The following usually serves as the basis for evaluating management's assertions in the context of a financial statement audit is: Generally Accepted Auditing Standards (GAAS).
Generally Accepted Auditing Standards (GAAS) is a collection of ethical requirements and guidance governing the auditing profession's conduct. GAAS, which is a term that refers to a set of standards against which the quality of audits are evaluated, was created to ensure that auditing practices are consistent and effective. The American Institute of Certified Public Accountants (AICPA) in the United States develops the standards. To determine whether the financial statements are materially misstated or not, an independent auditor performs an audit. The auditor must be licensed by the proper regulatory authority and follow GAAS to perform an audit.
Generally Accepted Auditing Standards (GAAS) are divided into three sections: General Standards, Standards of Field Work, and Standards of Reporting.
The General Standards explain the auditing process's structure and independence. The Standards of Field Work clarify the auditor's responsibilities, the standards of data collection, and the evaluation of results. The Standards of Reporting lay out the auditor's obligations to share the results of an audit in a clear and succinct manner.Know more about Generally Accepted Auditing Standards (GAAS) here:
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write a 250-500 word formal letter to persuade someone famous come speak to our class
Answer:
Dear [Famous Person],
I hope this letter finds you well. My name is [Your Name], and I am a [grade/level] student at [School Name]. I am writing to you today to extend an invitation to come speak to our class.
As a [subject or class name] teacher, I am always looking for ways to enrich my students' learning experiences. I believe that your expertise and experience in [related field or topic] would be incredibly valuable to my students. Not only would it be an amazing opportunity for them to learn from someone who has accomplished so much in their field, but it would also inspire and motivate them to pursue their own passions and dreams.
I understand that you must receive countless invitations and requests, and I do not take your time lightly. However, I believe that speaking to our class would be a mutually beneficial experience. My students are eager to learn from someone who has made such a significant impact in the [related field or industry], and I am confident that they would be engaged and attentive throughout your presentation.
If you are able to accept my invitation, I would be honored to arrange the logistics and details of your visit. I am happy to work with you to determine the best date and time that fits your schedule, as well as any specific requirements or preferences you may have for your presentation.
Thank you for your consideration. I look forward to hearing from you soon.
Sincerely,
[Your Name]
Explanation:
Questions about a new product such as what features customers like are revealed during the _______ _______ stage of the product development process.
The test marketing phase of the product development process provides answers to questions regarding a new product, such as which characteristics buyers prefer.
Prior to a wider release, a product or marketing campaign is made restrictedly available to test markets to gauge consumer response. It is imperative to keep in mind that users of the product or marketing campaign could unwittingly be a test group. Test marketing is used to find out more about a new product's marketability. The corporation can determine whether a product will be lucrative on a greater scale by tracking its performance on a smaller scale.
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In a margin account that is restricted a customer decides to sell stock valued at $8,000, and buy $6,000 worth of another stock on the same day. How much cash would this customer be allowed to withdraw from the account?
The customer would be allowed to withdraw up to $7,000 from the account, assuming there are no other restrictions or outstanding balances.
The customer's account is 50%, and the equity in the account would be
($8,000 - 8,000×50% )
= ($8,000 -4000)= $4, 000,
The buying power would increase by
$6,000- $6,000 x 50%
=$3,000
Total buying power = $4, 000+ $3,000= $7,000
Buying power refers to the ability of a person or group to purchase goods and services with their available resources, such as money or credit. It is affected by various factors, such as inflation, wages, interest rates, taxes, and overall economic conditions.
Inflation can decrease buying power because it reduces the value of money over time, leading to higher prices for goods and services. Wages and salaries can increase buying power, allowing consumers to afford more goods and services. Interest rates can also affect buying power, as higher rates can lead to higher borrowing costs and lower purchasing power. Taxes can also have an impact on buying power, as higher taxes reduce disposable income and therefore the ability to purchase goods and services.
