Answer:
Estimated uncollectible account at end = $602,000 * 0.03
Estimated uncollectible account at end = $18,060
Bad debt expense to be recorded = Estimated uncollectible - Balance in allowance account
Bad debt expense to be recorded = $18,060 - $5,000
Bad debt expense to be recorded = $13,060
Date Journal Entry Debit Credit
Bad Debt Expense $13,060
Allowance for Doubtful Accounts $13,060
Effective controls relevant to purchasing of raw materials should usually include all of the following except Obtaining third-party written quality and quantity reports prior to payment for the raw materials. Determining the need for the raw materials prior to preparing the purchase order. Systematic reporting of product changes that will affect raw materials. Obtaining financial approval prior to making a commitment.
Answer:
. Obtaining third-party written quality and quantity reports prior to payment for the raw materials
Explanation:
Purchases of raw materials can be regarded as purchases of all commodities that is required as inputs in the process of production as well as related to the supply of factors of production. It should be noted that Effective controls relevant to purchasing of raw materials should usually include; ✓Determining the need for the raw materials prior to preparing the purchase order.
✓Systematic reporting of product changes that will affect raw materials. Obtaining financial approval prior to making a commitment.
Crane Company produces three versions of baseball bats: wood, aluminum, and hard rubber. A condensed segmented income statement for a recent period follows: Wood Aluminum Hard Rubber Total Sales $540000 $230000 $65000 $835000 Variable expenses 340000 170000 58000 568000 Contribution margin 200000 60000 7000 267000 Fixed expenses 75000 35000 22000 132000 Net income (loss) $125000 $ 25000 $(15000) $135000 Assume all of the fixed expenses for the hard rubber line are avoidable. What will be total net income if the line is dropped
Answer:
the net income in the case when the line is dropped is $150,000
Explanation:
The computation of the net income in the case when the line is dropped is as followS:
= Total net income + fixed cost of hard rubber - contribution margin of the hard rubber
= $135,000 + $22,000 - $7,000
= $150,000
hence, the net income in the case when the line is dropped is $150,000
who is responsible for the preparation of the financial statement
Answer:
Account manager or chief accountant
Explanation:
Chuong Ngo borrows $2700 from a bank that advertises a 7% simple interest rate and repays the loan in three equal monthly payments. Estimate the APR. Round to the nearest tenth of a percent. Use the Approximate Annual Percentage Rate Formula.
The estimated Annual Percentage Rate is 10.5%
APR means Annual Percentage Rate.
Annual Percentage Rate refers to the interest rate one pays on a loan each year.
We will use the Annual Percentage Rate(APR) Formula to derive the estimate
APR = 2nr/(n+1) where the P = $2,700, R = 7% and N = 3
[tex]APR = 2*3*0.07 / (3+1)\\APR = 0.42 / 4\\APR = 0.105\\APR = 10.5%[/tex]
In conclusion, the estimated Annual Percentage Rate is 10.5%
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Many people are paid wages "under the table" or in the
form of cash with no taxes deducted. Do you believe
this is an acceptable practice or unethical? Please
defend your answer.
Shelly, a sales manager at Best Computers, has recently moved from Dallas to Hong Kong for an expatriate assignment. Shelly is feeling disoriented, irritable, and stressed about her new job and living arrangements in Hong Kong, which means that she is most likely experiencing ________.
Answer:
culture shock
Explanation:
It seems that Shelly is most likely experiencing culture shock. This is a set of feelings that occurs to most individuals when they move to a location that is very different than their home. Since Shelly moved from the US to China and the culture is completely different, it causes Shelly to not feel comfortable in this new location. Individuals experiencing culture shock experience many distinct feelings but ultimately adjust to the new environment and begin getting comfortable in this new location.
Olivia is working with a small group of five coworkers put together by their CEO, Ben. They have been instructed to take care of an inequality in their manufacturing plant. Olivia and her team have the authority to make decisions by themselves without the approval of Ben. Olivia is working in ______.
Answer:
Both a self-managing team and a problem-solving team.
