account. If this $100 stays in the banking system as reserves and if banks hold reserves equal to 10 percent of deposits, by how much does the total amount of deposits in the banking system increase
Answer:
Explanation:
its there
Todd keeps meaning to open a savings account and deposit a small portion of each paycheck, just in case he has an emergency and needs extra cash. But he just hasn’t gotten around to it yet. Todd’s car breaks down on the way home from work. His mechanic tells him that it will cost about $1,200 to get the car running again. Todd needs his car to get to and from work. He just got paid so he uses most of the money from his paycheck to get his car fixed. If you were Todd, in the short term, what would you do about your present financial situation?
i dont know let me look it up
Explanation:
In this case, the individual must repair the car because it is required for travel to and from work. To repair the car, the individual must withdraw funds from his or her savings account.
What is saving account?A savings account is a basic type of bank account into which you can deposit funds. You can withdraw funds from it, and most banks will pay you compound interest on the balance of your account.
Thus, the person must repair the car after breaking the saving accounts.
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Recruitment sources are unlimited; therefore, an organization must decide how to reach the best sources of potential employees. Sources of recruitment include: internal and external sources, direct applicants, referrals, advertisements, electronic recruiting, public and private employment agencies, and colleges and universities. Evaluating the quality of recruiting sources can be done by compiling yield ratios that express the percentage of applicants who successfully move from one stage of the recruitment and selection process to another. In this exercise, please read the mini-case and answer the questions that follow. A large Midwestern university is opening a regional branch about an hour away from its main campus. Labor projections suggest that the company will need to hire about 200 new employees to fill cleaning, maintenance, security, and cafeteria entry-level positions. Because of traffic and bad winter weather, it is unlikely that many of the university's current staff will want to transfer to the regional branch. Most of the openings are for hands-on, manual labor jobs that do not require a college education, extensive computer skills, or office experience. The university would like to minimize the cost of its recruiting efforts.
1. Which of the following recruitment sources should the university use to fill its 200 positions?
a. Newspaper advertising
b. Colleges and universities
c. Electronic recruiting
2. Which of the following recruitment sources should the university avoid using to hire for its entry-level positions?
a. Referrals
b. Headhunters
c. External sources
Answer:
1. a. Newspaper advertising
2. b. Headhunters
Explanation:
1. Newspaper advertising is the best source to hire as its a big number of positions and fill the vacancies according to the requirement of an organization.
2. Headhunters may be defined as it is the process of recruitment where a high-level position is fulfilled instead of entry-level. Headhunters are not appropriate to hire for entry-level positions.
Chipman Inc. produces water pumps. Overhead costs have been identified as follows:
Activity Pool Cost
Material handling $72,307.50
Machine maintenance $72,400.00
Setups $81,378.00
Activity Driver Activity
Number of moves 465
Number of machine hours 36,200
Number of production runs 66
Chipman makes 3 models of pumps with the following details:
Economy Standard Premium
Units produced 10,010 20,500 3,560
Number of moves 168 126 171
Machine hours 9,450 20,600 6,150
Production runs 26 14 26
Required:
a. Calculate the activity rate for each activity.
b. Determine the amount of indirect costs assigned to each of the products.
Answer:
Please see below and attached as requested.
Explanation:
a. Calculate the activity rate for each activity
• Material handling $155.5
• Machine maintenance $2
• Set ups $1,233
b. Determine the amount of indirect costs assigned to each of the product.
• Economy $77,082
• Standard $78,055
• Premium $70,948.5
Please find attached detailed computation of the above answers.
Which of the following is most likely to occur as you add randomly selected stocks to your portfolio, which currently consists of 3 average stocks?a. The expected return of your portfolio is likely to decline.b. The diversifiable risk of your portfolio will likely decline, but the expected market risk should not change.c. Both the diversifiable risk and the market risk of your portfolio are likely to decline.d. The total risk of your portfolio should decline, and as a result, the expected rate of return on the portfolio should also decline.e. The diversifiable risk will remain the same, but the market risk will likely decline.
Answer: b. The diversifiable risk of your portfolio will likely decline, but the expected market risk should not change.
Explanation:
Diversifiable risk is a risk that a particular security has or which can be seen in a certain sector. Market risk occurs when there's possibility that a particular investor will make loss due to certain factors which affects the entire market.
In the above scenario, the most likely to occur will be that the diversifiable risk of the portfolio will likely decline, but the expected market risk should not change.
It should be noted that diversification won't eliminate market risk. When more stocks are added, this brings about decline in diversification risk but market risk won't change.
What is the definition of minimum wage?
