Answer:
June 10
Debit Purchases for $9,000: Gross method
June 30
Debit Discounts lost for $180: Net method
June 30
Credit Cash for $9,000 : Both methods
Explanation:
To Illustrate the required journal entries to record and pay for this purchase under the GROSS METHOD and NET METHODS by matching the action on the left with the method on the right using a PERIODIC INVENTORY SYSTEM.
June 10
Debit Purchases for $9,000: Gross method
June 30
Debit Discounts lost for $180: Net method
(2%*$9,000)
June 30
Credit Cash for $9,000 : Both methods
Angie needs a new dishwasher. She saw a great sale on the model she wanted and went down to her local appliance store. When she got there, the store owner said that they no longer had that dishwasher, but they would be happy to sell her a different model at a higher price. Why might the Federal Trade Commission be willing to look into this?
A.
It is false advertising.
B.
It is creating an invalid debt.
C.
It is preventing fair competition.
D.
It is an improper debt collection.
Answer:
A. It is false advertising.
Explanation:
Advertisement refers to the promotional multimedia messages designed and developed to make the products or services of a company known to its customers and potential customers.
The Federal Trade Commission (FTC) is an agency of the government of the United States of America saddled with the responsibility of promoting consumer protection and the enforcement of all civil antitrust laws.
Basically, the laws formulated or established by the FTC are to provide protection for consumers of various goods and services while requiring that businesses do not make false claims about them.
Furthermore, the consumer protection laws enforceable by the Federal Trade Commission (FTC) guarantees truthful information in the marketplace at all times. This is achieved by requiring that business firms only make claims about their products and services that can be proven.
In this scenario, the Federal Trade Commission might be willing to look into this issue (advert of the dishwasher model) because it is false advertising.
Ken and Joe are out at a bar drinking. During the evening, Ken writes a note on a cocktail napkin agreeing to sell his car to Joe for $500. After they both sign it, Ken pockets the money and hands the keys over. The next day, Ken has no idea where his car is and how he came to have $500 in his wallet. Was this a valid contract?
Answer:
250000
Explanation:
Alvez Company reports net income of $305,000 for the year ended December 31. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment. Its comparative balance sheet reveals a $40,200 increase in accounts receivable, a $10,200 decrease in prepaid expenses, a $15,200 increase in accounts payable, a $12,500 decrease in wages payable, and a $100,000 decrease in notes payable. Calculate the cash provided (used) in operating activities using the indirect method\
Answer:
$381,400
Explanation:
Net income for the year 305,000
Adjustments to reconcile net income
Depreciation expense for the year 93,700
loss on sale of the equipment 10,000
increase in accounts receivable -40,200
Decrease in prepaid expense 10,200
Increase in accounts payable 15,200
decrease In wages payable -12,500
net cash provided by operating activities $ 381,400
Which of the following is NOT an example of an explicit cost? Multiple Choice The income the owner could have earned in his or her next best employment opportunity. The salaries paid to the managers who help run the business. The overtime wages paid to workers. The rent the owner pays each month to lease office space.
Answer:
The income the owner could have earned in his or her next best employment opportunity.
Explanation:
Explicit cost includes all the amounts expended in running the business. It is used in calculating accounting profit. Examples are wages, rent, cost of equipment
The income the owner could have earned in his or her next best employment opportunity is an example of an implicit cost
Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives. It is used in calculating economic profit.
What are fixed expenses?
O A. The amount of money the retailer spends to buy each item from
the wholesaler or producer
B. All expenses that are the same fixed amount on a recurring basis,
such as rent
C. The amount of money received per the sale of each item
D. All expenses that change depending on various factors, such as
the number of customers in a given period of time
Answer: B. All expenses that are the same fixed amount on a recurring basis, such as rent
Explanation:
Fixed expenses in a business do not change depending on the level of activity that goes on in the business. This means that regardless of the number of sales made or units produced, these costs will remain the same.
