To minimize the risk of theft of consumer remittances, the person who handles and deposits customer payments can also none any of these activities can be performed by the person who handles and deposits customer payments.
What's Payment?A payment is the voluntary tender of plutocrat or its original or of effects of value by one party( similar as a person or company) to another in exchange for goods, or services handed by them, or to fulfill a legal obligation. The party making the payment is generally called the payer, while the payee is the party entering the payment.Payments can be effected in a number of ways, for illustrationThe use of plutocrat, cheque, or disbenefit, credit or bank transfers.The transfer of anything of value, similar as stock, or using trade, the exchange of one good or service for another.What's the payment procedure?Payment Procedures means the procedures for carrying payments from one or further of the Portfolios in which a party maintains an account, established from time to time by the Chief Investment Officer.Learn more about payment here:
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International businesses frequently have to address ethical issues that develop because.
International businesses frequently have to address ethical issues that develop because countries have different business laws, practices and regulations.
What are ethical issues?
Ethical issues can be described as the term that is been used in an organization to refer to a situation whereby a particular decision, scenario or activity in that organization or the particular society brings about the conflict with a society's or the organization moral principles.
It should be noted that the individuals as well as the businesses can found themselves in these conflicts, this is because some of the activities could spring up some kind of question from an ethical standpoint.
We can conclude that International businesses frequently have to address ethical issues that develop because countries have different business laws, practices and regulations.
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A security pays $100 monthly for the next 10 years and the appropriate nominal interest rate is 12%. What is the present value of this security?.
In the event where a security pays $100 per month for the following ten years and the acceptable nominal interest rate is 12%.The present value of this security $6,970.052203.
It is necessary to apply the time value of money principle when determining the equal present value of a series of projected cash flows..The applicable interest rate has the biggest impact on the calculations.N = 10 * 12 = 120 payments will be made.
The periodic interest rate is I/Y = 12%/12, which equals 1%.
PV = PMT/r*[1-1/ (1+r) n] where PMT = 100 and FV = 0
PV = 100/0.01 *[1-1/(1+0.01)120]
PV = 10,000 * 0.6970052203
PV = 6,970.052203 PV = $6,970.052203.
As a result, his present value is $6,970.052223.
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________ is the sequence of value-adding activities performed to develop, produce, market, and service a product.
A Value Chain is the sequence of value-adding activities performed to develop, produce, market, and service a product.
It includes the steps right from the manufacturing of goods or services till reach the customers.
Value Chain: From a product's original design to its delivery to a consumer, there are a number of sequential processes that make up a value chain. The supply chain outlines every stage of production, including the sourcing, manufacturing, and marketing phases, where value is added.
Example: design, production, distribution, and so on.
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Keesha's employees rarely, if ever, disagree with her because they worry about her negative reactions and tantrums. this is an example of which of the factors in the corruption cycle?
If Keesha's employees rarely, if ever, disagree with her because they worry about her negative reactions and tantrums. this scenario is an example of compliance factors in the corruption cycle: compliance.
What is compliance?Compliance can be defined as the process in which a person comply or adhere to something or adhere to the rules and regulation that are imposed on them.
The scenario is an example of compliance factors in corruption cycle based on the fact that her employee comply with her behavior by rarely disagreeing with her or having any form of disagreement with her because they worry about the negative reactions and tantrums or anger she may likely display whenever they disagree with her.
Therefore If Keesha's employees rarely, if ever, disagree with her because they worry about her negative reactions and tantrums. this scenario is an example of what is called compliance factors in the corruption cycle: compliance.
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How does federal financial aid for a trade school compare to federal financial
aid for a college?
A. Federal financial aid applies only to college attendance.
B. Federal financial aid is available for both trade schools and
colleges.
O C. Federal financial aid is merit based only for colleges.
D. Federal financial aid applies only to trade school attendance.
The correct option would be "Federal financial aid is available for both trade schools and colleges."
Federal Student Aid pays for tuition and fees, lodging and board, books and supplies, and transportation for students enrolled in qualified courses at enrolling postsecondary schools (recognized four-year or two-year public or private academic institutions, career schools, or trade schools).The majority of federal assistance is based on need. Grants, loans, and work-study funding are the three most frequent sources of financial assistance. The primary purpose of Government Student Aid is to ensure that all qualified Americans get federal financial help (grants, loans, and work-study programs) for postsecondary education.Federal Student Help (FSA), an office of the United States Department of Education, is the nation's largest supplier of student financial aid.Thus this is the meaning of Federal Student Aid.
