Answer:
Mr.Andre de Ruyter is the Chief Executive (GCE) of Eskom
13. Which of the following is NOT slander per se?
O a. A statement that another has committed improprieties while engaging in a business, profession, or trade
O b. A statement that another has a loathsome disease (such as sexually transmitted diseases or mental illness
Oc. A statement that another has engaged in a sexual affair while married
Od. A statement that another has committed or has been imprisoned for a serious crime
The answer here is all of the above. This option is not given in the question, but evaluating the other four available options, it can be said that all are good examples of slander per se or defamation per se. The tort of defamation refers to the false statement that is spoken or written with the intention to damage someone's reputation. It can be in the form of relating to the person's business and detriment, false claims of a person committing a crime, imposing unchastity on a person, or claiming that another suffers from a loathsome disease.
The prison time period for a person ruining your recognition is “defamation of character”. Defamation describes the act of any other spreading a fake assertion approximately you or your commercial enterprise through the written or spoken word. Slander and libel are the 2 essential forms of defamation.
Depending on the context, calling a person a liar can be defamatory, inflicting damage to a recognition. But, greater regularly than not, calling a person a liar can be certainly an expression of opinion. In a few settings, litigation surrounding the booklet additionally implicates the First Amendment.
Emotional misery damages had been presented to own circle of relatives individuals in complaints in which own circle of relatives individuals had been affected. This consists of clinical malpractice, fake conviction, wrongful death, and plenty of different cases. If a member of the family is performing because of the victim's representative, they could sue for emotional misery.
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To overcome anxiety about asking questions in class, you should remember you are
not alone and aim to build on others' questions.
True or False
Answer:
true
Explanation:
Answer:
that is true
Explanation:
Financial statements from the end-of-period spreadsheet
Paoli Consulting is a consulting firm owned and operated by Mary Paoli. The following end-of-period spreadsheet was prepared for the year ended March 31, 20Y9:
During the year ended March 31, 20Y9, $15,000 of additional common stock was issued.
Answer:
Because Yes Because Yes Because Yes Because Yes Because Yes Because Yes Because Yes Because Yes Because Yes Because Yes
Explanation:
The provided information suggests that Paoli Consulting, owned by Mary Paoli, prepared an end-of-period spreadsheet for the fiscal year ending on March 31, 20Y9. The spreadsheet likely includes various financial data, such as revenues, expenses, assets, and liabilities, to summarize the company's financial performance over the year.
The statement also mentions that during the same fiscal year, Paoli Consulting issued an additional $15,000 of common stock. Issuing common stock indicates that the company raised capital by selling ownership shares to investors.
This could be a strategic move to secure funds for business expansion, debt reduction, or other financial needs. The issuance of common stock affects the company's equity and may impact financial ratios and indicators. Overall, the end-of-period spreadsheet and the issuance of additional common stock provide insights into Paoli Consulting's financial activities and position for the specified period
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most managers are mba graduates. no mba graduate is a ceo. all ceos are managers.
Claims 1 and 3 are consistent with the information that has been presented. Therefore, the solution that you should choose is option 3.
Only 2 follow Option C
This is further explained below.
What is MBA?Generally, Given the fact that no MBA graduate now holds the position of CEO, this demonstrates that statement 4 does not follow the information that has been shown, however, statement 3 does follow the information that has been presented.
Now, it is common knowledge that all CEOs also have managerial positions, but this does not necessarily imply that all managers also hold CEO positions. Therefore, assertion 2 does not make sense in light of the evidence presented.
Since we are aware that the vast majority of managers have an MBA degree, this lends credence to the assertion that some MBA graduates hold managerial positions. Therefore, it is safe to argue that assertion 1 is supported by the data presented here.
In conclusion, claims 1 and 3 are consistent with the information that has been presented. Therefore, the solution that you should choose is option 3.
