A closing entry is a journal entry made at the end of the accounting period. Transferring information from temporary accounts on the income statement to permanent accounts on the balance sheet is involved.
What is meant by Closing entry ?
The general ledger, the method for keeping track of a company's financial information, uses the closing entry to reset the temporary account balances to zero.
To document accounting activities for a certain time period, temporary accounts are employed. Because they are reported in specific time periods and do not carry over to subsequent periods, all income and cost accounts must have a zero balance at the conclusion of the period. For instance, even if the business kept the money for usage over the following year, $100 in revenue this year does not count as $100 in revenue for the following year.
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Alpine Stables, Inc. , is established in Denver, Colorado, on April 1, 2017, to provide stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April 2017 are provided for your review. A. Received contributions from five investors of $ 60,000 in cash ($ 12,000 the following), a barn valued at \,000 , land valued at $ 90,000 , and supplies valued at $ 12,000. Each investor received 3,000 shares of stock with a par value of $ 0. 01 per share. B. Built a small barn for $ 62,000. The company paid half the amount in cash on April 1,2017 , and signed a three-year note payable for the balance. C. Provided $ 35,260 in animal care services for customers, all on credit. D. Rented stables to customers who cared for their own animals; received cash of $ 13,200. E. Received from a customer \ ,400 to board her horse in May, June, and July (record as unearned revenue). F. Purchased hay and feed supplies on account for $ 3,810 to be used in the summer. G. Paid $ 1,240 in cash for water utilities incurred in the month. H. Paid $ 2,700 on accounts payable for previous purchases. I. Received $ 10,000 from customers on accounts receivable. J. Paid $ 6,000 in wages to employees who worked during the month. K. At the end of the month, purchased a two-year insurance policy for \,600. L. Received an electric utility bill for $ 1,800 for usage in April; the bill will be paid next month. M. Paid $ 100 cash dividend to the following of the five investors at the end of the month.
Required:
(a) Set up appropriate T-accounts. All accounts begin with zero balances
Setting up the appropriate T-accounts for Alpine Stables, Inc. is as follows:
Cash AccountAccount Titles Debit Credit
Common Stock $150
Additional-Paid Capital $59,850
Barn $31,000
Service Revenue $13,200
Unearned Revenue $2,400
Utility Expense $1,240
Accounts Payable $2,700
Accounts Receivable $10,000
Wages Expense $6,000
Prepaid Insurance $9,600
Dividend $500
Balance $34,560
Totals $85,600 $85,600
Accounts ReceivableAccount Titles Debit Credit
Service Revenue $35,260
Cash $10,000
Balance 25,260
SuppliesAccount Titles Debit Credit
Additional Paid-Capital $12,000
Accounts Payable $3,810
Balance $15,810
Prepaid InsuranceAccount Titles Debit Credit
Cash $9,600
LandAccount Titles Debit Credit
Additional Paid-Capital $90,000
BarnsAccount Titles Debit Credit
Additional Paid-Capital $120,000
Cash $31,000
Notes Payable $31,000
Balance $182,000
Common StockAccount Titles Debit Credit
Cash $150
Additional Paid-in CapitalAccount Titles Debit Credit
Cash $59,850
Barn $120,000
Land $90,000
Supplies $12,000
Balance $281,850
DividendAccount Titles Debit Credit
Cash $500
Note PayableAccount Titles Debit Credit
Barns $31,000
Accounts PayableAccount Titles Debit Credit
Supplies $3,810
Cash $2,700
Utility Expense $1,800
Balance $2,910
Unearned RevenueAccount Titles Debit Credit
Cash $2,400
Service RevenueAccount Titles Debit Credit
Accounts Receivable $35,260
Cash $13,200
Balance $48,460
Utility ExpensesAccount Titles Debit Credit
Cash $1,240
Accounts Payable $1,800
Balance $3,040
Wages ExpenseAccount Titles Debit Credit
Cash $6,000
Transaction Analysis:Cash $60,000 Barn $120,000 Land $90,000 Supplies $12,000 Common Stock $150 Additional Paid-in Capital $281,850
Barn $62,000 Cash $31,000 Note Payable $31,000
Accounts Receivable $35,260 Service Revenue $35,260
Cash $13,200 Service Revenue $13,200
Cash $2,400 Unearned Revenue $2,400
Supplies $3,810 Accounts Payable $3,810
Utility Expense $1,240 Cash $1,240
Accounts Payable $2,700 Cash $2,700
Cash $10,000 Accounts Receivable $10,000
Wages Expense $6,000 Cash $6,000
Prepaid Insurance $9,600 Cash $9,600
Utility Expense $1,800 Accounts Payable $1,800
Dividend $500 Cash $500
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Colgate-palmolive secured the endorsements of dentists to make the claim that colgate total toothpaste is the number-one recommended toothpaste by most dentists, a tactic that is most effective at.
