An annual term of 12 months that concludes on December 31st is known as a calendar year end reporting period.
What exactly is meant by the term "calendar year end reporting period"?An organisation reports on its financial performance and financial situation over a reporting period. A business has the option of using the conventional 12-month calendar year or switching to a 12-month fiscal year.
A firm uses a fiscal year, which is a 12-month accounting period, to report financial and tax information. Another name for a fiscal year is a financial year. A fiscal year does not have to begin on January 1 and end on December 31 like a calendar year; it can be different.
What is a year in the calendar?For purposes of individual and company taxation, the fiscal year and the calendar year are frequently congruent.
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T/F when individuals or groups are in the process of purchasing a company, this action is known as being a stakeholder.
False. When individuals or groups are in the process of purchasing a company or firm, this action is known as being a stakeholder is incorrect.
Stakeholders are parties that have an interest in a company that affects or can be affected by the company.
A typical company's investors, employees, customers, and suppliers form its key stakeholders. However, due to the growing interest in corporate social responsibility, this idea is being extended to local communities, governments and industry associations.
An entity's stakeholders can be either internal or external. Her one form of stakeholder that companies need to recognize is shareholders.
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which of the following is a descriptive analytic technique that would be most useful in identifying transactions recorded shortly after the balance sheet date?
Option (d), Sorting is a descriptive analytical method that would be most beneficial for identifying transactions reported soon after the balance sheet date.
What is included in the descriptive analytical approach?The goal of descriptive analytics is to find patterns and relationships using both recent and historical data. It is sometimes described as the most fundamental form of data analysis because it just describes trends and relationships without going any further.
What benefits may descriptive analytics provide?Descriptive analytics is used to provide business measurements, reports, and KPIs (Key Performance Indicators), allowing firms to track their performance and spot new trends.
When descriptive statistics are used to illustrate study results, what does that mean?With the aid of descriptive statistics, we can sensibly simplify vast amounts of data. Each descriptive statistic reduces a lot of data to a more succinct description. As an example, let's look at the batting average, a simple number used to indicate how well a batter is doing in baseball.
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The complete question is:
Which of the following is a descriptive analytic technique that would be most useful in identifying transactions recorded shortly after the balance sheet date?
A. Calculating summary statistics.
B. Time-period sampling.
C. Record counting.
D. Sorting.
A spreadsheet model of a break-even analysis calculates Total Variable Cost as. The product of marginal costs and production quantity.
Yes, you are accurate. Total Variable Cost (TVC) is determined in a break-even analysis as the product of marginal expenses and output quantity. The variable costs involved with generating one more.
unit of output, such as direct materials, direct labor, and variable overhead expenses, are referred to as marginal costs. The TVC is calculated by multiplying the marginal cost per unit by the number of units produced. This is the overall cost of manufacturing that number of units, assuming that all expenses are variable and no fixed costs exist. By comparing the TVC to the Total Revenue (TR) generated by the same number of units, the break-even point can be determined, which is the point at which the corporation is neither profitable nor losing money.
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According to classical conditioning, which of the following factors is considered important for learning to occur through the associative process?
Multiple Choice
high distance
dissimilation
reward
disintegration
repetition
Repetition is seen crucial by classical conditioning in order for learning to take place through associative process. E is the right response.
What does the term "associate business" mean?Key Learnings. A business that is partially owned by a main company is known as an associate company. In contrast to a subsidiary, its parent will only have a small or – anti ownership in the associate firm. Joint ventures frequently result in partnerships between associate companies.
Which business is referred to as an affiliate company?A company that has a substantial influence over another company and is not an unit of that company is referred to as a "associate company." This term also encompasses joint venture companies.
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The Complete Question :
According to classical conditioning, which of the following factors is considered important for learning to occur through the associative process?
Multiple Choice
A. high distance
B. dissimilation
C. reward
D. disintegration
E. repetition
coca cola one notable example is in india, where the company faced opposition from environmental and health groups over allegations of groundwater depletion and pollution.
