The following would not be a required confirmation of management responsibility when addressing fraud in the management representation letter To report any significant fraud to the appropriate authorities.
What duties fall under management in cases of fraud?The duties of management include fostering an environment where fraud is not allowed, identifying fraud risks, and taking the necessary steps to guarantee that controls are in place to stop and catch fraud.
What duties do management and the auditor have with relation to fraud?Auditors must learn how management evaluates and reacts to the risk of fraud in order to be able to make this evaluation. The auditor must also find out if management, internal auditors, and those in charge of governance are aware of any fraud, whether it is actual or just suspected.
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at year-end, zagnut company is beginning its closing process. use the following account balances to demonstrate the closing of its expense accounts. (check all that apply.) account debit credit service fees $10,000 consulting revenue $2,000 supplies expense $700 insurance expense $900 owner, withdrawals $120 multiple select question. credit insurance expense for $900. debit supplies expense $700 debit insurance expense for $900. credit to owner, withdrawals for $120. a credit to income summary for $1,600. a debit to income summary for $1,600. credit to supplies expense for $700.
Zagnut Company should make the following journal entries to show that its expense accounts have been closed: debit supplies expense for $700; debit insurance expense for $900; and credit income summary for $1,600.
What is an expense account?An expense account is a specific category of account in a business's chart of accounts that keeps track of the costs of goods or services consumed during normal business operations. Rent, utilities, supplies, salaries, and insurance are just a few examples of expenses that are frequently incurred as part of a business' operations. As they directly affect a company's net income, expenses play a significant role in its financial statements. A corporation may learn how much it is spending on various costs by tracking and categorising expenditures, which allows it to make wise financial management decisions. Regardless of when the payment is made, according to accounting standards, expenses must be reported in the period in which they are incurred.
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If a country has attracted a relatively large number of foreign workers and a large amount of foreign investment,a)national income will generally exceed gross national product.b)gross national product will generally exceed gross domestic product.c)net domestic product will generally exceed gross domestic product.d)gross domestic product will generally exceed gross national product.
The right response is d) Gross domestic product (GDP) will typically surpass gross national product (GNP). The value of all goods and services generated inside a nation's boundaries is measured by its gross domestic product (GDP).
But the value of all goods and services produced by its citizens, wherever they may be, is measured by its gross national product (GNP).
Because these employees and investments help with domestic production of goods and services, a country's GDP will often rise when it draws significant numbers of foreign labour and foreign investment. The GNP might not rise by the same amount, though, because part of the gains from foreign investment might be repatriated to the investors' home nations, lowering the value of the goods and services made in the nation by its citizens.
Therefore, GDP will typically exceed GNP in this scenario.
Gross domestic product, or GDP. It is a measurement of the total cost of all finished products produced inside a nation's boundaries over a certain time period (usually a year). The gross domestic product (GDP) is a measure of a nation's economic output that is frequently used to compare the economic performance of several nations or to monitor changes in a single nation's economic performance over time.
Gross National Product is what GNP stands for. It is a measurement of the entire value of all goods and services generated by inhabitants and businesses of a country over a given time period, regardless of where they are located (usually a year).
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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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g the beginning and ending balances of retained earnings for the year were $90,000 and $105,000, respectively. if dividend payments made during the year were $9,000, determine the net income or net loss for the year. use a negative sign with your answer to indicate a net loss, if appl gicable.
If dividends totaling $9,000 were distributed each year, the operating earnings would be $24,000.
By income, what do you imply?Your earnings are the money you take back home after doing a job. When you find out that your pay should be more than substantial, parenting will thrill you even more. The majority of you profits come from job you've done, however you can also refer to money you earn through investing as earnings
Beginning Retained Earnings- $90,000
Ending Retained Earnings- $105,000
Dividend Payments- $9,000
Ending Retained Earning= Beginning Retained Earning + Net Income - Dividend Payment
$105,000= $90,000 + Net Income - $9,000
$105,000= $81,000 + Net Income
$105,000 - $81,000= Net Income
Net Income= $24,000
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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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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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a car buyer, a resident of state a, wished to purchase a new car. after shopping both online and in person for the ______
A car buyer, a resident of state A, wished to purchase a new car. After shopping both online and in person for the desired make and model.
