The answers are Sales allowances,Notes receivable ,Accounts receivable , Direct write-off method,Allowance method, Aging method .
Reductions in amount owed by customers because of deficiency in products or services - Sales allowances (Term 3)
`Formal credit arrangements evidenced by a written debt instrument - Notes receivable (Term 5)Amount of cash owed to the company by customers from the sale of products or services on account - Accounts receivable (Term 1)
Recording bad debt expense at the time the account is known to be uncollectible - Direct write-off method (Term 6) Sales on account to customers - Credit sales (Term 2)
Reductions in amount owed by customers if payment on account is made within a specified period of time - Sales discounts (Term 8) Total revenues less discounts, returns, and allowances - Net revenues (Term 7)
Recording an adjustment at the end of each period for the estimate of future uncollectible accounts - Allowance method (Term 4) Estimated percentage of uncollectible accounts is greater for "old" accounts than for "new" accounts - Aging method (Term 9)
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Consider a European put option and a European call option on a $100 nondividend-paying stock. Both options have 6 months remaining and both have a $100 strike price. The risk-free interest rate is 5% CCAR. a. The market price of the call is $10. Calculate the no-arb price for the put. b. Which of the options is in-themoney? Which is out-of-the-money? Under the no-arb condition, is the call or the put more expensive?
The call option has a market price of $10, while the calculated no-arb price for the put option is $7.04.
a. To calculate the no-arb price for the European put option, we need to use the put-call parity relationship. The formula for put-call parity is:
Put price = Call price + Present value of strike price - Stock price
Given the information provided:
Call price = $10
Strike price = $100
Stock price = $100
Risk-free interest rate = 5%
Time remaining = 6 months or 0.5 years
First, we need to calculate the present value of the strike price:
Present value of strike price = Strike price / (1 + risk-free interest rate) ^ Time remaining
= $100 / (1 + 0.05) ^ 0.5
≈ $97.04
Now, we can calculate the no-arb price for the European put option:
Put price = Call price + Present value of strike price - Stock price
= $10 + $97.04 - $100
≈ $7.04
b. Both options have a strike price of $100, which is equal to the current stock price. Therefore, neither the European put option nor the European call option is in-the-money or out-of-the-money; they are both at-the-money.
Under the no-arb condition, the call option is more expensive than the put option. The call option has a market price of $10, while the calculated no-arb price for the put option is $7.04.
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why should you consider getting renters insurance? to get a discount on your rent to protect your belongings in case of emergency to reduce your tuition expense all answers are correct
You should consider getting renters insurance primarily to protect your belongings in case of emergency. Renters insurance provides coverage for your personal property, such as furniture, electronics, and clothing, against potential loss or damage caused by events like fire, theft, or natural disasters.
It also offers liability protection if someone gets injured on your rented property and may help with temporary living expenses if your rental becomes uninhabitable due to a covered event.
While getting a discount on your rent or reducing your tuition expense may not directly relate to renters insurance, it is essential to understand that protecting your belongings with insurance can ultimately save you money in the long run.
In the event of an emergency, replacing your possessions without insurance could lead to a significant financial burden. Therefore, investing in renters insurance is a wise decision to safeguard your valuables and ensure peace of mind.
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Q2. What is the concept of "Fair Value? Outline the basicdifference between fair value and book value of an asset. Explainthe key features of fair value defined by FASB ASC.(
Fair value is a financial concept that is used to determine the market value of an asset or liability at a specific point in time. It represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The basic difference between fair value and book value of an asset is that book value is the historical cost of an asset, which is adjusted for depreciation, amortization or impairment, whereas fair value is the current market value of an asset, which is determined by supply and demand forces in the market.
According to FASB ASC (Financial Accounting Standards Board Accounting Standards Codification), fair value is defined as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." The key features of fair value defined by FASB ASC include:
1. Market-Based: Fair value is based on the price that would be received in an active, orderly market for the asset or liability being valued.
2. Exit Price: Fair value represents the price that would be received to sell the asset or paid to transfer the liability, not the price that would be paid to acquire the asset.
3. Valuation Techniques: Fair value can be determined using various valuation techniques, including market approaches, income approaches, and cost approaches.
4. Disclosure: Fair value measurements require extensive disclosures that provide users of financial statements with information about the inputs, assumptions, and methods used to determine fair value.
In summary, fair value is an important concept in accounting that is used to determine the market value of an asset or liability. It is different from book value, which represents the historical cost of an asset. The key features of fair value defined by FASB ASC include market-based, exit price, valuation techniques, and disclosure.
compute cost of goods sold using the cost of goods method and perpetual system. input your numerical answer. do not use dollar signs, commas or decimals. round to the nearest whole dollar.
To compute the cost of goods sold using the cost of goods method and the perpetual system, I need the following information:
1. Beginning inventory cost
2. Purchases made during the period
3. Ending inventory cost
The cost of goods sold is the difference between the beginning inventory added to the period's purchases or finished goods while subtracting the ending inventory.
In other words, the cost of goods sold is the difference between the cost of goods available for sale and the ending inventory.
