Answer and Explanation:
Given that
The Sale is made for $900
Terms 2/10, n/30 that means if the payment is made within 10 days than 2% discount is eligible and the total credit period allowed is 30 days
Now the journal entry to record the receipts of a payment within discount period is
Cash Dr $882
Sales discount $18
To Account receivable $900
(Being the cash received)
The greatest importance of standing committees is that they ______.
a) permit the leadership to control the legislative process
b) give the president more power in the legislative process than he or she would have otherwise
c) control the influence of lobbyists on the legislative process
d) result in legislators who become experts in their committee's policy domain
Answer:
none of the above
Explanation:
Standing Committee is a term to describe a type of committee that is a mainstay and have a continual role, which is not specific to a particular assignment or undertaking.
Therefore, the greatest importance of standing committees is that they "increase congressional power by allowing detailed analysis and modification of legislation"
Hence, from the available options, there is none that is correct.
Marci is trying to determine the predetermined overhead rate for her company. She knows that the estimated annual overhead costs for the company are $255,000. The Work in Process inventory has amounted to $35,000 for March and April, and the overall estimated direct labor cost is $300,000. If overhead is applied based on direct labor cost, what is the predetermined overhead rate?
Answer:
Predetermined manufacturing overhead rate= $0.85 per direct labor dollar
Explanation:
Giving the following information:
She knows that the estimated annual overhead costs for the company are $255,000.
The estimated direct labor cost is $300,000.
To calculate the predetermined overhead rate, we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 255,000/300,000
Predetermined manufacturing overhead rate= $0.85 per direct labor dollar
Taggart Goods Corp. just reported a net income of $8,000,000, and its current stock price is $17.50 per share. Taggart is forecasting an increase of 25% for its net income next year, but it also expects it will have to issue 2,400,000 new shares of stock (raising its shares outstanding from 5,500,000 shares to 7,900,000 shares). If Taggart’s forecast turns out to be correct and its price-to-earnings (P/E) ratio does not change, what does management expect its stock price to be one year from now? (Hint: If you choose to compute the firm’s price/earnings ratio, round its value to four decimal places.)
Answer:
$15.2279
Explanation:
Current P/E = Price per share * Share outstanding / Net Income
Current P/E = 17.5 * 5,500,000 / 8,000,000
Current P/E = 12.03
The Current P/E will remain the same next year
Next year P/E = Price * (New shares + Existing shares) / Next year earnings
12.03 = Price * (5,500,000 + 2,400,000) / 8,000,000 * 1.25
12.03 = Price * (7,900,000) / 10,000,000
12.03 * 10,000,000 = Price * (7,900,000)
Price = 120,300,000 / 7,900,000
Price = 15.22785
Hence, the price of shares next year will be $15.2279
Which of the following statements is true of a target market? Question 8 options: Uncontrollable elements continually evolve and create changes in a target market. Managers can control the external environment that molds and reshapes a target market. Environmental scanning is performed by firms in order to prevent changes in a target market. Unlike uncontrollable variables, controllable variables do not affect a target market.
Answer:
The correct answer is the first option: Uncontrollable elements continually evolve and create changes in a target market.
Explanation:
To begin with, in the marketing field the term of target market refers to the audience that the company is looking for to capture in order to be the primary group of client to whom the product will be launched with the purpose of getting the most sales as possible and with that the major amount of profits from those customers. Moreover, that audience will be affected by controllable and uncontrollable variables that the company must be aware of. The second ones are the competition, the technology, the social environment (like culture), the economy and the regulations from the government. And those variables are the ones that affect the most to the target audience because are impossible to control from the company's point of view.
The National Income and Product Accounts identity states:__________A) Expenditure Production Income.B) Production Expenditure Income.C) Production Expenditure Income.D) Expenditure Production Income.E) Production Expenditure Income.
Answer:
I. National Income Accounting:
National income accounts are an accounting framework is useful in measuring economic activity.
