Answer:
requires that financial officers and CEOs personally certify the validity of their financial statements
Explanation:
On January 2, 2013, Gant Co. purchased a franchise with a useful life of five years for $60,000 and an annual fee of 1% of franchise revenues. Franchise revenues were $20,000 during 2013. Gant projects future revenues of $40,000 in 2014 and $60,000 per year for the following three years. Gant uses the straight-line method of amortization. What amount should Gant report as intangible asset-franchise, net of related amortization in its December 31, 2013, balance sheet
Answer:
$48,000
Explanation:
The computation of the amount that should be reported as the intangible asset franchise is shown below
= Purchase value of franchise - amortization per year
= $60,000 - ($60,000 ÷ 5 years)
= $60,000 - $12,000
= $48,000
hence, the amount that should be reported as the intangible asset franchise is $48,000
As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $910,000 and liabilities of $300,000. During Year 2, stockholders invested an additional $60,000 and received $35,000 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $995,000 and liabilities were $290,000
Answer:
$70,000
Explanation:
From the accounting equation, stockholders' equity is asset minus liabilities, as a result, we would determine stockholders' equity at the end of years 1 and 2 as shown thus:
Year 1 stokcholders' equity=$910,000-$300,000=$610,000
Year 2 stockholders' equity=$995,000-$290,000=$705,000
The closing stockholders' equity is the beginning stockholders' equity plus net income and additional invested capital minus dividends
$705,000=$610,000+net income+$60,000-$35,000
net income=$705,000-$610,000-$60,000+$35000
net income=$70,000
On January 1, 2021, Nana Company paid $100,000 for 8,300 shares of Papa Company common stock. The ownership in Papa Company is 10%. Nana Company does not have significant influence over Papa Company. Papa reported net income of $55,000 for the year ended December 31, 2021. The fair value of the Papa stock on that date was $63 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2021
Answer:
$522,900 will be reported in the balance sheet of Nana Company for the investment in Papa on December 31, 2021
Explanation:
The amount That will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2021, can be calculated using the following formula
Amount of Investment = Total Numbers of shares x Fair value of Papa stock
Where
Total Numbers of shares = 8,300 shares
Fair value of Papa stock = $63 per share
Placing values in the formula
Amount of Investment = 8,300 x $63
Amount of Investment = $522,900
Interim financial statements refer to financial reports: Multiple Choice That cover less than one year, usually spanning one, three, or six-month periods. That are prepared before any adjustments have been recorded. That show the assets above the liabilities and the liabilities above the equity. Where revenues are reported on the income statement when cash is received and expenses are reported when cash is paid. That show assets and liabilities, but not equity.
Answer:
That cover less than one year, usually spanning one, three, or six-month periods.
Explanation:
Interim financial statements are the financial statements for a period covering less than a year.
they are used to convey the performance of a firm before the end of a full reporting cycle
Interim statements are not audited unlike the annual reports.
Components of an interim financial statement includes:
(a) condensed balance sheet
(b) condensed statement of profit and loss;
(c) condensed cash flow statement
(d) selected explanatory notes.
Match with the correct definition. Not all terms will be used.
Migration of educated professionals from a country for better pay or living conditions.
Economic principles stating that a freely competitive market works for the benefit of all.
Market situation in which each of a few producers affects but does not control the market
Market situation with only one seller for a given product or service
Two or more consecutive quarters of decline in GDP
The amount of a commodity or service that people are ready to buy for a given price.
The price determined by the movement of supply and demand
The price determined by the movement of supply and demand
The quantity of a product producers are willing to sell at a given price
Recession
inflaction
demand
oligopoly
monopoly
invisible hand
supply
market price
brain drain
Answer:
Migration of educated professionals from a country for better pay or living conditions - brain drain
Economic principles stating that a freely competitive market works for the benefit of all. - invisible hand
Market situation in which each of a few producers affects but does not control the market - oligopoly
Market situation with only one seller for a given product or service - monopoly
Two or more consecutive quarters of decline in GDP - Recession
The amount of a commodity or service that people are ready to buy for a given price. - demand
The price determined by the movement of supply and demand- market price
The price determined by the movement of supply and demand - market price
The quantity of a product producers are willing to sell at a given price supply
Explanation:
A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.