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As a senior history teacher, shouldn't he be more aware of China's history and culture? How can the good education provided by the state be so wasted to act humiliating to the country and wantonly preach things that are inconsistent with history, which makes people unable to imagine a concern People in history are so concerned about the Xuzhou Eight-Child Incident! Distorting the facts, using hot events to hype and smear, this has always been the usual tactic of overseas anti-China forces. The truth of this incident has been revealed, and those who made mistakes are punished, but there are always people who want to mislead the people who do not know the truth into their traps. In order to gain everyone's attention, the most severe measures should be taken to combat these people. People who know right from wrong will also despise such despicable people
The senior history teacher is very aware of China's history and culture, steeped in suppression and oppression, at least for Westerners, rather than the famous Chinese culture of harmony, righteousness, honesty, and filial piety.
What is Chinese professed culture?Chinese professed culture celebrates the Chinese contributions to the world in the areas of ceramics, architecture, music, literature, martial arts, cuisine, visual arts, philosophy, and religion.
Philosophically, the Chinese speak of harmony, benevolence, righteousness, courtesy, wisdom, honesty, loyalty, and filial piety.
But something that is missing in any discussion of Chinese culture is individual liberty. Outsiders understand that China is a populous nation, perhaps, too difficult to be organized under other government systems other than Communism.
In the spirit of Communism, instead of Elitism, the Chinese authorities should help the individual citizens, notwithstanding their gender, to be accorded civil liberties, fundamental to human existence.
Thus, the Chinese people should realize that outsiders have not ganged up against them, rather they want to see improvements in upholding human rights, as culture is not all about arts but human life.
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Implanted microchips have been tested over long periods of time and are
Implanted microchips have been tested over long periods of time and are widely accepted as being safe.
A microchip is a set of digital circuits on one small flat piece of semiconductor material, normally silicon. A microchip is a unit of packaged pc circuitry that is fabricated from a fabric including silicon at a totally small scale. Microchips are made for program common sense and for pc reminiscence.
In a semiconductor microchip, each little bit of binary information is saved in a tiny circuit known as a memory mobile consisting of one to several transistors. The microchips are specified in rectangular arrays on the surface of the chip. With one in 3 pets turning into misplaced at some degree, these tiny chips are your puppy's quality threat of being returned properly home in the event that they do move missing. At the same time as collars and tags can help reunite misplaced pets with their households they can without problems fall off or be removed, and tags can fade.
This tiny device can preserve computer memory and processors, or be used to behavior energy. You nearly actually use things that incorporate microchips just about every day, inclusive of calculators, financial institution ATMs, sure identification playing cards, cellular telephones, and televisions.
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Aberdeen Corporation borrowed $125,000 from the bank on October 1Year The note had an 8 percent annual rate of interest and matured on March 31 year 2 Interest and principal were paid in cash on the maturity date.
A. What amount of cash did Aberdeen pay for interest in Year 1?
B. What amount of interest expense was recognized on the Year 1 income statement?
C. What amount of total was reported on the December 31Year 1balance sheet ?
D. What total amount of cash was paid to the bank on March 31 Year 2 for principal and interest?
E. What amount of interest expense was reported on the Year 2 income statement?
If Aberdeen Corporation borrowed $125,000 from the bank on October 1Year.
A. Cash $0
B. Interest expense $2,500
C.Total liabilities $127,500
D.Cash $130,000
E. Interest expense $2,500
Interest expenseA. The amount of cash that Abardeen pay for interest in year 1 is $0 because the interest matured on March 31, year 2.
B. The amount of interest expense was recognized on the years income statement is:
Interest expense=($125,000 x 8% x 3 months /12)
Interest expense=$2,500
C. The amount of total liabilities that was reported on the December 31, 2016, balance sheet is:
Total liabilities= $125,000 + $2,500
Total liabilities = $127,500
D. The total amount of cash that was paid to the bank on March 31, 2017, for principal and interest is:
Cash= $125,000 Principal + ($125,000 × 8% × 6/12)] Interest
Cash= $125,000 Principal +$5,000 interest
Cash= $130,000
E. The amount of interest expense that was reported on the 2017 income statement is:
Interest expense=$125,000 × 8% ×3/12
Interest expense=$2,500
Therefore If Aberdeen Corporation borrowed $125,000 from the bank on October 1Year . Cash is $0, Interest expense is $2,500, Total liabilities $127,500, Cash $130,000, Interest expense $2,500.
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Compare the major antitrust acts of the united states. specify the intent and purpose of each, and draw conclusions about their effectiveness.