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On December 31 , after making a concerted effort, management determines that it will not be able to collect the $1200
Answer:
Explanation:
$21,000 (maye)
wal-mart, mcdonald's and alamo are all examples of companies following which of porter's competitive strategies?
Walmart, McDonald's and Alamo are all examples of companies that follow the cost leadership strategy. This is one of Michael Porter's competitive strategies that businesses can use to gain an edge in their industry. This strategy is focused on offering products or services at a lower cost than competitors without sacrificing quality.
The cost leadership strategy is all about achieving economies of scale and cost efficiency. By keeping costs low, companies can offer their products or services at a lower price point than their competitors. This can be achieved in several ways, such as by implementing efficient production processes, sourcing low-cost raw materials, and utilizing technology to reduce labor costs. In addition, companies using this strategy often have a standardized and streamlined product or service, which can be produced in large quantities to reduce costs even further.McDonald's, for example, is known for its low-cost meals that are quick and easy to produce. Walmart, on the other hand, is known for its low prices on a wide range of products. Alamo, a car rental company, offers lower prices than many of its competitors by maintaining a streamlined fleet of cars and focusing on its core business.In conclusion, Walmart, McDonald's and Alamo are all examples of companies following the cost leadership strategy, which involves offering products or services at a lower cost than competitors without sacrificing quality. This is one of Michael Porter's competitive strategies that can help businesses gain an edge in their industry.
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An individual walks into your branch and wishes to open an account. In this account, the individual wishes to trade options and indicates that she would like to be approved for the sale of uncovered puts and calls. Industry regulations dictate that this customer must receive an Options Disclosure Document in what time frame?
[A] The ODD must be provided when the margin agreement is provided and signed.
[B] The ODD must be provided no later than when the confirmation of the first transaction in the account is delivered to the client.
[C] The ODD must be provided to the new client no later than the third business day following their first transaction.
[D] The ODD must be provided to the new client before the client is approved for options trading.
The Options Disclosure Document (ODD) is required to provide potential investors with information on the risks associated with options trading. The correct option among the given alternatives is D.
Industry regulations dictate that the ODD must be provided to the new client before the client is approved for options trading. The ODD is required to be provided to customers who wish to engage in options trading, especially when the customer wishes to trade options like uncovered puts and calls. It is important to note that the ODD must be provided to the customer before approving them for options trading. There are several provisions in the ODD that every individual should read before trading options. They include a summary of the risks involved, the exchange rules governing options trading, an explanation of margin requirements, and the tax consequences of options trading.
These provisions ensure that the individual is well informed before engaging in options trading. Conclusively, the ODD is required to be provided to the individual before the client is approved for options trading. This requirement is important because it ensures that potential investors are aware of the risks involved in options trading. The correct option among the given alternatives is D.
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Itzair has completed the balance sheet for his business. What is one question the balance sheet answers about the business?
COA.
"How much debt does my business have?"
OB. "Who do I owe for my cost of goods sold?"
OC. "What percentage of sales tax is required?"
COD. "Did I meet my end-of-year profit goals?"
)
The question that balance sheet answers about the business is "How much of debt does my business have?".
What is a balance sheet?A balance sheet is financial statement that reports company's assets, liabilities, and equity at a specific point in time. It provides a snapshot of a company's financial position and helps investors and stakeholders understand the company's financial health. The assets section of the balance sheet includes items such as cash, investments, inventory, and property. The liabilities section includes items such as loans, accounts payable, and taxes owed. The equity section includes items such as retained earnings and stockholders' equity. The balance sheet is important because it provides insights into a company's financial stability, liquidity, and ability to meet its obligations. It is commonly used by investors, analysts, and creditors to evaluate a company's financial health and make informed decisions.
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in the elman service model, [ select ] are economies based on non-intensive forms of food production.
In the elman service model, agroecological economies are economies based on non-intensive forms of food production.
What is agroecological economies?Agroecology is fundamentally different from other approaches to sustainable development. It is based on bottom-up and regional processes and helps provide contextual solutions to local problems. Agroecological innovation is based on knowledge co-creation, combining science with the traditional, practical and local knowledge of producers. Agroecology empowers farmers and communities as key agents of change by enhancing their autonomy and adaptability.
