When communicating internal control matters noted in a non issuer financial statement audit, an auditor's report should indicate that the auditor has performed tests of internal control over financial reporting.
The opinion will be based on the tests performed and conclusions reached about the effectiveness of the company's internal control over financial reporting. The auditor must also communicate any matters related to the internal control environment identified during the audit that may have a material effect on the financial statements.
This communication should include a description of the matters, their significance, and the effect, if any, on the auditor's opinion.
In conclusion, when communicating internal control matters noted in a non issuer financial statement audit, an auditor's report should indicate that the auditor has performed tests of internal control over financial reporting and has expressed an opinion on the effectiveness of the company's internal control over financial reporting.
for more such question on audit
https://brainly.com/question/24317218
#SPJ11
Does advertising increase sales?
By informing current and future customers about your new product launches, exclusive deals, and enhancements, advertising can boost sales.
To what extent does advertising affect sales?Even while advertising expenditures are on the rise, sales may not necessarily increase. Every continuing marketing initiative is ineffective to some extent. Even while occasionally changes to the product, the target market, the media, or the creativity may have an impact on sales, more advertising does not directly affect sales.
Why is marketing so important to sales?The effectiveness of advertisements depends on the factors they support. Creative message, the quality of the products, user experiences, the brand story, the price, the promotion, the endorsement, etc. are all important factors in advertising. A compelling tale can get more attention through advertising, but not more. Poor-quality products or subpar customer service will not be promoted in advertisements.
Boost consumer awareness of your company and brand. Your products or services should be marketed with their benefits in mind. Offer additional details regarding your company. Increase sales and demand.
Learn more about advertising: https://brainly.com/question/3163475
#SPJ1
Which of the following are effective ways for managers to try to boost a company's stock price? Increase the company's dividend payments to shareholders each year by at least $0.05 per share, repurchase shares of common stock, and make every effort to achieve annual increases in earnings per share. Make every effort to achieve a branded market share in each geographic region that is at least equal to the industry average, keep the company's dividend payout ratio in the range of 50%, and repurchase shares of common stock. Increase the company's dividend payments to shareholders each year, keep the company's credit rating at A (or above), strive to increase the company's retained earnings each year by a minimum of 5%, and not issue more than 5,000 shares of common stock in any one year. Spend amounts on corporate citizenship and social responsibility that are above the industry average, boost the company's dividend payout ratio to more than 100%, and issue additional shares of common stock to raise the funds to pay off all long-term debt within 2 years. Cut the dividend to zero and issue additional shares of stock so as to increase the funds available for quickly paying off all long-term debt (ideally in no more than 2 years); then the company should avoid further use of long-term debt, striving to achieve and maintain a credit rating of A or A+.
Managers can attempt to enhance a company's stock price by increasing dividend payments to shareholders by at least $0.05 per share annually.
repurchasing shares of common stock, and making every effort to increase earnings per share on a yearly basis.
This plan focuses on increasing earnings per share, which can increase the company's appeal to investors, while also returning value to shareholders through dividend payments and share buybacks.
The other suggested solutions are ineffective means of increasing a company's stock price. For instance, maintaining the company's dividend payment ratio in the vicinity of 50% and repurchasing shares of common stock may be advantageous, but efforts to boost profitability or other elements that might support a higher stock price are not mentioned.
Investors are unlikely to view actions like increasing the dividend payout ratio to above 100% or slashing the dividend to zero while issuing additional shares of stock favorably because they suggest that the company may be having financial difficulties or may not be committed to returning value to shareholders.
Learn more about “ company's stock price “ visit here;
https://brainly.com/question/29757308
#SPJ4
COMPLETE QUESTION -
Which of the following are effective ways to try to boost a company's stock price?
a) Strive to increase earnings per share, boost the company's dividend payout ratio to more than 100%, and increase the company's retained earnings.
b) Pay off all long-term debt as rapidly as possible, strive to achieve a credit rating of at least an A, and try to boost the company's image rating above 75.
c) Strive to achieve a ROE above 20%, quickly pay off all long-term debt, and keep the company's dividend payout ratio below 50%.
d) Strive to increase earnings per share each years, raise the company's dividend each year (ideally by at least $0.05 per share), and repurchase shares of common stock.
e) Increase the company's retained earnings each year, boost spending for corporate citizenship and social responsibility, and offer a wider variety of models/styles of branded footwear.
the income effect describes the positive impact on the buying power of income resulting from a decrease in the price of a good.
true/false. when customers and firms reach the friend level of their customer relationship, firms generally focus on providing value comparable to the competition.
The given statement " When customers and firms reach the friend level of their customer relationship, firms generally focus on providing value comparable to the competition" is False because the Friend level is the fourth stage of customer relationships, which comes after the Advocate and Partner phases.
It's characterized by a high level of collaboration between the client and the business. At this level, both the firm and the customer are equally focused on giving and getting value to each other. As a result, the emphasis is on co-creating value rather than merely providing value comparable to the competition.
When the client and the firm reach the Friend level of their customer relationship, the emphasis shifts from transactional interactions to personal interactions.
At this point, the business is less concerned with keeping the customer satisfied and more interested in creating unique, customized experiences that are tailored to the client's requirements.
Therefore, when customers and firms reach the friend level of their customer relationship, firms generally focus on providing value beyond what the competition offers.