However, the above sentence provides some ambiguity along with the answer. Hence it can be completed as:
" A car buyer, a resident of state A, wished to purchase a new car. After shopping both online and in person for the desired make and model, they finally found the perfect car at a local dealership. The buyer negotiated the price with the dealership and secured a financing deal with their bank. After completing the necessary paperwork and taking the car for a test drive, the buyer drove off the lot in their brand-new car, excited for the adventures to come. "
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The correct question is-
Fill in the blank/complete the sentence/paragraph.
A car buyer, a resident of state A, wished to purchase a new car. After shopping both online and in person for the ______
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FILL IN THE BLNK Transactors and Revolvers could be considered types of ________ or a partition of a broad consumer or a business market within subgroups of consumers or businesses.
Transactors and Revolvers could be considered types of credit card customers or a partition of the credit card market within subgroups of customers.
Transactors are customers who typically pay their credit card balance in full each month and avoid carrying a balance, while Revolvers are customers who carry a balance from one month to the next and incur interest charges on their outstanding balances.
Understanding the behavior of these subgroups can be important for credit card companies in terms of setting interest rates, credit limits, and other features of their credit card products.
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Consideration is the ___ given in exchange for a promise. A contract cannot be formed without ____ consideration. Consideration is often broken down into two elements
Consideration is the thing that is given in exchange for a commitment. A contract cannot be formed without sufficient consideration. Two parts of consideration are usually separated.
What do we mean by consideration in business?The thing that is delivered in return for a commitment is called consideration.
Absent adequate consideration, a contract cannot be created.
Consideration is frequently divided into two parts.
A payment given by one party to another in exchange for the transfer of something of value is known as consideration.
Consideration might take the form of cash payment, debt forgiveness, or forbearance.
A transaction must have value for both parties involved.
Simply said, it is a valuable offer made in exchange for signing the contract. An agreement will not be enforceable without consideration.
The offer of employment itself is often the consideration made at the beginning of the employment relationship for new employees.
So,
1st blank: Value
2nd blank: Sufficient
Therefore, consideration is the thing that is given in exchange for a commitment. A contract cannot be formed without sufficient consideration. Two parts of consideration are usually separated.
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a company had the following selected balances: account debit credit service revenue $4,000 rental revenue $2,000 wages expense $500 utilities expense $100 owner's withdrawals $80 demonstrate the fourth closing journal entry to close the withdrawals account by selecting the correct answer below. multiple choice question. A. debit income summary $80; credit owner's withdrawals $80 B. debit owner's withdrawals $80; credit owner's capital $80 C. debit owner's capital $80; credit owner's withdrawals $80 D. debit owner's withdrawals $80; credit income summary $80
Debit Owner's Withdrawals $80; credit Income Summary $80 is the right response D.
Which of the following balances in the accounts will match the net profit or loss for the period before it is closed?At the conclusion of each accounting period, all income statement revenue and expense accounts are moved into the income summary account, which is a temporary account.
The owner's withdrawals account balance must be moved to the owner's equity account in the general ledger using the fourth closure entry. This is carried out in order to fairly portray the entire net gain or loss for the time period. Debiting the owner's withdrawals account for $80 and crediting the income summary account for $80 results in the proper entry to terminate the owner's withdrawals account. By doing this, the owner's withdrawals account balance is transferred to the income summary account. The balance is then transferred to the owner's capital account to shut the income summary account.
