The use of the installment sales method for tax reporting purposes.
What is deferred tax liability?A company's tax debt to the government that has not yet been settled is known as a deferred tax liability. The tax laws permit businesses to postpone or delay paying taxes on specific forms of accounting income, which gives rise to liability.
Do deferred income taxes represent a long-term obligation?Taxes that a business will someday pay on its own taxable income but are currently due to be paid are known as deferred taxes. Since there is typically no expectation that the tax liability would be paid within the following 12 months, it is frequently listed as a long-term obligation on the balance sheet.
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The conceptual framework indicates the desired fundamental and enhancing qualitative characteristics of accounting information. Several constraints impede achieving these desired characteristics. Answer each of the following questions related to these characteristics and constraints. 1 Which component would allow a large company to record the purchase of a $120 printer as an expense rather than capitalizing the printer as an asset? Donald Kirk, former chairman of the FASB, once noted that there must be public confidence that the standard-setting system is credible that selection of board members is based on merit and not the influence of special interests ...Which characteristic is implicit in Mr. Kirk's statement? 2 3 3 Allied Appliances, Inc., changed its revenue recognition policies. Which characteristic is jeopardized by this change? National Bancorp, a publicly traded company, files quarterly and annual 4 financial statements with the SEC. Which characteristic is relevant to the timing of these periodic filings? 5 In general, relevant information possesses which qualities? When there is agreement between a measure or description and the 6. phenomenon it purports to represent information possesses which characteristic? Jeff Brown is evaluating two companies for future investment potential Jeffs task is made easier because both companies use the same 7 accounting methods when preparing their financial statements. Which characteristic does the information Jeff will be using possess? A company should disclose information only if the perceived benefits of the 8 disclosure exceed the costs of providing the information. Which constraint does this statement describe? 7
Materiality would allow a large company to record the purchase of a $120 printer as an expense rather than capitalizing the printer as an asset.
In accounting, the term "materiality concept" refers to the idea that each and every important item needs to be accurately disclosed in the financial statements. Material elements are those that significantly alter how business information users make decisions and whose inclusion or deletion has a major impact on those decisions. A $20 wastebasket purchased by a firm and expensed in the same year rather than amortized over its 10-year useful life is a typical illustration of the materiality idea. The matching principle tells you to classify the trash can as an asset and then report a depreciation charge of $2 year for ten years. In auditing, "materiality" refers to more than simply a numerical value; it also refers to the impact that value will have in a variety of situations.
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Which component would allow a large company to record the purchase of a $120 printer as an expense rather than capitalizing the printer as an asset?
jose goes to an all-you-can-eat buffet at a chinese restaurant and consumes three plates of food. he does not go back for a fourth plate of food because: group of answer choices the marginal utility of the fourth plate would be negative. his total utility would increase with the fourth plate of food. the price of the fourth plate is too high. he has reached the point of increasing marginal utility.
A marginal utility of zero or less can be said for the fourth plate. Reason: The cause is the law of diminishing significance .
What does the minor significance mean?
Anything that is considered marginal is small or not particularly important. A modest improvement over October, this. Synonyms for significant: negligible, small, low, and insignificant More phrases for the adjective marginal.
Use the term marginal to describe something that is bare minimal or just about adequate. If you prepare lemonade, set up a stall on the corner, and only manage to sell a few glasses, your profits will be pitiful.
When you consider something minimally, you consider how much you would appreciate it if it were added. Sunk costs, as they are also known, are disregarded.
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bill's bank chooses to hold 100 percent of deposits as reserves. if a customer withdraws $5,000 from his checking account, the bank's deposits will by $5,000, while its reserves will _____.
Bill's bank decides to hold all deposits in its possession as reserves. If a customer takes $5,000 out of his checking account, the bank's reserves and deposits both decrease by $5,000.
Banks are restricted in how much of each dollar deposited they can lend out due to increased reserve requirements, which force banks to retain larger reserves. As a result, a rise in reserve requirements increases the reserve ratio, decreases the money multiplier, and reduces the amount of money in circulation. Banks have less money accessible to them when RBI raises the CRR because they have to maintain more of their cash on hand at RBI. Thus, an increase in CRR results in higher interest rates on loans made by banks.
