Journal entries to record the tax levied on July 1, 2020, in the General Fund include: Debit: Taxes receivable current 4,200,000; Credit: Uncollectible current taxes' Allowance 84,000; Credit: Revenues 4,116,000
How to prepare journal entry summary:Prepare journal entry summary to record current taxes as of April 30.
Debit: Cash 3,900,000
Credit: Taxes receivable - current 3,900,000
Prepare journal entry summary to record delinquent taxes, interest, and penalties.
Debit: Cash 57,800
Credit: Taxes receivable - delinquent 53,000
Credit: Interest and penalties receivable 4,800
Debit: Deferred inflows of resources 57,800
Credit: Revenue 57,800
What does journal entry means?A journal entry is a record of a business transaction in your books of accounts. Double-entry bookkeeping creates at least two journal entries for each transaction. A single transaction can cause many changes in a company, so accountants track them all in journal entries.
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complete question is this:
July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $14,500 but only expects to collect $12,800 of that amount. At the end of the fiscal year (June 30, 2021), uncollected taxes, interest, and penalties are reclassified. They are not expected to be collected within the first 60 days for the following fiscal year. Required Record entries for the above transactions as stated in the individual statements below, and post corresponding information into the Revenues ledger as appropriate. Prepare journal entries to record the tax levy on July 1, 2020, in the General Fund. (Ignore all entries in the governmental activities journal.) Prepare a summary journal entry to record the collection of current taxes as of April 30. Prepare a summary journal entry to record the collection of delinquent taxes, interest, and penalties. (You may assume that these amounts had been designated Deferred Inflows of Resources.)
Which financial statement(s) reports the effects of transactions on common stock and retained earnings
Statement of changes in stockholders equality is the effects of transactions on common stock and retained earnings in financial statement report. The statement of owner's equity shows the change in retained earnings between the end of a period and the beginning.
In the stockholders equality, A statement of change also known as statement of retained earnings generally can be defined as a business' financial statement that measures the changes in owners' equity throughout a specific accounting period. A statement of change also known as statement of retained earnings reporting net profit and also net loss through the stockholders.
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Businesses can benefit society by offering valuable products. Based on the above description what values does Volvo provide? Select all that apply. a. Increasing choice b. Increasing quality c. Increasing convenience d. Increasing safety and health e. Increasing value for money
Businesses may help society by providing excellent goods, such as those offered by Volvo.
b. Increasing quality
e. Increasing value for money
What exactly is product quality enhancement?Quality improvement refers to everyone in a firm working together to improve everything about it, notably its manufacturing process. It is a methodical technique for eliminating or reducing rework, waste, and losses in the manufacturing process. A product's quality can be judged in terms of performance, dependability, and durability. Quality is an important factor that distinguishes one firm from its competitors. Quality management tools guarantee that improvements in systems and processes result in higher-quality goods and services.
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What country represents a command economy ?
China is the country that most closely represents a command economy.
What is command economy?A command economy, also known as a planned economy, is an economic system where the government has control over the production and distribution of goods and services. The government sets production levels, prices, and wages based on its goals and objectives. In a command economy, the government determines what goods and services should be produced, how much should be produced, and how much should be allocated to consumers. This type of economy is characterized by central planning, public ownership of the means of production, and a lack of market forces. Command economies are often used to achieve social and political goals, such as full employment, economic growth, and price stability.
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Which of the following statements is consistent with the central idea of business process design?
A) Organizations should create new business processes rather than improve existing systems.
B) Technology should be used to modify and improve standard business processes.
C) Technology should be used to supplement the existing value chain.
D) Business processes should not focus on the core competencies of organizations.
Organizations should create new business processes rather than improve existing systems.
Option (C) is correct . Rather than enhancing existing systems, businesses should develop new business processes.
What exactly does it entail to business process management ?Business process management, or BPM for short, is a structured approach that aims to improve the procedures that businesses use to carry out their work, serve their customers, and generate value for the business. A business process is an activity or set of activities that help an organization achieve its goals, like increasing profits or promoting diversity in the workforce. BPM uses a variety of approaches to improve a business process, including analyzing it, modeling how it works in various scenarios, implementing changes, monitoring the new process, and continuously increasing its capacity to drive desired business outcomes and results.