Colgate-Palmolive secured the endorsements of dentists to make the claim that Colgate total toothpaste is the number-one recommended toothpaste by most dentists, a tactic that is most effective at decreasing perceived risk.
What is perceived risk?
According to Arrow (1950), Humphreys and Kenderdine (1979) and Taylor (1975), perceived risk "represents an uncertain, probabilistic potential future expenditure". Simply put, perceived risk is the ambiguity that consumers have before purchasing any product or service. a term used in marketing and sales Perceived risk refers to how a customer perceives the risks associated with any purchase and is mostly associated with products that are expensive such as houses or cars or products that are complex and have many features such as computers or laptops.To learn more about perceived risk, refer to:
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Jeff, the owner of a business, invests an additional $100 into his business from his personal checking account. how would this affect the equity of his business?
Jeff invests an additional $100 into his business from his personal checking account.This would affect the equity of his business as the common stock and total equity would increase.
When an owner invests into his business from his personal checking account he is putting the amount of assets into the company. In other words, this is the amount of money or other assets which the owner contributes to the business either to start it or to keep it running.
So an owner's investment into the company will increase the company's assets while also increasing the common stock as well as the owner's equity. Whereas, when company borrows money from its bank, the company's assets and liabilities increases.
Hence, then the owner's equity is recorded on the balance sheet which is at the end of accounting period.
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The city council made an appropriation to the police department of $190,000 for the purchase of supplies and equipment. the following transactions and events occurred regarding this appropriation. 1. the department placed purchase order (po) 1 for 5 motorcycles, estimated to cost $20,000 each. 2. the department placed po 2 for crime prevention supplies at an estimated cost of $60,000. 3. the motorcycles ordered in po 1 arrived in good condition. the invoice of $100,000 was approved for payment. 4. po 3 was placed for radio equipment at an estimated cost of $20,000 . 5. the supplies ordered in po 2 arrived, along with an invoice for $64,000. the invoice was approved for payment. 6. the department obtained a check from the finance director for $500, made out to a local supplier, to purchase a new firearm for $500 on an emergency basis; no purchase order had been placed. a) prepare journal entries to record the transactions and events. charge all expenditures to supplies and equipment. (assume the approved budget has already been recorded.)
The journal entry is below.
Events Accounts Debit Credit
1. Encumbrances 50000
Budgetary fund balance 50000
reserved for encumbrances
To record PO 1
2. Encumbrances 30000
Budgetary fund balance 30000
reserved for encumbrances
To record PO 2.
3. Budgetary fund balance 50000
reserved for encumbrances
Encumbrances 50000
To reverse encumbrance for PO 1.
4. Encumbrances 10000
Budgetary fund balance 10000
reserved for encumbrances
To record PO 3.
5. Budgetary fund balance
reserved for encumbrances 30000
Encumbrances 30000
To reverse encumbrance
for PO 2.
Expenditures 32000
supplies and equipment
Vouchers payable 32000
To record approved voucher
6. Expenditures 250
supplies and equipment
Cash 250
Record emergency cash purchases.
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kathleen alvarado is binge-watching her favorite show on netflix. she is trying to decide how many more episodes to watch. kathleen should continue watching episodes unless the marginal
The Law Offices of Kathleen G. Alvarado offer assertive representation for family law, criminal defense, and marginal injury claims in Riverside County, San Bernardino County, and throughout the Inland Empire.
In some cases, a marginal increase in sales means something much more specific than a vague, positive growth. Marginal revenue is a key number in the income statement that is closely connected with sales. It refers to revenue that is earned from sales after costs have been subtracted.
She should watch until the marginal benefit of watching the show is equal to the marginal cost.
It is the benefit maximizing condition that consumers should consume anything until marginal benefit equals marginal cost.
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If you are able to articulate thoughts and ideas clearly and effectively in written and oral forms to persons you know and to those of a wider, general audience, you have a proficiency in which competency?.