Banks do not maintain 100% reserves because it is more lucrative to use the funds for loans that yield interest rather than holding them in reserves that pay no interest. The amount of reserves that banks retain is correlated with the amount of money that is produced by the banking system via the money multiplier.
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based on these data, which statement reflects what you might tell your students about the correlation between wages and educational requirements in green occupations?
The statement that reflects the correlation between wages and educational requirements is that "In general, higher-paying green jobs necessitate a higher level of education".
The independent variable was education, while the dependent variable was wages. The Regression Analysis was carried out using the Microsoft Excel Data Analysis tool. The obtained results revealed little or no relationship between the two variables. The report concludes with the findings and recommendations. According to some studies, green jobs require more advanced skills than non-green jobs. To acquire higher-paying green jobs, higher level of education is necessary.
Because correlation coefficients are unit-free, they can be directly compared between studies. Correlational research seeks to determine whether changes in one variable are related to changes in other variables. You investigate whether high school standardized test scores are related to academic grades in college.
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One way to select the input screen for interest income reported on Form 1099-INT is for the Tax Professional to: Select Add Forms and Schedules and choose the Income tab, and then check the box for other income. Choose the Info Docs tab on the Add Forms and Schedules screen, and then select Yes from the dropdown field for interest income. Type "1099" in the first field on the Common tab of the Add Forms and Schedules screen. Choose Yes or type "1" next to the Interest field on the Common tab on the Add Forms and Schedules screen.
Your tax return's "taxable interest" line must be filled out if you receive a Form 1099-INT; the amount listed in Box 1 must be included. You must include any tax-exempt interest on the "tax-exempt interest" line of your tax return, as it is indicated in Box 8 of the 1099-INT.
How do I enter a 1099-INT from the IRS?Most interest income payments must be recorded on tax form 1099-INT by the payer or entity receiving them, according to the Internal Revenue Service. Banks, other financial institutions, and governmental organizations are the most typical candidates. Even though you might not owe income tax on the interest that a 1099-INT reports, you could still need to include it in your return.Required 1099-INT filings
It is not necessary to include copies of the 1099-INT forms you get with your tax return, but you must submit the data on the forms to the IRS. This is due to the fact that any financial institution, bank, and other organization that gives you interest payments totaling at least $10 each year must:Assemble a 1099-INT, mail you a copy by January 31 and submit a copy to the IRS.The amount on the form is compared to what you submit on your tax return by the IRS using the data on the 1099-INT.To Learn more About taxable interest refer To:
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Your tax return's "taxable interest" line must be filled out if you receive a Form 1099-INT; the amount listed in Box 1 must be included.
How do I enter a 1099-INT from the IRS?Most interest income payments must be recorded on tax form 1099-INT by the payer or entity receiving them, according to the Internal Revenue Service.Banks, other financial institutions, and governmental organizations are the most typical candidates.Even though you might not owe income tax on the interest that a 1099-INT reports, you could still need to include it in your return.Required 1099-INT filingsIt is not necessary to include copies of the 1099-INT forms you get with your tax return, but you must submit the data on the forms to the IRS. This is due to the fact that any financial institution, bank, and other organization that gives you interest payments totaling at least $10 each year must.To learn more about taxable interest refer to:
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karen's washing machine broke, so she's conducting a search on to find a new one. she sees a number of search ads for washing machines in the results.
Karen is looking for a new washing machine after her old one broke. In the search results, she observes several adverts for washing machines. Ad relevance and Advertiser bid determines all the ads that Karen sees.
The correct options are d and e.
Based on the favourable and unfavourable comments we anticipate an advertisement will receive from its intended audience, relevance score is determined. The relevance score of an advertisement will be greater the more favourable interactions we anticipate it will receive.
A bid is the most money an advertiser will spend on each click on an advertising in the field of sponsored search marketing. In procurement, there are two types of bids: open or competitive bids and closed or noncompetitive bids.