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3. effects of rent control rent controls require that landlords set apartment prices below the equilibrium price level. an immediate effect is an apartment rental shortage (excess demand for apartments), because at the regulated price the quantity of apartments demanded is greater than the quantity supplied. when landlords are prevented by cities from charging market rents, which of the following listed outcomes are common in the long run? check all that apply. efficient use of housing space results. nonprice methods of rationing emerge. landlords earn lower profits from renting housing units, but the rent charged has no effect on either the quantity or quality of rental units. the quality of rental housing units falls.
Option (b) and (d), When cities prohibit landlords from collecting market rents, these are frequent long-term effects.
Develop rationing tactics without prices.There aren't as many rental homes available.What does scarcity rent in economics mean?"Scarcity rent" is the term used to describe the usage fee assessed when the supply of homogeneous land is limited in relation to the demand. If all land is homogeneous yet there is an excess demand for land, all the land will create economic rent because it is scarce.
The long-term viability of economic rentEconomic rent is the extra sum paid for a production factor over and above its price to bring it into production. Due to the lack of available land, the supply is inelastic, which means that an increase in price of, say, 25% has no impact on the availability of goods and services. As a result, the possibility of making rent is long-term.
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When a business speaker has presence, audience members tend to respond in which two of the following ways?
They admire the speaker's ideas they become motivated to take action are the ways has presence, audience members tend to respond. A speaker must create arguments that resonate with the audience in order to persuade.
Claim, evidence, and warrant are the three building blocks of an argument. Before providing an answer, pose questions to the audience and let them to place wagers on speaker's they believe to be correct. Reiterate the key ideas at the conclusion of the speech, but encourage the audience to make their own summary. Speeches intended to persuade others "aim to affect their views, attitudes, values, and behaviour."
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marcos is considering business expansion and buying a local business that provides cleanup and sanitation services for local businesses. in his current business he owns 10 food trucks that serve the greater metropolitan area. if he does buy the sanitation business it would be an example of growing his business through ________.
Marcos is considering business expansion and buying a local business that provides cleanup and sanitation services for local businesses. in his current business he owns 10 food trucks that serve the greater metropolitan area. if he does buy the sanitation business it would be an example of growing his business through vertical integration.
Vertical integration is a business strategy that involves a company expanding its operations into different areas of the supply chain.
In this case, Marcos would be expanding his operations by purchasing a business that provides services related to, but not directly connected to, his current business of running food trucks.
Vertical integration can help a business to diversify its revenue streams, increase efficiency, and reduce costs.
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Suppose we have a small inhabited island with three residents and a volcano that generates air pollution. Two people live upwind of the volcano and one person lives downwind. For $21,000 we can clean up the volcano with a patented "smoke guzzler." The two upwind people would pay $1000 each to get rid of the smoke whereas the downwind person would pay $1000 each to get rid of the smoke whereas the downwind person would be willing to pay $15,000. Consider two plans to finance the 'smoke guzzler.' Plan A calls for a head-tax of $7000. Plan B calls for the affected party (the downwind person) to pay $21,000 and everyone else nothing. Compare each plan to the status quo and indicate society's choice using (a) the Pareto criterion; (b) majority rule; (c) potential Pareto improvement.
In this question, it is asked about Pareto criterion, majority rule and potential Pareto improvement. The explanation is given below:
a) According to the Pareto criterion, a change is desirable if it makes at least one person better off without making anyone else worse off. In this case, Plan B satisfies the Pareto criterion since the downwind person would be better off with the smoke guzzler, and the upwind people would be no worse off.
b) Under majority rule, the preferred plan would be the one that is favored by a majority of the people. In this case, both plans have one person in favor and two against, so neither plan would be preferred.
c) Plan B represents a potential Pareto improvement because it would make the downwind person better off without making the upwind people worse off. However, it is not a Pareto improvement because the upwind people would be no better off, and society as a whole would have to pay more to implement the plan. Plan A, on the other hand, is not a potential Pareto improvement because it would make some people worse off without making anyone better off. Therefore, based on the Pareto criterion and the potential Pareto improvement, Plan B would be the preferred option.