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for this economy to produce a total output of 3 units of capital goods and 13 units of consumer goods, it must:
This economy needs to experience economic growth in order to produce an output of 13 parts of consumer products and 3 units of durable goods.
Explain a consumer.Consumers are defined as everyone who uses goods and services. This isn't quite the case. The term "customer" refers to a person who purchases goods or services. They might eat them or they might not.
What person exemplifies a consumer?Any person or group who uses a product or service to its fullest extent is described to as the consumer. A few examples are as follows: a customer who shells out cash to have them hair trimmed and groomed by a hairstylist. a company that buys a printer for use in its operations.
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In recent years transparency has been the most important Multiple choice question. core competence. impactful outcome. security concern. business ethic.
In recent years transparency has been the most important business ethic. Implementing proper corporate rules with reference to apparently contentious matters is referred as business ethics.
Business ethics is the study of proper company conduct when it comes to potentially contentious issues including corporate governance, insider trading, bribery, discrimination, corporate social responsibility, fiduciary duties, and much more. The law frequently directs business ethics, however there are occasions when business ethics offer a fundamental standard that enterprises may abide by to win the public's acceptance. Understanding the fundamental moral principles that guide desirable ethical behaviour is crucial, as is how a lack of these moral values contributes to the failure of many otherwise bright, talented individuals and the organisations they represent. Business ethics are crucial for success in contemporary business for a number of reasons. The most significant benefit of specified ethics programmes is the creation of a code of conduct that guides behaviour across all levels of employees, from CEOs through middle management to the newest and youngest.
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As of the year 2000, services accounted for what percentage of total U.S. output? O 25 percent. O 50 percent O 80 percent. O 90 percent.
As of the year 2000, services accounted for 80 percent of total U.S. output.
The US Real GDP currently stands at 20.05T, up over 19.90T in the previous quarter and 19.67T a year earlier. The change from the previous quarter and one year ago is 0.80% and 1.94%, respectively.
According to this ranking for 2021, the USA has by far the greatest economy in the world, with a GDP of 23.32 trillion dollars. With a GDP exceeding 17.73 trillion dollars, China is in second place after the United States. In terms of worldwide comparison, Canada is also well ahead and is currently ranked tenth.
With a nominal GDP of around US$17.7 billion (114.4 trillion yuan) in 2021, it has the second-biggest economy in the world. Since 2016, its purchasing power parity-based GDP has been the greatest in the world (PPP).
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______ leadership approaches attempt to determine the unique behaviors used by effective leaders.
Behavioral leadership approaches attempt to determine the unique behaviors used by effective leaders.
What is leadership ?Leadership in business is the ability to set and achieve difficult goals, act quickly and decisively when necessary, outperform the competition, and inspire others to excel."The act of leading a group of people or organizations." This is how the Oxford Dictionary defines leadership. Simply put, leadership means taking risks and challenging the status quo. Leaders motivate others to achieve something new and better.Effective leadership in business can enhance and encourage teamwork, create a better sense, motivate, inspire confidence, and provide purpose and direction. Good leaders are believed to facilitate organizational development and growth in any business environment. They have the right skills to enhance the efficiency and productivity of many business processes and stimulate the growth and development of organizations.To learn more about leadership from the given link:
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Angie’s Cupcake Shop replaced the tables and chairs in the shop. The old furniture was 7-year property and was in its third year of depreciation when it was sold in May. The original cost of the furniture was $8,200 and was depreciated using the half-year convention. Angie will be able to deduct $____ in depreciation during the year of sale. 717 (don’t forget about the half year convention. Multiply the 1434 by 0. 5)The mid-quarter convention is used for all assets purchased during the year when more than ____% of the tangible ____ property purchased is placed in service during the fourth quarter of the year
Angie will be able to deduct $717 in depreciation during the year of sale.