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Question 9 0/0.5 points The Point-of-sales (POS) systems capture all relevant sales data at the point of sale - the cash register. The data that is captured includes all of the following. except: 1) Prices are determined by accessing inventory and price list data 2) Sales revenue is recorded 3) Ordering for low-inventory items 4) Inventory values are updated.
The data captured includes the following except for:
3) Ordering for low-inventory items.
The POS systems capture all relevant sales data at the point of sale, which occurs at the cash register.
POS systems capture information such as determining prices by accessing inventory and price list data (1), recording sales revenue (2), and updating inventory values (4). However, they do not automatically order low-inventory items, as this typically requires additional management or purchasing decisions.
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Point-of-Sales (POS) systems record sales revenues, update inventory values, and determine prices by accessing inventory databases.
In the context of Point-of-Sales (POS) systems, they are typically designed to capture a range of key data in the course of sales transactions.
When a sale is executed, these systems typically document the sales revenue, update the inventory values, and can even access prices through a centralized inventory and price list database.
However, one operation that isn't typically managed by a POS system is the automatic ordering of low-inventory items.
Generally, this operation would be handled by an inventory management system that can interface with a POS system but isn't inherently part of it.
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Brian, a self-employed individual, pays state income tax payments of:
$ 900 on January 15, 2020 (4th estimated tax payment for 2019)
$1,000 on April 16, 2020 (1st estimated tax payment in 2020)
$ 1,000 on June 17, 2020 (2nd estimated tax payment in 2020)
$ 1,000 on September 16, 2020 (3rd estimated tax payment in 2020)
$ 800 on January 15, 2021 (4th estimated tax payment of 2020)
Brian had a tax overpayment of$ 500 on his 2019 state income tax return and applied this to his 2020 state income taxes. What is the amount of Brian's state income tax? itemized deduction for his 2020 Federal income tax return?
Based on the information provided, Brian's total state income tax payments for 2020 were $3,800. To determine if Brian should itemize his deductions for his 2020 Federal income tax return, we need to compare his itemized deductions to the standard deduction.
To calculate Brian's total state income tax payments for the 2020 tax year, we add up all of the payments he made in 2020:-
$1,000 (April 16, 2020) + $1,000 (June 17, 2020) + $1,000 (September 16, 2020) + $800 (January 15, 2021)
Total state income tax payments for 2020 = $3,800
We also need to include the $900 payment that Brian made on January 15, 2020, as this was his fourth estimated tax payment for the 2019 tax year:
$900 (January 15, 2020)
Total state income tax payments for 2019: $900
Because Brian applied his $500 overpayment from 2019 to his 2020 taxes, we subtract this from the total state income tax payments for 2020 and 2019:
$3,800 (total state income tax payments for 2020)
$500 (overpayment from 2019 applied to 2020)
$900 (total state income tax payments for 2019)
Brian's total state income tax for his 2020 Federal income tax return is: $4,200
To determine if Brian should itemize his deductions for his 2020 Federal income tax return, we need to compare his itemized deductions to the standard deduction. The standard deduction for a single individual in 2020 was $12,400.
Assuming Brian is a single individual, we would need to know the total amount of his deductible expenses, such as mortgage interest, property taxes, charitable contributions, and other eligible expenses. If his total deductible expenses exceed $12,400, then it would make sense for him to itemize his deductions. Otherwise, he should take the standard deduction.
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Allen is conducting qualitative research. Which of the following is most likely to be the objective of his research?
A.
To probe into subconscious consumer motivations
B.
To make accurate predictions about relationships between market forces and purchase behavior
C.
To validate the relationship between advertising expenses and sales volume
D.
To make generalizable observations about a target population's buying behavior
E.
To test a hypothesis linking coupon value to brand preference
Allen conducting qualitative research and which of the following is most likely to be the objective of his research:
The correct answer is A. To probe into subconscious consumer motivations.
Qualitative research aims to explore and understand the deeper, underlying reasons behind human behavior, attitudes, and motivations. It focuses on the "why" and "how" of decision-making, rather than just the "what" or "when".
Therefore, the most likely objective of Allen's qualitative research would be to probe into subconscious consumer motivations.
In contrast, options B, C, D, and E are more aligned with quantitative research objectives, which typically involve hypothesis testing, statistical analysis, and generalizable observations.
Quantitative research is more focused on quantifiable data, while qualitative research delves into the subjective experiences and perspectives of individuals.
In summary, Allen's qualitative research is most likely aimed at uncovering subconscious consumer motivations by gathering rich, detailed insights into their thoughts, feelings, and behaviors.
This type of research is valuable for understanding the complexities of human behavior and informing marketing strategies, product development, and other business decisions.
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suppose the canadians suddenly have a switch in taste from japanese automobiles to american automobiles. on the following graph, indicate what happens to the demand for u.s. dollars in the market for foreign-currency exchange as a result of this change in tastes.
If Canadians suddenly switch their preference from Japanese automobiles to American automobiles, the demand for U.S. dollars will increase in the foreign-currency exchange market.
