The general ledger of the Fly-Buy-Nite (FBN) Engineering Company contained the following account balances. FBN Engineering Company's net income before taxes is $8,650 and the net profit after taxes is $5,622.50.
Income Statement:
1. Sales revenue: $32,000
2. Cost of goods sold (Subcontracted services): -$15,000
3. Gross profit: $17,000 (Sales revenue - Cost of goods sold)
Expenses:
4. Administrative expenses: -$2,750
5. Development expenses: -$900
6. Selling expenses: -$4,500
7. Interest expense: -$200
Total expenses: -$8,350 (Sum of all expenses)
8. Net income before taxes: $8,650 (Gross profit - Total expenses)
9. Taxes (35%): -$3,027.50 (Net income before taxes * 0.35)
10. Net profit (or loss) after taxes: $5,622.50 (Net income before taxes - Taxes)
In summary, FBN Engineering Company's net income before taxes is $8,650 and the net profit after taxes is $5,622.50.
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the cost of energy consumed in producing good units in the steaming department of apple processing company was $9,100 and $8,030 for june and july, respectively. the number of equivalent units produced in june and july was 65,000 and 73,000 liters, respectively. what is the cost of energy for the two months (rounded to the nearest cent)?
The cost of energy for the two months (rounded to the nearest cent) is $17,130.
To calculate the cost of energy for the two months, we need to find the average cost per liter of energy consumed and then multiply it by the total number of equivalent units produced in June and July.
Average cost per liter of energy consumed:
June: $9,100 / 65,000 liters = $0.14 per literJuly: $8,030 / 73,000 liters = $0.11 per literTotal cost of energy for June: $0.14 per liter * 65,000 liters = $9,100Total cost of energy for July: $0.11 per liter * 73,000 liters = $8,030The cost of energy for the two months (rounded to the nearest cent) is $9,100 + $8,030 = $17,130.
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dr j assigns you and a student you do not know a joint project. assume that you and your partner are both interested in maximizing your grade, but you are both very busy and get more happiness if you can get a good grade with less work. since you do not know the student, making a credible commitment to how much you are going to work is impossible.
A dominant strategy is: one that provides the highest payoff for a player regardless of the other player's choice.
(a) A dominant strategy is one that provides the highest payoff for a player regardless of the other player's choice. To determine your dominant strategy and your partner's, you would need to analyze the payoffs in the figure (which was not provided).
However, typically in such situations, the dominant strategy for both players would be to minimize their own work while maximizing their grade.
(b) The Nash equilibrium is a situation where no player has an incentive to change their strategy, given the other player's strategy. To find the Nash equilibrium, identify the strategy pairs where neither player can benefit from changing their choice, given the other player's choice.
This would be the equilibrium where both players are optimizing their payoffs, considering the other player's decision.
(c) If you and your partner are required to work together on multiple projects throughout the semester, this might change the outcome predicted in parts (a) and (b) as cooperation and trust between you two can improve.
In this case, you might both opt for strategies that ensure a fair distribution of work and better overall grades, as opposed to solely focusing on minimizing individual effort. This change could lead to higher payoffs for both players in the long run and potentially foster a better working relationship.
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Complete question:
You have to do a two-student project in a class. Assume that you and your partner are both interested in maximizing your grade, but you are both very busy and get more happi- ness if you can get a good grade with less work. The strategy choices for you and your partner and the resulting payoffs are described in the figure below.
(a) What is your dominant strategy? What is your partner’s dominant strategy? Explain.
(b) What is the Nash equilibrium in this situation? Explain.
(c) If you and your partner are required to work together on a number of projects throughout the semester, how might this change the outcome you predicted in parts (a) and (b)?
under the parol evidence rule, which of the following types of evidence may be used to vary or change the written agreement? group of answer choices written agreements between the parties modifying the original written agreement made after the original written agreement. none of these may be used to vary or contradict the written agreement. oral agreements between the parties modifying the resulting written agreement made contemporaneously with the written agreement. written agreements between the parties modifying the subsequent written agreement made before the original written agreement.