Answer:
Minimum wage i sthe lowest amoun that an employer can pay you per hour and they can not go lower than this number
Explanation:
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the lowest hourly pay that workers can receive
Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plantwide, predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:
Machine-hours required to support estimated production 240,000
Fixed manufacturing overhead cost 4,320,000
Variable manufacturing overhead cost per machine-hour 2.00
Required:
1. Compute the plantwide predetermined overhead rate.
2. During the year, Job P90 was started, completed, and sold to the customer for $4,000. The following information was available with respect to this job:
Direct materials $1,840
Direct labor cost $1,320
Machine-hours used 87
Determine the total cost of Job P90
Answer:
Results are below.
Explanation:
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= (4,320,000/240,000) + 2
Predetermined manufacturing overhead rate= $12.29 per machine hour
Job P90:
Direct materials $1,840
Direct labor cost $1,320
Machine-hours used 87
Total cost= 1,840 + 1,320 + (12.29*87)
Total cost= $4,229.23
On online sources such as social media, ratings websites, marketers often try and make recommendations to consumers based on their past browsing history, past stated preferences, or purchase history. For example, on Amazon, a customer is likely to receive product recommendations based on previous purchases, while on Netflix, a viewer is likely to get recommendations based on their viewing history. Marketers believe that by offering options close to a customer's preferences, they are more likely to see the recommendation accepted. Recently, this micro-targeting has received some criticism. Based on our discussions in class, the reason is:
Explanation:
this is a multiple choice question and the correct answer is this:
the reason is that reflecting a customer's preferences back to them limits the consumers access to information and also to alternative choices.
echo chamber describes a situation where beliefs are reinforced through communication and also repetition. as a customer comes across similar or the same pattern that reinforces an already establishedd belief, this limits the ability of picking from several alternative choices available to them.
Here are data on two stocks, both of which have discount rates of 8%: Stock A Stock B Return on equity 8 % 5 % Earnings per share $ 2.60 $ 1.80 Dividends per share $ 1.30 $ 1.30 a. What are the dividend payout ratios for each firm? (Enter your answers as a percent rounded to 2 decimal places.) b. What are the expected dividend growth rates for each stock? (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) c. What is the proper stock price for each firm? (Do not round intermediate calculations. Round your answers to 2 decimal places.)
Answer:
Please sew solution below
Explanation:
a. What are the dividend payout ratios for each firm
Dividend payout ratio = Dividend / EPS
• Payout ratio stock A = $1.30 / $2.6 = 0.5= 50%
• Payout ratio stock B = $1.3 / $1.8 = 0.72222 = 72.22%
b. What are the expected dividend growth rates for each stock.
Growth rate = ROE × (1 - dividend payout ratio)
•Growth rate stock A = 0.08 × (1 - 50%) = 0.04 = 4%
• Growth rate stock B = 0.05 × (1 - 72.22%) = 0.01389 = 1.39%
c. What is the proper stock price for each firm
• Stock A
Price = D1 / (Re - g)
D1= $1.30 * (1 + 0.04)
= 1.352
Stock B
Price = D1 / (Re - g)
D1= $1.30 * (1 + 0.013)
= 1.3169
Therefore,
• Stock A's proper price = $1.352 / (0.08 - 0.04) = $33.8
• Stock B's proper price = $1.3169 / ($0.08 - $0.013) = $19.66
The collection and summarization of the demographic characteristics of the employees of a particular firm is an example of
A descriptive statistics is done when a particular firm collects and summarizes the demographic characteristics of the employees.
What is a descriptive statistics?A descriptive statistics refers to a statistic that quantitatively summarizes and describes the features of a population from a collection of information.
In conclusion, the descriptive statistics basically summarize the characteristics of a data set for record purpose.
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discuss its impact on small businesses and startup opportunities
the impact of what?
Explanation:
We can't discuss the impact of something on small businesses and startup opportunities if we don't know what that something is.
Consider the market for cars. Which determinant of supply is affected by each of the following events? a. A steel tariff increases the price of steel. Number of sellers Prices of inputs Prices of related goods Technology Expectations b. Improvements in robotics increase efficiency and reduce costs. Prices of related goods Technology Prices of inputs Number of sellers Expectations c. Factories close because of an economic downturn. Technology Prices of related goods Number of sellers Expectations Prices of inputs d. The government announces a plan to offer tax rebates for the purchase of commuter rail tickets. Number of sellers Prices of related goods Prices of inputs Expectations Technology e. The price of trucks falls, so factories produce more cars. Technology Number of sellers Prices of inputs Expectations Prices of related goods f. The government announces that it will dramatically rewrite efficiency standards, making it much harder for automakers to produce their cars. Prices of inputs Prices of related goods Expectations Technology Number of sellers
Answer & Explanation:
1. A steel tariff increases the price of steel : Increase in of 'Price of inputs' - decreases (leftward shifts) supply curve
2. Improvement in robotics increase efficiency & reduces costs : Upgradation of 'technology'- increases (rightward shifts) supply curve
3. Factories close because of am economic downturn : 'Number of sellers' reduce - decreases (leftward shifts) supply curve.
