Answer:
Reduce the Cash Book Balance by $45
Explanation:
The Cash Book Balance will be $45 too much (overstated) and should be reduced. Thus, this error be treated on the bank reconciliation by reducing the Cash Book Balance by $45.
WillowWorks LLC, a retail clothing store, has been sourcing its raw materials from a supplier named ThreadTym Corp. for the last five years. A change of management at ThreadTym resulted in an increase of the prices of the raw materials. As a result, WillowWorks purchases ThreadTym so that it can produce these products on its own. This scenario best illustrates ________.
Answer: backward integration
Explanation:
Backward integration refers to a scenario whereby a company purchases another company which supplies the products that are required for production.
Since WillowWorks purchases ThreadTym so that it can produce these products on its own, then this is backward integration.
Determine which of the items below would show up on a monthly bank statement. (Check all that apply.)
Checks and other debits decreasing the account during the period
Deposits and other credits increasing the account during the period
Checks that the company has written, but have not cleared the bank yet
Beginning-of-period balance in the account
End-of-period balance in the account
Checks and other credits decreasing the account during the period
Answer:
Deposits and other credits increasing the account during the period.
End-of-period balance in the account.
Beginning-of-period balance in the account.
Checks and other debits decreasing the account during the period.
Explanation:
A bank's monthly statement may be described as document showing transaction details which occurred on a bank account during a specified period of time. The monthly statement will include balance or amount in the account at the beginning of the period. The record of deposits and inflow of funds or credits in the account. The monthly statement will also include outflow, which are withdrawals and debits occurring on the account at the specified period of time. Also, the statement will include the balance at the end of the specified period of time.
Answer:
beginning of period balance in account
End of period balance in account
Withdraws and other decreases to the account during the period
Deposits and other increases to the account durning the period
The distinction between a current asset and other assets: Multiple Choice is based on the ability to determine the current fair value of the asset. is based on when the asset is expected to be converted to cash, or used to benefit the entity. is based on how long the asset has been owned. is based on amounts that will be paid to other entities within a year.
Answer:
is based on when the asset is expected to be converted to cash, or used to benefit the entity.
Explanation:
There are mainly three types of assets
1. The current asset is the asset that converted into cash within 12 months
2. The fixed asset is the asset that remains fixed like land, building
3 The intangible asset is the asset that cannot be seen or touched like intellectual property such as goodwill, patent
So here the distinction is to be made with respect to the convertibility to cash and the benefit provided to the entity
The amount by which a product's unit selling price exceeds its total unit variable cost is the: Multiple choice question. contribution margin ratio contribution margin per unit fixed cost per unit margin of safety
Answer:
contribution margin ratio
Explanation:
contribution margin ratio = price - variable cost
_____ refers to the impact of the change in currency exchange rate on the reported financial statements of a company
Answer:
NET INCOME
Explanation:
as you re measure each transaction, the difference, gain or loss, flows through income statement as a foreign currency transaction adjustment.
The average U.S. worker is MOST likely to hold about _____ jobs between the ages of 18 and 25. Please choose the correct answer from the following choices, and then select the submit answer button. three two seven five
Comparisons of per capita gross domestic product (GDP) between countries: Group of answer choices provide information about both market and non-market productive capacities. are misleading because GDP isn't always consumption plus investment plus government spending plus net exports. do not necessarily provide a good measure of relative living standards. provide an accurate gauge by which to judge living standards.
Answer:
do not necessarily provide a good measure of relative living standards.
Explanation:
Gross domestic product (GDP) can be regarded as total monetary/market value of finished goods/ services
that is been produced within a boarder of a country in a specific time period.
Per capita gross domestic product (GDP) can be regarded as metric used in breaking down the economic output per person of a country. This can be calculated by finding the division of the GDP of a country i.e using its population to divide the GDP.
It should be noted that Comparisons of per capita gross domestic product (GDP) between countries do not necessarily provide a good measure of relative living standards.
