Burns Medicine Shop developed a website where customers could ask the pharmacists questions and could refill prescriptions online. What statute requires Burns to have and disclose a privacy policy to anyone using the website?
A)The FTC Act
B)The Electronic Communications Privacy Act
C)The Fair Information Practices Act
D) No statutes presently require websites to have or disclose a privacy policy.

Answer: No statutes presently require websites to have or disclose a privacy policy.

Explanation:

A Privacy Policy refers to a legal document or statement which states how an organization or website collects, and processes the data of the visitors and the customers.

The FTC Act is an act regarding the unfair practices in commerce. The Electronic Communications Privacy Act was put in place so as to prevent the unauthorized access of the government to private electronic communications.

Based on the options given, there is no statute that requires Burns to have and disclose a privacy policy to anyone using the website. Therefore, the answer is D.

Susie Smith signed a note agreeing to pay "Annie Greene, Mary Hodge" $1,000. The payment was for painting her house. An issue with the note was that it spelled Annie's last name "Greene," whereas Annie spells it simply "Green." Annie and Mary had a disagreement regarding how to split up the funds for painting the house. Annie proceeded to sign the note on the back "Annie Green" and presented it to Bill Brown to satisfy a debt that she owed him. Bill Brown endorsed the note on the back and took it to the bank for payment. Mary is unhappy because she did not obtain any of the funds and stated that Annie could not legally endorse the instrument because it misspelled her name and because Mary did not sign it.

Required:
What is true regarding Mary's claim that the endorsement by Annie was illegal because the note misspelled Annie's name?

On January 1, 2018, Stoops Entertainment purchases a building for $480,000, paying $110,000 down and borrowing the remaining $370,000, signing a 9%, 10-year mortgage. Installment payments of $4,687.00 are due at the end of each month, with the first payment due on January 31, 2018.
Required:
1. Record the purchase of the building on January 1, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)
3-a. Record the first monthly mortgage payment on January 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.)
3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? (Round your answers to 2 decimal places.)

Some automobile dealerships employ a nonnegotiable or no-haggle price strategy to sell their cars. A customer who wants to buy a new or used car would pay the posted price. These dealers probably adopted this pricing policy because:______.
a. the industry was discussing the abandonment of self-regulation practices.
b. women have an intense dislike of price negotiation, yet still want to buy a car.
c. many recent immigrants into the United States were not accustomed to negotiation.
d. women distrust men in general and car salesmen in particular.

Hart Attorney at Law experienced the follwoing transactions in 2016, the first year of operations:

1. Accepted $36,000 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months.
2. Performed legal services for cash of $54,000.
3. Purchased $2,800 of office supplies on account.
4. Paid $2,400 of the amount due on accounts payable.
5. Paid a cash dividend to the stockholders of $5,000.
6. Paid cash for operating expenses of $31,000.
7. Determined that at the end of the accounting period $200 of office supplies remained on hand.
8. On December 31, Year 1, recognized the revenue that had been earned for services performed in accordance with Transaction 1.

Required:
Draw the effects of the events on the financial statements.

__________ is a concept that describes how new forms of retail outlets enter the market.
a. Early adopters.
b. Innovative entrants.
c. Wheel of retailing.
d. Retail life cycle.

Professional sales skills
how should the price quotation in your proposal be titled?
A. Investment
B. Price
C. Cost
D.Estimate

James CPA is a consulting firm. The firm uses a job order cost system in which each client represents an individual job. James traces direct labor and travel costs to each job (client). It assigns indirect costs to clients at a predetermined overhead rate based on direct labor hours.
At the beginning of the year, the managing partner prepared the following budget:
Direct labor hours (professional) 5,400 hours
Direct labor costs (professional) $ 540,000
Indirect costs: Support staff salaries $ 73,600
Office rent 59,000
Office supplies 24,000
Total expected indirect costs $ 156,600
Later that same year, in March, James served several clients. Records for two clients appear below: Oliverio McComb Direct labor cost (professional) $ 4,400 $ 3,400 Travel costs 600 200 Direct labor hours 44 hours 34 hours
Required:
Compute Jame’s predetermined overhead rate for the current year. Compute the total cost of serving the clients listed. Assume that James charges clients $210 per hour for his services. How much gross profit would he earn on each of the clients above, ignoring any difference between actual and applied overhead?

The following information is available for the XYZ Company for the month of July:
Static Budget Actual
Units 7,000 6,650
Sales revenue $60,000 $55,715
Variable manufacturing costs $15,000 $14,250
Fixed manufacturing costs $20,000 $17,000
Variable selling & administrative expense $10,000 $10,500
Fixed selling & administrative expense $15,000 $12,000
The total sales-volume variance for operating income for the month of July would be:__________

The ledger accounts of the business at June 30, 2007, are listed here in alphabetical order:
Accounts Payable $ 26,100 Notes Payable $180,000
Accounts Receivable 7,450 Notes Receivable 9,500
Animals 189,060 Props and Equipment 89,580
Cages 24,630 Retained Earnings 27,230
Capital Stock 310,000 Salaries Payable 9,750
Cash ? Tents 63,000
Costumes 31,500 Trucks&Wagons 105,840
Instructions
a. Prepare a balance sheet by using these items and computing the amount of Cash at June 30. 2007. Organize your balance sheet similar to the one illustrated in Exhibit 2-10. (After "Ac­counts Receivable." you may list the remaining assets in any order. ) Include a proper balance sheet heading.
b. Assume that late in the evening of June 30, after your balance sheet had been prepared, a fire destroyed one of the tents, which had cost $14,300. The tent was not insured. Explain what changes would be required in your June 30 balance sheet to reflect the loss of this asset.

On September 11, 2016, Home Store sells a mower for $550 cash with a one-year warranty that covers parts. Warranty expense is estimated at 7% of sales. On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $39 in materials taken from the Repair Parts Inventory.
Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty repairs. (Round your answers to 2 decimal places.)
1. Record the mower sales.
2. Record the estimated warranty expense.
3. Record the cost of warranty repairs.

Type the correct answer in the box. Spell all words correctly.
Which type of facility layout follows a set sequence?
In a ______ layout, the manufacturing process follows a set sequence, and each stage in the sequence assembles the product to its finished state.

In some cases, double-breasting appears to be a deliberate strategy designed to maximize company opportunities.

Aztec Company sells its product for $160 per unit. Its actual and budgeted sales follow.

Units Dollars
April (actual) 5,000 $800,000
May (actual) 2,400 384,000
June (budgeted) 5,500 880,000
July (budgeted) 4,500 879,000
August (budgeted) 3,600 576,000

All sales are on credit. Recent experience shows that 26% of credit sales is collected in the month of the sale, 44% in the month after the sale, 26% in the second month after the sale, and 4% proves to be uncollectible. The product’s purchase price is $110 per unit. 60% of purchases made in a month is paid in that month and the other 40% is paid in the next month. The company has a policy to maintain an ending monthly inventory of 24% of the next month’s unit sales plus a safety stock of 95 units. The April 30 and May 31 actual inventory levels are consistent with this policy. Selling and administrative expenses for the year are $1,440,000 and are paid evenly throughout the year in cash. The company’s minimum cash balance at month-end is $110,000. This minimum is maintained, if necessary, by borrowing cash from the bank. If the balance exceeds $110,000, the company repays as much of the loan as it can without going below the minimum. This type of loan carries an annual 11% interest rate. On May 31, the loan balance is $44,500, and the company’s cash balance is $110,000.

Required:
a. Prepare a schedule that shows the computation of cash collections of its credit sales (accounts receivable) in each of the months of June and July.
b. Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month.

Concord Company had bonds outstanding with a face value of $325,000. On April 30, 2017, when these bonds had an unamortized discount of $15,000, they were called in at 104. To pay for these bonds, Concord had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 102 (face value $325,000).
Required:
Compute the gain or loss.

When John asked Melanie to babysit Saturday night, he told her that he would pay $7 per hour. She accepted and did the work but has not yet received the money. What type of contract was this

Harbor Wheel Company manufactures two tractor wheels: the Ultimate which sells for $1,600 and the Standard, which sells for $1,300. The company currently uses traditional costing and assigns overhead on the basis of direct labor hours (DLH). Total estimated overhead was $7,600,000 and estimated total direct labor hours were 200,000. Management is considering using actity-based costing to compare overhead allocations before making a final decision.
Current Traditional Costing:
Ultimate Standard
Direct materials per wheel $700 $420
Direct labor cost per wheel $120 $100
Direct labor hours per wheel 6 5
Total units produced 25,000 10,000
Activity-Based Costing:
Activity Cost Cost Estimated Expected Use Ultimate Standard
Pools Drivers Overhead of Cost Drivers
Purchasing purchase orders $1,200,000 40,000 17,000 23,000
Machine setups machine setups 900,000 18,000 5,000 13,000
Machining machine hours 4,800,000 120,000 75,000 45,000
Quality Control inspections 700,000 28,000 11,000 17,000
$7,600,000
INSTRUCTIONS:
Using the information above, match each item with the correct answer. Hint: Each item has only one correct answer. Overhead applied to a single Ultimate wheel using traditional costing:
Overhead applied to a single Ultimate wheel using traditional costing:
Total manufacturing cost of the Standard wheel using traditional costing:
Activity-based overhead rate for Quality Control:
Machining overhead applied to the Standard wheel using activity-based costing:
Total manufacturing overhead applied to each Ultimate wheel using activity-based costing:

Ok, break it down for me boss
How do you create a budget. And how do you manage it.

Splish Brothers Inc. gathered the following reconciling information in preparing its August bank reconciliation:______.
Cash balance per books, 8/31 $33600 Deposits in transit 1400 Notes receivable and interest collected by bank 8200 Bank charge for check printing 190 Outstanding checks 19200 NSF check 1630
The adjusted cash balance per books on August 31 is:_______.
a. $38580.
b. $22040.
c. $23580
d. $39980.

Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions) for 2020 are presented below.

End of Year Beginning of Year
Cash and cash equivalents $750 $81
Accounts receivable (net) 2,060 1,810
Inventory 880 830
Other current assets 570 429
Total current assets $4,260 $3,150
Total current liabilities $2,060 $1,610

For the year, net credit sales were $8,258 million, cost of goods sold was $5,328 million, and net cash provided by operating activities was $1,251 million.

Required:
Compute the current ratio, current cash debt coverage, accounts receivable turnover, average collection period, inventory turnover, and days in inventory at the end of the current year.

Legacy issues $660,000 of 5.5%, four-year bonds dated January 1, 2018, that pay interest semiannually on June 30 and December 31. They are issued at $648,412, and their market rate is 6% at the issue date.

Required:
Determine the total bond interest expense to be recognized over the bonds' life.

The project is slightly behind schedule. Things would be worse, except for the fact that the project manager makes daily follow-up calls to each of the team leaders to remind them of his expectations and to receive updates on their progress. Without this level of involvement, deadlines were missed and the project manager believed the project success was in jeopardy. Having to constantly push the team to perform is an example of a lack of:___________
A. Management support
B. Project continuity
C. Team buy-in
D. Team accord

On May 27, Hydro Clothing Inc. reacquired 65,000 shares of its common stock at $6 per share. On August 3, Hydro Clothing sold 48,000 of the reacquired shares at $9 per share. On November 14, Hydro Clothing sold the remaining shares at $5 per share.
Journalize the transactions of May 27, August 3, and November 14.

Teal Mountain Industries produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is 0.3 pounds and 0.1 pounds, respectively. The purchase price is $2 per pound, but a 2% discount is usually taken. Freight costs are $0.10 per pound, and receiving and handling costs are $0.07 per pound. The hourly wage rate is $12.00.00 per hour, but a raise which will average $0.30 will go into effect soon. Payroll taxes are $1.20 per hour, and fringe benefits average $2.40 per hour. Standard production time is 2.5 hour per unit, and the allowance for rest periods and setup is 0.1 hours and 0.2 hours, respectively. The standard direct materials price per pound is:______.

Jeff Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred: Jackson invested $43,000 cash in the business in exchange for common stock. Jackson contributed $118,000 of equipment to the business. The company paid $3,800 cash to rent office space for the month of March. The company received $34,000 cash for repair services provided during March. The company paid $8,000 for salaries for the month of March. The company provided $4,800 of services to customers on account. The company paid cash of $2,300 for utilities for the month of March. The company received $4,900 cash in advance from a customer for repair services to be provided in April. The company paid $6,800 in cash dividends. Based on this information, net income for March would be:

Peter Parker, CEO at Spdey Enterprises, finds his profits at $8,000,000 inadequate for his Web-Slinger business. His production manager, Mary Jane Watson, is insisting on an improved profit picture prior to an approval of a loan for new web-shooter manufacturing equipment. Mary Jane suggests to improve the profit line to $14,000,000 so Peter can obtain the necessary loan. The company's sales currently stands at $40,000,000 per year, its Cost of Supply Chain Purchases is $16,000,000 per year, its production costs are $10,000,000 per year, and it has fixed costs of $6,000,000 per year.
Mr. Parker has commissioned you to use a Sales Strategy and figure out the percentage improvement in Sales to achieve the desired profit? If successful, he will give you one of his brand new web-shooters right off the production line.
a. 14.29% increase in sales.
b. 57.14% increase in sales.
c. 42.86% increase in sales.
d. 71.43% increase in sales.
e. 28.57% increase in sales.

Original Auto Parts has the following estimated sales. Purchases are equal to 70 percent of the following quarter's sales. The accounts payable period is 60 days.
Sales
q1-15900
q2-16800
q3-17500
q4-16400
Assume there are 30 days in each month. How much will the firm owe its suppliers at the end of the quarter :__________
a) $3,718
b) $3,967
c) $5,502
d) $7,653
e) $8,933

The following information is available for Ethtridge Manufacturing Company for the month ending July 31:

Cost of direct materials used in production $1,150,000
Direct labor 966,000
Work in process inventory, July 1 316,400
Work in process inventory, July 31 355,500
Total factory overhead 490,500

Required:
Determine Ethtridge's cost of goods manufactured for the month ended July 31.

The following information is available for Zetrov Company. The cash budget for March shows an ending bank loan of $19,000 and an ending cash balance of $59,700. The sales budget for March indicates sales of $138,000. Accounts receivable are expected to be 70% of the current-month sales. The merchandise purchases budget indicates that $90,800 in merchandise will be purchased on account in March. Purchases on account are paid 100% in the month following the purchase. Ending inventory for March is predicted to be 780 units at a cost of $35 each. The budgeted income statement for March shows net income of $49,800. Depreciation expense of $2,800 and $27,800 in income tax expense were used in computing net income for March. Accrued taxes will be paid in April. The balance sheet for February shows equipment of $82,200 with accumulated depreciation of $31,800, common stock of $34,000, and ending retained earnings of $9,800. There are no changes budgeted in the equipment or common stock accounts.
Prepare a budgeted balance sheet for March.

Because of local practices and competitive benchmarking, a company chooses a polycentric pricing strategy, and, in the foreign market, sets a product price that is significantly lower than what it charges domestically. Which of the following is a significant risk of choosing such a strategy?
i. Creation of gray markets, or arbitrage opportunities
ii. Lowering of profit margins
iii. Violation of dumping rules
iv. Consumer confusion
a. i and ii
b. ii and iii
c. i, ii, and iii
d. i and iv

RKJ Company has provided the following: 100,000 shares of $5 par value common stock are authorized 66,000 shares were issued 61,000 shares are outstanding. Which of the following statements is correct based only on the above facts?
A) Additional-paid in capital is reported at $112,000 on the balance sheet.
B) Treasury stock is reported at $35,000 on the balance sheet.
C) Common stock is reported at $462,000 on the balance sheet.
D) Common stock is reported at $330,000 on the balance sheet.