Adrian's Premium Boxing Service subcontracts with a chocolate manufacturer to box premium chocolates for their mail order catalogue business. Adrian rents a small room for $150 a week in the downtown business district that serves as her factory. She can hire workers for $275 a week. During the week of July 4th, Adrian doesn't box any chocolates. What are her costs during the week
Answer:
b). $ 150
Explanation:
Given that,
Rent of the room per week = $ 150
Cost or workers for the week = $ 275
To find,
Her costs during the week = ?
Procedure:
The costs during the week would be $ 150
because only the fixed costs(factory rent) would be taken into the application as no chocolates were packed that week.
The other costs are the variable costs that will be determined once the production proceeds and calculated once the week is completed. Therefore, option b is the correct answer.
Review Question 1 What is meant by deadweight​ loss? Why does a price ceiling usually result in a deadweight​ loss? Deadweight loss is a​ _____________________. A price ceiling results in a deadweight loss when the ceiling price is set​ ________________ the market clearing price. A. net loss in​ output; above B. net loss of consumer and producer​ surplus; below C. net loss in​ output; below D. net loss of consumer and producer​ surplus; above Click to select your answer and then click Check Answer. All parts showing
Answer:
b
Explanation:
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
Effects of a binding price ceiling
1. It leads to shortages
2. it leads to the development of black markets
3. it prevents producers from raising price beyond a certain price
4. It lowers the price consumers pay for a product.
The dead weight loss is the reduction in total surplus as a result of price setting. When price is set below equilibrium price, less goods are produced and consumed. This leads to a reduction in consumer and producer surplus
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.
Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product
A municipality is issuing 40,000 bonds at a public offering price of $1,000. The manager of the underwriting syndicate receives $1.50 per bond. The total takedown is $6.50 per bond and the selling concession is $4.00 per bond. Assume the entire issue is sold with the selling group distributing 20,000 of the bonds sold. Calculate the amount of compensation the syndicate will receive for its risk on selling group sales
Answer:
$50,00
Explanation:
Calculation to determine the amount of compensation the syndicate will receive for their risk on selling group sales.
First step is to determine the Amount receive per bond for their risk.
Using this formula
Amount receive=Total takedown -Selling concession
Let plug in the formula
Amount receive=$6.50 -$4.00
Amount receive=$2.50
Now let determine the amount of compensation the syndicate will receive for their risk
Compensation received =$2.50*20,000 bonds
Compensation received= $50,000
Therefore the amount of compensation the syndicate will receive for their risk on selling group sales is $50,000
Fear of heights is known as
Answer:
Acrophobia
Explanation:
Acrophobia sometimes develops in response to a traumatic experience involving heights, such as: falling from a high place. watching someone else fall from a high place. having a panic attack or other negative experience while in a high place.
General Staff immediately come together and begin developing strategies. General Staff Chiefs are: Evaluating staffing and supervisory needs in the Incident Command Post. Identifying resource shortfalls. Updating planning documents. What NIMS Management Characteristics are you supporting
Select all that apply.
Common Terminology
Management by Objectives
Incident Action Planning
Manageable Span of Control
Unified Command
Accountability
Answer:
Management by Objectives
Incident Action Planning
Manageable Span of Control
Explanation:
Considering the information given in the question, the NIMS Management Characteristics I am supporting are:
1. Management by Objectives
This is because, by Management by Objectives, the General Staff are making strategies according to the previous objectives.
2. Incident Action Planning
This is because, by Incident Action Planning, the General Staff are revising planning documents that will comprise staffing and resource necessities.
3. Manageable Span of Control
This is because, by Manageable Span of Control, General staff chiefs are assessing staffing requirements in the Incident Command Post. This is to make sure each supervisor only has personnel that can be managed.
The full disclosure principle: Multiple Choice Prescribes that accounting information is based on actual cost. Provides guidance on when a company must recognize revenue. Prescribes that a company report the details behind financial statements that would impact users' decisions. Prescribes that a company record the expenses it incurred to generate the revenue reported. Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.