What is depreciation?Depreciation is an accounting technique for spreading out the expense of a tangible item over the course of its useful life. How much of an asset's value has been used is shown through depreciation. It enables businesses to purchase assets over a predetermined length of time and generate income from those assets.
According to the question the original cost of the furniture was $8,200.
The half-year convention means that the furniture is depreciated over 7 years (the useful life of the asset) with half the usual depreciation taken in the first and last year
In the third year of depreciation, the furniture would have been depreciated by
1/2(1/7) x $8,200 = $471
However, since the furniture was sold in May, only half of that year's depreciation can be taken.
So,
$471 x 0.5 = $235.50
Adding that amount to the previous two years' depreciation:
$235.50 + $471 + $471 = $1178.50
The mid-quarter convention is used for all assets purchased during the year when more than 40% of the tangible property purchased is placed in service during the fourth quarter of the year.
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True or False: The purpose of a marketing strategy is to maximize short-term profits. True false question. True False
The statement "The purpose of a marketing strategy is to maximize short-term profits." is false.
Give a brief account on marketing strategy.A marketing strategy is a long-term plan for achieving business goals by understanding customer wants and creating a measurable, sustainable competitive advantage. It includes everything, from defining who your target audience is to selecting the methods you will use to communicate with them. With the use of a marketing plan, you may specify how your business will position itself in the market, the kinds of items you will develop, the strategic alliances you will create, as well as the media you'll employ for marketing and promotion. Any firm that wants to succeed must have a marketing strategy.
A marketing strategy covers the following points :
Target audienceValue propositionProduct mixBrand messagingPromotional initiativesContent marketingTo know more about, marketing strategy, visit :
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To make sure that its customers are satisfied and to probe for new product ideas, Intuit routinely sends employees to the facilities of their customers. This technique for generating new business ideas is called ________. Group of answer choices focus group survey customer advisory board brainstorming day-in-the-life research
The answer is day-in-the-life research.
To make sure that its customers are satisfied and to probe for new product ideas, Intuit routinely sends employees to the facilities of their customers. This technique for generating new business ideas is called Day-in-the-life research.
This technique is an ethnographic analysis in which a researcher takes a consumer through a typical day and examines them. The purpose of this activity is to show only routine activities and ordinary things understood by users out of habit and unknowingly by the user. The regular variability of commercial ingenuity outweighs the differences in personal innovation. Companies that focus on solving external problems produce more new ideas.
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Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred, (f) payment of factory payroll, (g) other overhead costs, (credit Other Accounts), (h) overhead applied, (i) goods transferred from Cutting to Stitching, (j) goods transferred from Stitching to finished goods, (k) cost of goods sold, and (l) sales. 0
Simply put, a sales representative promotes the company's brand while selling goods or services on behalf of the business.
What do you meant by indirect labor costs incurred ?Purchases of raw materials, consumables, and services include all goods that are utilised as inputs in the production process as well as services pertaining to the provision of production-related variables.The difference between the actual and predicted unit quantity required to make a product is known as the direct material consumption variance The materials used in manufacturing and production processes known as "indirect materials" are those that cannot be directly linked to a particular product or work because they are not integrated into or used in significant quantities by a product or job.Direct labour covers both the cost of ordinary working hours and the hours worked in overtime.Indirect labour cost is the term used to describe labour costs that are not directly associated with the creation of commodities or the provision of services.To learn more about goods sold refer to :
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An apartment complex generates $905,000 in Effective Gross Income and $14,000 in other income. The same complex has $415,000 in operating expenses and $39,000 as reserves. What is the Net Operating Income of the complex
Net Operating Income for the complex is $465,000. A standard metric to evaluate a property's profitability is net operating income (NOI).
The formula for calculating a real estate agent's commission should be which of the following?Calculating a straightforward calculation is how the real estate commission calculator operates: The property price multiplied by the agreed-upon payment percentage (%). When a homeowner sells their house for $200,000 and the commission is 5%, for instance, the calculation is (5/100) x $200,000 = $10,000 commission.
