Listed below are several transactions that took place during the second and third years of operations for RPG Consulting.
Year 2 Year 3
Amounts billed to customers for services rendered 390,000 490,000
Cash collected from credit customers 300,000 440,000
Cash disbursements:
Payment of rent 84,000 0
Salaries paid to employees for services rendered during the year 144,000 164,000
Travel and entertainment 34,000 44,000
Advertising 17,000 39,000
In addition, you learn that the company incurred advertising costs of $29,000 in year 2, owed the advertising agency $5,400 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3.
Required:
1. Calculate accrual net income for both years.
2. Determine the amount due the advertising agency that would be shown as a liability on RPG’s balance sheet at the end of year 2.
Answer:
1. Year 2 Year 3
Revenues $390,000 $490,000
Expenses
Rent $42,000 $42,000
Salaries $144,000 $164,000
Travel and entertainment $34,000 $44,000
Advertising $29,000 $21,600
Net Income $99,000 $260,400
2. Advertising liability at end of year 2 = $29,000 - ($17,000 - $5,400) = $29,000 - $11,600 = $17,400
Working
Advertising Expenses
Debit Credit
Balance B/d 5400
Bank 17000 Profit and Loss account 29000
Balance c/d 17400
Total 34400 Total 34400
Advertising Expenses
Debit Credit
Balance B/d 17400
Bank 39000 Profit and Loss account 21600
Balance c/d 0
Total 39000 Total 39000
The rule of equal marginal utility per dollar spent suggests that consumers maximize utility by A. Equalizing across goods and services. B. Equalizing the marginal utility per dollar spent across goods and services. C. The marginal utility per dollar spent across goods and services. D. . E. Maximizing the marginal rate of substitution.
Explanation:
B-Equalizing the marginal utility per dollar spent across goods and services
Pls mark brainliest
Price elasticity of demand is a measure of how sensitive, or responsive,
are to change in price. *
A) Producers
B) Bankers
C) Consumers
D) Regulators
Answer:
hey.. follow me.. follow me.. follow me...
Explanation:
follow me follow me..
FIRST ANSWER GETS BRAINLIEST!
(If you answer with nonsense, brainliest will go to the other person)
Personal & Family Finance
You have closed an account due to fraudulent activity. What else should you do to BEST protect yourself?
A) Change all of your passwords and PINs.
B) Do not put anything about the closing of the account in writing.
C) Put a permanent credit freeze on your credit report.
Answer:
C
Explanation:
Answer:
A) Change all your passwords and pins
Explanation:
when you do this, you better secure your information to keep unwanted hackers out, if you change your passwords and pins, hackers will need to figure out what the new codes are
the answer is not C) put a perm freeze on your account- becuase though it does stop anyone from using your information to make new accounts, it also stops YOU from making any new accounts as well, a freeze can be a temporary fix -i.e. to buy you more time to secure things and figure out whats going on-, but not perminant
hpe this helps you out, sorry if im a little late on answering
While planning a new product launch, Cassandra knew that the art department was ready to work on the promotional pieces right away. But they are not able to start until the strategy group established the price point and the purchasing group obtained the paper needed to make the promotional piece. Establishing price points would take about a week and was dependent on manufacturing getting the costs to the strategy group. This was expected a week from today. The purchasing group indicated the paper could be obtained locally the same day it was requested. Based on this information and assuming things go according to plan, when will the art department be able to begin work on the promotional pieces?
A. 1 weekB. 1 monthC. 1 dayD. 2 weeks
Answer:
A. 1 week
Explanation:
This is true due to the fact that, Cassandra knew it would take about 1 week to establish the price point in the new product which she is planning to launch.
For the extra week it would have taken to get the paper could not hold again due to the fact that, it was already established that, it would take same day to get same paper rather than waiting for the paper to get to the strategy group in one week.
21. A small object is placed at right angles to the axis of a fixed concave
mirror so as to form (i) a real (ii) a virtual image, twice as long as the
object. if the radius of curvature of the mirror is 40cm, what is the
distance between the two images?
