Based on the information provided, the auditor should: Render a qualified (except for) opinion with an added paragraph preceding the opinion paragraph explaining the reason for the qualification. The paragraph is titled "Basis for Qualified Opinion."
This is because the financial statements of Henley Co. contain a material departure from GAAP, which would typically require an auditor to issue a modified opinion.
However, since Henley has effectively argued that conforming to GAAP would have made the financial statements misleading due to unusual circumstances, the auditor should acknowledge this by issuing a qualified opinion.
The "Basis for Qualified Opinion" paragraph should be included to explain the unusual situation and the reason for the qualification in the auditor's report.
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Blockchain is often associated with bitcoin and the financial services industry. however, it is applicable to almost every industry. the term multi-party systems better describes how the blockchain system is used. what is a benefit of a multi-party system?
A benefit of a multi-party system in Blockchain technology is the increased trust generated because it is not a single party that controls the Blockchain processes.
What are the benefits of a multi-party system in Blockchain?Blockchain data technology survives on multi-party processing and control.
The benefits of a multi-party system in Blockchain include:
Increased trust Provision of transparencyDecentralized controlImmutable transaction historyTraceability of shared dataCost-savings and efficienciesImproved security and accountability among parties.Thus, a benefit of a multi-party system in Blockchain technology is the increased trust.
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Chester has negotiated a new labor contract for the next round that will affect the cost for their product cid. labor costs will go from $7.91 to $8.51 per unit. assume all period and other variable costs remain the same. if chester were to absorb the new labor costs without passing them on in the form of higher prices, how many units of product cid would need to be sold next round to break even on the product
Break-even quantity is the minimum quantity that wishes to be offered in order no longer to make a loss. In other words, at this quantity, the sales revenue just compensates for the fixed and variable prices. In phrases of contribution margin which is defined as the difference between the sales price and unit variable cost, it is the quantity at which the constant fee by myself is recovered. consequently, at a spoil-even amount, the contribution margin could be the same as the fixed cost.
Let Q be break-even quantity, then
Fixed Costs = Contribution Margin = Q * (S-V) where S and V are selling price and variable cost per unit.
Fixed costs = 6412 which does not change for the next year.
Both variable cost and selling price are set to change due to the new labor contract.
The units sold previous year can be calculated from direct labor cost and original labor cost per unit given:
Selling price = Original Price + (New labor cost - Old labor cost)/2
S2 = (33.74 + (8.41-7.91)/2) = 33.99
Direct Material Cost = Unit Material Cost * Q
Unit Material cost = Direct Material cost of previous year / Quantity sold previous year = 21313/1650 = 12.92
Similarly, Unit Carrying cost = 319/1650 = 0.19
Total Unit Variable Cost = Direct Labor + Direct material + Carrying cost
= 8.41 + 12.92 + 0.19
= 21.52
We can now derive Q at which fixed cost is the same as contribution margin
FC = CM * Q
6412 = (S2 - V2) * Q = (33.99 - 21.52) * Q
Q = 6412 / (33.99-21.52) = 514
Thus the break-even quantity at which the contribution margin will be the same as the fixed cost is 514 units.
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Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December:
1. The missing amounts should be determined in the following manner:
On Company A. Materials inventory December 1 Materials inventory December 31-+Materi also purchased -Cost of direct materials
Off Company Total manufacturing costs incurred in December -Direct labor Cost of direct materials used in production -Factory
2. On Company's statement of goods manufactured should be prepared as follows:
On Company Statement of Goods Manufactured For the Month of December 2016 Materials inventory December 1 Add: Purchases Total
3. On Company's income statement should be prepared as follows:
On Company Income Statement For the Month of December 2016 Sales 1,127,000 827.400 299,600 Less: Operating expenses 117,600.
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The Simpsons are buying a five-acre lot that was part of a much larger tract of acreage. When the owners of the large acreage decided to subdivide it, they needed to have a legal description created for the five-acre lot. What was used as the starting point for creating that legal description
A survey was used as the starting point for creating that legal description.
