Answer:
the budgeted revenue for the third quarter is $940,800
Explanation:
The computation of the budgeted revenue for the third quarter is shown below:
= Number of unit sold in the first quarter × increase in sales percentage × increase in sales percentage × selling value
= 5,000 × 1.12 × 1.12 × $150
= $940,800
Hence, the budgeted revenue for the third quarter is $940,800
Governments receiving federal grants and contract funds are expected to have an accounting information system with adequate internal controls that can deliver reliable information to compare the actual amount spent with budgeted amounts. True False
Answer:
True.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).
Internal controls can be defined as the policies, set of rules, and procedures implemented or put in place by an organization to protect its assets, boost efficiency, enhance financial accountability, enforce adherence to company policies and prevent fraudulent behaviors among the employees.
The main purpose of internal controls is to guarantee that loss is eliminated by ensuring that there is an accurate and reliable accounting system.
An internal control involves the timely use of both internal and external sources of auditing or financial reporting and as such enhance the maintenance of accurate and proper financial records which would also improve their operational efficiency.
Hence, internal controls if properly executed helps to increase operational efficiency, protect and safeguard assets, provides accurate financial information, prevents fraudulent or unlawful behaviors, timeliness of financial records and reporting.
In conclusion, it's very important that governments receiving federal grants and contract funds have an accounting information system with adequate internal controls capable of delivering reliable information to compare the actual amount spent with budgeted amounts.
The manager of the Dinners Delight franchised restaurant chain is in the process of establish quality-control charts for the time that its service people give to each customer. Management thinks the length of time that each customer is given should remain within certain limits to enhance service quality. A sample of 3 service people was selected, and the customer service they provided was observed four times. The activities that the service people were performing were identified, and the time to service one customer was recorded as noted below:
Service Person Sample 1 Sample 2 Sample 3 Sample 4
1 200 150 175 90
2 120 85 105 75
3 83 93 130 150
4 68 150 145 175
5 110 90 75 105
6 115 65 115 125
A sample of six service personnel was observed, and the following customer service times in seconds were recorded: 180, 125, 110, 98, 156, and 190. Is corrective action called for?
Answer:
The behavior is regulated as well as corrective measures are not necessary. A further explanation is provided below.
Explanation:
According to the given,
Mean,
= 143.17
Standard Deviation
= 37.91
Sigma level,
= 3
Now,
The upper control limit will be:
⇒ UCL = [tex]Mean+3SD[/tex]
On putting the values, we get
= [tex]143.17 + (3\times 37.91)[/tex]
= [tex]143.17 + (113.73)[/tex]
= [tex]256.9[/tex]
The lower control limit will be:
⇒ LCL = [tex]Mean-3SD[/tex]
On putting the values, we get
= [tex]143.17 - (3\times 37.91)[/tex]
= [tex]143.17-113.73[/tex]
= [tex]29.44[/tex]
Even though all values are somewhere between LCL as well as UCL. Thus the above is the right answer.
On January 1, Year 1, McClurg Corporation issues 5%, 11-year bonds with a face amount of $70,000 for $76,180. The market interest rate is 4%. Interest is paid semiannually on June 30 and December 31. Complete the necessary journal entry for the issuance of the bonds by selecting the account names from the drop-down menus and entering the associated dollar amounts. Record the issuance of 5%, 11-year bonds with a face value of $70,000 for $76,180
Answer and Explanation:
The journal entry to record the issuance of the bond is given below:
cash $76,180
To premium on bonds payable $6,180 ($76180 - $70000)
To bonds payable $70,000
(Being the issuance of the bond is recorded)
here the cash is debited as it increased the assets and credited the premium on bond payable & bond payable as it also increased the liabilities
The government has the ability to influence the level of output in the short run using monetary and fiscal policy. There is some disagreement as to whether the government should attempt to stabilize the economy. Which of the following statements about the debate over stabilization policy are correct?
a. Advocates of active stabilization policy believe that the government can adjust monetary and fiscal policy to counteract waves of excessive optimism and pessimism among consumers and businesses.
b. Advocates of active stabilization believe that implementation lags for fiscal and monetary policy do not exist.
c. Opponents of active stabilization believe that active fiscal and monetary policies have no effect on aggregate demand.
d. Opponents of active stabilization policy believe that significant time lags in both fiscal and monetary policy often exacerbate economic fluctuations.