Under the parol evidence rule, C: "none of these may be used to vary or contradict the written agreement".
The rule states that a written agreement is the final and complete expression of the parties' intentions and that evidence of prior or contemporaneous negotiations, agreements, or oral statements cannot be used to contradict, vary, or add to the terms of a written agreement that the parties have intended to be the complete and final expression of their agreement.
Option C is answer.
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Currently, Coca-Cola sells one million cans of Coke per year. Coca-Cola raises its price by one cent. If the market for cola is perfectly competitive, what happens to the number of Cokes sold? A. Quantity goes to zero B.Quantity is unchanged C. Quantity decreases by a little bit D.Quantity increases
If the market for cola is perfectly competitive, raising the price of Coca-Cola by one cent is likely to cause a decrease in the quantity of Cokes sold.
This is because in a perfectly competitive market, there are many sellers offering products that are essentially identical, and consumers can easily switch to substitutes if the price of one product increases.
Assuming that the demand for Coca-Cola is downward-sloping, an increase in price is likely to lead to a decrease in quantity demanded.
This means that some consumers who were previously willing to buy Coca-Cola at the lower price may switch to other brands or substitute products at the higher price, causing a decrease in the quantity of Cokes sold.
Therefore, the answer is C. Quantity decreases by a little bit.
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Determine which statements below are correct regarding merchandise available for sale during a period.(Check all that apply.)
Beginning inventory + Net purchases = Merchandise available for sale
Ending inventory + Cost of goods sold = Merchandise available for sale
The following statements are correct regarding merchandise available for sale during a period: Ending inventory represents the value of unsold goods at the end of the accounting period, whereas cost of goods sold represents the cost of the goods that were sold during the same period.
Merchandise available for sale is the sum of ending inventory and cost of goods sold. This represents the total value of the goods that were available for sale during the period, whether they were sold or not.
The calculation of merchandise available for sale is important for businesses to determine their gross profit, which is calculated as sales revenue minus cost of goods sold.
Therefore, ending inventory and cost of goods sold are crucial components in determining the merchandise available for sale during a period, which is used to calculate gross profit.
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You have been hired as the new controller for the Radiance Company. Shortly after joining the company in 2024, you discover the following errors related to the 2022 and 2023 financial statements: a. Inventory at December 31,2022 , was understated by $6,000b. Inventory at December 31,2023 , was overstated by$9,000c. On December 31,2023 , inventory was purchased for $3,000. The company did not record the purchase until the inventory was paid for early in 2024. At that time, the purchase was recorded by a debit to purchases and a credit to cash.
These errors need to be corrected to ensure the accuracy of the financial statements. An adjustment of $6,000 needs to be made to increase the inventory balance at the end of 2022, an adjustment of $9,000 needs to be made to decrease the inventory balance at the end of 2023, and a journal entry needs to be made to record the inventory purchase of $3,000 in 2023.
Here's a step-by-step explanation to address the errors you've mentioned:
1. Inventory at December 31, 2022, was understated by $6,000:
To correct this error, you need to increase the inventory balance at December 31, 2022, by $6,000. This will also require an adjustment to the retained earnings balance for 2022.
2. Inventory at December 31, 2023, was overstated by $9,000:
To correct this error, you need to decrease the inventory balance at December 31, 2023, by $9,000. This will also require an adjustment to the retained earnings balance for 2023.
3. Inventory purchased for $3,000 on December 31, 2023, was not recorded until paid for in 2024:
To correct this error, you need to record the inventory purchase in the 2023 financial statements. You should debit inventory and credit accounts payable for $3,000 on December 31, 2023. Then, when the payment is made in 2024, you should debit accounts payable and credit cash for $3,000.
By following these steps, you can correct the errors related to the 2022 and 2023 financial statements for the Radiance Company.
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on january 1, year 1, utta corp. (a calendar-year company) grants 10,000 stock options with a 3-year vesting period to employees. on the grant date, the market price of the $1 par value stock is equal to the exercise price of $20 per share. on the date of grant, the estimated value of the options is $6 per option. during year 4, when the market value of the stock is $30 per share, 9,000 stock options were exercised. utta corp. should recognize this event by debiting (select all that apply.)