This is because Canadians will need to purchase more U.S. dollars to pay for the increased imports of American automobiles. The increase in demand for U.S. dollars will lead to a rightward shift in the demand curve for U.S. dollars, as shown in the graph below. The new demand curve, labeled D2, shows a higher quantity of U.S. dollars demanded at every exchange rate compared to the original demand curve, labeled D1. As a result of this shift in demand, the exchange rate between the Canadian dollar and the U.S. dollar will also change. The exchange rate will increase, meaning that each Canadian dollar will be able to purchase fewer U.S. dollars than before. Overall, a switch in Canadian consumer preferences from Japanese to American automobiles would lead to an increase in the demand for U.S. dollars and a corresponding increase in the exchange rate between the two currencies.
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Fujio Mitarai, Chairman and CEO of Canon has turned around Canon’s fortunes and multiplied its net profit since becoming chairman and CEO at this global camera, printer and photostat machine maker. Mitarai has made many changes in Canon that reflects his conscientiousness and openness to experience. To revitalise Canon he needed to take bold steps by shutting down weak businesses and divisions and pushing employees to find ways to cut costs and for rewarding employees for increasing sales and profitability. His openness to experience has served him well all his life. As a child who only knew the Japanese language and culture, he longed to go overseas. After a few years in Canon Japan, he transferred to Canon New York where he served for 23 years, building the camera and copier business for canon in USA. Mitarai’s openness to both the Japanese and the American ways of managing has led him to be role model for other executives and he has been named one of Business Week’s "Best Managers". For example, consistent with American practices, he believes in merit pay to reward high performers and consistent with Japanese practices, he values loyalty and lifetime employment. Rather than appoint outsiders to the board of directors, he prefers the contributions insiders can make. At the same time he empowers auditors to play a more active role in corporate governance. Mitarai’s openness to experience is pushing Canon in new directions. For example, he envisions by 2020, equipment used in medical fields will be a significant part of Canon’s business. Researchers in Canon are working with researchers in Japanese and American universities to create medical imaging technologies and Mitarai hopes to create a major Research and Development centre in United States to develop new technologies and products. Protecting the environment is also important for Mitarai. He says, "We want to create a more environmentally friendly cycle for our products. " Thus, Canon has built a new factory in United States to make toners and cartridges so that cartridges will no longer be needed to be shipped from Asia in ocean freighters that pollute the environment. (Source: adapted from George J. M, Jones G. R (2012) Understanding and managing Organisational Behaviour, 6th edition, Pearson Education, pg 46)
Question 1 Using The Big Five Model of Personality, explain Fujio Mitarai’s personality. (30 marks)
Question 2 Explain how Mitarai has integrated elements of American and Japanese culture in Canon. (30marks)
Question 3 Describe how Mitarai’s personality contributes to Canon’s success. (40marks)
Using The Big Five Model of Personality, Fujio Mitarai’s personalities are Openness to Experience, Conscientiousness, Extraversion, Agreeableness, Neuroticism.
According to the Big Five Model of Personality, Fujio Mitarai’s personality can be explained as follows:
Openness to Experience: Mitarai’s openness to experience is evident in his desire to learn about different cultures and his willingness to take bold steps to revitalize Canon. He has also demonstrated openness to new business directions, such as entering the medical imaging field.
Conscientiousness: Mitarai’s conscientiousness is evident in his focus on cutting costs and increasing profitability at Canon. He has also emphasized the importance of creating environmentally friendly products.
Extraversion: While there is limited information about Mitarai’s extraversion, his success in building the camera and copier business for Canon in the USA suggests that he is comfortable in networking and socializing with others.
Agreeableness: Mitarai’s agreeableness is demonstrated by his belief in valuing loyalty and lifetime employment for employees, as well as his preference for having insiders on the board of directors.
Neuroticism: There is limited information about Mitarai’s neuroticism, but his success in turning around Canon’s fortunes suggests that he is able to handle stress and adversity effectively.
Mitarai has integrated elements of American and Japanese culture in Canon in the following ways:
Rewarding high performers with merit pay is a practice that is consistent with American culture, while valuing loyalty and lifetime employment is consistent with Japanese culture. Mitarai has also demonstrated openness to both Japanese and American ways of managing, and has been able to incorporate the best practices from both cultures.
While preferring insiders on the board of directors is consistent with Japanese culture, empowering auditors to play a more active role in corporate governance is a practice that is more consistent with American culture. Canon’s focus on creating environmentally friendly products reflects a global concern that is not specific to either Japanese or American culture.
Mitarai’s personality has contributed to Canon’s success in the following ways:
His openness to experience has allowed him to identify new business directions and opportunities for growth, such as entering the medical imaging field. His conscientiousness has led him to focus on cutting costs and increasing profitability at Canon, which has helped to turn the company around.
His agreeableness is reflected in his belief in valuing loyalty and lifetime employment for employees, which has helped to create a positive work environment. Mitarai’s ability to integrate elements of both American and Japanese culture in Canon has allowed the company to benefit from the best practices of both cultures. Mitarai’s leadership style and personality have contributed to a positive organizational culture at Canon, which has helped to drive the company’s success.
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mendez company has identified an investment project with the following cash flows. year cash flow 1 $ 900 2 1,290 3 1,550 4 1,725 a. if the discount rate is 7 percent, what is the present value of these cash flows? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. what is the present value at 20 percent? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. what is the present value at 30 percent? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
The present value of these cash flows at a discount rate of 30 percent is $2,025.04.