For such more question on customer relationship:
https://brainly.com/question/29677767
#SPJ11
The three clusters we considered in this unit covered so many different pathways! Can you make sense of it all? Create a chart that shows each career cluster and its pathways. For every pathway, list an example of a job found under it. Then list a possible company or area in which the person who has that job would work.
Pls help me!!!
This unit's government and public management clusters covered a wide range of routes.
What are the three groups ?Those in the government and public administration profession cluster are responsible for planning, supervising, and providing associated general purpose government services at the federal, state, and municipal levels.
This cluster contains seven distinct career paths:
Governance Governmental Security Service abroad People who work in the career field of the Foreign Service help to keep good ties between the United States and other countries. Immigrants who want to live or work in the United States are also helped by them. Most of these people work in diplomatic missions, consulates, and embassies in Washington, D.C.
Some examples of jobs are:
Ambassadorial Officer ,Officer Consular and Foreign Service .
To learn more about administration visit :
https://brainly.com/question/25830186
#SPJ1
is it expected to close external vacancy from a giant telecom company like ethio telecom?
Answer: Common Practice
Explanation:
I don't have access to specific information regarding the hiring policies of Ethio Telecom or any other company. However, it is common practice for companies, especially large organizations, to advertise external vacancies and hire qualified candidates based on their qualifications, experience, and fit with the company's culture and values. Companies often have a structured recruitment process that involves screening applications, interviewing candidates, and selecting the most suitable candidate for the job.
That being said, the competition for jobs at large and well-established companies like Ethio Telecom can be significant, and meeting the job requirements and having relevant experience may not necessarily guarantee a candidate the position. It's always important to prepare well for the job application process, demonstrate a strong work ethic, and highlight your skills and experiences that align with the requirements of the job.
1. Describe the main sources of law (10 Marks).
2. Explain five essentials of a valid contract (10 Marks).
3. Describe the main purpose of employment law (10 Marks).
Constitutions, legislation, rules, and court decisions serve as primary sources of law. The executive, legislative, and judicial departments of government all have the authority to enact laws.
Describe the five requirements for a legal contract.An enforceable contract must contain the following five components: offer, acceptance, awareness, consideration, and capacity. The "why" of an agreement, or the contract terms, are stated in its offer, which specifies what each party agrees to do or refrain from doing as part of the agreement's requirements.
What would you say is the major goal of employment law?The purpose of employment laws is to shield employees from unfair business practices. Workers would be exposed to a variety of dangers in the absence of those statutes. The main employment regulations cover child labor, workers' compensation, minimum wage, workplace safety and health, and discrimination.
To Know more about consideration
https://brainly.com/question/15445409
#SPJ1
The market equilibrium maximizes the sum of producer and consumer surplus for all of the following reasons EXCEPT:
a.
goods are produced by the lowest-cost sellers.
b.
every potential seller and every potential buyer are in the market.
c.
there are no wasted resources.
d.
goods are consumed by the highest-value buyers.
For each of the following reasons, the market equilibrium maximises the total of producer and consumer surplus. The lowest-cost merchants make the items, though. Option a is Correct.
The cost to the sellers also outweighs the value to the purchasers at quantities higher than the equilibrium amount. As a result, the producer and consumer surpluses are maximised at the point of market equilibrium.
The total surplus of the consumer and producer is maximised at the point where supply and demand are equal. This gives the impression that the market's invisible hand directs buyers and sellers towards effective resource allocation. When there are market failures, resources are not allocated in an efficient manner. Option a is Correct.
Learn more about market equilibrium Visit: brainly.com/question/29618306
#SPJ4
FILL IN THE BLANK if sales returns and allowances are a large dollar amount relative to initial sales revenue, it may mean ___
If sales returns and allowances are high dollar amounts in comparison to initial sales income, there can be problems with the quality of the products.
What effect do returns on sales and allowances have on the income statement?Sales allowances and refunds are a line item on the income statement. Due to customer returns and sales allowances, this line item is intended to reduce sales. It is displayed as a decrease from the line item for gross sales.
Do sales discounts and returns have an impact on gross profit?Returns on sales have an impact on sales and cost of goods sold, which in turn affect gross profit. The tracking of all product returns and client reimbursements is done through an account called sales returns and allowances.
Learn more about sales returns and allowances: https://brainly.com/question/24916631
#SPJ1
People's perception of _____ depends on their judgment that the consequences of a decision to employees are just.
A. employment at will
B. procedural justice
C. interactional justice
D. arbitration
E. outcome fairness
People's perception of outcome fairness depends on their judgment that the consequences of a decision to employees are just. option E is correct.
Outcome fairness is the perception that the rewards and benefits allocated to employees are just and equitable in relation to their contributions, abilities, and performance. It refers to the distribution of rewards and benefits based on the outcome of the employee's actions. Interactional justice, on the other hand, refers to the extent to which people feel treated with dignity, respect, and sensitivity while interacting with decision-makers. It reflects the fairness of interpersonal treatment received during the decision-making process.In terms of employee perceptions of fairness, both outcome fairness and interactional justice are crucial. If employees believe that the outcomes are fair and that they are being treated fairly during the decision-making process, they are more likely to view the decision as fair and acceptable.Therefore, people's perception of outcome fairness depends on their judgment that the consequences of a decision to employees are just. In conclusion, outcome fairness and interactional justice are two essential factors in shaping employee perceptions of fairness in the workplace.for more such question on contributions
https://brainly.com/question/473903
#SPJ11
Which journal entry reflects the following transaction?:BOC sold 10,000 shares of $1 par value stock to investors for $5 per share.
