In a responsive culture, _____. management does not expect the employees to challenge or change the status quo. employees feel free to make recommendations to management to change existing practices. management tends to be inward-looking and politically motivated. good ideas do not get communicated upward because management is not very approachable.

Answers

Answer 1

In a responsive culture, 'management does not expect the employees to challenge or change the status quo.'

Responsive culture in an organization conveys that it aims to give importance to the needs, and preferences of its customers and adapting to them accordingly. The employees, therefore, are not expected to show defiance against the current circumstances or requirements. They are rather expected to adapt to the present circumstances and serve their customers with the best of their abilities and cater to their demands effectively and efficiently.

Learn more about 'Business culture' here:

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Related Questions

On January 1, Parson Freight Company issues 7.0%, 10-year bonds with a par value of $4,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0% and the bond selling price was $4,194,222. The bond issuance should be recorded as:

Answers

Answer: Debit Cash $4,194,222; Debit Discount on bonds payable $305,778; Credit Bonds payable $4,500,000

Explanation:

Based on the information given in the question, the journal entry will be prepared as follows:

Debit Cash $4,194,222

Debit Discount on bonds payable $305,778

Credit Bonds payable $4,500,000

Note that the discount on Bonds Payable was calculated as:

= $4,500,000 - $4,194,222

= $305,778

Oceanic, a venture capital firm, has the opportunity to invest in one of two firms that are in the process of globalizing. Macmillan, an air-conditioner manufacturer, faces intense pressure from its home market. Rent a Swag, a dog-toy manufacturer, has encountered little competition in its country of origin. In which company should Oceanic invest?

a. Macmillan, because air conditioners cost more to ship than dog toys do
b. Macmillan, because firms that face stiff competition at home tend to do better abroad
c. Rent a Swag, because firms that face little or no competition at home tend to do better abroad
d. Rent a Swag, because dog toys cost less to ship than air conditioners do

Answers

Answer: B. Macmillan, because firms that face stiff competition at home tend to do better abroad

Explanation:

Following the information given, it can be deduced that Oceanic should invest in Macmillan, because firms that face stiff competition at home tend to do better abroad.

The fact that Macmillan, which is an air-conditioner manufacturer, faces intense pressure from its home market will have resulted in the company making quality sure conditioners in order to sustain the pressure and have an edge over its local competitors. Therefore, the company will do better abroad as a result of this.

The correct option is B.

odson Company manufactures a product with a standard direct labor cost of 2.3 hours of labor per unit at $10.60 per hour. Last month, 170 units were produced using 90 hours at $11.60 per hour. What was the company's labor quantity variance

Answers

Answer:

Direct labor time (efficiency) variance= $3,190.6 favorable

Explanation:

To calculate the direct labor quantity variance, we need to use the following formula:

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

Direct labor time (efficiency) variance= (391 - 90)*10.6

Direct labor time (efficiency) variance= $3,190.6 favorable

Standard quantity= 2.3*170= 391

MC Qu. 147 Luker Corporation uses a process... Luker Corporation uses a process costing system. The company had $165,500 of beginning Finished Goods Inventory on October 1. It transferred in $842,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $163,200. The entry to account for the cost of goods manufactured during October is:

Answers

Answer:

Debit cost of goods sold $844,300

Credit finished goods inventory $844,300

Explanation:

Based on the information given The Appropriate journal entry to account for the cost of goods manufactured during October is:

Debit cost of goods sold $844,300

Credit finished goods inventory $844,300

($165,500 + $842,000 - $163,200 = $844,300)

(To record cost of goods manufactured)

Tercer reports the following for one of its products. Direct materials standard (4 lbs. $2 per lb.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used $8 per finished unit 300,000 lbs. 60,000 units $535,000 AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price.
Compute the direct materials price and quantity variances and classify each as favorable or unfavorable.

Answers

Answer:

Results are below.

