The accounting method for doubtful accounts that is easier to apply but less accurate is the allowance method.
The allowance method tends to be used on a monthly basis rather than on an annual basis, is the answer to this multiple-choice question. Thus, the correct option is the third one.
Let's have a look at what is the allowance method of accounting for doubtful accounts.
What is the allowance method?
The allowance method is an accounting technique that accounts for uncollectible accounts receivable on an ongoing basis, rather than just at the end of the accounting period.
As a result, it is frequently used in conjunction with the percentage of credit sales approach, which estimates the percentage of credit sales that will eventually become uncollectible.
The allowance method is a more accurate approach to estimating uncollectible receivables than the direct write-off method, which only accounts for receivables once they have been identified as uncollectible.
The two primary components of the allowance method are the allowance for doubtful accounts and the bad debt expense. The allowance for doubtful accounts is a balance sheet account that reduces the amount of the company's receivables to their net realizable value, whereas the bad debt expense is an income statement account that is utilized to estimate the amount of uncollectible receivables for the period.
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according to your book, which researcher equated a laissez-faire economic system with social darwinism?
According to your book, the researcher who equated a laissez-faire economic system with social Darwinism was Herbert Spencer.
Herbert Spencer was an English philosopher and political theorist who believed in a laissez-faire economic system, in which individuals are free to compete in an unregulated market, with the strong surviving and the weak failing. This idea was based on Charles Darwin’s theory of evolution, where only the fittest survive.
This idea was known as Social Darwinism and it was popularized by Herbert Spencer, who believed that this kind of economic system was the best way for society to progress and evolve. He argued that it was the only way for society to advance, as it would ensure that the fittest would survive, and the society would improve.
This idea was very popular in the 19th century, but it has since been largely rejected due to its negative implications, such as social inequality.
Spencer argued that the laissez-faire economic system was an efficient way to ensure that only the fittest and strongest would survive. This was based on his belief that competition was a necessary part of progress, and that any form of regulation would prevent competition and inhibit progress.
He argued that the only way for society to move forward was to allow individuals to compete in an unregulated market, where only the strongest and fittest would survive.
In conclusion, Herbert Spencer was the researcher who equated a laissez-faire economic system with social Darwinism. He argued that the only way for society to progress and evolve was to allow individuals to compete in an unregulated market, where only the fittest would survive. His ideas have since been largely rejected due to their negative implications, such as social inequality.
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which of these government policies can help economic growth? answer unselected promoting the existence of an efficient financial system unselected government ownership of all property unselected engaging in constant political change
Economic growth can be assisted by promoting the existence of an effective financial system. An effective financial system makes resource allocation possible, encourages investment, and aids in business growth.
Which government initiative fosters economic expansion?The use of taxation and expenditure by the government to affect the economy is known as fiscal policy.Governments frequently utilise fiscal policy to promote strong, long-term growth and to reduce poverty.
Which policy has led to the Indian economy's strong growth?In order to preserve price stability and achieve rapid economic growth, the monetary authority of a nation, typically the central bank, manages the amount of money available in the economy by manipulating interest rates.
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corn crunchers has three product lines. its only unprofitable line is corn nuts, the results of which appear below for 2013: if this product line is eliminated, 30% of the fixed expenses can be eliminated. how much are the relevant costs in the decision to eliminate this product line? question 18 options: $180,000 $1,520,000 $1,340,000 $1,100,000
The relevant costs in the decision to eliminate the Corn Nuts product line are the fixed expenses that can be eliminated and the contribution margin that would be lost if the product line is eliminated.
From the information given, the total fixed expenses for the company are $4,500,000 and 30% of these expenses can be eliminated if the Corn Nuts product line is eliminated. Therefore, the fixed expenses that can be eliminated are $1,350,000 ($4,500,000 x 0.3). The contribution margin for the Corn Nuts product line is $750,000. This is the amount of revenue generated from the product line minus its variable expenses. Therefore, the relevant costs in the decision to eliminate the Corn Nuts product line are $2,100,000 ($1,350,000 + $750,000). The correct option is $2,100,000.
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multiple choice qu 7-36 (static) part d [lo 7-3] d. an auditor may compensate for a weakness in internal control by increasing the extent of:
An auditor may compensate for a weakness in internal control by increasing the extent of substantive tests.
An auditor may compensate for a weakness in internal control by increasing the extent of substantive tests.