Answer:
Prescribes that a company report the details behind financial statements that would impact users' decision
Explanation:
The Full Disclosure Principle refers that the information i.e. relevant and significant for understanding the financial statement of the company should be involved at the time of filing in the public company
Also it reports the information behind the financial statement that have an effect on the decision of the users
Therefore the above statement represent an answer
Hero Rent-A-Car has been the market leader in auto rentals for many years. Its employees are confident that they understand everything it takes to be successful in the industry and they feel they have nothing to learn from other companies both inside and outside the auto rental industry. Hero likely has what type of corporate culture
Answer:
Hero has an Insular corporate culture.
A mechanic sued his former employer in federal court, claiming that the employer had discharged him because of his age in violation of federal law. The employer answered, denying the claims and promptly moving for summary judgment. In support of the motion, the employer attached the mechanic's employment evaluations for the past three years, which rated his skills and performance as poor and culminated in a recommendation for his discharge. What is the mechanic's best argument to defeat the summary judgment motion
Answer:
The essential facts are unavailable to the mechanic and therefore discovery is required. (Civil Procedure-Motions)
Explanation:
In United States law, the motion to be considered as the procedural device so that it brings the limited and contested issue prior a decision could be taken by the court. It is the request that made to the judge for making out the decision for the case also the party that oppose to the motion should be the non-moving party
So as per the given situation, the important facts are not available to the mechanic and so the discovery is needed
Rivalry among competing sellers is generally more intense when Group of answer choices industry conditions tempt competitors to use price cuts or other competitive weapons to boost unit volume. barriers to entry are high and buyer switching costs are high. barriers to entry are moderately high and the pool of likely entry candidates is small. buyer demand is growing rapidly. the industry's driving forces are strong and rivals have strongly differentiated products.
Answer:
industry conditions tempt competitors to use price cuts or other competitive weapons to boost unit volume.
Explanation:
Rivalry refers to the competitions that take place among firms in an industry with the aim of capturing greater market share
rivalry is influenced by :
1. barriers to entry :
If barriers to entry is high, there would be few firms competing for customers, so there would less intense rivalry
2. differentiation of goods in the industry :
If goods are differentiated, goods are unique from that of competitors. so there would be less need for intense rivalry
Match each concept in Column A with an example in Column B. Column A Column B a. Substitute goods 1. Price and quantity along the supply curve b. A nonprice determinant of demand 2. Tea and coffee c. A nonprice determinant of supply 3. A change in technology d. Mark-up pricing 4. Hunger e. Positive relationship 5. Shoes and shoelaces f. Negative relationship 6. Consumer income g. Inadequacy 7. Price and quantity along the demand curve 24 h. Complementary goods 8. Setting price equal to cost plus 20 percent
Answer:
a. Substitute goods - Tea and coffee
b. A nonprice determinant of demand - Consumer income
C. A nonprice determinant of supply - A change in technology
D. Mark-up pricing - Setting price equal to cost plus 20 percent
E. Positive relationship - Price and quantity along the supply curve
F. Negative relationship - Price and quantity along the demand curve
G. Inadequacy - Hunger
H Complementary goods - Shoes and shoelaces
Explanation:
Substitute goods are goods that can be used in place of another good.
if the price of a good increases, the demand for the substitute increases and if the price of the good reduces, the demand for the substitute increases.
Complementary goods are goods that are consumed together
The demand curve is a curve that shows the relationship between price and quantity demanded. The demand curve is negatively sloped because the higher the price, the lower the quantity demanded. This is in line with the law of demand.
Only a change in the price of a good leads to a movement along the demand curve of that good. Also, only a change in the price of the good would lead to an increase or decrease in the quantity demanded of that good.
Other factors other than the change in the price of the good would lead to a shift of the demand curve. Some of those factors include :
1. a change in consumers' expectation
2. a change in the taste of consumers
3. a change in income
There is a positive relationship between price and the quantity supplied. This accounts for why the supply curve is positively sloped.
A change in price of a good leads to a movement along the supply curve and not a shift of the supply curve.