Agroecology transforms food and farming systems, addresses the root causes of problems holistically, and provides holistic and long-term solutions, rather than optimizing practices for unsustainable farming systems. We aim to This includes a clear focus on the social and economic aspects of food systems. Agroecology focuses on the rights of women, youth and indigenous peoples.
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The below EQRV screen was captured before the markets opened on April 29 2019. According to the information shown, is Goldman Sachs trading rich or cheap on a blended forward P/E basis, relative to it’s historical average?
The Forward P/E ratio for Goldman Sachs at the moment is 9.14. The average Forward P/E for its sector is 11.49, indicating Goldman Sachs is selling at a discount to the sector as a whole.
Is Goldman Sachs trading rich or cheap on a blended forward P/E basis, relative to it’s historical average?
Goldman Sachs (GS) finished at $347.70 in the most recent trading session, moving up +0.43% from the day before. This shift was slower than the S&P 500's daily increase of 0.75%. The Nasdaq, a heavily weighted tech index, increased by 10.36% while the Dow increased by 0.4%.
Shares of the investment bank had dropped 4.6% over the previous month before to today's trade. This was less than the S&P 500's loss of 5.98% and trailed the Financial sector's loss of 3.71%.
As it gets closer to releasing its next earnings report, Goldman Sachs will try to project strength. Analysts anticipate Goldman Sachs will announce earnings of $6.73 per share in that report. This would represent a decrease of 37.74% over the prior year.
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The owner of a bond would expect to receive _____ annual income.
Answer:
THIER INITIAL PRINCIPALExplanation:
The holders of bonds receive their initial principal back when the bonds mature in addition to periodic interest (coupon) payments for most bonds. Bondholders may additionally profit if the particular bonds that they own increase in value, which can then be sold on the secondary market.
ASAP ASAP!!! ASAP ASAP!!!!
Businessman and businesswomen differences!!
Answer:
Businessmen and businesswomen have some similarities and differences. Similarities: - Both entrepreneurs must develop a business plan, manage resources, and strategic plan to achieve objectives. - They both must possess strong communication skills to be able to successfully navigate their industry and grow the business. - Both must have problem solving skills and the ability to think outside the box to develop new products and services.Differences: - Men are more likely to take risks than women when it comes to business decisions. - Women tend to work collaboratively rather than compete as much as men do. - Women often have greater access to social capital and networks to help them in their businesses. - Women often face additional challenges such as balancing family life with their business. - Women also may have to overcome traditional gender roles and stereotypes that can influence how they are perceived and accepted in their industry.Answer:
businessman/businesswoman: Purpose. A businessperson is generally more focused on ensuring that they make a profitable return from their commercial activities. While an entrepreneur does want to make profit, their focus leans toward people using their products, being happy with them and benefiting from them.
Explanation:
assume that the economy is at full-employment equilibrium. which of the following would lead to stagflation?
" An increase in aggregate demand would lead to stagflation assuming that the economy is at full-employment equilibrium. the option A is correct.
Assuming that the economy is at full employment equilibrium, a decline in aggregate supply can cause stagflation.
Stagflation is a rare occurrence that happens when inflation and economic growth are both stationary at the same time. Policymakers face a difficult situation because the typical methods for stimulating the economy, such monetary and fiscal policies, may not function as anticipated.
If the economy is currently in a state of equilibrium with full employment, any further rise in aggregate demand (option a) would result in higher prices rather than higher output, which would cause inflation. Option A would be erroneous as a result.
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Complete question -
Which of the following would lead to stagflation assuming that the economy is at full-employment equilibrium?
A) An increase in aggregate demand
B) A decrease in aggregate demand
C) An increase in aggregate supply
D) A decrease in aggregate supply
FILL IN THE BLANK. Specifying a clear objective for an advertising campaign help in selecting ________ and ________ the campaign.