An example of a monopoly is a utility company
A natural monopoly occurs due to the high start-up costs or a large economies of scale.
Natural monopolies are usually the only company providing a service in a particular region
Characteristics of natural monopolies
1. they have a large fixed cost
2. The firms have a low marginal cost
3. They occur naturally through the free market. It does not occur by government regulation or any other force
An Oligopoly is when there are few large firms operating in an industry. While, a monopoly is when there is only one firm operating in an industry.
Oligopolies are characterised by:
price setting firms
product differentiation
profit maximisation
high barriers to entry or exit of firms
downward sloping demand curve
The amount of a commodity or service that people are ready to buy for a given price is known as demand. demand is higher when price is lower and lower when price is higher. This is known as the law of demand.
The quantity of a product producers are willing to sell at a given price. supply is higher when price is higher and lower when price is lower. This is known as the law of supply
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
The price determined by the movement of supply and demand is known as the market price.
Equilibrium price is the price at which quantity demand equal quantity supplied. Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded.
Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied
"One should have deep interest in the profession he/she is going to choose." Justify the statement.
Answer- yadav le sikayena?? no fear when i am here
"One should have a deep interest in the profession he/she is going to choose" yes, the statement is true because each profession is likely to have both positive and negative aspects. One should choose the profession which has more positive aspects than negatives ones.
Explanation:
Mark me as brainlist, don't forget! BUJIRAXA NI TYAa
"The big white house on the hill clearly" was different from any of the other homes in the subdivision. It had more rooms, a double lot, and a large oversized garage and the house was bigger than the smaller homes on either side of it. The homeowner decided to sell the home and was very surprised when the appraiser did not give him the value that he had expected. In this case, the appraiser used the principle of:
Answer: Functional Obsolescence
Explanation:
Functional Obsolescence could be described as when a product is undervalued than what is expected due it's composed of outdated features.
Most very old homes are usually outdated. Innovation spring forth every day, especially in the area g homes, homes that are commercially rented are portable and have recent designs, but for homes that are not they may not be valued for what they should or what the seller expects. This is the scenario with homeowner.
Answer:
Conformity
Explanation:
a house that is built differently than the houses in the area actually may have a decrease in value.
Which of the following is true about career goals?
A. They should not require a great deal of hard work to reach them.
B. Most goals should be so ambitious that it would be unlikely that
you actually reach them. This will push you to achieve as much as
possible.
C. Goals are not actually things that can be measured to say whether
they have been met or not.
O D. They should usually be significant enough that they cannot be
reached in one easy step.
Answer:
B. Most goals should be so ambitious that it would be unlikely that you actually reach them. This will push you to achieve as much as possible
Explanation:
Goals are that objective of life that one strives to achieve and are necessary to attain as they help in finding the right path and attainment of the desired outcomes. Goals are an impotent component of personality. Goals should motivate the persons to achieve them.Answer:
the answer is D
Explanation:
just did it
charitable contributions of a firm being tied directly to the customer revenues produced through the promotion of one of its products. organizational efforts to improve the state of people, the planet, and profit simultaneously to achieve sustainable, long-term growth. marketing services provided at little or no cost for the purpose of promoting or supporting a worthy cause. marketing efforts to produce, promote, and reclaim environmentally sensitive products. marketing actions that actually caused more good than was anticipated
Answer:
Cause marketing
Explanation:
the alocholic beverages in a private club are
Answer:
The alcohol beverages in a private club are owned by the members. Further explanation: A private club is referred to as a place to mingle and meet with individuals of similar interests. In a private club, anyone cannot just enter or join.