Mendez Company has identified an investment project with the cash flows listed below:
Year Cash Flow1 $9002 $1,2903 $1,5504 $1,725a. To find the present value of these cash flows at a discount rate of 7 percent, we use the formula:PV = CF1 / (1+r)^1 + CF2 / (1+r)^2 + CF3 / (1+r)^3 + CF4 / (1+r)^4where PV is the present value, CF is the cash flow, r is the discount rate.Plugging in the numbers, we get:PV = 900 / (1+0.07)^1 + 1,290 / (1+0.07)^2 + 1,550 / (1+0.07)^3 + 1,725 / (1+0.07)^4PV = $4,108.02
Therefore, the present value of these cash flows at a discount rate of 7 percent is $4,108.02.b. To find the presentvalue of these cash flows at a discount rate of 20 percent, we use the same formula but with a different discount rate:PV = 900 / (1+0.20)^1 + 1,290 / (1+0.20)^2 + 1,550 / (1+0.20)^3 + 1,725 / (1+0.20)^4PV = $2,618.50Therefore, the present value of these cash flows at a discount rate of 20 percent is $2,618.50.c. To find the present value of these cash flows at a discount rate of 30 percent,
PV = 900 / (1+0.30)^1 + 1,290 / (1+0.30)^2 + 1,550 / (1+0.30)^3 + 1,725 / (1+0.30)^4PV = $2,025.04Therefore, the present value of these cash flows at a discount rate of 30 percent is $2,025.04.
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flex co. just paid total dividends of $575,000 and reported additions to retained earnings of $1,725,000. the company has 515,000 shares of stock outstanding and a benchmark pe of 15.30 times. what stock price would you consider appropriate? group of answer choices $68.33 $51.25 $61.50 $64.91 $17.08
The appropriate stock price you should consider is $68.33. Therefore, the correct option is 1.
We will be using the Dividend Discount Model (DDM) to find the appropriate stock price. Hence,
1. Calculate the Earnings per Share (EPS):
EPS = (Dividends + Additions to Retained Earnings) / Number of Shares Outstanding
EPS = ($575,000 + $1,725,000) / 515,000
EPS = $2,300,000 / 515,000
EPS = $4.466
2. Calculate the Price-Earnings Ratio (P/E):
P/E = Benchmark P/E
P/E = 15.30 times
3. Calculate the appropriate stock price:
Stock Price = EPS * P/E
Stock Price = $4.466 * 15.30
Stock Price = $68.33
Therefore, the appropriate stock price is $68.33 which corresponds to option 1.
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if current assets equal current liabilities and other things are held constant, which of the following will not affect the quick ratio?
If current assets equal current liabilities and other things are held constant, the factor that will not affect the quick ratio is: changes in long-term liabilities.
The quick ratio is calculated as follows:
Quick Ratio = (Current Assets - Inventory) / Current Liabilities
Since current assets equal current liabilities, any changes in long-term liabilities will not affect the quick ratio because long-term liabilities are not part of the quick ratio formula. The quick ratio focuses on the company's short-term liquidity and its ability to meet short-term obligations without relying on the sale of inventory.
Quick Ratio, also known as Acid-Test Ratio, is a financial metric that measures a company's ability to pay its current liabilities using its most liquid assets. It excludes inventory from current assets as it is not easily convertible to cash. A higher quick ratio indicates that a company can meet its short-term obligations without having to sell inventory.
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which of the following is the set of all cost components that make up the fixed-order quantity total annual cost (tac) function?
The set of all cost components that make up the fixed-order quantity TAC function includes ordering cost, holding cost, and unit cost.
The fixed-order quantity total annual cost (TAC) function includes the following cost components:
1. Ordering cost: The cost associated with placing an order for a fixed quantity of goods or materials.
2. Holding cost: The cost of holding or carrying inventory over a specific period, including costs such as storage, insurance, and depreciation.
3. Unit cost: The cost per unit of the goods or materials being ordered.
Therefore, the set of all cost components that make up the fixed-order quantity TAC function includes ordering cost, holding cost, and unit cost.
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can yo use the money from getting from shopify to cover the payment or do i have to use my own funds
Yes, you can use the money you receive from Shopify to cover your payments. In fact, this is one of the primary benefits of using Shopify as an e-commerce platform.
When you make sales on your Shopify store, the funds are automatically deposited into your designated bank account. You can then use those funds to pay for your expenses, including Shopify fees, website hosting, advertising costs, and more.
This means that you don't have to dip into your own funds to keep your business running. As long as you have sufficient funds in your Shopify account, you can use them to cover your expenses and keep your business growing.
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When performing a job search, which two of the following tips should you employ in regard to the keywords you use?
Use five or more keywords at the same time.
Choose narrowed over broad keywords.
Use the same keyword every time.
Use variations of keywords to broaden your results.
Consider unrelated keywords for the topic.
Two of the following tips you should employ in regard to the keywords you use for job:
Choose narrowed over broad keywords.Use variations of keywords to broaden your results.Keywords are words or brief phrases related to specifications for a particular project. To filter through resumes and focus on candidates who have the qualifications they need, hiring managers employ keywords. Additionally, many businesses employ applicant tracking systems (ATS) to discover the most pertinent candidates.
