Answer: C
Explanation:
Kwan has $10,000 in interest expense; an expired $5,000 insurance policy; $20,000 in depreciation and he paid himself a dividend. what is the only item with no entry in assets on his balance sheet?
The only item with no entry in assets on his balance sheet is B) the interest expense.
When is an accounting entry for assets made?The accounting entry for assets is made when an asset increases or decreases in value.
For instance, the interest expense may not necessarily affect the assets because it is not stated if it has been paid in cash or not. However, the expired insurance policy, depreciation, and payment of dividends affect these asset accounts:
Prepaid Insurance,Long-term assetCash.Answer Options:A) the expired insurance policy
B) the interest expense
C) the depreciation
D) the dividend
Thus, the only item with no entry in assets on his balance sheet is B) the interest expense.
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West Co. recorded the following inventory information during the month of February:
Units Unit cost Total cost Units on hand
Balance on 2/1 800 $2 $1,600 800
Purchased on 2/8 1,000 3 3,000 1,800
Sold on 2/14 1,500 300
Purchased on 2/17 2,000 1 2,000 2,300
Sold on 2/23 1,600 700
Purchased on 2/28 800 4 3,200 1,500
West uses the FIFO method to cost inventory. What amount should West report as cost of goods sold at the end of February under each of the following methods of recording inventory?
Perpetual Periodic
A.
$3,900 $3,900
B.
$3,900 $5,900
C.
$5,900 $3,900
D.
$5,900 $5,900
The correct option is C. The valuation of the cost of goods sold which is recorded in its book as $5,900 and stock available for sale is $3,900 under the FIFO method.
Why is the FIFO method used for Inventory Valuation?FIFO will enable you to claim a higher average cost-per-piece on newer inventory, which can help you save money on taxes if your inventory costs are declining over time. Because it assumes that older products are no longer in use, FIFO does not necessitate as much documentation as LIFO.
Calculation Cost of Goods Sold (COGS) under FIFO Method:
COGS = 800 x 2 + 700 x 3 + 300 x 3 + 1300 x 1 =
COGS = $5,900
The calculation for Stock available for Sale:
Stock available for Sale = 700 x 1 + 800 x 4
Stock available for Sale = $3,900
Thus, the Cost of Goods Sold is $5,900, and the stock available for sale is $3,900 under the FIFO method.
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Nolan Walker decided to buy a used snowmobile since his credit union was offering such low interest rates. He borrowed $2,800 at 5.25% on December 26, 2019, and paid it off February 21, 2021. How much did he pay in interest? (Assume ordinary interest and no leap year.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
Using the formula for simple interest, it is found that Nolan Walker paid $170.35 in interest with the principal amount.
What is the simple interest?Simple interest is computed on the loan principal or the first deposit into a savings account. Because simple interest does not compound, a creditor will only pay interest on the principal amount.
Formula:
S.I. = P×R×T
Where,
S.I. = Simple Interest
P = Principal Amount = $2,800
R = Interest Rate = 5.25%
T = Time Period = 423 days (From Dec. 26, 2019, to Feb. 21, 2021)
Then, the amount of S.I. by applying the given values in the formula would be:
S.I. = $2,800× 0.0525 ×423/365
S.I. = $170.35
Therefore, He will pay $170.35 as interest.
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What is an example of a work in the public domain?
U.S. Federal legislative enactments and other official papers are typically considered works in the public domain for purposes of copyright protection.
What do you mean by public domain?
Creative works that are not covered by intellectual property rules like copyright, trademark, or patent laws are referred to as being in the "public domain."
The works of William Shakespeare, Ludwig van Beethoven, Leonardo da Vinci, and Georges Méliès are examples of works that are in the public domain because they were either created before copyright existed or because the copyright period has passed.