What is the name of the optional program where escrow accounts are eligible for interest?Attorneys deposit these minimal short-term monies into a commingled escrow account that is eligible for the Interest on Lawyer Trust Accounts (IOLTA) program, where the account can earn interest.
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Economic value added is also referred to as ______. Multiple choice question. Opportunity cost of capital residual income net income rate of return
Economic value added is also referred to as net income. Net income is also called as the net earnings, which is sales minus cost of goods sold.
The Economic value added, which is also referred to as the economic profit or EVA is considered to be the value a business tends to generate from its invested capital. So, the economic value added is considered to be an estimate of a firm's economic profit.
However, here the value is said to be created in excess of the required return of the company's shareholders. So, the EVA is considered to be the net profit less the capital charge in order to raise the firm's capital.
Hence, Economic value added is also referred to as net income.
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How much money should a firm be willing to spend to obtain a perfect market forecast?
A. EVPI-EMV
B. EVPI - Maximum EMV
C. EVWPI - EVPI
D. EVWPI - Maximum EMV
EVPI-Maximum EMV money should a firm be willing to spend to obtain a perfect market forecast.
By adding up the maximum value and deducting it from the expected value, one can determine the expected value of perfect information (EVPI). EVPI = EPPI - EMV, which equals expected payoff with perfect information less expected monetary value, is a formula that can be applied.By deducting the value of EMV (Ending Market Value) from EPC (Expected Payoff under Certainty), the EVPI can be calculated. Following is the EVPI formula. EPC stands for Expected Payoff Under Certainty, and EMV stands for Ending Market Value. The "law" requiring EMV compliance mandates that all retailers update their point-of-sale (POS) systems to support EMV chip cards. You will be responsible for any transactions made using systems like magstripe if you don't. This change in liability has significant repercussions and makes defending yourself against.To know more about money here
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What are the portfolio weights for a portfolio that has 170 shares of Stock A that sell for $91 per share and 145 shares of Stock B that sell for $110 per share
A collection of securities or financial assets is called a portfolio. Because diversification reduces a significant portion of the risk associated with a single security, rational investors invest in a portfolio of securities.
How is portfolio weight return calculated?It's not hard to figure out. To convert to a percentage, simply divide the cash value of each stock position by the total value of your portfolio and multiply by 100. How dependent each of your individual stocks is on the performance of your portfolio is shown by these weights.
The proportion of a portfolio that is invested in a security is called portfolio weight. It is calculated by dividing a security's dollar value by the portfolio's total dollar value.
The portfolio weights are shown in the following table:
Stock Value Weights
A 145 x 86 equals $12,470 0.54
B 120 x 90 equals $10,800 0.46
Total $23,270 1 Weight of A equals 12,470 x 23,270 = 0.54
Weight of B equals 10,800 x 23,270 = 0.46.
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The portfolio weights for Stock A is 0.4923
The portfolio weights for Stock B is 0.5076
How to calculate?first step: calculate the total value
= 170 (91) + 145 (110) = 15470 + 15950 = $31420
hence,
portfolio weights for each stock is calculated as:
Stock A = 170 (91) / 31420 = 0.4923
Stock B = 145 (110) / 31420 = 0.5076
Why is a 60/40 portfolio good?A 60/40 portfolio invests 60% of your assets in stocks and 40% in bonds. The purpose of the 60/40 split is to minimize risk while generating returns, even during periods of market volatility. The potential downside is that it probably won't produce as high a return as a stock-only portfolio.
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a. How much will the money supply increase after 10 rounds in response to a new cash deposit of $500
One divided by the needed reserve ratio, or 10, is the money multiplier. Thus, an increase of $500 in reserves results in an increase of $5,000 in new loans.
What is money supply?In macroeconomics, the term "money supply" refers to the total quantity of currency held by the general population at any one time. Demand deposit and airflow money are usually employed as traditional measurements, while there are many other ways to define "money."
The total quantity of currency in circulation, including notes, coins, and bank account balances, is known as the money supply. The money supply is typically seen as a collection of secure assets that individuals, corporations, and governments may use to make payments or keep as short-term investments.
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What is meant by moving laterally from a position in one
department to a position in another department?