This is the direct opposite of variable costs. These costs change based on the level of activity which means that they are affected by sales level, production level of both.
From June to the end of September, Jennifer wants to save at least $1,500. Her monthly expenses are $600. Jennifer saves whatever money she has left after paying her expenses each month. Jennifer is scheduled to work 80 hours in September. Find the minimum sales she needs in September to meet her goal of saving at least $1,500.
The minimum sales required by Jennifer to meet her savings goal must be $26.25 per hour or $2100 for September.
Given that,
Savings desired = $1500
Monthly expenses = $600
Let money earned by her every hour be [tex]x[/tex]
No. of scheduled work hours [tex]=[/tex] [tex]80[/tex]
So,
Total money earned for the month [tex]=[/tex] [tex]80[/tex] × [tex]x[/tex]
[tex]= 80x[/tex]
As we know,
Money left = Total money earned - expenses
[tex]= 80x[/tex] - [tex]$600[/tex] ...(i)
A.T.Q.
Money left must be = $1500
Then, by putting the variables in equation (i), we get
[tex]80x - 600 = 1500[/tex]
Now, solving for [tex]x[/tex]
[tex]80x - 600 = 1500[/tex]
[tex]+600 = + 600[/tex]
_______________
[tex]80x = 2100[/tex]
[tex]x = 2100/80[/tex]
∵ [tex]x = 26.25[/tex]
Thus, the required sales are $ [tex]26.25[/tex] per hour or ( [tex]26.25[/tex] × [tex]80[/tex] = $2100) for the month of September.
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To increase the number of orders it receives from recipients of its direct-mail advertising, the maker of All-Natural Diet Products encloses a special envelope that customers can use to mail their orders without paying postage. This special envelope is an example of _____ mail.3
Answer:
C. business reply
Explanation:
In the case when we have to increase the no of orders that could be received via direct mail adverstising and the customer could use the special kind of envelope for mailling the orders so this should be an example of business reply mail as it is concerned with the business and here the orders are to be an important factor that becomes very important for the company.
Therefore the option c is correct
Karin does not want her supervisor to know that the employees she is in charge of are not fulfilling their obligations, fearing the information will make her look like a bad manager to her boss. She decides not to tell her supervisor and deal with it on her own. This type of message distortion is
Answer:
general distortion.
Explanation:
According to the above scenario, it is correct to state that the type of message distortion is a general distortion, which occurs when a message is transmitted differently to a given receiver, in order to minimize negative situations, such as in a relationship of hierarchical work.
In the question we see that Karin distorted the facts so as not to displease her supervisor, so the general distortion is very recurrent in these situations. In order to reduce distortion, it is ideal that in power relations there is an opening for assertive and non-punitive communication, where trust and professional ethics prevail.
HELP!!! Economists note that personal income rose by 5 percent last year. What impact will the change in personal income have on demand?
A It will cause the demand curve to shift up
B It will cause the demand curve to shift left
C It will cause the demand curve to shift down
D It will cause the demand curve to shift right
Answer:
D It will cause the demand curve to shift right
Explanation:
Given
Increase in personal income
Required
The changes on the demand curve
On the demand curve, quantity is represented by the x-axis, while the y-axis represents price.
When personal income increases, the quantity of items purchased will increase.
This means that there will be a shift to the left on the demand curve.
Hence, (d) is correct
A furniture producer has decided to buy its upholstery cloth from new suppliers. The president has given the purchasing manager responsibility to make the final selections and negotiate the terms. The purchasing manager looks through books with samples and specifications and then calls salespeople to make presentations to the production manager, who is concerned about how easy the cloth will be to cut and sew. In this case, the purchasing manager is a(n
Answer: All of the above
Explanation:
The options to the question include:
A. influencer.
B. a buyer.
C. a decider.
D. a gatekeeper.
E. all of the above
Based on the information given in the question, the purchasing manager is a buyer, influencer, gatekeeper, and decider.