Using job-related keywords is crucial for a number of reasons, such as: makes job applicants stand out: Candidates may have a higher chance of being discovered by employers or hiring managers if they include the appropriate keywords in their resume, cover letter, and other professional documents.
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a) help me record the following events
b) prepare the adjusted journal entry to record the bad debt
c) the balance of allowence for doubtful accounts at December 31,2020
d) the net cash realizeable value of accounts reciveable
Events: Aug. 10 determind the accounga of jake jo for 2,00 is uncollectae
sept. 15 determinded that yhe account of helen for 5,500 is uncollectble
oct. 3 received a check for 1,500 as a payment on the account from Jake Joe whose account has previously been writen off as uncollectabke.
nov. recived a $450 check from jake jones
The net cash realizable value of accounts receivable at December 31, 2020 would depend on the total amount of accounts receivable and the balance of allowance for doubtful accounts. Assuming the total amount of accounts receivable is $50,000, and the balance of allowance for doubtful accounts is $7,500, the net cash realizable value of accounts receivable would be $42,500 ($50,000 - $7,500).
a) Events: Aug. 10: Determined that the account of Jake Jo for $2,000 is uncollectible.
Sept. 15: Determined that the account of Helen for $5,500 is uncollectible.
Oct. 3: Received a check for $1,500 as a payment on the account from Jake Jo whose account has previously been written off as uncollectible.
Nov.: Received a $450 check from Jake Jones.
b) Adjusting journal entry to record the bad debt:
Bad debt expense $7,500
Allowance for doubtful accounts $7,500
c) The balance of allowance for doubtful accounts at December 31, 2020:
The balance of allowance for doubtful accounts would be $7,500 as we have recorded the bad debt expense of $7,500 in the adjusting journal entry.
d) Net cash realizable value of accounts receivable:
The net cash realizable value of accounts receivable at December 31, 2020 would depend on the total amount of accounts receivable and the balance of allowance for doubtful accounts. Assuming the total amount of accounts receivable is $50,000, and the balance of allowance for doubtful accounts is $7,500, the net cash realizable value of accounts receivable would be $42,500 ($50,000 - $7,500).
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Any purchased materials that will go into the finished product are first recorded in the _______ ________inventory account.Blank 1: RawBlank 2: Materials or Material
When a company purchases materials that will be used to create the finished product, these materials are first recorded in the Raw Materials inventory account.
This account is a part of the company's balance sheet and helps to keep track of the costs and quantities of materials on hand.
1. The company purchases raw materials from a supplier.
2. The raw materials are received and checked for quality and quantity.
3. The company records the costs and quantities of the received raw materials in the Raw Materials inventory account.
4. As the production process begins, the raw materials are transferred from the Raw Materials inventory account to the Work-in-Process inventory account.
5. The production process transforms the raw materials into finished goods, which are then transferred to the Finished Goods inventory account.
6. Finally, when the finished goods are sold, the cost is recognized as the cost of goods sold (COGS) in the income statement.
In summary, the Raw Materials inventory account is where any purchased materials that will go into the finished product are first recorded. This account helps to track the costs and quantities of materials on hand and plays an essential role in the production process.
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Complete question:
Any purchased materials that will go into the finished product are first recorded in the _______ ________ inventory account.
sustainable supplies prepares the following aging of receivables analysis: days past due total current 1 to 30 31 to 60 61 to 90 over 90 accounts receivable $ 57,600 $ 40,000 $ 9,000 $ 3,600 $ 2,000 $ 3,000 percent uncollectible 1% 3% 5% 8% 11% prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the allowance for doubtful accounts is a $500 credit. multiple choice debit bad debts expense $840; credit allowance for doubtful accounts $840. debit allowance for doubtful accounts $840; credit bad debts expense $840. debit bad debts expense $1,840; credit allowance for doubtful accounts $1,840. debit allowance for doubtful accounts $1,840; credit bad debts expense $1,840. debit bad debts expense $1,340; credit allowance for doubtful accounts $1,340.
To prepare the adjusting entry to record bad debts expense given the aging of receivables analysis and the unadjusted balance in the allowance for doubtful accounts, follow these steps:
1. Calculate the expected uncollectible amounts for each category using the percent uncollectible: - Current: $40,000 * 1% = $400. - 1 to 30 days: $9,000 * 3% = $270. - 31 to 60 days: $3,600 * 5% = $180
- 61 to 90 days: $2,000 * 8% = $160. - Over 90 days: $3,000 * 11% = $330. 2. Add up the expected uncollectible amounts: $400 + $270 + $180 + $160 + $330 = $1,340
3. Consider the unadjusted balance in the allowance for doubtful accounts, which is a $500 credit. 4. Determine the necessary adjustment: $1,340 - $500 = $840
5. Prepare the adjusting entry:
Debit Bad Debts Expense $840; Credit Allowance for Doubtful Accounts $840.
So, the correct answer is: Debit Bad Debts Expense $840; Credit Allowance for Doubtful Accounts $840.