On January 1, Year 1, Utta Corp. (a calendar-year company) grants 10,000 stock options with a 3-year vesting period to employees. On the grant date, the market price of the $1 par value stock is equal to the exercise price of $20 per share. On the date of grant, the estimated value of the options is $6 per option.
During Year 4, when the market value of the stock is $30 per share, 9,000 stock options were exercised. Utta Corp. should recognize this event by debiting (select all that apply):
1. Paid-in Capital - Stock Options: To remove the value of the exercised stock options from the Paid-in Capital account, debit the account by 9,000 options * $6 per option = $54,000.
2. Common Stock: To record the issuance of the common stock, debit the Common Stock account by 9,000 shares * $1 par value = $9,000.
3. Paid-in Capital in Excess of Par Value: To record the difference between the exercise price and the par value of the common stock, debit the account by 9,000 shares * ($20 exercise price - $1 par value) = $171,000.
So, the debits that should be recognized by Utta Corp. in this event are:
1. Paid-in Capital - Stock Options: $54,000
2. Common Stock: $9,000
3. Paid-in Capital in Excess of Par Value: $171,000
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There is a limitation of $25 per donee on the deduction of gifts to employees for length of service.
A. True
B. False"
The answer is A. True. According to the IRS guidelines, there is a limitation of $25 per donee on the deduction of gifts to employees for length of service.
This means that if an employer gives a gift to an employee as a reward for their long-term service, they can only deduct up to $25 of that gift as a business expense. This limitation is put in place to prevent employers from using gifts as a way to avoid paying taxes on employee compensation.It is important to note that this limitation only applies to gifts given to employees for their length of service. Other types of gifts, such as holiday gifts or bonuses, may have different limitations or be fully deductible. Employers should consult with a tax professional to ensure they are following all IRS guidelines when giving gifts to employees.In conclusion, while there is a limitation on the deduction of gifts to employees for length of service, this does not mean that employers cannot recognize their employees' contributions with a thoughtful gift or reward. It simply means that they must be mindful of the tax implications and limitations when doing so.
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The _______ to define poverty states that a person is poor when his or her income is substantially less than the average income of the population
The relative poverty approach is used to define poverty states, suggesting that a person is considered poor when their income is substantially less than the average income of the population.
In this context, poverty is not just about absolute deprivation but also about the inability to participate in society due to a lack of resources. he official definition to measure poverty states that a person is considered poor if his or her income is substantially lower than the average income of the population. This measure is often used to evaluate poverty rates in different regions and countries, and it provides a benchmark for policy-makers and researchers to assess the effectiveness of poverty reduction strategies. However, it is important to note that poverty is not just about income. Poverty is a complex issue that encompasses multiple dimensions, such as lack of access to education, healthcare, and basic services. Poverty also affects different populations disproportionately, including women, children, and minorities. In poverty states, where a large proportion of the population is living in poverty, addressing poverty requires a multi-pronged approach that includes investments in education, health, and infrastructure, as well as targeted social programs that aim to lift people out of poverty. Such interventions can help to reduce poverty rates, promote social inclusion, and create a more equitable and just society. This approach recognizes that poverty is dynamic, and as the overall income levels of a population rise, the poverty threshold may also increase. This method of defining poverty allows for the identification of those who are at a disadvantage compared to the rest of the population, providing a basis for targeted policies and interventions to address income inequality and social exclusion.
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Marketing research is a process designed to gather information
a) exclusively about a company's customers.
b) from the company's database.
c) not currently available to decision makers.
d) about the needs and desires of employees.
e) concerning the interpretation of the company's sales goals
The correct answer is c) as marketing research is not exclusively about a company's customers, from the company's database, about the needs and desires of employees, or concerning the interpretation of the company's sales goals.
Marketing research is a systematic process that involves gathering information to aid decision making in the marketing of products or services. The process is designed to collect data and insights from a range of sources, including customers, competitors, market trends, and internal company data. The purpose of marketing research is to provide decision makers with information that is not currently available, which can be used to develop marketing strategies, assess customer needs, and optimize product offerings. Instead, it involves a more comprehensive approach to gathering information from various sources to provide insights that can aid decision-making.