The gatekeeper is a person who blocks the way between an individual and the decision maker in an organisation. This can be seen as he looks through books with samples and specifications and then calls salespeople to make presentations to the production manager.
The purchasing manager is also the decider as he makes the decision in the buying process for the organization. He's also the buyer and the influencer. Therefore, the correct option is All of the above.
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Lifelong Learning: Mastery Test
4
Select the correct answer.
Why do many organizations encourage their employees to be lifelong learners?
O A employees will be more able to handle increasing responsibilities
OB. employees will be more likely to follow company policies
OC employees will be more likely to remain loyal to the company
OD. employees will be more likely to interact well with each other
Reset
Next
Answer: A. employees will be more able to handle increasing responsibilities.
Explanation:
Lifelong learning refers to the ongoing pursuit of knowledge for personal or professional reasons. When a person is a lifelong learner, such person has a growth mindset and pushes himself or herself to find new ideas to solve challenges.
Several organizations encourage their employees to be lifelong learners in order for such employees to be able to handle increasing responsibilities. Some organizations send their employees to study some courses which will help in their growth and development and also to be able to handle certain responsibilities.
How is chinese food made soo gosh darn good?
Answer:
Worm noodles
Explanation:
Answer:
I wish I knew. salt i guess
Explanation:
Joshua annual salary is 32,824 what percent monthly salary is used for monthly apartment rent of 684
Answer:
His 25 percent salary would be used.
Annual salary :32,824
Month in 1 year :12
Annual salary divide by 12= 2735.33
then 1 month rent divide by 1 month salary(2735.33) multiple by 100% = 25 %
3. A fine-dining restaurant has been making every- thing from scratch for the five years it has been open; it is the only operation in the area known for scratch- cooking. The management hires a new chef who does a make–buy analysis only to discover that she can get much better pricing on many of her products if she buys them premade. After a tasting comparison, she discovers that the premade products are of high quality and taste only slightly different from her own. Should she switch to the premade products? Would your answer be different if this decision took place when the restaurant first opened?
Answer:
No
Explanation:
The premade products could have been contaminated with any type of disease because she doesn't know what went inside whereas making it from scratch means she is able to monitor and remove and contaminated product.
:)
IF YOU KNOW BUSINESS!!! PLS I NEED HELP!!!!
Open-market purchases by the Fed
a. make the price level and value of money fall.
b. make the price level rise, and make the value of money fall.
c. make the price level and make the value of money rise.
d. make the price level fall, and make the value of money rise
Answer:
a is the acceleration of the declaration
Jamaluddin School, Male' Business Studies / Grade 7 REVISION- WANTS, NEEDS AND RESOURCES Answer ALL question. For each question there will be four possible answers A, B, C and D. Underline the ONE you consider correct.
1. Economics is the study of:
A. Study of wants and needs
B. Study of choice and opportunity cost
C. Study of resources, its utilization and
how decisions are made
D. Study basic needs
Answer:
Study of resources, it's utilization and how decisions are made
Bob and Sally were recently married. They are currently working on their estate plan. As their Financial Planner, they tell you that Sally is not a citizen of the United States. She is originally from Japan. When you are looking at their estate plan, what type of trust should you include
Miriam and Devon are both upper-level managers, but have very different decision-making styles. Please name and describe in your own words four decision making processes that could be used to guide their decision making. In addition, provide and explain in your own words 10 ways in which their decision could, in general, be derailed or hindered, and explain each.
There are various decision making styles of managers, the 4 different kind of manager decision making styles are listed below,
1. Directive
2. Analytical
3. Conceptual
4. Behavioral
Each of these method depend on the style of manager and the situation he is facing.
The directive style decision making style is used for firm decision making, in which ideas are not appreciated by the juniors. This is an aggressive decision making style
Analytical decision making style is one which focuses on finding the best possible solution to the problems after considering all alternative solutions
Conceptual decision making style is one in which managers are achievement oriented and they wish to see brighter future.
Behavioral decision making style is one in which nature of manager is persuasive and he believes gathering ideas from colleagues before making a decision.