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a certificate consists of a public key, an identifier of the key owner, and the whole block signed by a trusted third party. (True or False)
A certificate is a digital document that typically consists of a public key, an identifier of the key owner, and a digital signature from a trusted third party. This statement in true.
The trusted third party is called a Certificate Authority (CA), which is responsible for verifying the identity of the key owner and signing the certificate to confirm that the public key belongs to that owner.
The public key is used for encrypting messages that only the key owner can decrypt. The key owner's identifier, such as a name or email address, helps to uniquely identify the owner of the public key.
The digital signature from the Certificate Authority ensures that the certificate is authentic and has not been tampered with.
Certificates are commonly used in Secure Sockets Layer (SSL) and Transport Layer Security (TLS) protocols to secure online transactions, such as e-commerce purchases or online banking.
When a user visits a website with SSL or TLS encryption, the website presents its certificate to the user's web browser.
The browser verifies the certificate's authenticity and uses the public key to encrypt the data that is exchanged between the user's browser and the website's server.
Certificates play an essential role in establishing secure communications on the internet. They provide a mechanism for verifying the identity of online entities and ensuring the confidentiality and integrity of data exchanged over the internet.
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unemployment data are collected question 2 options: from unemployment insurance claims. through a regular survey of about 60,000 households. through a regular survey of about 200,000 firms. all of the above are correct.
Unemployment data are collected through a regular survey of about 60,000 households. Therefore, the correct option is: Through a regular survey of about 60,000 households.
The survey is conducted by the Bureau of Labor Statistics (BLS), which is part of the US Department of Labor. The survey is called the Current Population Survey (CPS), and it is conducted every month to collect data on the labor force status of the population. The survey asks questions about employment, unemployment, and other characteristics of the labor force. The data collected from the CPS is used to calculate the unemployment rate and other labor force statistics. The Current Population Survey (CPS) is a monthly survey conducted by the Bureau of Labor Statistics (BLS) to collect data on the labor force status of the population. The survey includes a sample of about 60,000 households, which are selected to represent the entire US population.
The survey asks a series of questions to determine each person's labor force status. For example, the survey asks if the person is employed, unemployed, or not in the labor force. If the person is unemployed, the survey asks about their job search activities and whether they are available to work. The survey also asks about the person's demographic characteristics, such as age, gender, race, and education level.
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Expert Q&A Done Describe the work of an HR Department of a company. As a minimum, you need to describe the following areas: Recruitment and Selection Training and Development Compensation and Benefits
The work of an HR Department can be described as follows:
1. Recruitment and Selection: The HR Department is responsible for attracting and hiring the best talent for the company. This process involves identifying job vacancies, creating job descriptions, advertising open positions, screening and interviewing candidates, and finally selecting the most suitable candidates to join the organization.
2. Training and Development: The HR Department plays a crucial role in the continuous growth and development of the employees. They identify skill gaps, develop training programs, and provide employees with opportunities for professional development. This ensures that the workforce stays competent and adapts to any changes in the business environment.
3. Compensation and Benefits: The HR Department manages employee compensation and benefits, ensuring that the company remains competitive in the job market. They develop and administer salary structures, design and manage benefits programs (such as health insurance and retirement plans), and ensure that all employees are fairly compensated according to their skills, experience, and job responsibilities.
In summary, the HR Department plays a vital role in managing the company's most important asset - its employees - by focusing on Recruitment and Selection, Training and Development, and Compensation and Benefits.
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Calculate reorder level, minimum stock level, maximum stock level and average stock level from the following information:Normal usage 300 units per weekMaximum usage 450 units per weekMinimum usage 150 units per weekReorder period 4-6 weeksReorder quantity 2,400 units
The reorder level is 2,700 units, the minimum stock level is 600 units, the maximum stock level is 5,100 units, and the average stock level is 2,850 units.
To calculate the reorder level, we need to multiply the maximum usage by the maximum lead time (which is 6 weeks):
Reorder level = maximum usage x maximum lead time
Reorder level = 450 units/week x 6 weeks
Reorder level = 2,700 units
To calculate the minimum stock level, we need to multiply the minimum usage by the minimum lead time (which is 4 weeks):
Minimum stock level = minimum usage x minimum lead time
Minimum stock level = 150 units/week x 4 weeks
Minimum stock level = 600 units
To calculate the maximum stock level, we need to add the reorder quantity to the reorder level:
Maximum stock level = reorder level + reorder quantity
Maximum stock level = 2,700 units + 2,400 units
Maximum stock level = 5,100 units
To calculate the average stock level, we need to add the minimum stock level and the maximum stock level, and divide by 2:
Average stock level = (minimum stock level + maximum stock level) / 2
Average stock level = (600 units + 5,100 units) / 2
Average stock level = 2,850 units
Therefore, the reorder level is 2,700 units, the minimum stock level is 600 units, the maximum stock level is 5,100 units, and the average stock level is 2,850 units.
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At the time the SEC inquiry into Enron was opened, the SEC contended that Arthur Andersen (AA) obstructed justice due to having information that was potentially damaging to the firm. Which of the following was NOT one of the items included in the SEC complaint?
1)AA's auditors had allowed Enron to use SPE methodologies that conflicted with those approved by AA specialists.