The given question is incomplete. The complete question is:
Karen’s washing machine broke, so she’s conducting a search on Goo-gle to find a new one. She sees a number of Goo-gle Search Ads for washing machines in the results. Which of the following make up some of the parameters that the Goo-gle Search Ads auction uses to determine what ads Karen sees? (Choose two.) Select All Correct Responses
a. Advertiser campaign count
b. Size of ad group
c. Campaign type
d. Ad relevance
e. Advertiser bid
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item 12 imagine that eveready has developed solar rechargeable batteries that cost only slightly more to produce than the rechargeable batteries currently available. these solar batteries can be recharged by sunlight up to five times, after which they are to be discarded. unfortunately, the production process cannot be patented, so competitors could enter the market within a year. which of the following is the best description of the product life cycle of this product?
Moderately slow introduction, followed by modest growth, gradually leveling off is the best description of the product life cycle of this product.
Option E is correct.
What is the life cycle of a product?A management tool known as a product life cycle evaluates a product's path from development to market withdrawal. It has four stages—introduction, growth, maturity, and decline—as previously mentioned.
How significant is the product life cycle?Designers, managers, and marketers all benefit greatly from having access to the product life cycle. It identifies four distinct stages in the life of a product and provides advice on how to develop strategies to make the most of those stages and boost the product's overall market success.
How do you use the product life cycle?The life cycle of a product typically consists of four stages: introduction, development, development, and decline. Management and marketing professionals use product life cycles to help decide on advertising schedules, price points, expanding into new product markets, and redesigning packaging.
Question is incomplete:
Imagine that Eveready has developed solar rechargeable batteries that cost only slightly more to produce than the rechargeable batteries currently available. These solar batteries can be recharged by sunlight up to five times, after which they are to be discarded. Unfortunately, the production process cannot be patented, so competitors could enter the market within a year. Which of the following is the best description of the product life cycle of this product?
a. Long, level beginning, and rapid ascent
b. High initial sales followed by slow decline
c. High introductory sales followed by rapid decline
d. Rapid growth followed by rapid decline
e. Moderately slow introduction, followed by modest growth, gradually leveling off
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If a country has the comparative advantage in producing a product, then that country must also have the absolute advantage in producing that product.
Truefalse
A nation cannot have a competitive edge in all types of goods. A nation, however, may have a definite edge in all things.
What biology makes up the product?In general, biological products are huge, complex molecules and fall under a broad range of goods. These products are frequently more challenging to define than small molecule medications and may be created by biotechnology in a complex cell, such as a bacterium, plant tissues, or animal cell.
What is a sample of a product class?A group of products that are interchangeable or comparable to one another is referred to as a product class. The group is either seen as narrow or broad depending on how readily the various things can be swapped. For instance, a given product category among breakfast meats
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Advantages of Kachru's model for describing varieties of English are the following: (select all answers that apply)
- Standardized English is recognized as the most important variety.
- Local languages other than English are recognized.
- No variety is better than another variety.
- English is used in its plural form so that Englishes can be recognized.
Kachru's model for characterizing English dialects has the following benefits: No variant is superior to another variety, and English is always used in the plural to distinguish between Englishes.
What benefits does Kachru's model offer?First, Kachru's paradigm acknowledges the presence of numerous English dialects and, second, contends that each is equally valid in its own context. On the other hand, the distinction between ENL, ESL, and EFL argues that there are only ENL types in reality.
What are the benefits of studying different English dialects?It facilitates language learning. By comparing and contrasting the different varieties your pupils are learning, you may help them comprehend the language's norms more quickly and easily.
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states that global poverty can at least partially be attributed to the fact that the low-income countries have been exploited by the high-income countries during the historical growth of capitalism. group of answer choices modernization theory world systems theory dependency theory the new international division of labor theory
Option C. dependency theory, Dependency theory holds that resources migrate from a "core" of wealthy states to a "periphery" of underdeveloped and poorer states, enriching the latter at the expense of the latter.
According to dependence theory, the way in which poor states are included into the "global system" causes rich states to become richer while poor states become poorer. Following World War II, this idea was formally formulated in the late 1960s as researchers looked for the underlying cause of Latin America's lack of progress.
The theory developed in response to modernization theory, an earlier development theory that claimed all societies go through similar stages of development, that today's underdeveloped areas are therefore in a similar situation to that of today's developed areas at some point in the past, and that, as a result, the task of assisting the underdeveloped areas out of poverty is to accelerate them along this supposed common path of development.
