A tabular analysis of the effects of the transactions on the accounting equation is as follows:
Transaction Date Assets = Liabilities + Equity
June 4 $4,374 $3,840 $534
June 6 -$1,051 -$1,051
June 8 $3,290 $3,290
June 15 $1,868 $1,868
June 15 -$1,645 -$1,645
June 18 $339 $339
June 26 -$53 -$53
June 28 $903 - $903
June 30 -$135 -$135
Balance $6,987 = $5,824 + $1,163
What is the accounting equation?The accounting equation is a mathematical statement that shows that the assets are equal to the liabilities and equity given each business transaction and at the end of the accounting period.
For instance, the assets of Petronick Accounting Services at the end of June are equal to its liabilities plus equity.
At each date that a transaction occurs, the accounting equation remains in balance.
Transactions Analysis:June 4 Cash $4,374 Loan Payable $3,840 Common Stock $534
June 6 Rent Expense $1,051 Cash $1,051
June 8 Office Furniture $3,290 Accounts Payable $3,290
June 15 Accounts Receivable $1,868 Service Revenue $1,868
June 15 Accounts Payable $1,645 Cash $1,645
June 18 Supplies $339 Accounts Payable $339
June 26 Internet Services $53 Cash $53
June 28 Cash $903 Accounts Receivable $903
June 30 Withdrawal $135 Cash $135
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If a storm occurs on the night of a football game, research suggests that people are more likely to risk their personal safety in the storm if they paid for the football ticket versus if it was a freebie. This is an irrational behaviour because the risk is the same regardless of whether they paid for the ticket or not. This behaviour could best be described by which of the following mental biases?
This behaviour could best be described as sunk cost fallacy.
What is sunk cost fallacy?Sunk cost is a cost that has already been incurred. For example, when people pay for a ticket before a match, the cost of the ticket paid is known as sunk cost.
Economic theory suggests that sunk cost should not be considered when making future decisions. So, when making future decisions about if to attend the game or not, the amount paid for the ticket should not be considered.
Sunk cost fallacy is when sunk cost is considered when making future decisions. Sunk cost fallacy leads to suboptimal outcomes.
For example, assume that the cost of the tickets is $50. The tickets were bought months to the game. Days to the game, it is announced that there might be a storm. According to the sunk cost principle, those who have bough the ticket should not consider the amount paid for the ticket when deciding if to go for the game or not. What should be considered is their personal safety. Those that consider the cost of the ticket when making a decision on if to attend the game are committing the sunk cost fallacy.
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Write a pin addressing one or more of the following questions:
In the case "Brazil vs. the U.S. at the WTO," why did Brazil’s ambassador to the WTO make a deal with the U.S. trade negotiators? Has this approach been effective so far? Do you think this will be effective in the long run at getting the U.S. to drop its subsidies?
In the case "The U.S.-China Wind power Dispute," do you think that GE, Gamesa, and other foreign firms did the right thing by not pushing the U.S. government to bring China to the WTO over its prohibited subsidies?
What is a drawback to relying heavily on prohibited subsidies to sustain your business?
Respond to at least one of your peers. This is your opportunity to discuss the information further with your classmates or to discuss whether you agree or disagree and state why or why not with a response of at least 65 words.
Be professional and courteous in all communication with your peers. You are expected to follow the Netiquette Guidelines. Students who fail to follow these guidelines may receive a deduction in their overall discussion grade.
1. Brazil's ambassador to the WTO made a deal with the U.S. trade negotiators because Brazil threatened sanctions and the United States wanted to avoid trade retaliations.
2. The threat of sanctions and trade retaliations has been effective so far as trade rules are being adhered to by both Brazil and the United States.
3. So far, this approach has been effective in getting the U.S. to drop its prohibited subsidies to cotton producers.
4. In the case "The U.S.-China Wind power Dispute," GE, Gamesa, and other foreign firms did not do the right thing by not pushing the U.S. government to bring China to the WTO over its prohibited subsidies.
5. A drawback to relying heavily on prohibited subsidies to sustain a business is that it is not sustainable in the long term.
What are prohibited subsidies?Prohibited subsidies are the subsidies given to local entities to encourage exports or domestic use of raw materials or goods.