The journal entry which reflects the following transaction is given below:
Dr. Cash 50,000
Cr. Common Stock 10,000
Cr. Additional Paid-in Capital 40,000
Journal entries are records of a company's commercial dealings. These transactions are documented in a journal, a book. The very first stage of the accounting cycle is represented by these entries. Diary entries adhere to double-entry accounting, in which each transaction is noted in a minimum of two different accounts.
Diary entries aid in the chronological tracking of all accounting transactions. This aids in avoiding more mistakes during the procedure. Also, these items are useful for creating other financial statements.
Since Cash = 10,000*5 = 50,000 is received
Common Stock = 10,000*1 =10,000 is issued thus credited.
Additional Paid in Capital = 10,000(5-1) = 40,000.
A firm keeps a diary of all of its daily financial dealings. All transactions have been accurately documented. The financial statements won't give a genuine and fair picture of the company's financial situation if the correct procedures aren't followed while creating a journal.
Learn more about Journal entry:
https://brainly.com/question/28390337
#SPJ4
Complete question:
Which Journal Entry Reflects The Following Transaction?: BOC Sold 10,000 Shares Of $1 Par Value Stock To Investors For $5 Per Share. A)Dr. Cash 50,000 Cr. Common Stock 10,000 Cr. Additional Paid-In Capital 40,000 B)Dr. Cash 10,000 Cr. Common Stock 10,000 C)Dr.
Which journal entry reflects the following transaction?:
BOC sold 10,000 shares of $1 par value stock to investors for $5 per share.
a)Dr. Cash 50,000
Cr. Common Stock 10,000
Cr. Additional Paid-in Capital 40,000
b)Dr. Cash 10,000
Cr. Common Stock 10,000
c)Dr. Cash 50,000
Cr. Common Stock 50,000
d)Dr. Cash 50,000
Cr. Common Stock 40,000
Cr. Additional Paid-in Capital 10,000
e)Dr. Common Stock 10,000
Dr. Additional Paid-in Capital 40,000
Cr. Cash 50,000
which of the following items are included in the code of professional ethics of the american institute of certified public accountants:
The items that are included in the code of professional ethics of the American Institute of Certified Public Accountants (AICPA) are as follows:1. Independence: This principle states that accountants should maintain independence in their work and avoid any relationships that could compromise their professional judgment.2.
Integrity: This principle refers to the quality of being honest and having strong moral principles. Accountants are expected to adhere to high ethical standards in their work.3. Objectivity: This principle requires accountants to be impartial and unbiased in their work. They should avoid any conflicts of interest and refrain from engaging in any activities that could compromise their objectivity.4. Confidentiality: This principle states that accountants should maintain the confidentiality of client information. They should not disclose any confidential information without the client's consent, except in certain situations where disclosure is required by law.5. Professional Competence: This principle requires accountants to maintain a high level of professional competence in their work. They should continue to develop their knowledge and skills to provide high-quality services to their clients.6. Professional Behavior: This principle requires accountants to act in a manner that reflects positively on the profession. They should avoid any behavior that could damage the reputation of the profession.The AICPA Code of Professional Conduct provides guidance and rules to help accountants navigate ethical issues in their work. By following these principles and rules, accountants can maintain their integrity, independence, and objectivity, and provide high-quality services to their clients.
for more such question on Integrity
https://brainly.com/question/14342720
#SPJ11
which of the following steps are necessary to reconcile the bank balance and the cash account balance.
Adjusting the cash balance to match the bank statement balance is the necessary step to reconcile the bank balance and cash account balance.
The following steps are required to reconcile the bank balance and the cash account balance :1) Compare the bank statement balance with the book balance
2) Document any reconciling items such as outstanding checks, deposits in transit, and bank fees
3) Adjust the cash balance to match the bank statement balance
4) Prepare a bank reconciliation statement that summarizes the reconciliation process
5) Retain a copy of the bank reconciliation statement.
Bank balance Vs Cash account balance -The bank balance is the company's cash position in the company's bank accounts as reported according to the month-end bank statement. As debits and credits are processed through your bank account, these amounts are reflected in your bank account's cash balance. However, there are some scenarios where a company's book balance differs from its bank balance.
To know more about bank balance and cash account balance -
https://brainly.com/question/26694983
#SPJ1
Complete the below table to calculate the price of a $1.5 million bond issue under each of the following independent assumptions (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.Enter your answers in whole dollars.):
1. Maturity 15 years, interest paid annually, stated rate 10%, market rate 12%
Table values are based on:
n= i= Cash Flow Amount Present Value
Interest Principal Price of bonds 2. Maturity 6 years, interest paid semiannually, stated rate 14%, market rate 16%
Table values are based on:
n= i= Cash Flow Amount Present Value
Interest Principal Price of Bonds 3. Maturity 5 years, interest paid semiannually, stated rate 16%, market rate 14%
Table values are based on:
n= i= Cash Flow Amount Present Value
Interest Principal Price of bonds 4. Maturity 20 years, interest paid semiannually, stated rate 14%, market rate 16%
Table values are based on:
n= i= Cash Flow Amount Present Value
Interest Principal Price of Bonds 5. Maturity 20 years, interest paid semiannually, stated rate 14%, market rate 14%
Table values are based on:
n= i= Cash Flow Amount Present Value
Interest Principal Price of bonds
An explanation for 1st: To calculate the price of the bond, we need to use the present value of the interest and principal payments discounted at the market rate of 12%. Using the PV of $1 table, we can calculate the present value factors for the interest and principal payments. Multiplying these factors by the corresponding cash flows and summing them up gives us the price of the bonds, which is $1,130,863.