Explanation:

Giving the following information:

Direct materials standard (4 lbs. $2 per lb.)= $8 per finished unit

Actual direct materials used (AQ)= 300,000

Actual finished units produced= 60,000

Actual cost of direct materials used= $535,000

To calculate the direct material price and quantity variance, we need to use the following formulas:

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (2 - 1.783)*300,000

Direct material price variance= $65,100 favorable

Actual price= 535,000 / 300,000= $1.783

Direct material quantity variance= (standard quantity - actual quantity)*standard price

Direct material quantity variance= (4*60,000 - 300,000)*2

Direct material quantity variance= $120,000 unfavorable

Valley Technology Balance Sheet As of January 24, 2021 (amounts in thousands)
Cash 9,700 Accounts Payable 1,500
Accounts Receivable 4,500 Debt 2,900
Inventory 3,800 Other Liabilities 800
Property Plant & Equipment 16,400 Total Liabilities 5,200
Other Assets 1,700 Paid-In Capital 7,300
Retained Earnings 23,600
Total Equity 30,900
Total Assets 36,100 Total Liabilities & Equity 36,100

Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question.

Jan 25. Sell product for $30,000 in cash with historical cost of $24,000
Jan 26. Sell, deliver, and receive payment of $40,000 for service
Jan 27. Consume good or service and pay expense of $2,000

What is the final amount in Total Liabilities & Equity?

Answers

Answer:

Valley Technology

1. Journal Entries:

Jan 25. Debit Cash $30,000

Credit Sales Revenue $30,000

To record the sale of goods for cash.

Debit Cost of goods sold $24,000

Credit Inventory $24,000

To record the cost of goods sold.

Jan 26. Debit Cash $40,000

Credit Service Revenue $40,000

To record the rendering of services for cash.

Jan 27. Debit Expenses $2,000

Credit Cash $2,000

To record the payment for good or service consumed.

2. T-accounts:

Cash

Date       Account Titles             Debit   Credit

Jan. 24  Beginning balance      9,700

Jan 25. Sales Revenue                30

Jan 26. Service Revenue            40

Jan 27. Expenses                                         2

Jan. 31  Ending balance                        9,768

Inventory

Date       Account Titles             Debit   Credit

Beginning balance                    3,800

Cost of goods sold                                   24

Ending balance                                    3,776

Sales Revenue

Date       Account Titles             Debit   Credit

Cash                                                       $30

Service Revenue

Date       Account Titles             Debit   Credit

Cash                                                      $40

Cost of goods sold

Date       Account Titles             Debit   Credit

Inventory                                     $24

Expenses

Date       Account Titles             Debit   Credit

Cash                                              $2

3. Balance Sheet As of January 31, 2021 (amounts in thousands)

Cash                                          9,768    Accounts Payable               1,500

Accounts Receivable               4,500     Debt                                    2,900

Inventory                                  3,776      Other Liabilities                     800

Property Plant & Equipment 16,400      Total Liabilities                   5,200

Other Assets                           1,700       Paid-In Capital                    7,300

                                                                Retained Earnings          23,644

                                                                Total Equity                     30,944

Total Assets                         36,144        Total Liabilities & Equity 36,144

4. The final amount in Total liabilities and equity is:

= $36,144

Explanation:

a) Data and Calculations:

Balance Sheet As of January 24, 2021 (amounts in thousands)

Cash                                          9,700     Accounts Payable               1,500

Accounts Receivable               4,500     Debt                                    2,900

Inventory                                  3,800     Other Liabilities                     800

Property Plant & Equipment 16,400      Total Liabilities                   5,200

Other Assets                           1,700       Paid-In Capital                    7,300

                                                                Retained Earnings          23,600

                                                                Total Equity                     30,900

Total Assets                         36,100        Total Liabilities & Equity  36,100

Analysis:

Jan 25. Cash $30,000 Sales Revenue $30,000

Cost of goods sold $24,000 Inventory $24,000

Jan 26. Cash $40,000 Service Revenue $40,000

Jan 27. Expenses $2,000 Cash $2,000

Revenue:

Sales revenue         $30

Cost of goods sold  (24)

Service revenue       40

Gross profit            $46

Expenses                    2

Net income            $44

Retained Earnings, beginning $23,600

Net income                                         44

Retained Earnings,, ending     $23,644

MC Qu. 157 Current information for the... Current information for the Healey Company follows: Beginning raw materials inventory $ 16,100 Raw material purchases 69,000 Ending raw materials inventory 17,500 Beginning work in process inventory 23,300 Ending work in process inventory 28,900 Direct labor 47,300 Total factory overhead 30,900 All raw materials used were traceable to specific units of product. Healey Company's total manufacturing costs for the year are:

Answers

Answer:

$145,800

Explanation:

Calculation to determine what Healey Company's total manufacturing costs for the year are:

TOTAL MANUFACTURING COSTS

Beginning raw materials inventory $ 16,100

Add Raw material purchases $69,000

Less Ending raw materials inventory $17,500

Add Direct labor $47,300

Add Total factory overhead $30,900

Total manufacturing costs $145,800

Therefore Bealey Company's total manufacturing costs for the year are:$145,800

Compute the current ratio and acid-test ratio for each of the separate cases. Camaro GTO TorinoCash $ 2,000 $110 $1,000Short-term investments 50 0 580Current receivables 350 470 700Inventory 2,600 2,420 4,230Prepaid expenses 200 500 900Total current assets $ 5,200 $3,500 7,410Current liabilities $ 2,000 $1,000 3,800

Answers

Answer:

The Current and Acid Test ratios help show whether a company will be able to pay of its current obligations with its current assets.

Current Ratio:

Camero :                                                                        GTO

= Current Assets / Current liabilities                          = 3,500 / 1,000

= 5,200 / 2,000                                                           = 3.50

= 2.60

Torino

= Current assets / Current liabilities

= 7,410 / 3,800

= 1.95

Acid-Test ratio

Camero

= (Current Assets - Inventory - Prepaid expenses) / Current liabilities

= (5,200 - 2,600 - 200) / 2,000

= 1.20

GTO

= (3,500 - 2,420 - 500) / 1,000

= 0.58

Torino

= (7,410 - 4,230 - 900) / 3,800

= 0.60

The Wood Valley Dairy makes cheese to supply to stores in its area. The dairy can make 250 pounds of cheese per day (365 days per year), and the demand at area stores is 180 pounds per day. Each time the dairy makes cheese, it costs $125 to set up the production process. The annual cost of carrying a pound of cheese in a refrigerated storage area is $12. Determine the optimal order size and the minimum total annual inventory cost.

Answers

Answer: 1. 1170 units

2. $14039

Explanation:

The optimal order size will be:

= ✓2AO/C

where,

A = Annual demand = 180 × 365 days = 65,700

O = Ordering cost = 125

C = Carrying cost = 12

EOQ = ✓(2AO/C)

= ✓(2 × 65700 × 125/12)

= ✓ 1368750

= 1170 units

Therefore, the optimal order size is 1170 units.

2. The minimum total annual inventory cost will be calculated as:

C = (Q /2)(H) +(D/Q)(S)

where,

Q = 1170 pounds

H = holding cost = $12

D = annual demand = 65,700

S =set up cost = $125

Therefore, the minimum total annual inventory cost will be:

C = (Q /2)(H) +(D/Q)(S)

C = {(1170) /2] × 12} + {(65,700 /1170) × 125}

= 7020 +7019

= 14,039

Therefore, the minimum total annual inventory cost is $14,039.