Prohibited subsidies distort international trade and hurt the trade of other countries.
Thus, prohibited subsidies violate WTO commitments and are barriers to international trade.
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A colleague at work learned that your company, an industrial supply company, has been offering kickbacks to purchasing officers to secure contracts. She asks you whether she should do anything. What step do you suggest she take?
Do nothing.
Identify other purchasing officers who might like to earn a kickback.
Quit.
Blow the whistle and disclose the unethical conduct.
We can actually deduce here that the step I will suggest she takes on the issue is to: Blow the whistle and disclose the unethical conduct.
What is business ethics?Business ethics refers to the set of standards and principles that are set-up by a firm or an organization which is used to checkmate the morally right and wrong conducts in business.
We see here that in the given scenario, receiving of kickbacks in order to secure contracts is morally wrong. It is a a form of receiving bribes in order to get contracts.
Such unethical conduct must be exposed and abolished.
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Which of the following is a potential reason for an employer to say "no" after looking at your application. Choose all that apply. A. Submitted an incomplete or unreadable application B. Submitted an incomplete or unreadable application C. Requested a salary higher than the one publicized D. Left gaps in work history Left gaps in work history E. Had been fired from several jobs Had been fired from several jobs
From the following a potential reason for an employer to say "no" after looking at your application would be that, you may left gaps in work history, and had been fired from several jobs.
A gap in work history or academic studies can be a spike in your career profile. Sob if If your job application reveals an employment gap, expect the employers to inquire. Also, if you had been fired from several jobs, this might be something to be paid attention to by an employer.
The most common form of gap reference is to obtain written confirmation from a professional referee or a character referee who would be knowing the candidate during the gap period in question.
Hence, options D and E are correct.
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What is important to consider about a facility for a business?
The physical nature of a business facility helps to stimulate the growth of that business. Below you can read more about the importance of securing a good facility for a business.
Importance of Facility in Businessthe importance of a well positioned and safe facility cannot be overemphasized. These importance include the following
It help in saving cost.Helps in improving operational efficiency.Serves as a place where customers can be attended toIt increases employee moraleIt sets a good impression on visitorsServes as a good security barrier.Learn more about Facility Management at https://brainly.com/question/13837990
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Please discuss the evolution of MNE business strategy and how HR policies have been adapted to address the changes.
The evolution of MNE business involve the migration, cross border transactions, etc.
How to explain MNE?The advantage of multinational enterprises (MNEs) as an institutional form for regulating cross-border transactions, the chance to integrate knowledge from various geographic sources, and the necessity of striking a balance between efficiency, flexibility, and learning priorities are all discussed in the MNEs' strategy.
The typical processes of commerce, foreign direct investment, money movements, migration, and the development of technology in underdeveloped countries are how international business development develops. Business professionals frequently need to find strategies to adapt to the cultures and civilizations in which they operate and conduct business in order to achieve sustained global business development.
Many businesses in the developed world are entering these markets to supply goods and services to the consumers in the emerging middle classes of countries like Brazil, Russia, India, China, and South Africa (the BRICS countries), and business development specialists build the necessary legal, financial, and cultural bridges between supplier and consumer.
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If Martha tells employees to "do a better job of selling" in the month of December, then employees might fall to accomplish this goal. why do you think workers might fall short?
If Martha tells employees to "do a better job of selling" in the month of December, then employees might fall to accomplish this goal. The goal is not specific and measurable.
The maximum essential commonplace regulation definition of a worker is a person you rent and pay normal wages to perform a specific system, with the employer controlling how the artwork is carried out. For employees, an organization need to withhold profits taxes and pay Social safety, Medicare taxes, and unemployment taxes on any wages paid.
The definition of an employees is one which works for someone else or a business enterprise in exchange for wages or a few specific agree-to repayment. An example of employee is a person who's hired thru McDonald's and is paid a certain sum of money for each hour labored.
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Which of the following is a limitation of ratio analysis? Question content area bottom Part 1 A. Financial ratios cannot be used to assess a firm's profitability. B. Ratio analysis assumes that inflation has no effect on a firm's business. C. It is difficult to access audited financial statements for ratio analysis. D. Ratios that reveal large deviations from the norm merely indicate the possibility of a problem.