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The Learner Company uses the weighted average method. Learner's beginning work in process consists of 6,600 units (100% complete with respect to materials and 60% complete with respect to conversion costs). The number of units completed during the period is 126,000. The ending work in process consists of 10,500 units (100% complete with respect to materials and 30% complete with respect to conversion costs). What are the equivalent units of production with respect to conversion costs
Answer: 129150
Explanation:
Based on the information given in the question, the equivalent units of production with respect to conversion cost will be calculated thus:
Equivalent Units = Units Completed + Units in EWIP × Fraction of conversion cost
= 126,000 + (10,500 × 0.30)
= 126,000 + 3150
= 129,150 units
Therefore, the equivalent units of production with respect to conversion costs is 129150 units
both dual enrollment and AP courses offer the following possibilities except that
Johnson is an executive vice president at Conecom Hardware. He researches a proposal by a larger company, Openlane Hardware, to combine the two companies. By analyzing past performance, conducting focus groups, and interviewing Openlane employees, Johnson concludes that Openlane has poor profit margins, sells shoddy merchandise, and treats customers poorly. What actions should Johnson and Conecom Hardware take
Answer: Turn down the acquisition offer and prepare to resist a hostile takeover.
Explanation:
Since Johnson analysed the past performance of Openlane hardware and found out that past performance, conducting focus groups, and interviewing Openlane employees, Johnson concludes that the company has poor profit margins, sells shoddy merchandise, and treats customers poorly, then Johnson and Conecom Hardware should turn down the acquisition offer and prepare to resist a hostile takeover.
In this case, the merge between the companies will have a negative impact on Johnson and Conecom hardware due to the fact that the company has a bad reputation already and this can have an effect on Conecom. Therefore, the acquisition offer should be turned down.
In the sale of a business, if the requirements of the Uniform Commercial Code are not
followed, who would most likely suffer the greatest injury?
Buyer
Broker
Creditors
Lender
If the requirements of the Uniform Commercial Code are not followed, the party that is most probable to suffer the highest injury is the buyer
The UCC comprised of rules that applied for the following contracts:
Sale of goodsGoods leasingnegotiable instrumentsbanking transactionsletter of creditinvestment securitiestransactions that are securedIt is to be adopted in many states also at the same time it gives the remedies and rights to both the buyer & seller
So, the parties that do not suffer are:
BrokerCreditorLenderTherefore we can conclude that If the requirements of the Uniform Commercial Code are not followed, the party that is most probable to suffer the highest injury is the buyer
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Timothy periodically purchases bonds issued by Prince Waste Collection. Last year, he bought two bonds in February, two bonds in June, and one bond in August, then sold them all in October. Prince Waste Collection bonds were selling at 94.593 in February, 92.661 in June, 105.480 in August, and 102.882 in October. If each bond that Timothy bought had a par value of $1,000, how much profit did he make from buying and selling these bonds
Answer:
$344.22
Explanation:
Calculation to determine how much profit did he make from buying and selling these bonds
First step is to calculate how much Timothy invested in February, June and August
February=2 x $1,000 x 94.593%
February = $1,891.86
June= 2 x $1,000 x 92.661%
June= $1,853.22
August= $1,000 x 105.48%
August = $1,054.80
Total investment = $4,799.88
($1,891.86+$1,853.22+$1,054.80)
Seconds step
Since Timothg sold 5 bonds in the month of October at 102.882 each which means he will received:
Amount received= 5 x $1,000 x 102.882%
Amount received= $5,144.10
Now let determine his Total profit
Total profit = $5,144.10 - $4,799.88
Total profit= $344.22
Therefore how much profit did he make from buying and selling these bonds will be $344.22
Mutt and Jeff each have a 50% interest in Keni Partnership. The partnership and the individuals file on a calendar-year basis. For its Year 4 tax year, Keni had a $30,000 loss. Mutt's adjusted basis in the partnership interest on January 1, Year 4, was $8,000. In Year 5, Keni partnership had a profit of $28,000. Assuming that there were no other adjustments to Mutt's basis in the partnership in Year 4 and Year 5, what amount of partnership income (loss) would Mutt show on his Year 4 and Year 5 individual income tax returns
Answer:
A partner's distributive share of partnership loss is allowed only to the extent of the adjusted basis of the partner's partnership interest:
Computation:
Year 4 Year 5
Mutt's share of profit(loss) at 50% ($15,000) $14,000
Basis 8,000 0
Unallowed loss (carryover) ($ 7,000) ($ 7,000)
Taxable income(loss) allowed ($ 8,000) $ 7,000
Which of the following is not a form of business combination?: (A) Acquisition. (B) S Corporation. (C) Conglomerate. (D) Merger.