An explanation for 2nd: To calculate the price of the bond, we need to use the present value of the interest and principal payments discounted at the market rate of 16%, which is the semiannual equivalent of the annual rate of 14%. Using the PV of $1 table, we can calculate the present value factors for the interest and principal payments. Multiplying these factors by the corresponding cash flows and summing them up gives us the price of the bonds, which is $816,059.
An explanation for 3rd: To calculate the price of the bond, we need to use the present value of the interest and principal payments discounted at the market rate of 14%, which is the semiannual equivalent of the annual rate of 16%. Using the PV of $1 table, we can calculate the present value factors for the interest and principal payments. Multiplying these factors with the corresponding cash flows and summing them up gives us the price of the bonds, which is $1,120,893.
An explanation for 4th: To calculate the price of the bond, we need to use the present value of the interest and principal payments discounted at the market rate of 16%, which is the semiannual equivalent of the annual rate of 14%. Using the PV of $1 table, we can calculate the present value factors for the interest and principal payments. Multiplying these factors by the corresponding cash flows and summing them up gives us the price of the bonds, which is $685,601.
An explanation for 5th: When the stated rate is equal to the market rate, the price of the bond is equal to its face value, which is $1,000,000 in this case. The present value factors for the interest and principal payments are both equal to 1, so we don't need to use the PV tables to calculate the price of the bonds.
Learn more about Interest Rates:
https://brainly.com/question/25720319
#SPJ4
Complete Question:
Complete the following to calculate the price of a $1.5 million bond issue under each of the following independent assumptions (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.Enter your answers in whole dollars.):
1. Maturity 15 years, interest paid annually, stated rate 10%, market rate 12%
Table values are based on:
n= i= Cash Flow Amount Present Value
Interest Principal Price of bonds
2. Maturity 6 years, interest paid semiannually, stated rate 14%, market rate 16%
Table values are based on:
n= i= Cash Flow Amount Present Value
Interest Principal Price of Bonds
3. Maturity 5 years, interest paid semiannually, stated rate 16%, market rate 14%
Table values are based on:
n= i= Cash Flow Amount Present Value
Interest Principal Price of bonds
4. Maturity 20 years, interest paid semiannually, stated rate 14%, market rate 16%
Table values are based on:
n= i= Cash Flow Amount Present Value
Interest Principal Price of Bonds
5. Maturity 20 years, interest paid semiannually, stated rate 14%, market rate 14%
Table values are based on:
n= i= Cash Flow Amount Present Value
Interest Principal Price of bonds
fill in the blank. ___ refers to highly cultivated customers who are likely to follow through on an intended purchase, buy the product repeatedly, and recommend it to others.
Qualified refers to highly cultivated customers who are likely to follow through on an intended purchase, buy the product repeatedly, and recommend it to others.
Customer cultivation is the process of engaging with customers at various stages of their relationship with your company to promote customer loyalty, retention, and brand advocacy. The goal of customer cultivation is to build long-term customer relationships by engaging with them beyond the initial sale.
Qualified customers are people who have expressed an interest in your product or service, have demonstrated a willingness to learn more about it, and have provided their contact information as a result. These are individuals who are most likely to follow through on an intended purchase, purchase the product repeatedly, and refer it to others.
Customer loyalty is the likelihood of a customer purchasing goods or services from the same brand again and again. It is the outcome of a positive customer experience, and it contributes significantly to the financial success of a business.
For such more question on purchase:
https://brainly.com/question/5295378
#SPJ11
A U.S. company that has sold its product to a German firm would be exposed to a net exchange gain on the unpaid receivable if the
a.
amount to be paid was denominated in dollars.
b.
dollar weakened relative to the Euro and the Euro was the denominated currency.
c.
dollar strengthened relative to the Euro and the Euro was the denominated currency.
d.
U.S. company purchased a forward contract to buy Euros.
A U.S. company that has sold its product to a German firm would be exposed to a net exchange gain on the unpaid receivable if the dollar weakened relative to the Euro and the Euro was the denominated currency. So option B is the answer.
The amount owed to a company for goods or services that have been sold but not yet paid for is known as receivable. For example, a business that supplies goods to a customer on credit has a receivable. The term "denominated currency" refers to the currency in which an asset, liability, or transaction is stated. The term is used to refer to bonds, loans, and other fixed-income investments, as well as foreign exchange transactions, which are typically denominated in the currency of the country where the company or government that issued the bond or loan is headquartered.
In this scenario, if the Euro was the denominated currency, and the dollar weakened relative to the Euro, a US company that sold its product to a German firm would be exposed to a net exchange gain on the unpaid receivable. So option B is the answer.