Department M had 3,000 units 59% completed in process at the beginning of June, 12,800 units completed during June, and 1,000 units 32% completed at the end of June. What was the number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories? a.11,350 units b.13,120 units c.9,800 units d.14,120 units

Answers

Answer:

Department M

The number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories is:

a. 11,350 units

Explanation:

Beginning work in process units = 3,000

Degree of completion = 59%

Work to be done during June on the beginning WIP = 1,230 units (3,000 * 41%)

Units started and completed during June = 9,800 Units (12,800 - 3,000)

Ending work in process, equivalent units = 320 (1,000 * 32%)

Total equivalent units of production for conversion costs for June, using the FIFO method are = 11,350 units

On December 31, the trial balance of Cubico Company included the following accounts with debit balances: Prepaid Advertising $1,500 Advertising Expense 5,400 If it is determined that the cost of advertising applicable to future periods is $3,300, the correct adjusting entry would:_____.
A. Debit Advertising Expense $1,800; credit Prepaid Advertising $1,800.
B. Debit Prepaid Advertising $1,800; credit Advertising Expense $1,800.
C. Debit Prepaid Advertising $3,300; credit Advertising Expense $3,300.
D. Debit Advertising Expense $3,300; credit Prepaid Advertising $3,300.

Answers

Answer:

Cubico Company

The correct adjusting entry would be:

B. Debit Prepaid Advertising $1,800; credit Advertising Expense $1,800.

Explanation:

a) Data and Calculations:

Debit balances on December 31:

repaid Advertising $1,500

Advertising Expense 5,400

Determined future advertising cost = $3,300

The correct adjusting entry would be:

B. Debit Prepaid Advertising $1,800; credit Advertising Expense $1,800.

This will increase the prepaid advertising by $1,800 to $3,300 ($1,500 + $1,800) and reduce the advertising expense by $1,800 to $3,600 ($5,400 - $1,800).

Which of the following is important in determining the extent of competition in an industry?

a. the minimum level of short run average total costs of production
b. the minimum efficient scale of production relative to market demand
c. whether or not the industry product is differentiated or standardized
d. the level of market demand for the industry's product

Answers

the answer is c

i hope that helped

How many BTU's are in a ton

Answers

Answer:

12.000

Explanation:

Because 1 ton equals 12,000 BTU.

For example, 48,000 BTU equals 4 tons, and 60,000 BTU equals 5 tons.

In the manufacture of 9,200 units of a product, direct materials cost incurred was $171,600, direct labor cost incurred was $114,200, and applied factory overhead was $45,400. What is the total conversion cost? a.$171,600 b.$331,200 c.$159,600 d.$45,400

Answers

Answer: c. $159,600

Explanation:

Conversion cost is the cost that the business incurs to transform raw materials into finished goods or at least the next stage of the good.

Direct labor is necessary to transform the good and they do so using factory overheads. Conversion cost is therefore calculated as follows:

= Direct Labor Cost + Factory overhead

= 114,200 + 45,400

= $159,600

Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World's journal entry to record the collection on the maturity date is:

Answers

Answer:

Interest revenue = $7800*8%/360*60

Interest revenue = $104

Date  Journal Entry             Debit    Credit

          Cash                          $7,904

                 Notes Receivable            $7,800

                 Interest Revenue             $104

The two most important goals for government policy involve a​ trade-off between​ __________ and​ __________. A. big​ government; small government. B. ​taxation; government spending. C. direct​ regulation; indirect regulation. D. ​equity; efficiency.

Answers

Answer:

D

Explanation:

Suppose that the price of labor is $7 for a firm, while the price of capital for a firm is $10. Also suppose that the Marginal Product of Labor is 20, while the Marginal Product of Capital is 30. What is the best advice for this profit-maximizing firm?

Answers

Answer:

The best advice for this profit-maximizing firm is:

Use more capital than labor.

Explanation:

a) Data and Calculations:

Price of labor = $7

Price of capital = $10

Marginal product of labor = 20

Marginal product of capital = 30

Productivity of labor = Output/Input

= 20/7

= 2.86

Productivity of capital = Output/Input

= 30/10

= 3

b) Capital is more productive than labor.  The productivity of capital is 3 when compared to the productivity of labor, that is 2.86.