2)AA had been forewarned by an internal whistleblower that Enron's use of SPEs was fraudulent.
3)David Duncan, the CPA in charge of the Enron audit, was not "in fact" independent of Enron.
4)Charges against income in the third quarter of 2001 were incorrectly categorized as non-recurring.
Regarding the SEC inquiry into Enron and the contention that Arthur Andersen obstructed justice, the item that was not included in the SEC complaint is:
3) David Duncan, the CPA in charge of the Enron audit, was not "in fact" independent of Enron.
Answer: Option 3.
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When marketing researchers consider sampling techniques, they are preparing to collect ___________ data.
a) census
b) statistical
c) internal secondary
d) external secondary
e) primary
When marketing researchers consider sampling techniques, they are preparing to collect primary data. Primary data is collected for the first time by the researcher or their team through various methods such as surveys, focus groups, interviews, and observations.
It is specific to the research question and objective, and therefore, it is relevant to the research problem. Researchers select participants through sampling techniques such as random sampling, stratified sampling, or convenience sampling.
On the other hand, secondary data is data that already exists and is collected by someone else for their purposes. External secondary data is collected by sources outside the organization, such as government agencies, industry associations, or research firms, and internal secondary data is collected within the organization, such as sales records, customer complaints, or feedback.
A census is a type of survey that collects data from all members of a population. Statistical data refers to data that has already been analyzed and presented in a statistical form. Therefore, the correct answer to the question is primary data as marketing researchers use sampling techniques to collect primary data for their research projects.
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If Bloomingdale's wants to learn about consumers' attitudes toward on-line purchases and conducts a study to acquire this information, this study would collect ____________ data.
a) causal
b) experimental
c) primary
d) laboratory
e) secondary
The type of data that Bloomingdale's would collect in this scenario is primary data. Primary data is data that is collected first-hand, specifically for the purpose of the study at hand. In this case, Bloomingdale's would conduct a study to collect data on consumers' attitudes toward online purchases, which would be collected through surveys, interviews, or other methods of data collection.
Secondary data, on the other hand, is data that has already been collected by someone else for a different purpose. This could include data from government reports, academic studies, or market research reports. While secondary data can be a valuable source of information, it may not always be relevant to the specific research question being asked by Bloomingdale's.
Causal and experimental data refer to studies that attempt to establish cause-and-effect relationships between variables, typically through the use of controlled experiments. Laboratory data specifically refers to data that is collected in a laboratory setting, while primary and secondary data can be collected in a variety of settings.
Overall, primary data is the most appropriate type of data for Bloomingdale's to collect in order to learn about consumers' attitudes toward online purchases. This will allow them to gather specific and relevant information that can inform their business decisions and strategies.
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6. Given the fact that almost ____ percent of new hires leave an organization within the first 6 months, it is important for HR professionals to understand how to engage a new employee right from the beginning.
A. 40
B. 70
C. 50
D. 55
E. 60
B. 70 percent of new hires leave an organization within the first 6 months. This high turnover rate can be costly for organizations in terms of time and resources spent on recruitment and training. Therefore, it is essential for HR professionals to develop effective onboarding programs that engage new employees right from the beginning.
A good onboarding program should provide new employees with a clear understanding of the company's culture, values, and expectations. It should also include opportunities for new employees to meet and interact with their colleagues, managers, and mentors. This will help them feel more connected to the organization and facilitate their integration into the workplace.
Furthermore, HR professionals should make sure that new employees have access to the necessary tools and resources to perform their job duties effectively. This includes providing them with the right equipment, software, and training programs. It is also important to set clear goals and expectations for new employees and provide them with regular feedback on their performance.
By investing in a strong onboarding program, organizations can reduce their turnover rates and increase employee engagement and retention. This, in turn, can lead to a more productive and successful workforce.
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As a rule, shareholders prefer more product diversification than do managers because shareholders wish to reduce risk and maximize wealth.a. Trueb. False
The statement "As a rule, shareholders prefer more product diversification than do managers because shareholders wish to reduce risk and maximize wealth" is generally true.
Shareholders usually prefer product diversification as it helps to minimize risk and maximize wealth. When a company diversifies its product offerings, it is less dependent on a single market or product, which can help to spread risk across multiple revenue streams.
This diversification can lead to increased stability in the company's overall performance and, consequently, higher shareholder value.
On the other hand, managers may be more focused on the short-term goals and operational efficiency of the company, which could result in a preference for a more concentrated product portfolio. By focusing on a narrow range of products, managers can allocate resources more effectively and drive efficiency within their operations.
This might lead to higher profits in the short term, but it can also expose the company to higher risks in the long run, as it becomes more vulnerable to market fluctuations and changes in consumer preferences.
In summary, shareholders typically prefer more product diversification than managers because diversification helps reduce risk and maximize wealth, while managers may prefer a more focused approach to improve short-term efficiency and profitability.