Explanation:
Plz mark me brainlyest
An audit of historical financial statements most commonly includes the Group of answer choices income statement, the statement of cash flows, and the statement of net working capital. balance sheet, statement of retained earnings, and the statement of cash flows. balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity. statement of cash flows, balance sheet, and the statement of retained earnings.
Answer:
balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.
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). Examples of financial statements includes Balance sheet, cash-flow and income statement.
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.
An auditor refers to an authorized individual who review, examine and verify the authenticity and accuracy of business financial records or transactions.
Thus, an audit of historical financial statements most commonly includes the balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.
Your expenses that stay the same every month, like a car payment are called _______ expenses.
A. Tracked
B. Steady
C. Fixed
D. Variable
Answer:
C
Explanation:
like a car payment are called fixed expences
Francis worked for GM for 39.9 years, but died 1 month short of retirement. Since he did not retire, his family normally receives nothing from the retirement funds. His widow petitions Mark, his manager, to make an exception and allow the retirement benefits. Mark wants to say no because if this were a regular policy, it would hurt stockholders and draw down retirement funds for the true retirees. But he is sympathetic to the family. What principles is Mark struggling between
Answer:
Utilitarian principles.
Explanation:
Considering the case described in question where Mark wants to say no because if this were a regular policy, it would hurt stockholders and draw down retirement funds for the true retirees. But he is sympathetic to the family. Hence, Mark is struggling between UTILITARIAN PRINCIPLES which is specifically between "The greater good for all employees and the harm to this one family".
The Utilitarian principles are based on the tenets that considered action to be morally right if it causes satisfaction to people and opposes suffering to the people.
However, where the decision or action is between two groups, the utilitarian principle favors the activities that support the prosperity of a larger number of people in a society or a group. In this case the right answer is UTILITRIAN PRINCIPLES - The greater good for all employees and the harm to this one family.
Sam and Alice are married and together they own a house that has a market value of $250,000. The loan balance on the house is $175,000. Sam also owns a care valued at $15,000 and has no debt on it. Alice owns a SUV valued at $20,000 and it has a loan balance of $12,000. Sam has a IRA retirement account for $2,000 and Alice has jewelry worth $5,000. Finally, they have a joint bank account with a balance of $7,500. What is the net worth of Sam and Alice
Answer:
The net worth of her is $486,500
Explanation:
I added all values listed.
Net worth of Sam and Alice 's net worth is $ 112,500.
What is net worth ?Wealth is measured by net worth. A person's or a company's net worth is the total of all of their assets, less any liabilities or commitments. A person or institution's net worth is determined by deducting the value of all of its outstanding liabilities from the total value of all of its financial and non-financial assets.
Net worth can alternatively be succinctly represented as non-financial assets plus net financial assets because financial assets minus outstanding obligations equal net financial assets. It can be used by businesses, people, governments, entire nations, or even certain economic sectors like the financial industry.
Computation of Net worth
Assets and Liabilities of Sam and Alice are as listed below
Assets
House = $250,000
Sam's car = $15,000
Alice's SUV = $20,000
IRA retirement account = $2,000
Alice's Jewellery = $5,000
Joint Bank Account balance = $7,500
Total value of assets = $250,000 + $15,000 + $20,000 + $2,000 + $5,000 + $7,500 = $299,500
Liabilities
House Loan Balance = $175,000
Alice's SUV loan = $12,000
Total value of liabilities = $175,000 + $12,000 = $187,000
Net Worth = Assets - Liabilities = $299,500 - $187,000 = $112,500
Learn More about Net worth here
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Assume that $17,800 cash is paid for insurance to cover the next year. The appropriate debit and credit would be: Multiple Choice Debit Prepaid Insurance $17,800, credit Cash $17,800. Debit Cash $17,800, credit Prepaid Insurance $17,800. Debit Insurance Expense $17,800, credit Prepaid Insurance $17,800. Debit Prepaid Insurance $17,800, credit Insurance Expense $17,800.