In India, reports of groundwater pollution and depletion caused Coca-Cola to encounter resistance from the environmental and health communities.
Due to claims of groundwater contamination and depletion, Coca-Cola encountered strong criticism in India from environmental and health organisations. The corporation was charged with consuming excessive amounts of water from nearby aquifers, which reduced the amount of water available to nearby people, farmers, and cattle. The business was also charged with discharging hazardous garbage into the earth and waterways. As a result, there were demonstrations, court cases, and a damaged corporate reputation in India. Coca-Cola responded by implementing a number of water management measures to cut back on water use, enhance water quality, and work with nearby communities to resolve their concerns.
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Suppose the demand curve for desktop computers shifts rightward and at the same time the supply curve shifts leftward. Which of of the following could have caused these shifts?
a. The price of a laptop computer, a substitute for desktop computers, fell and the cost of producing desktop computer decreased.
b. Consumers purchased more computers because of the xmas season and the labor costs of producing desktop computers decreased.
c. Desktop computers are a normal good and incomes increased, while more firms entered the market.
d. Desktop computers are a normal good and incomes decreased, while the labor costs of producing personal computers increased.
e. Desktop computers are a normal good and incomes increased, while the labor costs of producing personal computers increased.
E) While salaries climbed and desktop computers became a common item, labor expenses to make personal computers also increased.
Describe the demand curve.The demand curve is a line graph used in economics that depicts the number of units that will be purchased at various pricing of a good or service. The amount is represented on the horizontal (X) axis, while the price is plotted along the vertical (Y) axis.
The law of demand, which stipulates that the quantity required will decrease as the price increases, is followed by demand curves, which are used to determine the relationship between price and quantity. Demand and supply curves are frequently mixed in order to estimate the market's equilibrium price and quantity.
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Select all that apply The statement of cash flows explains the difference between beginning and ending balances of cash and cash equivalents. A cash equivalent must sisty which of the following criteria? Check wi that apply) O Be held at a local institution O Be close to maturity O Be backed by secured assetsO Be readly convertible to a known amount of cash
Be backed by secured assets is the criteria is a cash equivalent must sisty. Hence, option B is correct.
What is the concept of the excerpt?The difference between the beginning and ending balances of cash and cash equivalents is explained by the statement of cash flows, which must be backed by secured assets and be close to maturity.
The balance sheet displays the assets and liabilities that arise from the cash flow statement's activities whereas the cash flow statement displays the amount of money coming in and leaving out.
Thus, option B is correct.
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Answer: Be close to maturity and Be readily convertible to a known amount of cash
Explanation: was originally answered incorrectly
3-a. Prepare Wells Technical Institute's income statement for the year 2017 3-b. Prepare Wells Technical Institute's statement of owner's equity for the year 2017 3-c. Prepare Wells Technical Institute's balance sheet as of December 31, 2017 Answer is not complete. Complete this question by entering your answers in the tabs below Req 3A Req 3B Req 3C Prepare Wells Technical Institute's income statement for the year 2017 WELLS TECHNICAL IN STITUTE Income Statement For Year Ended December 31, 2017 Revenues Tuition fees earned 120,552 Training fees earned 45,302 Total revenues $ 165,854 13,871 6,936 7,704 51,815 25,716 7,498 5,998 3,488 Depreciation expense-Equipment Depreciation Teaching supplies expense Salaries expense Rent expense Utilities expense 123,008 $42,848 Total expenses Net income Req 3A Req 3B >
An income statement's objective is to demonstrate whether a business made a profit or a loss during the reporting period.
What is an income statement?A company's revenue and expenses for a given period of time, usually a month, quarter, or year, are reported in an income statement, also known as a profit and loss statement.