In the following question, in the missing blank, Specifying a clear objective for an advertising campaign helps in selecting "media" and "evaluating" the campaign.
Advertising is a marketing communication that promotes or sells a product, service, or idea. It can be done through various media, including television, radio, print, outdoor, and online. The objective of advertising is to influence consumers to buy or use the product, service, or idea being promoted.
Specifying a clear objective for an advertising campaign helps in selecting media and evaluating the campaign. It enables advertisers to determine what message they want to convey to consumers and what action they want them to take. This, in turn, helps them to choose the most appropriate media for their campaign, depending on their target audience, budget, and other factors.
The objective of an advertising campaign could be to increase brand awareness, generate leads, drive traffic to a website, or increase sales. Whatever the objective, it should be specific, measurable, achievable, relevant, and time-bound (SMART). This will help advertisers to determine if their campaign was successful and if it achieved the desired results.
In the missing blank, Specifying a clear objective for an advertising campaign helps in selecting "media" and "evaluating" the campaign.
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Sloan Inc. recently invested in a project with a 3-year life span. The net present value was $9,000 and annual cash inflows were $21,000 for year 1; $24,000 for year 2; and $27,000 for year 3.
The initial investment for the project, assuming a 15% required rate of return, was _____.
Net Present Value
Answer:
Explanation:
To calculate the initial investment, we can use the formula for net present value (NPV) as follows:
NPV = present value of cash inflows - present value of initial investment
Given that NPV = $9,000 and the annual cash inflows for each of the three years, we can calculate the present value of cash inflows as follows:
PV of year 1 cash inflow = $21,000 / (1 + 0.15)^1 = $18,260.87
PV of year 2 cash inflow = $24,000 / (1 + 0.15)^2 = $18,137.32
PV of year 3 cash inflow = $27,000 / (1 + 0.15)^3 = $18,008.69
Therefore, the total present value of cash inflows is:
PV of cash inflows = $18,260.87 + $18,137.32 + $18,008.69 = $54,406.88
Now, we can rearrange the NPV formula to solve for the initial investment:
NPV + PV of initial investment = PV of cash inflows
Substituting the given values, we get:
$9,000 + PV of initial investment = $54,406.88
PV of initial investment = $54,406.88 - $9,000
PV of initial investment = $45,406.88
Finally, we can calculate the initial investment by finding the present value of $45,406.88 for 3 years at a 15% required rate of return:
Initial investment = $45,406.88 / (1 + 0.15)^3
Initial investment ≈ $29,508.88
Therefore, the initial investment for the project was approximately $29,508.88.
A manufacturing company is considering two alternative locations for a new facility. The fixed and
variable costs for the two locations are found in the table below. For which volume of business wo
the two locations be equally attractive? If the company plans on producing 50,000 units, which loc
would be more attractive? {7}
Fixed Costs
Variable Costs ($ per unit)
Glen Rose
$1,000,000
25
Mesquite
$1,500,000
23
Answer:1,000,025
Explanation:if you add all it up you get 1,000,025
Implementation of an ERP system requires effective segregation of responsibility for
A) recording, risk assessment, and control procedures.
B) authorization, monitoring, and risk assessment.
C) recording and monitoring of organizational assets.
D) authorization, recording, and custody of organizational assets.
The successful implementation of an ERP system necessitates the segregation of responsibility for authorization, recording, and custody of organizational assets, among other things.ERP system implementation is a complex process that necessitates a high degree of coordination and responsibility. option D is correct answer
To ensure effective segregation of responsibilities, there are several procedures that must be followed. First and foremost, the organization must conduct an assessment of existing internal controls to determine areas where there is a risk of fraud or error. The second stage is to establish policies and procedures to ensure that the segregation of responsibilities is enforced consistently. Finally, the organization must train its personnel to ensure that they are aware of their respective roles and responsibilities.An ERP system's successful implementation is heavily reliant on effective segregation of responsibility for authorization, recording, and custody of organizational assets. It entails more than just the segregation of responsibilities. Effective control mechanisms, policies, and procedures must be established to ensure that the segregation of responsibilities is enforced consistently. Training personnel on their respective roles and responsibilities is also critical. This will improve communication and coordination and reduce the risk of fraud and error.The segregation of responsibilities helps to protect organizational assets from theft or misuse. For instance, the person in charge of custody should not be the same person in charge of recording or authorizing transactions. The segregation of responsibilities aids in the detection of errors or fraud by establishing an independent review process. When different individuals are responsible for different aspects of a transaction, it becomes more difficult for someone to conceal their misconduct.for more such question on communication
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in total internal reflection the critical angle theta subscript c measures the angle at which total reflection starts occurring.