Answer:
debit prepaid insurance $17,800, credit cash $17,800.
Explanation:
Based on the information given Assume that the amount of $17,800 cash is paid for insurance to cover the next year, The appropriate debit and credit would be:
Debit prepaid insurance $17,800
Credit cash $17,800
Jake, a store keeper at Triscent Hypermarket, is accused of stealing food products from the store. When confronted by his manager, Jake justifies his act by claiming that his monthly pay is not sufficient to support his family of five members. In this scenario, the defense mechanism used by Jake is _____. Group of answer choices conversion fantasy flight rationalization
Answer:
Rationalisation
Explanation:
Rationalisation is the attempt by an individual to justify an action, behaviour, or attitude with logical reasoning. Mostly the reasons given are not appropriate enough.
In the given instance Jake is accused of stealing food products from the store, he justifies his act by claiming that his monthly pay is not sufficient to support his family of five members.
This is not enough reason to still but he still tries to rationalise his action based on his low salary.
Assume that the custodian of a $450 petty cash fund has $62 in coins and currency plus $383 in receipts at the end of the month. The entry to replenish the petty cash fund will include: A. A debit to Cash for $378. B. A debit to Cash Over and Short for $5. C. A debit to Petty Cash for $383. D. A credit to Cash for $383. E. A credit to Cash Over and Short for $5.
Answer:
B. A debit to Cash Over and Short for $5.
Explanation:
Preparation to determine what The entry to replenish the petty cash fund will include:
Dr Expenses $383
Dr Cash Over and Short $5
[$450-($383+$62)]
Cr Cash $388
($383+$5)
(To replenish petty cash fund)
Cash shortage=$450 - $62 - $383
Cash shortage= $5.00
Reimbursement and credit to cash=$383+$5.00 Reimbursement and credit to cash= $388
Therefore The entry to replenish the petty cash fund will include: A debit to Cash Over and Short for $5
Thomas and stephani are married with four qualifying children. Their earned income is 28500. Calculate the eic using the eic formula
Answer:
$6,557.
Explanation:
Following the eic formula, The eic of Thomas and Stephani filling as jointly married with over 3 children and an income < $55952 is = $6,557.
using the eic formula
= $6557
Second National Bank is considering adding 5 new ATM machines. Each machine costs $25,000 and installation costs are $15,000 per machine. Second National Bank expects the new machines to save $0.33 per transaction on 250,000 transactions per year on the new machines. It also expects the new machines to last for 15 years. If the bank needs to earn 14 percent return on this investment, what is the net present value of this investment?
a. $506,729
b. $306,729
c. $272,269
d. $381,729
e. $424,228
Can you provide a step-by-step process and the functions for a financial calculator
Answer:
The answer is "Option b".
Explanation:
When the typo-It should be the last for 15 years:
[tex]NPV=-5\times (25000+15000)+0.33\times \frac{250000}{14\%} \times (1-\frac{1}{1.14^{15}})[/tex]
After solving the equation we get
[tex]=306728.85878 \\\\=\$ 306729\\\\[/tex]
When it was the last 25 years
[tex]NPV=-5\times(25000+15000)+0.33\times \frac{250000}{14\%}\times(1-\frac{1}{1.14^{25}})=367016.51358[/tex]
A university student database, which included social security numbers and other personal identifying information, is compromised by a computer hacker. The investigation revealed that the hacker subsequently sold the personal identification information to a third party, who then proceeds to submit falsified mortgage loan applications to numerous financial institutions which resulted in approximately $5 million in losses to the financial institutions. This is an example of:
Answer:
Identity Theft
Explanation:
Identity Theft is defined as when someone steals and uses the identification or personal identifying details and information of another person such as their name, phone number, various financial card's number, etc. without their permission to do any fraud or commit other crimes.