Users especially rely on this information to predict future operations. Many users view this section as the most important:
Answer: a. Continuing operations.
Explanation:
When a company prepares its financial statements, it does this assuming the principle of going concern which is that operations will continue in the near future. The information that is therefore shown, unless specified otherwise, is from continuing operations.
Users of financial statements rely on this information from continuing operations to analyze what the company is likely to do in future or how it is likely to perform. It is therefore a very important section as it shows whether stakeholders should remain invested in the company.
Suppose the money market, drawn with the value of money on the vertical axis, is in equilibrium. If the money supply increases, then at the old value of money there is an a. excess demand for money that will result in a decrease in spending. b. excess demand for money that will result in an increase in spending. c. excess supply of money that will result in a decrease in spending. d. excess supply of money that will result in an increase in spending.
Answer: excess supply of money that will result in an increase in spending
Explanation:
The money market refers to the total amount of money that's in circulation in an economy at a particular time.
If the money supply increases, this implies that there'll be more money available for the people in the economy to spend. This ultimately leads to the increase in the demand for goods and services in an economy.
Therefore, the correct option will be "excess supply of money that will result in an increase in spending".
If consumers are charged very high electricity rates in an area where there is only one electric company, this is known as...
Answer:
Monopoly
Explanation:
A monopoly is a market structure which is typically characterized by a single-seller who sells a unique product in the market by dominance. This ultimately implies that, it is a market structure wherein the seller has no competitor because he is solely responsible for the sale of unique products without close substitutes.
Any individual that deals with the sales of unique products in a monopolistic market is generally referred to as a monopolist.
Hence, when consumers are charged very high electricity rates in an area where there is only one electric company, this is known as monopoly.
For example, a public power company is an example of a monopoly because they serve as the only source of power utility provider to the general public in a society and decides on how much to charge.
Answer:
Monopoly
Explanation:
If consumers are charged very high electricity rates in an area where there is only one electric company, this is known as monopoly.
Combining data from multiple sources in an effort to find obscure hidden connections that might help identify criminals or terrorists is known as: Group of answer choices Nonobvious relationship awareness Behavioral Targeting Internet Marketing Profiling.
Answer:
Nonobvious relationship
Explanation:
Cyber security can be defined as a preventive practice of protecting computers, software programs, electronic devices, networks, servers and data from potential theft, attack, damage, or unauthorized access by using a body of technology, frameworks, processes and network engineers.
A nonobvious relationship can be defined as a process which typically involves combining data obtained or generated from multiple sources so as to help an individual and business detect hidden (obscure) connections that could help identify and unravel unscrupulous elements such as hackers, criminals or terrorists.
Just like its name, a nonobvious relationship exists between member nations or groups and it may not be exposed to nonmembers.
ABC Co. purchased merchandise on August 5 at a $1,000 invoice price with terms of 2/10,n/30 and paid for the merchandise on August 14. Determine its entry to record this purchase and the subsequent payment under both the gross method and the net method by matching the action on the left with the method on the right. (Assume a perpetual inventory system.)
Answer:
Credit Cash for $980 on August 14: Both methods
Debit Merchandise lnventoty for $980 on August 5: Net method
Credit Merchandise Inventory for $20 on August 14: Gross method
Debit Discounts Lost for $20 on August 14: Neither method
Explanation:
To Determine the entry to record this PURCHASE AND THE SUBSEQUENT PAYMENT under both the GROSS METHOD and the NET METHOD by matching the action on the left with the method on the right using a perpetual inventory system
Credit Cash for $980 on August 14: BOTH METHODS
(98%*$1,000)
Debit Merchandise lnventoty for $980 on August 5: NET METHOD
(98%*$1,000)
Credit Merchandise Inventory for $20 on August 14: GROSS METHOD
(2%*$1,000)
Debit Discounts Lost for $20 on August 14: NEITHER METHOD
(2%*$1,000)
Devendra Company pays cash dividends of $600. The entry for this transaction will include a debit of $600 to
Answer:
Dividend
Explanation:
Based on the information given if the Company pays CASH DIVIDENDS of the amount of $600, the Appropriate journal entry for this transaction will include a DEBIT of $600 to DIVIDENDS
as the $600 represent CASH DIVIDEND amount paid by the company.