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Guji company had the following amounts of assets and liabilities at the beginning and end of last year:
Assets Liabilities
Beginning of the year………………Br.75,000 Br. 30,000
End of the year….……………………120,000 46,000
Determine the net income or net loss of Guji for the year under each of the following unrelated assumptions:
Owner made no additional investment and withdrew no amount during the year
Owner made no additional investment but withdrew Br.17,500 to pay for her personal expenses
Owner withdrew no amount during the year but made additional investment of Br. 32,500 cash.
Owner withdrew Br.17,500 and invested Br.25,000 cash during the year.
$32300 is the net income of Guji for the year under each of the following unrelated assumptions.
Explanation:Total assets=Total liabilities +Total equity
Beginning equity=(231,000-96500)=$134500
Ending equity=(262,000-78400)=$183600
Ending equity=Beginning equity+Issue of common stock+Net income-Dividends
183600=134500+23500+Net income-6700
Net income=(183600+6700-134500-23500)
=$32300.
Thus, $32300 is the net income.
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00:00
4
al
12
15
-7 18
Time Left:Time Exceeded
Michelle Freitas: Attempt 1
Question 1 (5 points)
Why do flights have layovers?
To improve landing times
To distribute flights to the big city hubs
To generate more lost luggage
To introduce passengers to flights to different cities in the hub-and-spoke model
Question 2 (5 points)
Airport security checks are designed to
O frighten foreign travelers.
Even though the trait approach to leadership has no empirical support, it is still widely used. In your opinion, why is this so?
Even though the trait approach to leadership has no empirical support, it is still widely used because it focuses on the leader and not on the followers or the situation .
What is trait theory of leadership ?The trait theory of leadership is a theory that focus on the certain inborn or innate qualities that is expected to be seen in a leader so that the leader can be able to deliver his role.
It list the characteristics that make someone a leader, which means it focus more on the leader than the situation, because as a leader, he must be able to handle the situation if he actually qualifies as a leader.
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Describe the agencies that ensure properties abide by regulations.
The agencies that ensure properties abide by regulations are known as regulatory agencies.
What are regulatory agencies?It should be noted that regulatory agencies are the independent governmental agencies that are established in order to set standards in a specific field.
In this case, the agencies that ensure properties abide by regulations are known as regulatory agencies.
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Hi,
I lead the Customer Support Team for the magazines category. Customer questions for one vendor have increased since the start of the promotional campaign. The campaign ended two months ago, but we are still getting many questions.
Can you help us understand why? The vendor’s performance metrics are below.
Thank you,
Carlos Henderson
Customer questions for one vendor have increased with the promotional campaign because it doesn't meet the customer satisfaction in terms of :
product satisfactionQualityCommitment to feedbackWhy do companies get so much question after promotional campaign ?Promotional campaign were to sensitize the potential customer about a particular product from a company so as to attract them to make a purchase.
However, this campaign should be able to tell more about the product up to some extent that they will get convinced about the product, failure of this will make the potential customer to inquire more out of doubt about the product and this will show in the Vendor performance metrics.
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Eagle Ridge, inc. issued 40 shares of $20 par value stock to its accountant in full payment for her $900 fee for assisting in setting up the new company. The entry for the issuance of the stock is a
a. debit to paid-in capital in excess of Par-Common for $100
b. debit to Common Stock for $800
c. credit to Common Stock for $800
d. credit to Common Stok for $900
The journal entry for the issuance of the stock for issue of 40 shares at a par value of $20, will affect a credit to Common Stock for $800.
What is a journal entry?The process of maintenance of systematic and chronological records of financial transactions during a given financial period is known as a journal entry.
Hence, option C holds true regarding the journal entry.
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Company Q incurred manufacturing costs for the year as follows:
Direct materials Sh 10/unit
Direct labour sh 7/unit
Manufacturing overheads:
Variable sh 3/unit
Fixed Sh 7,500
Variable selling and administrative expenses sh 2,000
Fixed selling and administrative expenses sh 4,000
The company produced 1,500 units (the normal level of production) and sold 1,000 units at Sh 45 per unit. Assume that the production manager is paid a 15 per cent bonus based on the company’s net income.