In the context, a hacker steals the identity information and the database of a university student and sold them to some third party who proceeds to submit many falsified applications for mortgage loans to the financial institution that resulted a huge loss to the financial institution is an example of an identity theft, where the hacker steals some other person's personal information and uses them to commit frauds or crimes.
Ida moves to New York from Poland and wants to live in an apartment. However, she does not have sufficient money to buy one. Her colleague Henry said Ida can live in his old apartment for a year, if she pays him $25,000. This contract would be considered a(n) ________. Group of answer choices
Answer:
Lease
Explanation:
Lease is the contract in which one party should convey the property in terms of land, services to the other party for a particualr time and in return they would paid the periodic payment i.e. of month wise normally
so as per the given situation since she does not enough money so she pay $25,000 to him for a year that means it a lease contract between them
Managers at World Imports/Exports, an international company with operations in China and the United States, are often heard complaining about the difficulties in achieving synergy and cooperation between the employees of both the countries. After extensive research it was concluded that the cultural differences between these countries, which resulted in different work-related values, caused the lack of cooperation. In order to effectively tackle this problem, World Imports/Exports should
Answer:
vary its management processes and practices to account for these differences.
Explanation:
Considering the situation described above the World Imports/Exports should "vary its management processes and practices to account for these differences."
This is because the extensive research that was conducted showed that the main reason for the lack of synergy and cooperation between the workers in two different countries is cultural differences.
Your merchant fee is 3%. Your
customers paid you $2,200,000
through credit cards. What fee
must you pay the credit card
company?
$ [?]
Answer:
66,000
Explanation:
2,200,000*.03= 66,000
The doctrine of respondeat superior means that: a. the police are expected to respond immediately to all calls for service b. an employer may be held liable for the wrongful acts of its employees c. the federal court may assume jurisdiction over police misconduct suits involving constitutional violations d. police officers have sovereign immunity and cannot be sued for damages caused by their misconduct
Answer:
b. an employer may be held liable for the wrongful acts of its employees
Explanation:
Respondeat superior is Latin and means - let the master answer.
This is a provision of the law that states that a party is to take responsibility for the actions of their agents.
It is also called the master-servant rule and is used in both common and civil law.
An employee is the agent of an employer. So any liability that results from the action of the employee is binding on the employer
Did the demand curve shift during the coronavirus?
Answer:
Yes, it is correct to say that the demand curve shifted during the coronavirus, as the pandemic was an unexpected event that caused a planned economic recession, with the main objective of reducing production levels and demand in order to contain the pandemic.
One of the examples was the legislation that forced the closing of stores and restaurants in order to reduce the circulation and agglomeration of people in order to reduce the contagion by the virus, which caused a drop in demand and jobs.
Emily is deciding whether to buy the same designer jacket her friends have. The jacket is much more expensive than a similar one from a lesser-known brand.
Which questions should she consider before she buys the jacket? Check all that apply..
When Deer Valley Resort Co. (DVRC) was developing its ski resort in the Wasatch Mountains near Park City, Utah, it sold parcels of land in the resort village to third parties. Each sales contract reserved the right of approval over the conduct of certain businesses on the property, including ski rentals. For fifteen years, DVRC permitted Christy Sports, LLC, to rent skis in competition with DVRC’s ski rental outlet. When DVRC opened a new midmountain ski rental outlet, it revoked Christy’s permission to rent skis. This meant that most skiers who flew into Salt Lake City and shuttled to Deer Valley had few choices: they could carry their ski equipment with them on their flights, take a shuttle into Park City and look for cheaper ski rentals there, or rent from DVRC. Christy filed a suit in a federal district court against DVRC. Was DVRC’s action an attempt to monopolize in violation of Section 2 of the Sherman Act? Why or why not? [Christy Sports, LLC v. Deer Valley Resort Co., 555 F.3d 1188 (10th Cir. 2009)] (See Monopolization.)