The Sherman Antitrust Act, the Clayton Act, and the Federal Trade Commission Act are the three main federal antitrust laws.
All agreements, coalitions, and plans that unjustly restrict domestic and international trade are forbidden by the Sherman Act. This involves agreements between rivals to fix pricing, rig bids, and allocate clients, all of which are considered felonies and subject to harsh penalties. A civil law known as the Clayton Act forbids mergers and acquisitions that are likely to reduce competition. In accordance with this Act, the Government opposes mergers that are likely to raise consumer prices. The Antitrust Division and the Federal Trade Commission must be notified by anyone seeking a merger or purchase of more than a specified size. Although this Act forbids unfair business practices in interstate trade, there are no corresponding criminal sanctions.
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On March 1, ABX Company’s assets are $100,000 and its liabilities are $30,000. On March 5, ABX is fined $15,000 for failing emission standards. ABX immediately pays the fine in cash. After the fine is paid, what is the amount of equity for ABX?
The amount of the stockholders' equity for ABX immediately after paying the fine for failing emission standards of $15,000 is $55,000.
What is stockholders' equity?stockholders' equity represents the interest of the owners in the entity.
stockholders' equity value is calculated as the difference between the company's assets and liabilities.
Data and Calculations:Assets = $100,000
Liabilities = $30,000
Equity before fine = $70,000 ($100,000 - $30,000)
Emission Fine = $15,000
Equity after paying the fine = $55,000 ($70,000 - $15,000)
Thus, the amount of the stockholders' equity for ABX immediately after paying the fine for failing emission standards of $15,000 is $55,000.
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What does it mean when someone states, "Those in public administration should
have probity"?
(1 point)
O moral integrity
O ability to balance a budget
O good judgment
O private ownership
What it mean when someone states, "Those in public administration should have probity" is moral integrity.
What is moral integrity?
Moral integrity can be defined as the ability of a person to always display ethical behavior by doing something good and right and avoiding unethical behavior.
A person with moral integrity possess moral principle and must be honest and trustworthy in their ways of life.
Therefore what it mean when someone states, "Those in public administration should have probity" is moral integrity.
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Property Insurance Company is a new property insurer. The company is growing rapidly because of a new home-owners policy that combines traditional homeowner coverages with insurance that pays off the mortgage if the insured dies or becomes totally disabled. Premiums writ-ten have increased substantially; new agents have been hired; and the company is considering expanding into additional states. However, its growth has been hampered by statutory accounting rules that require an insurer to write off immediately its first-year acquisition expenses but do not allow full recognition of premium income until the policy period has expired. In this case, explain how reinsurance will enable Property Insurance to continue to grow in an orderly fashion.
Answer:
Explanation:
According to collect from the data
Let us assume that the data as followed by
When it comes to homeowner's insurance, there's no such thing as an option. It's not just for safety's sake; it also helps keep your family protected. Every lender wants to see proof of insurance coverage for the full or fair market value of a home (usually the purchase price) before they can issue or finance a mortgage or residential real estate transaction. Many landlords require renters to get renter's insurance, even if they don't own a home. Having this level of security is a good idea whether or not it is required. We'll go through the basics of homeowner's insurance coverage today.
Policies for homeowners frequently cover both the interior and exterior of a property, as well the loss or theft of private items and the owner's personal liability for third-party damage. In terms of coverage, the three primary options are: actual cash value (ACV), replacement cost (RCC), and combined ACV/RCC. If you submit a claim, your insurer determines how likely it is based on your claim history, the neighbourhood, and the current state of your home. When looking for insurance, seek quotes from at least five different companies and check with any insurers you already work with to see if they can offer you a better deal.
The cost structure of a business model
The cost structure of a business model describes all costs incurred to operate your business model.
The term business model refers to an organization's plan for developing an income. It identifies the products or services the commercial enterprise plans to promote, its diagnosed goal marketplace, and any predicted charges. industrial organization fashions are important for every new and installed company.
In its handiest form, a business model offers facts approximately a corporation's target marketplace, that market's wishes, and the role that the company's products or services will play in the assembly of the needs of the one. corporation version innovation, then, describes the approach in which an agency adjusts its commercial enterprise model.