States that global poverty can at least partially be attributed to the fact that the low-income countries have been exploited by the high-income countries during the historical growth of capitalism. group of answer choices
A. modernization theory
B. world systems theory
C. dependency theory
D. the new international division of labor theory
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the bank reconciliation of xyz co. is provided below. demonstrate the entries needed to update the cash account in the general ledger by selecting the correct answers below. bank statement balance $2,010 book balance $2,200 add: deposit in transit 600 add: note receivable collected by bank 100 less: outstanding checks 370 less: bank service charges 60 multiple select question. debit cash $100 and credit note receivable $100. debit note receivable $100 and credit cash $100. debit cash $600 and credit revenues $600. debit miscellaneous expense $370 and credit cash $370. debit bank service charge expense $60 and credit cash $60.
Bank reconciliation cash account ledger entries->add: note receivable collected by bank, less:outstanding checks 370, debit cash $100 & credit note receivable $100, debit note receivable $100 & credit cash $100.
What is bank reconciliation?A bank reconciliation is a process whereby the balance of a bank account in an entity's books of accounts is adjusted to match the reported balance in the most recent bank statement.
This is typically done by the financial institution when preparing a bank reconciliation that must have an adjusted cash balance at the conclusion. The financial institution must then add to the cash balance per ledger a note receivable that must be collected by the bank and be in the depositor's favor as well as crediting the depositor's account.
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A market that is achieving allocative efficiency must also be achieving productive efficiency.True or False
The answer is true. Both an allocative efficiency and a productive efficiency exist. A market can operate at its highest level of productive efficiency while also giving producers and buyers the best possible allocation of resources.
But this will only be the case if everyone gains from the market circumstances. At this moment of market equilibrium, all goods are sold since the price being offered for a certain supply exactly matches the demand for that supply at that price. Productive efficiency is concerned with the best way to produce commodities and how to do so efficiently. The most efficient distribution of goods and services is what allocational efficiency is all about.
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collegiate publishing inc. began printing operations on march 1. jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. in addition to the materials and labor charged directly to the jobs, $7,800 of indirect materials and $11,100 of indirect labor were used during the month. the cost sheets for the four jobs entering production during the month are as follows, in summary form: job 301 job 302 direct materials $10,700 direct materials $18,400 direct labor 7,200 direct labor 16,400 factory overhead 6,192 factory overhead 14,104 total $24,092 total $48,904
Manually count each inventory item and compute the valuation in order to calculate the WIP correctly.
How are inventories of work in progress handled?You would need to manually count each inventory item and compute the valuation in order to calculate the WIP correctly. Fortunately, you can calculate a precise estimate using the work-in-process formula. The formula is: Ending WIP Inventory is Starting WIP Inventory plus Manufacturing Costs The raw material inventory account is credited and the work-in-process inventory account is debited after the $100 of raw material has been transferred to the work-in-process stage. The $100 is deducted from the finished products inventory account once the task is finished. direct materials jobs 301 and 302 $10,700 in materials only Direct labour: $18,400 7,200 direct employees 6,192 manufacturing overhead, totaling 14,104, out of 16,400 $24,092 total $48,904.To learn more about inventory account refer to:
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manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale are known as blank .
Manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale are known as Organizational Buyers .
What are consumers in an organization?
Organizational consumers purchase products and services for use in ongoing activities, for future production, or for resale to third parties. B. Retailers, wholesalers, government agencies, and other nonprofit organizations are examples of organizational customers.
Of the two, who qualifies as a reseller?
Resellers are businesses that offer products and services made by other companies without making significant changes to them. Retailers, brokers, and wholesalers are some of them.
You are likely familiar with two significant retailers: Walmart and Target. Significant market power is held by big wholesalers, brokers, and retailers.
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Let's apply the law of supply to you, a business owner of a successful coffee shop. You’re very proud of your product, which is made from the finest Arabica coffee beans imported from Colombia. However, due to poor weather and government corruption, the supply of Colombian Arabica beans has dwindled by 30 percent. How does a dwindling supply affect your business? What are your strategies moving forward?