A. Three approaches—all produce the same measurement of the production of the economy.
1. product approach: how much output is produced
2. income approach: how much income is created by production
3. Expenditure approach: how much purchasers spend
B. Why all three approaches are the same: Assumes no unsold goods (at this point) then the market values of goods and services produced must equal the amount buyers spend to purchase them (product approach=expenditure approach). What the seller receives (income) must equal what is spent (expenditure).
II. Gross Domestic Product (GDP)
A. GDP vs. GNP
GNP= output produced by domestically owned factors or production. (By our people)
GDP= includes production produced by foreign owed factors of production within the countries border and excludes domestically owned production in foreign countries. (On our soil)
1. GDP = GNP – net factor payment from abroad (NFP)
2. How big is the difference?
B. Product approach: The market value of all final goods and services produced within a nation during a fixed period of time.
1. Market value: allows comparison between different goods. Has some problems – ignores some goods. underground economy, and government services.
2. Final goods and service: Treatment of inventories; Capital goods; Avoids double counting; Value added.
3. New production: Ignores goods produced in previous periods
C. Expenditure approach: Total spending on final goods and services produced within a nation during a specified period of time.
1. Income expenditure identity and four categories of spending: Consumption (C), Investment (I), government purchases of goods and services (G) and net exports (NX)
Y = C + I + C + NX
2. Consumption(C): Spending by domestic households on final goods and services
a. Consumer durable goods: Long lasting goods
b. Nondurable goods used up quickly
c. Services
3. Investment (I): Spending on new capital goods by business
a. Business fixed investment
b. Residential fixed investment
c. Inventory investment: Changes in the amount of unsold goods, goods in progress and new materials
4. Government purchases of goods and services (G):
a. State and local vs. Federal spending
b. Transfers and interest payments on debt are not counted. They are counted in total government expenditure which is not the same as government purchases of goods and services.
5. Net exports (NX): exports minus imports
a. Need to subtract imports since they are counted in C. I and G can add goods produced within the country purchased by foreign interests (exports).
D. Income approach adds up income received by producers, including profits and taxes paid to the government
1. Income generated by production
a. National income =
compensation of employees
+ proprietors income
+ rental income of persons
+ corporate profits
+ net interest
+ taxes on production
+ business transfers
+ surplus of gov enterprises
b. National income + statistical discrepancy = Net National Product (NNP)
Note: This changed a couple years ago. If you have an old addition, you may see the indirect business tax. It is no long used in this equation!
c. NNP + depreciation = GNP
d. GNP – NFP = GDP
2. Income of private sector and government
a. Private disposable income = income of private sector = private sector income earned at home (Y or GDP) and abroad (NFP) + payments from the government sector (transfers TR and interest on debt INT) – taxes paid to government (T) = Y + NFP + TR + INT – T
b. Government net income = T- TR – INT
III. Saving and Wealth
A. Wealth Difference between assets and liabilities
B. Measures of aggregate savings
1. Saving = current income – current spending; saving rate = saving/current income
2. Private saving (Spvt) Spvt = Y + NFP – T + TR + INT – C
3. Government Saving (Sgovt) Sgovt = T – TR- INT – G
a. Government saving = Government budget surplus (deficit = -Sgovt)
4. National Saving= private saving + government saving
S = Spvt + Sgovt = Y + NFP - C – G = GNP - C – G
C. The uses of private saving
1. S = I + (NX + NFP) = I + CA
CA = NX + NFP = current account balance
2. The use of savings identity
Spvt = I – Sgovt + CA
If the budget deficit increases one or a combination of the following happen
1) private saving must rise
2) investment must fall
3) the current account balance must fall
IV. Prices Indexes, Inflation and Interest Rates
A. Nominal vs. Real variables
Nominal Variables – Measures the economic variable in terms of the current market value.
Real Variable—Measure the variable valued at the prices in a base year.
B. Real vs. Nominal: Calculation the differences
Examples Small country only produces base balls and baseball bats
Explanation:
Simon Company had the following summarized operations for the month of May: cash sales, $32,000; sales on account, $18,000; expenses paid in cash, $5,000; expenses incurred on credit, $10,000. In addition, the company purchased equipment for $8,000 on account and supplies for $5,000 cash. The net income for the month of May is
Answer:
$35,000
Explanation:
The computation of net income for the month of may is given below:-
Net income for the month of may = Revenues - Expenses
= ($32,000 + $18,000) - ($5,000 + $10,000)
= $50,000 - $15,000
= $35,000
Therefore for computing the net income for the month of may we simply applied the above formula.