Substantive testing is the second part of an audit, which includes the procedures that an auditor uses to identify whether financial statements are free of material misstatements, whether caused by fraud or mistake.
Substantive tests can be used as a substitute for evaluating internal control if the auditor determines that the internal control testing would be more costly or less effective than substantive testing.
The auditor performs the following types of substantive procedures in order to evaluate the accuracy of the financial statements :
Testing the transactions to verify that they have been recorded in the accounting records correctly Testing the details of account balances to verify their completeness, accuracy, and existence to verify that the account balances are supported by audit evidence.
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the view that holds an organization should satisfy the needs of consumers in a way that also provides for society's well-being is known as
The view that an organization should satisfy the needs of consumers in a way that also provides for society's well-being is known as Corporate Social Responsibility (CSR).
CSR focuses on the social and environmental responsibilities that an organization has and the impact that their operations have on the environment and society. This includes being mindful of the organization’s practices and policies and ensuring they are sustainable and ethical. CSR also requires organizations to be open and transparent with the public, consumers, and shareholders, as well as actively engaging with and contributing to local communities. Ultimately, CSR encourages organizations to be more accountable and responsible for their actions and decisions.
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what are the key abilities required of danielle savoie to achieve alignment between is/it and business?
Danielle Savoie needs to have several key abilities to achieve alignment between IS/IT and business. Firstly, she needs to be able to understand the business processes and the overall business strategy. This will enable her to identify how IS/IT can support the organization in achieving its goals.
Secondly, she needs to be able to communicate effectively with stakeholders from both the business and IT. She needs to be able to translate technical concepts into layman's terms for the business stakeholders and vice versa for the IT stakeholders.
This will help to ensure that everyone is on the same page and that there is a shared understanding of what is required. Thirdly, she needs to be able to manage change effectively. Alignment between IS/IT and business often requires changes to processes, systems, and even organizational structures.
Danielle Savoie needs to be able to manage these changes effectively to ensure that they are implemented smoothly and that they deliver the desired benefits. Fourthly, she needs to be able to balance the needs of different stakeholders. Often there will be conflicting priorities and limited resources.
Danielle Savoie needs to be able to navigate these challenges and make decisions that balance the needs of the business and IT.Finally, she needs to be able to measure the success of alignment initiatives. This requires setting clear objectives and key performance indicators (KPIs) and tracking progress against them.
It also requires being able to adapt and make changes if the alignment initiatives are not delivering the desired results. In conclusion, Danielle Savoie needs to have a broad range of abilities to achieve alignment between IS/IT and business. She needs to be able to understand the business strategy, communicate effectively, manage change, balance conflicting priorities, and measure success.
By developing these abilities, she can help to ensure that IS/IT is aligned with the business and is contributing to the organization's success.
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Under the RUPA, a dissociation takes place whenever a partner is no longer associated with the running of the firm. TRUE/FALSE 17
Under the RUPA (Revised Uniform Partnership Act), a dissociation takes place whenever a partner is no longer associated with the running of the firm. The given statement is true.
What is dissociation?Dissociation is the term used in partnership law to describe the severance of ties between a partner and a partnership. A dissociation happens when a partner's connection with the partnership comes to an end, either voluntarily or involuntarily, according to the RUPA.
A dissociation can be caused by a variety of factors, including death, expulsion, resignation, bankruptcy, or retirement. Dissociation and partnership The dissociated partner is no longer involved in the partnership's management and business affairs once dissociation has occurred.
The dissociated partner, on the other hand, continues to be responsible for the company's debts incurred before the dissociation. A dissociation can cause significant disruptions to the partnership's financial stability and operations, depending on the terms of the partnership agreement and the reason for the dissociation.
In conclusion, Under the RUPA, a dissociation takes place whenever a partner is no longer associated with the running of the firm. This statement is true.
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question 9 the short-run aggregate supply curve is horizontal. is upward-sloping with a constant slope. becomes steep at output levels above the full-employment output. becomes flatter at output levels above the full-employment output.
The short-run aggregate supply curve is upward-sloping with a constant slope. This is the statement that correctly describes the shape of the short-run aggregate supply curve.
The aggregate supply curve is a graphical representation that depicts the relationship between the overall price level in the economy and the total output of goods and services produced in the economy. The curve depicts the number of goods and services that suppliers are willing to produce at different price levels, holding other factors constant.