You have a skill in communication if you can express yourself clearly and persuasively in both written and oral form to people you know and to members of a larger, more general audience.
More about communication competency:
Effectively communicate ideas and concepts using spoken, writing, visual, and non-verbal means, as well as through listening to understand. the capacity to convey knowledge orally, in writing, or digitally.
Understanding the various communication abilities and talents is a crucial skill for managers, business owners, and employees alike. No matter what line of work you are in, interacting with people is a big part of many sectors, thus having the skills and abilities to do so is crucial.
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Suppose you borrow $5,000 from the bank. the loan terms require you to repay $6,299 three years from now. what is the annual interest rate you would be agreeing to?
The amount of interest payable each period expressed as a percentage of the amount lent, deposited, or borrowed is known as an interest rate. The amount lent or borrowed determines the total interest charged,
The Interest Rate Would be 8%Calculation is as follows
F = P ( F / P , 10 % ,5) is the formula for determining Rate given a current value of P.
The right response is 8%.
Also,
Calculation of the repayment amount due at the conclusion of the fifth year
Future Value = (F/P, 10%, 5000)= 5000 * 1.61051= $8052.5to Learn more about interest rates, Click the links.
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Two customers purchased $500 of merchandise from the same store on account. The terms of both sales were 2/10, n/30. If the first customer paid in 8 days and the second customer paid in 12 days, what would be the difference in the merchandise company’s records on the date the customers paid in full?.
If the first customer pays in eight days and the second customer pays in 12 days. The difference in the merchandise company's records on the date the customers required to pay in full of 500$.
The first customer's cash admission would be $490, and the second customer's cash input would be $500.
The first consumer would save 2% on their purchase because they paid within 10 days. As a result, their final bill would be $500 * 0.98, or $490, paid in cash and subject to a $10 sales discount. The second consumer didn't pay in ten days to make a payment. As a result, the second customer is required to pay the full amount of $500.
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Hillman corporation reported a decrease in accounts receivable of $391,216. This is best defined as a _________ of cash on the _______________ segment on the statement of cash flows.
Hillman Corporation reported a decrease in accounts receivable of $391,216. This is best defined as a source of cash on the operating activities segment on the statement of cash flows.
What is Cash Flow Statement?
By monitoring the cash flow for a business, a cash flow statement is a crucial tool for managing finances. One of the three important reports that aid in assessing a company's performance is this one. Making a cash forecast usually helps with short-term planning. You may track incoming and outgoing cash by using the cash flow statement, which also displays the source of funds. Operating, investment, and financial operations are the three main sources of incoming cash for a corporation. Additionally, the statement provides information on cash withdrawals, business-related expenses, and investments at a specific period in time. For the management to make wise judgments for governing business operations, the information you acquire from the cash flow statement is helpful.
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As director, how would you respond to the conflict among the different stakeholders of fresh start? check all that apply.
As director, I would respond to the conflict among the different stakeholders of Fresh Start by Building trust-based relationships with stakeholders.
What is conflict?conflict can be described as the disagreement that exist between two or more parties this can be in the political world as well as the business world.
However, a stakeholder which can be described as the party which posses an interest in a company and as a result of their participation in the business their action can affect or be affected by the business and it should be noted that they are in a typical corporation as investors, suppliers can involves in a conflict of any type , however As director, I would respond to the conflict among the different stakeholders of Fresh Start by Building trust-based relationships with stakeholders.
In conclusion conflict can be described as the struggle between parties which could be resolved by different techniques.
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The options:
by Building trust-based relationships with stakeholders.
by engaging the customer in the business
By emphasizing on the prtofit.
Given linear demand curves, if demand increases and supply decreases, then __________.
Given linear demand curves, if demand increases and supply decreases, then:- the equilibrium price will increase, but the effect on the equilibrium quantity will be ambiguous.
What is the demand and supply curve?The link between the quantity of a good that producers want to sell at different prices and the quantity that customers want to buy is known as supply and demand in the study of economics. It serves as the primary model for determining prices in economic theory. The interaction of supply and demand in a market determines the price of a good.
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coca cola has a market orientation and follows the marketing concept. most likely, the company would react to consumer dissatisfaction to its product by first: a) hiring better sales people b) increasing advertising to better explain product benefits c) lowering the price d) conducting research to determine if its customers’ needs have changed
coca cola has a market orientation and follows the marketing concept. most likely, the company would react to consumer dissatisfaction to its product by the first D) conducting research to determine if its customers' needs have changed.
