The total amount in the account three years (12 quarters) from now will be $18,270.79.
To solve this problem, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the total amount in the account after t years
P = the initial amount deposited
r = the annual interest rate (as a decimal)
n = the number of times the interest is compounded per year
t = the number of years
In this case, we have:
P = $2,500 (initial deposit)
r = 4.0% = 0.04 (annual interest rate)
n = 4 (compounded quarterly)
First, we can calculate the balance in the account after one year (4 quarters):
A1 = $2,500(1 + 0.04/4)^(4*1)
A1 = $2,612.25
Next, we can add the $5,000 deposit and calculate the balance after two years (8 quarters):
A2 = ($2,612.25 + $5,000)(1 + 0.04/4)^(4*1)
A2 = $8,422.61
Finally, we can add the $7,500 deposit and calculate the balance after three years (12 quarters):
A3 = ($8,422.61 + $7,500)(1 + 0.04/4)^(4*1)
A3 = $18,270.79
Therefore, the total amount in the account three years (12 quarters) from now will be $18,270.79.
Learn more about Compound interest:
https://brainly.com/question/28020457
#SPJ11
When purchasing a new registered securities offering from the underwriter, the customer will pay the: A. Public Offering Price stated in the prospectus B. Public Offering Price stated in the prospectus plus a commission C. Public Offering Price stated in the prospectus plus a mark-up D. prevailing market price for the security
Answer:
A. A public offering price stated in the prospectus
The consumer will pay the Public Offering Price mentioned in the prospectus when acquiring a new registered securities offering from the underwriter. This is the public offering price for the securities, which includes all fees and costs. The underwriter acquires securities from the issuer and then sells them to the general public at the Public Offering Price. For its services, the underwriter receives a fee or commission, although this cost is already included in the Public Offering Price.
When a customer purchases a new registered securities offering from the underwriter, they will pay the: Public Offering Price stated in the prospectus. The correct is Option A.
The Public Offering Price includes any underwriting fees or discounts, which are essentially the underwriter's compensation for their role in the securities offering process. This means that the customer does not need to pay an additional commission or markup, as these costs are already incorporated into the Public Offering Price.
It is important to note that the prevailing market price for the security is not relevant in this case, as the customer is purchasing the security directly from the underwriter during the initial offering and not from the secondary market.
To know more about Public Offering Price, refer here:
https://brainly.com/question/30562224#
#SPJ11
Complete question:
When purchasing a new registered securities offering from the underwriter, the customer will pay the:
A. Public Offering Price stated in the prospectus
B. Public Offering Price stated in the prospectus plus a commission
C. Public Offering Price stated in the prospectus plus a mark-up
D. prevailing market price for the security
Question 3 Describe the five (5) basic components of financial statements.
The five basic components of financial statements are the balance sheet, income statement, statement of cash flows, statement of changes in equity, and notes to financial statements. Each component provides essential information for users to understand a company's financial position, performance, and changes over time.
The five basic components of financial statements:The five basic components of financial statements are:
1. Balance Sheet: The balance sheet provides a snapshot of a company's financial position at a specific point in time. It consists of assets, liabilities, and equity. Assets are the resources owned by the company, liabilities are the obligations owed to others, and equity represents the residual interest of the owners in the company.
2. Income Statement: The income statement shows a company's financial performance over a specific period, usually a year or a quarter. It consists of revenues, expenses, and net income. Revenues are the amounts earned from the company's core activities, expenses are the costs incurred to generate those revenues, and net income is the difference between revenues and expenses.
3. Statement of Cash Flows: This statement illustrates the inflow and outflow of cash during a specific period. It is divided into three sections - operating activities, investing activities, and financing activities. Operating activities include cash generated from the company's core operations, investing activities include cash used for investments or received from the sale of assets, and financing activities include cash received or paid for activities related to the company's capital structure (debt and equity).
4. Statement of Changes in Equity: This statement presents the changes in the company's equity during a specific period. It includes the beginning equity balance, additions or subtractions due to net income or loss, dividends paid to shareholders, and any changes resulting from issuing or repurchasing shares of stock.
5. Notes to Financial Statements: Notes are an essential part of financial statements as they provide additional information and clarification on the items presented in the financial statements. They may include accounting policies, significant estimates, details about specific line items, and other relevant disclosures.
In summary, the five basic components of financial statements are the balance sheet, income statement, statement of cash flows, statement of changes in equity, and notes to financial statements. Each component provides essential information for users to understand a company's financial position, performance, and changes over time.