That is accurate, yes. Total internal reflection, in which all light is reflected back into the medium rather than refracted out, occurs at the critical angle (c), which is the angle of incidence. When the incidence angle is greater than the critical angle, something occurs.
What is the total internal reflection's critical angle?As a light ray from a medium with a higher index of refraction approaches a medium with a lower index of refraction, total internal reflection typically occurs at the boundary between the two transparent media.
In a complete internal reflection, what is c?The crucial tack The incidence angle at which the angle of refraction is 90 degrees is denoted by the symbol c. 90 ° . When the incident angle exceeds the critical angle, total internal reflection occurs.
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If Beth purchases shares of stock in bayzer, a pharmaceutical company would it be considered a saving or an investment
Answer:
investment
savings is if you keep money in a bank or in a jar
investment means the money is not hers anymore, but she got something in return and if the stock goes up she can collect even more money back
which of the following are considered major hurdles to successful global trade? (check all that apply)
Major obstacles to successful global trade are thought to include economic, financial, and legal factors since they can limit entry, raise transaction costs.
Which four powerful factors influence international trade the most?Both the long-term trends and the short-term volatility primarily caused by four variables. Government, foreign business, speculative expectations, and supply and demand are some of these influences.
What are trade barriers and how do they affect international trade?Trade restrictions can impede free trade, aid developed countries, limit the variety of items that can be purchased, increase expenses, lower net income, diminish employment, and harm economic output. The government has significant control over the law, hence this leads to it most often being used as a trade barrier.
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Question:-
Which of the following are considered major hurdles to successful global trade?
O sociocultural forces
O economic and financial forces
O legal and regulatory forces
O physical and environmental forces
Answer:
legal and regulatory forces
economic, and financial forces
Explanation:
Midway through 2008, approximately what percentage of prime and subprime mortgages in the United States had late payments of at least 30 days? Prime mortgages - 15 percent: subprime mortgages - 20 percent Prime mortgages - 20 percent; subprime mortgages - 20 percent Prime mortgages - 30 percent; subprime mortgages - 20 percent Prime mortgages - 5 percent; subprime mortgages - 30 percent
The right option is D, which is composed of prime mortgages at 5% and subprime mortgages at 30%.
Average U.S. property prices have dropped more than 30% from their mid-2006 peak by September 2008. Many borrowers now have zero or negative equity in their homes, which implies that their homes were worth less than their mortgages as a result of the significant and unanticipated decrease in property values. 10.8% of all homeowners, or an estimated 8.8 million borrowers, were anticipated to have negative equity as of March 2008. By November 2008, that number is thought to have increased to 12 million. By September 2010, 23% of all homes in the United States were worth less than their mortgage loans.
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Which journal entry reflects the following transaction?:
BOC paid $3,000 upfront for next year's rent.
Dr. Cash 3,000
Cr. Rent Expense 3,000
Dr. Prepaid Rent 3,000
Cr. Cash 3,000
Dr. Rent Revenue 3,000
Cr. Cash 3,000
Dr. Rent Expense 3,000
Cr. Cash 3,000
Dr. Cash 3,000
The journal entry that reflects the transaction “BOC paid $3,000 upfront for next year's rent” is Dr. Prepaid Rent 3,000 and Cr. Cash 3,000.
Journal entry is used to record a transaction made by the company in the general journal. It is used to record every transaction made by the company. A transaction is a financial activity or event that involves the exchange of money or goods between two parties.