In the short run, the aggregate supply curve is upward-sloping with a constant slope. This means that the suppliers are willing to produce more goods and services at higher price levels. The reason behind the upward-sloping aggregate supply curve in the short-run is that in the short-run, some input costs are fixed and don't change with the change in the overall price level. As a result, an increase in the overall price level leads to an increase in the profit margins of firms, which increases their willingness to produce more output
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a company pays a quarterly dividend of $1.75 per share. it has 2 million shares. assume a required annual return of 8%. assume net income of $140,000. what is the total equityvalue of the company?
The total equity value of the company is 175 million.
Total assets minus entire liabilities equals equity. A company's balance sheet will contain all of these numbers. Equity for a homeowner would be the home's value less any remaining mortgage debt or liens.
The total equity value of the company can be determined by calculating the present value of the company's dividend stream and the present value of the company's net income.
Annual dividend = 1.75 * 4 = 7
Stock price = Annual dividend / annual return]
Stock price = 7 / 0.08
Stock price = $87.5
Total value = $87.5 * 2
Total value = 175 million
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shylo art gallery wrongfully convinces sally that her painting is a fake painting and offers to pay her $100 which is far under that actual value of the painting. shortly thereafter, the painting is sold to hannah in shylo art gallery for $5000, the true value of the painting. will hannah be able to keep the painting?
Yes, Hannah will be able to keep the painting. Shylo Art Gallery wrongfully convinced Sally that her painting was a fake and offered to pay her $100. Therefore, the contract with Sally was not valid and Hannah was free to purchase the painting at its true value.
Shylo Art Gallery wrongfully convinced Sally that her painting was a fake painting and offered to pay her $100, which was far below the actual value of the painting. The painting was then sold to Hannah in Shylo Art Gallery for $5000, the true value of the painting. Will Hannah be able to keep the painting? Hannah will be able to keep the painting.
Shylo Art Gallery committed fraud in convincing Sally that her painting was fake when it was not, and offering her less money than the painting was worth. It is unclear if Hannah knew of the fraud at the time of the sale, but regardless, she paid the true value of the painting, and therefore is the rightful owner of it. Sally could potentially sue Shylo Art Gallery for the difference between the actual value of the painting and the amount she was paid, but that does not affect Hannah's ownership of the painting.
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which price index is used to measure changes in the prices that firms pay for goods and services? the producer price index the gdp deflator the cost of living index the consumer price index
The Producer Price Index (PPI) is used to measure changes in the prices that firms pay for goods and services. The PPI measures the change in the selling prices received by domestic producers for their output. It measures price change from the perspective of the seller.
Examples of goods and services the PPI covers are raw materials and intermediate goods, services provided by a business, and durable and nondurable goods.
The PPI is used as a tool to measure inflation and changes in the cost of production for businesses. It is an important economic indicator for businesses and other organizations that use the PPI to measure price changes and anticipate potential changes in the costs of their products.
The PPI is used in setting wage and salary levels and in predicting future costs and prices. The PPI is calculated by comparing the current prices of a representative sample of products with the prices of the same products in the preceding month or year.
The sample includes products of different industries, such as manufacturing, construction, agriculture, and energy. The PPI can be used to measure the average prices of a variety of products, such as gasoline, steel, and lumber.
In conclusion, the Producer Price Index is used to measure changes in the prices that firms pay for goods and services. The PPI is an important economic indicator used by businesses and other organizations to measure price changes and anticipate potential changes in the costs of their products.
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for the factors listed, indicate whether each one is an individual barrier or an organizational barrier. individual organizational listening skills information overload language status differences
The factors listed listening skills is both individual and organization skill, information overload is only organization skill, language is ,both individual and organization skill and status differences is only individual skill.
Listening skills and information overload are individual barriers because they are specific to each person and their ability to comprehend and process information. Language and status differences are organizational barriers, because they are external issues caused by differences in language or cultural expectations.
Individual barriers are personal challenges and abilities that each individual must confront on their own. This could include communication skills, such as listening and comprehension, or being overwhelmed with too much information.
Organizational barriers are external forces that may prevent effective communication. These include language differences, or cultural expectations that may cause conflicts between individuals of different status.
For example, if one person does not understand the language of the other person, or if the two people have different social or cultural expectations.
Overall, the factors listed (listening skills, information overload, language, and status differences) can be either individual barriers or organizational barriers, depending on the individual's personal ability or the external forces at play.