For more such question on receivables
https://brainly.com/question/6768633
#SPJ11
a. an example of poorly defined property rights resulting in a market failure is most likely to occur in which of the following?
Exercise of property rights 3 are not clearly defined, which causes the market to fail community garden is the correct one.
Why does the market fail?When individuals in a group are left worse off than if they had not acted in their rational self-interest, this is referred to as a market failure. When a market fails, everyone in the group pays too much or benefits from it too little.
Asymmetric information, concentrated market power, public goods, and externalities are the four main causes of market failure.
Market failure in economics refers to a situation where a free market's distribution of goods and services is not Pareto efficient, frequently resulting in a net loss of economic value.
To know about market failure visit:
https://brainly.com/question/31066300
#SPJ1
an example of poorly defined property rights resulting in a market failure is most likely to occur in which of the following?
a. private household garden
b. community garden
c. a single farmer selling produce at at the farmers market
d. a commercial agriculture plot
Splish Brothers Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Splish Brothers showed Cash of $8,000 and Common Stock of $8,800.
May 1 Purchased merchandise on account from Black Wholesale Supply for $7,300, terms 1/10, n/30.
2 Sold merchandise on account $4,800, terms 2/10, n/30. The cost of the merchandise sold was $3,600.
5 Received credit from Black Wholesale Supply for merchandise returned $200.
9 Received collections in full, less discounts, from customers billed on May 2.
10 Paid Black Wholesale Supply in full, less discount.
11 Purchased supplies for cash $800.
12 Purchased merchandise for cash $3,100.
15 Received $210 refund for return of poor quality merchandise from supplier on cash purchase.
17 Purchased merchandise on account from Wilhelm Distributors for $2,400, terms 2/10, n/30, FOB shipping point.
19 Paid freight on May 17 purchase $250.
24 Sold merchandise for cash $5,500. The merchandise sold had a cost of $3,900.
25 Purchased merchandise on account from Clasps, Inc. for $800, terms 3/10, n/30.
27 Paid Wilhelm Distributors in full, less discount.
29 Made refunds to cash customers for returned merchandise $124. The returned merchandise cost $8.
31 Sold merchandise on account for $1,360 terms n/30. The cost of the merchandise sold was $840.
Splish Brothers Hardware’s chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.
A.Journalize the transactions using a perpetual inventory system.
B. Post the transactions to T-accounts. Be sure to enter the beginning cash and common stock balances
C. Prepare an income statement, through Gross Profit for the month of May 2015
D. Calculate the Profit Margina and Gross Profit Rate assuming operating expenses were $1,400.
In your company's records, a journal entry serves as a record of a commercial transaction. Every transaction requires at least two journal entries in double-entry accounting.
A. Journal Entries:
May 1: Merchandise Inventory 7,300
Accounts Payable 7,300
May 2: Accounts Receivable 4,800
Sales Revenue 4,800
Cost of Goods Sold 3,600
Merchandise Inventory 3,600
May 5: Accounts Payable 200
Merchandise Inventory 200
May 9: Cash 4,681.60
Sales Discounts 118.40
Accounts Receivable 4,800
May 10: Accounts Payable 7,182
Cash 7,045.16
Merchandise Inventory 136.84
May 11: Supplies Expense 800
Cash 800
May 12: Merchandise Inventory 3,100
Cash 3,100
May 15: Cash 210
Merchandise Inventory 210
May 17: Merchandise Inventory 2,400
Accounts Payable 2,400
May 19: Freight-In Expense 250
Cash 250
May 24: Cash 5,500
Sales Revenue 5,500
Cost of Goods Sold 3,900
Merchandise Inventory 3,900
May 25: Merchandise Inventory 800
Accounts Payable 800
May 27: Accounts Payable 2,352
Cash 2,296.96
Merchandise Inventory 55.04
May 29: Sales Returns and Allowances 124
Cash 124
Merchandise Inventory 8
May 31: Accounts Receivable 1,360
Sales Revenue 1,360
Cost of Goods Sold 840
Merchandise Inventory 840
B. T-Accounts:
No. 101 Cash
Debit Credit
Beginning Balance 8,000
May 9 4,681.60
May 10 7,045.16
May 11 800
May 12 3,100
May 15 210
May 19 250
May 24 5,500
May 27 2,296.96
May 29 124
Total 24,312.56 7,045.16
No. 112 Accounts Receivable
C. Debit Credit
May 2 4,800
May 9 4,800
May 31 1,360
Total 6,160 4,800
No. 120 Inventory
D. Gross Profit Rate assuming operating expenses were $1,400: Debit Credit
Beginning Balance 0
May 2 3,600
May 5 200
May 10 136.84
May 12 3
Gross margin: 136.84
Learn more about Journal Entries Visit: brainly.com/question/14279491
#SPJ4
Exercises 4. If the GASB has not issued a pronouncement on a specific issue, which of the following is true with respect to FASB pronouncements? a. They would automatically govern b. They could be taken into account but would have no higher standing than other accounting literature c. They are irrelevant d. They could be taken into account by the reporting entity but only if disclosure is made in notes to the financial statements The FASB is to the GASB as a. A brother is to a sister b. A father is to a son c. A son is to a father d. An aunt is to a niece 5. 6. Standards promulgated by the FASB are most likely to be adhered to by which of the following governmental units? a. A police department b. A public school c. An electric utility d. A department of highways 7. Which of the following practices is most likely to undermine interperiod equity? a. Paying for a new school building out of current operating funds b. Paying the administrative staff of a school out of current operating funds c. Issuing 20-year bonds to finance construction of a new highway d. Recognizing gains and losses on marketable securities as prices increase and decrease
If the GASB has not issued a pronouncement on a specific issue, then FASB pronouncements could be taken into account but would have no higher standing than other accounting literature.