Hence, the net income is $35,000
What does Checks and Balances mean? And why do we have them?
Answer:
Hmm.
Explanation:
Checks and Balances mean the principle of government under which separate branches are empowered to prevent actions by other branches and are induced to share power.
We have them so the government can limit the powers of the other branches.
In October 2014, Anheuser Busch InBev (AB InBev) acquired 100 percent of the common stock of SABMiller Group by paying $103,136 million in total consideration. On the acquisition date, the total fair value assigned to tangible and intangible assets acquired (excluding goodwill) was $61,896 million, while the total fair value assigned to liabilities assumed was $31,165 million. What is the value of goodwill recognized in AB InBev's consolidated financial statements as a result of the SABMiller Group acquisition?
Answer:
the value of goodwill recognized in AB InBev's consolidated financial statements is $70,405.
Explanation:
Goodwill is the excess of the Purchase consideration over the Fair Value of the Net assets taken over.
Calculation of Goodwill
Purchase Consideration $103,136
Less Fair Value of Net Assets taken over :
Fair Value of Assets $61,896
Fair Value of Liabilities ($31,165) ($30,731)
Goodwill $70,405
Perform ratio analysis, and discuss change in financial position and operating results
Condensed balance sheet and income statement data for Jergan Corporation are presented here.
JERGAN CORPORATION
Balance Sheet
December 31
2017 2016 2015
Cash $30,000 $20,000 $18,000
Accounts receivable (net) 50,000 45,000 48,000
Other current assets 90,000 95,000 64,000
Investments 55,000 70,000 45,000
Plant and equipment (net) 500,000 370,000 358,000
$725,000 $600,000 $533,000
Current liabilities $85,000 $80,000 $70,000
Long-term debt 145,000 85,000 50,000
Common stock, $10 par 320,000 310,000 300,000
Retained Earnings 175,000 125,000 113,000
$725,000 $600,000 $533,000
JERGAN CORPORATION
Income Statement
For the Year Ended December 31
2017 2016
Sales revenue $740,000 $600,000
Less: Sales return and allowances 40,000 30,000
Net sales 700,000 570,000
Cost of goods sold 425,000 350,000
Gross profit 275,000 220,000
Operating expenses 180,000 150,000
Net income 95,000 70,000
Additional information:
1. The market price of Jergan's common stock was $7.00, $7.50, and $8.50 for 2012,
2016, and 2017, respectively.
2. You must compute dividends paid. All dividends were paid in cash.
Instructions
(a) Compute the following ratios for 2016 and 2017.
(1) Profit margin. 5. Price-earnings ratio.
(2) Gross profit rate. 6. Payout ratio.
(3) Asset turnover. 7. Debt to assets ratio.
(4) Earnings per share.
Answer:
Please see below
Explanation:
1. Profit margin = Net profit / Net sales
2016 - Profit margin
= (70,000 / 570,000) * 100
= 12.28%
2017 - Profit margin
= (95,000 / 700,000) * 100
= 13.57
2. Gross profit rate = Gross profit / Net sales
2016 - Gross profit rate
= (220,000 / 570,000) * 100
= 38.60%
2017 - Gross profit rate
= (275,000 / 700,000) * 100
= 39.29%
3. Asset turnover = Net sales / Average total assets
2016 - Asset turnover
= (570,000 / [(600,000 + 533,000) / 2 ]
= 570,000 / 566,500
= 1.01 times
2017 - Asset turnover
= (700,000 / [(725,000 + 600,000) / 2 ]
= 700,000 / 662,500
= 1.06 times
4. Earnings per share = Net income / Outstanding shares
2016 - Earnings per share
= 70,000 / (310,000/10)
= 70,000 / 31,000
= $2.26 per share
2017 - Earnings per share
= 95,000/ (320,000/10)
= 95,000 / 32,000
= $2.97 per share.