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Complete question:
for the factors listed, indicate whether each one is an individual barrier or an organizational barrier.
individual organizational
listening skills
information overload
language
status differences
true or false: when an auditor signs the audit report in the united states, he or she signs the name of the firm rather than his or her own name.
When an auditor signs the audit report in the United States, he or she signs the name of the firm rather than his or her own name.The given statement is true;
when an auditor signs the audit report in the United States, he or she signs the name of the firm rather than his or her own name.Why does the auditor sign the name of the firm instead of their own name?The auditor signs the name of the firm because it is the firm that has conducted the audit and bears the responsibility of signing the audit report.
Auditors may, however, be identified in the audit report by name, position, or other means of recognition. The auditor's signature indicates the following: The auditor attests to the reliability of the audited financial statements.The auditor's assessment of the effectiveness of the client's internal controls over financial reporting.
An auditor must be a licensed CPA and a member of the American Institute of Certified Public Accountants (AICPA) in order to sign an audit report.
Furthermore, auditors must follow the Generally Accepted Auditing Standards (GAAS), which are published by the AICPA, in order to maintain audit quality, independence, and impartiality.
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if consumers think about their previous experiences with a product or a brand when shopping for products, this is referred to as
If consumers think about their previous experiences with a product or a brand when shopping for products, this is referred to as brand loyalty. Brand loyalty occurs when consumers favor one brand or product over another, based on their past experiences with it.
This type of loyalty is formed by a variety of factors, such as price, quality, customer service, product features, or even personal preference.
Brand loyalty is formed by a combination of the customer's emotional connection to the brand, the perceived quality of the product, and the customer's past experiences with it.
The customer's past experiences are especially important, as they influence the customer's perception of the brand and create an emotional connection to it.
For example, if a customer has a positive experience with a brand, they are likely to return to it in the future and be more likely to recommend it to others. Similarly, a negative experience can lead to dissatisfaction and a lack of brand loyalty.
A company can take several steps to encourage brand loyalty. They can provide high-quality products and services, strive to exceed customer expectations, provide a positive customer service experience, and make the customer feel appreciated.
Additionally, they can provide incentives, such as loyalty programs and discounts, to reward returning customers and encourage them to continue using the brand.
In conclusion, brand loyalty is a phenomenon where customers favor one brand or product over another, based on their past experiences with it. Companies can encourage brand loyalty by providing high-quality products and services, striving to exceed customer expectations, providing incentives, and using marketing tactics to create an emotional connection with customers.
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a project manager for a small construction company has a project that was budgeted for us $130,000 over a six-week period. according to her schedule, the project should have cost us $60,000 to date. however, it has cost us $90,000 to date. the project is also behind schedule, because original estimates were not accurate. who has primary responsibility to solve the problem? group of answer choices project manager. senior management. project sponsor. manger of the project management office.
The primary responsibility to solve this problem falls on the project manager. Project manager addresses the issues and find solutions. The correct option is A.
What is the primary responsibility of Project Manager?According to their budget and timeline, the project should have cost $60,000 at this point but has instead cost $90,000. This means that the original estimates were not accurate, and the project manager is primarily responsible for addressing the issue and finding a solution.
A project manager for a small construction company has a project that was budgeted for us $130,000 over a six-week period. According to her schedule, the project should have cost us $60,000 to date. However, it has cost us $90,000 to date. The project is also behind schedule because the original estimates were not accurate.
The project manager has the primary responsibility to solve the problem. Construction projects involve creating new facilities, altering or upgrading existing buildings, or some combination of the two.
Construction project management is the process of organizing, planning, and managing resources to complete the project's construction objectives within a given timeframe and budget. The project manager is responsible for accomplishing the project's objectives within the budget and timeframe that was agreed upon.
Therefore, the correct option is A.
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beckingham sports is an american company that produces sports equipment. based on the results of a $25,000 market study and of a $40,000 consultant report, beckingham sports is considering expanding overseas. projected annual revenue associated with the expansion will be $200,000 and annual costs are estimated at $40,000. the expansion will require the replacement of an old machine with more modern equipment. the old machine has a $40,000 market value and has been fully depreciated to its salvage value of $10,000. the new, higher-capacity equipment will cost $340,000. additionally, installation and shipping fees of $60,000 will be incurred. the new machine will be depreciated via 5-year macrs schedule (20.0%, 32.0%, 19.2%, 11.5%, 11.5%, 5.8%). the firm estimates that the new machine can be sold at the end of its five-year life for $100,000. the new machine will necessitate an investment of $28,000 in working capital that will be fully recovered at the end of the project. beckingham sports has a 13% cost of capital and a corporate tax rate of 40%. what is the initial outlay? $428,000 $404,000 $400,000 $388,000
The initial outlay for Buckingham Sports to expand overseas is $428,000. This amount is determined by the combination of the cost of the new machine ($340,000), the installation and shipping fees ($60,000), and the investment in working capital ($28,000).
