Answer:
The normal balance of liabilities is a credit.
Explanation:
In the double entry system one account must be debited in order for the other to be credited.
There are different balances for each account. For the accounts with normal credit balance a credit causes it to increase while a debit decreases it.
For accounts with negative balance a credit reduces its balance while a debit increases its balance.
- Asset: Debit
- Expense: Debit
- Dividends: Debit
- Liability: Credit
- Owner’s Equity: Credit
- Revenue: Credit
- Retained Earnings: Credit
Liabilities are debt owed by a business. When payment is given out to settle a debt (a debit) it reduces to amount a business owes.
If more loans are collected (a credit) the liability figure increases.
So liability has a normal credit balance
Why Is It Important To Evaluate Trade Offs And Opportunity Cost When Making Choices? Please Help Porfas
give connotative meaning of hail
Answer:
to cheer, salute, or greet; welcome. to acclaim; approve enthusiastically: The crowds hailed the conquerors. They hailed the recent advances in medicine
Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule). Required: If Campbell earns an additional $15,000 of taxable income, what is her marginal tax rate on this income
Answer: 35%
Explanation:
First and foremost, we've to calculate the amount that will be taxed on $400000 which will be:
= $46628.50 + ($400000-$204100) × 35%
= $46628.50 + ($400000-$204100) × 0.35
= $46628.50 + $68565
= $115193.5
When earns an additional $15,000 of taxable income, this means her total taxable income will be:
= $400,000 + $15,000
= $415000
Therefore, the tax amount on $415000 will be:
= $46628.5 + ($415000 - $204100) × 35%
= $46628.5 + ($415000 - $204100) × 0.35
= $120443.5
Marginal Tax rate will then be calculated as:
= change in Tax / change in Taxable income
= ($120443.5 - $115193.5) / ($415000 - $400000)
= $5250 / $15000
= 35%
g: Describe the process of "borrowing at the Federal Reserve." What rate is charged, and who sets it? Why do banks commonly borrow in the federal funds market rather than through the Federal Reserve? © Cengage
Answer: See explanation
Explanation:
Borrowing from the Federal reserve is typically used by banks so that they can go above the minimum reserve. This is done typically using the discount window.
The rate that is charged when the banks borrow from the Federal reserve is typically set by the Federal reserve. The reason why banks commonly borrow in the federal funds market rather than through the Federal Reserve is due to the fact that a lower rate is charged when one borrows from the federal funds market rather than borrowing from the Federal reserve.
Sunland Corporation purchased a limited-life intangible asset for $468000 on May 1, 2019. It has a useful life of 10 years. What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2021
Answer: $124800
Explanation:
First, we have to calculate the ammortization expense which will be:
= $468000 / 10
= $46800
May 2019 = ($46800 × 8/12)
= $31200
December 2020 = $46800
December 2021 = $46800
Ammortization expense will now be:
= $31200 + $46800 + $46800
= $124800
You are selling your black 1967 Chevy Impala. You have already spent $2,000 on repairs. At the last minute, the transmission dies. You can pay $1,400 to have it repaired or sell the car “as is.” In each of the following scenarios, should you have the transmission repaired? Explain. Blue book value (what you could get for the car) is $14,500 if transmission works, $11,200 if it does not. With repair $________________________________ Without repair $________________________________ Marginal Benefit $________________________________ Marginal Cost $________________________________ Net Gain/Loss $________________________________ [Strike off the irrelevant term] Conclusion: ___________________________________________________________________ Blue book value is $12,300 if transmission works, $11,000 if it does not. With repair $________________________________ Without repair $________________________________ Marginal Benefit $________________________________ Marginal Cost $________________________________ Net Gain/Loss $________________________________ [Strike off the irrelevant term] Conclusion: ____________________________________________________________________
A. $3,300 you could get for the car.
B. $1,300 if it doesn't.
What is a repair?When a resource breaks, is damaged or ceases to function, repairs are restoration efforts. Routine tasks and/or corrective or proactive repairs made to investments to cease damage and extend life are referred to as maintenance.