4. The price of trucks falls, so factories produce more cars : Decrease in 'price of related goods' - increases (rightward shifts) supply curve.
5. The government announces a plan to offer tax rebates for the purchase of commuter rail tickets : 'Expectations' regarding rise in relative price of cars - decreases (leftward shifts) supply curve.
6. The government announces that it will dramatically rewrite efficiency standards, making it much harder for automakers to produce their cars : 'Goverment policy' stringency - decreases (leftwards shifts) supply curve.
In an efficient market, the price of a security will: _____________
a. always rise immediately upon the release of new information with no further price adjustments related to that information.
b. eact to new information over a two-day period after which time no further price adjustments related to that information will occur.
c. rise sharply when new information is first released and then decline to a new stable level by the following day.
d. react immediately to new information with no further price adjustments related to that information.
A review of the ledger of Marin Inc. at December 31 produces the following data for the preparation of annual adjusting entries:
1. Salaries and Wages Payable, $0. There are 8 salaried employees. 5 employees receive a salary of $1,150 each per week, and 3 employees earn $690 each per week. Employees do not work weekends. All employees worked two days after the last pay period and before December 31.
2. Unearned Rent Revenue, $349,860. The company began leasing condos in its new building on November 1. Each tenant has to make a $5,340 security deposit that is not refundable until occupancy is ended. At December 31, the company had the following rental contracts that were paid in full for the entire term of the lease:
Date Term (in months) Monthly Rent Number of Leases
Nov. 1 6 $3,940 6
Dec. 1 6 $10,370 4
Prepaid Advertising, $16,560. This balance consists of payments on two advertising contracts. The contracts provide for monthly advertising in two trade magazines. The terms of the contracts are as follows:
Contract Date Amount Number of magazines Issues
A650 May 1 $6,960 12
B974 Oct. 1 9,600 24
The first advertisement runs in the month in which the contract is signed.
4. Notes Payable, $78,480. This balance consists of a one year, 8%, note that is dated June 1.
Required:
Marin is preparing for a meeting with potential investors. What is the net effect of the adjusting entries on net income?
Answer:
the effect will decrease net income by 9588.73
Explanation:
(1) we have salaries expense for the accrued amount
3 employees x 690 x 2/5 +
5 employees x 1150 x 2/5 = 3128
(2)
earned rent revenue
Nov 1st 3,940 for 6 month 2 month accrued = 1,313.33
Dec 1st 10,370 for 6 month 1 month accrued = 1,728.33
total earnings 3,041.67
(3)
6,960 for a whole year accrued for the year
between May 1st to Dec 31th = 4,640
9,600 for 24 months
between Oc 1st and Dec 31th portion accrued 3/24 = 1,200
total advertizing expense 5,840
(4)
Note Payables interest expense accrued
principal x rate x time
(portion of a year between june 1st and dece4mber 31th)
78,480 x 0.08 x 7/12 = 3.662,4
Net effect:
rent revenue 3,041.67
salaries expense (3128)
advertizing expense (5,840)
interest expense (3,662.4)
total impact (9588.73)
The inflation rate over the past year was 4.2 percent. If an investment had a real return of 9.4 percent, what was the nominal return on the investment?
Ethical Decision Making: A Mini-CaseYou are one of three stockholders who own and operate Mary’s Maid Service. The company has been operating for seven years. One of the other stockholders has always prepared the company’s annual financial statements. Recently, you proposed that the statements be audited each year because it would benefit the stockholders. The stockholder who prepares the statements proposed that his uncle, who has a lot of financial experience, can do the job at little cost. The other stockholder remained silent.Required:1. What position would you take on the proposal? Justify your response in writing.2. What would you recommend? Give the basis for your recommendation.
Explanation:
Analyzing the above case, the ideal would be to refuse the proposal that the uncle of a shareholder could be the auditor of the financial statements, as this could mean an unethical problem with the results of the statements for the benefit of a shareholder.
To maintain ethical and fair business for the three shareholders equally, the best solution would be to hire an external auditor, who would perform this function impartially so that the audit would issue an ethical and effective opinion on the company's financial situation in a legal manner .
In fishing, a career education often comes from which of the following?
A: College classes
B: On-site training
C: Vocational school
Can someone answer this pls?:)
Answer:
Explanation:
Okay assuming each textbox is A,B,C,D,E,F from left to right:
A - 6
B - 5
C - 2
D - 3
E - 4
F - 1