The cost of the new machine is the major factor in the initial outlay, as it is the largest cost at $340,000. This cost includes the replacement of an old machine with a newer, higher-capacity machine. The old machine had a market value of $40,000 and had been fully depreciated to its salvage value of $10,000. Additionally, the new machine will be depreciated via a 5-year MACRS schedule, where the depreciation expenses for the first five years will be 20.0%, 32.0%, 19.2%, 11.5%, 11.5%, and 5.8%, respectively. At the end of its five-year life, the new machine is estimated to be sold for $100,000.
The other costs of the expansion include the installation and shipping fees ($60,000) and an investment of $28,000 in working capital that will be fully recovered at the end of the project.
When all the costs are added up, the initial outlay for Buckingham Sports to expand overseas is $428,000. This amount is composed of the cost of the new machine ($340,000), the installation and shipping fees ($60,000), and the investment in working capital ($28,000).
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mount pleasant tires does not have sufficient funds to pay damages for a tort that arose out of the operation of the business. jess, a business owner, is not personally liable if:
Mount Pleasant Tires does not have sufficient funds to pay damages for a tort that arose out of the operation of the business. Jess, a business owner, is not personally liable if he operates under a corporation and the corporation has limited liability.
What is a corporation? A corporation is a separate legal entity that provides limited liability to its shareholders. The shareholders of a corporation are not personally liable for the corporation's actions. A corporation can own assets, enter into contracts, and sue or be sued. The shareholders' liability is limited to the amount of their investment, and their personal assets are protected. This is one of the primary advantages of incorporating.
What is limited liability? Limited liability is a type of legal structure that provides protection to shareholders' personal assets. Shareholders' personal assets are not at risk in the event of a lawsuit or bankruptcy if the company is structured as a corporation with limited liability. It's important to remember that limited liability only extends to the amount of the shareholder's investment. A corporation's creditors are not entitled to the personal assets of its shareholders.
What is a tort? A tort is a civil wrong, other than a breach of contract, that results in harm or damage to a person or their property.
It is the responsibility of the business owner to ensure that they do not cause damage to others while operating their business. If someone is injured or their property is damaged as a result of the business owner's negligence, they may be held liable. If the business owner operates as a corporation with limited liability, they are protected from personal liability.
In conclusion, Jess, a business owner, is not personally liable if he operates under a corporation and the corporation has limited liability.
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which aspect of the operations dimension includes outward recognition through promptly verbalized public acknowledgement that a problem exists, that the community has been affected, and that something will be done to remediate the situation?
The Operations Dimension of Crisis Management includes outward recognition through promptly verbalized public acknowledgement that a problem exists, that the community has been affected, and that something will be done to remediate the situation. This aspect of crisis management is essential to restoring public trust and confidence, as well as preventing further negative consequences.
Public acknowledgement should be clear and direct, emphasizing the importance of the problem and conveying a sense of urgency. The organization should take responsibility for the problem, regardless of the cause, and should make a commitment to resolving the issue and mitigating the effects. This should be followed up with consistent communication about the progress made and the steps being taken to resolve the crisis.
Public acknowledgement can be expressed through various means, such as press releases, public announcements, social media posts, and other forms of communication. Additionally, if appropriate, it can also be expressed through an individual’s presence at a public event or in a public space. The goal should be to demonstrate the organization’s understanding of the issue, its commitment to solving the problem, and its support for those affected by the crisis.
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mandy has a large art-supply company that sells through both her brick-and-mortar store and online. she wants to increase the awareness of her brand and drive higher sales. how can display ads help mandy achieve her business objectives?
Mandy can use display ads to help her achieve her business objectives by increasing the visibility of her art-supply company and driving higher sales. Display ads are a cost-effective way of gaining exposure for her business, as they allow her to target a wide range of potential customers.