Req 3A
WELLS TECHNICAL INSTITUTE
Income Statement
For Year Ended December 31, 2017
Revenues:
Tuition fees earned $120,552
Training fees earned $45,302
Total revenues $165,854
Expenses:
Depreciation expense – Equipment $13,871
Depreciation expense – Teaching supplies $6,936
Salaries expense $7,704
Rent expense $51,815
Utilities expense $25,716
Total expenses $105,042
Net income $60,812
Req 3B
WELLS TECHNICAL INSTITUTE
Statement of Owner's Equity
For Year Ended December 31, 2017
Capital, January 1, 2017 $224,356
Add: Net income for the year $60,812
Less: Withdrawals during the year $25,000
Capital, December 31, 2017 $260,168
Req 3C
WELLS TECHNICAL INSTITUTE
Balance Sheet
As of December 31, 2017
Assets:
Cash $58,988
Accounts receivable $11,880
Prepaid rent $7,498
Teaching supplies $13,805
Equipment $309,524
Less: Accumulated depreciation $42,848
Total assets $359,847
Liabilities:
Accounts payable $15,475
Salaries payable $7,498
Unearned tuition fees $15,575
Total liabilities $38,548
Owner's equity:
Capital $260,168
Therefore, total liabilities and owner's equity $359,847.
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One way Tesla inspires sustainability across the entire automobile industry is by producing batteries and chargers for several other car manufacturers.
True or False
The given statement "one method Tesla inspires sustainability across the entire automobile industry is by producing batteries and chargers for many other car manufacturers" is true because one means Tesla inspires sustainability across the whole automobile industry is by making batteries and chargers for several other car manufacturers.
Tesla produces batteries and chargers for several other car manufacturers, including Toyota and Mercedes-Benz, through its subsidiary, Tesla Energy. This has had a significant impact on the automobile industry, inspiring other companies to invest in electric vehicle technology and creating a more sustainable future for transportation. Tesla's advancements in battery technology and charging infrastructure have helped to increase the range and accessibility of electric vehicles, making them a more viable option for consumers and accelerating the transition to a more sustainable transportation system.
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If you are unsure of your own ethical standards, you are more likely to succumb to outside influence when making a decision. T/F
True, You are more prone to give in to outside pressure when making decisions if you are unsure about your own moral principles.
What occurs when the moral rules are broken?Unacceptable conduct has a negative impact on both individuals and groups. You might lose your job and reputation, businesses might suffer a loss of credibility, morale and output may suffer, or the behavior might result in costly fines and/or financial losses.
What criteria do you use to decide on an ethical course of action?Making ethical decisions is based on essential character attributes including reliability, accountability, respect, fairness, compassion, and good citizenship. Making ethical choices results in ethical behaviors, and these behaviors form the basis of ethical business practices.
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High-end Levi's jeans that are produced in the United States but then sold to stores in China and France are an example of US _____. exports.
High-end Levi's jeans that are produced in the United States but then sold to stores in China and France are an example of US exports.
In international trade, an export refers to goods or services that are produced in one country and sold to buyers in another country. In this case, the high-end Levi's jeans are produced in the United States and sold to stores in China and France, which makes them US exports.
Exporting is an essential component of international trade, as it enables countries to benefit from their comparative advantages and creates a global marketplace. By exporting their goods and services, countries can increase their revenues, create jobs, and spur economic growth.
In addition, exporting allows producers to reach a wider audience, expand their customer base, and gain access to new markets.
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T/F many u.s. companies have taken advantage of mexico's low labor costs and proximity to the united states to set up maquiladoras.
The statement '' many U.S companies took advantage of Mexico's low labor costs and proximity to the United States to establish maquiladoras '' is true because the average company can save nearly a million dollars a year in labor costs.
American companies are becoming more competitive in the world market by combining American high technology with lower labor and material costs in Mexico. The Mexican government created the maquiladora program in 1960 in response to increased unemployment after the end of the Bracero program.