If a security becomes worthless in the current taxable year, it is treated as sold or exchanged on the:
Answer:
If a security becomes worthless in the current taxable year, it is treated as sold or exchanged on: The last day of the current taxable year.
Applying the lower of cost or market method, the reported value of this company's ending inventory if LCM is applied to individual items is _____.
Answer: $870
Explanation:
Using the lower of cost or market method, the prices the items will be recorded at will be:
Item 1 = $45 market price Item 2 = $60 cost priceItem 3 = $25 market priceThe total inventory will therefore be:
= Total value of item 1 + total value of item 2 + total value of item 3
= (45 * 5) + (60 * 7) + (9 * 30)
= 225 + 420 + 225
= $870
A company calculated the predetermined overhead based on an estimated overhead of $70,000, and the activity for the cost driver was estimated as 2,500 hours. If Product A utilized 1,350 hours and Product B utilized 1,100 hours, what was the amount of overhead assigned to the products
Answer:
$68,600
Explanation:
Activity Based Overhead Rates = Estimated Overhead / Expected Use of Cost Drivers per Activity (Hours)
Activity Based Overhead Rates = $70,000 / 2,500
Activity Based Overhead Rates = $28
Overhead Assigned = Overhead Rate * Hours Utilized
Product A Overhead Assigned = $28 * 1,350 hours
Product A Overhead Assigned = $37,800
Product B Overhead Assigned = $28 * 1,100 hours
Product B Overhead Assigned = $30,800
Total Overhead Assigned = Product A Overhead Assigned + Product B Overhead Assigned
Total Overhead Assigned = $37,800 + $30,800
Total Overhead Assigned = $68,600
On September 12, Vander Company sold merchandise in the amount of $9,000 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,600. Jepson uses the periodic inventory system and the gross method of accounting for purchases. Jepson pays the invoice on September 18 and takes the appropriate discount. The journal entry that Jepson makes on September 18 is:
Answer and Explanation:
The journal entry is shown below;
Cash $8,820
Purchases discounts (2% of $9,000) $180
To Accounts payable $9,000
(Being cash received is recorded)
here cash is debited as it increased the assets, discount is debited and credited the account payable as it also increased the liability
Doris is a member of a team that works to seamlessly execute a large company’s annual shareholder meeting and quarterly board meetings on an ongoing basis. Doris is an employee in the investor relations department of the company. The team also includes Don from IT, Sally from Communications, Editha from event management, Saul from security, Tony from catering, Rob from transportation services and Lola from Marketing. This team is an example of what kind of team?
Answer: Cross functional team
Explanation:
Cross functional team could be defined as a team of people from their parent department in an organization, coming together to work for another purpose. This is a scenario were people in addition to their existing department's in organization work for another function. This works for short term committee, to meet up a project or task.
A company's vertical scope refers to Multiple choice question. the various products and services that the company offers. the extent to which the company participates in the industry value chain, from raw material extraction to end-user sales. the extent to which the company participates in strategic alliances with other firms. the various offensive strategies that the company can employ.
Answer:
the extent to which the company participates in the industry value chain, from raw material extraction to end-user sales.
Explanation:
An organizational structure can be defined as the process which typically involves dividing an organization into various functional units.
Basically, the organizational structure comprises of three (3) main dimensions and these are;
I. The vertical dimension: this is typically the decision-making responsibilities (decentralization and centralization).
II. The horizontal dimension: this divides the organization into subunits.
III. Integrating mechanisms: it is based typically on the strategic mechanism that controls the various subunits within an organization.
In this context, the vertical scope of an organization or company refers to the extent to which the company participates in the industry value chain, from raw material extraction to end-user sales. Thus, it typically involves two (2) companies at different stages of the supply chain coming together to join forces and form a company.