A journal entry is made for every transaction made by the company. The transaction in this case is “BOC paid $3,000 upfront for next year's rent.”The transaction involves paying rent in advance. The company has paid rent for next year in advance. The rent is paid upfront.
This means that the company has made a prepayment for rent. The prepayment for rent is recorded in the general ledger. The journal entry that reflects the transaction is Dr. Prepaid Rent 3,000 and Cr. Cash 3,000.The journal entry shows that the company has made a prepayment of $3,000 for rent.
The prepayment is made for next year's rent. The prepayment is recorded in the general ledger. The journal entry shows that the company has made a payment of $3,000 for rent in advance. The payment is recorded in the general ledger. The journal entry shows that the company has made a prepayment for rent.
The prepayment is recorded in the general ledger. The journal entry shows that the company has made a prepayment for rent. The prepayment is recorded in the general ledger. The journal entry shows that the company has made a prepayment for rent. The prepayment is recorded in the general ledger.
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If a broker-dealer executes a short sale in its investment account, it may borrow the shares from all of the following EXCEPT
The following, with the exception of a customer's cash account, are the sources from which a broker-dealer may borrow shares when it completes a short sale inside its investment account.
By the customer's cash account, what do you mean?In a cash account, the user must pay the entire price for any securities they wish to purchase. A cash account holder is prohibited from borrowing money from their broker-dealer to cover transactions made in the account. Cash books, or account balances where all money transactions are recorded, are another name for cash accounts, which are used in accounting.
Complete Question : All of the following, WITH THE EXCEPTION of a customer's cash account, may be used by a broker-dealer to borrow shares in the event that it completes a short sale in its investment account.
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how do you access custom fields in qbo
Answer:
Explanation:
To access custom fields in QuickBooks Online (QBO), you can follow these steps:
Log in to your QBO account and navigate to the Sales or Expense Transactions tab, depending on where the custom field is located.
Click on the transaction you want to view, and scroll down to the bottom of the page.
You will see the custom field(s) listed under the "Custom Fields" section. Click on the field name to view or edit the information.
To add a custom field, go to the Gear icon > Custom Form Styles > Edit > Content > Fields > Custom Fields.
Click on "New Custom Field" to create a new custom field.
Enter the name of the field and choose the type of field (e.g. text, checkbox, date).
Click "Save" to add the custom field to your QBO account.
Once you have added custom fields, they will be available for you to use on transactions in QBO. You can use these fields to track additional information that is not included in the standard QBO fields.
FILL IN THE BLANK. ____Refers to segmenting markets by region of a country or the world, market size, market density, or climate. A) Geographic segmentation B) Benefit segmentation C) Demographic segmentation D) Usage-rate segmentation
Geographic segmentation Refers to segmenting markets by region of a country or the world, market size, market density, or climate. Option A).
Geographic segmentation is a component that effectively complements a marketing strategy by targeting items or services based on where their buyers live. The division of nations, states, regions, cities, colleges, or areas is done to better understand the audience and promote a product/service to them.
What is a geographical description example?The Arctic Ocean, for example, is completely covered in snow and ice. In the winter, practically the whole Arctic Ocean is covered with sea ice. The quantity of sea ice melts in the summer. In the winter, for example, the sea ice extent is 14 million square kilometers.
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which of the following should typically be ignored because spending has already been made and cannot be changed?
The following which should be ignored because spending has already been made and cannot be changed is Sunk costs.
Money that has already been spent and cannot be recouped is known as a sunk cost. The sunk cost phenomenon in business is an example of the notion that one must "spend money to make money." A sunk cost is distinct from potential future expenses a company can incur, such choices on the price of products or the cost of purchasing inventories. Sunk expenses are disregarded while making future business decisions since they won't change regardless of the choice made.
Money that has already been spent and cannot be recouped is referred to as a sunk cost. A manufacturing company, for instance, may have a variety of sunk expenses, including the cost of machinery, equipment, and facility leasing payments. A sell-or-process-further choice, which refers to things that may be sold as-is or can be processed further, excludes sunk costs.