The FASB is to the GASB as a father is to a son, since the FASB is the governing body of GAAP, while the GASB is the governing body of state and local governmental accounting standards. Standards promulgated by the FASB are most likely to be adhered to by a public school, since FASB pronouncements are the accepted standard for all US GAAP accounting.
Paying for a new school building out of current operating funds is most likely to undermine inter period equity, since current operating funds are limited and using them to finance long-term projects can deplete them. Recognizing gains and losses on marketable securities as prices increase and decrease can also undermine inter period equity if the gains and losses are not adjusted for inflation or other economic changes.
For more such questions on FASB
https://brainly.com/question/13610664
#SPJ11
Under which of the following circumstances is it UNNECESSARY for a municipal securities dealer to follow special procedures when opening a municipal securities account?[A]When the client is married to an individual engaged in trading municipal securities with another municipal securities dealer.[B]When the account is for a minor who is the child of an individual who oversees municipal securities trading at another municipal securities dealer.[C]When the client holds stock issued by another municipal securities dealer.[D]When the client files paperwork and performs other clerical services while being employed by another municipal securities dealer.
C) When the client holds stock issued by another municipal securities dealer is the circumstance in which it is unnecessary for a municipal securities dealer to follow special procedures when opening a municipal securities account.
Municipal securities dealers are required to follow special procedures when opening a municipal securities account. This is to ensure that the dealer is aware of the identity of its clients, the client's business, the purpose of their account, and the risk of illicit conduct. The rules governing the opening of accounts are contained in Municipal Securities Rulemaking Board (MSRB) Rule G-8. The dealer must obtain identifying information from the client to ensure that the client's identity is established.
The following steps must be taken by the dealer:
Obtain from each client, the client's name, address, social security or tax identification number, date of birth, and principal business or occupation;Verify the client's identity using non-documentary verification methods or documentary verification methods; andEnsure that the client understands the risk of illegal activity and the dealer's obligation to report any suspicious activity to the government.Know more about Municipal securities account here:
https://brainly.com/question/30710542
#SPJ11
fill in the blank. by threatening trade sanctions, one country can convince another country to open its markets.
Answer:punitive
Explanation:
In the context of the various pricing strategies, which of the following statements is true about high/low pricing?
* Can encourage consumers to pay a premium on the purchase products
* Can train customers to buy only one products are on sale
* Can entice price insensitive customers to buy high when a product first enters the market
* Can increase traffic in retail stores by special sales on all products
The answer is b. Can train customers to buy only one products are on sale.
In the context of the various pricing strategies, this statement is true.
Which is correct, sell or sale ?In conclusion, a noun is always used when the word "sale" is present. Always use sell when looking for a verb. Use the word sell to show any act or technique of selling, particularly one that involves persuasion and is denoted by a word like tough, hard, difficult, or easy.
What do the terms sell and sale mean?Sale, which is used in the expressions for sale and on sale, refers to an exchange at a discounted price. When used as a verb, sell means to give something in exchange for money or to encourage or make someone to buy something.
To know more about Sale visit:
https://brainly.com/question/29857652
#SPJ1
Account Name
Debit
Cash
Accounts Receivable
Inventory
Prepaid Expenses
$1,000
Property, Plant and Equipment
Accumulated Depreciation
Accounts Payable
Wages Payable
Notes Payable
Capital Stock
Retained Earnings
Sales Revenue
Operating Expenses
Total
$15,000
$5,000
$20,000
$209,000
Credit
$100,000
$10,000
$12,500
$2,500
$20,000
$50,000
$10,000
$75,000
$20,000
$209,000
The statement shοwn in the given data is a Adjusted trial balance. Thus, οptiοn A is cοrrect.
What is Adjusted trial balance?The general ledger accοunt balances are shοwn in an adjusted trial balance fοllοwing any revisiοns. These changes οften cοver depreciatiοn, prepaid expenses, accruing expenses, and οther nοn-cash cοsts. It's that easy. The adjusted trial balance is presented οn a cοmpany's financial statements, which include essential details regarding earnings and lοsses, cash flοw, and expenses. It is prepared at the cοnclusiοn οf an accοunting periοd, which is the end οf the fiscal year.
Accοunts Receivable is mοney οwed tο the business by custοmers fοr gοοds οr services that have been delivered but nοt yet paid fοr. Inventοry is the gοοds that a business has οn hand fοr sale. Prepaid Expenses are payments made in advance fοr gοοds οr services tο be received in the future. The debit entry fοr these accοunts is fοr $1,000 as the business is paying $1,000 fοr cash, accοunts receivable, inventοry, and prepaid expenses.
To learn more about business
brainly.com/question/13165862
#SPJ1
Complete question:
Given a component of statement. What type of statement or account type does this component of statement provides based on the data given?