A survey is a research method that collects data from a predefined group of respondents to gain information and insights on various topics of interest. They have multiple purposes and researchers can implement them in different ways, depending on the chosen methodology and research objectives.
Technically, research is a method of collecting and compiling information from a group of people, more commonly called a sample, to produce insights about an organization, company, or institution. This information or opinion gleaned from a sample is often a generalization of what a large population thinks.
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Zach company previously recorded receiving $1,000 cash in advance. Zach company has earned ½ of the amount. the adjusting entry would be:______.
A. Prepaid Rent 2,700
Rent Expense 2,700
B. Rent Expense 2,700
Prepaid Rent 2,700
C. Rent Expense 900
Prepaid Rent 900
D. Prepaid Rent 900
Rent Expense 900
The correct adjustment entry will be:
Prepaid Rent Dr. 900
To Rent Expense 900
An adjustment entry is one that is created to properly allocate each accounting period's income and expense amounts.
In order to ensure that the financial accounts at the end of the year are correct and current, it updates previously recorded journal entries. The matching principle is a requirement in accounting that you must follow. According to the matching principle, revenue is recognized when it is earned and costs are recognized when they are incurred.
Making adjusting entries allows you to correctly and timely record company transactions. But only the accrual basis of accounting is covered by this theory. Adjusting entries are not necessary if your company uses the cash basis technique.
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If a buyer defaults on a car residential purchase agreement and cannot complete the purchase, the seller will retain the deposit paid by the buyer as long as it is not more than:_______
Answer:
3% of the purchase price.
The investment timing decision relates to: Group of answer choices how frequently the cash flows of a project occur. how long the cash flows last once a project is implemented. the preferred starting date of a new project. how long a project should operate before an abandonment decision can be implemented. how many times a project can be expanded.
Choosing when to start a project is related to the investment timing decision.
Is an investment's timing crucial?The following are some advantages of market timing strategy:
Market timing is utilized to increase earnings and counteract the dangers involved with small gains. When it comes to investments, the basic risk-return trade off holds true: the greater the risk, the greater the gain.What does the term "investment decision" mean?The choice and acquisition of the long-term and short-term assets in which funds will be invested by the organization are referred to as investment decisions.
What is a timing option for investments?The investment-timing option, which is the choice to delay rather than immediately adopt or reject a capital budgeting project, can dramatically boost a project's value when interest rates are unpredictable.
What is an example of an investment decision? Decisions on investments can be made for the long- or short-term. A capital budgeting decision is another name for a long-term investment choice. Long-term financial commitments are necessary. A new machine purchase to replace an older one, the purchase of a new fixed asset, the establishment of a new branch, etc. are a few examples.learn more about investment decision here
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Sandra is developing a competitor analysis for two florists. Which of the following information in the analysis will be the basis for predicting the competitors' behavior in the form of their competitive actions and responses
An information in the analysis which would be the basis for predicting the competitors' behavior in the form of their competitive actions and responses is: c. Market commonality.
What are competitors?Competitors can be defined as business firms within the same industry and market, who are offering similar goods (products) and services and are targeting similar customers for more patronage and sales.
What is competitive advantage?Competitive advantage can be defined as the factors, conditions, or circumstances that allow a business firm to manufacture finished goods or services better and perhaps, cheaper than other rival business firms in the same industry and market.
In this scenario, we can infer and logically conclude that market commonality is an information in the analysis which would be the basis for predicting the competitors' behavior with respect to their competitive actions and responses.
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Complete Question:
Sandra is developing a competitor analysis for two florists. Which of the following information in the analysis will be the basis for predicting the competitors' behavior in the form of their competitive actions and responses?
a. Threats
b. Capabilities
c. Market commonality
d. Weaknesses
Unearned fees appear on the
Unearned fees are a current liability that is presented on the balance sheet.
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A tax that imposes a small excess burden relative to the tax revenue that it raises is.
A tax that imposes a small excess burden relative to the tax revenue that it raises is an efficient tax.
