When the bank statement is accompanied by a credit memo for a short-term note collected by the bank for the company, the journal entry will effect a debit to the cash accounts and a credit to the debtor party's account.
A journal entry can be referred to or considered as the primary entry made in the books of accounts for ensuring chronological recording of all the financial transactions. As per the golden rules of accounting, when an item increases in its balance, it gets debited within the journal entry for the firm during such particular period.
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what is an intangible asset that is made up of the favor or reputation of an individual or organization
Goodwill An intangible asset made up of a person's or an organization's goodwill or reputation is an invaluable property made up of a person's or an organization's goodwill or character.
what is Goodwill?
An intangible asset called goodwill is connected to the acquisition of one business by another. It represents value that could give the company making the purchase a competitive advantage. The percentage of the appraised value that exceeds the total of a net recoverable amount of all the assets acquired in the purchase and the liabilities taken on during the process is referred to as goodwill.
The worth of a trademark, brand awareness, loyal clients, outstanding customer service, good staff relations, & proprietary technology are examples of goodwill. Due to its value, a firm may be willing to pay more for another. Usually, a company's goodwill value is discovered during a purchase. The valuation of the target's goodwill is often represented by the sum that the obtaining company has to pay for the target business in addition to the target's cash holdings at fair value.
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What marking acronym is required on a dod document containing controlled unclassified information.
The abbreviation "CUI" must appear in the document's header and footer in order to qualify as CUI markings for unclassified DoD papers.
What is CUI?Within the U.S. Federal Government, there is a type of unclassified material called "Controlled Unclassified Information" (CUI). In order to streamline the exchange and protection of information, President Obama's Executive Order 13556 established the CUI program. The National Archives and Records Administration's (NARA) Executive Agent (EA), the Information Security Oversight Office (ISOO), is in charge of overseeing the CUI program. The executive branch agencies' use of the CUI program is under the ISOO's watchful eye. On new data, CUI will take the place of agency-specific labels like "For Official Use Only," "Sensitive But Unclassified," and "Law Enforcement Sensitive." Some data with historical labels will also qualify as CUI.
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which of the following does not represent a current liability? select one: a. accrual of taxes payable b. short-term loan c. purchase of inventory on credit d. bond issue e. none of the above
Bond issue does not represent a current liability.
Bonds are one way for businesses to raise funds. A bond is a loan given by an investor to a business. The investor consents to provide the company with a specific amount of money over a predetermined time period.
Bonds are subject to a variety of risks, including interest rate risk, credit/default risk, and prepayment risk. Most bonds are rated according to their investment grade. A first-time stock or bond offering is referred to as a new issue. The majority of new issues are created by privately held companies that go public, providing investors with new opportunities.
The correct option is "D".
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when an accounting change is made, what disclosures should be made in the notes to the financial statements?
Justification for the new method is needed when an accounting change is made, and disclosures should be made in the notes to the financial statements.
Financial statements are documents that describe a company's operations and financial performance. Government organizations, accounting companies, etc. frequently audit financial statements to guarantee accuracy and for tax, financing, or investing purposes. The balance sheet, income statement, statement of cash flow, and statement of changes in equity are the four basic financial statements for for-profit entities. A similar but distinct set of financial statements is used by nonprofit organizations.
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f public utilities are a natural monopoly, what would be the danger in splitting them into a number of separate competing firms?
Separating them has the risk of forcing businesses to shoulder the expenditures, as well as having an influence on roadways.
This is a kind of monopoly that arises from the unique situation that only one company can effectively serve a given region due to high initial costs. An organization with a natural monopoly may be the only supplier or only product or service in an industry.
Utilities are an example of a natural monopoly because these monopolies enabled a single company to offer a product or service at a lower cost than potential competitors. Utilities are often referred to as part of a type of competitive system known as a natural monopoly. A utility is an organization that maintains the infrastructure of a public service. Utilities are subject to public control and regulation, from local community-based groups to statewide government monopolies.
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Ups measures routes for each of its drivers, including the number of miles driven, deliveries, and pickups. Which step in the control process does this represent?.
D.Step 1 is the correct answer, the correct step in the control process.
In order to give its package delivery drivers precise turn-by-turn directions drawn from UPS's routing software, UPS today announced that it has integrated a new navigation tool called UPSNav into the handheld device they use. UPSNav enables the business to better serve its clients while cutting down on the number of miles driven, fuel used, and carbon emissions. The On-Road Integrated Optimization and Navigation (ORION) system, used by local UPS package car drivers to perform deliveries and pickups, has undergone a significant overhaul with UPSNav. With the use of the new navigational tool, ORION can now provide drivers with detailed directions to all of those stops, including loading docks and reception sections that are frequently located on the opposite side of a building's main entrance.