Adjusted trial balanceBalance SheetP & L AccountTrading account1. To identify alternative uses of resources and the opportunity cost of selecting one option over another.
2. Provide an objective way to determine resource allocations from an individual, community or societal viewpoint.
a. Two viewpoints: private and social
3. Econ Evals link the alternative courses of actions' inputs and outputs to provide a comparative analysis.
One way to identify alternative uses of resources is to conduct a cost-benefit analysis. Another objective way to determine resource allocations is to consider two viewpoints: private and social.
Resource allocation is a term used to describe the process of deciding how to distribute resources among competing uses. The process of resource allocation is important in economic evaluations because it can help identify the opportunity cost of selecting one option over another. When making decisions about resource allocations, it is important to consider the costs and benefits of each option.
One way to identify alternative uses of resources is to conduct a cost-benefit analysis. This involves weighing the costs of a particular action against the benefits it is expected to generate. By comparing the costs and benefits of different options, it is possible to determine which option is the most cost-effective.
In addition to cost-benefit analysis, another objective way to determine resource allocations is to consider two viewpoints: private and social. Private viewpoints consider the individual costs and benefits of an action, while social viewpoints consider the costs and benefits to society as a whole.
Economic evaluations are a useful tool for comparing different courses of action. By linking the inputs and outputs of alternative options, it is possible to provide a comparative analysis of each option. This can help decision-makers identify the most efficient and effective use of resources.
In conclusion, resource allocation is a critical process in economic evaluations. By identifying alternative uses of resources and considering the opportunity cost of each option, decision-makers can determine the most efficient and effective way to allocate resources. By using objective criteria to determine resource allocations, it is possible to make informed decisions that benefit both individuals and society as a whole.
For more question on "Resource Allocation" :
https://brainly.com/question/29872040
#SPJ11
9. The owner of shop is contemplating to add a new product, which will require additional monthly payment of $ 20,000. Variable costs would be $ 5.00 per new product, and its selling price is planned to be $ 8.00 each. a. How many new products must be sold in order to break-even? b. What would the profit (loss) be if 2,000 units were sold in a month? c. How many units must be sold to realize a profit of $ 5,000?
Answer:
a. To break-even, the total revenue must equal the total cost. Let x be the number of new products that must be sold in order to break-even. Then, the equation is:
Total revenue = Total cost
8x = 20000 + 5x
3x = 20000
x = 20000/3
x ≈ 6666.67
Therefore, the shop owner must sell at least 6,667 new products in a month to break-even.
b. If 2,000 units are sold in a month, the total revenue is:
Total revenue = Selling price x Quantity
Total revenue = 8 x 2000
Total revenue = $16,000
The total cost is the sum of the fixed cost and the variable cost:
Total cost = Fixed cost + Variable cost
Total cost = 20000 + 5 x 2000
Total cost = $30,000
Therefore, the profit (loss) would be:
Profit (loss) = Total revenue - Total cost
Profit (loss) = 16,000 - 30,000
Profit (loss) = -$14,000 (loss)
c. To realize a profit of $5,000, the equation for total profit is:
Total profit = Total revenue - Total cost
Total profit = (Selling price x Quantity) - (Fixed cost + Variable cost)
Total profit = (8x) - (20000 + 5x)
Setting the equation equal to the desired profit and solving for x:
5000 = (8x) - (20000 + 5x)
5000 = 3x - 20000
25000 = 3x
x ≈ 8333.33
Therefore, the shop owner must sell at least 8,334 new products in a month to realize a profit of $5,000.
Explanation:
bonita industries sells 9350 units of product a and 7650 units of product b annually. the sales mix for product a is
Product A's sales mix is 55%.The ratio of each product that a company sells in relation to overall sales is calculated using the sales mix.
What exactly does "sales mix" mean?Because some items or services can be more valuable than others, the sales mix is important because it can affect a company's earnings. A software corporation might market three product lines, for instance. The sales director for the company may forecast that in the coming year, 50% of sales may originate from Product A, 30% from Product B, and 20% from Item C. The revenue mix ratio is now 50-30-20.
Sales mix = 9350/(9350+7650)
= 0.55*100=55%
To know more about sales mix visit:
https://brainly.com/question/30261492
#SPJ1
TRUE OR FALSE Employees in countries that rank high on power distance are more likely to prefer a consultative, participative leadership style.
The given statement " Employees in countries that rank high on power distance are more likely to prefer a consultative, participative leadership style" is True because Power distance is the extent to which people in a culture accept an unequal distribution of power.
Countries that rank high on power distance, such as China and Malaysia, tend to have a hierarchical society, in which individuals have clearly defined roles and expectations. This kind of culture prefers a consultative and participative leadership style, in which the leader takes into account their subordinates’ opinions and ideas. A leader in a high-power distance culture is seen as someone who helps those below them to make decisions rather than taking decisions unilaterally. Such a leader is often seen as more trustworthy and respected than a leader who uses a top-down approach.
Know more about leadership style here:
https://brainly.com/question/12883059
#SPJ11
Suppose a bank faces a gap of -10 between its interest sensitive assets and its interest sensitive liabilities. What would happen to bank profits if interest rates were to fall by 1% point. You should report your answer in terms of the change in profit per $100 in assets
The gap between interest sensitive assets and interest sensitive liabilities is known as a bank's interest rate sensitivity gap. If the gap is negative, this indicates that the bank's interest-sensitive liabilities exceed its interest-sensitive assets. If the interest rate falls by 1% point, the bank's profit will decline.