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Answer: Federal financial aid is available for both trade schools and colleges.
Explanation: I took the test and got it right
After the adjusting entries have been completed, the adjusted balance in the prepaid rent account represents the _____
The modified balance in the Supplies Expense account, following the adjustments, represents the cost of the supplies: -used during the accounting period.
Because the trial balance—the initial pulling—adjusting entries are required. may be brought on by rendered services that haven't been billed yet.
Supplies become expenses once they have been consumed. If supplies have a large financial worth, they may qualify as current assets. Small businesses might enter the quantity of unspent supplies in the asset account under Supplies on their balance sheet if the cost is significant.
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A key benefit of collaboration is _______________, which focuses on deriving better and more unique ideas for products and services.
A key benefit of collaboration is innovation, which focuses on deriving better and more unique ideas for products and services.
What is collaboration?
Meaning of Collaboration - The best way to define collaboration would be to outline it as the process of two or more people or organizations working together to complete a task or achieve a goal. It is also defined as two or more people working together to achieve shared goals.Consider creating a content marketing strategy. It requires multiple teams to provide input, make requests, or share information. These typically include the content team (team leads, writers, editors), SEO experts, marketing team, product managers, and customer facing teams. Working together allows you to leverage all of these diverse skill sets and knowledge pools to create a comprehensive content strategy that is designed to achieve business goals.To learn more about collaboration, refer to:
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problems created by differences between countries' antitrust rules, labor laws, patents, copyrights, taxes, product liability, and child labor laws relate to which forces in the global business environment? multiple choice question.
troubles created with the aid of variations between countries' antitrust regulations forces in the world business environment.
The world business environment can be defined as the environment in exclusive sovereign countries, with elements exogenous to the domestic environment of the organization, influencing choice making on resource use and capabilities.
What is an example of world enterprise environment?An example of a global commercial enterprise environment is the United States. The United States is one of the most powerful countries in the world, with a sturdy and secure financial system that has been developing for decades. This makes it one of the exceptional locations to do business in phrases of steadiness and growth.
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Purchase is the latest stage during which a buyer can terminate the buying decision process?
What do you mean by purchase?
A purchase involves the acquisition of goods or services in exchange for payment of some kind. Payment is usually by cash or credit (to be paid later). A purchase may also be part of a barter transaction where various non-monetary assets are exchanged, or it may be in exchange for the assumption of a liability.Purchasing is a key part of the manufacturing process, where raw materials need to be obtained and transformed into finished products.To learn more about purchase, refer to:
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on december 31, 2019, akron, inc., purchased 5 percent of zip company’s common shares on the open market in exchange for $16,000. on december 31, 2020, akron, inc., acquires an additional 25 percent of zip company’s outstanding common stock for $95,000. during the next two years, the following information is available for zip company: incomedividends declaredcommon stockfair value (12/31)2019 $320,0002020$75,000$7,000380,000202188,00015,000480,000 at december 31, 2020, zip reports a net book value of $290,000. akron attributed any excess of its 30 percent share of zip's fair over book value to its share of zip's franchise agreements. the franchise agreements had a remaining life of 10 years at december 31, 2020. assume akron applies the equity method to its investment in zip account:what amount of equity income should akron report for 2021?on akron's december 31, 2021, balance sheet, what amount is reported for the investment in zip account? assume akron uses fair-value accounting for its investment in zip account:what amount of income from its investment in zip should akron report for 2021?on akron's december 31, 2021, balance sheet, what amount is reported for the investment in zip account?
Investing is an effective way to put your money to work and potentially build wealth. Smart investing may allow your money to outpace inflation and increase in value. The greater growth potential of investing is primarily due to the power of compounding and the risk-return tradeoff.
An investment is an asset or item acquired with the goal of generating income or appreciation. Appreciation refers to an increase in the value of an asset over time. When an individual purchases a good as an investment, the intent is not to consume the good but rather to use it in the future to create wealth.
purchase price of 25%interest
carrying amountof 5%interrest ($380*5%)
The total fair value of As investment of the Z account
Net book value($290.000*30%)
Franchise agreement
The remaining life of the franchise agreement
annual amortization($27000-10mears)
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19.) the management section of the ethics rule states, in part, "an appraiser must a fee or commission, or gave a thing of value in connection with the procurement of an assignment."
By adhering to the highest standards of professional ethics, an appraiser must promote and protect the public trust inherent in appraisal practice.