Ratios that reveal large deviations from the norm merely indicate the possibility of a problem is a limitation of ratio analysis. Option D
This is further explained below.
What is ratio analysis?Generally, A financial ratio, also known as an accounting ratio, is the ratio of the size of two specific numerical values that have been extracted from an organization's financial statements.
There are a number of standard ratios that are used to attempt to analyze the overall financial state of a business or other organization. These ratios are often used in accounting.
In conclusion, Limitations of ratio analysis include the fact that ratios that highlight significant departures from the average may only point to the existence of a potential issue.
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Ratio analysis is the analysis of various line items of financial statement. We have horizontal analysis which measures or analyses changes across time period e.g from year 2 to year 1 and vertical analysis which measures line item as a percentage of a base figure e.g total assets, net income etc. One of the usefulness of ratio analysis is that it is used to make comparison between different competitors in the same industry or used to compare the performance of a particular company over the years.
The limitations of ratio analysis are(not limited to the following):
1. It assumes that inflation has no effect on a firm's business(Option B)
2. Companies are not the same
3. Different firms in the same industry can use different accounting policies
Therefore, the answer to the question is option B - It assumes that inflation has no effect on a firm's business
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what type of marketing concept did Vaseline use
Answer:
Segmentation, targeting, positioning in the Marketing strategy of Vaseline – Vaseline Petroleum Jelly targets the families particularly the ones that have children. Demographics for the brand include 18-60 years old Female preferably with children, Single females who are career driven and are always on the go.
What form of capital can eskom obtain
Eskom can obtain basically two major types of capital. They include the following.
equitydebtThese two forms of capital are very crucial in the financial sector of the company. It is important to note that both capital and debt are equally relevant to the government because the government is the primary shareholder and Eskom depends hugely on the support it gets from the government. this support may be in the form of loans or equity or guarantees.
What is Equity?Equity is a financial terminology that describes the ownership of assets that may have debts or other liabilities attached to them.
To ascertain equity in accounting, you have to subtract the liabilities from the value of the assets.
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How does scarcity affect you and your life? Provide at least three examples of items that you have had to do without because of limited resources. How did you adjust to this situation? Were you able to find suitable substitutions?
Scarcity affects me by compelling me to choose between competing social goods. Three examples include owning a nice home, buying gas, and owning a high-end smartphone. Adjusting to scarcity means substituting these with owning an apartment, using public transport, and buying cheaper smartphones.
Scarcity is the basis for economics, as the latter is primarily concerned with the allocation of limited resources. It arises when the demand for goods is greater than its supply. In such cases, since it is not possible to acquire all the goods that one desires, one is compelled to find substitutes for goods that one cannot afford.
For example, the substitutes for a house, using one’s private vehicle, and owning a high-end smartphone is to buy an apartment, switch to public transport, and buy cheaper smartphones.
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characteristics of close corporation
Features of a close corporation:-
Designed for a small, cohesive organization.Confined to no greater than 30 shareholders.Organization can not emerge as publicly traded.Removes control by means of a Board of directors.Shareholders expect the duties of the directors and immediately manage the agency.A corporation is a business enterprise—commonly a group of humans or an organization—legal through the state to behave as an unmarried entity and diagnosed as such in law for certain purposes. Early incorporated entities were hooked up by way of constitution. Maximum jurisdictions now permit the creation of latest corporations via registration.
A company is a business entity that is owned with the aid of its shareholder(s), who decide on a board of directors to oversee the business enterprise's sports. The organisation is accountable for the moves and price range of the commercial enterprise – the shareholders are not.
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Golden Eagle Company has the following balances at the end of November
1. Recording the transactions for December for Golden Eagle Company is as follows:
Journal Entries:Debit Supplies $4,400
Credit Cash $4,400
Debit Salaries Payable $10,900
Credit Cash $10,900
Debit Deferred Revenue $4,350
Credit Cash $4,350
2. Journalizing the adjusting entries for Golden Eagle Company for December is as follows:
Adjusting Journal Entries:Debit Supplies Expenses $2,900
Credit Supplies $2,900
Debit Insurance Expenses $1,950
Credit Prepaid Insurance $1,950
Debit Salaries Expenses $15,900
Credit Salaries Payable $15,900
Debit Deferred Revenue $1,450
Rent Revenue $1,450
Transaction Analysis:Supplies $4,400 Cash $4,400
Salaries Payable $10,900 Cash $10,900
Deferred Revenue $4,350 Cash $4,350
Analysis of Adjusting Entries:Supplies Expenses $2,900 Supplies $2,900
Insurance Expenses $1,950 Prepaid Insurance $1,950
Salaries Expenses $15,900 Salaries Payable $15,900
Deferred Revenue $1,450 Rent Revenue $1,450
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Question Completion:Debit Credit
Supplies $1,950
Prepaid Insurance 7,800
Salaries Payable $10,900
Deferred Revenue 0
The following information is known for the month of December:
1. Purchases of supplies for cash during December were $4,400.
Supplies on hand at the end of December equal $3,450.
2. No insurance payments are made in December. Insurance expired in December is $1,950.
3. November salaries payable of $10,900 were paid to employees in December. Additional salaries for December owed at the end of the year are $15,900.
4. On December 1, Golden Eagle received $4,350 from a customer for rent for the period December through February. By the end of December, one month of rent has been provided.
Required: For each item. (a) record any transaction during the month of December, and (b) prepare the related December 31 year-end adjusting entry.
how many wrong can I get in the picat test?
Based on the requirements of the PiCAT test, the percentage of wrong answers you can get is between 60 and 69%.
What grade is needed to pass the PiCAT?The pre-screening internet-based computer adaptive test or PiCAT is not a test that can be failed but there are different requirements depending on the branch you want to join.
Most branches set a minimum passing score of between 31% to 40%. This means that the percentage of answers that you can get wrong and still pass is between 60% and 69%. It is however recommended that you do not get anything more than 50% wrong.
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Bob is a self-employed lawyer and is required to take a week of continuing legal education every year to maintain his license. This year he paid $1,295 in course fees for his continuing legal education in a different city. He also paid $467 for airfare and a hotel room and paid $250 for meals, all of which were provided by the hotel’s restaurant. Bob also purchased a $6 bag of snacks from a newsstand while waiting for his plane in the airport because he missed lunch.
What is the total amount he can deduct on his Schedule C related to these expenses?
Based on the requirements of Schedule C, the total amount that Bob can deduct related to these expenses is $1,887
How much can Bob deduct?Bob can deduct only 50% of his expenses for meals but can deduct the full airfare and course fees in Schedule C.
The total that Bob can therefore deduct from his Schedule C for those expenses is:
= 1,295 + 467 + (250 x 50%)
= 1,295 + 467 + 125
= $1,887
In conclusion, the total amount that Bob can deduct in Schedule C as relates to his expenses is $1,887.
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A company is in its first month of operations. The company performed $2,000 worth of services on January 28. The company expects to receive payment on February 15. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided.
Debit Accounts Receivable $2000. Credit Service Revenue $2000.There would still be open transactions if there were no adjusting entries made to the journal.
What Is a Journal Entry for Adjusting?
A general ledger entry known as a "adjustment journal entry" is made at the conclusion of an accounting period to report any unrealized income or costs during the time. An adjusting journal entry is necessary to correctly account for a transaction that began in one accounting period and ended in another. Adjusting journal entries can also be used to describe financial reporting that fixes an error from a prior accounting period.
Why Is It Important to Correct Journal Entries?
There are occasions when one accounting period will expire with such a scenario still unresolved because many businesses operate where real delivery of items may be delivered at a separate time than payment (either beforehand in the case of credit or after in the case of pre-payment). In this situation, the discrepancies in the timing of payments and expenses are reconciled using the adjusting journal entries.
When you close your books, a few end-of-period changes must be made. At the conclusion of an accounting quarter, adjusting entries are produced to account for items that weren't captured in your daily transactions. A general journal is where adjusting entries are made in a conventional accounting system.
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PLEASEEEEE!!!!!!!!!!!!!Which describes an individual’s net income?
An individuals net income is the net income that is taken to home by an individual after all deductions of tax, pension and insurance contributions.
What is Net Income?Net income is the income that is netted off of expenses that are directly related. Most common example of a net income is the net profit that is calculated in the income statement, revenue is deducted by the cost of goods sold and so the result is a net income.
The net income of an individual is also similar to this example. In an individual's net income the income that is taken to home to be utilized and consumed is the net income. Net income is the income of an individual netted off from the taxes, insurance payments and pension contributions. In short the income that is credited to an individual’s account.
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Which of the following is NOT a warning sign of a scam when buying a car or making another major purchase?
Obligation to buy collateral
excessive tariffs
Extras that seem too good to be true
A price that fits your budget conveniently
Answer:
a price that fits comfortably in your budget
Vermpotta, a company that manufactures glassware, has its factories in developing countries where labor costs are low. The quality of the company's products manufactured at its factory in the country of Octofia has been consistently low. Antonio, the company's chief operating officer, worked out of the Octofia factory for a month to find the root cause of this problem. After much deliberation, Antonio decided that the factory needs to be moved to an industrial area in the capital of Octofia. In the context of managerial roles, which of the following decisional roles does Antonio illustrate in this scenario?
The disturbance handler role, managers in this position must make decisions regarding erratic, stressful situations that are out of their control.
What are Decisional Roles?
Managerial responsibilities that require managers to make thoughtful judgments quickly and for the benefit of the organization are known as decisional roles. Managers must assess their options and available possibilities before selecting the most strategic.
According to Mintzberg, a manager has 10 distinct managerial responsibilities: spokesman, resource allocator, disturbance handler, figurehead, monitor, disseminator, leadership, and liaison.
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which of the following best represents the core goal of ISO 26000?
The core goal of ISO 26000 is to assist organizations in contributing to sustainable development.
What is ISO 26000?This is the international guidelines that were formed for social responsibility. The definition is from the fact that it was created as an international standard that helps to effectively carry out the assessments that would be able to help in the addressing of all social responsibilities that are necessary to the environment, the mission and the goals of the company and to the environment around.
Hence we can say that the core goal of ISO 26000 is to assist organizations in contributing to sustainable development.
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Imogene loves to travel and communicate with other people. She is very patriotic and believes in helping and protecting others.
Which two career pathways is Imogene best suited for?
help me
The two career pathways that is best match for Imogene are: National Security and Governance.
What is National Security and Governance?National Security and Governance can be explained as the ability of a person to help and defend their citizenry or others and to as well protect their citizenry.
Based on the scenario given Imogene should go choose National Security and Governance as her career as this will authorize her to achieve her goal and to as well make her dream to come to pass.
Therefore, the wo career pathways that Imogene is best match for is: National Security and Governance.
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Answer:
Explanation:
Answer is D
The law in your state allows an employer to create an
enforceable agreement that restricts an employee's
postemployment activities as long as the restriction is
reasonable in terms of purpose, geographic area, and
duration. Your employer is a dominant force in the
technology industry, an industry that is ever changing at
a rapid pace. As a result, top employees want the flex-
ibility to move from company to company. Of course,
having and keeping top employees is a competitive
advantage. Assume that you are an executive charged
with determining whether your firm will embrace a
postemployment restriction within its contracts of
employment. If you adopt a justice theory approach,
what result might you adopt, and why? If you adopt a
utilitarianism approach, what result might you adopt,
and why?
Utilitarian theory respects all persons equally without particular regard and assists people in making moral decisions. The utilitarian theory provides a basic technique. According to utilitarian philosophy, humans value all moral terms such as self-sacrifice, justice, and honesty.
There are various philosophies of justice, including utilitarianism, justice as fairness, and libertarianism. Utilitarians were those who supported utilitarian doctrine. With utilitarian theory being one of the theories of justice, the researcher was compelled to investigate how the theory provides justice to people, how it impacts human behaviour, and the issues the theory faces in the present world. Act utilitarians argue that their theory gives compelling grounds to reject many conventional moral statements and substitute them with moral perspectives based on the consequences of actions. People who are persuaded by act utilitarianism's critics may decide to abandon utilitarianism outright and adopt another form of moral theory.