When the interest rates fall, the cost of funds on the bank's interest-sensitive liabilities is lowered, allowing the bank to pay less in interest to its depositors. However, the interest earned on interest-sensitive assets falls more than the interest rate on liabilities, resulting in a decrease in net interest income and, therefore, lower profits.
The bank's assets would decline in value by $10 for each $100 in interest-sensitive assets, resulting in a $10 decrease in net interest income.
When interest rates fall by 1%, the bank's net interest margin would decrease by 10 basis points. If the bank's initial net interest margin was 3%, it would decline to 2.9%.As a result, we can see that a bank's interest rate sensitivity gap can have a significant impact on its profit.
When interest rates fall, banks with a negative gap can expect to see a decline in their net interest margin and profitability. Therefore, banks must monitor their interest rate sensitivity gaps and assess the potential impact of fluctuations in interest rates.
For such more question on interest rate:
https://brainly.com/question/29415701
#SPJ11
average cost minimization, giant screen TV Inc, San Diego
Note that at the average cost-minimizing level of output, the company is operating at a loss of approximately $9.26 million.
What is Average Cost Minimization?Average cost minimization is the process of finding the level of output that minimizes the average cost of production, which maximizes a firm's profits.
To determine the average cost-minimizing level of output, we need to find the quantity at which average cost (AC) is at its minimum. This occurs when marginal cost (MC) equals average cost (AC). So we set MC = AC:
MC = AC
$800 + $0.008Q = TC/Q
$800 + $0.008Q = ($12,100,000 + $800Q + $0.004Q)/Q
$800Q + $0.008Q² = $12,100,000 + $800Q + $0.004Q
$0.008Q^2 = $12,100,000 + $0.196Q
$0.008Q^2 - $0.196Q - $12,100,000 = 0
Solving for Q using the quadratic formula, we get:
Q = (-(-0.196) ± √((-0.196)² - 4(0.008)(-12,100,000))) / (2(0.008))
Q ≈ 2,969
Therefore, the average cost-minimizing level of output is approximately 2,969 units.
To find MC at this level of output, we plug in Q = 2,969 into the MC equation:
MC = $800 + $0.008Q
MC = $800 + $0.008(2,969)
MC ≈ $824
To find AC at this level of output, we plug in Q = 2,969 into the TC and Q equations:
TC = $12,100,000 + $800Q + $0.004Q²
TC = $12,100,000 + $800(2,969) + $0.004(2,969)²
TC ≈ $14,502,096
AC = TC/Q
AC = $14,502,096/2,969
AC ≈ $4,885.44
To find P at this level of output, we plug in Q = 2,969 into the MR equation and set it equal to the price (P) that consumers are willing to pay:
MR = $1,800 - $0.012Q
MR = $1,800 - $0.012(2,969)
MR ≈ $1,764.52
P = MR
P ≈ $1,764.52
Finally, to find profit (π) at this level of output, we subtract total cost (TC) from total revenue (TR):
TR = P × Q
TR = $1,764.52 × 2,969
TR ≈ $5,239,895.88
π = TR - TC
π ≈ $5,239,895.88 - $14,502,096
π ≈ -$9,262,200.12
Therefore, at the average cost-minimizing level of output, the company is operating at a loss of approximately $9.26 million.
Learn more about cost-minimizing on:
https://brainly.com/question/13897740
#SPJ1
Full Question:
Although part of your question is missing, you might be referring to this full question:
Average Cost Minimization. Giant Screen TV, Inc., is a San Diego-based importer anddistributor of 60-inch screen, high-resolution televisions for individual and commercial customers. Revenue and cost relations are as follows:
TR = $1,800Q - $0.006
MR = ∆TR/∆Q = $1,800 - $0.012Q
TC = $12,100,000 + $800Q + $0.004
MC = ∆TC/∆Q = $800 + $0.008Q
A. Calculate output (Q), marginal cost (MC), average cost (AC), price (P), and profit (π) atthe average cost-minimizing activity level.
true/false. The tradeoff between inflation and unemployment does not exist in the long run because people will adjust their expectations so that expected inflation equals the inflation rate.
The given statement "The tradeoff between inflation and unemployment does not exist in the long run because people will adjust their expectations so that expected inflation equals the inflation rate" is true because in macroeconomics, the relationship between inflation and unemployment is depicted by the Phillips curve.
According to the Phillips curve, there exists an inverse relationship between inflation and unemployment. This means that if the unemployment rate is high, the inflation rate is low, and if the unemployment rate is low, the inflation rate is high. However, this inverse relationship is not sustainable in the long run.
This is because of two reasons: Rational Expectations Hypothesis (REH) and Natural Rate Hypothesis (NRH).According to the Rational Expectations Hypothesis (REH), individuals or economic agents in an economy make rational decisions based on the available information.
This means that if there is high inflation, people will expect it to persist in the future. Consequently, they will demand higher wages to maintain their real wages, which will lead to an increase in production costs.
Therefore, if policymakers attempt to reduce unemployment below its natural rate, it will lead to an increase in inflation without any long-term benefits to employment.
For such more question on macroeconomics.:
https://brainly.com/question/28183019
#SPJ11