Businesses often maintain records about vendors' pricing, delivery terms, and credit policies and use the information in the records to: award purchasing contracts.
What are purchasing contracts?Purchase contracts, also known as procurement contracts, are agreements between buyers and sellers that create a binding legal connection and provide protection for both parties during the whole procurement process. The following factors must be present for a contract to be legitimate and recognized by the common law: offer, acceptance, consideration, intention to establish a legal relationship, power and competence, and certainty. A contract is not legally enforceable and cannot be enforced by the courts if it lacks these components. By safeguarding both the buyer and the seller, a strong procurement contract strengthens commercial ties. By including all previously agreed-upon information, such as the standard of the supplies to be utilized, the specifications of the services to be rendered, the deadlines, charges, and costs, etc.To learn more about purchasing contracts refer to:
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the term for individual state laws (vary by state) that provides legal recourse or some form of remedy to consumers when a product does not meet basic quality and performance standards.
Short Term Consumer Credit is the term for individual state laws (vary by state) that provides legal recourse or some form of remedy to consumers when a product does not meet basic quality and performance standards.
What are the short-term financial objectives?
Budgeting, debt repayment, and the establishment of an emergency fund should all be included in your short-term objectives.
You may learn how to budget with the help of several different free web programs. It's crucial to begin considering ways to pay down your debt as soon as you've established a budget.
What kind of objective is a short-term financial objective?
What you wish to do with your money over the next few months or years is what are known as short-term financial goals. The creation of a budget, the launch of an emergency fund, and debt repayment are some essential short-term objectives.
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the jurisdiction, the building type, the occupancy classification, and who owns and operates the building will determine which accessibility requirements apply to a project
True: The jurisdiction, the building type, the occupancy classification, and who owns and operates the building will determine which accessibility requirements apply to a project.
Buildings and structures of an accessory character, as well as miscellaneous structures not classified in any specific occupancy, must be built, equipped, and maintained to meet the requirements of this code in proportion to the fire and life hazard associated with their occupancy. Hence, the given statement seems correct.
When the correct occupancy classification is chosen, the building's components and features are designed to provide a reasonable level of protection to the building and its occupants. Many different fire and life safety features are required based on the occupancy classification. These specifications reflect the distinct and expected characteristics of the anticipated occupants of that space, such as self-preservation ability, familiarity with the space, age, and alertness.
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over the last few years, an organization has brought up the need to replace old systems. while the organization has made these old systems function with various workarounds, custom middleware applications, and other methods to make up for their shortcomings, it has become increasingly apparent that they need to be replaced soon. which of the following security concerns does the company face if they continue to use the outdated systems?
An company has raised the necessity to replace outdated systems function over the past few years. Due to the systems' age, security updates cannot be installed because they run on out-of-date, unsupported OSs.
Computers using out-of-date operating systems are three times more likely to be subject to data breaches, according to BitSight research. The security patches also stop updating when your OS does, leaving your system vulnerable to malware, ransomware, and data breaches.
Because of this, obsolete software could not be resistant to a modern cyberattack. Therefore, if your outdated software uses, stores, or applies data, that data is put at danger. Your systems will be more susceptible to malware, data breaches, and ransomware assaults.
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karen's washing machine broke, so she's conducting a search on to find a new one. she sees a number of search ads for washing machines in the results.
Karen is looking for a new washing machine after her old one broke. In the search results, she observes several adverts for washing machines. Ad relevance and Advertiser bid determines all the ads that Karen sees.
The correct options are d and e.
Based on the favourable and unfavourable comments we anticipate an advertisement will receive from its intended audience, relevance score is determined. The relevance score of an advertisement will be greater the more favourable interactions we anticipate it will receive.
A bid is the most money an advertiser will spend on each click on an advertising in the field of sponsored search marketing. In procurement, there are two types of bids: open or competitive bids and closed or noncompetitive bids.
The given question is incomplete. The complete question is:
Karen’s washing machine broke, so she’s conducting a search on Goo-gle to find a new one. She sees a number of Goo-gle Search Ads for washing machines in the results. Which of the following make up some of the parameters that the Goo-gle Search Ads auction uses to determine what ads Karen sees? (Choose two.) Select All Correct Responses
a. Advertiser campaign count
b. Size of ad group
c. Campaign type
d. Ad relevance
e. Advertiser bid
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If a country has the comparative advantage in producing a product, then that country must also have the absolute advantage in producing that product.
Truefalse
A nation cannot have a competitive edge in all types of goods. A nation, however, may have a definite edge in all things.
What biology makes up the product?In general, biological products are huge, complex molecules and fall under a broad range of goods. These products are frequently more challenging to define than small molecule medications and may be created by biotechnology in a complex cell, such as a bacterium, plant tissues, or animal cell.
What is a sample of a product class?A group of products that are interchangeable or comparable to one another is referred to as a product class. The group is either seen as narrow or broad depending on how readily the various things can be swapped. For instance, a given product category among breakfast meats
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for a physics class containing 11 students, the maximum point total for the quarter was 200. the point totals for the 11 students are given in the stemplot below.
The maximum print score for the quarter was 200 points and applied to 10 students. Now. The 10 point totals. Students are offered in the stem plot that is presented here.
What coin is a quarter?
The quarter is the 25-cent coin used in the US. The obverse (heads) of the quarter features George Washington, who served as our nation's first president. Since 1932, the 200th anniversary of his birth, he has been featured on the quarter. Washington's right-facing portrait was created in 2022. On a company's financial calendar, a quarter is a three-month period that serves as the foundation for recurring financial reports and dividend payments. An acronym for a quarter, which stands for one-fourth of a year, is Q1 for the first quarter, Q2 for the second quarter, and so on.
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The difference between ______ costs and ______ costs determines how and when the cost will be matched up against revenue on the income statement.
The manner and timing of the cost matching up against revenue on the income statement are determined by the difference between period costs and product costs.
What are period costs and product costs?
Product costs are the direct expenses incurred during a product's production. For instance, a manufacturer would incur costs for the following products:
Actual workBasic componentsSupplies for manufacturing.Expenses that are directly related to the place of manufacturing, such electricity. The costs associated with bringing a product to market for a retailer would also include any supplies purchased from a supplier. In essence, any expenses made during the acquisition or production of a product are regarded as product costs.
Period costs are all costs that are not included in product costs. Period costs are not a direct result of the manufacturing process. Period costs include administrative, general, and sales (SG&A) expenses. SG&A costs cover expenses for the corporate office, sales, marketing, and general administration.
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a plaintiff sued a defendant for assault after a late-night barroom brawl. at trial, the plaintiff planned to call several bar patrons who had been present on the night in question to testify to the circumstances of the alleged assault. the trial judge ordered all witnesses excluded from the courtroom during the trial except for the parties. the trial judge then ordered the plaintiff to testify first during his case-in-chief and to relate his version of events before hearing the testimony of other eyewitnesses. the plaintiff has objected to the order requiring him to testify first.
In general, in order for evidence to be admitted, it must be relevant. Evidence is significant if I it tends to increase or decrease the likelihood of a fact relative to what it would be in the absence of the evidence (i.e., is probative), and (ii) the fact is important in selecting the course of action (i.e., material). The defendant is accused of assault in this instance.
Who is a Defendant?
A person who is being tried in court on charges of breaching the law is known as a defendant. Synonyms include defendant, plaintiff, and litigant. More alternatives for defendant.
the person who files a lawsuit in civil court. While claimant has taken the place of plaintiff in England and Wales (since 1998), plaintiff is still commonly used in Ireland, Northern Ireland, and the majority of other common law jurisdictions. The word "pursuer" is used in Scotland.
The Anglo-French term pleintif, which means "complaining," is the root of the word plaintiff, which dates back to 1278. Initially equivalent to "plaintive," it entered legal usage in the 15th century with the addition of the suffix "-iff." A plaintiff in a class action who is specifically named is referred to as a named plaintiff.
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(Table) If Germany decided to produce skirts, what is Germany's opportunity cost of producing skirts ?Sweaters SkirtsGermany 6 2Gresee 4 200:5 sweater© 2 sweatersCO I sweater© 025 sweater
If Germany decided to produce skirts, Germany's opportunity cost of producing skirts is 0.5 skirts.
The opportunity cost of a chosen alternative is the net benefit of sacrificing or giving up the best alternative. In the aforementioned case, Germany's opportunity cost for producing skirts is the net benefit that could have been realized by employing the same resources to produce another good or service.
A firm's costs can be divided into two categories: economic costs and accounting costs. Accounting costs only evaluate explicit costs, but economic costs incorporate both explicit and implicit costs. The opportunity cost of producing skirts in Germany is 6/12=0.5 sweaters.
The value of what you lose while deciding between two or more possibilities is known as opportunity cost.
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when a sales discount is taken, a customer pays less cash than the invoice amount previously recorded in the sales account. T/F
True , when a sales discount is taken, a customer pays less cash than the invoice amount previously recorded in the sales account.
What is sales discount ?
An organization may offer a product or service at a lower price as a sales discount. How to add discounts to invoices should be learned.
Customers of a business receive a discounted price on one or more of the goods or services being supplied when they take advantage of a sales discount, sometimes known as simply a "discount."
Is a discount on sales a cost?
The company's net sales are calculated by subtracting sales discounts from gross sales together with sales returns and allowances.
Sales Discounts is a contra revenue account as a result in the general ledger. The expense of sales discounts is not disclosed.
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which of the following statements is true of the authorities that set the minimum wage in the united states?
The concept is Minimum wage, it is the lowest wage permitted by law or by a special agreement. The federal government.
The minimum wage is set by the federal government, but some states may set a higher rate. The minimum wage has been defined as "the minimum wage which an employer must pay employees for work performed during a specified period and which cannot be reduced by collective or individual agreement".
By raising the incomes of low-wage workers, a higher minimum wage would lift the incomes of some households above the poverty line, thereby reducing the number of people living in poverty.
Some studies indicate that the minimum wage brings significant benefits to workers; others conclude that it is harmful. Nevertheless, there seems to be a growing consensus that a moderate minimum wage negatively impacts employment.
The question should be:
Which authority sets the minimum wage in the United states?
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based on these data, which statement reflects what you might tell your students about the correlation between wages and educational requirements in green occupations?
The statement that reflects the correlation between wages and educational requirements is that "In general, higher-paying green jobs necessitate a higher level of education".
The independent variable was education, while the dependent variable was wages. The Regression Analysis was carried out using the Microsoft Excel Data Analysis tool. The obtained results revealed little or no relationship between the two variables. The report concludes with the findings and recommendations. According to some studies, green jobs require more advanced skills than non-green jobs. To acquire higher-paying green jobs, higher level of education is necessary.
Because correlation coefficients are unit-free, they can be directly compared between studies. Correlational research seeks to determine whether changes in one variable are related to changes in other variables. You investigate whether high school standardized test scores are related to academic grades in college.
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One way to select the input screen for interest income reported on Form 1099-INT is for the Tax Professional to: Select Add Forms and Schedules and choose the Income tab, and then check the box for other income. Choose the Info Docs tab on the Add Forms and Schedules screen, and then select Yes from the dropdown field for interest income. Type "1099" in the first field on the Common tab of the Add Forms and Schedules screen. Choose Yes or type "1" next to the Interest field on the Common tab on the Add Forms and Schedules screen.
Your tax return's "taxable interest" line must be filled out if you receive a Form 1099-INT; the amount listed in Box 1 must be included. You must include any tax-exempt interest on the "tax-exempt interest" line of your tax return, as it is indicated in Box 8 of the 1099-INT.
How do I enter a 1099-INT from the IRS?Most interest income payments must be recorded on tax form 1099-INT by the payer or entity receiving them, according to the Internal Revenue Service. Banks, other financial institutions, and governmental organizations are the most typical candidates. Even though you might not owe income tax on the interest that a 1099-INT reports, you could still need to include it in your return.Required 1099-INT filings
It is not necessary to include copies of the 1099-INT forms you get with your tax return, but you must submit the data on the forms to the IRS. This is due to the fact that any financial institution, bank, and other organization that gives you interest payments totaling at least $10 each year must:Assemble a 1099-INT, mail you a copy by January 31 and submit a copy to the IRS.The amount on the form is compared to what you submit on your tax return by the IRS using the data on the 1099-INT.To Learn more About taxable interest refer To:
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Your tax return's "taxable interest" line must be filled out if you receive a Form 1099-INT; the amount listed in Box 1 must be included.
How do I enter a 1099-INT from the IRS?Most interest income payments must be recorded on tax form 1099-INT by the payer or entity receiving them, according to the Internal Revenue Service.Banks, other financial institutions, and governmental organizations are the most typical candidates.Even though you might not owe income tax on the interest that a 1099-INT reports, you could still need to include it in your return.Required 1099-INT filingsIt is not necessary to include copies of the 1099-INT forms you get with your tax return, but you must submit the data on the forms to the IRS. This is due to the fact that any financial institution, bank, and other organization that gives you interest payments totaling at least $10 each year must.To learn more about taxable interest refer to:
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bill's bank chooses to hold 100 percent of deposits as reserves. if a customer withdraws $5,000 from his checking account, the bank's deposits will by $5,000, while its reserves will _____.
Bill's bank decides to hold all deposits in its possession as reserves. If a customer takes $5,000 out of his checking account, the bank's reserves and deposits both decrease by $5,000.
Banks are restricted in how much of each dollar deposited they can lend out due to increased reserve requirements, which force banks to retain larger reserves. As a result, a rise in reserve requirements increases the reserve ratio, decreases the money multiplier, and reduces the amount of money in circulation. Banks have less money accessible to them when RBI raises the CRR because they have to maintain more of their cash on hand at RBI. Thus, an increase in CRR results in higher interest rates on loans made by banks.
Banks do not maintain 100% reserves because it is more lucrative to use the funds for loans that yield interest rather than holding them in reserves that pay no interest. The amount of reserves that banks retain is correlated with the amount of money that is produced by the banking system via the money multiplier.
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fill in the blank: resources in a design system contain helpful tools like to help designers build designs quickly and learn how to use elements effectively.
The primary focus for a designer being part of such a team should not be to design components on their own; it should be to guide and support others, collaborating and networking, building the system together.
A design system lets you build more products without exponentially increasing your team. This works by centralizing design and UI decisions and alignment. The issue when scaling to more or bigger products with multiple teams is not technological but human. Audit the existing product. Go through your product and review all of its various front-end design elements. Define your design language. Build a pattern library of common design elements. Document guidelines on how and when to use design elements. A design system is a complete set of standards intended to manage design at scale using reusable components and patterns. One benefit of a design system is built-in consistency through a single source of truth with tried and tested components that can be applied to any project.
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The conceptual framework indicates the desired fundamental and enhancing qualitative characteristics of accounting information. Several constraints impede achieving these desired characteristics. Answer each of the following questions related to these characteristics and constraints. 1 Which component would allow a large company to record the purchase of a $120 printer as an expense rather than capitalizing the printer as an asset? Donald Kirk, former chairman of the FASB, once noted that there must be public confidence that the standard-setting system is credible that selection of board members is based on merit and not the influence of special interests ...Which characteristic is implicit in Mr. Kirk's statement? 2 3 3 Allied Appliances, Inc., changed its revenue recognition policies. Which characteristic is jeopardized by this change? National Bancorp, a publicly traded company, files quarterly and annual 4 financial statements with the SEC. Which characteristic is relevant to the timing of these periodic filings? 5 In general, relevant information possesses which qualities? When there is agreement between a measure or description and the 6. phenomenon it purports to represent information possesses which characteristic? Jeff Brown is evaluating two companies for future investment potential Jeffs task is made easier because both companies use the same 7 accounting methods when preparing their financial statements. Which characteristic does the information Jeff will be using possess? A company should disclose information only if the perceived benefits of the 8 disclosure exceed the costs of providing the information. Which constraint does this statement describe? 7
Materiality would allow a large company to record the purchase of a $120 printer as an expense rather than capitalizing the printer as an asset.
In accounting, the term "materiality concept" refers to the idea that each and every important item needs to be accurately disclosed in the financial statements. Material elements are those that significantly alter how business information users make decisions and whose inclusion or deletion has a major impact on those decisions. A $20 wastebasket purchased by a firm and expensed in the same year rather than amortized over its 10-year useful life is a typical illustration of the materiality idea. The matching principle tells you to classify the trash can as an asset and then report a depreciation charge of $2 year for ten years. In auditing, "materiality" refers to more than simply a numerical value; it also refers to the impact that value will have in a variety of situations.
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Which component would allow a large company to record the purchase of a $120 printer as an expense rather than capitalizing the printer as an asset?
jose goes to an all-you-can-eat buffet at a chinese restaurant and consumes three plates of food. he does not go back for a fourth plate of food because: group of answer choices the marginal utility of the fourth plate would be negative. his total utility would increase with the fourth plate of food. the price of the fourth plate is too high. he has reached the point of increasing marginal utility.
A marginal utility of zero or less can be said for the fourth plate. Reason: The cause is the law of diminishing significance .
What does the minor significance mean?
Anything that is considered marginal is small or not particularly important. A modest improvement over October, this. Synonyms for significant: negligible, small, low, and insignificant More phrases for the adjective marginal.
Use the term marginal to describe something that is bare minimal or just about adequate. If you prepare lemonade, set up a stall on the corner, and only manage to sell a few glasses, your profits will be pitiful.
When you consider something minimally, you consider how much you would appreciate it if it were added. Sunk costs, as they are also known, are disregarded.
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a store sells self serve frozen yougurt sundaes. the funtionc c(w) represents the cost, in dollars, of a sundae weigint w ounces. an appropriate domin for the function is
The correct option D. non-negative rational numbers, is the suitable domain for this function C(w) represents the cost of a sundae.
Define the term domain of function?The collection of all potential inputs for a function is its domain.
The given data:
Self-serve frozen yogurt that weighs in at eight ounces is sold in a store.The cost is represented by the function C(w), in dollars.The yogurt that is being measured can be done so in grams, kilograms, ounces, etc.Since quantity has always been a positive number, the proportion of yogurt cannot be negative. Therefore, a negative number cannot exist.
The definition of quantity is the amount of any kind of thing.Every time, the quantity is a positive number. No number can have a negative value.The quantity is calculated in ounces in this instance, making it a positive number.Any material's amount can be either a natural number or a positive rational number.Therefore, non-negative rational numbers constitute the domain for such function C(w).
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The complete question is-
A store sells self-serve frozen yogurt sundaes the function C(w) represents the cost, in dollars, of a sundae weighing w ounces. An appropriate domain for the function would be
A. Integers
B. Rational numbers
C. nonnegative integers
D. non-negative rational numbers
Visualize an average U.S. manufacturing company, and think about its income statement.
Statement 1: It reports only a firm’s cash revenues and cash expenses, so that a firm’s cash profit or loss can be identified.
Statement 2: Generally the first item reported in the statement is the firm’s Net sales, while the last reported item is its Net income.
Statement 3: Among the expenses that are reported on an income statement are the costs of manufacturing and selling the firm’s goods, its general and administrative costs, and its depreciation and amortization expenses, and taxes.
Statement 4: Its purpose is to describe the firm’s financial performance—including its assets and the methods used to finance its operations.
Statement 5: Its data applies to a specific date in the firm’s operating year.
Which of the following selections relating to these statements is true?
a. Statements 1, 2, 3 and 5 are correct. b. Statements 3 and 5 are correct. c. Statements 2 and 3 are correct. d. Statements 1, 2, 3 and 4 are correct.
Visualize an average U.S. manufacturing company, and think about its income statement, Statements 1, 2, 3 and 5 are correct i.e. Option A
A income statement is one of the three significant budget summaries utilized for revealing an organization's monetary execution over a particular bookkeeping period. The other two key assertions are the monetary record and the income articulation.
The pay proclamation centers around the income, costs, gains, and misfortunes of an organization during a specific period. Otherwise called the profit and loss (P&L) explanation or the assertion of income and cost, a pay proclamation gives significant experiences into an organization's tasks, the productivity of its administration, failing to meet expectations areas, and its presentation comparative with industry peers.
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which of the following terms refers to a personal assessment of the net worth a consumer obtains from an activity?
Executives at headquarters are in charge of corporate-level strategy; Business strategies are the responsibility of divisional managers.
Who in an organization is in charge of strategic management?
The CEO is in charge of the strategic planning process and is in command of it. They frequently play the role of the visionary, hoping to present the options available for the future and obtain board approval.
Which division is in charge of strategy?
As a coordinating body, a corporate strategy department creates and implements strategies that advance the company's overall objectives while also meeting the needs of individual departments.
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gabi gram started the gram company, a new business that began operations on may 1. the gram company completed the following transactions during its first month of operations.
An income statement, also known as a profit and loss account, is one of a company's financial statements and displays the company's receipts and outlays for a specific time period.
What is Income Statement?An income statement, also known as a profit and loss account, is one of a company's financial statements and displays the company's receipts and outlays for a specific time period. It details the conversion of revenues into net income or net profit. A company's sales, costs, and profitability over time are displayed on an income statement. It may also go by the names profit-and-loss (P&L) or earnings statement. It displays your: revenue from the sale of goods or services; expenses incurred in generating revenue; and management of your business.The final total for each account is determined in the general ledger as follows:
Cash Account
Date Account Titles Debit Credit
May 1 Common Stock $40,000
May 1 Rent Expense $2,200
May 5 Cleaning Services Expense $750
May 8 Consulting Fees $5,400
May 15 Salaries Expense $750
May 20 Accounts Receivable $2,500
May 25 Accounts Receivable $3,200
May 26 Accounts Payable $1,890
May 28 Salaries Expense $750
May 30 Telephone Expense $300
May 30 Utilities $280
May 31 Dividends $1,400
May 31 Balance $42,780
Totals $51,100 $51,100
Accounts Receivable
Date Account Titles Debit Credit
May 12 Consulting Fees $2,500
May 20 Cash $2,500
May 22 Consulting Fees $3,200
May 25 Cash $3,200
Totals $5,700 $5,700
Equipment
Date Account Titles Debit Credit
May 3 Accounts Payable $1,890
May 27 Accounts Payable 80
May 31 Balance $1,970
Totals $1,970 $1,970
Common Stock
Date Account Titles Debit Credit
May 1 Cash $40,000
Accounts Payable
Date Account Titles Debit Credit
May 3 Equipment $1,890
May 26 Cash $1,890
May 27 Equipment $80
May 31 Balance $80
Totals $1,970 $1,970
Consulting Fees
Date Account Titles Debit Credit
May 8 Cash $5,400
May 12 Accounts Receivable $2,500
May 22 Accounts Receivable 3,200
May 31 Balance $11,100
Totals $11,100 $11,100
Rent Expense
Date Account Titles Debit Credit
May 1 Cash $2,200
Cleaning Services Expenses
Date Account Titles Debit Credit
May 5 Cash $750
Wages Expense
Date Account Titles Debit Credit
May 15 Cash $750
May 28 Cash $750
May 31 Balance $1,500
Totals $1,500 $1,500
Telephone Expenses
Date Account Titles Debit Credit
May 30 Cash $300
Utilities Expense
Date Account Titles Debit Credit
May 30 Cash $280
Dividends
Date Account Titles Debit Credit
May 31 Cash $1,400
a.2. The determination that the equation is in balance is established through the Trial Balance as follows:
Date Account Titles Debit Credit
Cash $42,780
Common stock $40,000
Equipment $1,970
Accounts payable $80
Consulting fees $11,100
Rent expense $2,200
Cleaning expenses $750
Wages expense $1,500
Telephone expense $300
Utilities expense $280
Dividends $1,400
Totals $51,180 $51,180
b. The preparation of the income statement is as follows:
The Gram Co.
Income Statement
For the month ended May 31
Service revenue $11,100
Expenses:
Rent expense $2,200
Cleaning expenses $750
Wages expense $1,500
Telephone expense $300
Utilities expense $280 ($5,030)
Net income $6,070
c. The preparation of the statement of owner's equity is as follows:
The Gram Co.
Statement of Owner's Equity
As of May 31
Common stocks issued $40,000
Net income $6,070
Dividends ($1,400)
Ending balance $44,670
d. The preparation of the Balance Sheet is as follows:
The Gram Co.
Balance Sheet
As of May 31
Assets:
Cash $42,780
Equipment $1,970
Total assets $44,750
Liabilities and equity:
Accounts payable $80
Equity:
Common stock $40,000
Retained earnings $4,670
Total equity $44,670
Total liabilities and
owner's equity $44,750
e. The preparation of the Statement of Cash Flows is as follows:
The Gram Co.
Statement of Cash Flows
Operating activities:
Net income $6,070
Increase in accounts payable $80
Net operating cash $6,150
Investing activities:
Purchase of equipment ($1,970)
Financing activities:
Common stocks issued $40,000
Dividends paid ($1,400)
Net financing cash $38,600
Net cash flows $42,780
Reconciliation:
Beginning cash balance $0
Net cash flows $42,780
Ending cash balance $42,780
Data Analysis:
May 1 Cash $40,000 Common Stock $40,000
May 1 Rent Expense $2,200 Cash $2,200
May 3 Equipment $1,890 Accounts Payable $1,890
May 5 Cleaning Services Expense $750 Cash $750
May 8 Cash $5,400 Consulting Fees $5,400
May 12 Accounts Receivable $2,500 Consulting Fees $2,500
May 15 Salaries Expense $750 Cash $750
May 20 Cash $2,500 Accounts Receivable $2,500
May 22 Accounts Receivable $3,200 Consulting Fees $3,200
May 25 Cash $3,200 Accounts Receivable $3,200
May 26 Accounts Payable $1,890 Cash $1,890
May 27 Equipment $80 Accounts Payable $80
May 28 Salaries Expense $750 Cash $750
May 30 Utilities (Telephone) $300 Cash $300
May 30 Utilities $280 Cash $280
May 31 Dividends $1,400 Cash $1,400
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job 5 was started in may, and the following costs were assigned to it in may: direct materials, $6,000; direct labor, $1,800; and applied overhead, $900. job 5 was finished in june. job 6 and job 7 were started in june; job 6 was finished in june, and job 7 is to be completed in july. overhead cost is applied with a predetermined rate based on direct labor cost. the predetermined overhead rate did not change across these months.
Accounting that tracks costs and receipts by "job" and facilitates uniform reporting of profitability by work is known as "job costing."
An accounting system must enable the assignment of job numbers to specific expenditures and revenue items in order to support job costing.
The job costing approach is typically used in businesses like printing presses, vehicle repair shops, shipyards, foundries, and other comparable manufacturing facilities that produce products according to the specifications of customers. The cost of manufacturing each product is calculated using the job order technique of pricing. This costing method is typically used when the producer has to determine the cost for performing a specific task while producing a number of items that differ from one another.
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Please answer the question posted in the image below:
Product assessment is the process of determining if a manufactured good is suitable and safe for use by consumers and whether it complies with applicable requirements.
What is Product assessment?Product evaluation is a methodical procedure that involves determining whether a product is suitable for consumers or a specific audience. The balance between product quality and quantity should be taken into consideration when evaluating products.
This is crucial because it enables sellers to comprehend the efforts they must take to raise product quality while maintaining client accessibility. An evaluation of a product must be created from scratch, which takes time and effort.
A product evaluation template is a document with all the data and inquiries required to evaluate your product. To make sure the product is being manufactured appropriately and complies with all applicable safety regulations, manufacturing practices must be evaluated.
Audits of production facilities, staff interviews, and document reviews can all be used to achieve this.
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when a competitive firm is in long-run equilibrium, its accounting profits are greater than zero. group starts
The claim that all businesses in a completely competitive sector make no economic profits in long-run equilibrium is untrue.
What is the profit in long-term equilibrium for a competitive firm?The accounting profits of a competitive firm are greater than zero when it is in long-term equilibrium.Economic profits encourage entry, economic losses discourage exit, and in the long term equilibrium, businesses in a completely competitive sector will generate no economic profit.
What occurs when a business is in long-term equilibrium?When a company adjusts its plant(s) to create output at the least point of their long-term Average Cost (AC) curve, it has reached equilibrium over the long run. The tangent of this curve
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yler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $420,000 and total machine hours at 60,000. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $ 19,200 $ 14,400 $ 9,600 $ 43,200 Direct labor $ 28,800 $ 11,200 $ 9,600 $ 49,600 Machine hours 1,000 hours 4,000 hours 2,000 hours 7,000 hours Job 101 was completed and sold for $60,000. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $45,000. Required: 1. Calculate the predetermined overhead rate. 2. Compute the total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations. 3. Compute the balance in the Work in Process Inventory account at the end of the first month. 4. How much gross profit would the company report during the first month of operations before making an adjustment or over- or underapplied manufacturing overhead? 5-a. Determine the balance in the manufacturing overhead account at the end of the first month.
The anticipated overhead rate is= $7. During the first month of operations, the following total manufacturing overhead was applied to the Work in Process Inventory account= $49,000
What is overhead rate?An expense related to the creation of a good or service is the overhead rate. Overhead expenses include things like the price of the corporate headquarters that aren't directly related to productivity.
In order to distribute or allocate the overhead costs depending on certain metrics, an overhead rate is applied to the direct production-related costs.
For instance, based on the number of machine hours or human hours needed to produce the product, overhead charges may be levied at a predetermined rate. Overhead expenses or expenses not directly related to the creation of a good or service are known as indirect costs.
3. At the end of the first month, the Work in Process Inventory account had the following balance= $86,800
4. Prior to making an adjustment for manufacturing costs that was either over- or under-applied, the company would report the following gross profit during its first month of operations= $5,000.
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suppose a person traveling to palm springs seeks the least expensive hotel room at a 3-star or better hotel, within 2 miles of downtown shopping, and that has a customer rating of four or better on a five-point scale. the objective function for this problem could be: group of answer choices maximize the number of hotel stars minimize the distance between the hotel and downtown maximize the customer rating for the hotel minimize the hotel room's cost exactly two of the answers are correct. none of the answers are correct.
The purpose of the study was to examine the morality, fortification, integrity, and resilience of the Blaan Tribe's long-standing leadership structure.
What was the Blaan Tribe's Long Standing Leadership?The examiner had the option to assemble data about Blaan's administration style through inside and out interviews:
They should be fortified as pioneers comprehend how to be responsible for their decision of obligation and ask proposals from their seniors to just frame.They should be fortified in the possibility that pioneers comprehend how to be capable of their decision of obligation and ask counsel from their seniors to make straightforward choices. To be utilized as a local area task model, the Blaan Pioneer recognizes culpability and acknowledges liability regarding the exercises the person in question has caused. At last, Blaan Pioneers stick to the procedural methodology of settling issues, have a moral idea, base their choice on the agreement, and depend on standard standards.To know more about Fortifications, visit:
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true/false. a publishing company conducted a survey asking readers whether they use e-readers. of the 3,000 readers surveyed, 1,954 said they read books on an e-reader. use this information to complete the statement. round your answers to the nearest hundredth. the approximate sample proportion is 0.65 , which means that % of the readers surveyed do not use e-readers.
The percentage of readers who are not e-readers is 34.1%
Total readers = N = 3000
Readers on e-reader = 1954
Calculating the sample proportion -
= 1954/3000
= 0.65
Calculating readers not using e-readers (Nr)-
= 3000 - 1954
= 1046
Calculating the sample proportion -
= 1954/1046
= 1.868
By dividing the value by the entire value and multiplying the result by 100, one may determine the percentage.
Calculating the % of readers not using e-readers -
Nr/ N x 100%
= 1046/3000 x 100%
= 104600/3000
= 34.86
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wachman company produces a product with the following per-unit costs: direct materials $15 direct labor 6 manufacturing overhead 19 last year, wachman produced and sold 2,000 units at a price of $75 each. total selling and administrative expense was $30,000. refer to the information for wachman company above. conversion cost per unit was
Conversion cost per unit is the total of direct labor and manufacturing overhead costs. Therefore, conversion cost per unit for Wachman Company is $25 ($6 + $19).
Conversion cost include direct labor and outflow charges incurred as a result of the metamorphosis of raw accoutrements into finished products. Outflow costs are defined as the charges that can not be directly attributed to the product process but are necessary for operations, similar as electricity or other serviceability needed to keep a manufacturing factory performing throughout the day. Direct labor costs are the same as those used in high cost computations. Conversion costs are also used as a measure to gauge the edge in product processes but take into account the outflow charges left out of high cost computations. Operations directors also use conversion costs to determine where there may be waste within the manufacturing process. Expressed another way, conversion costs are the manufacturing or product costs necessary to convert raw accoutrements into products. The term conversion costs frequently appears in the computation of the cost of an original unit in a process going system.
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assume an economy produces two goods, capital goods and consumer goods. if the production of capital goods increases in the current period, which of the following will occur for the current and future production possibilities curve (ppc) for consumer goods and capital goods?
A movement along the current PPC and a rightward shift of the future PPC. Thus, option 2 is correct.
What is production possibilities curve?In economics, the maximum output of two goods using a fixed amount of input is represented by a production possibilities curve. The four production factors—land, labour, capital goods, and entrepreneurship—in any combination make up the input. When resources are allocated to producing more of one good and less of another, each point on the curve represents how much of that good will be produced.
Consider an economy that produces 20,000 oranges and 120,000 apples, for instance. That is point B on the diagram. It must produce fewer apples if it wants to produce more oranges. According to the chart, Point C can only produce 85,000 apples if it produces 45,000 oranges.
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Complete question:
Assume an economy produces two goods, capital goods and consumer goods. If the production of capital goods increases in the current period, which of the following will occur for the current and future production possibilities curve (PPC) for consumer goods and capital goods?
A movement along the current PPC and a leftward shift of the future PPCA movement along the current PPC and a rightward shift of the future PPCA rightward shift of the current PPC and a leftward shift of the future PPCA rightward shift of the current PPC and a rightward shift of the future PPCthe bank reconciliation of xyz co. is provided below. demonstrate the entries needed to update the cash account in the general ledger by selecting the correct answers below. bank statement balance $2,010 book balance $2,200 add: deposit in transit 600 add: note receivable collected by bank 100 less: outstanding checks 370 less: bank service charges 60 multiple select question. debit cash $100 and credit note receivable $100. debit note receivable $100 and credit cash $100. debit cash $600 and credit revenues $600. debit miscellaneous expense $370 and credit cash $370. debit bank service charge expense $60 and credit cash $60.
Bank reconciliation cash account ledger entries->add: note receivable collected by bank, less:outstanding checks 370, debit cash $100 & credit note receivable $100, debit note receivable $100 & credit cash $100.
What is bank reconciliation?A bank reconciliation is a process whereby the balance of a bank account in an entity's books of accounts is adjusted to match the reported balance in the most recent bank statement.
This is typically done by the financial institution when preparing a bank reconciliation that must have an adjusted cash balance at the conclusion. The financial institution must then add to the cash balance per ledger a note receivable that must be collected by the bank and be in the depositor's favor as well as crediting the depositor's account.
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