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____ is when an entrepreneur has a strong savings account that can help to keep personal expenses paid during the time it takes the new business to begin bringing in money. a. self-financing self-financing b. loaning money loaning money c. investing investing d. asking friends and family
The statement is completed as: Self-financing is when an entrepreneur has a strong savings account that can help to keep personal expenses paid during the time it takes the new business to begin bringing in money. The correct answer is a. self-financing.
Self-financing means that the entrepreneur is using their own savings to finance the business, rather than relying on loans or investments from others. It can be a good option for those who have a significant amount of money saved up and are confident in their ability to make the business profitable.
However, it also carries the risk of losing one's personal savings if the business does not succeed.
In conclusion, the correct answer is a. self-financing.
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if 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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"Manufacturing an existing product, for example, a computer monitor, to fulfill customer orders is considered a project."True or False
The given statement "Manufacturing an existing product, for example, a computer monitor, to fulfill customer orders is considered a project" is False because Manufacturing the existing product is to work according to the supply curve and demand curve.
The supply curve is the curve which shows the process or steps of the manufacturing product from the raw material to the deliver the product to the consumer.
That's why, Manufacturing an existing product, for example, a computer monitor, to fulfill customer orders because Manufacturing the existing product is to work according to the supply curve and demand curve.
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2) using the following exhibit from the textbook, explain how the u.s. can gain in trade even though it has an absolute advantage in both shoes and refrigerators. (your answer should include whether more product is available via specialization.)
Absolute advantage is defined as the ability of a producer to generate more goods per unit of time than other persons or organizations with the same quantity of inputs.
It is a business term that refers to a producer's capacity to do a given economic activity more efficiently than competitors. The ability to create a good at a lower 'opportunity cost' is referred to as a comparative advantage.
According to Ricardo's comparative advantage theory, even if a country does not have an absolute advantage, it should specialize in specific things if it is efficient at producing them. I
n other words, a country should specialize in specific commodities if the opportunity cost of producing them in that country is lower, even if other countries are more efficient.
The first country can either make 40,000 refrigerators or 10,000 shoes. U can manufacture either 10,000 refrigerators or 8000 shoes.
As a result, the opportunity cost of producing one unit of refrigerator in terms of shoes is 10,000/40,00 unit = 0.25 unit for the first country.
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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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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
choose the option that is the most appropriate objective for corporate management group of answer choices a.minimizing the company's liabilities b.maximizing market value of the company's shares c.maximizing the current profits of the company d.maximizing the company's market share
The most appropriate objective for the corporate management is maximizing market value of company's shares.
What is market value?Market value refers to the estimated worth of a product, service or asset based on prevailing market conditions. It is determined by factors such as demand and supply, price trends, consumer preferences, and other market-related influences. In real estate, market value is the price a property would likely sell for in a competitive and open market, assuming both the buyer and seller are knowledgeable, willing and unpressured. For stocks and other investments, market value is the current trading price per share on a stock exchange, which fluctuates based on factors such as company performance, market trends, and economic conditions. Market value is an important metric used by investors, appraisers, lenders and other market participants to evaluate the potential return on investment or to determine the worth of a particular product or service.
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Madison was tired of her winter coat, so she sold it to her friend, Marissa. This is an example of ________ marketing.Select one:a. B2Cb. C2Cc. C2Bd. B2Be. BBC
"Consumer to consumer" or "customer to customer" is what C2C stands for, and it refers to a business strategy that promotes private individuals doing business with one another, typically online.
The correct answer is option B. C2C
When a customer buys a product from another customer, C2C refers to the market environment where the transaction is facilitated through a platform or business run by a third party. A business concept known as customer to customer (C2C) allows customers to conduct business with one another, usually online. Auctions and classified ads are two ways that C2C markets are put into practise. As a result of the internet and businesses like eBay, Etsy, and Craigslist, C2C marketing has become increasingly prevalent.