Answer:
Yes, In this case DRVC acted alone so Sherman Act may apply.
Explanation:
Sherman acts states that every person who shall monopolize or attempts to monopolize or conspire with other person to monopolize any part of trade among the several states with foreign nations shall be deemed guilty of a felony. This act can be violated by one or more persons.
A CPA sole practitioner purchased stock in a client corporation and placed it in a trust as an educational fund for the CPA's minor child. The trust securities were not material to the CPA but were material to the child's personal net worth. Would the independence of the CPA be considered to be impaired with respect to the client? Group of answer choices No, because the CPA does not have a material indirect financial interest in the client. Yes, because the stock is a direct financial interest. No, because the CPA does not have a direct financial interest in the client. Yes, because the stock is an indirect financial interest that is material to the CPA's child.
Answer:
Yes, because the stock is a direct financial interest.
Explanation:
The principals of the AICPA Code of Professional Conduct contains the responsibilities which are to exercise sensitive professional and moral judgment, in terms of the Public Interest to always honor the public trust and perform responsibilities with the highest sense of integrity.
The 3 Parts of the AICPA code of conduct. This includes:
(1) Members in public practice
(2) Members in business
(3) Other members
In accounting, code of conduct is important as it makes individuals to accept a high degree of responsibility toward the public.
Thd independence of a covered member is impaired when:
A. The covered member has a direct financial interest in a client
B. The covered member has a material indirect financial interest in the client
Direct Financial Interest
This is simply known as the ownership interests that is directly held in a client. An example is stock ownership, even if owned in a blind trust etc.
As we read in the textbook, Franz Colruyt has achieved low-cost leadership through --------. Group of answer choices effective use of voice mail plastic, not paper, shopping bags background music that subtly encourages shoppers to buy more converting factories, garages, and theaters into retail outlets exclusive use of the Euro currency
Answer:
converting factories, garages, and theaters into retail outlets
Explanation:
Franz Colruyt has achieved low-cost leadership through converting factories, garages, and theaters into retail outlets.
All the other methods are not used by Franz Colruyt, Hence they are incorrect with respect to this answer.
Hence the correct option is " converting factories, garages, and theaters into retail outlets "
The Texas Department of Education has offices throughout the state covering more than 268,000 square miles. State
documents are stored on a large server in a central location, so that employees can access the data they need
regardless of their physical location. The type of network used by the organization is most likely a
LAN
MAN
WAN
Answer:
Wide area network (WAN)
Explanation:
A local area network (LAN) refers to a group of personal computers (PCs) or terminals that are located within the same general area and connected by a common network cable (communication circuit), so that they can exchange information from one node of the network to another. A local area network (LAN) is typically used in small or limited areas such as a set of rooms, a single building, school, hospital, or a set of well-connected buildings. Some of the network devices or equipments used in a local area network (LAN) includes an access point, personal computers, a switch, a router, printer, etc.
On the other hand, a metropolitan area network (MAN) is formed by an aggregation of multiple local area network (LAN) that are interconnected using backbone provided by an internet service provider (ISP). A metropolitan area network (MAN) spans for about 5 kilometers to 50 kilometers in size.
Basically, a metropolitan area network (MAN) spans across a geographic area such as a city and it's larger than a local area network (LAN) but significantly smaller than a wide area network (WAN).
Wide area network (WAN) can be defined as a telecommunication network that covers a wide range of geographical locations such as countries or regions across the world for the purpose of communication and sharing information and data between different users.
Hence, a network that has locations in different countries is considered a wide area network (WAN).
Generally, wide area network (WAN) makes it possible for various organizations to interconnect with their branch offices, headquarters and other multiple locations across the globe. Wide area network (WAN) usually span over a distance of 50 kilometers.
Hence, the type of network used by the organization is most likely a Wide area network (WAN).