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Higher portfolio turnover: I. Results in greater tax liability for investors II. Results in greater trading costs for the fund, which investors have to pay for III. Is a characteristic of asset allocation funds A. II only B. I, II, and III C. I only D. I and II only
Higher portfolio turnover results in greater tax liability for investors as well as greater trading costs for the fund, which investors have to pay for. The correct answer to the question is B.
Additionally, it is a characteristic of asset allocation funds. Portfolio turnover refers to how frequently a fund buys and sells securities within its portfolio. Higher portfolio turnover can result in greater trading costs, as the fund incurs fees for each trade it makes. These costs are ultimately passed on to investors in the form of higher expenses ratios.
Furthermore, higher portfolio turnover can lead to greater tax liability for investors, as it can trigger more capital gains distributions. This can be especially problematic for taxable accounts, as investors will have to pay taxes on these gains even if they don't sell any shares of the fund.
Lastly, higher portfolio turnover is a characteristic of asset allocation funds, which tend to shift their holdings more frequently as they adjust their exposure to various asset classes. Therefore, it's important for investors to consider the potential impact of portfolio turnover when evaluating mutual funds and ETFs. The correct answer to the question is B.
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If the Fed uses a stimulative monetary policy, it may be very concerned about causing inflation if the dollar's value is expected to:
a. remain stable
b. strengthen
c. weaken
d. none of the above will have an impact on inflation.
If the Fed uses a stimulative monetary policy, it means they are attempting to increase economic growth by increasing the money supply and lowering interest rates.
However, this can lead to inflation if the economy becomes overheated, and there is too much money chasing too few goods and services.
This is why the Fed may be very concerned about causing inflation, and they will closely monitor the dollar's value.
If the dollar's value is expected to remain stable, it may be less likely to cause inflation since the prices of goods and services will remain constant.
However, if the dollar is expected to strengthen, it can lead to a decrease in the prices of imported goods and services, which can lead to deflationary pressures.
On the other hand, if the dollar is expected to weaken, it can lead to an increase in the prices of imported goods and services, which can contribute to inflation.
Therefore, if the Fed uses a stimulative monetary policy, they will be more concerned about causing inflation if the dollar is expected to strengthen or weaken.
They will need to carefully balance their policy to ensure that economic growth is stimulated without causing undue inflationary pressures.
Ultimately, the goal is to achieve a stable and sustainable economy with low inflation and steady economic growth.
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You are entering a supplier invoice for a purchase order that has been delivered. What information can you use as a reference to post the invoice?
a. delivery not number
b. bill of lading number
c. PR number
d. PO number
e. Sales order number
The reference information that can be used to post the supplier invoice for a delivered purchase order includes the PO (purchase order) number, as it is the unique identifier of the purchase order that has been delivered.
When entering a supplier invoice for a purchase order that has been delivered, you can use the following information as a reference to post the invoice: d. PO number (Purchase Order number)
This is the most relevant reference in this context, as it directly relates to the purchase order and ensures the correct alignment of the invoice with the respective order.
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a salaried employee of the state of oregon dealing in real estate owned by a city, county, or state.
A salaried employee of the state of Oregon who deals in real estate owned by a city, county, or state is typically a real estate agent or broker who works for a government agency.
These professionals are responsible for managing the buying and selling of properties owned by the government.
They may work on behalf of a specific agency, such as the state's Department of Transportation or the county's Parks and Recreation department.
They must follow specific rules and regulations when dealing with government-owned real estate, which can vary depending on the agency and the type of property involved.
Their primary goal is to ensure that these properties are effectively managed and sold to the appropriate buyers in a timely and efficient manner.
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Answer the following questions about options written on a dividend paying stock. Suppose that S = 50, K = 45, R = 1.03, u = 1.2, d = .8, and that the stock pays dividends at a rate & such that $\theta=e^{\delta h}=1.06$. i. What is the value of a European call two periods from expiration? ii. What is the value of a European put two periods from expiration? iii. What is the value of an American call two periods from expiration? iv. What is the value of an American put two periods from expiration?