Display ads are also easily customizable, allowing her to tailor her messages and visuals to meet her specific needs. Additionally, display ads can be tailored to measure the performance of campaigns and provide valuable insights that can be used to optimize her marketing efforts. In short, display ads can help Mandy increase the awareness of her brand and drive higher sales by providing a cost-effective, customizable, and measurable marketing platform.
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by selling its ownership in the bottling plant, honest tea redesigned jobs and workflow. this is an example of which type of organizational stress management? a.primary b.tertiary c.secondary d.quaternary
By selling its ownership in the bottling plant, honest tea redesigned jobs and workflow. This is an example of an organizational stress management known as secondary. The Option C.
What does the secondary organizational stress management means?Secondary stress management focuses on modifying the individual's response to stressors by redesigning jobs and workflows, introducing stress management training, or providing employee assistance programs to address the negative effects of stress.
By selling its ownership in the bottling plant and redesigning jobs and workflows, Honest Tea is taking steps to reduce the stress associated with their previous business model, which may have contributed to workplace stress and burnout.
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adam's boss tells him that their company is pursuing the strategy of horizontal integration. which of the following is true of this scenario? the company will acquire one of its suppliers. the company will buy or merge with one of its rivals. the company will begin to distribute its own products. the company will change the organizational structure to make it increasingly flat. the company will merge with another company that belongs to a different industry.
If Adam has been informed by his boss that their organization is following the strategy of horizontal integration, the company will buy or merge with one of its rivals.
Horizontal integration is a strategy in which a company acquires or merges with another company that operates in the same industry and at the same stage of production. This allows the company to increase its market share, reduce competition, and potentially achieve economies of scale.
In the given scenario, the company's strategy of horizontal integration suggests that it will acquire or merge with one of its rivals to increase its market power and gain a larger share of the industry. Therefore, the correct option is that the company will buy or merge with one of its rivals.
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maxon corp has provided the following information about one of its products: during the year, maxim sold 400 units. what is ending inventory using the average cost method
The cost of goods sold using the average cost method is $64,000, calculated by taking the weighted average cost of all units available for sale and multiplying by the number of units sold.
The weighted average cost per unit can be calculated as follows:
= (200 units x $140) + (400 units x $160) + (100 units x $20) = $90,200Total cost of goods available for sale:
= 200 + 400 + 100 = 600 unitsWeighted average cost per unit
= $90,200 ÷ 600 = $150.33Therefore, the cost of goods sold can be calculated as follows:
Cost of goods sold = 400 units x $150.33 Cost of goods sold= $64,000This question should be provided as follows:
Maxim Corp. has provided the following information about one of its products:
Date: 1/1
Beginning Inventory: 200 units, $140 cost per unitDate: 6/5
Purchase 400 units, $160 cost per unitDate: 11/10
Purchase 100 units. $20 cost per unitDuring the year, Maxim sold 400 units.
What is cost of goods sold using the average cost method?
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an investment offers a total return of 12 percent over the coming year. alex hamilton thinks the total real return on this investment will be only 8.8 percent. what does alex believe the inflation rate will be over the next year? (do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
After analyzing and calculating, Alex believes that the inflation rate over the next year will be 3.2%.
To find the inflation rate, we need to subtract the real return from the total return:
Inflation rate = Total return - Real return
Inflation rate = 12% - 8.8%
Inflation rate = 3.2%
A rise in the cost of the products and services that households purchase is referred to as inflation. It is calculated as the pace at which such prices change. Prices typically increase over time, but they can occasionally decrease (a scenario known as deflation).
Increased household incomes from more employment and better salaries, along with an increase in consumer spending, boost aggregate demand and open the door for businesses to raise the price of their goods and services. Inflation rises when this takes place across a significant number of industries and enterprises.
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The market demand function for four-year private universities is given by the equation: Qdpr = 84 - 3.1Ppr + .8I +.9Ppu
Where Qdpr is the number of applicants to private universities per year in thousands,Ppr is the average price of private universities (in thousands of USD), I is the household monthly income (in thousands of USD), and Ppu is the average price of public (government-supported) universities (in thousands of USD). Assume that Ppr is equal to 38, I is equal to 100, and Ppu is equal to 18
a- Compute the price elasticity of demand for private universities
b- Compute the income elasticity for private universities
c- Compute the cross-elasticity of demand for private universities
d- If the two goods are classified as complementary, the cross elasticity between them is
e- What will be the cross elasticity of demand between two goods, if the two goods are classified as substitutes
To compute the price elasticity of demand for private universities, we need to find the derivative of the demand function with respect to the price of private universities (Ppr) and then multiply it by the ratio of Ppr to Qdpr.