Answer:
a. Advocates of active stabilization policy believe that the government can adjust monetary and fiscal policy to counteract waves of excessive optimism and pessimism among consumers and businesses.d. Opponents of active stabilization policy believe that significant time lags in both fiscal and monetary policy often exacerbate economic fluctuations.Explanation:
Those who believe the government should engage in stabilization policies believe that it is necessary for the government to do so because it would limit the excessive sentiments of consumers and businesses such as optimism and pessimism which affect the economy significantly as they govern consumer behavior and can either overheat the economy or lead to it underperforming.
Opponents however believe that the time it takes between the implementation of such policies and the time the policy's effects are seen, lead to worse economic fluctuations that could be avoided if the government simply stopped trying to stabilize the economy.
The word local describes:
A. groups of people all over the world.
B. a small community in a specific place.
C. an issue affecting one entire country.
D. communities spanning many countries.
A restaurant offers hamburgers and cheeseburgers on its menu. Customers order a hamburger, indicate how it is to be cooked and what type, if any, cheese they want on it. Rather than offering a list of condiments (e.g. ketchup) and additions (e.g. onions), the restaurant has a special section at the end of the salad bar where customers can add whatever else they want to their burger. Which of the techniques below is employed by the restaurant's system?
А. Quick Changeover - Setup Reduction
B. Stakeholder Analysis
C. System Dynamics
D. Late Point Differentiation
E. Pull Scheduling
Answer:
D
Explanation:
Late point differentiation is when the production process starts with a generic product and the end product is differentiated to a specific end product. Late point differentiation is used in firms where there is a high level of demand uncertainty
Advantages of Late point differentiation
1. it also consumers to receive a differentiated or customised product
2. It reduces the waiting time of consumers and allows consumers access quicker services
Which of the following is an example of being proactive in recruiting
Answer:
A. Attending local conferences to scan for new talent
Explanation:
i just took the quiz
An example of being proactive in recruiting is attending local conferences to scan for new talent.
What do you mean by proactive recruitment?It refers to the process of engaging and identifying with the candidates long before any position comes.
The major example of being proactive in recruiting is attending the local conferences to scan for the new talent.
Therefore, A is the correct option.
Learn more about proactive recruitment here:
https://brainly.com/question/12752131
#SPJ2
is management essential in profit organization give reason
Answer:
Yes
Explanation:
Management assists in the achievement of the organizational objectives such as profit. Management needs management that can plan, integrates computation, and integrates the resources as efficiently as possible to achieve goals. Management organizes the unorganized reserves of men, machine tools, money, and so on into productive enterprise.
Which of the following will be accomplished by efficient allocations of the factors of production?
Answer:
fulfilling many needs and wants of society
Explanation:
In producing a product during production, it is always important to ask if society needs the product that we are developing. The key to every successful product is to answer whether the consumer meets the needs.
I dont know if this correect....you don't have any options(^^):^>.<
Budget Performance Reports for Cost Centers Partially completed budget performance reports for Delmar Company, a manufacturer of light duty motors, follow:
Delmar Company
Budget Performance Report—Vice President, Production
For the Month Ended June 30
Plant Actual Budget Over Budget (Under) Budget
Eastern Region $4,200,000 $4,250,000 $(50,000)
Central Region 6,175,000 6,200,000 (25,000)
Western Region (g) (h) $(i)
$(j) $(k) $(l) $(75,000)
Delmar Company
Budget Performance Report—Manager, Western Region Plant
For the Month Ended June 30
Department Actual Budget Over Budget (Under) Budget
Chip Fabrication $(a) $(b) $(c)
Electronic Assembly 2,575,000 2,500,000 75,000
Final Assembly 1,640,000 1,700,000 $(60,000)
$(d) $(e) $(f) $(60,000)
Delmar Company
Budget Performance Report—Supervisor, Chip Fabrication
For the Month Ended June 30
Cost Actual Budget Over Budget (Under) Budget
Factory wages $1,450,000 $1,200,000 $250,000
Materials 1,575,000 1,600,000 $(25,000)
Power and light 945,000 900,000 45,000
Maintenance 330,000 300,000 30,000
$4,300,000 $4,000,000 $325,000 $(25,000)
a. Complete the budget performance reports by determining the correct amounts for the lettered spaces (a-l) as marked above.
b. Complete the following memo to Randi Wilkes, vice president of production for Delmar Company, explaining the performance of the production division for June.