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Complete question:
Which of the following should typically be ignored because spending has already been made and cannot be changed?
a. variable costs
b. sunk costs
c. marginal costs
d. average marginal costs
Retailers will use all BUT which of the following to retain and increase share of wallet from their best
(p. 288)
customer?
A. frequent-shopper programs
B. special customer services
C. personalization
D. community
E. lower prices
The four stages of the retail value chain are product creation, inventory storage, product distribution, and consumer availability. In order to provide customers with the most relevant experiences, retailers can monitor their likes, needs, and values.
Which keep their best customers and increase their wallet share?
A diagram of the retailer's retail procedure incorporates three sections: ( 1) figuring out the target market for the retailer, 2) figuring out the format that the retailer plans to use to meet the needs of that market, and 3) figuring out the foundations on which the retailer plans to build a long-term advantage over the competition.
Product, pricing, location, and promotion are all examples. Two more "Ps" are added to the retail marketing mix: individuals and presentation These aspects symbolize the significance of retail locations' aesthetics and design as well as the value of sales associates and other staff members in retail settings.
A retail strategy includes five parts: scope, objectives, deployment of resources, a long-term competitive advantage, and synergy These five aspects aid in either attracting new customers to a company or increasing the amount of goods and services that are purchased by existing ones.
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Question 2 Jacob, Derrick and Marcus were in partnership sharing profits and losses in the ratio 6.7.2. The Balance Sheet for the partnership at December 31, 2014 was as follows.
Fixed Assets
Machinery 20,000
Motor Van 10,810
Current Assets
Inventory 8,950
Debtors 6,300
Bank4000
Current Itabilities
creditor 7050
Loan 5550
Working capital 37460
Financed by
Capital: Jacob 16510
Derrick 15300
Marcus 5650
Balance Sheet as at December 31st 2014
The partners agreed to dissolve the partnership on December 31, 2014. The loan repaid in full: the creditors were paid $5.495 in full and final settlement. Dissolution costs were $ 600, Jacob took over one of the motor vans at an agreed valuation of $3 490 and Marcus took one of the machines valued at $6 900. The remaining ussets realised the following amounts. S 22,850 4,105 Inventory 7,550 Accounts Receivable 5,350 Marcus is unable to pay his debt to the firm. Apply the Garner vs. Murray rule to settle the debt.
The remaining partners are required to contribute to the partnership in the same proportion as the profits. Derrick's share of the surplus after settling Marcus's debt is $20,679, and Jacob's share is $18,376.
Define the term Partnership?A partnership is a type of business structure in which partners (two or more people) work together to run a business. Most of the time, partnerships are formed to share the risks and responsibilities of running a business as well as the profits and losses. Each partner in a partnership makes a contribution to the company in some way, such as through labor, expertise, or capital. The terms and conditions of the partnership are outlined in the partnership agreement, including how profits and losses are divided, who is responsible for what, and how decisions are made and disputes are resolved.
The Garner vs. Murray rule is a method used to distribute the losses of a dissolved partnership among the remaining partners in their profit-sharing ratio. It states that losses should be shared by the partners in the same ratio as their profit-sharing ratio.
In this case, the partners' profit-sharing ratio is 6:7:2 for Jacob, Derrick, and Marcus, respectively.
To determine the loss, we need to calculate the total assets and liabilities of the partnership and subtract the liabilities from the assets.
Total assets = Fixed assets + Current assets = $20,000 + $10,810 + $8,950 + $6,300 + $4,000 = $50,060
Total liabilities = Current liabilities + Loan = $7,050 + $5,550 = $12,600
Working capital = Total assets - Total liabilities = $50,060 - $12,600 = $37,460
Loss = Working capital - (Dissolution costs + Amount realized from the sale of assets)
= $37,460 - ($600 + $22,850 + $4,105 + $7,550 + $5,350)
= $37,460 - $40,455
= -$2,995
Since the loss is negative, it means that there is a surplus, and the partners will share it in their profit-sharing ratio.