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Tapas are savory Spanish small meals or appetizers. If tapas are normal goods and
consumers' incomes increase, what other type of change -- occurring at the exact same time
as the increase in consumers' incomes -- can cause the market price of tapas to increase, but
have an indeterminate effect on the market equilibrium quantity of tapas?
Answer: A Decrease in the number of tapas sellers
Explanation:
What is India comparative advantage in global competition
India has also maintained its comparative advantage in exporting pharmaceuticals and a wide range of manufactured goods over the past two decades. Although the criteria for becoming a manufacturing hub are changing, some manufacturing industries are likely to remain relatively unspoiled.
Manufacturing is the creation or production of goods using equipment, labor, machines, tools, and processing or chemical or biological formulations.
This is the nature of the secondary sector of the economy. The term can refer to a wide range of human activities, from craft to high-tech, but it is most commonly applied to industrial design, in which raw materials from the primary sector are transferred. change. finished products on a large scale.
These goods may be sold to other manufacturers to produce other more complex products (such as airplanes, home appliances, furniture, sports equipment, or automobiles) or distribution through the tertiary sector to end users and consumers (usually through wholesalers, who in turn sell to retailers, who then resell to individual customers)
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how do i create a process flow chart?
Explanation:
see in computer book u find their
Gull Corporation, a cash method, calendar year C corporation, was formed and began business on November 1, 2021. Gull incurred the following expenses during its first year of operations (November 1, 2021–December 31, 2021): Expenses of temporary directors and organizational meetings $21,000 Fee paid to state of incorporation 3,000 Expenses for printing and sale of stock certificates 11,000 Legal services for drafting the corporate charter and bylaws (not paid until January 2022) 19,000 Question Content Area Round the per-month amount to two decimal places. Round the final answer to the nearest dollar.
a. Assuming that Gull Corporation elects under § 248 to expense and amortize organizational expenditures, what amount may be deducted in 2021? Gull Corporation's deduction for 2021 is?
b. Assume the same facts as above, except that the amount paid for the legal services was $28,000 (instead of $19,000). What amount may be deducted as organizational expenditures in 2021?
1. If Gull Corporation elects under § 248 to expense and amortize organizational expenditures, the amount that may be deducted in 2021 is $54,000.
2. If Gull Corporation elects under § 248 to expense and amortize organizational expenditures, the amount that may be deducted in 2021 is $63,000.
What are organizational expenses?Organizational expenses are those incurred when a company is being set up or created.
The law allows corporations to expense their organizational expenses in the year they are incurred.
However, a corporation with a limited life can elect to amortize the organizational expenses for the life of its duration.
Data and Calculations:Expenses of temporary directors and organizational meetings $21,000
The fee paid to the state of incorporation 3,000
Expenses for printing and sale of stock certificates 11,000
Legal services for drafting the corporate charter and bylaws (not paid until January 2022) 19,000
Total organizational expenses = $54,000
Thus, Gull Corporation's deduction for organizational expenses for 2021 is $54,000 or $63,000 as the case may be.
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Identify which item belong on the statement of retained earnings
The first item belong on the statement of retained earnings is the ----beginning balance of retained earnings you are carrying over from the previous reporting period
What belongs on a statement of retained earnings?
Similar to other financial statements, a retained earnings statement can be structured as an equation. Which leads with the retained earnings reported from beginning of the period. Then, it's lists balance adjustments based on changes in net income, cash dividends, and stock dividends.
Why retained earnings are liabilities?
Retained earnings are actually based on a liability to a company because they're a sum of money set aside to pay his stockholders in the event of a sale and buyout of the business.
How are retained earnings used?
Retained earnings might be used to pay additional dividends, finance business growth, and invest in a new product line, or even pay back a loan. Many companies with a healthy retained earnings balance would try to achieve the right combination of managing shareholders happy while financing the business growth.
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Complete Question
Identify which item belong on the statement of retained earnings
(A) Retained earning and cash
(B) Dividends and account payable
(C) Retained earning and dividends
(D) Service revenue and Wages expense
For the current year, the maximum percentage of Social Security benefits which might be included in a taxpayer's gross income is?