Required:
(a) Prepare an income statement under absorption costing.
The Net income of the Income statement under the absorption costing equals Sh 14,000.
What is Direct materials?= 1,000 x 10
= Sh 10,000
What is Direct labor?= 1,000 x 7
= Sh 7,000
What is Variable manufacturing overhead?= 1,000 x 3
= Sh 3,000
What is Fixed manufacturing overhead= 1,000 x (7,500 / 1,500)
= Sh 5,000
Company Q
Income Statement
Revenue (1,000 x 45) 45,000
Cost of goods sold:
Direct materials 10,000
Direct labor 7,000
Variable Manufacturing overhead 3,000
Fixed manufacturing overhead 5,000 (25,000)
Gross Margin 20,000
Variable Selling and admin expenses 2,000
Fixed Selling and admin expenses 4,000
Total Selling and admin expenses (6,000)
Net Income 14,000
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Identify the new key features that distinguishes the Grand Cherokee L from the previous generation Grand Cherokee
The new features in Grand Cherokee L in comparison to the previous Grand Cherokee are the addition of seating rows, expansion in length, and having a larger wheel structure.
What is Grand Cherokee?Grand Cherokee is a sport utility vehicle, that is, an SUV car being manufactured by an American manufacturer called Jeep.
The features of Grand Cherokee L in comparison to Grand Cherokee are as follows:
Number of seating rows: Grand Cherokee has two seating rows whereas Grand Cherokee L has three seating rows.Length: Grand Cherokee L is 15.1 inches in length which is greater than the Grand Cherokee of the previous generation.Wheelbase: Grand Cherokee L has a larger structure of wheels about 7 inches longer than previous ones.Therefore, the add-ons in the Grand Cherokee L are described as above.
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What is Globalization?
a.
None of the above
b.
The process of social, political, economic, cultural, and technological integration among countries around the world.
c.
When we all do the same thing
d.
The process of someone trying to take over the world
b. The process of social, political, economic, cultural, and technological integration among countries around the world.
Answer:
B. The process of social, political, economic, cultural, and technological integration among countries around the world.
Explanation:
Globalization essentially involves many people from around the world, of various social groups and culture types, engaging with each other (globally).
punishments help comfort your behavior right
Answer:
true isthe answer
A casino looking to employ someone to ensure that game procedures are followed and player disputes are resolved will need to hire
an exhibit manager
a gaming associate
a casino manager
a pit boss
A casino manager is responsible to look after gaming procedures and player disputes in a casino. Thus, the casino should hire a casino manager. Option C is the correct statement.
Who are called as casino managers?Managers or gaming managers who are in charge of the daily control of the gaming area, and overseeing the operation of the casino are called as Casino managers. These managers administer policies, monitor the gaming area, and guarantee compliance with regulatory requirements.
Thus, A casino manager is responsible to look after gaming procedures and player disputes in a casino. the casino should hire a casino manager. Option C is the correct statement.
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Answer:
it is pit boss other dude wrong just took test
If bank borrows money from another bank rather than from the fed, the interest rate charged by the second bank is called the
The bank borrows money from another bank rather than from the fed, the interest rate charged by the second bank is called the interbank rate.
What is Bank?Bank refers to financial institutions that help people to borrow funds on credit and deposit and withdraw cash for use. These allow savings among people and helps in protecting the securities.
The interest rate applied to short-term loans made by banks to one another is known as the interbank rate. In the interbank lending market, banks borrow and lend money to one another in order to effectively manage stability.