Lateral moves retrain successful employees for new
positions in the private sector.
Lateral moves afford employees with a step up in
seniority and responsibility in a new department.
Lateral moves are shifts between departments and
duties without moving up on the GS schedule.
Lateral moves retrain successful employees for new
positions in the private sector to reward loyalty.
Lateral moves are shifts between departments and duties without moving up on the GS schedule.
What is departments?Departments are organizational units within a company or organization that are responsible for specific tasks or functions. They are typically divided up based on the type of work they do and the expertise required to perform it. For example, a business might have departments such as sales, marketing, finance, human resources, and operations. Each department is responsible for their own tasks and have their own staff and resources. Working together, departments collaborate to ensure the company meets its goals. Departmentalization is important for the efficient functioning of a company, and it helps ensure that each department is working towards the same larger objectives.
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Which of the following is not considered a limitation of cost-plus pricing? Select one: O a. The model does not guarantee that customers will pay the price computed. o b. Sales volume plays a large role in determining per unit costs. c. It is difficult to compute O d. The model does not give consideration to the demand side.
It is not thought of as a constraint of cost-plus pricing that something is difficult to calculate.
A cost is the amount of money that was spent on producing an item or providing a service but is no longer available for use in production, research, retail, or accounting. The total cost of the transaction is considered while determining the acquisition cost. The majority of fixed expenses are expenditures that depend more on timing than they do on production or sales. Some examples of fixed costs include rent and leasing fees, salaries, energy bills, insurance premiums, and loan repayments. Taxes that are related to business license, for example, are fixed expenses as well. Cost is the amount of money spent by a business to produce or manufacture goods or services.
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tell us about your engagement with a topic or idea that excites you. why are you drawn to it example
Describe your interest in a subject or notion that interests you. What we can draws about engagement, I've become more outgoing since my shy middle school years, realizing that I can be myself around people and have meaningful conversations.
Conversations were broaden my perspective just as much as my contemplative breakthroughs do. My passion for public speaking, however, has only grown, moving beyond the typical classroom assignments to include research presentations and school board meetings. Additionally, I give presentations every weekend in front of groups of young people dressed in suits (by far the most intimidating audience).
These discussion competitions need extensive personal preparation and study, but the end result is highly collaborative. Intellectual synergy of the greatest order occurs in those small classrooms filled with crumpled legal pads and paper placards. My ideas are no longer passive, inward, and isolated.
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What are the 3 types of supply in economics?
There are five different supply kinds. These are market, joint, short-term, long-term, and composite.
What is meant by supply ?A basic economic notion called supply refers to the total amount of a particular commodity or service that is made available to consumers. When shown as a graph, supply can refer to the quantity that is offered at a particular price or the quantity that is offered over a range of prices.
Supply is a fundamental economic concept that describes the overall quantity of a specific good or service that is made available to buyers. Demand and it are extremely tightly tied to one another. Prices of a given good or service decline as supply outpaces demand.
In economics, supply is described as the entire quantity of a specific good or service that a supplier makes available to customers at a particular time.
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Firms that employ ________ systematically collect information about their customers' needs. It is sometimes possible to use that information to target their best customers with the goods, services, and special promotions that appear most important to those customers.
Firms that use surveys routinely gather data on the demands of their clients.
Why is a business called a "firm"?The British Etymology Dictionary states that "business house" first appears in the English language in 1744. It is believed to have descended from the Italian term Firma, it meant "signature," as well as Firmare, or meant to sign, as well as the German word De alta, and meant "a company, name of a firm."
What types of businesses are examples?A single proprietorship, partnership, business entity, or corporation are examples of firms. The word is a little more frequently connected to a partnership.
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What three questions must a society answer when it is trying to determine what type of economic system it wants?
In order to address the three fundamental economic problems of what, how, and for whom to create, every society, independent of its political form, must develop an economic system.