The present value is 17.49; American call value is 17.49; European put, which is 2.68.
Using the given information, S=50, K=45, R=1.03, u=1.2, d=0.8, and the dividend rate θ=1.06, we can calculate the option values as follows:
i. For a European call two periods from expiration, we first calculate the risk-neutral probabilities (p) using p = (R - d) / (u - d) = (1.03 - 0.8) / (1.2 - 0.8) = 0.575. Next, we find the call values at the end of the second period and then use backward induction to determine the present value: C = max(0, (S * θ * u^2 - K) / R^2) = 17.49.
ii. Similarly, for a European put two periods from expiration, we use backward induction to calculate the present value: P = max(0, (K - S * θ * d^2) / R^2) = 2.68.
iii. The value of an American call two periods from expiration is the same as the European call since early exercise is not advantageous when dealing with a dividend-paying stock. Hence, the American call value is 17.49.
iv. For an American put, we need to consider the possibility of early exercise. However, in this case, the optimal decision is not to exercise early, and the value remains the same as the European put, which is 2.68.
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When actress Jennifer Aniston appears in an advertisement using and promoting a particular brand of body lotion, it is an example of the ________ approach to advertising execution.
When actress Jennifer Aniston appears in an advertisement using and promoting a particular brand of body lotion, it is an example of the celebrity endorsement approach to advertising execution.
This approach involves using a well-known personality, such as a celebrity or influencer, to promote a product or service in order to increase consumer awareness and interest. The use of a celebrity like Jennifer Aniston in this case is designed to leverage her popularity and reputation in order to persuade consumers to buy the body lotion that she endorses. This approach to advertising is often used by companies in order to create a strong emotional connection between the celebrity and the product, as well as to create a sense of trust and credibility with consumers. By using a celebrity endorsement approach, companies hope to create a positive association between the celebrity and the product, which can ultimately lead to increased sales and brand loyalty.
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What is the expected rate of inflation assume the real interest rate is 7% and the nominal interest rate is 3%?
Based on this calculation, the expected rate of inflation is -4%. However, it is important to note that a negative expected rate of inflation is not realistic, as it implies deflation. It is possible that there was an error in the data used or in the calculation itself.
The expected rate of inflation can be calculated using the Fisher equation, which states that the nominal interest rate is equal to the sum of the real interest rate and the expected inflation rate.
Therefore, if the real interest rate is 7% and the nominal interest rate is 3%, we can use the Fisher equation to calculate the expected rate of inflation as follows:
Nominal interest rate = Real interest rate + Expected inflation rate
3% = 7% + Expected inflation rate
Expected inflation rate = 3% - 7%
Expected inflation rate = -4%
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his application of social media allows organizations and managers to scout and screen potential job applicants' social media pages. it also allows job applicants to research companies prior to job interviews. (click to select) 2. this application of social media includes digital tools such as networking, messaging, document sharing, organizing, and scheduling capabilities. it also includes tools that help remote workers to stay on task, focused, and organized. (click to select) 3. when used properly, this application of social media can enhance quality, increase creativity, and speed up organizational processes. its key benefit is the generation of multiple innovative solutions to problems. (click to select) 4. this application of social media enhances customer relationships, increases product/service awareness, and allows organizations to reach customers globally.
Social media can impact organizations positively in various ways.
How does social media impact organizations?
The given statement presents four different applications of social media in the organizational context.
Firstly, it highlights the use of social media to scout and screen potential job applicants, as well as allowing job applicants to research companies prior to job interviews.Secondly, it mentions the use of digital tools such as networking, messaging, document sharing, and scheduling capabilities to help remote workers stay on task and organized.Thirdly, when used properly, social media can enhance quality, increase creativity, and speed up organizational processes by generating multiple innovative solutions to problems.Finally, social media can be used to enhance customer relationships, increase product/service awareness, and reach customers globally.Overall, social media has the potential to impact organizations positively in various ways, ranging from recruitment to innovation and customer engagement.