Other factors other than a change in the price of the good would lead to a shift of the supply curve. Such factors include :
1. A change in the price of input
2. A change in the number of suppliers
3. Government regulations
4. Technological changes
Again, consider Sharon, a single mother with two children under 18 who earns an annual income of $16,000. Suppose that Sharon qualifies for a
welfare program for single mothers that provides her with $500 cash for each child (a total of $1,000, since Sharon has two children). After receiving
welfare, is Sharon's family living in poverty?
O Yes
O No
Sharon and two kids makes 3 people total with both kids being under 18, the poverty level from the table is $20,231
She gets $1000 a month for her kids. 1000 x 12 months = $12,000 per year
12,000 + her annual salary = 12,000 + 16,000 = $28,000 per year.
28,000 is greater than 20,231 so she is not living in poverty.
The answer is no
You work for Dr. Zhang, the autocratic dictator of Zhouland. After taking an economics course, you decide that devaluing your currency (Zhoullars) is the way to increase GDP. Following your advice, Dr. Zhang orders massive increases in the supply of Zhoullars, which reduces the value of Zhoullars in world markets. Use the AD-AS model and assume the economy was in long-run equilibrium before this change. Remember to consider only this change as you determine your answers. In the short run, the policy will cause the price level to __________, real GDP to __________, and the unemployment rate to __________.
Answer: increase; increase; decrease.
Explanation:
Since there's an increase in the supply of Zhoullars, which then reduces the value of Zhoullars in world markets, this will result in the increase in the price level.
The increase in price will be due to the fact that there's more money in circulation as this will lead to inflation. Also, the real GDP will increase as there's more money in circulation to purchase goods and services. This will lead to reduction in unemployment too
Prepare a short report about the importance of hotel management.
Answer:
Having a hotel management degree can help you get a lucrative entry position in food or beverage service, accounts, restaurant service, executive housekeeping, marketing, or other departments within a hotel
Find out stock value of the company with following dividend plans: $ 3, $ 4, $ 5, $6 , $7 for the first five years, then a final liquidating dividend of $60 at year 6. Assume discount rate for this stock is 15%. Find out the current stock value .
The current stock price will be $41.77
The current stock value will be the present value of all the dividends over the five years in question and then the present value of the liquidating dividend in the 6th year.
Present value = Dividend / ( 1 + rate) ^ year it was paid
Present value of all the dividends = ( 3 / (1 + 15%)) + (4 / (1 + 15%)²) + (5 / (1 + 15%)³) + (6 / ( 1 + 15%)⁴) + (7 / ( 1 + 15%)⁵) + ( 60 / ( 1 + 15%)⁶)
= $41.77
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Delta is defined as Multiple Choice the change in the value of an option for a dollar change in the price of the underlying asset. the change in the value of the underlying asset for a dollar change in the call price. the percentage change in the value of an option for a 1% change in the value of the underlying asset. the change in the volatility of the underlying stock price. None of the options are correct.
Answer:
the change in the value of an option for a dollar change in the price of the underlying asset.
Explanation:
Delta is explained in business terms to mean the distribution at which comparison is made between the change in the price of an asset, often sellable securities, to the interconnected change in the price of its by-product.
Hence, considering the available options, DELTA in this case is defined as "the change in the value of an option for a dollar change in the price of the underlying asset."
On February 15, Symth Co. determines that it cannot collect $500 owed by its customer, A. Winds. Symth records the loss using the direct write-off method. This entry to record the write-off on February 15 would include a: (Check all that apply.) Multiple select question. credit to Accounts Receivable - A. Winds. credit to Bad Debts Expense. debit to Accounts Receivable - A. Winds. credit to Sales. debit to Bad Debts Expense. debit to Sales.
Answer:
debit to Bad Debts Expense.
credit to Accounts Receivable - A. Winds.
Explanation:
The journal entry to record the write off is given below:
Bad debt expense Dr $500
To Accounts Receivable - A. Winds $500
(being the written off is recorded)
Here the bad debt expense is debited as it increased the assets and credited the account receivable as it decreased the assets
ASAP PLZ
True or false: $50,000 in Pennsylvania will buy you the same amount of goods as $50,000 would in California.
Answer:
i think it is true
Explanation:
The given statement is false, that the $50,000 in Pennsylvania will buy up the corresponding amount of goods as $50,000 would in California.