The three elements of this ETHICS RULE—Conduct, Management, and Confidentiality—apply to all forms of evaluation.
CONDUCT: An appraiser is required to carry out tasks objectively, impartially, and independently, without accommodating personal interests.
MANAGEMENT: The payment of a fee, commission, or gift of something of value in connection with the acquisition of an assignment must be disclosed by the appraiser.
CONFIDENTIALITY: An appraiser is required to uphold the relationship's confidentiality.
When using confidential information and communicating the outcomes of an assignment, an appraiser must behave in the client's best interests.
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At the end of march, paul’s painting hired five temporary employees to work on a project that began on april 5 and ended on april 28. Paul’s received 100% of the total payment for the project on may 3. In this situation, both ________ accounting and gaap require that paul’s recognize the employees’ total salary expense in ________.
accrual-basis; April.
What Imagine that you get to interview a quality control manager who is in charge of examining a product, food, drink, or service that you know really well. Explain what details this person should look for when performing a quality control check. Be as specific as you can.
1 paragraph pleasee
This person should look for high-quality product delivery and continuous quality improvement through the use of external processes when performing a quality control check.
What is mean by quality control?The procedure a business uses to ensure that its products uphold its standards is called quality control. To guarantee that everyone on a production team has consistent, reliable information about a product's quality, a quality control function requires a great attention to detail and excellent communication skills. If you have experience with particular products or industries and can maintain your focus for extended periods of time, you could appreciate working in quality control.The reviewing phase and the testing phase are the two phases of quality control. The reviewing phase involves making a plan for testing and reviewing the product's requirements, design, and code. Units, systems, and their integration, as well as product functionality and user acceptance, are first tested during the testing phase.Learn more about quality control here:
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In the context of the management skills of a successful supervisor, ________ involve the ability to see the relationship of the parts to the whole and to one another
Conceptual skills are the capacity to understand how the various components fit together to form the total.
These competencies reflect a manager's capacity to compile and evaluate data in order to enhance organisational performance. They comprise the capacity to view the business as a complete and comprehend how diverse components match together to function as a cohesive whole.
The process of planning, organising, directing, and controlling staff actions in conjunction with other resources in order to achieve organisational goals is known as management.
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What others changes could lisa make possitively affect her budget
Some other changes that Lisa can make to positively affect her budget include:
Setting up budgeting goalsSetting up a monthly review How can be budget better?You did not include the whole question so I will give a general overview.
In order to be able to come up with a good budget, one thing that we need to do is to set up some budgeting goals. We need to figure out why we are budgeting and what we hope to gain for it. Having a reason for budgeting makes it easier to budget because we know what we are working towards.
It is also important to set up a monthly review of our budget to see how well we are doing with it. This monthly review will show if we are sticking to the budget and what we can do to be better at the budgeting process. Budgeting is not easy the first couple of times so we need a review to keep us on track.
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What term is used to describe public/private partnerships, such as the liverpool direct call center, that brings together private sector systems and technology expertise with public sector services and values?.
The term used to describe public or private partnerships is Public-Private Partnership (PPP). Public-Private Partnership (PPP) describe such as Liverpool's direct call center, which brings together private sector systems and technology expertise with public sector services and values
Various forms of cooperation involving many parties have been established in global forums and local. The cooperation is formed based on the objectives, capacities, and context of activities, with ways to mutually benefit from the qualities and competencies of partners. Likewise with development activities aimed at alleviating poverty.
Cooperation that involves many parties can result in innovation in dealing with various problems development challenges, including in accessing needed resources, such as technical assistance, human resources, knowledge resources, and finance.
In addition to the term "partnership", in various parts of the world other terms are also known, such as consortia, alliance, and multi-stakeholder forums/platforms/networks. Even though does not use the term partnership, but its purpose, characteristics, and how it works are similar with the process applied to the "partnership".
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One of the factors contributing to the financial crisis of 2007-2009 was the widespread issuance of subprime mortgages. How does this demonstrate adverse selection?.
Lenders loaned money to a pool of potential homeowners with the highest credit risk and lowest net wealth.
What was the financial crisis of 2008?Early in the twenty-first century, a catastrophic global economic catastrophe known as the Global Financial Crisis (GFC), or the Financial Crisis of 2008, took place. After the Great Depression, it was the worst financial catastrophe ever (1929). A "perfect storm" of predatory lending to low-income homebuyers, excessive risk-taking by international financial institutions, and the fall of the US housing bubble resulted from these factors. The value of mortgage-backed securities (MBS) related to American real estate as well as a massive network of derivatives connected to those MBS fell. The collapse of Lehman Brothers on September 15, 2008, and the ensuing global banking crisis caused enormous harm to financial institutions all around the world.