5. Price earnings ratio = Market value per share / EPS
2016 - price earnings ratio
= 7.50 /2.26
= 3.32 times
2017 - price earnings ratio
= 8.50/2.97
= 2.86 times
6. Payout ratio = Dividend per share / Net income or earnings per share × 100
2016 - payout ratio
=
7. Debts to assets ratio = Total liabilities / Total assets
2016 - Debts to assets ratio
=
Identify the incorrect statement concerning globalization. A. It has been blamed for unemployment in developed nations, environmental degradation and the Americanization of popular culture. B. It has created new threats for businesses accustomed to dominating their domestic markets. C. It is transforming industries and is highly welcomed by those who believed their jobs were protected from foreign competition. D. According to most economists it is a very beneficial process where gains outweigh the losses by a wide margin.
Answer:
C. It is transforming industries and is highly welcomed by those who believed their jobs were protected from foreign competition.
Explanation:
Globalization is integration of world economies. it has created threat to the employment opportunities in the developed countries since the large number of jobs are being outsourced to other countries.
Negative inflationary surprises lead to a(n):____________.
A) increase in the real interest rate.
B) redistribution of wealth from borrowers to lenders.
C) decline in the nominal interest rate.
D) decline in inflation risk for lenders.
E) redistribution of wealth from lenders to borrowers.
Answer: increase in real interest rate
Explanation:
Negative inflationary surprises lead to an increase in the real interest rate. The real interest rate is simply defined as the rate of interest that a saver, investor, or a lender will receive after inflation ahs been allowed.
It should be noted that the real interest rate is the nominal interest rate minus inflation. Therefore, a negative inflationary surprises lead to a rise in the real interest rate.
Give one advantage and one disadvantage for a Market Economy.
Answer:
Advantage: Variety
Disadvantage: Poor work conditions
Explanation:
Marwick's Pianos Inc. purchases pianos from a large manufacturer and sells them at the retail level.The pianos cost, on average, $1,488 each from the manufacturer.Marwick's Pianos Inc. sells the pianos to its customers at an average price of $2,900 each.The selling and administrative costs that the company incurs in a typical month are presented below:Costs Cost FormulaSelling:Advertising $942 per monthSales salaries and commissions $4,799 per month, plus 3% of salesDelivery of pianos to customers $60 per piano soldUtilities $650 per monthDepreciation of sales facilities $4,945 per monthAdministrative:Executive salaries $13,566 per monthInsurance $685 per monthClerical $2,480 per month, plus $36 per piano soldDepreciation of office equipment $900 per monthDuring August, Marwick's Pianos Inc. sold and delivered 63 pianos.Required:1. Prepare an income statement for Marwick's Pianos Inc. for August. Use the traditional format, with costs organized by function.2. Prepare an income statement for Marwick's Pianos Inc. for August, this time using the contribution format, with costs organized by behavior. Show costs and revenues on both a total and a per unit basis down through contribution margin.
Answer:
1) Marwick's Pianos Inc.
Income Statement
For the month ended August 202x
Total sales revenue $182,700
Cost of goods sold ($93,744)
Gross profit $88,956
Administrative expenses:Executive salaries ($13,566)Clerical salaries ($4,748)Depreciation office equipment ($900)Utilities ($650) ($19,864)Sales expenses:
Sales salaries and commissions ($10,280)Delivery expense ($3,780)Advertising ($942)Depreciation of sales facilities ($4,945) ($19,947)Operating income $49,145
2) Marwick's Pianos Inc.