Market-oriented perspectives include decision-making perspectives, market information perspectives, cultural behavioral perspectives, strategic perspectives, and customer-centric perspectives. Market Orientation is a business approach focused on determining consumer needs and wants and developing products and services to meet them.
The focus of the organization and its marketing is focused on five main categories, grouped into the following orientation groups Production Oriented, Product Oriented, Sales Oriented, Social Oriented, and Market Oriented.
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Spots, inc. produces ink and sells it to write on target, which makes pens. the ink produced by spots, inc. is called:____
a. an intermediate good.
b. an inventory good.
c. a transitory good.
d. a final good.
Spots, inc. produces ink and sells it to write on target, which makes pens. the ink produced by spots, inc. is called an intermediate good.
An intermediate good is a good which is produced by a certain firm which is then used as an input for the production of another goods.
These type of goods is usually traded between the different firms and also serves as a resource to produce a final good, that means , a product which is ready to consume and is sold in the market.
Some intermediate goods can be considered as final goods, for example sugar can be purchased directly by the consumers or it can be used to produce jams.
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Hillman corporation reported a decrease in accounts receivable of $391,216. This is best defined as a _________ of cash on the _______________ segment on the statement of cash flows.
Hillman corporation reported a decrease in accounts receivable of $391,216. This is best defined as a source of cash of cash on the operating activities segment on the statement of cash flows.
What is account receivable?Account receivable can be defined as the money a company is expecting to received from their customers for the services they rendered to their customers which is why account receivable is classified as a current assets.
So,
Source of cash = Asset
Accounts Receivable = Asset
Therefore the statement that filled the gap is source of cash, operating activities.
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a simple economic model predicts that a fall in the price of bus tickets means that more people will take the bus. however, you observe that some people still do not take the bus even after the price of a ticket fell.
A straightforward economic model predicts that an increase in bus ridership will result from a decrease in the cost of bus tickets. Even though bus fares have decreased, you notice that some people continue to refuse to board the vehicle. No, because it foresees an increase in the general number of bus riders.
What is economic model?A model in economics is a theoretical construction that represents economic processes through a collection of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, frequently mathematical, framework used to explain intricate processes. Economic models frequently suggest structural variables. A model may contain a variety of exogenous variables, and those variables may alter to produce different responses from economic variables. Investigation, theorizing, and adapting theories to the real world are all examples of methodological uses of models.
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wp, inc. pays $18,000 for an annual insurance policy on march 1, 2021. they initially debit prepaid insurance for that amount. if wp only prepares adjusting journal entries at the end of the year (12/31), how much prepaid insurance will appear on the december 31, 2021 balance sheet as a result of this transaction?
$3,000 prepaid insurance will appear on the december 31, 2021 balance sheet
WP will have used $15,000 of the insurance after 10 months (March to December) ($18,000 x 10/12). As of 12/31/2021, $3,000 will still be listed as an asset on the balance sheet.
A balance sheet, also referred to as a statement of financial position or a statement of financial condition in financial accounting, is a summary of the financial standing of a person or an organization, including a corporation, private limited company, sole proprietorship, business partnership, government agency, or not-for-profit organization. As of a particular date, such as the conclusion of its financial year, assets, liabilities, and ownership equity are listed. It's common to refer to a balance sheet as a "picture of a company's financial status." The balance sheet is the only one of the four fundamental financial statements that only applies at one particular period in a company's fiscal year.
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According to the video, what are some tasks that Construction Managers perform? Select four options.
installing plumbing and electrical fixtures
purchasing land to build on
deciding on construction methods
hiring contractors
selling building materials to laborers
making schedules
getting permits and licenses
creating architectural plans
Tasks. To fulfill deadlines, arrange or manage the activities of a construction project. Prepare and send cost tracking reports, progress reports, or budget estimates. Thus option C, D, F, G is correct.
What are Construction Managers to perform?A representative of the owner or developer, such as administrative personnel, employees, or clients, shall interpret and explain the plans and the conditions of the contract.
Construction project planning, coordination, budgeting, and completion are all under the control of construction managers.
A construction manager performs the following duties at a high level: The entire building project is planned out with deadlines and checkpoints. Employs and oversees personnel and contractors.