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of the department’s methods for determining whether licensees are in compliance, which is used to review a licensee’s progress on taking corrective action based on a deficiency?
Texas House of Representatives of the department’s methods for determining whether licensees are in compliance, which is used to review a licensee’s progress on taking corrective action based on a deficiency.
A lien foreclosure is one of two methods a government agency can use to address delinquent taxes on the property. The other is called selling tax deeds. A statutory lien is first imposed on the taxpayer's assets. The Department of Savings and Mortgages is a Texas agency under the supervision and jurisdiction of the Texas Finance Commission.
Mortgage licensing is overseen by the Nationwide Multistate Licensing System, commonly referred to as NMLS. NMLS will license future her MLOs that meet the requirements.
A Texas Financial Institution shall not permit an employee subject to the registration requirements of this part to act as a mortgage lender for the Covered Financial Institution unless registered with the Registry in accordance with this part.
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an effective income shifting strategy for a corporation and an employee-owner involves generating a tax for one party while generating taxable for the other party.
An effective income shifting strategy for a corporation and an employee-owner involves a tax for one party deduction and for the other party income.
What is effective income ?The link or ratio between the sale price of a property's worth and its effective gross lease payments is known as effective gross income. The estimated income from all real estate businesses after allowing for vacancy and collection losses.
How do you calculate effective gross income?The effective gross revenue of a rental property is computed by adding the prospective gross rental income to other income and removing the vacancy and credit charges. EGI is critical in establishing the value of a rental property as well as the genuine positive cash flow it can provide.
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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:
(d) Write a short memo to the five owners offering your opinion on the results of operations during the first month of business
A short memo to the five owners on the results of operations during the first month of business is as follows:
To: Stockholders (Alpine Stables, Inc.)
From: Analyst
Date: October 31, 2054
Subject: Business Performance in the First Month
The company earned $39,420 in net income before taxes and retained earnings of $38,920 for April 2017.
These show an impressive performance, with more than 98% reinvested from the company's earnings.
Currently, the company has almost $80,000 in working capital, showing its ability to settle its debts without recourse to additional debts. See Notes below.
Regards,
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
Trial BalanceAccount Titles Debit Credit
Cash $34,560
Accounts Receivable 25,260
Supplies 15,810
Prepaid Insurance 9,600
Land 90,000
Barns 182,000
Common Stock $150
Additional Paid-in Capital 281,850
Dividend 500
Note Payable 31,000
Accounts Payable 2,910
Unearned Revenue 2,400
Service Revenue 48,460
Utility Expense 3,040
Wages Expense 6,000
Totals $366,770 $366,770
Income StatementService Revenue $48,460
Utility Expense 3,040
Wages Expense 6,000 9,040
Net income $39,420
Dividends (500)
Retained Earnings $38,920
Cash $34,560
Accounts Receivable 25,260
Supplies 15,810
Prepaid Insurance 9,600
Total current assets $85,230
Note Payable $31,000
Accounts Payable 2,910
Unearned Revenue 2,400
Total liabilities $36,310
Working Capital = $79,920 (Current assets - Current liabilities)
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What is the annual fee for this credit card?
Personal finance
Answer:
The annual fee on a credit card is the money you have to pay once in a year to be eligible for using the credit card and avail its benefits and rewards. The annual fee varies from one credit card to another and one cardholder to another.
Explanation:
hope this helps (≧∇≦)/
Ceteris paribus means:______.
a. other things constant.
b. let the buyer beware.
c. making all the necessary changes.
d. for certain parameters.
Ceteris paribus means a. other things constant.
What does ceteris paribus mean?
Ceteris paribus is a Latin expression that normally means "all other things being equal." In economics, it serves as a shorthand expression of the effect one financial variable has on another, delivered all other variables remain the same.
In economics, the belief of ceteris paribus, a Latin phrase indicating "with other things the same" or "other things being equal or held steady," is important in deciding causation.
The assumption in economics is that nobody else changes in a given situation but for the stated change.
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on january 1, 2019, the balance in tabor co.’s allowance for bad debts account was $26,800. during the first 11 months of the year, bad debts expense of $42,924 was recognized. the balance in the allowance for bad debts account at november 30, 2019, was $19,526.