The transmission repair will cost $1,400 A. If the transmission works, the blue book value is $14,500; if it doesn't, it is $11,200.
The value of the engine repair is = 14500 - 11200
= $3,300 Repair the transmission.
B. If the transmission functions, the blue purchase price is $12,300; if not, it is $11,000.
The transmission's repair will save you $1,300 = 12,300 - 11,000.
black 1967 Chevy Impala would be the better option, the $1,400 to fix it.
Learn more about repair, Here:
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The question is incomplete, Complete question is:
You are selling your black 1967 Chevy Impala. You have already spent $2,000 on repairs. At the last minute, the transmission dies. You can pay $1,400 to have it repaired, or sell the car "as is." In each of the following scenarios, should you have the transmission repaired? Explain.
A. Blue book value (what you could get for the car) is $14,500 if transmission works, $11,200 if it doesn't.
B. Blue book value is $12,300 if transmission works, $11,000 if it doesn't.
On August 1, 2021, Dambro Company acquired 1,200, $1,000, 9% bonds at 97 plus accrued interest. The bonds were dated May 1, 2018, and mature on April 30, 2027, with interest paid each October 31 and April 30. The bonds will be added to Dambro's available-for-sale portfolio. The preferred entry to record the purchase of the bonds on
Answer:
Dr Debt Investments 1,164,000
Dr Interest Revenue 27,000
Cr Cash 1,191,000
Explanation:
Preparation of The preferred entry to record the purchase of the bonds
Based on the information given the preferred journal entry to record the purchase of the bonds will be :
Dr Debt Investments 1,164,000
(1,200 × $1,000 × .97)
Dr Interest Revenue 27,000
($1,200,000 × .09 × 3/12)
(04/31 – 08/01)
Cr Cash 1,191,000
($1,164,000 + $27,000)
A major difference between the IFRS and US GAAP is: US GAAP is principle-based and IFRS is rule-based US GAAP allows capitalization of successful development for all industries GAAP is more cash flow oriented US GAAP allows LIFO
Answer:
US GAAP allows LIFO
Explanation:
The last in, first out (LIFO) inventory valuation system uses the price of the last units purchased in order to determine the cost of goods sold. The International Financial Reporting Standards (IFRS) require that companies use the first in, first out (FIFO) inventory valuation system or the weighted average system. While US GAAP accepts LIFO, FIFO or weighted average.
) A price change would have the largest income effect on a A) magazine. B) tablet computer. C) piece of clothing. D) car.
Answer:
d
Explanation:
A change in price leads to two effects :
The income effect The substitution effectThe income effect is the change in quantity demanded as a result of a change in real income which affects the consumes purchasing power.
A car constitutes a very large part of a consumers expenditure due to its cost. Thus, the income effect for a car would be the largest
The substitution effect is the change in demand as a result of change in the price of the good compared to the price of another substitute good.
g A socially responsible marketing philosophy would discourage consumers from voicing their complaints because socially responsible sellers have no obligation to listen to such complaints. True False
Answer:
False
Explanation:
A socially responsible marketing philosophy would encourage customers to voice their complaints because this helps them get feedback on their services and improve their products. Socially responsible sellers owe it to their consumers to listen to their complaints.
Dedicated personnel for customer care should be provided by organizations so as to listen to and act on the complaints of customers. This would help to sustain and repair strained relationships between the organization and the customers.
A publishing company has estimated the following cost probability distribution for the next year. What is the expected cost to the publishing company
Answer: $595
Explanation:
First find the probability of a $2,000 loss.
= 1 - other probabilities
= 1 - 0.6 - 0.05 - 0.13
= 0.22
Expected cost to the publishing company is a weighted average of the costs:
= (0 * 0.60) + (500 * 0.05) + (1,000 * 0.13) + (2,000 * 0.22)
= $595
George LaDuc is the manager of a nonprofit agency that provides transportation for parents of children with life-threatening diseases. Each year the prices of necessities such as groceries, housing, and electricity continue to rise, but LaDuc's salary stays the same. LaDuc's _____ is being eroded by his stagnant salary and increasing prices.