Income Statement
For the month ended August 202x
Total sales revenue $182,700
Variable costs:
Pianos ($93,744)Sales commissions ($5,481)Clerical commissions ($2,268)Delivery expense ($3,780) ($105,273)Contribution margin $77,427
Period costs:
Executive salaries ($13,566)Clerical salaries ($2,480) Sales and commissions ($4,799)Advertising ($942)Depreciation expense ($5,845)Utilities expense ($650) ($28,282)Operating income $49,145
Explanation:
cost of a piano = $1,488
selling price per piano = $2,900
advertising $942 per month
sales and commissions $4,799 + 3% commissions on sales
delivery of pianos = $60 per piano
utilities expense = $650
depreciation expense = $4,945
executive salaries = $13,566
clerical salaries = $2,480 + $36 per piano
depreciation = $900
63 pianos sold during August
cost of goods sold = $1,488 x 63 = $93,744
total sales revenue = $2,900 x 63 = $182,700
sales commissions = $5,481
clerical commissions = $2,268
Company AA and Company BB have identical Assets, Revenues and Ebit. They are in the same line of business. Company AA has a Debt/Capital ratio of 0, while Company BB's ratio is 75%. Company BB pays a low interest rate, and both company's pay the same income tax rate. During good, profitable years, which company probably has the highest Net Income and why
Answer: BB
Explanation:
Because the credit help the company BB to run over and to make monney.
Why is a facility location so important to manufacturers
What are the determinants of supply? Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box. Income unanswered Prices of other goods unanswered Technology unanswered Tastes and preferences unanswered Resource prices unanswered Number of producers
Answer:
Number of producers
Prices of other goods
Technology
Resource prices
Explanation:
Supply is the total amount of goods and services available to consumers in a market
The higher the number of producers, the higher the number of goods produced and the higher the supply all things being equal. The reverse would be the case if the number of producers fall.
If the price of other good increases, it would be more profitable to produce the other goods. As a result, the number of producers available to good would reduce.
Technological progress that reduces cost of production and makes production more efficient, would lead to an increase in supply.
If the price of inputs increases, it becomes more expensive to produce the good and as a result, supply would fall.
How does a company's use of social media reflect audience-centered communication?
Answer:
There is an explanation of why the social media is so important today in the terms of communication regarding the marketing strategy in the companies below.
Explanation:
To begin with, nowadays the with the use of internet and more importantly the social media the companies have to adapt their strategy of communication according to the marketing theory in order to reach to the target audience who are the ones that will provide them with all of their primary profits when they sell. So that is why that social media has become one of the base aspects in which the company has to develop itself and try to to get better at it so that they could approach the consumers with that media of communication that is truly quite effective with the young consumers in the present time. Therefore that the social media reflects the most of the proper communication with the younger consumers nowadays, because it is a fundamental use of every day life for them.
Social media is important to industries to communicate wide to their target audience through advertisement.
Social media is an online platform that facilitates the exchange of information in terms of creation and sharing.
Social media is important to industries to communicate wide to their target audience through advertisement.
This advertisement serves as a form of marketing strategy for companies to engrave their product in the heart of the consumers.
Learn more on social media here: https://brainly.com/question/3653791
Corporation XYZ has taxable income of $70,000 for the current year. It will owe taxes of:__________
Answer:
Assuming that we are talking about this year, or the recent past, Corporation XYZ's tax expense = $70,000 x 21% = $14,700.
Explanation:
The Tax Cuts and Jobs Act (2017) set the corporate tax rate at 21%, and that applies to all corporations. Before the TC&JA the corporate tax rate was 35%.
What is meant by Sandel's use of the phrase "a common currency"?
A. Sandel meant that utilitarianism only thinks of moral values in terms of monetary currency
B. Sandel meant that utilitarianism tells us that we should never eat each other, no matter how hungry we are
C. Sandel meant that utilitarianism aims to level all values to equal standing so that they can be quantified and measured
D. Sandel meant that utilitarianism relies on a theory of human nature as composed of base and higher capacities
Answer:
C. Sandel meant that utilitarianism aims to level all values to equal standing so that they can be quantified and measured
Explanation:
The common currency is the currency that are shared by the different countries
Utilitarianism refers to a theory in which the goods things are to be rise and the bad things would be decline also it shows the outcome of an action that generated right and wrong concept
Therefore it provides a measure that should be common depend upon the values
Hence, the option c is correct
Good X is produced in a competitive market using input A. Explain what would happen to the supply of good X in each of the following situations: a. The price of input A decreases. It will not change. It will increase. It will decrease. b. An excise tax of $3 is imposed on good X. It will increase. It will not change. It will decrease. c. An ad valorem tax of 7 percent is imposed on good X. It will increase. It will decrease. It will not change. d. A technological change reduces the cost of producing additional units of good X. It will increase. It will not change. It will decrease.