To know more about Financial statements
visit:
https://brainly.com/question/30355441
#SPJ11
if the gross leasable area is bigger than what is being offered can i take over those leases as well
If the gross leasable space exceeds the amount being provided, there are a few considerations when taking on further leases. You must first ascertain whether the extra space is a leaseable option.
If so, you can talk to the management or owner of the property about extending your lease to include the new space. The next step is to make sure you are permitted to assume new leases by reviewing your present lease agreement and any applicable laws.
The monetary consequences of adding new leases, including possible increases in costs such as rent, taxes, and insurance, must also be considered.
To know more about leases, refer to the link:
https://brainly.com/question/29216664#
#SPJ11
Salaries for various positions can vary significantly, depending on whether or not the company is in the public or private sector. The U.S. Department of Labor posted the 2007 average salary for human resource managers employed by the federal government as $76,503. Assume that annual salaries for this type of job are normally distributed and have a standard deviation of $8850. a. What is the probability that a randomly selected human resource manager received over $100,000 in 2007? b. A sample of 20 human resource managers is taken and annual salaries are reported. What is the probability that the sample mean annual salary falls between $70,000 and $80,000?
P(-3.29 < z < 1.77) ≈ 0.9592 - 0.0005 ≈ 0.9587 (95.87%).
a. To find the probability that a randomly selected human resource manager received over $100,000 in 2007, we first need to calculate the z-score:
z = (X - μ) / σ
where X is the salary ($100,000), μ is the mean salary ($76,503), and σ is the standard deviation ($8,850).
z = (100,000 - 76,503) / 8,850 ≈ 2.65
Now, use a standard normal table or a calculator to find the probability of a z-score greater than 2.65, which is approximately 0.004 (0.4%).
b. To find the probability that the sample mean annual salary falls between $70,000 and $80,000 for a sample of 20 human resource managers, we need to calculate the z-scores for both $70,000 and $80,000.
For a sample, the standard deviation is adjusted as follows:
σ_sample = σ / √n
where n is the sample size (20).
σ_sample = 8,850 / √20 ≈ 1,977
Now, calculate the z-scores:
z1 = (70,000 - 76,503) / 1,977 ≈ -3.29
z2 = (80,000 - 76,503) / 1,977 ≈ 1.77
Finally, use a standard normal table or a calculator to find the probability between z1 and z2:
P(-3.29 < z < 1.77) ≈ 0.9592 - 0.0005 ≈ 0.9587 (95.87%).
To learn more about standard deviation, refer below:
https://brainly.com/question/23907081
#SPJ11
Open skills are those that are to be identically produced by the trainee on the job.
True or False.
False. Open skills are those that are not always performed the same way in every situation and may require the employee to adapt and problem-solve. These skills are often related to communication, critical thinking, and creativity.
Open skills: As mentioned, open skills are skills that are not always performed the same way in every situation and may require the employee to adapt and problem-solve. These skills are often related to communication, critical thinking, and creativity. For example, a salesperson needs to be able to adapt their communication style depending on the customer they are working with, or a designer needs to be able to problem-solve and come up with creative solutions to design challenges.
Closed skills: Closed skills, on the other hand, are skills that are consistently performed the same way in every situation and can be easily taught and assessed. These skills are often related to technical or procedural tasks. For example, an assembly line worker needs to be able to consistently perform the same steps in assembling a product, or a data entry clerk needs to be able to accurately enter data following a set procedure.
It's important to note that many jobs require both open and closed skills, and that the balance of these skills may vary depending on the specific job and industry. Employers often seek candidates with a combination of both types of skills, as well as other traits such as adaptability, teamwork, and a willingness to learn.
Learn more about employee here:
https://brainly.com/question/21847040
#SPJ11
If a consumer who is trying to decide between alternatives believes that a particular brand delivers acceptable product performance and can be shortlisted, she is in the ________ level of the BrandDynamics Pyramid.
A) presence
B) relevance
C) performance
D) advantage
E) bonding
The correct answer is C) performance. In the BrandDynamics Pyramid, the performance level is where a consumer believes that a particular brand delivers acceptable product performance and can be shortlisted.
At this level, the brand has met the basic needs and requirements of the consumer but has not yet developed a strong emotional connection or loyalty.
If a consumer who is trying to decide between alternatives believes that a particular brand delivers acceptable product performance and can be shortlisted, she is in the C) performance level of the BrandDynamics Pyramid.