For the current year, the maximum percentage of Social Security benefits which might be included in a taxpayer's gross income is 85 percent
The maximum amount of Social Security payments that any household is required to pay as income tax under current law is 33.7 percent. That amount is the result of multiplying the highest marginal income tax rate (which is 85%) by the maximum amount of benefit income that is taxable (39.6 percent).Do you include Social Security income in your gross income?
In addition, regardless of your filing status, half of your Social Security benefit plus all of your adjusted gross income plus all of your tax-free interest and dividends are included in your gross income in any given year.To Learn more about Social Security benefit, Click the links.
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What is the second step in the five steps of problem solving?
The second step in the five steps of problem solving is Generate possible solutions.
What is problem solving?Problem solving can be described as the process of finding solution to a particular problem most especially in business as well as organization problems.
It should be noted that these steps encompass some steps such as :
defining a problem determining what cause of the problem identifying the problem prioritizing the problem selecting alternatives for a solution implementing a solution.We can conclude that second step in the five steps of problem solving is Generate possible solutions because this bis very necessary so that the problem can be solved easily.
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Excel allows us to create our own formulas and functions to perform calculations and solve problems within the spreadsheet. How do you think this particular function will save time in using Excel spreadsheets? What other functions can you use on a regular basis? Why? Explain.
Excel allows us to create our own formulas and functions to perform calculations and solve problems within the worksheet. This specific function will save time in using Excel spreadsheets by allowing the predefined formulas to help you quickly find a sum, average, count and maximum and minimum values, making the task faster and more dynamic.
Other excel functions that can be used regularly are date and time, being a predefined function that helps the user to return information in a cell from a date.
What are the advantages of using Excel?This software significantly helps in the organizational work routine, through numerous tools capable of organizing lists and tables with predefined functions capable of increasing the speed of work, combined with the reliability of the results.
Therefore, excel is one of the most used management tools due to the possibility of creating spreadsheets for a variety of purposes, as well as graphs and statistics that are essential for organizational decision-making.
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When the students make use of technology to access the instructional content is referred to as
The technology to access the instructional content is referred to as Instructional technology.
The process of utilizing technology in teaching is known as instructional technology. Additionally, it covers the creation, layout, and assessment of the instruments utilized in educational activities. The quick advancement of technology in general has led to the creation of instructional technology. A projector was first used in courses to display educational information to the pupils many years ago. In today's classrooms, interactive whiteboards, iPads, and cellphones are being used to supplement learning activities.
Enhancing the efficacy and efficiency of learning is the main goal of instructional technology. The technology is created and crafted to meet the demands of instructors and students. Technology for teaching is used for more than just supporting remote learning. Even when the epidemic is ended, technology may be utilized to improve offline class activities.
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Time management is not just about managing time; it's also about managing energy.
True or False
Answer:
True
Explanation: If you have energy then you can also manage the time you spend on things because you'll have the energy to do more things and you can do things efficiently
Financial statements from the end-of-period spreadsheet
Paoli Consulting is a consulting firm owned and operated by Mary Paoli. The following end-of-period spreadsheet was prepared for the year ended March 31, 20Y9:
During the year ended March 31, 20Y9, $15,000 of additional common stock was issued.