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4 . the slope and position of the long-run aggregate supply curve assume the federal reserve triples the growth rate of the quantity of money in circulation. in the long run, this increase in money growth will affect which of the following? check all that apply. A. the size of the labor force
B. the level of technological knowledge C. the quantity of physical capital D. the inflation rate
D. the inflation rate, The federal reserve triples the growth rate of the amount of money in circulation, which is how the slope and location of the long-run aggregate supply curve are calculated. This rise in money growth will eventually impact the rate of inflation.
Long-term changes in the money growth rate will affect the inflation rate, but they will have no effect on the size of the labour force, the sophistication of technology, or the amount of physical capital. The long-run aggregate supply curve, which implies that all inputs may be modified in the long run, depicts the potential output of the economy based on the elements of production. However, rather than the growth rate of the money supply, the long-run growth rate of the economy is largely driven by advances in technology, increases in the labour force, and capital accumulation. As a result, the long-run aggregate supply curve's slope and position assume that the economy's structure remains unaltered.
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We use the VRIS framework to analyze the firm's resources and capabilities. When a resource is assessed to be both valuable and rare, it will _____.
We use the VRIS framework to analyze the firm's resources and capabilities. When a resource is assessed to be both valuable and rare, it will be a core competency of the firm.
Core competencies are the unique and valuable resources and capabilities that a firm possesses and that cannot be easily imitated or surpassed by competitors. Core competencies are what give the firm its competitive advantage and are often the basis of the firm's strategy.
In order to understand the firm's core competencies, it is important to analyze the firm's resources and capabilities. Resources are the inputs the firm uses to create value, such as technology, knowledge, and capital. Capabilities are the processes the firm uses to turn resources into products or services.
To be considered valuable, a resource must be both valuable to the customer and difficult to imitate by competitors. To be considered rare, a resource must be difficult to acquire or develop.
By using the VRIS framework, a firm can identify its core competencies. It is important to note, however, that core competencies are constantly changing in response to the environment and the firm's strategies. The VRIS framework can be used to continually evaluate and update the firm's core competencies so that it can remain competitive.
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The M&M's tagline-Melts in your mouth, not in your hand-was first introduced in 1949. Invented and patented in 1941, Mars, Inc. creates M&M's using a patented hard sugar coating that keeps chocolate from melting in one's hands. This an example of the one feature of the candy that most stands out as different from the competition, which is known as its ___________.
A. brand positioning
B. unique selling proposition
C. stable value
D. understood selling proposition
E. actionable value
This an example of the one feature of the candy that most stands out as different from the competition, which is known as its unique selling proposition.
The marketing tactic of telling clients about the how one's own brand or product is superior to opponents is known as the unique selling proposition (USP), also known as the unique selling point or perhaps the unique value proposition (UVP) in the the business model canvas (in addition to its other values). Early 1940s advertising initiatives that were efficient made use of it. Rosser Reeves of Ted Bates & Company, a trailblazer in tv commercials, came up with the expression. "Differentiation constitutes one of the most critical strategic and tactical tasks in which organizations must continually participate," according to Theodore Levitt, a professor at Harvard Business School. One's "personal brand" is already included in the definition of the phrase.
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In which of the following situations has a company most actively embraced customer-managed relationships?
a) iRobot invites enthusiastic Roomba owners to develop and share their own uses for the company's robotic vacuum cleaner.
b)Toyota develops a marketing presence on social networks and other online communities.
c)American Airlines awards frequent flyer points to returning customers.
d)Best Buy distinguishes between its best customers and its less profitable customers, stocking merchandise to appeal to each group.
e)Paige Premium Denim jeans provide superior quality and perfect fit.