,
Maquiladoras are located on the US-Mexico border to improve supply chain management. Geographical proximity reduces transportation costs and the time needed to transport materials and goods. Factories are heavily concentrated in the US-Mexico border states .
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Suppose that the total expenditures for a typical household in 2018 equaled $2,500 per month, while the cost of purchasing exactly the same items in 2020 was $3,000. if 2018 is the base year, the cpi for 2018 equalsa. 0.83b. 1.00c. 1.20d. 1.25
Note that the CPI for 2018 is 1.20 (Option C)
What is CPI?CPI stands for Consumer Price Index, which is a measure of the average change over time in the prices of a basket of goods and services that households purchase. CPI is used as an economic indicator to measure inflation or deflation, and it is calculated by tracking
Since 2018 is the base year, the CPI for 2018 is 100. We can calculate the CPI for 2020 as follows:
CPI for 2020 = (Cost of the market basket in 2020 / Cost of the market basket in 2018) x 100
The cost of the market basket in 2018 is $2,500 per month, which is also the base year expenditure. The cost of the market basket in 2020 is $3,000 per month. Substituting the values, we get:
CPI for 2020 = ($3,000 / $2,500) x 100 = 120
Therefore, the CPI for 2018 is 100, and the answer is (c) 1.20.
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When cyclical unemployment is equal to zero, we know that:
A. The actual unemployment rate is equal to the natural rate of unemployment.
B. Frictional and structural unemployment are also equal to zero.
C. The actual unemployment rate is greater than the natural rate of unemployment.
D. Frictional unemployment is less than zero while structural unemployment is greater than zero.
When cyclical unemployment is equal to zero, the unemployment fee becomes equal to the herbal charge of unemployment.
Is cyclical unemployment equal to herbal unemployment?The motion of labor in and out of employment, whether or not it is voluntary or not, represents natural unemployment. Any unemployment now not regarded to be natural is often referred to as cyclical, institutional, or policy-based unemployment.
Cyclical Unemployment: actual rate of unemployment - herbal fee of unemployment = u - u*. The cyclical fee of unemployment is the unemployment created by way of recessions and booms. During recessions, u - u* > 0; for the duration of booms, u - u* < 0 Actual Unemployment Rate: natural fee + cyclical price = u = u* + (u - u*).
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https://brainly.com/question/13789532#SPJ4if a subsequent event occurs after the report date but prior to the release date of an audit report, resulting in management's revision of the financial statements of a nonissuer, then the auditor may do any of the following, except
If a subsequent event occurs after the report date but prior to the release date of an audit report for a nonissue and results in management's revision of the financial statements.
The dual date of the audit report: The auditor may add a new date to the audit report, reflecting the date when the revised financial statements were issued.
Update the audit report: The auditor may update the original audit report to reflect the revisions made by management.
Take no action: The auditor may choose not to take any action, particularly if the revisions made by management are not material to the financial statements as a whole.
However, one thing the auditor cannot do is issue the original audit report without any modification or update, as the revised financial statements would invalidate the original report.
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assume that in recent years the cost of producing microbrew beer in the u.s. has decreased largely due to technological improvements. at the same time, more and more americans prefer microbrew beer over wine. which of the following best explains the effect of these events in the microbrew beer market?
Demand and supply have both increased. Consequently, the equilibrium Q has increased, but the equilibrium P is uncertain.
Option B is correct.
Both the demand and the supply of microbrew beer have increased as a result of technological advancements, which have reduced the cost of production and increased American preference for microbrew beer over wine. The equilibrium quantity will rise as a result of an increase in demand and supply, but the equilibrium price cannot be determined.
What are supply and demand?In economics, demand is the capacity and willingness of consumers to purchase a specified quantity of a product or service at a specified cost. The willingness is the supply. of sellers offering a specified quantity of a product or service at a specified cost. An economic model of market price determination is supply and demand. It assumes that, given all other factors being equal, the unit price of a particular good,
Incomplete question :
Assume that in recent years the cost of producing microbrew beer in the u.s. has decreased largely due to technological improvements. at the same time, more and more americans prefer microbrew beer over wine. which of the following best explains the effect of these events in the microbrew beer market?