The preparation of an Income Statement, a Statement of Stockholders' Equity, and a Balance Sheet for Paoli Consulting for the Year Ended March 31, 2019, is as follows:
Paoli Consulting
Income StatementFor the Year Ended March 31, 2019
Fees Earned $1,675,000
Salaries Expenses 950,000
Supplies Expenses 32,200
Depreciation Expenses 12,800
Miscellaneous Expenses 15,000 $1,010,000
Net Income $665,000
Paoli Consulting
Statement of Stockholders' EquityFor the Year Ended March 31, 2019
Common Stock $100,000
Retained Earnings 1,860,000
Net Income 665,000
Dividends (30,000)
Ending Equity $2,595,000
Paoli Consulting
Balance SheetAs of March 31, 2019
Assets
Current Assets:
Cash $162,500
Accounts Receivable 304,500
Supplies 5,000 $472,000
Long-term Assets:
Land 1,400,000
Building 850,000
Accumulated Depreciation (72,000) $2,178,000
Total Assets $2,650,000
Liabilities and Equity
Current liabilities:
Accounts Payable $36,500
Salaries Payable 18,500
Total liabilities $54,500
Equity:
Common Stock $100,000
Retained Earnings 2,495,000 $2,595,000
Total liabilities and equity $2,650,000
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Question Completion:Paoli Consulting
Adjusted Trial BalanceMarch 31, 20Y9
Debit Credit
Cash $162,500
Accounts Receivable 304,500
Supplies 5,000
Land 1,400,000
Building 850,000
Accumulated Depreciation $72,000
Accounts Payable 36,500
Salaries Payable 18,500
Common Stock 100,000
Retained Earnings 1,860,000
Dividends 30,000
Fees Earned 1,675,000
Salaries Expenses 950,000
Supplies Expenses 32,200
Depreciation Expenses 12,800
Miscellaneous Expenses 15,000
Totals $3,762,000 $3,762,000
Prepare Income Statement, Statement of Stockholders' Equity, and a Balance Sheet for Paoli Consulting for the Year Ended March 31, 2019.
Gerry Jacobs, a financial analyst for Best Valu Supermarkets, has
prepared the following sales and cash disbursement estimates for the
period August through December of the current year.
[TABLE BELOW]
90 percent of sales are for cash, the remaining 10 percent are collected one month
later. All disbursements are on a cash basis. The firm wishes to maintain a
minimum cash balance of $50. The beginning cash balance in September is $25.
Prepare a cash budget for the months of October, November, and December, noting
any needed financing or excess cash available.
The cash is excess available in month of September , October, November and December.
A cash budget is a projection of a company's cash flows over a given time frame. The budget in question can be for a week, month, quarter, or year. This budget is used to determine whether the entity has enough money to keep running for the specified period of time.
What role does the cash budget play?
A financial budget is crucial, particularly for smaller businesses. It enables a business to decide how much credit it can provide to clients without experiencing liquidity issues. A cash budget assists in preventing a cash crunch at times when a business faces a large volume of costs.To Learn more about Cash Budget, Click the links.
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Which is true of a health savings account but not a flexible spending account?
A You can use it to pay for prescription medicines.
B You can use it to pay for over-the-counter medicines.
C You must spend the money in it within a certain period of time.
D You can get the account only if you have a health insurance plan with a high deductible.
The correct answer is A. In case of health savings account (HSA) you can use it to pay for prescription medicines.
Without incurring any federal tax burden or penalties, HSA funds can be used whenever necessary to cover eligible medical expenses. Since early 2011, over-the-counter pharmaceuticals could not be purchased with an HSA without the need for a prescription from a physician; however, effective of January 1, 2020, this restriction has been removed. The treatment of withdrawal for non-medical expenses is quite similar to that of withdrawals from an individualized retirement account (IRA), in that they may result in tax benefits if made after retirement age and penalties if made before. A part of consumer-driven healthcare is the accounts.
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What are the three different types of stakeholders that the board must take into account of? Give examples of each type and explain to illustrate your points?
The various kinds of stakeholders that the board must take into account of are:
employeescustomers, and investors.Who is a key stakeholder?A significant stakeholder is critical to a company's long-term success. Key stakeholders may assist businesses in making strategic choices, reducing risks, and expanding their operations.
If you are active in assisting your business in reaching its objectives, it is critical that you understand who your key stakeholders are and how to identify them.
Employees are crucial because they drive the business, customers are crucial because, the are the reason for the existence of the business, investors are important because, they finance the business.
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Describe the risks involved in auditing financial investments, including why the auditors might need specialized skills.
The risks involved in auditing financial investments, including the auditors might need specialized skills is fraud risk.
What is an investment?An Investment is the dedication of an asset to gain an increase in value over a period of time. Investment needs a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing is to generate a return from the invested asset in a time period.
As a consequence of the constant corporate scandals linked to corruption as well as the emergence of new regulations worldwide, many executives recognize/identifies that the risk of fraud and irregular behaviors inevitably integrates their agendas, and they are fully aware of the need to create specific measures aimed at its timely and effective management.