Prices often climb to a higher equilibrium price and a lesser quantity of goods and services if supply of goods and services declines while demand remains constant.
What is Arabica coffee?The flowering plant species Coffee arabica, sometimes referred to as Arabic coffee, is a member of the Rubiaceae family, which also includes the coffee and madder plants. It is thought to have been the first species of coffee to be domesticated, and it currently holds the top spot, accounting for about 60% of world production. Nearly twice as much sugar and approximately 60% more fats are found in arabica. These are crucial for the flavor, body, and aroma of the coffee in addition to flavor. Arabica beans have a better flavor because of the increase in sugar, which provides the coffee a better flavor, a cleaner texture, and less bitterness. Arabica beans are frequently thought to have better flavor even though they have less caffeine than Robusta.To learn more about Arabica coffee refer to:
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the term for individual state laws (vary by state) that provides legal recourse or some form of remedy to consumers when a product does not meet basic quality and performance standards.
Short Term Consumer Credit is the term for individual state laws (vary by state) that provides legal recourse or some form of remedy to consumers when a product does not meet basic quality and performance standards.
What are the short-term financial objectives?
Budgeting, debt repayment, and the establishment of an emergency fund should all be included in your short-term objectives.
You may learn how to budget with the help of several different free web programs. It's crucial to begin considering ways to pay down your debt as soon as you've established a budget.
What kind of objective is a short-term financial objective?
What you wish to do with your money over the next few months or years is what are known as short-term financial goals. The creation of a budget, the launch of an emergency fund, and debt repayment are some essential short-term objectives.
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true/false. a publishing company conducted a survey asking readers whether they use e-readers. of the 3,000 readers surveyed, 1,954 said they read books on an e-reader. use this information to complete the statement. round your answers to the nearest hundredth. the approximate sample proportion is 0.65 , which means that % of the readers surveyed do not use e-readers.
The percentage of readers who are not e-readers is 34.1%
Total readers = N = 3000
Readers on e-reader = 1954
Calculating the sample proportion -
= 1954/3000
= 0.65
Calculating readers not using e-readers (Nr)-
= 3000 - 1954
= 1046
Calculating the sample proportion -
= 1954/1046
= 1.868
By dividing the value by the entire value and multiplying the result by 100, one may determine the percentage.
Calculating the % of readers not using e-readers -
Nr/ N x 100%
= 1046/3000 x 100%
= 104600/3000
= 34.86
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wachman company produces a product with the following per-unit costs: direct materials $15 direct labor 6 manufacturing overhead 19 last year, wachman produced and sold 2,000 units at a price of $75 each. total selling and administrative expense was $30,000. refer to the information for wachman company above. conversion cost per unit was
Conversion cost per unit is the total of direct labor and manufacturing overhead costs. Therefore, conversion cost per unit for Wachman Company is $25 ($6 + $19).
Conversion cost include direct labor and outflow charges incurred as a result of the metamorphosis of raw accoutrements into finished products. Outflow costs are defined as the charges that can not be directly attributed to the product process but are necessary for operations, similar as electricity or other serviceability needed to keep a manufacturing factory performing throughout the day. Direct labor costs are the same as those used in high cost computations. Conversion costs are also used as a measure to gauge the edge in product processes but take into account the outflow charges left out of high cost computations. Operations directors also use conversion costs to determine where there may be waste within the manufacturing process. Expressed another way, conversion costs are the manufacturing or product costs necessary to convert raw accoutrements into products. The term conversion costs frequently appears in the computation of the cost of an original unit in a process going system.
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according to the motivational interviewing approach, directly confronting substance-abusing clients generally produces which of the following?
Directly confronting substance-abusing clients generally produces resistance.
What is Motivational interviewing?Clinical psychologists Stephen Rollnick and William R. Miller helped create the counselling technique known as motivational interviewing (MI). It is a prescriptive, client-centered therapy approach that encourages behaviour modification by assisting clients in examining and resolving ambivalence. It differs from conventional Rogerian client-centered therapy by using direction, in which therapists try to persuade patients to consider making changes rather than engaging in non-directive therapeutic exploration. This type of counselling is more focused and goal-directed than non-directive counselling. One of the main objectives is to examine and resolve ambivalence, and the counsellor is purposefully directed in pursuing this objective. The spirit of MI as a facilitative approach for interpersonal relationships serves as its primary definition, not its technology.