Therefore, the planning or management of a construction project's activities to meet deadlines.
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during and immediately after the second world war, many americans looking for an apartment had to spend weeks or months in an often futile search for a place to live, or else resorted to bribes to get landlords to move them to the top of waiting lists. meanwhile, they doubled up with relatives, slept in garages or used other makeshift living arrangements, such as buying military surplus quonset huts or old trolley cars to live in. all of these happened because:
All of these happened because rent control rules prevented house prices from rising as they otherwise would have.
What are rent control rules?A landlord is only permitted to charge a certain price for renting a property or renewing a lease under a government policy called rent control.An apartment with rent control has a cap on the amount a landlord can charge for rent. Government programs determine the cap, and local governments implement rent control regulations. They are not mandatory in all states or towns. Rent can be kept cheap for individuals who cannot afford a market-rate or above-market-rate house when it is "managed" in this manner, which prevents landlords from arbitrarily raising rent prices year after year.Learn more about rent control here:
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What term describes an internet-inspired mechanism for raising money or sponsorship from members of the public for a small project or business venture?.
Project sponsorship is a strategy used online to enlist the public's financial or sponsorship support for a side project or for-profit endeavor.
A project sponsor is a person or organization that controls the project and gives funding and other resources to the project, program, or portfolio to ensure its success. Every undertaking has a minimum of one project sponsor.
Project sponsors are often managers or executives who are in charge of overseeing the whole project. He or she represents the organization and is mainly focused on making sure that the project sponsorship delivers the agreed-upon business advantages. In doing so, they exercise significant leadership in a range of fields.
Project sponsorship is often responsible for initiating, ensuring, approving, and establishing a significant group of project-related responsibilities that fall under the umbrellas of vision, governance, and value/benefit realization. Remember that the majority of the objects may fall under more than one category, and that the categories are not exclusive.
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As the manager of an office supply store, raven seems to be constantly confronted with problems. She tries very hard to create alternative solutions and then evaluate them. Often, raven implements the selected solution, but then another problem arises. She begins to express her frustrations by accusing employees of not fully executing the solution as described in her plan. What style of decision making does raven use?.
Answer:
Rational
Explanation:
She wants to be able to find a solution, and the coworkers need to work together to get stuff done.
The style of decision-making raven use is rational. Thus the correct option is B.
What is Manager?A manager is refer to an individual in an organization who is responsible for coordinating and controlling the functions of the organization and helps to perform business activities smoothly and timely.
In this case, it is given that Manager named Raven is facing problems in working and tries to develop alternative solutions and evaluate them. In this method when she resolves one problem, another rise.
This caused her frustration with employees so in this situation she should use a rational decision-making model in which she should implement strict actions or plans to fulfill the objective of the business by using a logical approach.
She should conduct research about the facts causing problems and by using evidence reached on alternative outcomes to make the final decision that can be considered appropriate for the organization.
Therefore, option B is appropriate.
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Suppose you are buying your first condo for $180,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6. 5% nominal interest rate, with the first payment due in one month. What will your monthly payments be?.
If we arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6. 5% nominal interest rate, with the first payment due in one month. The monthly payments amount be $1,042.91
Purchase Price of Condo $180,000.00
Down payment $15,000.00
Loan amount $165,000.00
Terms in years 30
Annual interest rate 6.50%
Monthly interest rate 0.5417%
No. of monthly loan payment 360
Monthly payment amount $1,042.91
The term "Monthly Payment Amount" refers to the total of the interest payable under this Note on the portion allocated as Fixed Rate Tranche A at the Fixed Interest Rate in the amounts for each such Payment Date set forth on Annex 1 attached hereto and incorporated herein by this reference or as provided by Payee to Maker in connection with the initial Fixed Interest Rate Interest Period from and including the First Payment Date through the Maturity Date.
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prepare a balance sheet for alaskan peach corporation as of december 31, 2022, based on the following information: cash = $194,000; patents and copyrights = $848,000; accounts payable = $295,000; accounts receivable = $254,000; tangible net fixed assets = $5,110,000; inventory = $539,000; notes payable = $188,000; accumulated retained earnings = $4,596,000; long-term debt = $1,240,000.