Answer:
b.corporation is answerSuppose Jim goes door-to-door selling vacuum cleaners at an amazing discount. To obtain the discount, customers must pay immediately, and the vacuum cleaner will be delivered to them in three to five business days. However, Jim possesses no vacuum cleaners and does not plan to deliver any. Jim has committed the crime of
Answer:
false pretense
Explanation:
In criminal law the crime of false pretense is committed when a person get a property or cash through falsehood. In false pretense this money or property is gotten through fraud by misrepresentation.
For example, this salesperson promises to provide vacuum cleaners as an amazing discount. After the customers pay him, we see that he intentionally fails to deliver because he had no vacuum cleaners in the first place.
The term value chain refers to the idea that a company is: Group of answer choices The producer of a series of customer-valued products that are linked together. A series of activities that transform inputs into products that customers value. A collection of various products and their attributes. One of a series of economic functions.
Answer:
A series of activities that transform inputs into products that customers value.
Explanation:
A product can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a product are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks, etc.
The core benefit of a product can be defined as the basic (fundamental) wants or needs that is being satisfied, met and taken care of when a customer purchase a product.
Hence, the term that refers to the first level of a product, which depends on the customer value it generates is generally referred to as a core benefit. For example, a hotel provides a comfortable and convenient bed to spend the night (sleep) when you travel for a vacation.
On a related note, a value chain refers to the idea that a company is a series of activities that transform inputs into products that customers value.
During the current fiscal year, the Gateway City government recorded a $15,000 transfer from the General Fund to an internal service fund, a $25,000 transfer from the General Fund to an enterprise fund, a $10,000 transfer from an enterprise fund to an internal service fund, and a $5,000 transfer from an enterprise fund to the General Fund. In the Business-type Activities column of the government-wide financial statements, Gateway City should report: Multiple Choice
Answer:
$10,000
Explanation:
Calculation to determine what Gateway City should report in the government-wide financial statements
Using this formula
Net Transfer=+Transfer from the General Fund to an enterprise fund-Transfer from an enterprise fund to an internal service fund-Transfer from an enterprise fund to the General Fund
Let plug in the formula
Net Transfer =+$25,000-$10,000-$5,000
Net Transfer=$10,000
Therefore In the Business-type Activities column of the government-wide financial statements, Gateway City should report:Net Transfer in of $10,000
What is the main challenge of career planning in changing times?
A.You must make a plan good enough to need no changes,
B.You need to revise your plans often.
C.Rapid change makes it easier to find information
D.Your goals become unimportant to your plan.
The answer is option B. The main challenge of career planning in changing times is that you need to revise your plans often.
The world we live in is dynamic. New inventions, new technology, new methods of doing things always come up with time.
Because of this, when making a career plan, one must be fully aware that the process is not static. That is, changes would occur and as such, you have to revise your plans often so that it is in line with what is obtainable at the time.
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Which of the following items is an example of an overhead expense?: (A)Rent on a factory. (B)Electricity, most of which is used to power a plant's machinery. (C)Raw materials used in manufacturing. (D)Shipping costs on goods sold. (Hint: Remember that overhead expenses are fixed costs, which must be paid regardless of the amount of business done.)