What is dollar?Dollar is defined as the basic monetary unit that is used in exchange for something. This is the defined as the money value of the US, Australia, Canada and certain countries in the Pacific, SE Asia, Africa, Caribbean, and South America.
Because Pennsylvania is nearly 3.5 times littler than California, the notion that $50,000 will buy the same amount of things in Pennsylvania as it will in California is false.
Therefore, the given statement is false.
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how the business can use creative thinking to solve the problem
Answer:
Creative thinking helps you keep your business presence fresh. You'll be able to constantly reinvent your business in order to stay in your customers' awareness. ... Creativity improves your leadership skills. Being an effective leader means being creative in your approach and problem-solving.
IF HELPED MARK AS BRAINLIEST
Johni is the CEO of a struggling company. She has listened to her employee's complaints and concerns about where the corporation is going and has developed a new vision that she feels will help develop a common bond throughout the organization. Johni then hosted a company-wide picnic where she delivered an inspiring speech about the new plans for the business, including her plans for more open communication between management and employees. After her speech, management and employees all participated in trust building exercises and each employee had a one-on-one conversation with Johni. What type of leadership theory most resembles Johni's actions
Answer: Transformational Leadership
Explanation:
Transformational Leadership could be described as a process where a leader is able to communicate plans, aim and goals with his or her team and they respond with improvement and rapid growth. Their growth was as a result of the leaders effect among them.
Johni can be seen as carrying out a transformational leadership due to she's able to turn around the tide of the with her employees as they now perform better based on her leadership pattern.
Jill's parents are concerned because she does not have a job despite graduating from college. Her parents tell her that they got jobs right out of high school, so she should be able to get a job very easily. They conclude that she must be lazy. Jill tells them that they need to consider larger economic trends and changes in technology to understand why she is having trouble finding a job. Jill is using __________________ to explain her inability to get a job:
Answer:
Her sociological imagination.
Explanation:
From the question, we were informed about Jill's parents who were concerned because she does not have a job despite graduating from college. Her parents tell her that they got jobs right out of high school, so she should be able to get a job very easily. They conclude that she must be lazy. Jill tells them that they need to consider larger economic trends and changes in technology to understand why she is having trouble finding a job. Jill is using
Her sociological imagination to explain her inability to get a job. The sociological imagination can be regarded as a practice that involved having ability to “think ourselves away” from some of our daily and familiar routines of our lives, so that see them with critical and new eyes, Sociological imagination is ability gotten by individual to focus away from his/her particular situation then think from other point of view or alternative perspective. Sociological imagination can be regarded from other point of view as capacity of individual to shift his/her thought from one perspective to another perspective.
The Director of Information Technology for the city of Tampa, Florida formed a company to sell computer supplies and software. All purchases made on behalf of the City were made from her company. She was later charged with fraud for overcharging the City, but was not convicted by a jury. The control issue in this case arose because the Director had both ________ and ________ duties.
Answer:
1. Recording
2. Authorization
Explanation:
Based on the scenario described above, it can be concluded that the control issue, in this case, arose because the Director had both RECORDING and AUTHORIZING duties.
This is because, for the Director of Information Technology for the city of Tampa, Florida not to have been convicted by a jury regardless of what she did, she must have followed the Segregation of Duties accordingly. This is a means of reducing the errors or fraudulent activities of employees.
And given she has a RECORD of transactions to prove her innocence and at the same time, she has AUTHORIZATION or the approval to supply the software, and hence, she is not guilty of the accusation.
Resource-limited scheduling is a method fora. developing a schedule that attempts to minimize the fluctuations in requirements for resources.b. making sure all the resources do the same amount of work.c. making sure every task has the same number of resources.d. developing the shortest schedule when the number or amount of available resources is fixed and cannot be exceeded.
An important consideration in experience design is the degree of personal engagement and intimacy customers prefer in their journey with your offerings and brand. Wedding planners who spend time meeting with couples and their families in an effort to develop a highly personal, customized service are pursuing a __________________ approach to customer experiences.
Answer:
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