Answer:
a. It will increase.
b. It will decrease
c. It will decrease
d. it will increase.
Explanation:
If the price of an input needed for production of good X decreases, the cost of production of good X reduces. It becomes cheaper to produce good X and and as a result the supply of good X would increase.
An increase in tax increases the cost of production and makes production of good X more expensive. As a result, the supply of good X would fall.
technological change that reduces the cost of producing additional units of good X, would make the production of good X less expensive. As a result, the supply of good X would increase
Item 4Item 4 You’ve collected the following information from your favorite financial website. 52-Week Price Stock (Div) Div Yld % PE Ratio Close Price Net Chg Hi Lo 64.60 47.80 Abbott 1.12 1.9 235.6 62.91 −.05 145.94 70.28 Ralph Lauren 2.50 1.8 70.9 139.71 .62 171.13 139.13 IBM 6.30 4.3 23.8 145.39 .19 91.80 71.96 Duke Energy 3.56 4.9 17.6 74.30 .84 113.19 96.20 Disney 1.68 1.7 15.5 ?.10 According to your research, the growth rate in dividends for IBM for the next 5 years is expected to be 5 percent. Suppose IBM meets this growth rate in dividends for the next five years and then the dividend growth rate falls to 3.5 percent indefinitely. Assume investors require a return of 10 percent on IBM stock.
Answer:
P₀ = $106.96
Explanation:
the current dividend paid by IBM was $6.30 per stock
Div₀ = $6.30
Div₁ = $6.615
Div₂ = $6.94575
Div₃ = $7.2930375
Div₄ = $7.657689375
Div₅ = $8.040573844
Div₆ = $8.321993928
we must first determine the terminal value at year 5 = Div₆ / (rrr - g) = $8.321993928 / (10% - 3.5%) = $128.0306758
now we must discount the future values using the 10% discount rate:
P₀ = $6.615/1.1 + $6.94575/1.1² + $7.2930375/1.1³ + $7.657689375/1.1⁴ + $8.040573844/1.1⁵ + $128.0306758/1.1⁵ = $6.013 + $5.740 + $5.479 + $5.230 + $4.993 + $79.50 = $106.96
The concept of an "artificial being: refers to which form of business organization?
a) partnership
b) sole proprietorship
c) corporation
d) limited partnership
Answer:
Artificial Being refers to corporation form of business
Explanation:
From the list of given options, the option that answers the question is Corporation.
This is so because when group of people (called owners) form a corporation, they form a body and this body as a whole is given the legal status which is given to the owners.
In other words, the body which actually does not exist physically can act and take decisions on behalf of the owners in taking responsibilities.
So because of the inexistence, the corporation is referred to as an artificial being.
Hence, option c answers the question.
Which approach describes how leaders act?
a. Trait.
b. Skills.
c. Leader-member exchange.
d. Behavioral
Answer:
d. Behavioral
Explanation:
Behavioral approach defines how a leader interact with its followers. It also includes the actions of a leader towards its followers.
In behavioral approach to leadership, anyone can become a leader if they want to, but such leader trainings and observations for effective leadership. The behavioral approach centers on interpersonal relationship between a leader and its followers. There is also an aspect of behavioral approach - task behavior which focuses on workers achieving set targets at workplace while relationship behavior help workers feel safe and comfortable by their leaders in their place of work.
Identical products, as well as a large number of buyers and sellers, are characteristics of aperfectly competitive market. In such markets, sellers of goodscan influence the prevailing market price, giving them the role of pricemakers in the market. True or False: The market for public utilities, such as gas and electricity, exhibits the two primary characteristics that define perfectly competitive markets.