Learn more about Pyramid here:- brainly.com/question/1116993
#SPJ11
If the unit sales price is $18 and variable costs are $10, how many units have to be sold to earn a profit of $3,200 if fixed costs equal $18,000? a. 2,650 units b. 18,400 units C. 2,250 units d. 400 units
2,650 units must be sold in order to generate a $3,200 profit. Having a unit sales price of $18, variable expenses of $10, and $18000 in fixed costs. The correct option is a.
1. Calculate the contribution margin per unit by subtracting variable costs from the unit sales price: $18 - $10 = $8.
2. Calculate the total profit needed to cover fixed costs and earn the desired profit of $3,200: $18,000 (fixed costs) + $3,200 (desired profit) = $21,200.
3. Divide the total profit needed by the contribution margin per unit to find the number of units needed to be sold: $21,200 / $8 = 2,650 units.
Therefore, to earn a profit of $3,200 with the given information, 2,650 units must be sold (Option a).
Learn more about Fixed Costs :- https://brainly.com/question/20670674
#SPJ11
A customer needs to attach a
A. credit report
to a customer authorization form
To prevent the client from adding inventory items by creating more at a later date, it is critically important to know which _____ ______or count sheets were or were not used.
tag numbers
To prevent the client from adding inventory items by creating more at a later date, it is critically important to know which tag numbers or count sheets were or were not used.
Tag numbers are unique identifiers assigned to each inventory item, and they are used to track the movement of inventory items from one location to another. When inventory is counted, each item is assigned a tag number, and these tag numbers are recorded on count sheets.
If a count sheet is missing tag numbers or if tag numbers are not used on a count sheet, it becomes difficult to verify the accuracy of the inventory count. This creates opportunities for the client to manipulate inventory records and add items at a later date without being detected.
Therefore, it is crucial to ensure that all tag numbers are accounted for and used on count sheets during inventory counts to prevent fraudulent activities.
To know more about inventory refer here:
https://brainly.com/question/15118949#
#SPJ11
the table below shows the supply and demand for the output of a firm which creates pollution. the third column shows the supply schedule for the firm without paying the costs of pollution. the last column represents the supply curve when the firm also pays the social costs of pollution. which of the below statements is true? supply and demand for a firm which generates pollution price quantity demanded quantity supplied (without paying the costs of the externality) quantity supplied (after paying the costs of the externality) $24 0 10 4 $20 1 9 3.5 $19 3 7.5 3 $16 4 4 2 $14 5 3 1.5 $11 7.5 2 1 select the correct answer below: when the firm pays the costs of pollution, it produces less and charges a higher price in equilibrium. when the firm pays only the private costs of production, it produces too little output. when the firm only pays the private costs of production, the equilibrium price is $19. when the firm also pays the social costs of production, the equilibrium price is $16
The correct statement is: When the firm pays the costs of pollution, it produces less and charges a higher price in equilibrium.
Comparing the quantities suppliedBased on the information provided in the table, the correct statement is:
"When the firm pays the costs of pollution, it produces less and charges a higher price in equilibrium."
This can be observed by comparing the quantities supplied and the equilibrium price before and after paying the costs of pollution. When the firm doesn't pay the costs of pollution, it supplies a higher quantity at a lower price.
However, after paying the social costs of pollution, the firm reduces its quantity supplied and increases the price to reflect the additional cost.
The other statements are not supported by the information given:
The equilibrium price when the firm only pays the private costs of production is not provided in the table.
The equilibrium price when the firm also pays the social costs of production is not $16 according to the table; it is $24 (at quantity supplied 4).
Learn more about costs of pollution: brainly.com/question/28384924
#SPJ11
During the tax year, a new partner (Julie Brown) experiences the following:
Contributes property with a tax basis of $80,000 and a fair market value of $100,000;
Has income of $8,000 allocated to her from the partnership;
Has $10,000 of partnership liabilities allocated to her from the partnership;
Takes a cash withdrawal of $5,000 from the partnership.
What is the ending value of Julie Brown's outside basis?
To calculate the ending value of Julie Brown's outside basis, account for the contributions, allocations, and withdrawals that occurred during the tax year are needed.
Beginning outside basis = 0 (since Julie Brown is a new partner)
Contributed property with a tax basis of $80,000 and a fair market value of $100,000 increase the outside basis by the contributed property's fair market value: $100,000
Allocated income of $8,000 increases the outside basis by the allocated income amount: $8,000
Allocated liabilities of $10,000 decrease the outside basis by the allocated liabilities amount: ($10,000)
Cash withdrawal of $5,000 decreases the outside basis by the amount of the withdrawal: ($5,000)
Ending outside basis = Beginning outside basis + Contributions + Allocations - Withdrawals
= $0 + $100,000 + $8,000 - $10,000 - $5,000
= $93,000
Therefore, the ending value of Julie Brown's outside basis is $93,000.