First, find the derivative of the demand function with respect to Ppr:
dQdpr/dPpr = -3.1
Now, calculate Qdpr using the given values of Ppr, I, and Ppu:
Qdpr = 84 - 3.1(38) + .8(100) + .9(18) = 84 - 117.8 + 80 + 16.2 = 62.4
Next, calculate the price elasticity of demand:
Price elasticity = (dQdpr/dPpr) * (Ppr/Qdpr) = -3.1 * (38/62.4) = -1.9006
b- To compute the income elasticity for private universities, find the derivative of the demand function with respect to income (I) and then multiply it by the ratio of I to Qdpr.
dQdpr/dI = .8
Income elasticity = (dQdpr/dI) * (I/Qdpr) = .8 * (100/62.4) = 1.2821
c- To compute the cross-elasticity of demand for private universities, find the derivative of the demand function with respect to the price of public universities (Ppu) and then multiply it by the ratio of Ppu to Qdpr.
d- Qdpr/dPpu = .9
Cross elasticity = (dQdpr/dPpu) * (Ppu/Qdpr) = .9 * (18/62.4) = 0.2596
d- If the two goods are classified as complementary, the cross elasticity between them is negative. This means that an increase in the price of one good leads to a decrease in the quantity demanded of the other good.
If the two goods are classified as substitutes, the cross elasticity of demand between them is positive.
This means that an increase in the price of one good lead to an increase in the quantity demanded of the other good.
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buyer and seller have a contract that calls for seller to ship buyer 10 dozen blue widgets. seller ships 10 dozen red widgets instead, and the shipment is destroyed in transit. which party has the risk of loss and why?
In the following question, among the conditions given, The buyer can hold the seller liable for the loss and seek damages for the value of the goods that were lost.
The buyer has the risk of loss in the given scenario. The reason is that the buyer and seller have a contract that calls for the seller to ship the buyer 10 dozen blue widgets.
However, the seller ships 10 dozen red widgets instead, which is not what was agreed upon in the contract. This means that the seller has breached the contract by failing to deliver the agreed-upon goods.
In terms of risk of loss, it is the party who has legal ownership and possession of the goods at the time of loss who bears the loss. In this case, the seller had legal ownership and possession of the goods until they were shipped to the buyer. However, because the seller failed to deliver the agreed-upon goods, they are in breach of the contract and therefore responsible for the loss.
This means that the buyer has the risk of loss in the given scenario because the seller is responsible for the loss of the goods. The buyer can hold the seller liable for the loss and seek damages for the value of the goods that were lost.
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which of the following is an objective for preparing closing entries? multiple choice to transfer the balances of temporary accounts to the retained earnings account. to convert from the accrual basis of accounting to the cash basis of accounting. to make sure that proper adjustments are made before preparing an adjusted trial balance. to reverse the effects of double-entry bookkeeping and ensure that the accounting equation is in balance.
Closing entries are journal entries made to close out a temporary account at the end of an accounting period. The closing entry's objective is to transfer temporary account balances to permanent accounts, such as retained earnings, and to reset the temporary account balance to zero. Therefore, the right option is "To transfer the balances of temporary accounts to the retained earnings account.
"The closing entries' objective is to transfer the balances of temporary accounts to the retained earnings account. There are four primary types of closing entries: revenue accounts, expense accounts, income summary, and dividend accounts. The primary purpose of the closing entry is to reset the temporary account balance to zero, which means that their net balance is moved to the permanent account.
The temporary account includes revenue, expenses, and dividends account. They are temporary accounts because they are used only for the current accounting period. At the end of the period, the account balance is closed out, and the net balance is transferred to the permanent account for financial reporting.
Closing entries' preparation involves a series of entries that help to reverse the effects of double-entry bookkeeping and guarantee that the accounting equation is in balance. Therefore, the right answer is "To transfer the balances of temporary accounts to the retained earnings account."
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what can prompt a firm to look outside its national boundaries for new markets and prepare it to compete successfully in global markets?
Firstly, a firm may look outside its national boundaries for new markets if they want to expand their business and reach a wider customer base. Additionally, they may look outside their country to take advantage of different economic conditions such as lower labor and material costs, or access to new technology and resources.