Effective fraud risk management provides organizations the tools to manage risk in accordance with regulatory requirements, as well as with the needs of the business, the organization and market expectations.
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Assume that one unit is sold on April 27 for $330. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
The determination of the gross profit for April and the ending inventory on April 30, using the three inventory costing methods, are as follows:
Gross Profit Ending Inventory
(a) First-in, first-out (FIFO) $97 $469
(b) Last-in, first-out (LIFO) $95 $467
(c) Weighted average cost methods $96 $468
What are the inventory costing methods?Inventory costing methods based on their cost flow assumptions are:
First-in, first-out (FIFO)Last-in, first-out (LIFO)Weighted average cost methods.The FIFO method is a costing method that assumes that goods are sold chronologically as they are produced or bought. Therefore, the cost of goods sold is the cost assigned to the earlier goods.
The LIFO method bases the cost of goods sold on the assumption that the latest goods produced or bought are sold first before the earlier ones.
Under the weighted average method, the cost of goods sold is based on a weighted average cost of all goods produced or bought during the period.
What is the ending inventory?The ending inventory is the difference between the cost of goods available for sale and the cost of goods sold.
What is the gross profit?The gross profit is the positive difference between the sales revenue and the cost of goods sold.
Data and Calculations:Item Beta Units Cost
April 2 Purchase 1 $233
April 15 Purchase 1 234
April 20 Purchase 1 235
Total 3 $702
Average cost per unit = $234 ($702 ÷ 3 units)
FIFO:Cost of goods sold = $233
Ending inventory = $469 ($702 - $233)
Gross profit = $97 ($330 - $233)
LIFO:Cost of goods sold = $235
Ending inventory = $467 ($702 - $235)
Gross profit = $95 ($330 - $235)
Weighted Average:Cost of goods sold = $234
Ending inventory = $468 ($702 - $234)
Gross profit = $96 ($330 - $234)
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Question Completion:Cost Flow Methods
The following three identical units of Item LO3V are purchased during April:
Item Beta Units Cost
April 2 Purchase 1 $233
April 15 Purchase 1 234
April 20 Purchase 1 235
Total 3 $702
Average cost per unit = $234($702 ÷ 3 units)
Kaleb is the CEO of Sports City, a sporting goods store. Kaleb wants to increase the sales of Sports City. Kaleb researches the market and discovers that boat sales are soaring, so Kaleb decides to add a line of boats to the inventory of Sports City. Kaleb finds what he believes is a great deal on fishing boats with Fisherman’s Boat Supply and enters into a contract for $90,000 worth of fishing boats. During the first year after the fishing boats are delivered to Sports City, only one boat sells. Sports City suffers an $85,000 loss on the deal. If the board of directors tries to hold Kaleb personally liable for the loss:
If the board of directors tries to hold Kaleb personally liable for the loss they will not be successful, because Kaleb will be protected by the business judgment rule.
What is the business judgment rule?The business judgment rule is a rule enacted to prevent the board of directors or the owner of a company from frivolous lawsuits. The business judgment rule is well known in common law countries.
According to the business judgment rule, the owner or the board of director cannot be taken to court if it is proven that the owner acted in good faith of their stakeholders.
Kaleb entered into the contract because he beleived that it would be a great deal and increase the shareholder's value by increasing the revenue of the company. The fact that the business earned a loss in the first year does not mean that Kaleb did not act in the best interest of the shareholders. Also, the fact that the business earned a loss in the first year does not mean that the business would not make profit in subsequent years.
Here are the options:
A. they will not be successful, because Kaleb will be protected by the business judgment rule.
B. they will not be successful, because as CEO, Kaleb has the ultimate authority to make any decision he chooses about the company and cannot be held responsible even for a careless decision.
C. they will be successful, because Kaleb violated his duty of loyalty to the company.
D. they will be successful, because Kaleb violated his duty of care to the company
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which of the following is an indication of a possible breach of asset security? A. Payments to creditors are made quickly. B. Check documents have been pre-numbered. C. One employee approves and makes payments D. Customers receive very few cash refunds
Answer: One employee approves and makes payments
Explanation: B is incorrect, its C believe me