A. The bad debt account write-offs from January through November can be determined by subtracting the November 30 balance from the total of the beginning balance and the bad debts expense recognized for the first 11 months.
Bad debt account write-offs = $13,049+ 21,427-9,897 =$24,579.
Particular Amount
1/1/19 balance
B. The adjustment required on December 31, 2019, can be determined by comparing the November 30 balance in the allowance debit account to the desired ending balance.
Bad debt expense adjustment =$9,897-$9,347 =$550
Dr. Allowance for Bad Debts $550
Cr. Bad Debts Expense $550
To adjust the allowance account to the appropriate balance, and to correct the overstatement of expenses recorded in the January through November period.
C. No Effect
The write-off will not have any effect on 2019 net income, because the write-off decreases both the accounts receivable asset and the allowance account contra-asset for equal debt account. Net income was affected when the expense was recognized.
Disclaimer:- your question is incomplete, please see below for the complete question.
a. What was the total of accounts written off during the first 11 months? (Hint: Make a T-account for the
Allowance for Bad Debts account.)
b. As the result of a comprehensive analysis, it is determined that the December 31, 2019, balance of the
Allowance for Bad Debts account should be $19,000. Show the adjustment required in the horizontal
model or in journal entry format.
c. During a conversation with the credit manager, one of Tabor’s sales representatives learns that a $2,460 receivable from a bankrupt customer has not been written off but was considered in the determination of the appropriate year-end balance of the Allowance for Bad Debts accounts balance. Write a brief explanation to the sales representative explaining the effect that the write-off of this account receivable would have had on 2019 net income.
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you run a company that supplies bed sheets to on campus housing for universities in the bay area. an important client needs 1250 sets of sheets. you can procure sheets from several suppliers. the characteristics of the suppliers are as follows:
A supplier is a person, company, or organization that sells or supplies something such as goods or equipment to customers.
Cost per set of | Delivery time in days | Set Available
sheets in dollars
Supplier A 3.25 7 250
Supplier B 2.50 8 550)
‘Supplier C 6.25 14 650
Supplier D 4.50 3 250
Supplier E 5.00 7 200
A client requires 1500 sets of sheets.
The objective is to formulate a linear optimization model for the procurement of sheets at the
the lowest cost for the given conditions.
Consider the number of sheets to be procured from suppliers A, B, C, D, and E are A, B, C,
D, and E respectively.
For each of the conditions, the respective expressions are as follows:
(a) The important client requires that at least 500 of the 1500 sets of sheets be delivered in
next 7 days,
For the delivery to be made in the next 7 days, the sets of sheets must be procured from the supplier
A, D, and E.
This implies 4+D+ > 500
(b) In order to maintain good relations with supplier C, you must order at least 120 sets of
sheets from them.
At least 120 sets of sheets must be from supplier C
Thus, the respective expression is C >120.
(c) The order from supplier D must have at least as many sets of sheets from supplier B.
This implies that D> B
(4) Each supplier has a limited number of sets of sheets as per last column of the table.
The respective expressions are
054 250,05 B <550,120<C <650,0 < D< 250.05 E <200.
The total sets of sheets required is 1500.
Therefore, 4+B+C+D+E=1500
The second column of the table gives the cost per set of sheets for each supplier.
Thus, the total cost of the 1500 sets of sheets is represented by a function,
C(x)=3.254+2.50B+6.25C+4.50D +5E
Hence, the required formulation of the optimization problem is as follows:
Minimize the cost function C (x) =3.254+2.50B+6.25C +4.50D+5E
Subjected to constraints
A+B+C+D+E=1500.
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If buyers and sellers both expect future prices to increase, what will happen to the current equilibrium price?.
Expected future price increases of goods by consumers, other things being equal, will increase the current price and increase the current quantity exchanged.
An increase in demand leads to an increase in the equilibrium price, all other things being equal. You will have more to deliver. A decrease in demand leads to a decrease in the equilibrium price. supply will decrease.
Equilibrium price. In the event of a product exchange, the agreed price is known as the equilibrium price or market liquidation price. This price arises from the intersection of supply and demand, as shown in Figure 1. In Figure 1, both buyer and seller are willing to exchange quantity Q at price P.
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consider the following transactions. receive cash from customers, $15,300. pay cash for employee salaries, $9,300. pay cash for rent, $3,300. receive cash from sale of equipment, $8,300. pay cash for utilities, $1,300. receive cash from a bank loan, $4,300. pay cash for advertising, $7,300. purchase supplies on account, $3,300.