We prepare a balance sheet for Alaska Peach Corporation as of December 31, 2022, based on the following information: 6,945,000
Asset
Cash =194,000
Account receivable= 254,000
Inventory = 539,000
Current asset =987,000
Patent and copyright = 848,000
Tangible net fixed asset = 5,110,000
Total asset= 6,945,000
Liabilities
Account payable= 295,000
Notes payable =188,000
Current liabilities = 483,000
Long term debt=1,240,000
Total liabilities = 1,723,000
Accumulated reatined earning= 4,596,000
Common equity= 626,000
total liabilities and equity = 6,945,000
Whether you are an organization or not. ment or non-profit organization.
A balance sheet is a statement of a company's assets, liabilities and equity at a particular point in time. A balance sheet is usually produced at the end of a specific period (quarterly, annually, etc.). A balance sheet consists of two columns. The left column lists the company's assets.
A balance sheet provides a snapshot of a company's financial position at a particular point in time. In addition to income and cash flow statements, the balance sheet helps business owners assess the financial health of their business.
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As the manager of an office supply store, raven seems to be constantly confronted with problems. She tries very hard to create alternative solutions and then evaluate them. Often, raven implements the selected solution, but then another problem arises. She begins to express her frustrations by accusing employees of not fully executing the solution as described in her plan. What style of decision making does raven use?.
As the manager of an office supply store, Raven seems to be constantly confronted with problems. She tries very hard to create alternative solutions and then evaluate them. Often, Raven implements the selected solution, but then another problem arises. She begins to express her frustrations by accusing employees of not fully executing the solution as described in her plan. Raven uses a rational style of decision making.
A rational style of decision-making is one in which proper logical steps are decided to be implemented for the completion of a certain task.
In the case above, Raven works hard in forming proper, logical solutions to the problems that arise. Hence, she is using the rational style of decision-making when forming solutions for a problem. She has the ability to identify a problem, assess it, and form a solution which is the way of working a rational style of decision making.
Other options, such as nonrational decision-making, are not correct as in this type of decision-making, intuitive judgment is used. Intuitive judgment is not being used by Raven for problem-solving.
Although a part of your question is not complete, you might be referring to this question:
As the manager of an office supply store, Raven seems to be constantly confronted with problems. She tries very hard to create alternative solutions and then evaluate them. Often, raven implements the selected solution, but then another problem arises. She begins to express her frustrations by accusing employees of not fully executing the solution as described in her plan. What style of decision-making does Raven use?
non-rational
rational
intuitive
satisficing
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solving for annuity payments (pmt) you just bought a $10,000 annuity that provides annual payments at the end of each of the next six years. if the appropriate interest rate is 11%, what annual payment will you receive each year? enter the data into your calculator: n
Annual payment received annually: $2,363.77.
Information Provided:
Present Value = $10,000
Hours = 6 Years
Interest Rate = 11%
Annual Payments are calculated by entering the following into the financial calculator:
PV = -10,000
N = 6
I/Y = 11 Press
CPT and PMT to calculate your monthly payment.
The resulting value is 2,363.77.
So the annual payment I receive each year is $2,363.77.
Payment is the voluntary offering of money or equivalents or anything of value by one party in exchange for goods or services to be provided or to comply with a legal obligation. The party making the payment is commonly referred to as the payer and the payee is the party receiving the payment.
Payment is the transfer of money, goods, or services in exchange for goods or services on acceptable terms and conditions previously agreed upon by all parties. Payments can be made in the form of exchange services, cash, checks, wire transfers, credit cards, debit cards, or cryptocurrencies.
An example of payment is a check written to pay a telephone bill. As an example of payment, he may pay a $100 bill using a credit card. A Pay or be paid.
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What is true about open ended credit
Answer :
An open circuit implies that the two terminals are points are externally disconnected, which is equivalent to a resistance R=∞ . This means that zero current can flow between the two terminals, regardless of any voltage difference.
plans to retire in 25 years (1st withdrawal in year 26). he is told by ned flanders that a desirable standard of living in 26 years will require $250,000 per year. homer wants to be able to maintain that level of purchasing power forever (assume inflation
In 25 years, Homer Simpson intends to retire (1st withdrawal in year 26). Ned Flanders informs him that a comfortable level of life in 26 years will cost $180,249 a year. Homer wants to always have that amount of purchasing power.