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Londensed balance sheets for Providence Technology company and Smashing Technology Company on Jamary 1. 2021 are as follows: Providence Technology ,Smashing Technology Current Assets 440.000 200,000 Plant and Equipment (net) 1,080,000 340.000 Total Assets 1.520,000 540,000 Total Liabilities 230,000 80,000 Common Stock. 10 par value 840.000 240.000 Other Contributed Capital 300,000 130,000 Earnings 150.000 90,000 Total Equities 1,520.000 540.000 On January 1, 2021 the stockholders of Providence Technology and Smashing Technology agreed to a consolidation whereby a new corporation. Cannon Company, would be formed to consolidate Providence Technology and Smashing Technology. Cannon Company issued 70.000 shares of its 20 par value common stock for the net assets of Providence Technology and Smashing Technology. On the date of consolidation, the fair values of Providence Technology's and Smashing Technology's current assets and liabilities were equal to their book values. The fair value of plant and equipment for each company was: Providence Technology, 1,270,000; Smashing Technology, 360,000. An investment banking house estimated that the fair value of Cannon Company's common stock was 35 per share. Providence Technology will incur 45,000 of direct acquisition costs and 15.000 in stock issue costs. Required: Prepare the journal entries to record the consolidation on the books of Cannon Company assuming that the consolidation is accounted for as an acquisition
Cannon Company records the acquisition of Providence Technology and Smashing Technology by issuing 70,000 shares of $20 par value common stock for a total of $2,450,000 and incurs $60,000 in acquisition costs.
To record the consolidation on the books of Cannon Company, the following journal entries are required:
To record the acquisition of Providence Technology and Smashing Technology:
Dr. Plant and Equipment - Providence Technology $1,270,000
Dr. Plant and Equipment - Smashing Technology 360,000
Dr. Current Assets - Providence Technology 440,000
Dr. Current Assets - Smashing Technology 200,000
Dr. Goodwill 270,000
Cr. Common Stock 1,400,000
Cr. Cash 70,000
Cr. Direct Acquisition Costs 45,000
Cr. Stock Issue Costs 15,000
To record the fair value adjustment to the plant and equipment of Smashing Technology:
Dr. Depreciation Expense $30,000
Cr. Accumulated Depreciation - Smashing Technology 30,000
To record the fair value adjustment to the plant and equipment of Providence Technology:
Dr. Depreciation Expense $190,000
Cr. Accumulated Depreciation - Providence Technology 190,000
Note: The fair value adjustments are based on the assumption that the useful lives of the plant and equipment are unchanged.
The total assets and equities of Cannon Company after the consolidation are:
Total Assets: 2,140,000
Total Equities: 2,140,000
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(Please No handwriting, Please type the answers)
A. What is a mark-up and VAT?
B. A retailer buys a table from the wholesaler at OMR 210 and the wholesaler charges a VAT at the rate prescribed rate of 5%. The retailer fixes the price at OMR 250 and charges VAT at the same rate. Answer the following questions.
1. What is the price that a consumer must pay to buy the table?
2. How much is the input and output tax?
3. How much VAT does the retailer pay to the government?
A. Mark-up is the difference between the cost price and the selling price of a product. VAT (Value Added Tax) is a type of tax that is added to the value of goods or services at each stage of production or distribution.
B.
1. The price that a consumer must pay to buy the table is OMR 262.50.
2. Input tax = OMR 10.50
Output tax = OMR 12.50
3. The retailer pays OMR 2 in VAT to the government.
A.
Mark-up: The difference between the cost price of a product and its selling price. It is the amount added to the cost price to cover the overheads and profits of the retailer.
VAT (Value Added Tax): It is a tax that is charged on the value added to a product at each stage of the production and distribution process. It is ultimately paid by the end consumer.
B.
The price that a consumer must pay = Selling price + VAT
Selling price = OMR 250
VAT = 5% of selling price = 5% of OMR 250 = OMR 12.50
Price that a consumer must pay = OMR 250 + OMR 12.50 = OMR 262.50
Input tax:
The retailer pays input tax on the purchase of the table from the wholesaler. Input tax is the tax paid on purchases and is deducted from the tax collected on sales. Input tax = 5% of OMR 210 = OMR 10.50
Output tax:
The retailer collects output tax on the sale of the table to the consumer. Output tax is the tax collected on sales. Output tax = 5% of OMR 250 = OMR 12.50
VAT payable to the government:
VAT payable to the government = Output tax - Input tax
VAT payable to the government = OMR 12.50 - OMR 10.50 = OMR 2.00
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Chhom Corporation makes a product whose direct labor standards are 0.8 hours per unit and $25 per hour. In November the company produced 7,200 units using 5,260 direct labor-hours. The actual direct labor cost was $110,460. The labor efficiency variance for November is: Multiple Choice a. $33,540.0 U b. $12,500. F c. $12,500. U d. $33,540. F
The labor efficiency variance for November is $12,500 U (option c).
The labor efficiency variance measures the difference between the actual amount of direct labor used and the standard amount of direct labor allowed for the actual production. It is calculated as follows:Labor Efficiency Variance = (Standard Hours - Actual Hours) x Standard Rate
For Chhom Corporation in November:Standard Hours = 0.8 hours per unit x 7,200 units = 5,760 hours,Actual Hours = 5,260 hours,Standard Rate = $25 per hour
Labor Efficiency Variance = (5,760 - 5,260) x $25 = $12,500 U.Therefore, the labor efficiency variance for November is $12,500 U (option c).
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