What Exactly Is Tax Efficiency?The least amount of taxes that are legally required to be paid by a person or a corporation is known as tax efficiency. When a financial choice results in a lower tax bill than a competing financial structure that serves the same purpose, the choice is said to be more tax-efficient.
Tax-Advantaged Mutual Fund
Another approach to lower tax obligations is to invest in a tax-efficient mutual fund, particularly for taxpayers without access to a tax-deferred or tax-free account. In comparison to other mutual funds, a tax-efficient mutual fund is taxed at a reduced rate. Compared to the standard mutual fund, these funds often produce lower rates of returns through dividends or capital gains.
Mutual funds that provide little to no interest income or dividends include small-cap stock funds and passively managed ones, including exchange-traded funds (ETFs) and index funds.
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Which of the following statements is MOST accurate? Group of answer choices Hinduism is a polytheistic religion. Hinduism is a monotheistic religion. Hindus disagree about how many gods there are. Hinduism practices a form of serial monotheism
The following statements is MOST accurate : Hindus disagree about how many gods there are.
What is Hinduism?Hinduism is a religion with various Gods and Goddesses.
According to Hinduism, three Gods rule the world.
Brahma: The Creator.
Vishnu: The Preserver.
Shiva: The Destroyer.
Lord Vishnu did his job of preserving the world by incarnating himself in different forms at times of crisis.
Although all Hindus acknowledge the existence and importance of a number of gods and demigods, most individual worshipers are primarily devoted to a single god or goddess, of whom Shiva, Vishnu, and the Goddess are the most popular.
Therefore, we can conclude that the Correct Answer is : C. Yes, most Hindus do not agree about number of Gods .
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The Civil Rights Movement can be most accurately described as primarily an uprising against the KKK.
It is false to claim that the Civil Rights Movement can more accurately be described primarily as a revolt against the KKK.
What was the Civil Rights Movement?It was the movement of the African-American population that took place during the 50s and 60s, whose main objective was the conquest of civil rights for blacks, in order to achieve equity among citizens regardless of racial characteristics and the end of segregation and institutional racism in the country.
Therefore, it is concluded that the civil rights movement emerged with the need to promote social justice in the country and equity to black citizens, who suffered from discrimination and racist movements, such as the KKK.
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Cylle installs a unique home entertainment center. he charges a flat fee of $1,200 for the system and the installation. what revenue model does cylle employ?
Unit sales is revenue model employed. On a balance sheet, the unit sales figure represents the total sales of a product in a given period. This sales data is used to determine the price point that allows for the highest profit per unit while employed the actual cost of production.
For example, we could say that the iPad Air sold for $200 or 10,000 units, when the actual sales value is $2 million and the quantity employed is 10,000 units. As a result, unit sales of $200 are possible. Total Sales Value/sales Quantity = 2,000,000/10,000 = $200 in unit sales.
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Employer-sponsored retirement plans requiring a minimum length of time of service to participate are.
Employer-sponsored retirement plans that require a minimum length of service to participate are a 401(k) plan whose length of service is 2 years of service for eligibility.
What is the 401(k) plan?Corresponds to an employer-sponsored retirement savings plan after a minimum 2-year service period for the employee to be eligible. Its benefits are the reduction of taxable income, that is, income contributions are made before taxation.
Therefore, the traditional 401(k) plan has the benefits of choosing the investment, reducing negative risks related to financial losses.
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What happens in the market for iPhones with an across the board cut in the price of all apps on the Apple App Store
Substitutes for the iPhone happens in the market for iPhones with an across the board cut in the price of all apps on the Apple App Store.
What happens in the market for iPhones with an across the board cut ?Substitutes for the iPhone happens in the market for iPhones with an across the board cut in the price of all apps on the Apple App Store.
An android phone cannot run a mobile app made for an apple iPhone. Because both applications have different user interfaces and were created for various operating systems, neither Android nor iPhone apps can be used on the other platform. iPhone Due in large part to the astronomical success of the Apple iPhone, the market for smart phones has expanded quickly over the past several years. Companies like Samsung, HTC, and LG have all released products to compete with the iPhone since its successful 2007 launch. The smart phones launched to rival the iPhone would be regarded as Substitutes for the iPhone.