Most actively embraced customer-managed relationships is a) iRobot invites enthusiastic Roomba owners to develop and share their own uses for the company's robotic vacuum cleaner.
iRobot's approach to customer-managed relationships is highly active and engaging. By inviting Roomba owners to develop and share their own uses for the company's robotic vacuum cleaner, they are engaging and empowering their customers.
This encourages customers to take ownership of the product and become more involved in the product lifecycle. Additionally, iRobot is able to leverage their customer's knowledge and creativity to create innovative solutions.
This provides them with valuable feedback and ideas on how to further improve the product and better meet customer needs. This type of customer-managed relationship demonstrates a deep commitment to customer satisfaction and creates a strong bond between the company and its customers.
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Which of the following would cause both the equilibrium price and equilibrium quantity of cotton (assume that cotton is a normal good) to increase?
a drought that sharply reduces cotton output
an increase in consumer income
unusually good weather that results in a bumper crop of cotton
a decrease in consumer income
With a (B) increase in consumer income, the equilibrium price and quantity of cotton would increase.
What is equilibrium quantity?Demand and supply forces are balanced at an equilibrium price.
Prices have the propensity to return to this equilibrium unless certain demand or supply characteristics alter.
When demand, supply, or both move or change, the equilibrium price will change.
When a product is in equilibrium quantity, there is neither a scarcity nor a surplus on the market.
When supply and demand cross, the amount of a good that consumers desire to buy is equal to the amount that its manufacturers are supplying.
The equilibrium price and equilibrium quantity would rise with an increase in consumer income.
Therefore, with a (B) increase in consumer income, the equilibrium price and quantity of cotton would increase.
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Complete question:
Which of the following would cause both the equilibrium price and equilibrium quantity of cotton (assuming that cotton is a normal good) to increase?
A. a drought that sharply reduces cotton output
B. an increase in consumer income
C. unusually good weather that results in a bumper crop of cotton
D. a decrease in consumer income
Hello,
Please, note I have done pa ot but I will need some help with the ones in red.
Revenue Journal and Cash Receipts Journals; Accounts Receivable subsidiary and General Ledgers
Transactions related to revenue and cash receipts completed by Aspen Architects Co. during the period June 2–30, 2014, are as follows:
June 2. Issued Invoice No. 793 to Nickle Co., $5,690.
June 5. Received cash from Mendez Co. for the balance owed on its account.
June 6. Issued Invoice No. 794 to Preston Co., $2,050.
June 13. Issued Invoice No. 795 to Shilo Co., $3,050.
Post revenue and collections to the accounts receivable subsidiary ledger.
June 15. Received cash from Preston Co. for the balance owed on June 1.
June 16. Issued Invoice No. 796 to Preston Co., $6,370.
Post revenue and collections to the accounts receivable subsidiary ledger.
June 19. Received cash from Nickle Co. for the balance due on invoice of June 2.
June 20. Received cash from Preston Co. for invoice of June 6.
June 22. Issued Invoice No. 797 to Mendez Co., $8,390.
June 25. Received $2,320 note receivable in partial settlement of the balance due on
the Shilo Co. account.
June 30. Recorded cash fees earned, $14,320.
Post revenue and collections to the accounts receivable subsidiary ledger.
Required:
1. Insert the following balances in the general ledger as of June 1:
11 Cash $12,740
12 Accounts Receivable 15,520
14 Notes Receivable 6,750
41 Fees Earned -
After completing the recording of the transactions in the journals in part 3, total each of the columns of the special journals, and post the individual entries and totals to the general ledger. Insert account balances after the last posting. When posting to the general ledger, post in chronological order. However, if there is more than one entry on the same date, be sure to post transactions from the revenue journal before posting transactions from the cash receipts journal.If an amount box does not require an entry, leave it blank
.Post. Date Item Ref. Account: Cash 11 2014 June 1 Balance cr36 June 30 Account: Accounts Receivable 12 2014 June 1 Balance J1 June 25 R40 June 30 June 30 Account: Notes Receivable 14 2014 June 1 Balance J1 June 25 Account Fees Earned 41 2014 R40 June 30 CR36 June 30 GENERAL LEDGER Debit Credit 37,580 2,320 730 14,320 Balance Dr. 12,740 50,320 15,520 13200 6,750 V 7480 Balance Cr.