To learn more about “tax” refer to the https://brainly.com/question/30157668
#SPJ11
Which Category of small unmanned aircraft must have an airworthiness certificate issued by the FAA?
A.
4
B.
3
C.
2
4, Category of small unmanned aircraft must have an airworthiness certificate issued by the FAA. Thus, option (a) is correct.
Which all state that Category 4 eligible small unmanned aircraft must have an airworthiness certificate issued under Part 21 of FAA regulations.
Additionally, 14 CFR § 107.140 - Category 4 operations specifies that to be eligible to operate over human beings under this section, the small unmanned aircraft must have an airworthiness certificate issued under part 21 of this chapter.
Therefore, option (a) is correct.
Learn more about on airworthiness, here:
https://brainly.com/question/31669539
#SPJ12
A consumer who expresses rational and emotional attachments to a brand to the exclusion of most other brands has reached the ________ level in the BrandDynamics Pyramid.
A) advantage
B) relevance
C) presence
D) performance
E) bonding
The correct answer is E) bonding. The BrandDynamics Pyramid is a model that shows the different levels of consumer engagement with a brand.
At the bonding level, a consumer has a strong emotional and rational connection with a brand, often to the point of exclusivity.
This level represents the highest level of engagement and loyalty that a consumer can have with a brand. A consumer who expresses rational and emotional attachments to a brand to the exclusion of most other brands has reached the E) bonding level in the BrandDynamics Pyramid.
Learn more about Pyramid here:- brainly.com/question/1116993
#SPJ11
hich one of the following statements concerning annuities offered by insurers is not true? multiple choice interest on annuities is not taxed until the investor receives the payments. annuity payments may be fixed or variable. annuity contributions are not capped by the irs. annuities can be deferred or immediate.
The statement that is not true concerning annuities offered by insurers is annuity contributions are not capped by the IRS. Option C is correct.
Annuity contributions are subject to contribution limits set by the IRS. The contribution limits vary depending on the type of annuity and the investor's age. For example, for a traditional IRA annuity, the contribution limit is $6,000 for individuals under age 50 and $7,000 for individuals age 50 or older in 2023.
Similarly, for a variable annuity, the contribution limit is determined by the investor's taxable income, and the contribution limit for 2023 is $6,000 for individuals under age 50 and $7,000 for individuals age 50 or older.
Therefore, option C is correct.
Learn more about annuities https://brainly.com/question/29488566
#SPJ11
Which of the following is correct regarding the importance of small businesses to the United States economy?
A) They employ about two-thirds of all private-sector employees.
B) They have generated 45 percent of net new jobs over the past 20 years.
C) They represent 99.9 percent of all employer firms.
D) They pay 60 percent of total U.S. private payroll.
Small businesses are a critical component of the U.S. economy, as they create jobs, drive innovation, and stimulate economic growth.
All of the statements are correct regarding the importance of small businesses to the United States economy.
A) Small businesses employ about two-thirds of all private-sector employees.
B) Small businesses have generated 45 percent of net new jobs over the past 20 years.
C) Small businesses represent 99.9 percent of all employer firms.
D) Small businesses pay 60 percent of total U.S. private payroll.
Small businesses are a critical component of the U.S. economy, as they create jobs, drive innovation, and stimulate economic growth. They also contribute to the development of local communities and provide opportunities for entrepreneurship and upward mobility. Understanding the importance of small businesses is crucial for policymakers, investors, and consumers alike, as they can help support and promote their growth and success.
learn more about entrepreneurship here:https://brainly.com/question/31008165
#SPJ11
Expenditures on the military during an economic ___ creates much debate in the country because people prefer to have the money used to stimulate the economy at home.
Expenditures on the military during an economic downturn creates much debate in the country because people prefer to have the money used to stimulate the economy at home.
Expenditures on the Expenditures during an economic downturn creates much debate in the country because people prefer to have the money used to stimulate the economy at home. In times of economic struggle, many argue that investing in infrastructure, education, and healthcare would have a greater impact on job creation and economic growth than military spending. Additionally, some believe that excessive military spending can contribute to the national debt and ultimately harm the economy in the long run. However, others argue that investing in national defense is crucial for maintaining security and stability, and that cutting military spending could have negative consequences for national security. Ultimately, finding a balance between military spending and domestic investment is a complex issue that requires careful consideration and debate.