Answer:
Delmar Company
Delmar Company
Budget Performance Report—Vice President, Production
For the Month Ended June 30
Plant Actual Budget Over Budget (Under) Budget
Eastern Region $4,200,000 $4,250,000 $(50,000)
Central Region 6,175,000 6,200,000 (25,000)
Western Region 8,515,000 8,200,000 $375,000
$18,890,000 $18,650,000 $375,000 $(75,000)
Delmar Company
Budget Performance Report—Manager, Western Region Plant
For the Month Ended June 30
Department Actual Budget Over Budget (Under) Budget
Chip Fabrication $4,300,000 $4,000,000 $300,000
Electronic Assembly 2,575,000 2,500,000 75,000
Final Assembly 1,640,000 1,700,000 $(60,000)
$8,515,000 $8,200,000 $375,000 $(60,000)
b. Memo to Randi Wilkes, Vice President
To: Vice President, Production
From: FC
Subject: Budget Performance Report—For the Month Ended June 30
Date: July 3, 2021
The above-mentioned subject refers.
The production division incurred $315,000 more costs than budgeted. The extra costs are reflected in the increasing cost of producing light duty motors in the Western Region. The overall increase is caused by the regional differences in Chip fabrication and Electronic Assembly.
There is a need to review production activities with these two production processes with a view to reducing costs.
Regards,
Explanation:
a) Data and Calculations:
Delmar Company
Budget Performance Report—Vice President, Production
For the Month Ended June 30
Plant Actual Budget Over Budget (Under) Budget
Eastern Region $4,200,000 $4,250,000 $(50,000)
Central Region 6,175,000 6,200,000 (25,000)
Western Region (g) (h) $(i)
$(j) $(k) $(l) $(75,000)
Delmar Company
Budget Performance Report—Manager, Western Region Plant
For the Month Ended June 30
Department Actual Budget Over Budget (Under) Budget
Chip Fabrication $(a) $(b) $(c)
Electronic Assembly 2,575,000 2,500,000 75,000
Final Assembly 1,640,000 1,700,000 $(60,000)
$(d) $(e) $(f) $(60,000)
Delmar Company
Budget Performance Report—Supervisor, Chip Fabrication
For the Month Ended June 30
Cost Actual Budget Over Budget (Under) Budget
Factory wages $1,450,000 $1,200,000 $250,000
Materials 1,575,000 1,600,000 $(25,000)
Power and light 945,000 900,000 45,000
Maintenance 330,000 300,000 30,000
$4,300,000 $4,000,000 $325,000 $(25,000)
a. = $4,300,000
b. = $4,000,000
c. = $300,000 ($325,000 - $25,000)
d. = $8,515,000 ($4,300,000 + 2,575,000 + 1,640,000)
e. = $8,200,000 ($4,000,000 + 2,500,000 + 1,700,000)
f. = $375,000 ($300,000 + 75,000)
g. = $8,515,000
h. = $8,200,000
i. = $375,000
j. = $18,890,000 ($4,200,000 + 6,175,000 + 8,515,000)
k. = $18,650,000 ($4,250,000 + 6,200,000 + 8,200,000)
l. = $375,000
In this exercise we have to use our knowledge of finance, that is, from the given budget we will have to fill in the values correctly, in this way we have that it will correspond to :
a) [tex]\$4,300,000[/tex]
b) [tex]\$4,000,000[/tex]
c) [tex]\$300,000[/tex]
d) [tex]\$8,515,000[/tex]
e) [tex]\$8,200,000[/tex]
f) [tex]\$375,000[/tex]
g) [tex]\$8,515,000[/tex]
h) [tex]\$8,200,000[/tex]
i) [tex]\$375,000[/tex]
j) [tex]\$18,890,000[/tex]
k) [tex]\$18,650,000[/tex]
l) [tex]\$375,000[/tex]
b. The creating of goods estrangement bring upon oneself $315,000 more costs than budgeted. The extra costs happen reflected fashionable the becoming larger cost of bearing light moral obligation motors fashionable the Western Region. The overall increase happen bring about by the characteristic of a region opposing views fashionable Chip lie and Electronic Assembly.
So now, taking the budget informed in the texts we find that:
| Department | Actual | Budget | Over | (Under) Budget |
|--------------------------------|--------------------|------------------|----------------|----------------|
| Chip Fabrication | 4,200,000 | 4,250,000 | | 50,000
| Electronic Assembly | 6,175,000 | 6,200,000 | | 25,000
| Final Assembly | (g) | (h) | (i) |
| Total | (j) | (k) | (l) | 75,000
Now doing the calculations of each alternative previously informed we find that:
[tex]g) $8,515,000\\h) $8,200,000\\i) $375,000\\j) ($4,200,000 + 6,175,000 + 8,515,000)= $18,890,000\\k) ($4,250,000 + 6,200,000 + 8,200,000)= $18,650,000\\l) $375,000[/tex]
So now, taking the budget informed in the texts we find that:
| Department | Actual | Budget | Over Budget | (Under) Budget |
|---------------------------|------------------|-----------------|--------------------|----------------|
| Chip Fabrication | (a) | (b) | (c) | 75,000
| ElectronAssembly | 6,175,000 | 6,200,000 | | 25,000
| Final Assembly | 1,640,000 | 1,700,000 | (60,000
| Total | (d) | (e) (f) | 60,000
Now doing the calculations of each alternative previously informed we find that:
[tex]a) $4,300,000\\b) $4,000,000\\c) ($325,000 - $25,000)=$300,000\\d)($4,300,000 + 2,575,000 + 1,640,000)= $8,515,000\\e) ($4,000,000 + 2,500,000 + 1,700,000)=$8,200,000\\f) ($300,000 + 75,000)=$375,000[/tex]
See more about finances at brainly.com/question/10024737
Testbank Multiple Choice Question 107 On August 31, a hurricane destroyed a retail location of Oriole's Clothier including the entire inventory on hand at the location. The inventory on hand as of June 30 totaled $1875000. Since June 30 until the time of the hurricane, the company made purchases of $483000 and had sales of $1464000. Assuming the rate of gross profit to selling price is 25%, what is the approximate value of the inventory that was destroyed
Answer:
$1,260,000
Explanation:
Gross profit of 25% means that every $1 of Sales require $0.75 of inventory
So, inventory used to generate sales of $1,464,000, $1,464,000*0.75 = $1,098,000
Total inventory during the period = $1,875,000 + $483,000
Total inventory during the period = $2,358,000
Remaining Inventory = $2,358,000 - $1,098,000
Remaining Inventory = $1,260,000
So, the approximate value of the inventory that was destroyed is $1,260,000
If the cost of a package of 12 hamburger buns was $2.49, what would the unit price of one hamburger bun be?
) You purchased a call option for $3.45 17 days ago. The call has a strike price of $45 and the stock is now trading for $51. If you exercise the call today, what will be your holding period return? If you do not exercise the call today and it expires, what will be your holding period return?
Answer:
73.9%-100%
Explanation:
Calculation to determine If you exercise the call today, what will be your holding period return
First step is to find the Gross profit
Using this formula
Gross profit=Strike price- Stock Trading amount
Let plug in the formula
Gross profit =$51 - 45
Gross profit= $6
Second step is to find the Net profit
Using this formula
Net profit=Gross profit-Call option
Let plug in the formula
Net profit= $6 - 3.45
Net profit= $2.55
The last step is to find the Holding period return
Using this formula
Holding period return =Net profit/Call option
Let plug in the formula
Holding period return=$2.55/$3.45
Holding period return= 0.739*100
Holding period return =73.9%
Therefore what will be your holding-period return is 73.9%
Debt-to-equity ratio is:
Question 11 options:
calculated by dividing total liabilities by net worth.
calculated by dividing monthly debt payments by net monthly income.
determined by dividing your assets by liabilities.
rarely used by creditors in determining credit worthiness.
Answer: calculated by dividing total liabilities by net worth.
Explanation:
The debt to equity ratio is used to know how credit worthy a company is. This is gotten by dividing the total liability of a company by the equity of the shareholder.
It should be noted that the debt t equity ratio isn't gotten dividing your assets by liabilities. Therefore, based on the information given above, the answer is A.
Answer:
A
Explanation:
i took the quiz
Sarjit Systems sold software to a customer for $166,000. As part of the contract, Sarjit promises to provide "free" technical support over the next six months. Sarjit sells the same software without technical support for $144,000 and a stand-alone six-month technical support contract for $36,000, so these products would sell for $180,000 if sold separately. Prepare Sarjit’s journal entry to record the sale of the software.
Answer:
Dr Cash $166,000
Cr Deferred revenue $33,200
Cr Sales revenue $132,800
Explanation:
Preparation of Sarjit’s journal entry to record the sale of the software.
Dr Cash $166,000
Cr Deferred revenue $33,200
($166,000 × 20%)
Cr Sales revenue $132,800
($166,000 × 80%
Workings:
First step is to calculate the total fair values percentage
Total fair values percentage= ($144,000 ÷ [$36,000 + $144,000])
Total fair values percentage=80%
Second step is to calculate the technical support percentage
Technical support percentage=($36,000 ÷ [$36,000 + $144,000]).
Technical support percentage=20%
Now let calculate the amount recognized and the remaining amount recognized
Recognize amount= ($166,000 × 80%)
Recognize amount=$132,800
Remaining amount recognized= ($166,000 × 20%)
Remaining amount recognized=$33,200
WILL GIVE BRAINLIEST!! (PERSONAL AND FAMILY FINANCE)
Lavonda wants to become a famous singer. She meets with an agent in New York City who tells her that he will represent her in return for 10 percent of everything she earns. Lavonda agrees, and they write down these shared expectations and demands. What type of written agreement does this describe?
A.
contract
B.
power of attorney
C.
living will
D.
insurance policy
Contract agreement this describe.
Am my answer is right?
Loren Company's single product has a selling price of $15 per unit. Last year the company reported total variable expenses of $180,000, fixed expenses of $90,000, and a net operating income of $30,000. A study by the sales manager discloses that a 15% increase in the selling price would reduce unit sales by 10%. If her proposal is adopted, net operating income would:
Answer:
If the company applies the changes, income will increase by $28,500.
Explanation:
First, we need to calculate the current number of units sold:
Sales (dollars)= net income + fixed costs + total variable cost
Sales (dollars)= 30,000 + 90,000 + 180,000
Sales (dollars)= $300,000
Number of units= 300,000 / 15= 20,000
Now, the selling price increases by 15%, and the number of units decreased by 10%:
Unitary variable cost= 180,000/20,000= $9
Selling price= 15*1.15= $17.25
Number of units sold= 20,000*0.9= 18,000
Net operating income= 18,000*(17.25 - 9) - 90,000
Net operating income= $58,500
If the company applies the changes, income will increase by $28,500.
In the first quarter of operation, the Blending Department of ChemUSA produced 50,000 barrels of Compound X and left 20,000 barrels in ending work-in-process inventory which was, on average, 55 percent completed. A total of $231,800 was incurred in that period. There was no beginning work-in-process inventory. Required: 1. Determine the amount of Compound X started in the first quarter. 2. Compute the cost of Compound X transferred to finished goods and the amount of work-in-process inventory as of the end of the first quarter.
Answer:
1. Compound X started in first quarter = 50,000 Barrels + 20,000 Barrels
Compound X started in first quarter = 70,000 Barrels.
2. Finished goods unit = 50,000
Finished goods completed % = 100%
Finished goods equivalent Units = 50,000 * 100% = 50,000
Work in process unit = 20,000
Work in process completed % = 55%
Work in process equivalent Units = 20,000*55% = 11,000
Total Equivalent Unit = 50,000 + 11,000 = 61,000
Cost per equivalent unit = $231800/61000 = $3.80
Total cost = [Finished goods equivalent Units*Cost per equivalent unit] + [Work in process equivalent Units*Cost per equivalent unit]
Total cost = 50,000*$3.80 + 11,000*$3.80
Total cost = $190,000 + $41,800
Total cost = $231,800
The price of a stock, which pays no dividends, is $30 and the strike price of a one year European call option on the stock is $25. The risk-free rate is 4% (continuously compounded). Which of the following is a lower bound for the option such that there are arbitrage opportunities if the price is below the lower bound and no arbitrage opportunities if it is above the lower bound?
A. $5.00
B. $5.98
C. $4.98
D. $3.98
E. $5.34
Answer:
B. $5.98
Explanation:
Calculation to determine the lower bound for the option
Using this formula
Lower Bound =Stock Price -Strike Price*e^(-rt)
Where,
Time years =1
Stock Price =$30
Strike Price =$25
Let Plug in the formula
Lower Bound=$30-$25*e^(-4%*1)
Lower Bound =5.98
Therefore the lower bound for the option is 5.98
The follow passage describes how a catalytic converter in a car works. The catalytic converter mostly likely was developed in response to?
A) the demand for more energy-efficient cars
B) the demand for increased car engine power
C) a need for lower-priced cars
D) a need to reduce air pollution
Answer:
Its A
Explanation:
Its A
Answer:
A
Explanation:
I did this before
Shatin Intl. has million shares, an equity cost of capital of and is expected to pay a total dividend of million each year forever. It announces that it will increase its payout to shareholders. Instead of increasing its dividend, it will keep it constant and will start repurchasing million of stock each year as well. What is your estimate of Shatin's stock price after this announcement?
Answer:
$24.7596
Explanation:
Calculation to determine What is your estimate of Shatin's stock price after this announcement
First step is to calculate the Present value (PV) using this formula
Present Value = (Dividend + Repurchases/R)
Let plug in the formula
Present Value= ($21 m + $9.9m)/0.13
Present Value= $237,692,307.6923077
Now let calculate the stock price using this formula
Stock Price = Present Value/Shares Outstanding
Let plug in the formula
Present Value= 237,692,307.6923077/9,600,000
Present Value= $24.7596
Therefore your estimate of Shatin's stock price after this announcement will be $24.7596
On January 1, 2017, Walker Sales issued $30,000 in bonds for $23,300. These are eight-year bonds with a stated rate of 11%, and pay semiannual interest. Walker Sales uses the straight-line method to amortize the bond discount. After the second interest payment on December 31, 2017, what is the bond carrying amount
Answer:
Walker Sales
The bond carrying amount on December 31, 2017 is:
= $30,838.
Explanation:
a) Data and Calculations;
Face value of bonds = $30,000
Proceeds from the bonds issue on January 1, 2017 = $23,300
Bonds discount = $6,700 ($30,000 - $23,300)
Stated interest rate = 11%
Semiannual payment = $1,650 (30,000 * 5.5%)
Semi-annual amortization of discount = $419 ($6,700/16)
June 30, 2017:
Interest expense $2,069
Cash payment 1,650
Amortization of discount = $419
Fair value of bonds = $30,419
December 31, 2017:
Interest expense $2,069
Cash payment 1,650
Amortization of discount = $419
Fair value of bonds = $30,838
Sheila decides to invest some of her money. She doesn't like to take big risks, and she wants to be able to access all of her money at all times. She also doesn't mind not earning much interest. Sheila should invest her money in a
Answer:
Debt security
Explanation:
In simple words, debt security is the ideal security for sheila in this case. Debt securities holders are considered as debtors of an organisations, in case of any default debt holders have prior claim on assets, making them more secure.
Due to low risks debt holders do not get very high return but the debt securities can be sold into share market at any time, making them highly liquid.
Best Buy trains its sales staff on Dell computers as well as on Apple computers and also on customer service etiquette. A salesperson at Best Buy speaking with a customer is an example of _______. a. noise b. mass communication c. an interpersonal marketing communication d. indirect communication
Answer:
c
Explanation:
interpersonal marketing communication is the process of exchanging information between two or more people with the aim of marketing a product. Means of communication can be verbal or non verbal.
The four types of interpersonal marketing communication
verballistening writtennon-verbal communication.The sales person is carrying out verbal interpersonal marketing communication
Kendall, who just moved into his new farm, notices his neighbor comes onto Kendall’s property every Sunday morning, goes fishing at the lake, and picks apples from Kendall’s apple tree. Kendall is aware that the neighbor has an easement to cross his property to access the lake, but the neighbor tells Kendall he can take as many apples as he wants. Is the neighbor correct?
[tex]\huge\color{purple}{\mathbb{ANSWER:}}[/tex]
No, his neighbor should ask for permission first befor coming to Kendall's property. His neighbor must know how to respect Kendall's privacy. He should know his limits.
A development right or easement granted to one party by another that provides access to and from private lands.
No, even though the easement allows the neighbor to utilize the land, he is not permitted to take anything from it.
Therefore, If the only way to get to a piece of land is to pass through your property, the law recognizes an easement that allows access over your property.
This is referred to as "comfort by necessity." When land is subject to such an easement, the landowner is not allowed to interfere with the legal rights of the neighbor.
For more information regarding an easement, refer to the link:
https://brainly.com/question/13117184
In the country of Sildavia, a market basket of goods and services cost $130 in 2003, $140 in 2004, and $160 in 2005. Based on this information and considering 2003 as the base year, the price index in 2005 was
Answer:
the price index is 114.29%
Explanation:
The computation of the price index is shown below;
= Market basket of goods and services cost in the year 2005 ÷ Market basket of goods and services cost in the year 2005
= $160 ÷ $140
= 114.29%
Hence, the price index is 114.29%
Basically we simply applied the above formula
Donaldson Company has the following accounts in its general ledger at July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2,500. During August, the following transactions occurred.
Oct. 15 Sold $30,000 of accounts receivable to Fast Factors, Inc. who assesses a 3% finance charge.
25 Made sales of $900 on Visa credit cards. The credit card service charge is 2%.
Instructions
Journalize the transactions.
Answer and Explanation:
The journal entries are shown below:
On Oct 15
cash Dr $21,000
Service charge expense Dr (3% of $30,000) $9,000
To Account receivable $30,000
(being the cash is recorded)
On Oct 25
cash Dr $882
Service charge expense Dr (2% of $900) $18
To Sales $900
(being the cash is recorded)
These two entries should be recorded
Sheffield Co. uses the gross method to record sales made on credit. On July 1, 2020, it made sales of 83,000 with terms 2/10 n/30. On July 9, 2020, Sheffield received full payment for the July 1 sale. Prepare the required journal entries for Sheffield Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Answer:
July 1
Dr r Accounts Receivable $83,000
Cr Sales Revenue $83,000
July 9
Dr Cash $81,340
Dr Sales Discount $1,660
Cr Accounts Receivable $83,000
Explanation:
Preparation of the required journal entries for Sheffield Co.
July 1
Dr r Accounts Receivable $83,000
Cr Sales Revenue $83,000
July 9
Dr Cash $81,340
[($83,000 -($83,000 *.02)]
Dr Sales Discount $1,660
($83,000-$81,340)
Cr Accounts Receivable $83,000
If Houston Company billed a client for $11,000 of consulting work completed, the accounts receivable asset increases by $11,000 and:
Complete Question:
If Houston Company billed a client for 11,000 of consulting work completed, the accounts receivable asset increases by $11,000 and:
A. Revenue decreases $11,000.
B. Cash increases $11,000.
C. Accounts payable increases $11,000.
D. Revenue increases $11,000.
E. Accounts payable decreases $11,000
Answer:
If Houston Company billed a client for 11,000 of consulting work completed, the accounts receivable asset increases by $11,000 and:
D. Revenue increases $11,000.
Explanation:
This increase in revenue increases the retained earnings (equity) of Houston Company. The result is that the accounting equation will remain in balance with assets = $11,000 and Liabilities + Equity = $11,000. This accounting equation is the basis for the double-entry system of financial accounting. Provided that transactions are correctly recorded and accurately posted to their respective accounts, the accounting equation will not go out of balance.
Ada is the maker of a note, on which Bart is secondarily liable. Credit Instruments Company is the current holder of the note. Bart will be obligated to pay the note if a. Ada defaults on the note. b. Credit Instruments breaches a transfer warranty. c. Credit Instruments presents the note for payment. d. Credit Instruments negotiates the note to Delta Collection Agency, a third party.
Answer:
a. Ada defaults on the note.
Explanation:
An agency can be defined as a mutual relationship existing between two parties, wherein a principal authorizes the agent to act as the principal's representative or on his behalf (fiduciary role) in dealing with third parties.
The parties entering into a contractual agreement are obligated to terminate an agency relationship by placing into the agreement a time period specifying the termination. Thus, when that time elapses or expires, the agency between the parties involved ends. Furthermore, the parties involved may specify the particular purpose for which the agency is established. Once that purpose is achieved, the agency is terminated or ends.
This ultimately implies that, the legal entity or secondary liability (trustee or licensee) would be held responsible for the losses, legal claims and damages incurred by its partner in an agency, whether or not the agent's actions were authorized or unauthorized by the principal.
In this scenario, Ada is the maker of a note, on which Bart is secondarily liable. Also, the current holder of the note is Credit Instruments Company.
Since Bart is secondarily liable to Ada, it will be obligated to pay for any of the notes if Ada defaults on the them.
Hence, a trustee is liable for acts or contracts entered into by an agent when he or she gives an agent either actual authority (power of attorney) or apparent authority.