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Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) $ 26,000 $ 41,000 Direct labor used (in March) 22,000 15,000 Overhead applied (March) 11,000 7,500 Costs during April Direct materials used 137,000 220,000 $ 120,000 Direct labor used 102,000 153,000 100,000 Overhead applied ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process
Based on the cost of production by Marco Company, the overhead applied to the jobs are:
Job 306 - $51,000Job 307 - $76,500Job 308 - $50,000What are the overheads applied?The overhead applied for Job 306 in April is:
= Direct labor cost x 50%
= 102,000 x 50%
= $51,000
The overhead applied for Job 307:
= 153,000 x 50%
= $76,500
The overhead for Job 308:
= 100,000 x 50%
= $50,000
Rest of the question is:
Predetermined overhead rate is 50% of direct labor cost.
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Kegler Bowling buys scorekeeping equipment with an invoice cost of $165,000. The electrical work required for the installation costs $17,000. Additional costs are $3,400 for delivery and $11,865 for sales tax. During the installation, the equipment was damaged and the cost of repair was $1,600. What is the total recorded cost of the scorekeeping equipment?
The scorekeeping equipment amounted to $198,865 recorded as a cost of equipment.
What is an Equipment?The collection of items or physical resources needed to outfit a person or object, such as the tools utilized during a task or operation of sporting goods equipment, all of a corporate enterprise's fixed assets, except land and buildings.
The calculation for the Total recorded Cost
Invoice cost + Installation cost + Additional Cost + Delivey charges + cost of Repair
= 165,000 + 17,000 + 3,400 + 11,865 + 1,600= $198,865
The Total recorded cost is $198,865.
Thus, the total recorded cost consists of all the costs of equipment including the purchase price, applicable sales taxes, shipping charges, and any additional expenses for preparing the item for use.
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A flatter, more horizontal demand or supply curve ____
A. Is elastic
B. Is inelastic
C. Has zero elasticity
D. Has price in elasticity
Types of conclusion
In a nut shell, when you look
In a nut shell, when you look belongs to reflective type of conclusion. Hence, the type of conclusion in the phrase above is reflective conclusion. Read below about types of conclusion
What are the types of conclusion?Majorly, the types of conclusion include: embedded, retrospective, reflective, and projective forms are four main types of conclusions applicable for different academic papers when writing.
Therefore, the correct answer is reflective conclusion. This is so, because, the introductory phrase after the transitional marker signals reflection, 'when you look...' hence, the correct address is reflective conclusion.
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What reason hot water in house not working?
ALBERTO: Tami, I’ve got a problem. Can we talk for a minute?
TAMI: Sure, Alberto, what’s up?
ALBERTO: Last week my sous-chef, Ricky, bought tomatoes that just weren’t ripe. It made me really angry. We’ll never keep our Michelin star unless we maintain the quality of our produce!
TAMI: Wow, Alberto, that sounds like a real problem. So you’re saying that Ricky bought tomatoes you couldn’t serve?
ALBERTO: Yes! And it’s not the first time...
TAMI: I’ll do something about this right away.
What component of reflective listening is missing from this conversation?
Affirming contact
Clarifying the implicit
Paraphrasing the expressed
Clarifying the implicit is the component of reflective listening missing from this conversation.
Affirming contact:
The goal of affirming contact is to convey attention and assurance rather than necessarily agreement.
hence in the coversation "Wow" and "Yes!" convey attention and displays affirming contact.
Paraphrasing the expressed:
It explains to the speaker what was heard, as well as what the listener's feelings and ideas were. utilize a follow-up query occasionally
Hence Paraphrasing the expressed can be seen in the conversation when TAMI said "So you’re saying that Ricky bought tomatoes you couldn’t serve?" where he rephrased to what ALBERTO said.
Clarifying the implicit:
It clarify any implicit portions of the message, which includes ideas and sentiments that are not fully or clearly articulated together with their openly declared message.
Hence Clarifying the implicit is missing from the conversation.
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Knowledge of which of the following
types of funding is required for an
agricultural management position?
A.
Crowdfunding
B. Micro loans
C. Vertical integration
D. Government grants
Government grants i the type of funding required for an agricultural management position.