What is purchasing power?A unit of currency's purchasing power is the quantity of products or services it can currently be used to purchase.Over time, inflation reduces a currency's ability to buy things.Interest rates are adjusted by central banks in an effort to preserve Purchasing power and price stability.The Consumer Price Index is one U.S. indicator of buying power.Since currencies are now more tightly correlated than ever due to globalization, it is essential to safeguard buying power globally.The value of a currency and the things it may purchase are diminished by inflation.Price increases result from a decrease in purchasing power. You might compare the cost of an item or service to an index of prices, such as the Consumer Price Index, to determine buying power in the classic economic sense.To know more about purchasing power, refer to the following link:
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wally is a pennsylvania licensee. he’s planning to purchase a house with several acres of land from seller seth. based on wally’s expertise, he believes the property is being underutilized and plans to divide the land into several separate lots to sell off individually. what does wally need to disclose to seth?
Wally needs to be honest about his plans for the land.
If a licensee has an interest in a property, they are required to disclose this interest as well as any potential conflicts of interest in writing. When selling their own property, licensees are required to reveal their license status.What is mean by licensee?In U.S. tort law, a licensee is a person who is on another's property even though it is not accessible to the general public because the owner of the land has granted the licensee permission to enter.A licensee can also refer to the holder of a license.If a person travels to see an invitee for personal reasons, they may be regarded as a licensee. A person is a licensee, for instance, if they go to a friend's rental home. Typically, an invitee extends an invitation to a property to licensees.Learn more about licensee here:
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14. assume that sweeten company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. what selling price would the company have established for jobs p and q? what are the selling prices for both jobs when stated on a per unit basis? (do not round intermediate calculations. round your final answers to nearest whole dollar.)
Considering the markup and the costs %, Job P's selling price would be $4,545 and Job Q's price would be $1,848.
What are the predetermined overhead rates?
Molding department:
= Variable overhead cost per hour + (Estimated overhead / Estimated machine hours used)
= 1.40+ (10,000/ 2,500)
= $5.40
Fabrication Department:
= 2.20 + (15,000 / 1,500)
= $12.20
Manufacturing overhead of Job P
= (Molding department hours x Overhead rate) + (Fabrication department hours X Overhead rate)
= (1,700 x 5.40) + (600 x 12.20)
= $16,500
Manufacturing overhead of Job Q
= (800 x 5.40) + (900 x 12.20)
= $15,300
Selling price of Job P
= ((1+ markup percentage) x (Direct materials + Direct labor + Manufacturing overhead)) / Number of Job Q units
= ((1+80% ) x (13,000 + 21,000 + 16,500)) / 20
= $4,545
Selling price of Job Q
= ((1+80% ) x (8,000 + 7,500 +15,300))/ 30
= $1,848
Therefore, the selling prices are $4,545 and $1,848 respectively.
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Source documents would include items such as:_____.
a. receipts, travel records, etc.
b. trial balances.
c. stock options.
d. journal entries.
e. financial statements.
Source documents would include the items such as receipts, travel records, etc.
A source document is considered to be the original document which tends to contain the details of a business transaction. A source document thus captures the key information about a transaction, such as the amounts paid (if any), the date, the substance of the transaction, and the names of the parties which are involved.
So the source documents are considered to be the original records of a business transactions.These documents serve as the proof with the details of the transaction. It also include items such as receipts, travel records, etc.
Hence, option A is correct.
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the core principles of economics — end of chapter problem ivan has inherited his mother’s 1963 chevrolet corvette, which he values at $45,000. he decides that he might be willing to sell it, so he posts it on craigslist for $55,000. samantha is interested and willing to pay up to $72,000 for one.
Yes, Ivan and Samantha both voluntarily enter the trade because they both profit in their own ways. Ivan got more money than expected. This is a producer surplus for him. There is a consumer surplus because Samantha is paying less than she is willing to pay. Therefore, both benefit from the transaction.
Producer surplus to Ivan = Amount received - willing to sell amount = 55000-45000 = 10000
Consumer surplus to Samantha = willing to pay - Actual amount paid = 72000 - 55000 = 17000
Economic surplus = Consumer + Producer surplus = 10000+17000 = 27000$.
Starting prices for the 2022 Chevrolet Corvette are $60,900 for the coupe model and $68,400 for the convertible. This is average for elite athletes. In the world of high-end sports cars, the 2021 Chevrolet Corvette is proving to be a great bargain. Its overall value is hard to beat. Chevy lists the new model at a starting MSRP of just under $59,000. This is an incredible price for a car that offers so much style and performance.
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