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a plaintiff sued a defendant for assault after a late-night barroom brawl. at trial, the plaintiff planned to call several bar patrons who had been present on the night in question to testify to the circumstances of the alleged assault. the trial judge ordered all witnesses excluded from the courtroom during the trial except for the parties. the trial judge then ordered the plaintiff to testify first during his case-in-chief and to relate his version of events before hearing the testimony of other eyewitnesses. the plaintiff has objected to the order requiring him to testify first.
In general, in order for evidence to be admitted, it must be relevant. Evidence is significant if I it tends to increase or decrease the likelihood of a fact relative to what it would be in the absence of the evidence (i.e., is probative), and (ii) the fact is important in selecting the course of action (i.e., material). The defendant is accused of assault in this instance.
Who is a Defendant?
A person who is being tried in court on charges of breaching the law is known as a defendant. Synonyms include defendant, plaintiff, and litigant. More alternatives for defendant.
the person who files a lawsuit in civil court. While claimant has taken the place of plaintiff in England and Wales (since 1998), plaintiff is still commonly used in Ireland, Northern Ireland, and the majority of other common law jurisdictions. The word "pursuer" is used in Scotland.
The Anglo-French term pleintif, which means "complaining," is the root of the word plaintiff, which dates back to 1278. Initially equivalent to "plaintive," it entered legal usage in the 15th century with the addition of the suffix "-iff." A plaintiff in a class action who is specifically named is referred to as a named plaintiff.
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Consider a mutual fund with $207 million in assets at the start of the year and with 10 million shares outstanding. The fund invests in a portfolio of stocks that provides dividend income at the end of the year of $4 million. The stocks included in the fund's portfolio increase in price by 8%, but no securities are sold, and there are no capital gains distributions. The fund charges 12b-1 fees of 1.00%, which are deducted from portfolio assets at year-end.
a. What is net asset value at the start and end of the year? (Enter your answers in dollars rounded to 3 decimal places.)
Start of the Year: $
End of the Year: $
b. What is the rate of return for an investor in the fund? (Use rounded "Net Asset Value". Round your answer to 2 decimal places.)
Rate of Return: %
a) NAV at the beginning is $20.7 and at the end is $22.13
b) 8.84% is the rate of return for fund investment.
Mutual fund investments frequently use the notion of net asset value (NAV), which is determined as the total value of the entity's assets less the whole value of its liabilities. Simply put, NAV stands for Net Asset Value, which is the share or unit price of the fund (a collection of stocks, bonds, etc.) on a particular day or time.
The NAV, or net asset value, is the market price at which shares or units of funds registered with the Securities and Exchange Commission (SEC) are traded. The closing price of the underlying equities is taken into account while calculating NAV for each trading day.
a) NAV at the year's beginning = 207 /10 = $20.7 per unit
the total fund value at the year's conclusion = $207 * 1.08 = $223.56 million
NAV at the year's end = {223.56 - (0.01 * 223.56)} / 10 = $22.13 per unit
b) Dividend Received per Unit = 4 / 10 = $0.4 per unit
Rate of Return = (Capital gain + Dividend Received) / Investment amount Rate of Return = (22.13 - 20.7 + 0.4) / 20.7 = 8.84%
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Which of the following is true of a contract with the no-arrival, no-sale term?
A) The buyer bears shipping costs and the risk of loss during transport.
B) The seller does not have to deliver replacement goods to the buyer in case of damages.
C) The seller does not have to bear the expense and risk of loss of the goods during transportation.
D) The buyer has to arrange for the shipment to be handed over to a carrier.
Option (b), In a contract with the no-arrival, no-sale clause, the seller is not required to send new items to the customer in the event of damage.
Can a seller file a lawsuit against a buyer for contract violation?Even though many individuals do this, it might not be legal, in which case the seller could sue the buyer for their losses. When a buyer is contractually obligated to purchase but does not show up for the settlement table and pay the purchase price, the legal process would proceed as follows.