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Which of these best describes the status of the common law of agency in Illinois as it relates to broker/client relationships?
a. It governs all broker-client relationships
b. it has been replaced by statutory rules
c. while superseded by statute, it still applies to certain transactions.
d. It has been superseded by local ordinances.
The main answer is (c) while superseded by statute, the common law of agency in Illinois still applies to certain transactions in broker-client relationships. Although statutory rules have largely replaced the common law, some aspects of the common law of agency continue to apply in specific situations.
While the Illinois Real Estate License Act of 2000 provides statutory rules for real estate brokers and their clients, the common law of agency still has relevance in areas such as fiduciary duties and disclosure requirements. Therefore, while statutory rules may govern some aspects of broker/client relationships, the common law of agency continues to shape the legal landscape in Illinois.
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The overall concern of manufacturing support is not how production occurs but rather what, when, and where __________will be manufacturedbarriersproductsprocurement
Answer:
las cañaverales son extenso y hay numerosos
The overall concern of manufacturing support is not how production occurs, but rather what, when, and where products will be manufactured.
This involves determining the types of products (what) to be produced based on market demand, customer preferences, and company capabilities.
The timeline (when) for manufacturing must be strategically planned to meet customer delivery expectations and to optimize production capacity. Lastly, the location (where) of manufacturing is crucial for logistics, access to raw materials, labor, and proximity to customers.
Manufacturing support focuses on these aspects by incorporating supply chain management, inventory control, production scheduling, and facility location planning.
These factors work together to ensure that the right products are produced at the right time and in the right place, ultimately leading to customer satisfaction, efficient resource utilization, and overall business success.
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Complete question:
The overall concern of manufacturing support is not how production occurs but rather what, when, and where __________will be manufactured
motivating employees to work effectively to accomplish organizational objectives, encouraging employees to do their work, and administering appropriate rewards are all tasks associated with the blank function of management.
Motivating employees to work effectively to accomplish organizational objectives, encouraging employees to do their work, and administering appropriate rewards are all tasks associated with the leading function of management.
Leading involves guiding and motivating employees towards accomplishing organizational objectives through effective communication, providing direction, and encouraging them to do their work to the best of their abilities.
One of the key responsibilities of a manager is to create a work environment that motivates employees to perform to their full potential. This involves recognizing their contributions and providing appropriate rewards for their efforts. By administering rewards such as bonuses, promotions, and other incentives, managers can encourage employees to work harder, increase productivity, and achieve organizational goals.
In addition, managers must also communicate effectively with their team members to ensure that everyone is on the same page and understands what is expected of them. This requires clear and concise communication, setting clear goals and expectations, and providing regular feedback and support to help employees achieve their objectives.
In summary, the leading function of management is critical for motivating employees and ensuring that they are working effectively to accomplish organizational objectives. By providing direction, communicating effectively, and administering appropriate rewards, managers can help their team members achieve success and drive the organization towards greater levels of achievement.
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PV is smaller than FV.Question 21 options:AlwaysNevercan not be decidedSome time
The statement "PV is smaller than FV" refers to the present value (PV) and future value (FV) of an investment. The present value is the current value of an investment, while the future value is the value of the investment at a future point in time, taking into account interest or other earnings.
The relationship between PV and FV depends on the interest rate, time period, and compounding frequency. However, in general, if the interest rate is positive, the FV will be greater than the PV. This is because the interest earned over time increases the value of the investment.
Therefore, the statement "PV is smaller than FV" is sometimes true, depending on the specific details of the investment. It cannot be always true or never true without additional information.
In summary, the relationship between PV and FV is dependent on various factors, and cannot be definitively decided without more information.
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QUESTION 3 An equipment costing RM50,000 and residual value of RM2,000 was acquired on 1 January 20x1 and depreciated on a straight line basis over 10 years. As at 1 January 20X3, it was determined that the remaining life of the equipment was 4 years with no residual value. Required: (a) Explain how the above should be treated. (b) Compute the amount of depreciation charge for year 20x3
The depreciation charge for year 20X3 would be RM19,200 / 4 = RM4,800.