A) Supply has decreased, while demand has increased. As a result, there has been an increase in the equilibrium P, but the equilibrium Q is indeterminate
B) Both supply and demand have increased. As a result, there has been an increase in the equilibrium Q, but the equilibrium P is indeterminate.
C) Both supply and demand have decreased. As a result, there has been a decrease in the equilibrium Q, but the equilibrium P is indeterminate.
D) Supply has increased, while demand has decreased. As a result, there has been a decrease in the equilibrium P, but the equilibrium Q is indeterminate
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According to the map, which location received manufactured goods in exchange for enslaved humans?
According to the map, the location that received manufactured goods in exchange for enslaved humans were in Africa.
Being a slave, who is unable to stop working for an enslaver, and having one's property treated as one's own are both considered to be slavery and enslavement, respectively. While the location or residence of the worker is determined by the enslaver, slavery typically involves some type of work.
Many historical cases of slavery resulted from breaking the law, accruing debt, or losing a war; other types of slavery were established along demographic lines, such as race. For a set amount of time after which they would be freed, or for life, slaves may be held in servitude.
Despite the fact that coercion and forced servitude are the norm in slavery, there are some instances where people choose to work as slaves voluntarily in order to repay debts or supplement their meager income.
Slavery was a common feature of civilization throughout human history and was legal in the majority of societies, but it is now prohibited in the majority of the world's nations, with the exception of those that use it as a punishment for crimes.
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Which of the following are ways that the Federal Reserve influences the U.S. economy through its monetary policies? Check all that apply. Using open-market operations to sell securities, the Fed can increase the money supply, thereby increasing interest rates and Subsequently reducing the rate of inflation. Using open-market operations to buy securities, the Fed can increase the money supply, thereby increasing interest rates, which would cause security prices to decrease. Using open-market operations to sell securities, the Fed can decrease the money supply, thereby increasing interest rates, which would cause security prices to decrease. The Fed can increase the Fed funds rate in an attempt to balance out inflationary pressure. The following graphs represent (1) The Money Market and (2) The Aggregate Supply and Aggregate Demand within the U.S. economy The money market shows how the nominal interest rate fluctuates to make the amount of money that people want to hold equal to the money supply. The demand curve shows the relationship between the quantity of money demanded and interest rates, and it's downward sloping because this is an inverse relationship. As interest rates increase, people would prefer to invest their financial assets, decreasing the quantity of money demanded. As interest rates decrease, people may be more willing to hold their financial assets as cash or bank deposits and borrow, increasing the quantity of money demanded. The money supply shows the relationship between the amount of money supplied and interest rates, and is vertical because money creation changes interest rates, however it is not being done in response to interest rates. And so, the money supply is independent of interest rates, which gives it the vertical shape. The aggregate supply and aggregate demand model shows the relationship between changes in real gross domestic product and changes in the price level (inflation). The aggregate demand curve shows the relationship between the price level and the total amount of money spent on those goods and services. It is downward sloping because this is an inverse relationship. As the price level increases, the amount of goods and services demanded will decrease. As the price level decreases, the amount of goods and services demanded will increase. The components that make up real GDP are: Consumer Spending (C), Business Investment (1), Government Expenditures (G), and Net Exports (X-M). The aggregate supply curve shows the relationship between the price level and the total amount of output firms will sell. It is upward sloping because this is a positive relationship. As the price level increases, the amount of goods and services sold will increase. As the price level decreases, the amount of goods and services sold will decrease. Use the graph to show what happens in the given scenario and to help answer the questions that follow. (Note: You will not be graded on any changes you make to the graph.) (1) (2) 2 Money Market Aggregate supply and Aggregate Demand Supply AS INTEREST RATE (Percent) PRICE LEVEL Demand AD QUANTITY OF MONEY REAL GROSS DOMESTIC PRODUCT Suppose the FOMC's policy directive instructs the Trading Desk at the New York Fed to decrease the federal funds rate because the U.S. economy is experiencing a recession, and the FOMC wants to stimulate spending in the economy. Ir the FOMC wants to decrease the Fed funds rate, then the Trading Desk traders will government securities. This results in a shift of the money supply curve to the and so there will be a[n) in interest rates. As a result, consumers will purchase and Save and businesses will invest . Consequently, the aggregate demand curve will shift to the right, which shows that the economy has been successfully stimulated
Using open-market operations to buy securities and using open-market operations to sell securities are ways that the Federal Reserve influences the U.S. economy through its monetary policies.