Learn more about Expenditures here :-
https://brainly.com/question/31497984
#SPJ11
in determining whether copyright protection should be granted, the central issue is the way in which a particular idea is expressed
true or false
In determining whether copyright protection should be granted, the central issue is the way in which a particular idea is expressed - this statement is true.
Copyright protection is not granted to ideas themselves but to the specific expression of those ideas. It means that when assessing if a work should be granted copyright protection,
the focus is on the unique way the content is presented, such as the wording, structure, and design, rather than the idea or concept behind it.
Here is a step-by-step explanation:
1. An individual creates a work that includes a specific idea.
2. The creator expresses this idea in a unique and original manner, such as through writing, music, or art.
3. When assessing copyright protection eligibility, the focus is on the way the idea is expressed, not the idea itself.
4. If the expression is original and creative, copyright protection may be granted, giving the creator exclusive rights to reproduce, distribute, and display the work.
5. It is important to note that others can still use the same idea, but they must express it differently in order to avoid copyright infringement.
In summary, the central issue in determining copyright protection is indeed the way a particular idea is expressed, as it is the expression of the idea,
not the idea itself, that is eligible for protection. This helps promote creativity and innovation, ensuring that creators are rewarded for their unique contributions
while still allowing others to explore similar concepts in their own original ways.
To know more aboutIn determining whether copyright protection refer here
https://brainly.com/question/22089522#
#SPJ11
Exercise 1-a Indicate the increase and decrease in each account by placing a check mark in Appropriate column. DEBIT CREDIT TRANSACTION 1. Capital is increased 2. Cash is increased 3. Cash is decreased 4. Capital s decreased 5. Equipment is increased 6. Service Income is increased 7. Expenses is increased 8. Accounts payable is increased 9. Accounts payable is decreased 10.Accounts receivable is decreased Exercise 1-b Answer the following items. Choose the correct answer from the list below;
Previous question
1-a:
DEBIT (+) CREDIT (-)
1. Capital is increased ✓
2. Cash is increased ✓
3. Cash is decreased ✓
4. Capital is decreased ✓
5. Equipment is increased ✓
6. Service Income is increased ✓
7. Expenses is increased ✓
8. Accounts payable is increased ✓
9. Accounts payable is decreased ✓
10. Accounts receivable is decreased ✓
1-b:
1. Which account is increased when the owner invests more money in the business?
Answer: Capital
2. Which account is decreased when the owner takes money out of the business for personal use?
Answer: Capital
3. Which account is increased when the business receives cash from a customer?
Answer: Cash
4. Which account is decreased when the business pays cash for rent?
Answer: Cash
5. Which account is increased when the business purchases new equipment?
Answer: Equipment
6. Which account is increased when the business provides services to a customer and receives payment later?
Answer: Accounts receivable
7. Which account is increased when the business pays for advertising?
Answer: Expenses
8. Which account is increased when the business buys supplies on credit?
Answer: Accounts payable
9. Which account is decreased when the business pays off a supplier's invoice?
Answer: Accounts payable
10. Which account is decreased when the business receives payment from a customer who had previously purchased on credit?
Answer: Accounts receivable
To learn more about capital, visit: https://brainly.com/question/27976703
#SPJ11
big sky company provided the following information regarding its direct labor for the month of october: actual hours worked1,050 actual wage$16.25 standard hours allowed1,020 standard wage$16.50 based on the given information, the direct labor efficiency variance is
The direct labor efficiency variance for Big Sky Company for the month of October is -$495.
This negative variance indicates that the company's actual hours worked exceeded.
To calculate the direct labor efficiency variance, we need to compare the actual hours worked to the standard hours allowed, and then multiply the difference by the standard wage rate.
The formula for direct labor efficiency variance is:
Direct Labor Efficiency Variance = (Standard Hours Allowed - Actual Hours Worked) x Standard Wage Rate
Using the information provided:
Actual hours worked = 1,050
Actual wage = $16.25
Standard hours allowed = 1,020
Standard wage = $16.50
Substituting these values into the formula, we get:
Direct Labor Efficiency Variance = (1,020 - 1,050) x $16.50
Direct Labor Efficiency Variance = -30 x $16.50
Direct Labor Efficiency Variance = -$495.