Answer:
George LaDuc is the manager of a nonprofit agency that provides transportation for parents of children with life-threatening diseases. Each year the prices of necessities such as groceries, housing, and electricity continue to rise, but LaDuc's salary stays the same. LaDuc's _purchasing power____ is being eroded by his stagnant salary and increasing prices.
Explanation:
LaDuc's purchasing power is the value of the dollar expressed in relation to the quantity of goods or services that his income can buy. This value can be eroded by stagnant salary and increasing inflation rate. This means that the purchasing power of La Duc depends not on his income but on the quantity of goods and services that he can buy with the income.
Imagine that a country produces only three goods: apples, bananas, and carrots. The quantities produced and the prices of the three goods are listed below. Goods Quantities Produced Price Apples 5 $2.00 Bananas 10 1.00 Carrots 20 1.50 Instructions: Enter your answers as a whole number. a. What is this country's GDP
Answer:
$50
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
The GDP of this country is the sum of outputs of this country multiplied by their prices
(5 x $2) + (10 x $1) + (20 x $1.50) = $10 + $10 + $30 =$50
These are just some examples of consumer drug laws. Can you state two more examples for consumers or for you when you enter your medical profession
Answer:
1) It is not appropriate to import products that are not useful or prohibited in other countries.
2) Consumer education related to the use of drugs and medications should be encouraged at all socio-economic levels.
Explanation:
Consider the provided information.
Drug law is a law that tracks the development, selling, and use of legal drugs. Such examples of regulations on consumer drugs are:
1) It is not appropriate to import products that are not useful or prohibited in other countries.
2) Consumer education related to the use of drugs and medications should be encouraged at all socio-economic levels.
The food and the drug act purohits the interstate trade of drugs and adulterer food and drinks.
FDA is responsible for the protection of the public firm the unsafe foods and drugs for medical use. They consider the consumer education related to the use of drugs and medications should be encouraged at various levels.Learn more about the some examples of consumer drug laws.
brainly.com/question/15282633.
Find the principal P that must be invested at rate r, compounded monthly, so that $1,000,000 will be available for retirement in t years. (Round your answer to the nearest cent.)r
Answer:
$224,174
Explanation:
Note : I have uploaded the full question below :
The Principle P that is required can be calculated from the given data though discounting future cash flows as follows :
FV = $1,000,000
r = 7½%
t = 20 × 12 = 240
P/yr = 12
Pmt = $0
PV = ?
Using a Financial Calculator to input the values as shown above, the PV would be $224,174 . Thus, the principal P that must be invested must be $224,174.
You encounter a news report on the economic status of Egypt in your research. Which lens would this report fall under
Answer:
Social science
Explanation:
Social science is the branch of science that studies societies and interactions among individuals in societies.
Branches of social science includes :
Anthropology Archaeology Economics GeographyHistoryLawLinguisticsPolitics Psychology Sociology.The news report on the economic status of Egypt is an economics topic. Thus, it falls under social science
$300 received in 10 yearsa. Rank the alternatives from most valuable to least valuable if the interest rate is 10% per year.b. What is your ranking if the interest rate is only 5% per year
Answer:
a. 200 received in 5 years is the most valuable, $300 received in 10 years is the second most valuable, while $100 received in one year is the least valuable.
b. $300 received in 10 years is the most valuable, $200 received in 5 years is the second most valuable, while $100 received in one year is the least valuable.
c. $100 received in one year is the most valuable, $200 received in 5 years is the second most valuable, while $300 received in 10 years is the least valuable.