How does the open-market operations affect Federal Reserve influences the U.S. economy through its monetary policies?If the FOMC's policy directive instructs the Trading Desk at the New York Fed to decrease the federal funds rate because the U.S. economy is experiencing a recession, the Trading Desk traders will buy government securities.
This results in a shift of the money supply curve to the right, and so there will be a decrease in interest rates. As a result, consumers will purchase and save more, and businesses will invest more.
Consequently, the aggregate demand curve will shift to the right, which shows that the economy has been successfully stimulated.
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Cheryl is a social worker who wants to do the best she can for her clients. She has gotten into the habit of saying yes to requests from her clients no matter how impractical those requests are. Which skill has Cheryl MOST likely overused?
A.
collaboration
B.
professionalism
C.
flexibility
D.
follow-through
The skill that has been most likely overused by Cheryl is professionalism. Thus, the correct answer is option B.
What is skill?
A skill is the learned ability to act in a predictable manner with good execution, often within a limited amount of time, energy, or both. Domain-general and domain-specific skills are frequently distinguished.
Professionalism entails meeting high standards on a consistent basis, both visibly and "behind the scenes" - regardless of our role or profession. Some industries, workplaces, or roles have specific "rules" of professionalism. These can be explicit, such as an agreed-upon dress code or a social media policy.
Therefore, professionalism is the skill that is being overused by Cheryl.
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true/false. worthington capital wants to invest in british companies with the best esg scores. based on the results of this eqs screening done on 24 july 2022, which two companies intially seem to be the most promising investment candidates, worthy of deepr exploration
Reckitt Benckiser and Diageo PLC seem to be the most promising investment candidates because a high ESG disclosure score is better than Amcor and Lloyds. This statement is true.
The ESG Disclosure Score is a percentage that compares your overall degree of disclosure to quantitative ESG data points that are taken from international standards and are thought to be the most pertinent for your sector.
ESG (Environmental, Social, and Governance) aspects are gradually being taken into account by investors during the engagement and decision-making phases. The ESG Disclosure Score is a percentage that compares your overall degree of disclosure to quantitative ESG data points that are taken from international standards and are thought to be the most pertinent for your sector.
Therefore, the given statement is true.
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countries with a(n) orientation see the notion of individual ownership of an idea as intrinsically legitimate, whereas countries with a(n) orientation extol the virtue of sharing versus individual ownership and hence see little reason to respect the notion of individual ownership.
Countries with a collectivist orientation extol the virtues of sharing over individual ownership and therefore see little reason to respect the concept of individual ownership, whereas countries with an individualist orientation .
What is the name of individual ownership?One of the simplest forms of real estate ownership is sole ownership. When a person is the sole owner of a property, they can sell, lease, or give the property to another person without needing permission, as the name suggests. A non-incorporated business is an individual enterprise. This includes freelancers, consultants, and independent contractors. A Social Security number from the United States is required to register as an individual business. "Solopreneurs" are sometimes used to refer to personal businesses. Countries with a collectivist orientation extol the virtues of sharing over individual ownership and therefore see little reason to respect the concept of individual ownership, whereas countries with an individualist orientation view the idea of individual ownership of an idea as intrinsically legitimate.