Ans: 60cm
om
chat and in ito
Answer: 60 cm
Explanation:
Given that:
Radius of curvature (R) = 40 cm
Radius of curvature is 2 tines the Focal length:
Focal length (f) = 40/2 = 20
Object distance = u
Image distance = v
Image (v) = 2u
1/v + 1/u = 1 /f
1/2u + 1/u = 1/20
(1 + 2) /2u = 1/20
3 / 2u = 1/20
2u = 60
u = 60/2
u = 30 cm
v = 2u
v = 2(30)
v = 60 cm
True or False? Conditional formatting in Excel can make it difficult to identify data that satisfy certain conditions in a data set.
How can a company have a profit (net income) but not have Cash?
Answer:
see below
Explanation:
Profit is when there a positive difference between the revenue a company generates and its expenses. Cash flows refer to the movement of money in and out of business. Positive cash flow is when the business has a stream of cash inflows enabling it to pay its bills on time.
When a business uses the accrual system, it records revenue when it makes a sale regardless of whether a payment has been made. If there is a delay in collecting payments from customers, the business will show more revenues but little cash inflow. The income statement will indicate profits, but the cash flow statement will be negative. Therefore, when a business is slow in collecting receivables, it will be reporting profits and negative cash flows.
The owner of a small convenience store observed that almost all customers paid with credit cards regardless of whether they had cash available, resulting in significant processing charges for the store. The owner began to add a fifty-cent charge to credit card purchases under two dollars, and during the following month, virtually all customers used cash for small purchases while continuing to use credit cards for larger purchases. Nonetheless, during the month after the charge was instated, the average dollar amount of each cash transaction was almost identical to the average dollar amount of each credit card transaction.
The information in the passage most strongly supports which of the following?
A. The average dollar amount spent by customers who did not have cash available was higher after the charge was instated than it had been beforehand.
B. After the charge was instated, customers who used cash for purchases totaling two dollars or more spent more, on average, than customers who used credit cards for these purchases.
C. The average dollar amount spent in each cash transaction at the convenience store was lower after the charge was instated than beforehand.
D. A significant majority of purchases made at the convenience store during the month after the charge was instated were made using credit cards.
E. Prior to the charge, the average amount spent on credit card transactions was higher than the average amount spent on cash transactions.
Answer:
B. After the charge was instated, customers who used cash for purchases totaling two dollars or more spent more, on average, than customers who used credit cards for these purchases.
Explanation:
Since the average transaction remained almost unchanged, that means that customers who used to spend $2 or less are now spending more on average. Assuming that customers that purchase higher amounts didn't change their habits, the only way that the cash purchases equal credit card purchases is that people paying in cash buy more things.
E.g. there are 20 transactions worth more than $2 which are paid using a credit card, so the average transaction is more than $2. In order for cash purchase to have a similar mean, the some transactions will be less than $2 but other transactions must be higher in order to increase the mean of cash purchases: 15 cash transactions worth $1 and 5 cash transactions worth $6, mean cash transaction = $2.25.
(a) Which one of the following which is an example of a non-financial objective for an
entrepreneur starting a new business?
Select one answer:
A Survival
B Profit
C Market share
D Independence
Answer:
D Independence
Explanation:
Entrepreneurs have more control over their lives. They choose what kind of business they want, where to locate it, and how to run it. Entrepreneurs are their bosses. They control their work-life balance a have greater independence than employees.
Many individuals start their businesses to regain control over their lives. The desire to have a more convenient and flexible work schedule and pursue one's goals is a big motivation for many entrepreneurs.
William wrote a check for $150.00 for his gas bill, but he only has 96.26 in his checking account. What will happen to the check when it is presented for payment
Answer:
The person will ask William to check his checking account and then William would have to lower the check amount he had previously wrote.
Explanation:
If you write a check or make a purchase for more than you have in your checking account, your bank may cover the difference. This line of credit offered by the bank is called overdraft protection. ... Furthermore, if your account remains overdrawn, your bank may also charge you daily interest on the loan.
Can someone please help mee
Answer:
$1,467.88
Explanation:
Net pay is the amount one receives after subtracting deductions from the gross pay. Therefore, net pay is the gross pay minus all the deductions such as social security, federal and state taxes.
In this case, the gross pay is $1,828. The total taxes are $ 360.12.
The net pay will be $1,828 -360.12.
= $1,467.88
refers to the buying and selling of products and services
through an electronic medium such as the internet
O E-commerce
O Money orders
O Telegraphic money transfers
M-money
Explanation:
E commerce refers to the buying and selling of products and services through an electronic medium such as the internet.
Which tasks are commonly done by employees in the Energy cluster? Check all that apply.
installing equipment
performing inspections
interpreting technical plans
manufacturing gauges
designing systems
following schedules
gathering information
PLEASE HURRY TIMED TEST I WILL GIVE 20 POINTS
Answer:
a, d, and e
Explanation:
According to the video, what tasks commonly are performed by Cashiers? Check all that apply.
creating advertisements
receiving money
totaling bills
giving receipts
delivering products to customers’ homes
weighing produce and bulk food
Answer:
receiving money
totaling bills
giving receipts
Explanation:
Cashiers are workers stationed at cash registers. Their role revolves around receiving money, issuing receipts, and disbursement of correct change as required. Cashiers work in many institutions, especially in the retail industry.
Cashiers' main task is to collect payment from customers. They have to be accurate when issuing receipts and giving back change. Cashiers have to reconcile their register at the end of the day.
Answer:
bcd
Explanation:
I will give the right answer brainliest. Choose the option that best matches the description given.
_____ try to influence legislation and help human services organizations to achieve their goals.
1. Legislative aides
2. Lobbyists
3. Lawyers
Answer:
2. Lobbyists
Explanation:
A lobbyist is any individual or a group of individuals who communicates directly or indirectly with others to influence or attempt to influence the drafting, debate, vote, approval, or introduction of some legislation. In this context, a lobbyist may be a legislator trying to influence fellow legislators or any person who communicates with a legislator to advocate and promote the desires of human services organizations.
Answer:
Lobbyists
Explanation:
Craig was scheduled to attend a meeting about a new project, but the flu kept him at home. What can Craig do to catch up on the outcome of the meeting once he has recovered?
Answer:
Read the minutes from the meeting
Explanation:
At every formal meeting, there someone assigned to take minutes of the proceedings. The minutes detail the discussion and resolutions made at the meeting.
Once Craig has recovered, he should make efforts to get a copy of the minutes. By reading the minutes, Craig will be up to speed with the outcome of the meetings.
I work at a company, and my boss wants me to hand out flyers and get people's names and numbers. But lately i haven't been getting many numbers. Any tips?
Answer: Social Media!
Explanation:
You can create an online flier and post it on your social media account or a work account, you can ask people to give names and numbers onto a calling list. Something like this could work: “At my job, I need to hand out fliers for <what the fliers are about> and I need names and numbers, can someone help?”
Make a brief description of each one 1. Exchange rates 2. Pyramid of Maslow 3. Basic needs 4. Self-realization 5. Entrepreneurship 6. SWOT analysis 7. Fixed costs 8. Variable costs 9. added value 10. Market research plz is for today
Explanation:
1. Exchange rates: the value a currency possesses when been transferred from one to another.
2. Pyramid Maslow: Maslow pyramid is used to show the heir-achy of human needs, with the most basics needs like safety, food water at the bottom. And more complex needs like self-realization at the top of the pyramid.
3. Basic needs: This are what humans needs for its day to day survival e.g shelter, water, food.
4. Self-realization: this is the discovery of oneself, achieving your full potential.
5. Entrepreneurship: this is a process where by you discover, design and launch a business idea so as to make gain.
6. SWOT analysis: this is a market survey carried out to discover your potential market(customers) where SWOT stands for Strength, Weakness, Opportunity and Threat. You study your competitors weakness, threats against the strengths of your own product and you seize the opportunity to introduce your product to the market.
7. Fixed cost: this are cost which are fixed e.g rent, interest rate, e.t.c.
8. Variable cost: this is a cost which is determined by factors which are put into producing an output e.g labor, raw materials.
9. Added value: this is the difference between the cost price and selling price of a goods or service.
10. Market research: this is a survey carried out on a potential market to know its customers, competitors e.t.c.
1. The point at which quantity demanded and quantity supplied are equal:______
2. The financial and opportunity costs con- sumers pay in searching for a good or service:_____
3. A system of allocating scarce goods and services by criteria other than price:_______
4. A sudden drop in the supply of a good:_______
5. Any situation in which quantity supplied exceeds quantity demanded:________
6. Any situation in which quantity demanded exceeds quantity supplied:________
7. A government-mandated minimum price that must be paid for a good or service:_________
Answer:
1. Market Equilibrium, 2. Interest Rate, 3. Rationing, 4. Supply Shock, 5. Excess Supply, 6. Excess Demand, 7. Price Floor
Explanation:
1. The point at which quantity demanded and quantity supplied are equal: Market Equilibrium
2. The financial and opportunity costs consumers pay in searching for a good or service : Interest Rate
3. A system of allocating scarce goods and services by criteria other than price: Rationing
4. A sudden drop in the supply of a good: Supply (decrease - leftward shift) shock
5. Any situation in which quantity supplied exceeds quantity demanded: Excess Supply
6. Any situation in which quantity demanded exceeds quantity supplied: Excess Demand
7. A government-mandated minimum price that must be paid for a good or service: Price Floor (Minimum Support Price)
Following is a list of cost system characteristics and sample companies. Match each to either job order costing or process costing.
a. Companies that produce small quantities of many different products.
b. A company that pulverizes wood into pulp to manufacture carboard.
c. A company that manufactures thousands of identical files.
d. Companies that produce large numbers of identical products.
e. A computer repair service that makes service calls to homes.
f. A company that assembles electronic parts and software to manufacture millions of portable media players.
g. A textbook publisher that produces copies of a particular book in batches.
h. A company that bottles milk into one-gallon containers.
i. A company that makes large quantities of one type of tankless hot water heaters.
j. A governmental agency that takes bids for specific items it utilizes where each item requires a separate bid.
Answer:
Explanation:
Process costing can be regarded as a methodology in accounting that involves attributing cost to unit of production in different firms especially firm that are producing product that are homogeneous.
Job order costing can be regarded as
a system that occur when an order of purchase is made by consumer, it helps in way that the price of individual product is affordable by consumer.
a.Companies that produce small quantities of many different products.
(Job order costing)
b.A company that pulverizes wood into pulp to manufacture carboard.
(Process costing)
c.A company that manufactures thousands of identical files.
(Process costing)
d.Companies that produce large numbers of identical products.
(Process costing)
e.A computer repair service that makes service calls to homes.
(Job order costing)
f.A company that assembles electronic parts and software to manufacture
(Process costing)
millions of portable media players.
g.A textbook publisher that produces copies of a particular book in batches.
(Job order costing)
h.A company that bottles milk into one-gallon containers.
(Process costing)
i.A company that makes large quantities of one type of tankless hot water heaters.
(Process costing)
j.A governmental agency that takes bids for specific items it utilizes where each
(Job order costing)
.
James Smith recorded the following transactions during the month of April. Apr. 3 Cash 1,400 Service Revenue 1,400 16 Rent Expense 400 Cash 400 20 Salaries and Wages Expense 150 Cash 150 Post these entries to the Cash account of the general ledger to determine the ending balance in cash. The beginning balance in cash on April 1 was $1,900. (Post entries in the order of journal entries presented in the question.) Cash choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose a transaction date enter a debit balance choose a transaction date enter a credit balance.
Answer and Explanation:
The computation of the ending cash balance with the help of the cash ledger is presented below:
Cash account
Date Particulars Amount Date Particulars AMount
April 1 Beg. Balance $1,900 April 16 Rent expense $400
April 3 Service revenue $1,400 April 20 Salaries & wages
expense $150
April 30 Ending balance $2,750
Mary is interested in investing in the stock market, but having studied the Great Depression in school, she is afraid she could lose all of her money. She reads through the finance pages of the newspaper and sees that unemployment has dropped to the lowest level it has been in the past ten years, new businesses are opening, housing sales are up because interest rates are level, and the national debt is decreasing. If the economy is her only concern about buying stock, should she buy stock?
A) The level of unemployment, the rise in new business starts, the increase in housing sales, and the decrease in national debt indicate that the economy is growing so it would be a good time to buy stock.B) In spite of all of the positive indicators, it is never a good time to buy stock.C) The stock market works independent of unemployment, business starts, housing sales, and the level of the national debt so these things will not influence the rise or fall of the market.D) Mary should not base her decision to buy stock on the factors indicated, she should base it solely on the consumer price index.
Answer:
A) The level of unemployment, the rise in new business starts, the increase in housing sales, and the decrease in national debt indicate that the economy is growing so it would be a good time to buy stock.
Explanation:
Mary should definitely buy stock. All the economic indicators that are doing well according to the financial paper are what is known as leading indicators: indicators whose tendency more or less predicts the tendency of the general economy in the short-term.
In other words, all the signs are indicating that the economy will continue to be strong for a good amount of time, time that Mary can use not only to buy stock, but also to reap the benefits from the stock.
Which term describes a situation in which one country can produce a product
at a lower opportunity cost than another country?
A. Deficit advantage
B. Comparative advantage
C. Absolute advantage
D. Surplus advantage
Answer:
B. Comparative advantage
Explanation:
Comparative advantage is when a country or company can produce goods using fewer resources compared to its rivals. It means the product will cost much less when produced by the country with a comparative advantage.
A comparative advantage means that a country will produce more output of a product when using similar inputs as rivals. The country or company can, therefore, avail the product in the market at a lower cost. Other countries stand to gain when importing products from countries with a comparative advantage than when they manufacture.
Answer:
B. Comparative advantage
Explanation:
Just got it right on my quiz!
What is one thing the government does as it enforces consumer-protection
regulations?
A. collects tariffs from foreign producers
B. tests products such as drugs and automobiles for safety
C. prevents cartels from engaging in price fixing or production
limitation
D. makes sure publicly-traded companies provide stockholders with
financial records
Answer: B: test products such as drugs and automobiles for safety
Explanation: âpex learning
How does Ana spend her time in seedfolks?
Answer:
B
Explanation:
Got it right on edg 2020
what is nbetter fender gibson or danelectro guitars. (in your opinion). I ALREADY HAVE MINE DANELECTRO ALL THE WAY.
Answer:
Danelectro Guitars
Explanation:
They are just cool.
Read each question and choose the best answer. "How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case."—Robert G. Allen, financial writer This quotation reflects what principle of investing? A. Higher risk usually offers higher potential return. B. Higher risk usually offers lower potential return. C. Greater liquidity usually offers higher potential return. D. Greater liquidity usually offers lower potential return.
Answer:
A.
Explanation:
This quote reflects the principle of investing that Higher risk usually offers a higher potential return. Savings accounts are probably the safest investments that an individual can make, where they hold their money in this account and the bank ensures this account while also providing interest on the amount held. This interest that is gained is extremely small and usually wouldn't even cover the average annual inflation rate. The average interest on these accounts is between 0.01% to 0.35% APY. Riskier investments have a much higher potential return from 7% APY to potentially above 100% APY.
Scenario D. Luxe Slumber is a company that produces high-quality mattresses. Omar, the CEO, makes all the business deals for the company. He negotiates with suppliers and gets new customers and business for the company. Charles communicates his vision for the company and what he would like it to achieve to Ana, who lays out plans to make possible the execution of that vision. Ana delegates the work accordingly by communicating to the sales and production managers Omar's vision and what he requires of them. Irving, a floor manager, makes sure that the workers do their jobs at the required pace to meet the targets and goals of the company.By creating objectives and communicating them to the rest of the organization, Ana is performing the function of a(n) ________ manager.A. strategicB. frontlineC. operationsD. top-levelE. tactical
Answer:
A)strategic
Explanation:
From the question we are informed about Scenario D. Luxe Slumber who is a company that produces high-quality mattresses. Omar, the CEO, makes all the business deals for the company. He negotiates with suppliers and gets new customers and business for the company. Charles communicates his vision for the company and what he would like it to achieve to Ana, who lays out plans to make possible the execution of that vision. Ana delegates the work accordingly by communicating to the sales and production managers Omar's vision and what he requires of them. Irving, a floor manager, makes sure that the workers do their jobs at the required pace to meet the targets and goals of the company.By creating objectives and communicating them to the rest of the organization, In this case Ana is performing the function of a strategic manager. A Strategy Managers is essential in organization in order to achieve the goals of the organization, the manager helps in reviewing of the organizations so that strengths as well as the weaknesses and operational effectiveness of the organization can be determined. The strategy manager can help the organization in making
recommendations after considering internal and external factors in order to minimize risks, he can as well formulate plans that can help the organization's long-term goals to be achieved.
Which department of a business is responsible for creating budgets and
analyses the inflow and outflow of the company's monetary assets?
Research and Development
O Production
O Accounting and Finance
O Marketing and Sales
Answer:
Accounting and Finance