The social science of economics deals with the creation, exchange, and consumption of products and services. Economics is the study of how economies work as well as the behavior and interactions of economic actors. The study of microeconomics focuses on what are thought to be the fundamental components of the economy, such as the interactions that result from market and agent activity. Individual agents can represent a variety of clients, including homes, companies, buyers, and sellers. The study of the economy as a coexisting system of production, consumption, saving, and investment is known as macroeconomics. Additionally, it looks at the elements that have an impact on this system, including the use of labor, capital, and natural resources, currency inflation, economic expansion, and public policies .
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What are the advantages of earning your own money to purchase something special? explain the advantages using specific details and examples in your response?
When people use their own money to buy something exceptional, they will spend less, value it more, and be inspired to repeat the action.
What is the importance of earning in life?You can establish a business, create the home of your dreams, support your family financially, and pursue other objectives you think would improve your quality of life if you have money.
It aids in the acquisition of some of life's intangibles, like freedom or independence, the chance to fully utilize our abilities and skills, the power to choose our own course in life, and financial security. Money allows for a lot of good deeds and the avoidance or end of avoidable misery.
You wait and save your money, and when you do, you'll get double as much as you did before. and that is the first benefit of making your own money and purchasing wonderful things with it.
Therefore, the answer is:
The advantages of people earning their own money to purchase something special are they will spend less money, value it more, and they will have the motivation to do it again.
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What do you mean by a decidable problem?
A decision-making issue that can be resolved in a finite amount of steps by an algorithm that halts on all inputs.
What do you mean when you say to describe decidable and undecidable problems?If the language L of every instance of yes to a decision problem P cannot be decided, then P is not solvable. Although not decidable, an undecidable problem may be partially decidable. Let's assume that if a language is not even partially decidable, then it does not have a Turing machine.a decision-making issue that can be resolved in a finite amount of steps by an algorithm that halts on all inputs. A decidable language is the one that goes along with it. Additional names include algorithmically solvable, recursively solvable, and completely decidable issue.To learn more about decidable problem refer to:
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How do you create a positive change in the workplace?
Create a positive change in the workplace Encourage open communication, Celebrate successes, Embrace diversity, Foster collaboration, Provide recognition and Encourage feedback.
What is workplace?Workplace is an online platform that enables businesses and organizations to connect and collaborate with their employees, partners, and customers. It provides users with a variety of tools and services to help them communicate, share ideas and information, and manage projects.
1. Encourage open communication – Open communication allows for the free flow of ideas, which can lead to positive changes.
2. Celebrate successes – Celebrating successes encourages everyone to work hard and strive for better results in the future.
3. Embrace diversity – A diverse workplace encourages different ideas and perspectives, which can lead to positive changes.
4. Foster collaboration – Working together can help achieve better results, which can create a positive change in the workplace.
5. Provide recognition – Recognizing employees for their hard work and accomplishments can help boost morale and foster a positive work environment.
6. Encourage feedback – Gathering feedback from employees can help identify areas of improvement and create positive changes.
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According to the _____principle, every employee within a hierarchy tends to rise to his or her level of incompetency.
According to the Peter Principle, every employee within a hierarchy tends to rise to his or her level of incompetency.
Give a brief account on the Peter Principle.The Peter Principle describes the observation that every employee tends to advance through the organisational structure, such as that of a corporation, until they reach a degree of individual incompetence. In other words, a front-office secretary who excels at their work can be promoted to the position of executive assistant to the CEO despite not having the necessary training or experience. In this case, the secretary would have been more effective if they had not been elevated.
Accordingly, the Peter Principle is based on the paradoxical notion that competent employees will continue to be promoted, but at some point, they will be promoted into positions for which they are incompetent, and they will then remain in those positions because they do not exhibit any further competence that would make them eligible for additional promotion. The Peter Principle states that every position in a particular hierarchy will eventually be filled by workers who are unable to carry out the responsibilities of their separate positions.
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The behavioral sciences inform the study of consumer ________, helping marketers understand customer choices and how to provide value to them.
The study of consumer behavior is influenced by behavioral sciences, which also aid marketers in understanding consumer preferences and how to add value to their products. Answer is Behaviour.