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decisions such as deciding how many employees to hire, salary schedules, and training policies are made during the ________ phase of the management process
decisions such as deciding how many employees to hire, salary schedules, and training policies are made during the implementation phase of the management process.
The management process' implementation phase, when the strategy created in the preceding phases is put into effect, is when decisions concerning hiring employees , wages, and training are often made. Managers are in charge of monitoring staff actions during implementation, making sure that the organization's goals and objectives are being achieved, and modifying the plan as needed when circumstances change. Nevertheless, depending on the requirements and objectives of the company, similar choices may also be made during other stages of the management process, such as planning or controlling. In any event, these choices must be well thought through and scrutinised because they are crucial to the organization's success.
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Which of the following forecasting methodologies is considered a causal forecasting technique?
A. Exponential smoothing
B. Weighted moving average
C. Linear regression
D. Historical analogy
E. Market research
Option C is the correct option.
Forecasting methodologies is considered a causal forecasting technique. Linear regression is considered a causal forecasting technique because it seeks to establish a relationship between the variable being forecasted and one or more other variables that are believed to be causally related to it.
A variable's value can be predicted using linear regression analysis based on the value of another variable. The dependent variable is the one you want to be able to forecast. The independent variable is the variable you are using to forecast the value of the other variable.
The other options listed - exponential smoothing, weighted moving average, historical analogy, and market research - are not considered causal forecasting techniques.
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efine the income summary account. multiple choice question. it is a temporary account used during the closing process to summarize revenues and expenses. it is a permanent account used during the closing process to summarize revenues and expenses. it is a temporary account used during the adjusting process to summarize assets and liabilities.
An income summary account is an account that is used to record all the temporary accounts when a business makes a closing statement at the end of every accounting period. So the correct answer to the question above is the statement " it is a temporary account used during the closing process to summarize revenues and expenses."
The closing process in accounting is a process of resetting the balance of temporary accounts and permanent accounts. There are four steps to making a closing statement in accounting:First, you should close revenue accountsthe, you should close the expense accountthe close income summaryand last close dividendsLearn more about the closing process in accounting at: https://brainly.com/question/25018329
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Prepare the adjusting journal entries that should be recorded for Nicole’s Getaway Spa at December 31, 2015, assuming that the items have not been adjusted prior to December 31, 2015. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)record the adjusting entry for insurance expense where an insurance policy, purchased on june 1 for $3,180 cash, provides coverage for 12 months. the insurance coverage since june has now been used up.
We will debit Insurance Expense for $1,272 and credit Prepaid Insurance for $1,272. This entry will reduce the balance in Prepaid Insurance to $1,908 ($3,180 - $1,272)
The adjusting journal entry for Nicole's Getaway Spa at December 31, 2015, for the insurance expense would be:
Insurance Expense $1,272
Prepaid Insurance $1,272
The insurance policy was purchased on June 1, 2015, and provides coverage for 12 months, meaning it covers the period from June 1, 2015, to May 31, 2016. Since the insurance coverage since June has been used up, we need to record an adjusting entry to reduce the balance in the Prepaid Insurance account, which represents the unexpired portion of the policy as of December 31, 2015.
The calculation for the insurance expense is as follows:
Total cost of insurance policy / 12 months x 7 months (June 1, 2015, to December 31, 2015) = $3,180 / 12 x 7 = $1, 272
Therefore, we will debit Insurance Expense for $1,272 and credit Prepaid Insurance for $1,272. This entry will reduce the balance in Prepaid Insurance to $1,908 ($3,180 - $1,272), which represents the amount that is still prepaid and will be used in the future periods.
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determining cash disbursements (lo 4-5) serven corporation has estimated its accrual-basis revenue and expenses for june 20x1 and would like your help in estimating cash disbursements. selected data from these estimated amounts are as follows:
The accrual foundation of accounting recognizes revenues and prices when the goods and services are delivered regardless of the timing for the trade of cash. The 12 months quit closing procedure is used to convert the books from a money to accrual basis.