Answer and Explanation:
Perfect competition is a competitive market where there is a very wide number of buyers and sellers who offer the same or similar goods with great product and service information. Furthermore, this sector has free entry and exit
So it is a perfectly competitive market, also it cannot influence the market price also there are price takers
Also the given statement is false as it represents the monopoly market not the perfect competition market
Loeffler Company owns 35% of the common stock of Tetter Co. and uses the equity method to account for the investment. During 2021, Tetter reported income of $260,000 and paid dividends of $90,000. There is no amortization associated with the investment. During 2021, how much income should Loeffler recognize related to this investment
Answer:
Investment revenue = $91,000
Explanation:
the journal entry to record the dividends received would be:
Dr Cash 31,500
Cr Investment in Tetter Co. 31,500
the journal entry to record the reporting of the net income:
Dr Investment in Tetter Co. 91,000
Cr Investment revenue 91,000
When a company uses the equity method, any dividends received will decrease the carrying value of the investment, while any net income reported will be considered investment revenue.
As a part of internal accounting controls, the activity called
involves detecting and avoiding errors
Answer:
As a part of internal accounting controls, the activity called RECONCILIATION involves detecting and avoiding errors.
Explanation:
Reconciliation involves detecting and avoiding errors since it helps management to discover or detect any mistakes and errors, and can also help to understand why these errors occurred and how to prevent future mistakes.
Reconciliation is basically comparing two different accounting records and making sure that they match, e.g. reconciliation of bank account and cash balance. If you cannot reconcile the company's bank account with its cash balance, it means something is wrong. Is the mistake intentional? Why did it occur? How can you prevent it from happening again? Can it be solved?
Answer:
The answer you are looking for is risk assessment
On January 12, 2021, Jefferson Corporation purchased bonds of Rose Corporation for $52 million at par and classified the securities as available-for-sale. On December 31, 2021, these bonds were valued at $46 million. Nine months later, on October 3, 2022, Jefferson Corporation sold these bonds for $62 million. As part of the multistep approach to record the 2022 transaction, Jefferson Corporation should finally take the third step of recording a sales transaction with a gain of:
Answer:
Transaction gain = $16 million
Explanation:
Given:
Purchase amount = $52 million
December 31, 2021, bonds value = $46 million
October 3, 2022, bonds sold = $62 billion
Computation:
Using multi-step approach
Transaction gain = October 3, 2022, bonds sold - December 31, 2021, bonds value
Transaction gain = $62 million - $46 million
Transaction gain = $16 million
why do you think wants is less important?
Answer:
Wants is less important because you don't need it/them to survive, you can live with only your needs, you should only get your wants only if you can afford it and still have enough money for needs.
Explanation:
I don't know if that made sense lol
The following standard costs pertain to a component part manufactured by Bor Company: An outside supplier has offered to supply all of the parts needed by Bor Company for $50 each. The 60% of the manufacturing overhead cost that is fixed would be unaffected by this decision. In the decision to "make or buy," what is the relevant unit cost to make the part internally?
Answer:
$30
Explanation:
The computation of relevant unit cost to make the part internally is shown below:-
Relevant cost of making part = Direct material + Direct labor + Manufacturing overhead
= $4 + $10 + ($40 - (100% - $60%)
= $4 + $10 + ($40 - 40%)
= $4 + $10 + $16
= $30
So, for computing the relevant unit cost to make the part internally we simply applied the above formula.
All of the following are functions of packaging EXCEPT:____________A) containing and protecting the product.B) guaranteeing product quality.C) facilitating recycling and reducing environmental damage.D) promoting the product.E) facilitating product storage, use, and convenience.
Answer: B) guaranteeing product quality.
Explanation: After products might have been manufacturing and processing might have been fully completed, finished goods will have to be concealed in an enclosed brand in other to afford the product a certain level of protection, easy handling and convenience to carry around. However, product packaging often goes beyond giving product protection, it is used by manufacturers to appeal and seduce customers to a certain degree in to buying their product over its rivals. Hence, good packaging adds value to a product. However, it is worthy of noting that product packaging does not determine the quality or effectiveness of the product being sold as this depends on the type of material and effort put in during production.