Learn more about efficiency here:
https://brainly.com/question/30280642
#SPJ11
Kris transfers a note, on which Liu is the maker, to Mia, who takes it for value and in good faith. Mia knows that Kris breached the contract underlying the note, giving Liu a defense against payment. With respect to this note, Mia is
a. A knowledgeable holder in due course
b. An ordinary holder
c. An ordinary holder in due course
d. An ordinary note taker
Mia is not a holder in due course but an ordinary holder, as she knew that Kris had breached the contract underlying the note, making Liu's defense against payment valid, and thus subjecting.
Mia is an ordinary holder, but not a holder in due course. A holder in due course is a person who takes a negotiable instrument, such as a note, for value, in good faith, and without notice of any claims or defenses against it. In this case, Mia took the note for value and in good faith, but she knew that Kris had breached the contract underlying the note, which gives Liu a defense against payment. Therefore, Mia is not a holder in due course and is subject to any claims or defenses that Liu could assert against the note. Mia is simply an ordinary holder of the note.
Learn more about ordinary here:
https://brainly.com/question/17283302
#SPJ11
A Development Team is requested by an important stakeholder to help them with some external task since organisation board urgently requires it. The team referred them to Product Owner. In this case, the Scrum Master
In this case, the Scrum Master should work with the Product Owner to prioritize the external task and determine whether it is feasible for the Development Team to take on.
The Scrum Master should also ensure that the team's commitments to their current Sprint are not impacted and that the task aligns with the overall goals of the project. It is important to keep in mind that the Development Team is meant to focus on delivering the product increment and may not always have the bandwidth to take on external tasks. Ultimately, the decision should be made collaboratively with the Product Owner and Development Team, while keeping the stakeholder's urgency in mind.
Know more about Product Owner here;
https://brainly.com/question/16412628
#SPJ11
Prior to accepting an offer to purchase, sellers/brokers shall
Prior to accepting an offer to purchase, sellers/brokers shall carefully review the terms and conditions of the offer to ensure that it aligns with their requirements and expectations.
This includes considering the purchase price, contingencies, closing date, and any other relevant details outlined in the offer. It is important for sellers/brokers to fully understand the offer before accepting it, as once accepted, it becomes a legally binding agreement. They may also want to consult with their legal counsel or real estate agent to ensure that they are making an informed decision. Additionally, prior to accepting an offer, sellers/brokers may want to consider if there are any competing offers or if it would be beneficial to wait for additional offers to come in. This can help ensure that they are getting the best possible deal for their property. Overall, prior to accepting an offer to purchase, sellers/brokers should take the time to carefully evaluate the offer and consider all of their options to make an informed decision.
Learn more about Prior here
https://brainly.com/question/20194760
#SPJ11
whats the answer???The marginal products of the first second, and third workers are 10, 8, and 6, respectively. The total product of three workers is Select one: a. 14 b. none C.6 d. 18 e. 24
The answer is e. 24.
To find the total product of three workers, we add up their products. The marginal product of each worker tells us how much output is added by that worker. So, the first worker adds 10 units of production, the second adds 8 units, and the third adds 6 units.
Adding these up:
10 + 8 + 6 = 24
Therefore, the total product of three workers is 24 units.
Learn more about Marginal Product: https://brainly.com/question/30099646
#SPJ11
lorna sam, cpa, is auditing the financial statements of oakdale company for the year ending december 31, year 2. select from the option list provided the assertion that correctly matches each audit procedure for the audit of property, plant, and equipment. each choice may be used once, more than once, or not at all. audit procedure assertion 1. sam vouched significant debits from the repairs and maintenance expense account to determine whether any should have been capitalized. [ select ] 2. sam tested the authorization, execution, recording, and custody aspects of an equipment transaction. [ select ] 3. sam inspected equipment additions made by oakdale company. [ select ] 4. sam analyzed lease documents to determine whether leases have been properly recorded as finance or operating leases. [ select ] 5. sam prepared a schedule of fixed assets using subsidiary records and compared the balance with the general ledger. [ select ] 6. sam read oakdale company's financial statements to determine whether the property, plant, and equipment account is presented as a noncurrent asset. [ select ] 7. sam inspected tax records to determine whether oakdale company had paid the property taxes for the recorded assets. [ select ] 8. sam examined depreciation methods and their application to determine
In the following sequence the assertion that matches this audit procedure is completeness, accuracy, existence, classification, completeness, presentation and disclosure, rights and obligations, and valuation and allocation.