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question as follows:
Consider the following alternatives:
i. $100 received in one year
ii. $200 received in 5 years
iii. $300 received in 10 years
a. Rank the alternatives from most valuable to least valuable if the interest rate is 10% per year.
b. What is your ranking if the interest rate is only 5% per year?
c. What is your ranking if the interest rate is 20% per year?
The explanation of the answers is now given as follows:
The ranking can be done after calculating the present value of each amount using the following present value (PV):
PV = FV / (1 + r)^n ………………… (1)
Where;
PV = Present value of the amount
FV = Future value of the amount or the amount to be received
r = interest rate
n = number of years
Ranking rule: After applying the above PV formula, the largest PV is ranked as the most valuable while the lowest PV is ranked as the least valuable.
Therefore, we can now proceed as follows:
a. Rank the alternatives from most valuable to least valuable if the interest rate is 10% per year.
Using equation (1), we have:
i. PV of $100 received in one year = $100 / (1 + 10%)^1 = $90.91
ii. PV of $200 received in 5 years = $200 / (1 + 10%)^5 = $124.18
iii. PV of $300 received in 10 years = $300 / (1 + 10%)^10 = $115.66
Based on the calculated PVs and the ranking rule above, $200 received in 5 years is the most valuable, $300 received in 10 years is the second most valuable, while $100 received in one year is the least valuable.
b. What is your ranking if the interest rate is only 5% per year?
Using equation (1), we have:
i. PV of $100 received in one year = $100 / (1 + 5%)^1 = $95.24
ii. PV of $200 received in 5 years = $200 / (1 + 5%)^5 = $156.71
iii. PV of $300 received in 10 years = $300 / (1 + 5%)^10 = $184.17
Based on the calculated PVs and the ranking rule above, $300 received in 10 years is the most valuable, $200 received in 5 years is the second most valuable, while $100 received in one year is the least valuable.
c. What is your ranking if the interest rate is 20% per year?
Using equation (1), we have:
i. PV of $100 received in one year = $100 / (1 + 20%)^1 = $83.33
ii. PV of $200 received in 5 years = $200 / (1 + 20%)^5 = $80.38
iii. PV of $300 received in 10 years = $300 / (1 + 20%)^10 = $48.45
Based on the calculated PVs and the ranking rule above, $100 received in one year is the most valuable, $200 received in 5 years is the second most valuable, while $300 received in 10 years is the least valuable.
What's the future value of $1,300 after 5 years if the appropriate interest rate is 6%, compounded monthly
Answer:
the Future value is $1,753.51
Explanation:
The computation of the future value is shown below;
Future value = Principal × (1 + rate of interest)^number of years
where,
Intersest rate per month = 6% ÷12 = 0.5%
And, the number of months is = 5 × 12 = 60
So,
= $1,300 × (1 + 0.005)^60
= $1,300 × (1.005)^60
= $1,300 × (1.3489)
= $1,753.51
Hence, the Future value is $1,753.51
Julie Martin is investing $26,600 in the Invesco Charter mutual fund. The fund charges a 4.50 percent commission when shares are purchased. Calculate the amount of commission Julie must pay.
Answer:
$1,264.50
Explanation:
Calculation for the amount of commission Julie must pay.
Using this formula
Commission=Investment amount× Fund charges percentage
Let plug in the formula
Commission= $28,100 × 0.045
Commission= $1,264.50
Therefore the amount of commission Julie must pay is $1,264.50
Answer:
$1197.00
Explanation:
In order to find the answer you must take the total investment and multiply it by the commission percentage. Add a zero in front of the 4.50 to get .0450 as the number you multiply against the total investment. It looks like the following:
Total investment ($26,600) x percentage (.0450) = $1197.00
The 20% off sale is a better deal than the $200 rebate or
$150 coupon for the $1,500 dining set. The Porters
budgeted $1,250 for a new dining room set. Explain why
this is the best deal for them. Are they under budget?
Answer:
See below
Explanation:
The dining set cost $1500.
A 20% off sale present a discount amount equal to
=20/100 x $1500
=0.2 x $1500
=$300.