Finally, they may be motivated to compete in global markets due to an increase in the competition within their national market.
In order to successfully compete in global markets, a firm should prepare by researching potential markets, understanding the local culture and legal regulations, and creating a strategy for marketing and distribution.
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Which of these isn't a marketing tactic to get you to use credit? A. 0% interest. B. 1.5% cash back. C. Introductory offer. D. 50% off sale.
50% off sale is not a marketing tactic to get you to use credit. Option D is correct.
A marketing tactic is a strategic approach used by companies to promote a product or service. These strategies are intended to improve market exposure and attract customers. A marketing tactic, on the other hand, does not necessarily promote sales. Instead, it aims to create an image and brand in the minds of potential buyers.
A marketing tactic is a method used by a business to encourage consumers to purchase their goods or services. Incentives, such as 0% interest and 1.5% cash back, are examples of marketing tactics used to get customers to use credit. Furthermore, an introductory offer may be used to entice consumers to use a credit card. However, a 50% off sale is not a marketing tactic to get customers to use credit.
Thus, option D is correct.
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the generally accepted method of accounting for gains or losses from the early extinguishment of debt treats any gain or loss as
The generally accepted method of accounting for gains or losses from the early extinguishment of debt is to compute them as a difference between the reacquisition price and the net carrying amount of the debt which should be recognized in the period of redemption. Thus, option 4 is correct.
Accounting is the process of documenting a business's financial transactions. These transactions are compiled, examined, and reported to oversight organizations, regulatory bodies, and tax collection organizations as part of the accounting process. A company's operations, financial condition, and cash flows are summarised in the financial statements that are used in accounting.
They provide a succinct summary of financial transactions across an accounting period. Accounting is a crucial task for decision-making, budgeting, and measuring economic success in any size of the firm. Basic accounting requirements can be handled by a bookkeeper, but bigger or more complex accounting responsibilities should be left to a Certified Public Accountant (CPA).
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Your question seems to be incomplete. But most probably your complete question was:
The generally accepted method of accounting for gains or losses from the early extinguishment of debt is to compute them as
1. an adjustment to the cost basis of the asset obtained by the debt issue.
2. an amount received or paid to obtain a new debt instrument and, as such, should be amortized over the life of the new debt.
3. an amount that should be considered a cash adjustment to the cost of any other debt issued over the remaining life of the old debt instrument.
4. a difference between the reacquisition price and the net carrying amount of the debt which should be recognized in the period of redemption.
during 2021, lebron corporation accepts the following notes receivable. a. on april 1, lebron provides services to a customer on account. the customer signs a four-month, 9% note for $7,000. b. on june 1, lebron lends cash to one of the company’s vendors by accepting a six-month, 10% note for $11,000. c. on november 1, lebron accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $6,000.
Required: Record the acceptance of each of the note no entry is receivable. If required for a transaction/event, select "No journal entry required" in the first account field.
On April 1, LeBron provides services to a customer on account. The customer signs a four-month, 9% note for $6,900
During 2021, LeBron Corporation accepts three notes receivable are customer's account receivable, cash to the vendor, and past-due account receivable.
a. On April 1, LeBron provides services to a customer on account. The customer signs a four-month, 9% note for $7,000.
To record the acceptance of this note receivable, the journal entry would be:
Debit: Notes Receivable - $7,000
Credit: Accounts Receivable - $7,000
This entry records the conversion of the customer's account receivable balance to a note receivable.
b. On June 1, LeBron lends cash to one of the company's vendors by accepting a six-month, 10% note for $11,000.
To record the acceptance of this note receivable, the journal entry would be:
Debit: Notes Receivable - $11,000
Credit: Cash - $11,000
This entry records the lending of cash to the vendor and the creation of a note receivable in return.
c. On November 1, LeBron accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $6,000.
To record the acceptance of this note receivable, the journal entry would be:
Debit: Notes Receivable - $6,000
Credit: Accounts Receivable - $6,000
This entry records the conversion of the past-due account receivable balance to a note receivable.
In summary, LeBron Corporation has accepted three notes receivable during 2021 for various reasons. The journal entries for each of these transactions involve debiting the Notes Receivable account to record the creation of the notes and crediting either Accounts Receivable or Cash accounts to represent the source of the funds. These entries help keep track of the company's financial transactions and ensure accurate financial reporting.
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