1. The assertion that matches this audit procedure is "completeness." By vouching significant debits from the repairs and maintenance expense account, Lorna Sam is trying to determine whether any of those expenses should have been capitalized.
This means they should have been recorded as additions to property, plant, and equipment. If any expenses were incorrectly recorded in the repairs and maintenance expense account, it would result in an understatement of the property, plant, and equipment account, which would violate the completeness assertion.
2. The assertion that matches this audit procedure is "accuracy." By testing the authorization, execution, recording, and custody aspects of an equipment transaction.
Lorna Sam is trying to ensure that the transaction has been recorded accurately in the property, plant, and equipment account. If any aspect of the transaction is incorrect, it could result in an overstatement or understatement of the account balance, which would violate the accuracy assertion.
3. The assertion that matches this audit procedure is "existence." By inspecting equipment additions made by Oakdale Company, Lorna Sam is trying to ensure that the equipment actually exists and has been properly recorded in the property, plant, and equipment account.
If any equipment additions were not recorded or do not actually exist, it would violate the existence assertion.
4. The assertion that matches this audit procedure is "classification." By analyzing lease documents, Lorna Sam is trying to ensure that leases have been properly classified as either finance or operating leases.
The classification of a lease will determine how it is recorded in the financial statements and can affect the amount recorded in the property, plant, and equipment account. If leases are not properly classified, it would violate the classification assertion.
5. The assertion that matches this audit procedure is "completeness." By preparing a schedule of fixed assets using subsidiary records and comparing the balance with the general ledger.
Lorna Sam is trying to ensure that all fixed assets have been properly recorded in the property, plant, and equipment account. If any fixed assets are missing from the account, it would violate the completeness assertion.
6. The assertion that matches this audit procedure is "presentation and disclosure." By reading Oakdale Company's financial statements, Lorna Sam is trying to ensure that the property, plant, and equipment account is presented as a noncurrent asset.
This is the appropriate presentation for long-term assets. If the account is presented incorrectly, it would violate the presentation and disclosure assertion.
7. The assertion that matches this audit procedure is "rights and obligations." By inspecting tax records, Lorna Sam is trying to ensure that Oakdale Company has paid the property taxes for the recorded assets.
This indicates that the company has the right to use the assets. If property taxes have not been paid, it would violate the rights and obligations assertion.
8. The assertion that matches this audit procedure is "valuation and allocation." By examining depreciation methods and their application, Lorna Sam is trying to ensure that the depreciation expense recorded in the property, plant, and equipment account is appropriate.
This has been consistently applied. If the depreciation methods are not appropriate or have not been consistently applied, it would violate the valuation and allocation assertion.
To know more about audit refer here:
https://brainly.com/question/30903052#
#SPJ11
which of the following is the most likely explanation for the imposition of a price floor on the market for corn?
A. Policymakers have studied the effects of the price floor carefully, and they recognize B. Buyers and sellers of corn have agreed that the price floor is good for both of them and C. Buyers of corn, recognizing that the price floor is good for them, have pressured D. Sellers of corn, recognizing that the price floor is good for them, have pressured that the price floor is advantageous for society as a whole.
The most likely explanation for the imposition of a price floor on the market for corn is that sellers of corn, recognizing that the price floor is good for them, have pressured for its implementation. Option(D).
A price floor ensures that the price of corn does not fall below a certain level, which benefits the sellers by providing them with a stable and predictable income. However, it can also lead to surpluses and inefficiencies in the market.
Policymakers may consider the effects of a price floor, but ultimately it is often the pressure from specific interest groups, such as sellers of corn, that leads to its implementation. Buyers of corn may benefit from the price floor, but they are unlikely to pressure for its implementation as it results in higher prices for them.
Overall, the imposition of a price floor is not necessarily advantageous for society as a whole, as it can distort the market and result in unintended consequences.
To know more about imposition refer here:
https://brainly.com/question/15455024#
#SPJ11
explain what an externality is and then give an example. how can government correct a negative externality? how can government encourage a positive externality? make sure you use correct spelling, grammar, etc. cite your references used. 4 chicken market
An externality is a cost or benefit that is not reflected in the market price of a good or service and affects someone other than the buyer or seller. It is an unintended consequence of a transaction between two parties.
Externalities can be positive, such as when a new business creates jobs and boosts the local economy, or negative, such as when pollution from a factory harms nearby residents.
An example of a negative externality can be seen in the chicken market. When poultry farms use antibiotics on their chickens, it can lead to antibiotic resistance in humans who consume the meat. This is a negative externality because the cost of antibiotic resistance is not reflected in the price of the chicken, and it affects society as a whole.