The 20% off sale has a savings of $300 compared to the $200 rebates or $150 coupon.
If the Porters budgeted $1,250, and the dining set is $1500, the 20% off sale will require them to pay $1,200, which is within their budget.
Yes, the Porters are under budget. The 20% off sale is the best deal because $1,500 times 0.20 is $300. $300 is a bigger discount than the $150 coupon and $200 rebate. $300 off $1,500 is $1,200, which is less than the amount budgeted.
The record of all accounts and their balances used by a business is called a: Multiple Choice Journal. Chart of accounts. General Journal. Balance column journal. Ledger (or General Ledger).
Answer:
Ledger (or General Ledger).
Explanation:
As we know that the first step in the accounting is recording the day to day business transaction after that the posting of the transactions would be done through a ledger account that means the ledger is the collection of all accounts and the balance that maintained by the company
So as per the given situation the last option is correct
And, the remaining of the options are incorrect
Describe the four general areas included in the study of finance. Why is it important for a person who works in the financial markets to understand the responsibilities of a person who works in managerial finance?
Answer:
The four general areas of finance are:
Investments - this area of finance deals with the investments to be made by people in order to gain returns. Investments can be in a wide range of asset classes and products such as rea estate and stocks. Risk vs return is a very important concept that guides decisions in this area. Financial Institutions - These play a very vital role in the financial world as they contribute to the movement of money in the financial system from providing avenues for investments to getting money to those who need it for investments.Corporate finance - relates to the decisions made by the powers that be in companies on how to manage the company such that it brings about positive returns for its shareholders. International finance - This deals with financial services on an international scale and has become ever so important as the world becomes more integrated.Importance of understanding managerial finance
A person who works in the financial markets aims to make gains by investing in companies. It would therefore be prudent of them to ensure they know the responsibilities of those in management in those companies so that they will predict the actions of those companies and take advantage of that to make a gain in the financial market.
BrambleFurniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $8,000,000 on January 1, 2020. Bramble expected to complete the building by December 31, 2020. Bramble has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 $3,200,000 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 2,240,000 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 1,600,000 (a) Assume that Bramble completed the office and warehouse building on December 31, 2020, as planned at a total cost of $8,320,000, and the weighted-average amount of accumulated expenditures was $5,760,000. Compute the avoidable interest on this project
Answer:
$650,752
Explanation:
The computation of the avoidable interest is shown below;
But before that following calculations must be done
Interest payable on short term loan
= $2,240,000 × 10%
= $224,000
Interest payable on long term loan
= $1,600,000 × 11%
= $176,000
Therefore,
Weighted average interest rate is
= ($224,000 + $176,000) ÷ ($2,240,000 + $1,600,000) × 100
= 10.42%
Now
Avoidable interest is
= [$3,200,000 × 12%] + [($5,760,000 - $3,200,000) × 10.42%]
= $650,752
8. Consider the following alternatives: i. $100 received in one year ii. $200 received in 5 years iii. $300 received in 10 years a. Rank the alternatives from most valuable to least valuable if the interest rate is 10% per year. b. What is your ranking if the interest rate is only 5% per year? c. What is your ranking if the interest rate is 20% per year?