Merkel Corporation issues $200,000 face amount bonds with a stated interest rate of 6%. If the market interest rate is 5%, the bonds will issue at
Answer:
At a premium to the face amount
Explanation:
The bond has a higher coupon rate compared to its market interest of 5%, hence, the bond would be issued at a premium, in other words, the proceeds from the bond issuance would be more than the face amount of $200,000 as shown below using a financial calculator bearing in mind that the calculator would be set to its default end mode before making the following inputs:
N=20(let us assume it has 20 years to maturity and pays a coupon annually)
PMT=12000 (annual coupon=face value*coupon rate=$200,000*6%=$12,000)
I/Y=5(market interest rate without the % sign)
FV=200000
CPT
PV=$224,924.42($24,924.42 premium)
Select the correct answer.
A household detergents company introduces a new product in the market. It hires several salespeople to make door-to-door sales for the first three months. The salespeople have to gather certain information about customers during their sales trips. For one such salesperson, a customer is not willing to share details related to his experience with competitor products. In such a case, what should the salesperson do?
A.
refer the case to another colleague who is expert in extracting details out of such customers
B.
forcibly try to get the details out of the customer
C.
respect the customer’s privacy and not ask any further questions
D.
tempt the customer with discounts on the current product if he shares his details
Answer: C. respect the customer’s privacy and not ask any further questions.
Explanation:
Since the customer is not willing to share details related to his experience with competitor products, the best thing to do in this case is to respect the customer’s privacy and not ask any further questions.
It's good to respect the privacy of people if they are not willing and ready to give out certain information. In this case, it should be noted that forcibly trying to get the details out of the customer isn't ideal.
Likewise, referring the customer to someone more experienced isn't necessary in thus regard since the customer isn't willing to share any information.
Therefore, the correct option is C.
Answer:
C
Explanation:
You should respect the customers privacy because they are not doing anything sketchy. They are just choosing not to share their thoughts.
During 2017, Oriole Company expected Job no. 59 to cost $300000 of overhead, $560000 of materials, and $200000 in labor. Oriole applied overhead based on direct labor cost. Actual production required an overhead cost of $255000, $630000 in materials used, and $280000 in labor. All of the goods were completed. How much is the amount of over- or underapplied overhead
Answer:
$165,000
Explanation:
The computation of the amount of over- or underapplied overhead is shown below:
The Predetermined overhead rate is
= Predetermined overhead ÷ direct labor cost
= ($300,000 ÷ $200,000)
= 150% of direct labour cost
Now
overhead applied is
= (150% × $280,000)
= $420,000
And,
Actual overhead=$255,000
So,
overhead overapplied is
= $420,000 - $255,000
= $165,000
HP has launched a new laptop computer with a bigger monitor and keyboard with larger letters. The company uses this model to target senior communities. The company targets 13 cities in the United States with high populations of seniors. This scenario exemplifies which type of market segmentation
Answer:
Geodemographic segmentation
Explanation:
Dividing potential customers into groups based on their lifestyles
How does data analytics play a vital role in today’s business world? Multiple Choice By allowing data to be organized into predefined tables and fields. By defining three main categories of classes that help organize a company’s data structure models. By examining data to generate models for predictions of patterns and trends. By capturing the ever-increasing transaction activity of large companies.
Answer:
C. By examining data to generate models for predictions of patterns and trends.
Explanation:
Business data analytics can be regarded as practice whereby
specific set of techniques as well as competencies and procedures are put into application in order to perform the continuous exploration as well iteration, and investigation regarding past business days and current one, so that insights about a business which brings about improved decision making can be obtained, and models that can predicts patterns and trends can be generated. It should be noted that data analytics play a vital role in today’s business world by examining data to generate models for predictions of patterns and trends in business.