Is the sale transaction legal?A contract is generally void if it compels the parties to behave illegally at any point, including when it is being drafted or executed. The contract's terms must be specifically linked to the illegality, not some other aspect of the outside world.
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which of the following is not a disadvantage of partnership: difficulty in raising cash unlimited liability unlimited life of the enterprise difficulty of transferring ownership
Difficulty in raising cash unlimited liability unlimited life of the enterprise is not a disadvantage of partnership.
A partnership is a legal entity in the same way that a corporation is. It is capable of owning property and being held accountable for its deeds in court. It exists independently of its owners, the partners. The distinctive qualities that distinguish partnerships from other entity forms include the following. The following are some of a partnership's most frequent traits:
agreement-based formation. By voluntarily joining or forming an association, a partnership is created. It is necessary for the partners to have a written agreement outlining who provides what resources or services, who handles which tasks for the company, and how profits, losses, and any additional remuneration are distributed. In the absence of a written agreement, the Uniform Partnership Act (UPA) or the Revised Uniform Partnership Act (RUPA), as applicable to the state where the partnership is located, controls in any areas of contention.
A set or constrained life. The partnership's life term is typically determined by agreement. Partnerships come to an end when a new partner is accepted, a partner departs (allowing for the creation of a new partnership), or the partnership dissolves. Corporations, on the other hand, have an endless lifespan.
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the disclosure requirement associated with the date through which management has evaluated subsequent events, along with the basis for that date being the appropriate date, needs to be implemented in financial statements without regard to which of the following?
Financial statements with full transparency that have not been reviewed, audited, or assembled. Regardless of the amount of service rendered on the financial statements or the method of accounting utilized to prepare the statements, the disclosure is necessary.
What protocols has management set up to guarantee that subsequent events are recognized?reviewing the policies management has set up to make sure that future instances are recognized. meetings of the audit and executive committees held after the filing date of the financial accounts and requesting information regarding subjects discussed at meetings for which minutes are awaited.
What is the audit's next step-by-step process?The role of the auditor with regard to following events is described in ISA 560, Subsequent Events. The term "subsequent occurrences" as used in ISA 560 refers to events that take place after the reporting date.
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ing your understanding of the differences between the different forms of innovation, categorize the innovations listed. technical managerial crm systems online banking self check-out system direct deposit instant messaging
Technical managerial CRM systems and Online Banking are technical & managerial innovations. Self-Check-Out system, Direct Deposit and Instant Messaging are product and process innovations.
What are various types of innovations?Radical and incremental innovations, technical and managerial innovations, and product and process innovation, are the three important dimensions of innovation. The products are categorized into three forms of innovation. There are four types of innovation: radical, incremental, adjacent, and disruptive. They may vary depending on the niche, market, brand essence, services, and products offered.
What is an innovation?Innovation is the application of concepts in a way that results in the creation of new products or services or enhances existing ones.
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a store sells self serve frozen yougurt sundaes. the funtionc c(w) represents the cost, in dollars, of a sundae weigint w ounces. an appropriate domin for the function is
The correct option D. non-negative rational numbers, is the suitable domain for this function C(w) represents the cost of a sundae.
Define the term domain of function?The collection of all potential inputs for a function is its domain.
The given data:
Self-serve frozen yogurt that weighs in at eight ounces is sold in a store.The cost is represented by the function C(w), in dollars.The yogurt that is being measured can be done so in grams, kilograms, ounces, etc.Since quantity has always been a positive number, the proportion of yogurt cannot be negative. Therefore, a negative number cannot exist.
The definition of quantity is the amount of any kind of thing.Every time, the quantity is a positive number. No number can have a negative value.The quantity is calculated in ounces in this instance, making it a positive number.Any material's amount can be either a natural number or a positive rational number.Therefore, non-negative rational numbers constitute the domain for such function C(w).
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The complete question is-
A store sells self-serve frozen yogurt sundaes the function C(w) represents the cost, in dollars, of a sundae weighing w ounces. An appropriate domain for the function would be
A. Integers
B. Rational numbers
C. nonnegative integers
D. non-negative rational numbers
which of the following differs from other international trade alliances in its commitment to facilitating business and its practice of allowing the business/private sector to participate in a wide range of activities?