Answer:
200 option > 300 option > 100 option
300 option > 200 option. > 100 option
100 option > 200 option > 300 option
Explanation:
Given that:
At 10% interest rate:
Amount / (1 + rate)^n ; n = Period ;
Amount of $100 in 1 year
100/(1 + 0.1)^1 = 90.909
Amount $200 in 5 years :
200/(1+0.1)^5 = 124.184
Amount $300 in 10 years :
300/(1+0.1)^10 = 115.663
$200 option > 300 option > 100 option
When rate = 5% per year
Amount of $100 in 1 year
100/(1 + 0.05)^1 = 95.238
Amount $200 in 5 years :
200/(1+0.05)^5 = 156.705
Amount $300 in 10 years :
300/(1+0.05)^10 = 184.174
300 option > 200 option. > 100 option
When rate = 20% per year
Amount of $100 in 1 year
100/(1 + 0.2)^1 = 83.333
Amount $200 in 5 years :
200/(1+0.2)^5 = 80.376
Amount $300 in 10 years :
300/(1+0.2)^10 = 48.452
100 option > 200 option > 300 option
Scenario
Changing access controls can have some undesirable effects. Therefore, it is important to carefully consider changes before making them and provide mechanisms to reverse changes if they have unexpected consequences. Always Fresh management has asked you to develop procedures for changing any access controls. The purpose of these procedures is to ensure that staff:
Understand and document the purpose of each access control change request
Know what access controls were in place before any changes
Get an approval of change by management
Understand the scope of the change, both with respect to users, computers, and objects
Have evaluated the expected impact of the change
Know how to evaluate whether the change meets the goals
Understand how to undo any change if necessary
Required:
Create a guide that security personnel will use that includes procedures for implementing an access control change.
Answer:
Create a guide that security personnel will use that includes procedures for implementing an access control change.
Explanation:
The procedure guide must contain the steps Always Fresh security personnel should take to evaluate and
implement an access control change. You can assume any change requests you receive are approved.
Ensure that your procedures include the following:
▪ Status or setting prior to any change
▪ Reason for the change
▪ Change to implement
▪ Scope of the change
▪ Impact of the change
▪ Status or setting after the change
▪ Process to evaluate the change
Required Resources
▪ Internet access
▪ Course textbook
Submission Requirements
▪ Format: Microsoft Word (or compatible)
▪ Font: Arial, size 12, double-space
▪ Citation Style: Follow your school’s preferred style guide
Self-Assessment Checklist
▪ I created a procedure guide that provides clear instructions that anyone with a basic technical
knowledge base can follow.
▪ I created a well-developed and formatted procedure guide with proper grammar, spelling, and
punctuation.
▪ I followed the submission guidelines.
Using the weighted-average method, the equivalent units for materials are: 33,000. 41,000. 36,000. 44,000. 32,000.
Answer: $44,000
Explanation:
Equivalent units for materials in this scenario would be:
= Units completed and transferred out + Normal spoilage + Ending work in process
= 33,000 + 3,000 + 8,000
= $44,000
Why is it important for HR management to transform from being primarily administrative and operational to a more strategic contributor
ADC makes latex-free tubing for blood pressure instruments. This is Group of answer choices an output of ADC. an input into the production of health. both an input and an output. These concepts do not apply to this sort of product.
Answer:
C. Both an input and an output.
Explanation:
Latex-free tubing is basically an intermediate product for for blood pressure instruments. So this product is an output for ADC organization and it is also an input for the production of blood pressure instruments in the company as well. So, the option "both an input and an output" is the correct answer.
g Perfection purchased a 25% stake in Satisfactory for $486,000 on Jan 2, 2021. On Jan 1, 2021, Satisfactory had a book value of equity on its balance sheet of $1,944,000. What is the value that Perfection records in it's books on Jan 2, 2021 related to its investment in Satisfactory
Answer:
The value that Perfection records in it's books on Jan 2, 2021 related to its investment in Satisfactory is:
$486,000.
Explanation:
a) Data and Calculations:
Net asset value of Satisfactory = $1,944,000 on acquisition date
Stake purchased by Perfection = 25%
25% of the net asset value of Satisfactory = $486,000 ($1,944,000 * 25%)
b) There is no goodwill arising from the investment in Satisfactory. The equity method will be used to account for the investment in the Satisfactory. The Equity Method involves recording the investment in an associated company like Satisfactory when Perfection's ownership interest in Satisfactory is valued at 20–50% of the net assets.
When using the Copy to Purchase Order feature from within an Estimate, where do you need to turn on Use Purchase orders?
Answer:
Account and Settings > Expenses > Purchase orders
Explanation: