Garcia Co. owns equipment that cost $81,600, with accumulated depreciation of $43,200. Garcia sells the equipment for cash. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $50,600 cash, (2) $38,400 cash, and (3) $33,300 cash. Record the sale of equipment assuming Garcia sells the equipment for $50,600 cash.
Answers
Answer:
1. Cash Debit $ 47,000
Accumulated Depreciation equipment Debit $ 40,800
Gain on sale of equipment Credit $ 11,000
Equipment Credit $ 76,800
To record sale of equipment for $ 47,000 and gain on sale of $ 11,000
2. Cash Debit $ 36,000
Accumulated Depreciation equipment Debit $ 40,800
Equipment Credit $ 76,800
To record sale of equipment for $ 36,000
3. Cash Debit $ 31,000
Accumulated Depreciation equipment Debit $ 40,800
Loss on sale of equipment Debit $ 5,000
Equipment Credit $ 76,800
To record sale of equipment for $ 31,000 and loss on sale of $ 5,000
Explanation:
Computation of net book value
Cost of equipment $ 76,800
Less: Accumulated depreciation $ 40,800
Net book value $ 36,000
In first step where the equipment is sold of $ 47,000, the differential between the sale value and the net book value is the gain on sale and is credited in the accounting entry.
In the second step, where the equipment is sold for $ 36,000, the sale proceeds is exactly equal to the net book value and no gain or loss is recorded.
In the third step, the equipment is sold for $ 31,000 and the differential between the net book value and the sale proceeds is a loss and recorded as a debit in the accounting entry
The is recorded as Book value of old equipment = $81,600 − $43,200 =38,400 which is consider as Cash.
What is depreciation?As a result of use, damage, or obsolescence, an asset's monetary worth drops in value over time indicating depreciation. This depreciation cause due wear and tear, expiration, or consumption.
The calculation for the sale of equipment is attached with the answer.
Therefore, the Gain on sale of Equipment is calculated as 12,200 and the Loss on sale of equipment as 5,100 under separate cases.
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Related Questions
The following labor standards have been established for product of
16 hours 12.75 per hour
The following data pertain to operations concerning the product for the last month:
Actual hours worked 6,600 hours
Actual total labor cost $131,340
Actual output 1,600 units
1. What is the labor rate variance for the month?
2. What is the labor efficiency varaiance for the month?
Answers
Answer and Explanation:
The computation is shown below:
a. The labor rate variance is
= actual labor cost - (standard rate × actual hours)
= ($131,340) - ($12.75 × 6,600 hours)
= $47,190 unfavorable
b. The labor efficency variance is
= (actual hours - standard hours) × standard rate
= (6,600 - (1,600 × 16) × $12.75
= $242,250 favorable
In this way it can be calculated and the same is to be considered and relevant
The difference between a business's revenues and its expenses is known as its _______.
Answers
Answer:
Net income,
also known as the bottom line, is revenues minus expenses. There is a profit when revenues exceed expenses.
Sin Qua Corporation is a company listed on the stock exchange and issued corporate bonds. which statement is most likely true?
Answers
Answer:
B. Investors will have to pay tax on the interest income received from the bonds.
Explanation:
1. If the consumption function is C = 100 + 0.75Y, I = 300, Tax (T)= 400 and government spending (G) is 600, what will be the equilibrium level of output? Demonstrate your answer with a Keynesian cross diagram. What happens to aggregate output if government spending (G) and Tax (T) rises by 200?
Answers
Answer:
Explanation:
The consumption function C = 100 + 0.75Y represents the relationship between consumption and disposable income, where C is consumption and Y is disposable income. The equation tells us that for every dollar of disposable income, consumers will spend 75 cents on consumption.
The equilibrium level of output is determined by the intersection of the aggregate demand (AD) and aggregate supply (AS) curves. The AD curve can be derived by adding together the planned consumption, planned investment, planned government spending and planned net exports. In this case, we have:
AD = C + I + G + NX = C + 300 + 600
The aggregate demand equation becomes AD = 100 + 0.75Y + 300 + 600
The aggregate supply equation represents the relationship between the quantity of goods and services produced and the price level, assuming a fixed level of technology and input prices. For this problem, we are assuming that aggregate supply is perfectly inelastic, meaning it does not change with price level.
Given that G = 600 and T = 400, disposable income will be Y = T + Tr(Y-T) = 400 + 0.8(Y-400)
Therefore, we have the equations:
AD = 100 + 0.75Y + 300 + 600
Y = 400 + 0.8(Y-400)
We can now solve for Y by substituting the second equation into the first:
100 + 0.75(400 + 0.8(Y-400)) + 300 + 600 = Y
Solving for Y, we find that the equilibrium level of output is Y = 2200.
In a Keynesian cross diagram, this point would be represented by the intersection of the AD and AS curve.
If government spending (G) and Tax (T) rises by 200, the AD curve shifts to the right. This means that the aggregate demand for goods and services is increasing, which causes an increase in the equilibrium output. The new equilibrium output (Y) will be greater than 2200 and can be found by solving for the new AD function. With the new AD function, the new output Y can be found by using the same steps that you have done above.
It's worth noting that in the above scenario, We are assuming that the aggregate supply is perfectly inelastic, this means that the price level is constant, if the aggregate supply is elastic, then an increase in AD will also lead to an increase in price level, this is known as inflation, which will affect the value of Y.
The following data are taken from the management accounting reports of Dancer Co.:
Div. A Div. B Div. C
Income from operations $1,800,000 $1,350,000 $1,350,000
Total service department charges 1,700,000 1,050,000 1,100,000
If an incentive bonus is paid to the manager who achieved the highest income from operations before service department charges, it follows that: _________
Answers
Answer:
Dancer Co.
If an incentive bonus is paid to the manager who achieved the highest income from operations before service department charges, it follows that: _________
Division A's manager will be rewarded, whereas the manager did not achieve the best results.
Explanation:
a) Data and Calculations:
Div. A Div. B Div. C
Income from operations $1,800,000 $1,350,000 $1,350,000
Total service department charges 1,700,000 1,050,000 1,100,000
Departmental net income $100,000 $300,000 $250,000
b) The incentive bonus is based on a performance reporting line that is above the bottom-line. It is the bottom-line figure that affects the company. The performance of a division should not be judged solely on a line above the bottom-line. The departmental charges are allocated costs for services consumed during a financial period. They must be taken into account before deciding on an incentive bonus.
he Fine Crate Company owns several machines which cut wooden planks for building storage pallets, automatically loading the planks into rolling bins for transportation and handling. Each bin holds 200 planks and a machine can cut and load one bin in an hour, which Fine Crate Company uses planks at a rate of 1000 planks an hour. If the Fine Crate Company were to use a kanban loop to control the filling of the rolling bins, attaching one kanban card to each bin, how many cards should be used to govern this production, assuming a policy variable (safety factor) of 20%?
Answers
Answer:
6 cards
Explanation:
N = DT * (1+X) / C
Number of kanbans = [Demand during lead time + Safety stock] / Size of a bin
Number of kanbans = 1000 * 1 * (1 + 0.2) / 200
Number of kanbans = 1000*1*1.2 / 200
Number of kanbans = 6
So therefore, 6 cards should be used to govern this production.
The negative side of miscommunicating
Answers
Answer:
Miscommunication has many downsides but one of the most important ones to remember is misunderstanding. Not communicating well with the other side would mean that they do not fully understand or grasp what you are trying to say, which can lead to future arguments, upset and negative feelings, or hurt feelings.
Explanation:
There ya go! Hope this helps
Answer:
A lack of knowing leads to negativity. When people don't have the information or knowledge they feel they need, low productivity results. ...
Employee mistrust, absenteeism and low morale. ...
Bad interpersonal relationships. ...
The “Grapevine Effect”
Failure to communicate in even the smallest of ways can lead to huge delays in project deadlines, tense business relationships and lost profits. Being able to adequately understand, avoid and remedy miscommunications in a business setting could save a business from all these headaches.
Explanation:
~Hope this helps
. A researcher plans to ask employees whether they favor, oppose, or are indifferent about a change in the company retirement program. Formulate a hypothesis for a chi-square test and the way the variable would be created.
Answers
Hypothesis Testing
Step-by-step explanation:
The null hypothesis may be created as follows:
"
The employees of the company favor the company retirement program."
For testing, the research will most probably use a survey questionnaire. Hence, the survey question for this purpose would be a multiple-option question that would read as follows:
I favor the stated change in the company retirement program.
Strongly Disagree
Disagree
Neutral
Agree
Strongly Agree
A statistical method for assessing the discrepancy between observed and expected data is the Chi-Square test. This test can also be performed to see if our data's categorical variables are related to it.
What are the Fundamentals of Hypothesis Testing?Hypothesis testing is a method for analyzing and inferring information about a population from a sample of data. It helps in deciding which sample data best support claims about the population that are mutually exclusive.
The null hypothesis (H0), which is the default position, is that the event won't take place. If a null hypothesis is not rejected, it has no impact on the study's findings.
Its sign is H0, which is pronounced H-naught.
The alternative hypothesis (H1 or Ha) is the logical antithesis of the null hypothesis. The alternative hypothesis is accepted once the null hypothesis is rejected. Its identifier is H1.
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Managers at the Bank of Quebec are afraid that the bank will not have enough reserves at the end of the business day to meet withdrawals tomorrow. It currently has two options to borrow money overnight. First, it could borrow money from the Bank of Canada (BOC) at a rate of 0.75%. Second, it could borrow money from other banks at a rate of 0.25%.
1. What is the overnight rate?
2. What is the bank rate?
3. What would happen to other short-term interest rates if the Bank of Canada increases its overnight rate target?
A. They should remain unchanged.
B. They would become irrelevant.
C. They would decrease.
Answers
Answer:
Bank of Quebec
1. The overnight rate is 0.25%
2. The bank rate is 0.75%
3. If the Bank of Canada increases its overnight rate target, the other short-term interest rates:
B. They would become irrelevant.
Explanation:
a) Data and Calculations;
Bank of Canada (BOC) rate = 0.75%
Other banks' rate = 0.25%
b) The overnight rate is the interest rate at which a Canadian depository bank lends or borrows funds with other depository institutions in the Canadian overnight market. The central bank rate is the interest rate that the Bank of Canada charges other Canadian banks to borrow funds from it.
Answer:
1. What is the overnight rate? .25%
2. What is the bank rate? .75%
3. What would happen to other short-term interest rates if the Bank of Canada increases its overnight rate target?
It would also increase
Explanation:
Overnight rate:
If a bank needs to borrow money for the very short term, typically overnight, it has two options. First, it can borrow from other banks. This particular interest rate associated with overnight borrowing is referred to as the overnight rate. The overnight rate is not explicitly set by the BOC, but it is determined through the interaction of borrowers and lenders. In the question, the overnight rate is 0.25% . Even though the BOC does not set the overnight rate, it has a large amount of influence over it.
Bank rate:
The second option is for banks to borrow directly from the BOC at an interest rate called the bank rate. The bank rate is set by the BOC and is typically higher than the prevailing overnight rate in order to give banks incentive to borrow from each other. In the question, the discount rate is .75% .
The BOC sets a target for the overnight rate that it attempts to meet through open market operations. This target is typically met. Although households and firms are not directly affected by the overnight rate, the interest rates on other financial assets are. A low overnight rate means that banks can borrow money cheaply to meet reserve requirement. A high overnight rate means that it is expensive for banks to borrow money and the banks will pass this expense onto customers. Therefore, if the overnight rate rises, short‑term interest rates charged by banks will also increase.
Answer to part 3 is not one of the options given. However, the only correct answer would be that the the other short-term interest rates also increase.
What is the Average property taxes in Elmont, NY? Thoughts on this amount? Do you think it is worth that amount? Why or why not?
Answers
The Average property taxes rate in Elmont, New York is 2.420% which amount to about average property taxes of $12,100 annually. The amount is worth it because it is most likely a uniform rate across the state..
What are property taxes in U.S.?Millions of homeowners pay property taxes each year. Property taxes are levied by cities, counties, and school districts on properties within their jurisdictions and used to fund services.
Property taxes are calculated based on the property's value. This includes the land as well as the structures on it. Typically, tax assessors will value the property every one to five years and charge the owner of record the appropriate rate based on the taxing authority's standards.
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there is a complementarity between passenger and freight transport system. with some exceptions, such as busses and pipelines, most transport modes have developed to handle both freight and passenger traffic. in some cases both a carried in the same vehicle and in some cases the different modes join to deliver a complete service. what are the advantages of joint operations?
Answers
The advantages of the using joint operations in a society includes:
access to new markets and distribution networks.increased capacity.sharing of risks with a partner.access to new knowledge and expertiseaccess to greater resources etc.What does joint operations means in transportation system?In transportation, joint operations refers to the coordination and cooperation between multiple transportation providers or agencies in order to provide more efficient and comprehensive service to customers.
This can include sharing of resources, coordinating scheduling and routing, and cooperating on marketing and fare structures. This operations can take many forms, such as partnerships between bus and rail companies, or between public and private transportation providers.
Most important, main goal of the operation is often to provide more seamless and convenient transportation options for customers, and to make more efficient use of resources.
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Vandelay Industries has a target capital structure consisting of 40% debt, 5% preferred stock, and 55% common equity. Vandelay has 20-year, 11% semiannual coupon bonds that sell at their par value of $1,000. The component cost of preferred stock is 12.4%. Vandelay is a constant growth firm that recently paid a dividend of $2.05, sells for $27.00 per share, and has a growth rate of 7%. Flotation costs on new common stock are 10%, and the firm's marginal tax rate is 25%. What is Vandelay Industries’ WACC assuming they will have to use internal equity?
a. 13%
b. 12.24%
c. 12.74%
d. none of these choices
Answers
Answer:
b. 12.24%
Explanation:
The computation is shown below;
The cost of debt is 11%
As when the bonds would be sell at par value so yield to maturity = coupon rate = cost of debt i.e. 11%
Now
cost of equity= ((Do × (1+g)) ÷ P)+g
= (($2.05 × (1 + 7%)) ÷ 27) + 7
= 15.12%
Now
WACC = weight of equity × cost of equity + weight of preferred equity × cost of equity + weight of debt × cost of debt × (1 - tax rate)
= 55% × 15.12% + 5% ×12.4% + 40% × 11% × (1 - 25%)
= 12.24%
< Manny signs a variable lease. • He pays $10/square foot. ● His index is 2. His utilities will cost $350. If his index goes up to 2.5 next year, how much will Manny pay in rent? $8/square foot $25/square foot $12.50/square foot $50/square foot
Answers
Manny will pay option C. $12.50/square foot in rent.
How do we determine the amount of rent?A variable lease is a type of lease where the rent is based on a specific index or formula, rather than a fixed amount.
In this scenario, Manny is paying $10/square foot and his index is 2, and the utilities cost $350. If the index goes up to 2.5 next year, Manny's rent will increase.
To calculate the increase in rent, we can use the following formula:
Rent = Base rent + (Index x Utilities)
So, if the index goes up to 2.5, the new rent will be:
Rent = $10/square foot + (2.5 x $350)
Rent = $10/square foot + $875
Therefore, Manny will pay $12.50/square foot in rent if the index goes up to 2.5 next year.
So, the correct answer is $12.50/square foot.
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Janet needs an elevator seat attached to her stairs since she has a medical condition that makes her unable to climb the stairs in her house. The $10,000 spent on the elevator seat does not increase the value of her house according to a local appraiser. How much of the capital asset is deductible in Janet’s tax return as a medical expense? Is deductible in the current year as an expense before the AGI limitation?
Answers
Answer:
$10,000
Yes
Explanation:
Based on the information given the amount of the capital asset that is deductible in her tax return as a medical expense will be the amount of $10,000 which represent the amount that was spent on the elevator seat which tend to exceeds the increase in value of her house.
YES the deductible in the current year is an expense before the AGI limitation reason been that the amount of 10,000 is been deductible in the current year as an expense before the 10 percent AGI limitation.
In 2020, Simon, age 12, has interest income of $7,980 from funds he inherited from his grandmother and no earned income. He has no investment expenses. His parents have taxable income of $82,250 and file a joint return. Assume that no parental election is made.
a. Simon's net unearned income is $________ ?
b. Simon's allocable parental tax is $________ ?
c. Simon's total tax is $________ ?
Answers
B—$82,250
C—I think $7,980
Because I done see his total tax
Select the correct answer.
Which verb form best completes the sentence?
¿A qué hora _____ usted a mi casa?
A.
vendrás
B.
vendrá
C.
vendrán
D.
vendré
Reset Next
Answers
Answer:
B
Explanation:
Premier Company owns 90 percent of the voting shares of Stanton, Inc. Premier reports sales of $480,000 during the current year, and Stanton reports $264,000. Stanton sold inventory costing $28,800 to Premier (upstream) during the year for $57,600. Of this amount, 25 percent is still in ending inventory at year-end. Total receivables on the consolidated balance sheet were $81,800 at the first of the year and $119,100 at year-end. No intra-entity debt existed at the beginning or end of the year. Using the direct method, what is the consolidated amount of cash collected by the business combination from its customers
Answers
Answer:
$649,100
Explanation:
Calculation to determine the consolidated amount of cash collected by the business combination from its customers
Using this formula
Consolidated amount of cash collected=Premier Sales+Stanton Sales-Inventory-(Ending Total receivables- Beginning Total receivables)
Let plug in the formula
Consolidated amount of cash collected=($480,000 + $264,000-$57,600)-($119,100-$81,800)
Consolidated amount of cash collected= $686,400 -$37,300
Consolidated amount of cash collected== $649,100
Therefore the consolidated amount of cash collected by the business combination from its customers is $649,100
During the late 70s and early 80s, the U.S. economy faced an inflationary period. The chairman of the Fed at that time, Paul Vocker, pursued a monetary policy to reduce inflation in the long run. The principal method used by the Federal Reserve to change the money supply is through open market operations. (a) Which policy would accomplish the Fed's goal to reduce inflation (buy or sell bonds) in the long run
Answers
Answer: Sell bonds
Explanation:
One reason there could be inflation in an economy is the high supply of money in the economy. With a high supply, people would have more money and so would demand more goods and services which would take the prices of those goods and services up thereby causing demand pull inflation.
If the Fed wants to reduce this inflation, they need to reduce the amount of money in the economy. They will do this by selling bonds to the public who will then pay in cash which the Fed will then take out of circulation thereby leading to a lower money supply and theoretically, less inflation.
Why might a marketer choose Internet advertising over television advertising? • A. Because television advertising is more expensive B. Because the Internet has been around longer than television • C. Because Internet advertising is more expensive O D. Because television only reaches people over the age of 50
Answers
The reason why a marketer might choose Internet advertising over television advertising is that A. Because television advertising is more expensive.
What were the reasons why a marketer could pick Internet advertising?Without spending money on a disproportionately large audience, online advertising enables you to identify, connect with, and engage people who are likely to be interested in your company. Online advertising provides detailed audience information so you may better target your efforts.
The reduced running costs of online marketing are one of its primary benefits for companies. Internet marketing makes advertising more affordable than more conventional forms of advertising like radio, television, and newspaper ads.
Therefore, option A is correct.
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Write an essay of about 2,000 words in length critically discussing the issues concerning the new IFRS 15 Revenue from Contracts with Customers standard for both - preparers and users of financial information.
For your essay:
• You must utilise the relevant literature to demonstrate your understanding related to revenue recognition accounting standard.
• Your essay must provide a good synthesis as well as critical analysis.
• Wherever possible, demonstrate your point(s) with brief, but relevant examples
Answers
The central principle of IFRS 15 is revenue is recognized when the goods or services are transferred to the consumer at the contract price.
What do you mean by Revenue?Revenue is the money earned by the organization from business operations.
To write an essay on issues concerning the new IFRS 15 Revenue from Contracts with Customers standard for both - preparers and users of financial information.
1. First think about the topic given.
2. Outline some primary ideas for your essay.
3. Research the topic.
4. Write an introduction to the topic.
5. Start writing the main body by keeping the outline in mind.
6. Write a conclusion.
Therefore, By this method, you can write an essay.
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1.Critically evaluate how success and failure in practice of basic management functions affect the organization. Support with real local examples.
Answers
Most often, the success and failure of the basic management functions of the organization rest on an effective or ineffective manager, who is in charge of the basic management functions.
How does basic management functions affect the organization?An organization's effective management entails the ability to plan, organize, lead, and control resources in order to achieve its goals and objectives. When these management functions are carried out successfully, the organization's efficiency, productivity, and overall performance are likely to improve.
As a result, a well-organized organization with a clear chain of command and decision-making process will be able to respond to challenges and opportunities more effectively.
However, when basic management functions are not carried out successfully, it can have a negative impact on the organization. Poor planning can waste resources and lead to missed opportunities, whereas disorganized systems and processes can lead to inefficiencies and confusion.
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Garcia Company has 10,500 units of its product that were produced last year at a total cost of $157,500. The units were damaged in a rainstorm because the warehouse where they were stored developed a leak in the roof. Garcia can sell the units as is for $2 each or it can repair the units at a total cost of $18,500 and then sell them for $6 each. Calculate the incremental net income if the units are repaired
Answers
Digby's Elite product Dim has an awareness of 72%. Digby's Dim product manager for the Elite segment is determined to have more awareness for Dim than Andrews' Elite product Apple. She knows that the first $1M in promotion generates 22% new awareness, the second million adds 23% more and the third million adds another 5%. She also knows one-third of Dim's existing awareness is lost every year. Assuming that Apple's awareness stays the same next year (77%), out of the promotion budgets below, what is the minimum Digby's Elite product manager should spend in promotion to earn more awareness than Andrews' Apple product
Answers
Answer:
$2 million
Explanation:
The first $1 million will increase awareness to 72% x (1 + 22%) = 87.84%
But 1/3 is lost every year, so awareness will be 87.84% - 72%/3 = 63.84%.
It needs to spend at least $2 million:
Awareness increases to [72% x (1 + 22%) x (1 + 23%)] - 72%/3 = 84.04%
the awareness level will be higher than the 77% threshold.
Mr X offers Mango for sale to Y at a price of Tk8500 per ton. Initially, Mr. Y accepts X’s offer. But with certain changes in the market situation Mr.Y wants to revocation of the offer and acceptance. Explain how Mr. Y revoked this offer
Answers
Mr. Y can revoke an offer by communicating to Mr. X that he no longer wishes to proceed with the sale of mangoes at the agreed-upon price of Tk8500 per ton, which can be done in person, over the phone, or in writing.
What is the definition of revoking an offer?Revocation of an offer occurs when the offeror withdraws the offer before the offeree accepts it. Thus, even if the offeror has already promised to keep the offer open, he can revoke it. The only time this will not occur is if the offeror received compensation to keep the offer open.
It should be noted that an offer can only be withdrawn before it has been accepted. Once an acceptance is communicated, the offer is considered binding and cannot be withdrawn. As a result, it is critical that Mr. Y communicates his rejection of the offer before Mr. X accepts it.
It is also worth noting that even if an offer has not yet been accepted, it can be terminated or become void in certain circumstances. For example, if the offer specifies a time limit for acceptance that expires, the offer is no longer valid. Similarly, if the offer's subject matter is destroyed or becomes unavailable, the offer may be terminated.
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send your client an email with a project and risk status. You ask for feedback on project performance. Which best practice should you adhere to when using email to communicate?
Answers
Explanation:
Get to the point quickly and be concise., but don't be impersonal or abrupt. Keep your sentences short and clear. Include everything your client needs to know in the email. If you're just providing information and don't need a response, write “No response needed” at the end of the email.
Answer: Take time to write a clear message
Explanation:
Your receiver needs to know what are you writing about.
The MAIN purpose of a frequency distribution is to ___________. a. plan a statistical project and assign tasks to workers, b. organize raw data, c. provide a graphical illustration of date relations, d. identify changing trends over time
Answers
The main purpose of a frequency distribution is to organize raw data (b).
A frequency distribution is a tabular summary of data that shows the frequency, or number of occurrences, of different values within a dataset. It is used to organize and analyze large amounts of data in a clear and concise manner.
For example, if you were conducting a survey to gather data on the number of hours that people work per week, you could use a frequency distribution to organize the data and see how many people work different ranges of hours (e.g., 0-10 hours, 11-20 hours, 21-30 hours, etc.).
Option a, planning a statistical project and assigning tasks to workers, is not the main purpose of a frequency distribution.
Option c, providing a graphical illustration of data relations, is not an accurate description of a frequency distribution.
Option d, identifying changing trends over time, is not the main purpose of a frequency distribution, but it can be used to identify trends if the frequency distribution is created for different time periods.
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analyze transaction using t-account:
She invested cash of P500,000 and Furniture
and Fixtures of P175,000.
Answers
Effects of transactions:
Dr. Pajanustan invested cash and furniture and fixtures to start the consultancy firm.
The firm purchased a computer, office supplies, accounting software, and equipment, incurring both cash payments and credit.
The firm provided tax services and seminars, earning cash.
The firm paid for staff salaries, rent, utilities, and personal withdrawals by the owner.
The firm made payments on credit purchases and received payments from clients on credit.
The firm incurred expenses for supplies and returned defective furniture.
Copy clear format:
The transaction details are provided in a clear and organized manner.
T-Account:
T-accounts are a visual representation of individual account balances, showing debit and credit entries.
For example, the account for Cash would have debit entries for payments made and credit entries for cash received, resulting in a final cash balance.
Similarly, accounts for accounts payable, accounts receivable, and owner's equity would reflect the changes in their balances due to the transactions.
Journal Entries:
Journal entries are the recording of the transactions in a company's books of accounts, typically in a general journal.
Each transaction would be recorded as a debit to one account and a credit to one or more accounts, depending on the nature of the transaction.
Posting to the Ledger:
Posting to the ledger is the process of transferring the journal entries to the individual accounts in the ledger.
The ledger is where all the account balances are recorded and updated.
The ledger account would be updated with the debit and credit entries from the journal entry, resulting in an updated account balance.
Trial Balance:
A trial balance is a listing of all the accounts and their balances, used to ensure that the total debits equal the total credits.
A trial balance provides assurance that the entries made in the general ledger are mathematically accurate, and can be used to identify errors.
Income Statement:
An income statement, also known as a profit and loss statement, presents the revenues and expenses of a company over a certain period of time, typically one month or one year.
The difference between the revenues and the expenses gives the profit or loss of the company for that period of time.
It is important to note that this information provided is based on the given transactions, and may not reflect the actual process of journal entries, posting to ledger, trial balance, and income statement. Also, to generate a specific financial statement, further classification and adjustments entries would be need it to be done.
find one investing concept that you BOTH put into category 3 and do some quick online research to find a
resource that explains the topic better. Both of you should be looking for resources, and then, based on what
you find, write a brief explanation of your new understanding here:
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Please suggest a sampling method to have a sample size of 100 samples from a total of 500 students (in which: 200 Business Administration students, 150 Languages students and 150 IT students). It is required that each member have an equal chance of being selected and that the sample contains enough students from the 3 majors mentioned
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One sampling method that could be used to select a sample of 100 students from a total population of 500 students with three different majors (Business Administration, Languages, and IT) is simple random sampling. In simple random sampling, each member of the population has an equal chance of being selected for the sample.
To implement this sampling method, you could follow these steps:
List all 500 students in a table, including their major (Business Administration, Languages, or IT).Assign a unique number to each student (e.g. 1 to 500).Use a random number generator or a table of random numbers to select 100 numbers between 1 and 500. These numbers will correspond to the students who are selected for the sample.Check the list of students to see which students have been selected based on the numbers that were generated. These students will be included in the sample.This sampling method will ensure that each student has an equal chance of being selected for the sample, and it will also ensure that the sample contains enough students from each major.
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dentify (by letter) each of the following characteristics as being an advantage, a disadvantage, or not applicable to the corporate form of business organization. - Separate legal entity C. Taxable entity resulting in additional taxes B. Continuous life - Unlimited liability of owners C. Government regulation - Separation of ownership and management B. Ability to acquire capital B. Ease of transfer of ownership
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1. Separate legal entity ⇒ ADVANTAGE
This is an advantage because it means that the owners are not liable for the actions of the company. If the company goes bankrupt for instance, they will not have to pay for it with their own finances.
2. Taxable entity resulting in additional taxes ⇒ DISADVANTAGE
Anything that results in corporations having to pay more taxes is disadvantageous from their point of view.
3. Continuous life ⇒ ADVANTAGE
This is an advantage because it makes accounting for the company easier as well as giving investors more stability in their planning.
4. Unlimited liability of owners ⇒ NOT APPICABLE.
This is not applicable to Corporate ownership but rather to sole proprietorship.
5. Government regulation ⇒ BOTH ADVANTAGE AND DISADVANTAGE
This can be both an advantage and a disadvantage. On the one hand, it can lead to the industry functioning effectively but on the other hand, it could stifle growth with restrictive policies.
6. Separation of ownership and management ⇒ DISADVANTAGE
This is a disadvantage because it gives rise to the Agency problem where management might try to act in their own best interests instead of that of the owners.
7. Ability to acquire capital ⇒ ADVANTAGE
Corporations are better able to acquire capital which is good because it means that they will be able to invest and embark on more projects.
8. Ease of transfer of ownership ⇒ ADVANTAGE
Owners of corporations especially the public ones, are able to transfer ownership quite easily to others through the sale of shares.