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when a company sells consumer goods, such as shampoo and lotion, it would be common for the company to use a
The practice of selling products at a price that is lower than the costs of production or purchase is known as selling below cost. This is done to gain market share and/or drive out competitors.
Cross-subsidization using profits from the sale of other products or deep pockets may contribute to the development of this practice.
What are the four components that make up a company's marketing mix?
The four Ps of marketing are another name for the marketing mix.It refers to a marketing strategy's four main components:product, cost, setting, and promotion.
How does a marketing mix work?
The four essential components of a marketing strategy are referred to as the marketing mix, also known as the four P's of marketing.product, cost, location, and promotion.
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A project that finishes within budget, on schedule and with full functionality goes through _____ closure, whereas a project whose technology did not work and got canceled goes through a _______ closure.
Select one:
a. changed priority, premature
b. perpetual, normal
c. normal, premature
d. perpetual, changed priority
e. normal, failed project
Option (e), A project that is completed within its allocated budget, on schedule, and with full functionality is said to have had normal closure, as opposed to one whose technology failed and was abandoned.
What is a project that exceeds its budget known as?When the final projected cost exceeds the initial budgeted estimate, the project is considered to be over budget or to have incurred project cost overrun. To minimize overbudget projects and improve project cost management, professional services businesses can put these 5 measures in place: Figure out the issue.
Why is sticking to the budget so important to the project's success?The capacity to avoid unforeseen expenses and devote the appropriate proportion of the budget to each related necessity is what makes budgeting so crucial to project management.
The importance of setting a budget for project completion.Since it can help to save time and money throughout the project, a construction project's budget is essential. Once the building project has been correctly planned out, you will be able to take the required steps to ensure that it stays within the budget.
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If prices are sticky and the number of dollars of gross investment unexpectedly increases, the _______ curve will shift _______.
a. AD; right.
b. AD; left.
c. AS; right.
d. AS; left.
If prices are sticky and the number of dollars of gross investment unexpectedly increases, the AS curve will shift right.
What may shift aggregate supply to the right?As productivity rises or the price of important inputs decreases, the aggregate supply curve shifts to the right, allowing for a combination of lower inflation, higher production, and lower unemployment.
What causes the AS curve to change?Changes in inflationary expectations, variations in the labor force and capital stock, variations in government activity (which is not the same as government expenditure), variations in productivity, and supply shocks all affect how the short-run aggregate supply curve behaves.
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An is manager has identified several of what the diffusion of innovation theory would term laggards in his department. It is likely that the most successful approach to persuading them to adopt a new information system would be to _____.
An IS manager has identified several of what the diffusion of innovation theory would term "laggards" in his department. It is likely that the most successful approach to persuading them to adopt a new information system would be to have their peers demonstrate how this change has helped them and bring pressure to bear from other adopters.
While working as the manager of any firm it is the job and responsibility of the manager to look at all the managing aspects within the firm. A manager has to manage all the meetings of the firm, he has to look after the functioning of the firm whether the employees are working properly or not. Also there is a need to have a look on the fact that if any new change is made in the working technique, then all the employees are comfortable with it and adopt it. So when a new information system is adopted he can take help of the other employees who have adopted the system to form peer pressure on those who have not and demonstrate the use of new system.
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Complete Question:
An IS manager has identified several of what the diffusion of innovation theory would term "laggards" in his department. It is likely that the most successful approach to persuading them to adopt a new information system would be to _____.
a. provide them with data on how many others have tried this and have used it successfully
b. have their peers demonstrate how this change has helped them and bring pressure to bear from other adopters
c. provide them with evidence of the system's effectiveness and success stories
d. provide them assistance getting started
based on employee earnings for the previous year, excellent lighting company paid an estimated premium of $900 for worker's compensation insurance in advance for the new year. the actual premium at the end of the year was $1,000. the year-end adjusting journal entry to record the additional amount would require a debit to the account for $100.
In order to ensure that their workplaces are safe, employers are required by law to take reasonable precautions for their workers. Nevertheless, mishaps do occur and Workers compensation insurance offers protection if this occurs.