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What do inventory, distribution and stimulability results of an articulation evaluation tell a clinician?
Stimulability alludes to the child's capacity to deliver a right or improved creation of the blundered sound given an oral and visual demonstration. Stimulability evaluation is prescribed to be an essential piece of the clinical everyday practice. Stimulable sounds show availability for treatment and the degree to which a sound is stimulable is a key factor in target choice.
The articulatory portrayal is dependent on the way (how a sound is made) and place (where in the vocal tract a sound is made) of consonants, recurrence of the event, and run-of-the-mill time of dominance for the sound.
Dyslalia is characterized as a deficient explanation because of broken learning or variation from the norm of the outer discourse organs and not to sores of the focal or fringe sensory system.
The evaluation of stimulability gives significant prognostic data. In addition, those practices that are most effortlessly invigorated can give brilliant beginning stages to mediation. They regularly lead to intercession achievement faster than other, less stimulable practices.
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_ is a method of measuring the effectiveness of altering one characteristic of a marketing asset such as a web page, a banner advertisement, or an email.
A/B Test is a method of measuring the effectiveness of altering one characteristic of a marketing asset such as a web page, a banner advertisement, or an email.
More about A/B Test:
In data science an elementary randomised control experiment is A/B testing. It is a method for contrasting two variations of a variable to see which performs better in a regulated setting.
Let's say, for example, that you run a business and want to boost product sales. You could divide the products in the aforementioned scenario into A and B parts. Here, A won't change, but you can significantly alter B's packaging. You now attempt to determine which is performing better based on the responses from customer groups who used A and B, respectively.
It is a hypothetical testing procedure in data science used to make judgments about population parameters based on sample statistics.
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In data science A/B Test is a method of measuring the effectiveness of altering one characteristic of a marketing asset such as a web page, a banner advertisement, or an email.
More about A/B Test:
In data science an elementary randomised control experiment is A/B testing. It is a method for contrasting two variations of a variable to see which performs better in a regulated setting.
Let's say, for example, that you run a business and want to boost product sales. You could divide the products in the aforementioned scenario into A and B parts. Here, A won't change, but you can significantly alter B's packaging. You now attempt to determine which is performing better based on the responses from customer groups who used A and B, respectively.
It is a hypothetical testing procedure in data science used to make judgments about population parameters based on sample statistics.
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Coffee accounts for at least 50 percent of the revenue that Uganda and Burundi earn from their exports. This reliance on one commodity explains why they are classified as what type of economy
The reliance on one commodity explains why they are classified as a peripheral economy.
What is a peripheral economy?A peripheral economy is an economy that relies on either one commodity or a few commodities. As a result, these types of economies are extremely vulnerable to fluctuations in price and demand of that commodity.
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The proactive prevention technique, ________, occurs when the marketing or public relations department suggests that something relatively small is a bigger deal.
The proactive prevention technique enhancements occur when the marketing or public relations department suggests that something relatively small is a bigger deal.
The American Public Relations Association defines public relations as "a strategic communication process that builds mutually beneficial relationships between an organization and its public." Basically, a PR specialist manages the public image and reputation of the organization.
Public relations is a unique management function that helps establish and maintain the interrelationships of communication, understanding, acceptance, and cooperation between an organization and the general public.
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Which economic system is characterized by public ownership of the means of production, the pursuit of collective goals (rather than market-oriented production), and centralized decision making
An economic system is characterized by public ownership of the means of production, the pursuit of collective goals (rather than market-oriented production), and centralized decision making is called "command economy (socialism)."
What is command economy (socialism)?A form of command economy is socialism. The majority of the production factors, including land and capital goods, are owned and under the jurisdiction of the state.