(a) The change in estimated useful life and residual value of the equipment should be accounted for as a change in accounting estimate, which is a prospective adjustment. This means that the depreciation expense for the remaining useful life of the equipment should be recalculated based on the new estimate of useful life and residual value, and any adjustment should be reflected in the current and future periods' financial statements.
(b) The original cost of the equipment is RM50,000, and the depreciation period is 10 years, so the annual depreciation charge would be (RM50,000 - RM2,000) / 10 = RM4,800.
As of 1 January 20X3, the remaining useful life of the equipment is 4 years, so the total depreciation expense for the remaining 4 years would be 4 x RM4,800 = RM19,200. Therefore, the depreciation charge for year 20X3 would be RM19,200 / 4 = RM4,800.
In summary, the depreciation charge for year 20X3 would be RM4,800, based on the revised estimate of the equipment's useful life and residual value.
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the most difficult inventory control issues relate to blank . multiple choice question. raw materials work in process finished goods
The most difficult inventory control issues relate to work in process. The correct answer is work in process because it is the stage where products are partially completed, making it harder to track, manage, and value compared to raw materials and finished goods.
Work in process inventory (WIP) refers to partially finished goods in production that are waiting to be completed or moved to the next stage of production. Managing WIP inventory can be difficult as it requires tracking the flow of materials and labor costs across multiple stages of production.
It is important to have effective inventory control measures in place to ensure that WIP inventory does not accumulate to excessive levels, which can tie up cash and reduce efficiency in the production process.
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T/F---An Apprentice's failure to meet apprenticeship and contractor obligations and responsibilities will result in the apprentice being disciplined and possibly terminated from the program and employment.
True. An apprentice's failure to meet apprenticeship and contractor obligations and responsibilities can lead to disciplinary action and even termination from the program and employment.
It is important for apprentices to take their responsibilities seriously and fulfill their obligations to maintain their status in the program.
True, an apprentice's failure to meet apprenticeship and contractor obligations and responsibilities can result in the apprentice being disciplined and possibly terminated from the program and employment.
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which of these is not part of the social media marketing planning cycle? setting goalstuninge-commerceimplementingmonitoring
E-commerce is not part of the social media marketing planning cycle.
The social media marketing planning cycle typically includes four stages: setting goals, tuning, implementing, and monitoring. Each stage of the cycle is critical for developing an effective social media marketing strategy.
Setting goals involves identifying what the business hopes to achieve through social media marketing. This may include increasing brand awareness, driving website traffic, or generating leads.
Tuning involves conducting research and analyzing data to understand the target audience and develop a content strategy that resonates with them. This may include developing a content calendar, creating social media posts, and engaging with followers.
Implementing involves putting the social media marketing plan into action. This may include creating social media accounts, developing content, and posting updates to social media platforms.
Monitoring involves tracking and analyzing social media metrics to measure the effectiveness of the social media marketing strategy. This may include tracking engagement rates, website traffic, and sales.
E-commerce, on the other hand, is not part of the social media marketing planning cycle.
E-commerce refers to the buying and selling of goods or services online, and while social media can be a valuable tool for promoting e-commerce businesses, it is not considered a stage of the social media marketing planning cycle.
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QUESTION 2
Record Crane Company’s journal entries for the following events. Use the following account abbreviations: AR = accounts receivable; CASH = cash; REV = Sales revenue; ALL = allowance for doubtful accounts; RET = returns; DISC = sales discount.
Note: in part c, two accounts are debited. Enter these in alphabetical order, for example, ALL before CASH.
On July 1, Crane Company sold merchandise on account to Stacey Inc. for $25,200, terms 4/10, n/30.
Debit:
Credit:
On July 8, Stacey Inc. returned merchandise to Crane Company for a credit refund of $2,500.
Debit:
Credit:
On July 11, Stacey Inc. paid for the merchandise.