Radford Inc. manufactures a sugar product by a continuous process, involving three production departments—Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $386,100, $135,100, and $88,800, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $21,600, and work in process at the end of the period totaled $26,600.
a. Journalize the entries to record the flow of costs into the Refining Department during the period for (1) direct materials, (2) direct labor, and (3) factory overhead. .
b. Journalize the entry to record the transfer of production costs to the second department, Sifting.

Answers

Answer:

a. S/n    Account Titles                                                Debit        Credit

    1       Work in progress - Refining Department  $386,100

                     Material                                                                  $386,100

    2        Work in progress - Refining Department  $135,100

                     Wages Payable                                                      $135,100

    3        Work in progress - Refining Department  $88,800

                      Factory Overhead-Refining Department             $88,800

b. Cost of Transfer = Opening WIP cost + Material + wages + Factory Overhead - Closing WIP Cost

Cost of Transfer = 21,600 + 386,100 + 135,100 + 88,800 - 26,600

Cost of Transfer = $605,000

Date    Account Titles                                                Debit       Credit

           Work in progress - Shifting Department  $605,000

                   Work in progress - Refining Department            $605,000

On whom the trade bill drawn ?​

Answers

The bill of exchange is drawn by the seller of the goods and is accepted by the buyer.

Is scented candle harmful to dogs?

Answers

Answer:

Scented candles are not harmful to dogs for normal use, but high concentrations in a confined space for a long time would have an impact on the dog's sense of smell.

Because the candles you use will cause a lot of burnt smoke which is harmful to dogs. And aromatherapy ingredients contain a lot of chemical substances. If the windows are opened, it will be ok, if not the more chemical substances accumulate, the more it will be harmful to dogs, or even to the health of people.

Here are several ways to avoid the harm caused by aromatherapy to dogs:

Do not ignite the two types of aromatherapy in a short time or at the same time, to avoid the two types of aromatherapy, which are mutually ineffective and produce toxic gas.

Try not to light candles in a closed bedroom when you sleep.

Keep air circulation.

Keep all kinds of aromatherapy out of reach of dogs.

Use Home Lights scented candles in the right way.

Explanation:

https://hlcandles.com/

A small business owner visits his bank to ask for a loan. The owner states that she can repay a loan at $1,500 per month for the next 3 years and then $500 per month for three years after that. If the bank is charging customers 10 percent APR, how much would it be willing to lend the business owner?

Answers

Answer:

The bank will be willing to lend $ 28,800 to the business owner.

Explanation:

Given that a small business owner visits his bank to ask for a loan, and the owner states that she can repay a loan at $ 1,500 per month for the next 3 years and then $ 500 per month for three years after that, since the bank is charging customers 10 percent APR, to determine how much the business owner would be willing to lend the following calculation must be performed:

1500 x 12 x 3 + 500 x 12 x 3 = X

18000 x 3 + 6000 x 3 = X

54000 + 18000 = X

72000 = X

10 x 6 = 60

100 - 60 = 40

100 = 72000

40 = X

40 x 72000/100 = X

28800 = X

Therefore, the bank will be willing to lend $ 28,800 to the business owner.

"Rogue Corp. has sales of​ $4,250,000; the​ firm's cost of goods sold is​ $2,500,000; and its total operating expenses are​ $600,000. The​ firm's interest expense is​ $250,000, and the corporate tax rate is​ 40%. What is​ Rogue's tax​ liability"

Answers

Answer:

$360,000

Explanation:

Calculation to determine Rogue's tax​ liability

Step 1 is to calculate the gross profit

Using this formula

Gross profit=Sales - Cost of Goods Sold

Let plug in the formula

Gross profit=$4,250,000-$2,500,000

Gross profit=$1,750,000

Step 2 is to calculate operating income

Using this formula

Operating income=Gross Profit -Total operating expenses

Let plug in the formula

Operating income=$1,750,000-$600,000

Operating income=$1,150,000

Step 3 is to calculate the EBT

Using this formula

EBT=Operating income - Interest expense

Let plug in the formula

EBT=$1,150,000-$250,000

EBT=$900,000

Now let calculate the Tax liability

Using this formula

Tax liability=EBT x Corp Tax

Let plug in the formula

Tax liability=$900,000*$40%

Tax Liability=$360,000

Therefore Rogue's tax​ liability is $360,000

For March, sales revenue is $1,000,000, sales commissions are 5% of sales, the sales manager's salary is $80,000, advertising expenses are $65,000, shipping expenses total 1% of sales, and miscellaneous selling expenses are $2,100 plus 1% of sales. Total selling expenses for the month of March are

Answers

Answer:

$217,100

Explanation:

total selling expenses = sales commission + sales manager's salary + shipping expense + advertising expenses + miscellaneous selling expenses

sales commissions = 50,000

advertising expenses = 65,000

shipping expenses = 10,000

sales manager's salary= 80,000

miscellaneous selling expenses = 10,000 + 2100

One of your friends has opened a new wholesale electronics business and wants your help figuring out some inventory issues they are facing.
One night last week, there seemed to be fewer HD televisions in the warehouse than they expected. The last time they were in the warehouse was
a week earlier, and they hadn't noticed anything amiss.
As they looked around, they saw that the evening warehouse worker was filling the last orders of the day. The delivery driver and day warehouse
worker were gone for the day, and the delivery van keys were on the desk that the warehouse workers shared. The doors to the loading dock were
open, as was the door to the office area where the accountant, two customer service specialists, and the owner worked.
Knowing that you are familiar with accounting principles, they asked for your help in figuring out how to prevent this in the future.

Answers

Answer:

Hence,

When control is missing the wrongdoings happen at a quick pace because the barrier in their work involves an end. there's no check on the operations and hence many wrongdoings happen without coming into the eyes of management. control helps within the analysis of wrongdoings by comparing with the standards and checks. Hence without control, it's hard to depict the extent of wrongdoings within the organization.

Explanation:

Role of control  

Internal controls are policies and procedures put in situ by management to make sure that, among other things, the company’s financial statements are reliable. Some internal controls relevant to an audit include bank reconciliations, password control systems for accounting software, and inventory observations.

Internal controls provide reasonable assurance about achieving objectives regarding:

.Effectiveness and efficiency of operations  

.Reliability of financial reporting  

.Safeguarding of assets  

.Compliance with applicable laws and regulations

Starbucks' capital structure has been restructured from a primarily equity-financed company to a primarily debt-financed company, for example, via share repurchases, in order to leverage returns to investors.A. Yes.B. No.

Answers

Answer:

Starbucks

Starbucks' Capital Structure

Restructured from a primarily equity-financed company to a primarily debt-financed company:

A. Yes.

Explanation:

Starbucks' assets are more than 60% financed by long-term debts, with less than 40% financed by equity.  The advantage of having a higher debt leverage is to optimize the returns to the stockholders.  This is because interest expenses arising from the debts are tax-deductible.  The ROE (return on equity) is always higher for a debt-leveraged firm than an equity-financed firm because more of the net income will be available for distribution to stockholders, given the tax benefits of having more debts.

On June 1, 2019, Cain Company, a new firm, paid $4,300 rent in advance for a five-month period. The $4,300 was debited to the Prepaid Rent account. On June 1, 2019, the firm bought supplies for $7,250. The $7,250 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $2,950 were on hand. On June 1, 2019, the firm bought equipment costing $44,160. The equipment has an expected useful life of 8 years and no salvage value. The firm will use the straight-line method of depreciation. Prepare end-of-June adjusting entries for Cain Company.