Asia-Pacific Economic Cooperation (APEC) differs from other international trade alliances in its commitment to facilitating business and its practice of allowing the business/private sector to participate in a wide range of activities.
The Asia-Pacific Economic Cooperation (APEC) is unique in its approach to international trade. APEC stands out from other trade alliances by its commitment to promoting business and allowing the business/private sector to participate in a range of activities.
This approach enables businesses to develop strategies that are tailored to the needs of the region and to take advantage of the opportunities it presents.
APEC also encourages the sharing of knowledge and experiences between members, which can help to foster an environment of co-operation and mutual understanding.
By providing an open platform for business and economic dialogue, APEC is helping to create a more prosperous and sustainable future for all its members.
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Suppose you have a very efficient study system. Then, as you increase the hours that you study for an economics exam, the opportunity cost of studying for the exam:(Please explain your answer)
a) increases.
b) decreases.
c) stays the same.
d) may increase or decrease.
Let's say you have an extremely effective study routine. The opportunity cost of studying for an exam in economics therefore increases as you put in more study time.
The correct option is a.
The opportunity cost is a concept used in microeconomic theory to describe the value or benefit lost by choosing one activity over another. More precisely, it implies that if you pick for one activity, you forfeit the chance to choose a different one.
Opportunity cost is a notion used in decision-making to assist people and organisations in making better decisions, particularly by taking the alternatives into account. The cost and benefit of each option are included in opportunity costs, which can occasionally be difficult to assess. Opportunity costs gaze into the future.
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the savvy entrepreneurial firm feature in chapter 2 features three firms: swipe out hunger, soko, and drive for change. all three are examples of .
The savvy entrepreneurial firm feature in chapter 2 features three firms: swipe out hunger, soko, and drive for change. all three are examples of social ventures.
In economic and business, A Social Venture generally can be defined as an undertaking by a firm or organization established by a social entrepreneur. Social venture has a function to provide systemic solutions to achieve a sustainable, social objective. Beside that, social ventures also has a function to hybrid enterprises straddling the boundary between the for-profit business world. There are several examples of social ventures, such as educational programs, providing banking services in underserved areas, and helping children orphaned by epidemic disease.
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Milea Inc. experienced the following events in Year 1, its first year of operations:
Received $20,000 cash from the issue of common stock.
Performed services on account for $56,000.
Paid the utility expense of $2,500.
Collected $48,000 of the accounts receivable.
Recorded $10,000 of accrued salaries at the end of the year.
Paid a $2,000 cash dividend to the stockholders.
Fill out the income statement, statement of change in stockholders equity, balance sheet, and statement of cash flow.
Milea Inc. experienced the following events in Year 1, its first year of operations. Received $20,000 cash from the issue of common stock. The ending cash balance is $63,500.
Milea Inc.
Income Statement
For the Year Ended December 31, 2016
Service revenue $ 56,000
Operating expenses
Utilities expense $2,500
Salaries expense 10,000 (12,500)
Net income $43,500
Milea Inc.
Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2016
Beginning common stock $0
Common stock issued 20,000
Ending common stock $ 20,000
Beginning retained earnings $0
Net Income 43,500
Dividends (2,000)
Ending retained earnings 41,500
Total stockholders' equity $61,500
Milea Inc.
Balance Sheet As fo December 31, 2016
Assets
Cash $ 63,500
Accounts receivable 8,000
Total assets $71,500
Liabilities and Stockholders' Equity
Liabilities
Salaries payable $10,000
Stockholders' Equity
Common stock $ 20,000
Retained earnings 41,500 61,500
Total liabilities and stockholders' equity $71,500
Milea Inc.
Statement of Cash Flows
For the Year Ended December 31, 2016
Cash flows from operating activities: $ 48,000
Cash receipt from customer (2,500)
Net cash flow from operating $ 45,500
cash flows from financing activities:
Cash payment for utilities expense $ 20,000
Cash payment for dividend (2,000)
Net cash flow from financing activities
Cash receipt from issuing common stock 18,000
Net increase in cash 63,500
Beginning cash balance ----
Ending cash balance $63,500
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