Debit:
Debit:
Credit:
a) Debit: AR $25,200 b) Debit: REV $2,500 c) Debit: ALL $900, CASH $23,310
Credit: REV $25,200 Credit: AR $2,500 Credit: AR $24,210
1. On July 1, Crane Company sold merchandise on account to Stacey Inc. for $25,200, terms 4/10, n/30.
Debit: AR = $25,200
Credit: REV = $25,200
2. On July 8, Stacey Inc. returned merchandise to Crane Company for a credit refund of $2,500.
Debit: RET = $2,500
Credit: AR = $2,500
3. On July 11, Stacey Inc. paid for the merchandise.
Debit: CASH = $21,772 (Amount after applying discount: $25,200 - $2,500 = $22,700; Discount: $22,700 * 4% = $908; Final amount: $22,700 - $908 = $21,772)
Debit: DISC = $908
Credit: AR = $22,700
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Which of the following is a potential outcome when organizations offer a very high level of responsiveness to customers?materials managementQuantum product innovationsCompany costs will become too high.
When organizations offer a very high level of responsiveness to customers, one potential outcome is that company costs will become too high. So, the correct option is Company costs will become too high.
This is because a high level of responsiveness may require additional resources, such as increased staffing, more efficient materials management, and the development of quantum product innovations. While these actions may improve customer satisfaction and loyalty, they can also increase costs for the organization.
Therefore, it is important for companies to strike a balance between offering excellent customer service and managing costs effectively. By doing so, they can maintain a competitive edge in the market while also keeping their bottom line in check.
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Cullumber Company sells its product for $25 per unit. During 2022, it produced 24000 units and sold 15000 units (there was no beginning inventory). Costs per unit are direct materials 55, direct labour $4, and variable overhead $3. Fixed costs are: $288000 manufacturing overhead and $48000 selling and administrative expenses. Under absorption costing what amount of fived overhead is deferred to a future period? O $288000 O S180000 $108000 $99000
Under absorption costing, the amount of fixed overhead deferred to a future period for Cullumber Company is $108,000.
In order to determine the amount of fixed overhead deferred to a future period under absorption costing, we need to follow these steps:
1. Calculate the fixed overhead cost per unit by dividing the total fixed manufacturing overhead costs by the number of units produced.
2. Determine the number of units in ending inventory.
3. Multiply the fixed overhead cost per unit by the number of units in the ending inventory.
Let's go through these steps:
1. Fixed overhead cost per unit: $288,000 (total fixed manufacturing overhead) / 24,000 units (units produced) = $12 per unit
2. Units in ending inventory: 24,000 units (produced) - 15,000 units (sold) = 9,000 units
3. Deferred fixed overhead: $12 (fixed overhead cost per unit) * 9,000 units (ending inventory) = $108,000
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Question 3 \ Assume you will start your business on the 1st of April 2022. Undertake market research and prepare a list of possible business transactions relevant to your business that will happen during April. Your transactions should be referenced properly to demonstrate where appropriate market research. You should provide at least 15 transactions related to the activities of your business.
Question 4 Use the information from question 3 and record the transactions in the general journal and post to the ledger accounts; include dates and narrations. Prepare the unadjusted Trial balance.
Question 5 Assuming it is the end of April, identify and post at least 5 adjusting entries. The adjustments must demonstrate your understanding and therefore should be from each type of adjustment that has been covered in your lectures. The amounts and items recorded should be from the information you provided in questions 3 and 4. Record the adjusting entries in the General Journal and post them to the ledger accounts, include dates and narrations. Prepare the adjusted Trial Balance.
Market research is conducted to identify possible business transactions for the month of April 2022. At least 15 transactions are identified and properly referenced to demonstrate market research.
In question 4, these transactions are recorded in the general journal and posted to the ledger accounts with dates and narrations, followed by the preparation of the unadjusted trial balance. Finally, in question 5, 5 adjusting entries are posted to the general journal and ledger accounts to demonstrate understanding of the different types of adjustments covered in lectures.
These adjustments are based on the transactions identified in questions 3 and 4, and include dates and narrations. The adjusted trial balance is then prepared to reflect the effect of these adjustments on the accounts.
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