Key features of command economy are-
A populist economic and political structure, socialism is founded on the common, collective, or public ownership of the means of production. The equipment, resources, and manufacturing facilities utilized to create products that are intended to directly meet human needs are among those means of production.The state uses central planning. The state maintains centralized control over the production of products and services, as well as their prices and distribution.While free-market economies have historically been identified with capitalism and democratic countries, command economies have historically been connected with socialist and communist countries.Socialism the best economic system because-
Theoretically, socialism aims to create the greatest amount of common wealth through public benefits.Since the government oversees the majority of societal activities, it can utilize resources, labor, and lands more efficiently.Socialism lessens wealth disparity not only between different regions but also between all social classes and ranks.To know more about command economy, here
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A bond issued on June 1, Year 1, has interest payment dates of April 1 and October 1. Bond interest expense for the year ended December 31, Year 1, is for a period of
The Bond is issued for a period of seven months.
What are bonds?
A bond is a type of security used in finance where the issuer (debtor) owes the holder (creditor) a debt and is required, depending on the terms, to repay the bond's principal (i.e., the amount borrowed) at the bond's maturity date as well as interest (referred to as the coupon) over a predetermined period of time. Interest is often paid at predetermined times (semiannual, annual, and less frequently at other periods)Solution:
Given,
A bond issue on June 1, year 1
Interest payment dates of April 1 and October 1
We need to calculate:
Bond interest expense for the year ended December 31, 2016
Since we know that interest expense is for a given time period, the bonds were outstanding during the reporting period.
Therefore,
Bonds issued on June-1, year 1
Months Total = June to December = seven months
Since, Interest payment date is October 1, year 1.
This means interest will be paid on this date.
Also, for the year will be included in the interest expense along with the accrued interest for the remaining 4 months (October 1, year 1 to December 31, year 1).
Hence, the Bond interest expense for the year ended December 31, year 1, is for a period of seven months.
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If actual output exceeds potential output, the economy: Group of answer choices is experiencing an inflationary gap. may be in a long-run equilibrium but is not in a short-run equilibrium. is experiencing a recessionary gap. is in neither a short-run nor long-run equilibrium.
A. Experiencing an inflationary gap; when actual output exceeds potential output the price level rises because employers have to raise wage rates to entice more people into the labor market and employers have to pay more for other inputs that become more expensive to produce.
What is an output gap?
The difference between an economy's actual and potential output is measured economically as the "output gap." The maximum amount of products and services that an economy can produce at its peak efficiency, or when it is operating at capacity, is known as potential output. Potential output is frequently referred to as the economy's production capacity. An output gap suggests that an economy is running at an inefficient rate—either overworking or underworking its resources.
How it causes inflation?
Potential output, which is often defined as the level of output consistent with no pressure for prices to rise or fall, is frequently used by policymakers to measure inflation. The production gap serves as a quick indicator of the relative importance of the demand and supply sides of the economy in this situation. Thus, the output gap is a crucial link between the real side of the economy, which generates goods and services, and inflation. It quantifies the strength of inflation pressure in the economy.
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You were recently hired as the head of the PMO of a company which is transitioning into a projectized organizational structure to implement projects u
To outline the control process, you listed three broad elements the first element would be a. set project baseline
Three basic elements of the management process in an organization include standard settings, performance measurements, and performance comparisons with standards.
Industrial process control in continuous manufacturing processes is the field that uses industrial control systems to achieve production levels of consistency, economy, and safety that were not achievable with purely human manual control.
This question is incomplete. Please read below for the complete question
You were recently hired as the head of the PMO of a company which is transitioning into a projectized organizational structure to implement projects using the waterfall approach. You would like to develop a project control process for measuring and evaluating project performance.
To outline the control process, you listed three broad elements. Which of the following is the first element?
a. Set project baselines
b. Measure project performance
c. Compare planned performance to actual results
d. Set a reward system
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Harry owns a barbershop and charges $15 per haircut. By hiring one barber at $12 per hour, the shop can provide 18 haircuts per eight-hour day. By hiring a second barber at the same wage rate, the shop can now provide a total of 39 haircuts per day. Harry should
The revenue calculated shows they Harry should hire the second barber.
How to illustrate the information?The revenue for one barber will be:
= $12 × 18 × 8
= $1728
The revenue for both barbers will be:
= $12 × 39 × 8
= $3744
In this case, there's more revenue and.he should hire the second barber.