What is a grant?Grant is like a sum of money given by an institution or government agencies for a particular purpose.
The aim of the grant is to support a particular course or fund a project.
Hence, government grants is the type of funding required for an agricultural management position.
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How do you calculate sales tax? How do you calculate a discount? Please explain and give examples. Thanks!
Sales tax is calculated using tax rate . Discount is calculated using the selling price and list price of the item .
How do you calculate sales tax?Add the tax rate to the cost of your good or service. If the tax rate is expressed as a percentage, convert it to decimal form by multiplying the result by 100. Then multiply this number using the formula below.
Find the list price and the tax rate.To obtain the tax rate as a decimal, divide the tax percentage by 100.To calculate tax, multiply the list price by the decimal tax rate.For the final price, multiply the list price by the tax rate.Ex. If you spend $400 on a new television and live in a region where sales tax is 7%, you would be required to pay $28 in sales tax. The total cost to you would be $428.
How do you calculate a discount?The price difference between an item's listed price (list price) and its selling price is known as the discount. Discount is therefore calculated as follows: Discount = List price - selling price.
Ex. A product may be discounted by $10 from its list price, which is equivalent to a 10% discount.
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Discuss the relationship between bond prices and interest rates. What impact do changing interest rates have on the price of long-term bonds versus short-term bonds? Your answer must be supported with examples and academic citations.
Interest rates and bond prices have an adverse correlation. Bond prices grow during periods of low-interest rates and decline during periods of high-interest rates.
What is the interest rate?The cost of borrowing and the rewards for saving are both indicated by the interest rate. Since there is a premium if the coupon rate is higher than the market rate, the bond's price will be higher. Bond prices will decrease if the coupon rate is lower because there will be a discount.
The price of long-term bonds is more affected by interest rates than the price of short-term bonds. A bond's price varies depending on how long it is.
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Question 1 (1 point)
Laurey's Pet Emporium purchased equipment on January 1 for $35,000. The equipment will be used for five years, after which the estimated
residual value will be $2,000. Using straight-line depreciation, what is the depreciation expense for the first year of the asset's life?
a
$7,000
The depreciation expense of the asset using the straight-line depreciation method for the first year will be $6,600.
What do you mean by straight-line depreciation?The most generally used and simple depreciation technique for allocating the value of a capital asset is known as Straight-line depreciation.
It is calculated with the aid of using sincerely dividing the value of an asset, reducing the amount of its salvage value, with the aid using the beneficial life of the asset.
As per the given information,
Depreciation expense = Asset price - residual value / useful life
Depreciation expense = $33,000 - $2,000/5
Depreciation expense = $6,600
Therefore, The depreciation expense of the asset using the straight-line depreciation method for the first year will be $6,600.
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In one or two sentences, explain how a govemment pays for expenses that are more than its revenues.
borrows money by issuing bonds
bonds are sometimes backed by things like tolls and feed for things like bridges & tunnels
raises taxes
raises fees for things tariffs and passports etc
If quantity quantity demanded is not responsive to price changes then the product would be considered ____
A. Independent
B. Inelastic
C. Unit elastic
Answer:
B) Inelastic
Explanation:
consumers are not very responsive to changes in price.
Answer:
B
Explanation:
I stole the answer from my friend:)
Using another product , for example , bread or clay pots , explain , with simple illustrations , how division of labour or specialisation could be used to make the product .
Answer:
the labour forces can be divided like
resource gathers
finance department
marketing department
hygiene development department
Algorithmic tasks are easier to automate than phronetic tasks.
,○ True
○ False
Algorithmic tasks are easier to automate than phronetic tasks. Therefore it's false.
What are algorithm tasks?It should be noted that algorithmic tasks simply means tasks where one follows a set of prices to achieve a result.
In phronetic tasks, the main goal is to clarify values as power as a basis for praxis.
In this case, it's complicated than algorithm task.
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