Behavioral science: What is it?Behaviorists can discover when and why people participate in specific behaviors by running experiments to evaluate the effects of factors such conscious thoughts, motivation, social influences, environmental effects, and habits.
In other words, behavioral science supports the creation of stronger teams since stronger teams lead to stronger businesses. Training supervisors (see leadership techniques below) and staff members to understand why people act in certain ways also helps to create more harmonious, higher functioning teams.
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What is an important influence in desired service expectations?
The type of service that customers hope to receive is termed as desired service.
What is service expectations?Our findings imply that there are two levels of customer service expectations: desired and adequate. The level of service the client aspires to obtain is the desired service level.
It combines the customer's ideas of what "can be" and "should be." The level of service that the consumer thinks acceptable is considered adequate. Support Groups can outline the services they offer, how they deliver them, what determines the cost of those services, how they gauge success, and how they benefit the service user and university in Service Expectation Statements (SESs).
Service Expectation Reviews allow customers the chance to offer feedback on the services rendered, cooperatively negotiate service adjustments, and have services removed where they are no longer necessary.
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Maddox wants to go back to college full-time. His current employer has agreed to reduce his hours from 40 hours to 25 hours while retaining his current rate of pay. Maddox has lived in his own apartment for 1 year and really likes his independence. Which of the following budgets below would fit his new situation
Maddox wants to go back to college full-time. Among the following budgets the Modified Budget A would fit his new situation.
Option A is correct.
What is a Budget Amendment?A zero-sum adjustment of line items in a fiscal year's budget is referred to as a budget modification. The contract's value does not change if the budget is changed. If your company increased its budget in one area, another line item in the budget would need to be decreased proportionally.
Calculating the problem:According to given problem:
For working 40 hours , Maddox month to month paid compensation =
$1760
So for working 1 hour , Maddox month to month compensation =
$1760÷40= $44
Therefore, to work of 25 hour , Maddox month to month salary wages
$44 × 25 = $1100.
Elaborating :As a result, the new wages will be $1100 after working less hours. However, as you can see in spending B and C, income compensation is considered to be $1600, but this will not be the case after working 25 hours per week.
Therefore, Maddox is unable to choose between Modified Budgets B and C; instead, he must choose between Modified Budgets A and D. Let's now focus on the net pay for Modified Budgets A and D.
The net gain for Modified Budget D is negative, or $515. this means that in order to meet Budget D, he needs to earn $515 more, but his salary compensation is already set at $1100.
Finally, gives See A the opportunity to receive the total compensation of Adjusted Spending Plan A. Since he can save $30, we can conclude that Adjusted Spending Plan A is the most suitable for his new situation.
Why is adjusting a budget important?The budget is updated to help set sales goals and set spending limits that are more realistic. Budgets and forecasts are established before a financial period begins. before it is revised, and are fixed for at least a quarter.
Question is incomplete .Missing options are below:
Maddox wants to go back to college full-time. His current employer has agreed to reduce his hours from 40 hours to 25 hours while retaining his current rate of pay. Maddox has lived in his own apartment for 1 year and really likes his independence. Which of the following budgets below would fit his new situation?
Monthly Budget
Current Amount
Income
Wages
$1760
Expenses -
Rent
Utilities
Food
Gym Membership
Entertainment
Savings
Clothes
Cell Phone
Car Expenses
$350
$100
$220
$45
$225
$200
$175
$100
$300
Net Income
$45
Monthly Budget
Modified Budget A
Modified Budget B
Modified Budget C
Modified Budget D
Income
Wages
$1100
$1600
$1600
$1100
Expenses -
Rent
Utilities
Food
Gym Membership
Entertainment
Savings
Clothes
Cell Phone
Car Expenses
$350
$100
$120
$0
$20
$50
$30
$100
$300
$350
$100
$120
$0
$20
$50
$30
$100
$300
$350
$100
$220
$45
$225
$200
$175
$100
$300
$350
$100
$220
$45
$220
$150
$130
$100
$300
Net Income
$30
$530
-$115
-$515
a.Modified Budget A
b.Modified Budget B
c.Modified Budget C
d.Modified Budget D
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