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are there public functions that might benefit from more competion, including competition from private firms?
The public would gain from more competition in the highway and education sectors, among other public services. In order to maintain their jobs, there would be more motivation to work.
How Do Private Companies Work?
A business owned privately is known as a private corporation. Private businesses may issue stock and have shareholders, but their shares are not offered through an initial public offering or traded on public markets (IPO). Private corporations are therefore exempt from complying with the onerous filing requirements set down by the Securities and Exchange Commission (SEC) for public enterprises.
These companies generally have less liquid shares, making it more challenging to estimate their values.
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The EURO is currently used in
Answer:
You can use the euro in 19 EU countries: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.
why would it probably be a surprise to a stockbroker when a stock is priced very low and then goes on to increase in value quite suddenly?
Answer:
Well, it started low and suddenly started to go up. It's something that just isn't expected especially in stocks.
Question 3 of 20
Which person did not use a cost-saving strategy when deciding how to spend
their money?
O A. Caleb bought a computer he could upgrade as newer video cards
became available instead of the computer that could not be
upgraded.
B. Lin had decided to buy the cheapest of three fitness cameras, but
she changed her mind when she read the return policy.
C. Abram used comparison shopping to decide which pair of new
jeans would be the best value.
D. Juanita had planned to save for her new video game, but instead
she used a credit card because her friends wanted her to play with
them.
By analyzing current expenses and identifying opportunities to reduce internal costs, cost-saving measures can help firms save money.
Businesses can obtain a competitive advantage and improve their bottom line by integrating cost-cutting measures into their organizational plans. Reduce employee expenses. Employee costs are prioritized in cost reduction plans via wise decision-making.
Cut back on material costs. Any business owner is aware that materials take up a significant portion of the budget.
Reduce overhead costs.
Buy to Save.
Operations Based on Robots.
The advantage gained from taking steps to lower an organization's overall expenditure on assets, which has a direct influence on its bottom line, is known as cost savings. Cost-saving measures can include increasing productivity and obtaining reduced supply purchasing costs.
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Brockman Corporation's earnings per share were $3.50 last year, and its growth rate during the prior 5 years was 11.6% per year. If that growth rate were maintained, how many years would it take for Brockman's EPS to triple?
Select the correct answer.
a. 12.41
b. 10.01
c. 2.81
d. 7.61
e. 5.21
It would take 10.01 years for Brockman's EPS to triple.
What is future value?
The future value of the current earnings per share of $3.50 is its future worth in future years if it continues to increase at its growth rate of 11.6%, hence, based on the future value formula for a single cash flow below, we can determine the number of years it takes the EPS to triple:
FV=PV*(1+r)^N
FV=tripled EPS=$3.50*3=$10.50
PV=present EPS=$3.50
r=annual growth rate=11.6%
N=number of years it takes EPS to triple=unknown
$10.50=$3.50*(1+11.6%)^N
$10.50/$3.50=(1+11.6%)^N
3=1.116^N
take log of both sides
ln(3)=N ln(1.116)
N=ln(3)/ln(1.116)
N=10.01
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principles of accounting
Answer:
Accrual principle
Matching principle
Historic cost principle
Conservatism principle
Principle of substance over form
creation of demand for goods is the primary objective of business?is it true
Yes its true because if there is no demand for a specific product that a business is producing then how could It earn profit in terms if survival in the market.
Yes, it is true because a company cannot make a profit in order to survive in the market if there is no need for the particular product it is manufacturing.
There is only one true definition of a company purpose, according to Drucker: "To create a customer." Profits are not created in a vacuum. They are the end product of the businessman's tireless efforts to meet customers' needs.
In the long run, a company's ability to survive fully rests on the amount of market share it can secure.
One of the main goals of the business is to produce goods and satisfy consumer wants. Therefore, the business must offer high-quality, reasonably priced products in order to generate profit and demand.
Hence, the given statement is true about creation of demand as it is the fundamental objective of business.
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What kind of cost is described by buying the goods and services an average person needs?
A. quality cost
B. cost of business
C. cost of living
D. opportunity cost
Answer:
The answer is C
Explanation: