The omission would have no effect on Nile's accrued liabilities and retained earnings at December 31, Year 10.
The insurance costs would not be recorded until payment was made in Year 11, and therefore would not be reflected in the financial statements for Year 10. Accrued liabilities are liabilities that have been incurred but not yet paid, and since the insurance costs were not recorded until payment was made in Year 11, they would not be included in Nile's accrued liabilities at December 31, Year 10. Similarly, retained earnings are the cumulative net income of a company since its inception, and since the insurance costs were not recorded until Year 11, they would not be included in Nile's retained earnings at December 31, Year 10. The word "accrued liability" refers to a business expenditure that has been incurred but has not yet been paid for. These are charges for products and services that a corporation has previously received but must compensate for in the future. A business can incur liabilities for any number of commitments, which are then documented on the balance sheet.
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All of the following are part of the FASB conceptual framework: (Select all that apply).A,Multiple select question.B,ElementsC, ObjectivesD, Recognition and measurementE, Assumptions
A,C,D, and E are all part of the FASB conceptual framework. The elements of the framework include assets, liabilities, equity, income, expenses, and gains and losses
What is liabilities ?Liabilities are a company's financial obligations or debts. They are usually listed on a company's balance sheet and can include items such as accounts payable, loans, mortgages, deferred revenues, and accrued expenses. Liabilities also represent the future sacrifices of economic benefits that an entity is required to make to other entities in order to settle a present obligation.
The objectives of the framework are to provide the basis for making accounting decisions, to guide the selection of accounting policies, and to provide a useful tool for resolving accounting issues. The recognition and measurement component of the framework includes the recognition and measurement of assets, liabilities, and equity, as well as the recognition and measurement of income and expenses. Finally, the assumptions component of the framework includes the economic entity assumption, the going concern assumption, the periodicity assumption, and the monetary unit assumption
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net income is the amount you get paid before taxes.
It is calculated by subtracting all of your expenses from your total revenue. Net income is also known as "net profit" or "net earnings".
What is net income calculated by?
Net income is determined by deducting total expenses from total revenue. Total expenses include all costs associated with running a business, such as purchases, wages, and taxes.
Total revenue includes all of the money a company brings in from sales, investments, and other sources. Net income is calculated by taking the total revenue and subtracting all of the expenses associated with running the business.
This calculation is important because it provides a measure of how profitable the company is. It can be used to inform decisions on how to allocate resources and help identify areas of improvement. Additionally, it is used to calculate dividends and other distributions of company profits.
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a financial advisor schedule an introductory meeting
The initial encounter between a financial planning and a potential client is crucial since it establishes a client's first impression.
What exactly does financial planning entail?Establishing a company's ability to afford its strategic objectives and goals is the responsibility of financial planning. A business often develops a financial plan as soon as the vision and goals have been established.
Why is preparing your finances so important?With a well-defined financial plan, you have a measurable goal to work toward. You may make adjustments to help you get beyond any obstacles since you can track your progress, which removes any uncertainty or doubt about your decisions.
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sales $ 300,000 beginning merchandise inventory $ 20,000 purchases $ 200,000 ending merchandise inventory $ 7,000 fixed selling expense $ ? fixed administrative expense $ 12,000 variable selling expense $ 15,000 variable administrative expense $ ? contribution margin $ 60,000 net operating income $ 18,000
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold. Fixed selling expense is $30,000.
Cost of goods sold = $213,000 ($20,000 + $200,000 - $7,000).
The variable administrative expense ($12,000) shown above is calculated as follows:
(a) $ 300,000 in sales
(a) $ 60,000 contribution margin
Total variable costs (a) $ 240,000 (b)
(a) $ 240,000 in total variable costs
$ 213,000 in cost of goods sold
15,000 in variable selling expenses
(a) $ 228,000 cost of goods sold plus variable selling expenditure
(a) $12,000 Variable administrative expense
The fixed selling expense ($30,000) shown above is calculated as follows:
(a) $ 60,000 contribution margin
(a) $ 18,000 in net operating income
Total fixed costs (a) $ 42,000 (b)
Total fixed expenses (a) $42,000
(a) $ 12,000 fixed administrative costs
Fixed selling costs (a) $ 30,000 (b)
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Correct question:
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold:
Sales $ 300,000
Beginning merchandise inventory $ 20,000
Purchases $ 200,000
Ending merchandise inventory $ 7,000
Fixed selling expense $ ?
Fixed administrative expense $ 12,000
Variable selling expense $ 15,000
Variable administrative expense $ ?
Contribution margin $ 60,000
Net operating income $ 18,000
Prepare a contribution format income statement.
how do your values play a role in the groups, organizations, or career opportunities you decide to be a part of
Knowing your values can help you not only choose the profession you really want, but it can also help you make better decisions at work and ease the transition if you decide to take on a completely different role.
A job in freelancing or entrepreneurship may appeal to you if you place a high importance on independence. You might choose to pursue a career in academics if lifelong learning is one of your core principles. Beginning your career may also assist you in realizing your values by the enabling you to move into a role that more accurately represents them.
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the radius of the procedural outer area of class c airspace is normally
20 NM, An Outer Area is indeed the procedural counterpart to Class C airspace, even if it doesn't call for any regulatory action. An outer area's normal radius from the main Class C airport is 20 nautical miles.
What are the boundaries of Category C airspace on the sides?Class C airspace is constructed as two concentric rings centred on the airfield reference point using Standard Lateral Dimensions. The radius of the inner circle, also known as the surface, should be 5 NM. The outermost concentric circle shouldn't surround the airport point of comparison by more than 10 NM.
What distinguishes Class C from Class D airspace?Around terminals with a modest degree of traffic, category C airspace is used. Class D airports are those that are smaller and Having a control tower An ICAO controlled Substance and D area is used in the United States, however only radio communication with ATC instead of an ATC permission is necessary for VFR operations.
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the primary conversion for a lead generation site is____
A visitor's phone call and a website form fill are the two main conversions for a content marketing site.
What three things does a website serve?A website might be a terrific idea if you want to increase the number of leads for any local shopping website, sell things in an online store, or establish your own online presence.
Why are websites so important to companies?You have the opportunity to enter new markets and reassure potential buyers that your business is reputable by having a good and friendly website.
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as a follow-up to her annual testing, isabella would like to conduct quarterly disaster recovery tests. these tests should include role-playing and introduce as much realism as possible without affecting live operations. what type of test should isabella conduct?
Isabella should perform a desktop crash recovery test. This is a type of test which involves a group of participants simulating a disaster scenario in a safe, controlled environment.
The purpose is to practice disaster response and test the recovery plan. The test should include role playing and as much realism as possible, but should not affect live operations. The group should consist of key personnel involved in disaster response, including executives, IT personnel, business unit leaders, and other stakeholders. The test should also include a facilitator who will lead the discussion and ensure that the objectives of the exercise are met.
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test that the expected price of a house of 2000 square feet is equal to, or less than, $120,000. what is the p-value of the test?
$60 per square feet is the p-value of the test. The probability that you would have discovered a specific collection of observations if the null hypothesis were true is expressed as a number called the p value.
Which is determined from a statistical test. In order to determine whether to reject the null hypothesis, P values are utilised in hypothesis testing. The likelihood that the null hypothesis is correct is P > 0.05. The likelihood that the alternative probability is correct is equal to 1 minus the P value. If the test result is statistically significant (P 0.05), the test hypothesis is unreliable or needs to be rejected. If the P value is higher than 0.05, no effect was seen.
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supreme inc. offers a 3-year extended warranty for all its products. on january 1, of the current year the company collects $45,000 relating to extended warranty contracts. what entry should supreme make on december 31, of the current year?
Journal Entry: Debit $45,000 from cash and credit it to deferred revenue.
The business must report $15,000 in deferred revenue and $15,000 in revenue from an extended warranty. The money that has been paid for the extended warranty contracts but has not yet been earned is shown as deferred revenue in the balance sheet. The money that has been made from the extended warranty contracts is shown in the revenue—extended warranty account.
Calculation:
Deferred revenue = $45,000 - $30,000 = $15,000
Revenue - extended warranty = $30,000
The $30,000 indicates the revenue generated by the extended warranty agreements. This is computed by deducting the amount that has not yet been earned ($15,000) from the total amount collected ($45,000.)
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Assume that a company produced 10,000 units and sold 8,000 units during its first year of operations. It has also provided the following information: Per Unit Per Year Selling price $ 240 Direct materials $ 85 Direct labor $ 60 Variable manufacturing overhead $ 10 Sales commission $ 11 Fixed manufacturing overhead $ ? Fixed selling and administrative expense $ 250,000 If the company’s unit product cost under absorption costing is $208, then what is the amount of fixed manufacturing overhead per year?
The amount of fixed manufacturing overhead per year is $390,000
How to Calculate the unit cost?Cost of goods sold and unit costs are equivalent terms (COGS).
The costs both fixed and variable involved in producing a good or service are all included in this accounting measure.
Direct material per unit = $85
Direct labor per unit = $60
Variable manufacturing overhead per unit = $10
Fixed manufacturing overhead per unit = ?
Unit product cost = $194
Unit product cost = Direct material per unit + Direct labor per unit + Variable manufacturing overhead per unit + Fixed manufacturing overhead per unit
194 = 85 + 60 + 10 + Fixed manufacturing overhead per unit
Fixed manufacturing overhead per unit = $39
Number of units produced = 10,000
Total Fixed manufacturing overheads = Fixed manufacturing overhead per unit x Number of units produced
= 39 x 10,000
= $390,000
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in a swot analysis, the prospect of entering new markets and launching new products would be listed under _______.
a. threats b. weaknesses c. opportunities d. strengths
Opportunities in a SWOT analysis might include the potential for expanding into new markets and introducing new goods.
What are some applications of SWOT analysis?The SWOT analysis measures a company's strengths, weaknesses, opportunities, and threats. The internal strengths and weaknesses of your business are aspects over which you have some control and where improvements may be made. Examples include your team members, your patents and intellectual property, and where you are.
Which four areas does SWOT analysis cover?Strength, Weakness, Opportunity, and Threat, or SWOT, are its initials. A SWOT analysis helps you pinpoint the advantages and disadvantages (S-W) of your company as well as potential threats and opportunities (O-T). Gaining a more complete understanding of the issue is beneficial for both strategic planning and decision-making.
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reduce inventory of slow-moving and obsolete products a. how do the sales of each product compare with forecasts?
Sales of each product should be compared to the forecasted sales to identify which products are slow-moving or obsolete. If sales of a particular product are significantly lower than the forecasted sales, then it is likely a slow-moving or obsolete product.
What are the best practices for disposing of slow-moving and obsolete products? When it comes to disposing of slow-moving and obsolete products, there are a few best practices to follow.First, assess the value of the product. If it has little to no value, it may be best to donate the product to a charity or organization that can put it to use. This also provides a tax benefit for the company.Second, consider liquidation. If the product has some value, it may be worthwhile to sell it to a liquidator in order to recoup some of the cost.Third, consider recycling. If the product cannot be sold, then it should be recycled or otherwise disposed of in an environmentally responsible manner.Finally, document the process. Make sure to keep track of all the steps taken to dispose of the product, as this will be useful for future reference.By following these best practices, companies can ensure that slow-moving and obsolete products are disposed of in the most efficient and cost-effective manner.To learn more about obsolete products refer to:
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A merchandising business that sells to those who use or consume the goods. answer choices. a. retail merchandising business. b. wholesale merchandising business.
Retail merchandising business involves selling goods directly to consumers.
What is Retail merchandising?Retail merchandising is the process of selecting, pricing, and displaying products in a retail store in order to maximize sales and profits. It involves analyzing customer needs, creating a product mix that meets those needs, setting prices that are competitive yet profitable, and arranging products in an attractive manner.
This type of business typically operates in a physical store, such as a department store, grocery store, or specialty shop. Wholesale merchandising business involves selling goods to other businesses who then resell the goods to consumers. This type of business typically operates online or through a distribution network.
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How many times has the debt ceiling been raised ?
On October 7, 2021, the Senate decided to raise it, but merely to give the U.S. Treasury permission to borrow until that December.
What are equity and debt?Total debt is the process of borrowing money from people or organizations for a set period of time. The money a corporation raises in exchange for investors' ownership rights is called equity capital. Role. Total debt is a risk for the business that it must repay within a set period of time.
What is debt, exactly?Debt can be defined as the sum that the borrower owes the lender. A debt is an amount of money that has been borrowed for a specific period of time and that must be repaid, plus interest. The
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as of january 1, 2014, the company has $300,000 in retained earnings. during the year the company had earnings/net income of $150,000 and paid cash dividends of $50,000. what is the amount of retained earnings as of december 31, 2014?
As of january 1, 2014, the company has $300,000 in retained earnings. during the year the company had earnings/net income of $150,000 and paid cash dividends of $50,000. The balance the ending retained earning is $400,000
The amount of retained earnings on the balance sheet is determined using the beginning period, any net income or loss, and any dividends.
The following chart illustrates how the ending retained earning balance was calculated:
= Beginning retained profits plus earning minus dividend paid
= $300,000 + $150,000 - $50,000
= $400,000
Consequently, $400,000 is the final retained earning balance at december 31, 2014
The same needs to be taken into account and applied.
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in addition to cost, quality and access, which can be considered a building block of health systems?
Answer:
Another building block of health systems is organization and governance. This includes the structure and management of the health system, as well as the policies and regulations that govern it. Additionally, Human Resources for Health (HRH) is also considered as one of the building block of health systems. This includes the availability and training of healthcare personnel, as well as their distribution and deployment within the system.
If I helped you, could you please make my answer as best?
if the function describing one of the charlie's indifference curves is 100/a what is the equation for the mrs for this indifference curve?
U(Xa, Xb) can be used to denote a utility function. You can calculate MRS by using (Xa, Xb) as a point on the indifference curve to determine the MRS. MRS, for instance, equals -Xa/Xb.
What is the indifference curve's formula?
In algebraic terms, g(t, c) is a decreasing and convex function of t for a given c if we rewrite the equation for an indifference curve U(t, y)=c in the form y=g(t, c).
How is the MRS of a utility function determined?
Therefore, the MRS can be calculated by multiplying this expression by -1 and dividing the utility function's partial derivative with respect to x1 by its partial derivative with respect to x2.
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how did southern democrats most likely react to stephen douglas’s freeport doctrine?
A Federal Slave Code was demanded by the South as a result of the Freeport Doctrine. They demanded that the Federal Government ensure the right to slavery in all territories.
Why was Douglas Plan a source of ire for politicians from the southern states?Democrats in the South worried Stephen Douglas' support for popular sovereignty would not go down well with southern voters. While popular sovereignty gave people the power to decide whether to allow slavery in their country, it did not guarantee that newly created states would agree to allow slavery to spread throughout the west.
What possible harm could the Freeport Doctrine do to Douglas' political reforms in the South?Douglas's reaction, in which he claimed that slavery could only continue in places with support from local police restrictions, is where the Freeport Doctrine was derived.
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what is the purpose of the auditor? multiple choice question. to report taxable income to the irs. to provide investment advice. to add credibility to the financial statements.
The auditing is done to give the financial statements more credibility and to give the users of the financial statements an independent auditor's view on whether or not the financial statements are presented fairly in compliance with the applicable financial reporting framework.
An independent auditor's opinion on whether the financial statements are honestly presented in compliance with the appropriate financial reporting framework is provided to users of financial statements as part of the audit process. An audit is the examination of an organization's accounting records by an auditor, who may then physically examine the inventory to ensure that transactions are accurately documented and tally with what is stated in the book of accounts. To assess the veracity of financial accounts, work is being done.
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mohammad ishaque has checked his credit report with experian and believes there is an error in it. which consumer protection law specifies that he has the right to have incorrect information reinvestigated and removed?
According to the Fair Credit Reporting Act, he has the right to have false information examined and erased.
What precisely is the Fair Credit Reporting Act?The Fair Credit Reporting Act is a piece of law adopted by the United States Federal Government to improve the truth, fairness, and privacy of consumer information kept in the files of consumer reporting organizations. It was designed to protect customers from the intentional and/or careless inclusion of incorrect data in their credit reports. The FCRA governs the acquisition, transmission, and use of consumer information, including consumer credit information, to that goal. The FCRA, together with the Fair Debt Collection Practices Act, is the cornerstone of consumer rights legislation in the United States. It was enacted in 1970 and is enforced by the Federal Trade Commission, the Consumer Financial Protection Bureau, and private plaintiffs in the United States.
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which of the following are characteristics of a gift tax charitable deduction? it is only for the amount of the charitable gift in excess of the annual exclusion amount. it allows up to 50% of the value of the gifted property to go to charity free of gift tax. the donee charity assumes any gift tax liability. it is available only for gifts to a qualified charity. a) ii and iii b) iii and iv c) i and iv d) i and ii
The answer is D) i and ii, It is only for the amount of the charitable gift in excess of the annual exclusion amount and allows up to 50% of the value of the gifted property to go to charity free of gift tax.
Which are characteristics of a gift tax charitable deduction?
The concept used in this question is the gift tax charitable deduction, which is a tax deduction available to individuals who make charitable gifts.This deduction allows them to reduce their total gift tax liability by deducting the amount of their charitable gift that is in excess of the annual exclusion amount and up to 50% of the value of the gifted property that is donated to charity free of gift tax.
The donee charity assumes any gift tax liability associated with the gift.
The explanations are as follows:
Step 1: A gift tax charitable deduction is available to individuals that make charitable gifts.
Step 2: Gifts to qualified charities may be deducted from your total gift tax liability.
Step 3: The amount of the charitable gift that can be deducted is limited to the amount in excess of the annual exclusion amount.
Step 4: In addition, up to 50% of the value of the gifted property may be donated to charity free of gift tax.
Step 5: The donee charity assumes any gift tax liability associated with the gift.
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sarah is an actively licensed broker for xyz realty, a registered real estate brokerage corporation. she has an opportunity to buy an existing real estate corporation, bbd realty, inc., in a town which is located 25 miles away. sarah wants to become the only broker for both corporations; however, she does not wish to change the name or combine the two corporations. how may sarah accomplish this?
She has the chance to purchase BBD Realty, Inc., an existing real estate company in a town 25 miles away.
Which company can legitimately apply to become a real estate brokerage?Joint ventures and corporations cannot register as real estate brokers. To provide brokerage services, a general partnership may apply for registration with the DBPR. True partnerships do not exist in apparent or quasi-partnerships.
What responsibilities does the broker have to the client?When a broker becomes a client's fiduciary, he or she has a duty to treat the client's account with the utmost good faith, reasonable care, and loyalty. The broker also has a responsibility to stay informed of market changes that could affect the interests of the client, to act responsibly to protect those interests, and to keep the client's account in good standing.
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what sport marketing giant was originally known as blue ribbon sports?
Nike was first introduced on January 25, 1964, by University of Oregon track athlete Phil Knight and his coach Bill Bowerman as Blue Ribbon Sports (BRS).
What used to be known as Blue Ribbon Sports?The American sportswear corporation Nike, Inc., formerly known as Blue Ribbon Sports, has its headquarters in Beaverton, Oregon (1964–1978). Bill Bowerman, the University of Oregon's track & field coach, and Phil Knight, a former student, established it as Blue Ribbon Sports in 1964.
What was the debut item from Blue Ribbon Sports?Phil Knight, the founder of Nike, did not begin his shoe business by creating his own but rather by selling imported Japanese shoes from the company Onitsuka. His first business was known as Blue Ribbon Sports. At track meets, he originally sold shoes out of the trunk of his car.
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write
the full abbreviation of franco
Applied to several adjectives and nouns, with or against France war between France and Germany.
What is an acronym's entire form?a printed word or phrase that has been abbreviated and substituted for its entirety. Amount is denoted by the abbreviation "amt. the act or outcome of shortening something: abridgment. "USA" is an abbreviation for "United States of America.
What is Paris's complete name?The Industrial Property Rights Paris Convention.
What does the term "foreign office" stand for?Over 14,000 individuals serve in approximately 270 diplomatic offices across The Foreign & Commonwealth Office's (FCO) global network of embassies and consulates.
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which peripheral device is best for capturing a customer's signature when they check out at a convenience store or supermarket?
Electronic signature pads and ID card design software can be used to add signatures to the front or back of ID cards and badges.
What is a signature pad used for?Signatures can be added to the front or back of ID cards and badges using electronic signature pads and ID card design software. In addition to these additional uses, signature pads are also used to sign papers that are stored electronically. Input devices, output devices, and storage devices make up the three categories of peripherals that are most frequently used.
An external or internal device that is directly connected to a computer or other digital device is referred to as a peripheral device if it has a purpose other than the computer's main one, which is to perform computations. It facilitates the usage of a computer's features by end users.
A computer's peripheral, also known as a peripheral device, is an auxiliary tool used to input and output data.
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Your company will generate $68,000 in annual revenue each year for the next seven years from a new information database. If the appropriate interest rate is 8. 5 percent, what is the present value of the savings?
A production expense known as a variable cost can go up or down in response to shifts in a firm's manufacturing activities.
What causes such high interest rates?Therefore, why are bond yields increasing? The most straightforward argument is that rising inflation is the source of rising interest rates. The Federal Reserve raises interest rates in an effort to stifle inflation by curbing economic expansion. This trend is anticipated to last through the end of 2023 and into 2023.
What is an example of an interest rate?For instance, if we borrow $100 at 5% interest, your repayment to the lender will be $105 dollars. The money lender will profit $5. You might come across a variety of interests throughout.
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4. assets taken out of a business for the personal use of the owner are called (a) net income. (b) net loss. (c) investments. (d) withdrawals.
Assets taken out of a business for the personal use of the owner are called (c) investments.
Investments could include withdrawing funds from a business account to purchase items for personal use, or taking out a loan from the business in order to make a personal purchase.
The tax implications of such investments should be carefully considered, as the owner may be liable for tax on the income generated from these investments. It is also important to remember that the funds taken out of the business must be repaid in order for the business to remain financially viable.
Taking out investments without proper planning could lead to significant financial losses for the business.
Assets taken out of a business for the personal use of the owner are called investments. These can range from stocks and bonds to real estate and cash. Investing in your business is a great way to ensure its long-term growth and success.
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absolute and comparative advantage problems for each of the next four problems, answer the three letters below (make sure you show your work to receive full credit): a. whether the problem is an input or out. b. which entity has the absolute advantage in each item (for example, dr. rhine has the absolute advantage in cleaning dishes while his wife has the absolute advantage in laundry). c. which entity has the comparative advantage for the products? within this answer, you should also tell me which entity is specializing in that item.
Consequently, the theory did not consider the possibility of multilateral commerce between nations. Free trade between nations was another tenet of the Absolute Advantage Theory. The protectionist policies established by various nations were not taken into consideration.
What is Absolute Advantage?Absolute advantage, as used in economics, refers to an economic agent's ability to generate more of a good than its rivals. This ability can be possessed by either an individual or a group. Absolute advantage was first mentioned by Scottish economist Adam Smith in his 1776 book "An Inquiry into the Nature and Causes of the Wealth of Nations," which defined it as a country's innate capacity to create more of a good than its rivals throughout the world.In order to explain the benefits of free trade on the global market, Smith also used the idea of absolute advantage. He postulated that countries' unquestionable advantages in certain commodities would enable them to profit simultaneously from imports and exports, further highlighting the significance of free international trade in the context of the global economic system.To Learn more About Absolute Advantage refer To:
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an uncontrollable aspect of the domestic environment that can have a direct effect on the success of a foreign venture is
Political/legal forces, market circumstances, and competition are example of uncontrollable home elements that might negatively affect a foreign business enterprise.
Why is it termed legal?Law-abiding conduct is defined as being lawful, legal, legitimate, or licit. Lawfulness can refer to adherence with any type of legislation . Legal refers to something that is permitted by law either in compliance with the law, particularly as it is established or applied by the courts.
What do the laws are there to protect?It includes social, economic, and rights in addition to civil and political rights: Equality rights. Lack of Sensitivity. Right to liberty, liberty, and security of person. emancipation from servitude.
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