To correct a negative externality, the government can impose taxes or regulations on the party responsible for the externality. In the case of the chicken market, the government could impose a tax on the use of antibiotics in poultry farming, which would increase the cost for farmers and encourage them to find alternative methods to raise chickens.
To encourage a positive externality, the government can provide subsidies or incentives to the party responsible for the externality. For example, in the chicken market, the government could provide subsidies to farmers who use sustainable farming methods, which would benefit the environment and society as a whole.
References:
- Mankiw, N. G. (2014). Principles of microeconomics. Cengage Learning.
- Stiglitz, J. E., & Rosengard, J. K. (2015). Economics of the public sector. W. W. Norton & Company.
Learn more about Externalities: https://brainly.com/question/14018373
#SPJ11
Financial markets in 2022 are concerned with the return of inflation and the interest rate policy followed by central banks. Compare the interest rate policy of leading central banks now and twenty years ago?
In 2022, financial markets are indeed concerned about the return of inflation and the interest rate policy followed by central banks. Comparing the interest rate policy of leading central banks now and twenty years ago, we can see significant differences.
Twenty years ago, many central banks had relatively high interest rates to combat inflation. For example, the Federal Reserve's interest rate in January 2002 was 1.75%, while the European Central Bank's rate was 3.25%.
Nowadays, many central banks have lowered their interest rates significantly to stimulate economic growth, even before the pandemic.
The Federal Reserve's interest rate in January 2022 is 0.75%, while the European Central Bank's rate is -0.5%. These low-interest rates have been supported by quantitative easing programs and other unconventional monetary policies.
However, some central banks, such as the Reserve Bank of Australia and the Bank of England, have raised their interest rates to prevent overheating economies and to control inflation.
Therefore, the interest rate policy followed by central banks today is different from twenty years ago, reflecting changing economic conditions and central banks' priorities.
To know more about inflation refer here:
https://brainly.com/question/28190771#
#SPJ11
A check drawn by a company for $360 in payment of a liability was recorded in the journal as $630. This item would be included on the bank reconciliation as a(n) a deduction from the balance per the company's records. b. addition to the balance per the company's records. .c. deduction from the balance per the bank statement d. addition to the balance per the bank statement
A check drawn by a company for $360 in payment of a liability was recorded in the journal as $630. To correct this discrepancy in the bank reconciliation, you would need to choose option b. addition to the balance per the company's records.
The item would be included on the bank reconciliation as:
1. Identify the error: The check was recorded as $630 instead of the correct amount of $360 in the company's records.
2. Determine the difference: $630 (recorded) - $360 (actual) = $270.
3. Correct the error: To rectify this, you need to add the difference ($270) back to the balance per the company's records. This will make the company's records align with the actual payment of $360.
So, the correct answer is: b. addition to the balance per the company's records.
To know more about bank reconciliation
visit:
https://brainly.com/question/30358925
#SPJ11
A mutual fund has average daily assets value of $90 million. During the year the fund bought $25 million worth of stocks and sold $27.5 million worth of stocks. This fund's turnover rate was a) 17.39% b) 27.78% c) 14.35% d) 21.88% בס e) 18.75%
Fund's turnover rate was is 21.88%.
The fund's turnover rate is calculated by dividing the total value of securities bought and sold during the year by the average daily assets value of the fund.
In this case, the total value of securities bought and sold is $25 million + $27.5 million = $52.5 million.
Dividing this by the average daily assets value of $90 million gives a turnover rate of 0.5833, which is equivalent to 58.33%.
However, turnover rate is typically expressed as a percentage, so we multiply this by 100 to get 58.33%.
Therefore, the correct answer is the closest option to 58.33%, which is d) 21.88%.
To know more about Fund's turnover rate visit
https://brainly.com/question/4366712
#SPJ11
50. Among the characteristics of the "learning organization" can be included all the following except:
A. shared vision.
B. systems thinking.
C. personal mastery.
D. team learning.
E. authoritative bureaucratic structure.
E. authoritative bureaucratic structure is not a characteristic of the "learning organization."
Among the characteristics of the "learning organization," all the following can be included except E.'s authoritative bureaucratic structure. A learning organization typically emphasizes a shared vision, systems thinking, personal mastery, and team learning, while an authoritative bureaucratic structure does not align with the collaborative and adaptive nature of a learning organization.
To know more about learning organizations here:
brainly.com/question/14096712
#SPJ11