2. Insert the following balances in the accounts receivable subsidiary ledger as of June 1:
Mendez Co. $8,920
Nickle Co. -
Preston Co. 6,600
Shilo Co. -
After completing the recording of the transactions in the journals in part 3, post to the accounts receivable subsidiary ledger in chronological order, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customer's account before recording a cash receipt. If an amount box does not require an entry, leave it blank.
3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees.
4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions in chronological order for June. Post to the accounts receivable subsidiary ledger (in part 2), and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customer's account before recording a cash receipt.
5. Total each of the columns of the special journals, and post the individual entries and totals to the general ledger (in part 1). Insert account balances after the last posting.
If an amount box does not require an entry, leave it blank
The general journal has been provided for you below:
The General JournalGENERAL JOURNAL
Date Item Post Ref. Debit Credit Balance Dr. Balance Cr.
Account: Cash # 11
2014
June 1 Balance ü 12,740
June 30 CR36 37,580 50,320
Account: Accounts Receivable # 12
2014
June 1 Balance ü 15,520
June 25 J1 2,320 13,200
June 30 R40 25,550 38,750
June 30 CR36 23,260 15,490
Account: Note Receivable # 14
2014
June 1 Balance ü 6,750
June 25 J1 2,320 9,070
Account: Fees Earned # 41
2014
June 30 R40 25,550 25,550
June 30 CR36 14,320 39,870
For Subsidiary Ledger
Just remove the 8,920 and 6,600 from Debit column
For Journal entry put J1 in Post Ref column
The first area where data is kept is in a general diary, which has to separate columns on each page for dates, serial numbers, and records of debits and credits.
Several businesses maintain specialized journals that solely record certain kinds of transactions, such as purchase journals or sales journals.
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if your wage doubles at the same time as the consumer price index goes from 100 to 300, your real wage
If your wage doubles at the same time as the consumer price index goes from 100 to 300, your real wage will remain the same. The increase in your nominal wage will be offset by the increase in the price level.
The real wage is the purchasing power of a wage, which is determined by the number of goods and services that it can buy.
It is calculated by dividing nominal wage (the wage rate before taking inflation into account) by the consumer price index. In the case given, the wage rate has doubled and the consumer price index has tripled.
This means that, although the nominal wage has increased, the cost of goods and services has increased by a much larger amount.
Therefore, the real wage remains the same because the increased wage is offset by the increased cost of goods and services.
In other words, the wage increase has been effectively canceled out by the increase in the price level. Therefore, the employee is not in a better financial position than they were before.
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if unemployed workers become discouraged and give up trying to find work, the number of workers employed and the unemployment rate would change in which of the following ways?
The number of employed workers and the unemployment rate would change in employed workers, but there would be no change if discouraged jobless workers gave up looking for work, lowering the unemployment rate.
How much unemployment is there?The unemployment rate is the percentage of the working population that is unemployed. Since it is a trailing indicator, changes in economic conditions usually cause it to rise or fall rather than predict them. If the economy is struggling and there aren't many jobs available, the unemployment rate is likely to rise.
It is typical to anticipate a decline in it when the labor market is strong and there are many open positions in the economy. Unemployment is one of the metrics of economic health that is most widely watched, along with GDP and the consumer price index.
The stock market and inflation, two essential measures of the health of the economy as a whole, are inversely related to unemployment.
Correct question:
If unemployed workers become discouraged and give up trying to find work, the number of workers employed and the unemployment rate would change in which of the following ways?
workers employed
no change
unemployment rate
decrease.
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