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The emirates group has a workforce comprised of individuals with 160 different nationalities. Suppose that one individual is convinced that his culture is superior to his co-workers. The individual is being.
The individual is being Ethnocentric.
Ethnocentrism, whether conscious or unconscious, is a term that applies to cultural or ethnic bias, where individuals see the world from the perspective of their own group and establish their own group as a prototype. And evaluate all other groups in relation to that ideal.
People with ethnocentrism judge other cultures by comparing them with their immediate culture. Ethnocentrism Americans may overlook the unique charm of any city in the world compared to New York City. If you use the standards of your own culture to judge another culture, you are ethnocentric.
"Ethnocentrism" is a commonly used word in circles where ethnicity, interethnic relationships, and similar intergroup issues are important. The usual definition of this term is "think your group is better than the other" or "decide that the other group is inferior to your group".
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When members of high-performing teams communicate, the majority of their comments are?
When members of high-performing teams communicate, the majority of their comments are work related.
How do High performing teams communicate?
Our study revealed that they are substantially more likely to speak on the phone with coworkers than their less successful counterparts, and they also prefer to talk more frequently in general.
What are the benefits of a high performing team?
A few of the organizational advantages of high-performance teams include having motivated individuals who share knowledge and the capability (and confidence) to provide consistent results. Increased trust and involvement are often advantages for the teams themselves. increased efficiency & production.
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When skilled labor is plentiful, plenty of land is available, and there is an abundance of building materials. What usually happens
When skilled labor is plentiful, plenty of land is available, and there is an abundance of building materials. What usually happens is an increase in the construction of buildings.
What is skilled labor?This is one of the factors of production. It is the manpower and the physical strength that is needed in the production of goods and services.
When it is in abundance as well as other factors, people would build more house and other forms of construction.
When skilled labor is plentiful and the amount that is paid for labor is fair, more people would be willing to build houses and engage in other forms of construction
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An investor purchased a small building used as a coffee shop; before that, it was a day care center. During the due diligence process, the investor discovers that there are leaking underground storage tanks (USTs). She purchases the property anyway. What is the previous owners' liability for the cost of remediation
The mere fact that a person was a previous owner of contaminated real property does not make them accountable for investigation and remediation expenditures.
What is a liability?A liability is a debt that a firm owes that will cause it to forfeit future financial gains from dealing with other people or companies. A liability may be used in place of equity as a means of funding a business. Additionally, some liabilities are necessary for day-to-day corporate operations, such as accounts payable or income taxes payable. Liabilities can facilitate efficient company operations and quicken value creation for firms. However, ineffective liability management may have serious negative effects, including a decline in financial performance or, worse, bankruptcy. Liabilities also determine the company's capital structure and liquidity.
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Siskiyou, inc. Has total current assets of $1,200,000; total current liabilities of $500,000; and long term assets of $800,000. How much is the firm's total liabilities & equity?
the firm's total liabilities & equity is $2,000,000.
Given,
total current assets = $1,200,000
long-term assets = $800,000
total current liabilities = $500,000
Using the Accounting equation:
Assets = Liabilities + Equity
Now, substituting the values in the above equation.
Also. remember total assets include both current and long term assets.
Therefore, $1,200,000 + $800,000 = Liabilities + Equity
Liabilities + Equity = $2,000,000
The entire assets of a corporation are equal to the sum of its liabilities and shareholders' equity, according to the accounting equation.
Hence, the firm's total liabilities & equity is $2,000,000.
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\You earn $1,300 working at a summer job. You decide to put it into an account and leave it there for four years while you are in college. The principal will earn 1.5% simple interest. How much will you have in your account at the end of four years
The amount I would have in my account at the end of 4 years is $1378.
How much will I have in my account?The amount I would have in my account is the sum of the interest earned and the amount deposited. Interest is a function of the amount deposited, time and interest rate.
Interest = amount deposited x time x interest rate
$1300x 4 x 0.015 = $78
Account value = 1300 + 78 = $1378
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