Does the accrual groundwork of accounting replicate the principle that income is recorded when it is earned not when cash?Accrual foundation accounting acknowledges business income and matching fees when they are generated—not when cash honestly modifications hands. This ability companies document income when it is earned, not when the employer collects the money.
The income attention precept the use of accrual accounting requires that revenues are identified when realized and earned–not when money is received.
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https://brainly.com/question/1214642#SPJ4You are ready to retire. A glance at your 401(k) statement indicates that you have $750,000. If the the funds remain in the an account earning 9.0%, how much could you withdraw at the beginning of each year for the next 25 years?A) $70,050B) $35,830C) $55,620D) $2,500
You may utilize the notion of a financial annuity to compute the annual withdrawal amount. A financial annuity is a series of equal payments delivered at regular intervals over.
a certain period of time. In this scenario, you must calculate the equal yearly payment that may be paid from a $750,000 amount over a 25-year period at a 9.0% annual interest rate. The withdrawal amount may be calculated using the annuity present value formula. The formula is as follows: PV = P / [(1 - (1 + r)-n) where: PV is the annuity's present value (in this example, $750,000). P denotes the yearly payout. r represents the yearly interest rate (9.0%). n denotes the annuity's number of years (25) Calculating P: P = PV * (r / (1 - (1 + r)^-n)) P = $750,000 * (0.09 / (1 - (1 + 0.09)^-25)) P = $750,000 * (0.09 / 0.4665) P = $145,442.72 As a result, the yearly withdrawal amount for the following 25 years is roughly $145,442.72. None of the answer choices quite equal this number, although option C) $55,620 comes the closest. This is, however, much less than the right figure, and taking only $55,620 each year will deplete the balance far sooner than the allotted 25 years. As a result, none of the response options are accurate, and the right answer is not given.
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. What advice would you give The Container Store on how to hire people who fit the
organization ?
Answer:
The Container Store's Culture IMPROVING FIT AT THE CONTAINER STORE The Container Store wants to hire store employees whose self-motivation, team orientation, and pas sion for customer service will help the company succeed. To accomplish this goal, the company asks every employee to play a role in recruiting.
A trial balance is a listing of A. the chart of accounts. B. the totals from the journal pages. C. transactions in a journal. D. general ledger accounts and balances.
The correct answer is (D) general ledger accounts and balances. Businesses utilize a trial balance, a collection of credit and debit entries, to internally evaluate their double-entry accounting systems.
What does a trial balance list?Businesses utilize a trial balance, a collection of credit and debit entries, to internally evaluate their double-entry accounting systems. Verifying that the total of all debits and credits equals one another is the objective.
Why is it called a trial balance?To check that entries in a company's bookkeeping system are mathematically sound, a trial balance is generally produced. A trial balance serves as a test of a fundamental component of a group of books, hence the name.
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T/F : when an organization uses a top-down approach to budgeting, blank . multiple select question. employees are highly motivated to meet goals budgetary slack is often a problem the budget is imposed on lower levels of the organization top management sets the budget
Employees are very driven to achieve goals: False. Because the budget is typically imposed on lower levels of the business in a top down method, employees might not be particularly driven to organization
A social unit known as an organisation is created to carry out certain tasks using a variety of resources, including labour, capital, and technology. It might be a government organisation, a for profit or nonprofit organisation, or another kind of institution. Organizations come in a variety of shapes, sizes, and functions. They might be centralised or decentralised, flat or hierarchical. Organizations frequently have explicit policies and processes in place for deliberating, communicating, and allocating resources. They frequently have a management group in charge of keeping an eye on things and making sure the company is heading in the right direction. In order to stay competitive, successful firms put special emphasis on training and keeping skilled personnel managing risks, and adapting to changing surroundings
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