Laws regulating conduct between private parties in matters like contracts, business, and domestic relations are called
Answer:
civil law
Explanation:
part of a country's set of laws which is concerned with the private affairs of citizens, for example marriage and property ownership, rather than with crime.
After managers have implemented a decision, they must determine whether it has accomplished the desired result, this is called ______.
Answer:
monitoring
Explanation:
Monitoring is an essential step in tracking the results of an organizational operation. When a decision is implemented in a company, it must be monitored through a systematic collection of data and information that allow the manager to analyze whether the decision is in accordance with the plan, whether the progress is being effective and whether the results are compatible with the planned, being able to make changes to the project if necessary, eliminate bottlenecks and continuously improve organizational operations, achieving greater quality and effectiveness.
Which ethical violation involves profiting by using the name or slogan of another company?
Copyright violation
Libel
Plagiarism
Slander
Answer:
Copyright infringement (at times referred to as piracy) is the use of works protected by copyright law without permission for a usage where such permission is required, thereby infringing certain exclusive rights granted to the copyright holder, such as the right to reproduce, distribute, display or perform the protected work, or to make derivative works. The copyright holder is typically the work's creator, or a publisher or other business to whom copyright has been assigned. Copyright holders routinely invoke legal and technological measures to prevent and penalize copyright infringement.
Ingredients for making simple homemade doughnuts
Answer:
1 cup (240ml) whole milk, warmed to about 110°F (43°C)*
1 Tablespoon active dry yeast*
1/3 cup (65g) granulated sugar.
2 large eggs.
6 Tablespoons (86g) unsalted butter, melted and slightly cooled.
1 teaspoon pure vanilla extract.
1/4 teaspoon ground nutmeg.
1/2 teaspoon salt.
Solve the exponential equation by taking the logarithm on both sides. 5^(x+8)=7
x = (log₅7) - 8
Explanation:Given;
[tex]5^{x+8}[/tex] = 7
Take log of both sides;
log₁₀([tex]5^{x+8}[/tex]) = log₁₀7 -------------(ii)
From the laws of logarithm remember that;
logₐ xⁿ = n logₐ x
Equation (ii) can then be written as;
(x + 8)log₁₀5 = log₁₀7
Divide both sides by log₁₀5
(x + 8) = [tex]\frac{log_{10}7}{log_{10}5}[/tex] -----------(iii)
From the laws of logarithm, remember that;
[tex]\frac{log_{a}x}{log_{a}y} = log_yx[/tex]
Equation (iii) can thus be written as;
(x + 8) = log₅7
x + 8 = log₅7
Make x subject of the formula;
x = (log₅7) - 8
Third-Party Woes. Trudy owed Sam $40 for a book she purchased from him. Trudy mowed Betty's yard for $40 and agreed with Betty that Betty would pay Sam for the book. Sam is not initially aware of the agreement. Betty pays no one. Trudy also mowed Bob's yard for $40 in return for Bob's agreement to give the payment to Sally representing Trudy's birthday present to Sally. Bob later refuses to do so saying that promises to give gifts are not enforceable. He then moves out of town. Trudy tells both Sam and Sally that she is broke, that Sam needs to get his $40 for the book from Betty, and that Sally is owed $40 from Bob for her birthday present. Which of the following is the likely result if Sam sues Betty for the $40 that Trudy owes him for the book?
A. Sam will win.
B. Sam will lose because his only right of action is against Trudy.
C. Sam will lose because he was not aware of the assignment before the duties were completed.
D. Sam will win, but only if he can prove that Trudy has insufficient funds with which to pay him.
E. Sam will lose because the attempted delegation was against public policy.
Answer: B. Sam will lose because his only right of action is against Trudy.
Explanation:
Sam had no agreement with Betty to pay him for the book. His only agreement was with Trudy and so he has no right of action against Betty. Had Trudy made him a party to the transaction with Betty, then he would have had a right of action against Betty.
His only option is to go after Trudy as she will not be able to avoid paying him because she delegated the debt, especially as she didn't tell Sam about it.