Workers compensation insurance has two functions: It ensures that injured employees receive medical attention and reimbursement for a portion of the revenue they lose while they are not able to return to work, and it typically protects corporations from lawsuits brought by workers hurt at work.
Whether or not the accident was the fault of the worker, they are entitled to payments. Workers compensation, or "workers comp," offers insurance coverage for the worker's dependents in the event that they pass away while on the job.
Since, in the given question insurance is an expense, therefore when expenses increase it is debited so, Worker’s Compensation Insurance Expense will be debited.
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The process at wheeled coach ambulance plant is a repetitive process supported by?.
Answer:
D. Work Cells
Explanation:
Chelsea is considering job offers from two companies. Company A offered her a starting salary of $51,000 with a $2100 raise at the end of each year. Company B offered her a starting salary of $51,000 with a 4.1% raise at the end of each year. Let f(t) represent Chelsea's salary at Company A t years after accepting a position at Company A, and let g(t) represent Chelseas salary at Company B t years after accepting a position at Company a. Write the function formula for f. 510001.041)t Preview b. Write the function formula g(t) 53100t(2100)
Let f(t) be 51000+ (2100)t which represent Chelsea's salary at Company A and g(t) be 51000(1.041)t which Chelsea salary at Company B.
Chelsea's offer from company A includes a raise of $2100 annually and a starting salary of $51,000.
Since the increase is constant, the salary of Chelsea from Company A is a linear function, as can be seen here.
f(t) is salary of chelsea from company A after t years.
f(t) = 51000+ (2100)t
The offer made to Chelsea by company B includes a starting salary of $51,000 and an annual raise of 4.1%.
we can see here that raise is exponential, so raise is:
(1+4.1/100) = (1+0.041) = (1.041) per year.
Consequently, the salary of Chelsea from Company B is a function that is exponential.
g(t) is salary of chelsea from company B after t years.
g(t) = 51000(1.041)t
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other things equal, what effects would each of the following have on aggregate demand or aggregate supply? in each case, explain the expected effects on the equilibrium price level and the level of real output. a. a reduction in the economy’s real interest rate. b. a major increase in federal spending for health care (with no increase in taxes). c. the complete disintegration of opec, causing oil prices to fall by one-half. d. a 10 percent reduction in personal income tax rates (with no change in government spending). e. a sizable increase in labor productivity (with no change in nominal wages). f. a 12 percent increase in nominal wages (with no change in productivity). g. a sizable depreciation in the international value of the dollar.
Effects would each of the following have on aggregate demand or aggregate supply are:
Aggregate demand will increase.
Aggregate demand will increase.
Aggregate supply will increase.
Aggregate supply will increase.
Aggregate supply will decrease.
What impact could this shift in combination deliver have at the charge degree and the extent of actual output? could upward thrust and actual output could decrease. AS curve shifts to the right; charge degree declines and actual output increases.
There are 3 simple motives for the downward sloping combination call for curve. These are Pigou's wealth effect, Keynes's interest-price effect, and Mundell-Fleming's exchange-price effect. These 3 motives for the downward sloping combination call for curve are distinct, but they paintings together.
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describe analytics models and data that could be used to make good recommendations to the retailer. how much shelf space should the company have
Below are the analytics models and data that could be used to recommend appropriate shelf space to the retailer.
The data analysis and analytics models?Step 1: After removing seasonality and random fluctuations, ascertain the normal weekly sales volume of a product.
a time series of data
the amount of a product that is sold
utilizing exponential smoothing
Step 2: Make the most of the store's constrained shelf space for each product:
Information on the product's cost, unit surface area, overall store shelf space, name, and profit per unit sold are used. Using optimization models for data analysis
Step 3: Choose complementary products to bundle to increase sales of both products. Information on: Goods being sold, goods already purchased, and the use of K means clustering.
For the business to maximize sales or profit, a large amount of shelf space is required.
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The complete question is;
describe analytics models and data that could be used to make good recommendations to the retailer. how much shelf space should the company have, to maximize their sales or their profit?
approximately what percentage of large companies deliver a portion of their training online? group of answer choices 50% 40% 30% 60%
The approximate percentage of training hours delivered online is 30%
What exactly is a percentage?A percentage is a number or ratio expressed as a fraction of 100 in mathematics. The abbreviations "pct.", "pct.", and "pc" are also used to signify it, although the percent symbol, "%," is most commonly used. There are no dimensions or standard measurements for A%.
10% is a comparison number that represents one-tenth of any quantity. The hundredth component, one percent (symbolized as 1%), is represented as 100 percent, whereas 200 percent represents double the amount indicated.
A percentage is calculated by dividing an item by its total and multiplying the result by 100. (Price/Total Price) The formula for calculating percentages is 100%.
According to 2018 reports, the number of hours remitted online is 25.6%.
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question 1 suppose that as a project manager, you assign tasks to the team members who can best complete them. what project management value does this represent?
The team members who can best complete It stands for the project manager's value of Prioritization in project management. Project operation is the process of organising a platoon's efforts to complete.
All design objectives within the available restrictions. The design attestation, which is prepared the beginning of the development process, typically contains a description of this information. Time, money, and a compass are the main restrictions. Optimizing the distribution of necessary inputs and using them on meet-defined objects is the secondary problem.The goal of design operation is to provide a comprehensive design that satisfies the goals of the client. In many instances, the optimal design operation also involves reshaping or reformulating the client's brief to more effectively fulfil the client's objectives. Once the customer's items are set up without difficulty.
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john riviera deposits $14,000 in national bank at 8% compounded quarterly. what is the effective rate (apy) of interest? (round answer to nearest hundredth)
Effective rate (apy) of interest will be calculated as follows:
No. of periods: 1 4 = 4
Percent i: 8 4 = 2%
FV = 14,000 (1 + 0.02)4 = $15,1554.05
Interest gained: $15,1554.05 - $14,000 = $1,154.05
APY: $1,154.05 $15,1554.05 = 7.62% (lower than nominal)
The annual percent yield, or APY, accounts for interest compounding. Because it takes into account the interest you earn on your money, it accurately reflects the interest rate you actually earn on an investment. The APY uniformizes the return percentage. By indicating the actual percentage growth that will be realised by compound interest, assuming that the money is deposited for a year, it achieves this. APY is calculated using the following formula: (1+r/n)n - 1, where r is the period rate and n is the total number of compounding periods.
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The political business cycle refers to: Multiple Choice there is more inflation during Democratic administrations than during Republican administrations politicians will use fiscal policy to enhance their chances of being reelected. incumbent politicians will be reelected regardless of the state of the economy. recessions coincide with election years.
The political business cycle refers to:
politicians will use fiscal policy to cause output, real incomes, and employment to be rising prior to elections.
What is political business cycle?
An alternate hypothesis called the political business cycle holds that when a government of whatever hue is elected, it initially implements a contractionary strategy to lower inflation and establish a reputation for economic competence.
General monetary and fiscal policy may also be impacted by politicians' reasonable preference for short-term political matters over macroeconomic analysis when formulating economic policy. Politicians will attempt to increase the equilibrium or natural rate of employment. Inflation and interest rates will therefore be greater than necessary.Reduced unemployment, economic growth, and benefits from increased government spending on public services are some of the short-term outcomes of expansionary monetary and fiscal policy.
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as a benefit to employees, genetech, one of fortune magazine’s "best companies to work for," pays employees while they work in volunteer endeavors outside of the company. with which of the responsibilities of ethical leadership does this benefit most align?
Ethical leaders take initiative, hold themselves accountable, and use their words and actions to influence both the present and the future.
What is ethical leadership?In order to lead ethically, one must exhibit behavior that is proper and acceptable in all spheres of one's life and serves the greater good. These three fundamental ethical characteristics make up it. Setting a good example for others is a virtue of a leader. As an ethical leader, it's critical to keep in mind that deeds frequently speak louder than words. People are more prone to evaluate someone based on their actions than their words. Ethical leaders can start to gain the respect of their peers by modeling and exercising the usage of moral, honest, and altruistic behavior to subordinates. A leader who respects people and demonstrates integrity may be more likely to have followers.
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brussels enterprises issues bonds at par dated january 1, 2021, that have a $2,600,000 par value, mature in four years, and pay 9% interest semiannually on june 30 and december 31. 1. record the entry for the issuance of bonds for cash on january 1. 2. record the entry for the first semiannual interest payment and the second semiannual interest payment. 3. record the entry for the maturity of the bonds on december 31, 2024 (assume semiannual interest is already recorded).
If brussels enterprises issues bonds at par dated january 1, 2021, that have a $2,600,000 par value. The journal entry for the issuance of bonds for cash on January 1 is: Debit Cash $2,600,000, Credit Bonds payable $2,600,000.
How to prepare the journal entry?1. January 1
Debit Cash $2,600,000
Credit Bonds payable $2,600,000
(To record issuance of bonds for cash)
2. June 30
Debit bond Interest expense $117,000
Credit Cash $117,000
($2,600,000×9%/2)
(To record first semiannual interest payment)
December 31
Debit bond Interest expense $117,000
Credit Cash $117,000
($2,600,000×9%/2)
(To record second semiannual interest payment)
3. December 31, 2021
Debit Bonds payable $2,600,000
Credit Cash $2,600,000
(To record payment of bonds payable)
Therefore the journal entry for the issuance of bonds for cash on January 1 is: Debit Cash $2,600,000, Credit Bonds payable $2,600,000.
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in material requirements planning the process of placing the exploded requirements in the proper time periods, based on the assembly lead times involved, is known as:
According to the assembly lead times, the process of scheduling the exploded requirements in the appropriate time frames is known as material requirements.
The impact of a fireworks explosion occurs more quickly than a candle burning.The activation energy needed for a candle to burn is lower than the activation energy needed for a firework to explode.The energy that must be supplied for a reaction to take place is known as the activation energy. A reaction cannot take place without an external energy source if its activation energy is high. Despite being spontaneous, a reaction can nonetheless have a large activation energy. Energy must be provided externally before such reactions may begin. The reaction might continue totally on its own once it has started.
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a bank sold a 3 × 9 fra. payment is made when? multiple choice none of the options at the end of 3 months at the end of 6 months at the end of 9 months
Payment is made at the end of 6 months when a bank sells as 3*9 FRA.
What is the FRA disability benefit?Because you would only be qualified for 70% of the full retirement pension if you turn 62 in 2022, your SSDI payout will probably be higher. the the the the the the one that the one that the one that the one the one that the one the the the. the one the ones that the others The one that
Social Security allows you to receive both a pension and a disability payment?The bulk of private and state pensions have no bearing on whether you qualify for SSDI or how much you get in monthly benefits. This is because the majority of pensions are subject to Social Security taxes, so you can get both pension payments and your full monthly SSDI benefits.
What is the FRA?The age at which you are eligible for 100% of your Social Security benefits, which are based on your lifetime earnings, is known as full retirement age, or FRA.
Which Social Security benefit has the biggest payment?The maximum benefit is based on your retirement age. For illustration, if you reach full retirement age in 2022 and decide to retire, your maximum benefit will be $3,345. However, your maximum benefit would be $2,364 if you retired at age 62 in 2022. The maximum benefit you could receive in 2022 if you retired at age 70 would be $4,194.
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125. what sales technique encourages a client to purchase additional services, products, or add-ons at the point of sale?
Upselling refers to the practice of promoting the purchase of anyone that would increase the cost of a customer's subsequent purchase by adding an upgrade, enhancement, and premium option.
What kind of services are examples?A service is defined as "an action or usage for which a client, organization, or government is willing to pay." Barbers, medical professionals, lawyers, mechanics, banks, insurance companies, and other experts are a few examples. Social programs are those that the entire society contributes to funding (the nation-state, the fiscal union).
What do the terms "service" and "services" mean?The provision of labour, effort, or effort, or indeed any combination thereof, without regard to the delivery or control of a specific end product or items, or a manufacturing process, is referred to as providing a service or services.
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a task group that is made up of one member each from marketing, development, production, and manufacturing would be a(n) .
A task group that is made up of one member each from marketing, development, production, and manufacturing would be a cross functional team.
What is a Cross Functional Team?A cross-functional team, sometimes referred to as an interdisciplinary or multidisciplinary team, is made up of individuals with various functional specialties who are working together to achieve a common objective. Personnel from the departments of finance, marketing, operations, and human resources might be present.
Therefore, a team is considered cross functional when it consists of members from many disciplines, such as marketing, development, production, and manufacturing.
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Sunny Day Manufacturing Company is considering investing in a one-year project that requires an initial investment of $475,000. To do so, itll have to issue new common stock and will incur a flotation cost of 2.00%. At the end of the year, the project is expected to produce a cash inflow of $595,000. The rate of return that Sunny Day expects to earn on its project (net of its flotation costs) is places). (rounded to two decimal White Lion Homebuilders has a current stock price of $22.35 per share, and is expected to pay a per-share dividend of $2.45 at the end of next year The company's earnings, and dividends, growth rate are expected to grow at the constant rate of 9.40% into the foreseeable future. If white Lion expects to incur flotation costs of 3.750% of the value of its newly-raised equity funds, then the flotation-adjusted (net) cost of its new common stock (rounded to two decimal places) should be Sunny Day Manufacturing Company Co.'s addition to earnings for this year is expected to be $857,000. Its target capital structure consists of 40% debt, 5% preferred, and 55% equity. Determine Sunny Day Manufacturing Company's retained earnings breakpoint: $1,714,000 $2,142,500 $1,636,091 $1,558,182
The rate of return that Sunny Day expects to earn on its project (net of its flotation costs) is 22.81%.
Given that Initial Investment is $475,000, Flotation Cost is 2.00 percent, and Cash Inflow is $595,000. Now, the amount of the flotation cost is calculated as follows: flotation cost x initial investment (0.02 x $475,000) = $9,500.
Therefore, the rate of return is equal to [cash inflow minus (initial investment plus flotation cost)]. - 1 or Rate of return = [$595,000 ($475,000 + $9,500)] - 1 = Rate of Return = 0.2281 or 22.81 percent.
The expected growth rate is 9.4%, the expected dividend is $2.03, and net proceeds from the stock offering are calculated as follows: $22.35 x (1 - flotation costs) = $22.35 x 0.9625 = $21.5119. The flotation adjusted cost of new common stock is equal to [$2.03 / $21.5119] + 9.4% = 9.44 percent + 9.4% = 18.84 percent.
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A five-year annuity of ten $5,900 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now. The discount rate is 8 percent compunded monthly.
a. What is the value of this annuity five years from now? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
b. What is the value three years from now? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
c. What is the current value of the annuity? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
The value of this annuity five years from now will be $62,992.
What is annuity?In the realm of investments, an annuity is a series of payments made on a regular schedule. The classification of annuities is made possible by the periodicity of payment dates. The payments (deposits) may be made on a weekly, monthly, quarterly, annual, or any other regular basis basis. Annuities can be calculated using mathematical procedures referred to as "annuity functions." An annuity that provides payments for the remainder of the owner's lifetime is known as a life annuity. At the end of each payment period, an immediate annuity payment is made, allowing interest to accrue between the time the annuity is issued and the first payment.
Annuity after 5 years=12598.4*5= $62992.
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Sara withdraws $1,000 from her savings account at the lucky s&l, keeps $50 in cash, and deposits the balance in her checking account at the bank of illinois. What is the immediate change in m1 and m2?.
There will be a increase in m1 and no change in m2 when Sara withdraws $1,000 from her savings account at the lucky s&l, keeps $50 in cash, and deposits the balance in her checking account at the bank.
What functions do banks have?It is a bank's responsibility to collect public deposits and lend those deposits to support the expansion of business, trade, industry, and agriculture. Bank receives higher rates of interest from depositors on loans and advances than it does on deposits.
How are banks able to make money?Like any other profit-driven business, banks charge for the financial goods and services they provide. The two main products that make banks profitable are interest on loans and service fees.
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Suppose, due to political instability, Mexicans suddenly choose to invest in U.S. assets as opposed to Mexican assets. Which of the following statements is true regarding U.S. net capital outflow?
U.S. net capital outflow falls.
The statement is true regarding U.S. net capital outflow The dollar appreciates, and U.S. net exports fall.
Exporting refers to the selling of products and services from the home to a foreign state. whereas, uploading refers to the purchase of foreign merchandise and bringing them into one's domestic u. s.
Exports are described as movable items produced inside the boundaries of 1 u. s ., which are traded with every other united States of America. The sale of those items generates foreign forex earnings within the united states that produce them and boosts its financial growth.
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Forrest corporation, a new company, adds material at the beginning of its production process; conversion cost, in contrast, is incurred evenly throughout manufacturing. During may, the firm completed 15,000 units and had ending work in process of 2,000 units, 60% complete. Equivalent-unit costs were: materials, $15; conversion, $22. The cost of the company's ending work-in-process inventory is:.
The cost of the company's ending work-in-process inventory is $18,600.
Materials cost: ($15 × 2,000) = $30,000
Conversion cost: ($22 × 1,200) = $18,600
Exactly what does "work in process inventory" mean?At the end of each accounting period, work-in-progress inventory (WIP) refers to the total cost of unfinished goods still during production. On the balance sheet of an organization, it is regarded as a current asset as well.
A work-in-progress inventory can be audited in what ways?With each step of the production process that is finished, the WIP balance increases. The techniques used to calculate a product's standard costs are examined by auditors together with the way the business divides up the costs associated with each stage of production.
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