Answers

Answer:

S/N    Account and Explanation             Debit     Credit

1.        Rent expense                                  $860

         ($4,300 / 5 month)

                Prepaid rent                                             $860

         (To record adjusted rent expense)

2.      Supplies expense                            $4,300

        ($7,250 - $2,950)

               Supplies                                                     $4300

        (To record adjusted supplies)

3.      Depreciation expense                      $460

        (($44,160/8)/12)

                Accumulated depreciation                       $460

        (To record depreciation)  

The real interest rate is Group of answer choices the percentage increase in money that the lender receives on a loan. the percentage increase in purchasing power that the lender receives on a loan. also called the after-tax interest rate. usually higher than the nominal interest rate.

Answers

Answer:

he percentage increase in purchasing power that the lender receives on a loan.

Explanation:

Interest rate is the rate earned on deposits or the rate charged on loans.

Interest rate could be real or nominal

Nominal interest rate is real interest rate plus inflation rate

Real interest rate is interest rate that has been adjusted for inflation

The higher the real interest rate, the higher the increase in purchasing power of the lender

Inflation is a persistent rise in the general price levels

Types of inflation

1. demand pull inflation – this occurs when demand exceeds supply. When demand exceeds supply, prices rise

2. cost push inflation – this occurs when the cost of production increases. This leads to a reduction in supply. Higher prices are the resultant effect  

if a trial balance totals do not agree, the difference must be entered in a. nominal account b. the profit and loss account C. the capital account d. the suspense account​

Answers

Answer:

d. the suspense account​

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP).

Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.

In Financial accounting, if a trial balance totals do not agree, the difference must be entered in the suspense account​

Suppose you invest $210,000 in an annuity that returns 6 annual payments, with the first payment one year from now and each subsequent payment growing by 5%. At an interest rate of 8%, how much is the first annual payment you receive?

Answers

Answer:

$40,510.82

Explanation:

Present value = $210,000

Number of annual payments (n) = 6

Growth rate (g) = 5% or 0.05

Interest rate (r) = 8% or 0.08

Amount of first annual payment = [Present value * (r - g)] / [1 - {(1 + g)/(1 + r)}^n]

Amount of first annual payment = [210,000 * (0.08-0.05)] / [1 - [(1+0.05) / (1+0.08)]^6]

Amount of first annual payment = [210,000*0.03] / [1 - (0.972222)^6]

Amount of first annual payment = 6,300 / [1 - 0.844486]

Amount of first annual payment = 6,300 / 0.155514

Amount of first annual payment = 40510.82217678151

Amount of first annual payment = $40,510.82

So, the amount of the first annual payment you will receive is $40,510.82.

2018

Feb. 2 Recorded credit sales of $97,000. Ignore Cost of Goods Sold.
Nov. 1 Loaned $18,000 to Jess Price, an executive with the company, on a one-year, 7% note.
Dec. 31 Accrued interest revenue on the Price note. 2019
Nov. 1 Collected the maturity value of the Price note.

Required:
Journalize the entries.

Answers

Answer:

Feb 6

Dr Account receivable $97,000

Cr Sales revenue $97,000

Jul 1

Dr Notes receivable $18,000

Cr Cash $18,000

Dec 31

Dr Interest receivable $630

Cr Interest revenue $630

July 1

Dr Cash $19,260

Cr Notes receivable $18,000

Cr Interest receivable $630

Cr Interest revenue $630

(To record collection)

Explanation:

Preparation of the journal entries

Feb 6

Dr Account receivable $97,000

Cr Sales revenue $97,000

(To credit sales)

Jul 1

Dr Notes receivable $18,000

Cr Cash $18,000

(To record loan given)

Dec 31

Dr Interest receivable ($18000*7%*6/12) $630

Cr Interest revenue $630

(To record accrued interest)

July 1

Dr Cash $19,260

($18,000+$630+630)

Cr Notes receivable $18,000

Cr Interest receivable $630

Cr Interest revenue $630

(To record collection)

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