A cash t-account posts all cash receipts and payments in the t-accounts. Cash is an asset account and therefore, it has a normal Debit balance. It is the rule that all increases in assets are debited and all decreases in assets are reduced. Therefore, receipts of cash are debited and payments of cash are credited.
Cash
Beg. bal.| 8,300} 9,300} 2)
1) 15,300} 3,300) 3)
4) 8,300} 1,300) 5)
6) 4,300} 7,300} 7)
The end. balance 15,000
1. Received cash from customers is cash receipt and it is debited.
2. Paid cash to employees for salaries is the payment of cash and it is credited.
3. Paid cash for rent is the payment of cash and it is credited.
4. Received cash from the sale of equipment is cash receipt and it is debited.
5. Paid cash for utilities is the payment of cash and it is credited.
6. Received cash from the bank loan is cash receipt and it is debited.
7. Paid cash for advertising is the payment of cash and it is credited.
8. Purchase of supplies on the account does not include any receipt or payment of cash. Therefore, it is not considered in the cash t-account.
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jones company sold goods for $10,000 on account. the cost of the goods was $7,000. the journal entry to record the cost of the goods sold would be: answer unselected date accounts debit credit sales revenue 7,000 accounts receivable 7,000 unselected date accounts debit credit accounts receivable 7,000 sales revenue 7,000 unselected date accounts debit credit cost of goods sold 7,000 finished goods inventory 7,000 unselected date accounts debit credit finished goods inventory 7,000 cost of goods sold 7,000
Jones Company sold goods for $10,000 on account. The cost of the goods was $7,000. The journal entry to record the sale at retail price would be Accounts Receivable $10,000, Sales Rev $10,000.
What's account?In secretary, an account refers to means, arrears, income, charges, and equity, as represented by individual tally runners, to which changes in value are chronologically recorded with disbenefit and credit entries. These entries, appertained to as bulletins, come part of a book of final entry or tally.What's called retail price?Retail prices are the prices that the guests buying goods at retail outlets pay. Consumers respond to a lower retail price by switching their purchases of the manufacturer's product to the lower- priced retailer.Learn more about retail price here:
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ace co. settled litigation on february 1, year 2, for an event that occurred during year 1. an estimated liability was determined as of december 31, year 1. this estimate was significantly less than the final settlement. the transaction is considered to be material. the financial statements for year-end year 1 have not been issued. how should the settlement be reported in ace's year-end year 1 financial statements?
The settlement be reported in Ace's Year 1 financial statements is in both disclosure and an accrual.
What a Disclosure is?Disclosure is the process of making data or information known to the public. Proper exposure by pots is the act of making its guests, investors, and judges apprehensive of material information.What happens in Disclosure?Disclosure is the delivery or product of documents by a party to a case to the other parties in the case( rule 210). Disclosure is intended to help surprise at the trial, inform the parties of the issues to be disputed at the trial, and to help the parties to resolve controversies of fact.Learn more about Disclosure here:
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alice is an employee of valley company. alice properly completed her form 1040 tax return and received a refund from the irs of $1,244. alice had income tax withholdings during the year of $4,782. alice's tax liability for the year was:
alice is an employee of valley company. alice properly completed her form 1040 tax return and received a refund from the irs of $1,244. alice had income tax withholdings during the year of $4,782. alice's tax liability for the year was $3538.
Tax liability of alice is calculated as:
Total liability- refund initiated
= 4782-1244
= $3538
Tax liability is the total amount of tax which is owed in a given period by the individuals and the organizations to federal or state as well as local governments. For businesses the tax liabilities are short-term liabilities which are recorded on a balance sheet and paid within a year.
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The country autarka does not allow international trade. In autarka, you can buy a wool suit for 3 ounces of gold. Meanwhile, in neighboring countries, you can buy the same suit for 2 ounces of gold. This suggests that?.
International trade is prohibited in the nation of Autarka. A wool outfit costs 3 ounces of gold in Autarka. The same suit, however, can be purchased in nearby nations for 2 ounces of gold. This implies that Autarka should import gold in trade because it is less expensive in its neighbours.
More about imports:
A component of world commerce, imports denote the movement of tradable goods into an economy. It takes a country's trade balance into consideration, which aids in the analysis of its trading status at a given time. Either a trade surplus or a trade deficit is calculated for this trading condition.
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