The debt that Marcus owes to the firm is a liability and needs to be deducted from the remaining assets before they are distributed among the partners.
Total assets available for distribution = Dissolution proceeds - Marcus's debt
= ($3,490 + $6,900 + $22,850 + $4,105 + $7,550 + $5,350) - $5,650
= $45,495
The partners' total capital before distribution = Jacob's capital + Derrick's capital + Marcus's capital
= $16,510 + $15,300 + $5,650
= $37,460
To distribute the surplus, we need to add the loss to the total capital before distribution, which gives us:
Total available for distribution = $37,460 - $2,995 = $34,465
Now we can distribute the total available for distribution in the profit-sharing ratio:
Jacob's share = 6/15 x $34,465 = $13,786
Derrick's share = 7/15 x $34,465 = $16,089
Marcus's share = 2/15 x $34,465 = $4,590
However, since Marcus cannot pay his debt to the firm, his share of the surplus will be used to settle his debt. Therefore, Derrick and Jacob will share the remaining surplus in their profit-sharing ratio:
Derrick's final share = $16,089 + $4,590 = $20,679
Jacob's final share = $13,786 + $4,590 = $18,376
Therefore, Derrick's share of the surplus after settling Marcus's debt is $20,679, and Jacob's share is $18,376.
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the multiplier effect on real gdp from a change in expenditures and its size is determined by the multiplier
The multiplier effect on real GDP from a change in expenditures refers to how much the final GDP will increase or decrease. The size of the multiplier can be determined by the multiplier formula, which is based on the concept of the marginal propensity to consume (MPC).
In other words, it is a measure of how sensitive the economy is to changes in spending. It is a measure of the impact of spending changes on the GDP multiplier. The multiplier effect is the total increase in the GDP resulting from an initial increase in spending. The multiplier effect occurs because every dollar spent is income to someone else. This income can be used to buy more goods and services, creating additional income for others.
This process continues, leading to a larger increase in GDP than the initial increase in spending. The size of the multiplier depends on the MPC. The MPC is the fraction of additional income that is spent on consumption. The larger the MPC, the larger the multiplier. For example, if the MPC is 0.8, a $100 increase in spending will result in a $500 increase in GDP (multiplier of 5). This means that for every $1 increase in spending, the GDP will increase by $5.
The multiplier effect can be positive or negative, depending on whether the economy is in a recession or an expansion. During a recession, a fiscal stimulus package can increase spending and boost the economy. The multiplier effect is positive, meaning that the initial increase in spending results in a larger increase in GDP. However, during an expansion, a fiscal contraction can decrease spending and slow down the economy. The multiplier effect is negative, meaning that the initial decrease in spending results in a larger decrease in GDP.
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Journalize the two entries required to close the accounts.
If an amount box does not require an entry, leave it blank.
This is the basic order of closing entries: Clear the amounts in the revenue accounts by debiting each revenue account and crediting the income summary account.
What primary data and secondary data are necessary for an account to be closed?You must debit the revenue summary account and credit every line item expense stated inside the trial balance in the hopes of closing out your expense claims by bringing their balances down to zero. You should mention each expense at closure exactly as it appears inside the trial balance. Closing entries are recorded in the journal and published once a year, after the financial accounting have been generated.
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differences in income between variable costing and absorption costing is due to multiple choice question. timing reporting expenses sales
The unequal reporting of expenses is mostly to blame for the disparity in income between the two approaches.
What are the distinctions between absorption costing and variable costing?Absorption costing is the process of allocating fixed overhead costs to each unit produced over the course of an accounting period. Variable costing includes all of the variable direct costs related to COGS, but excludes direct, fixed overhead costs.
What distinguishes variable costing from full absorption costing, which differ in how they are handled?What distinguishes variable costing from full absorption costing. Fixed production costs are included in the price of the product under full absorption costing. With variable costing, fixed production overhead is incurred.
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