In a financial statement owner's equity is inflated on the balance sheet, while salaries payable are understated and net income is overstated.
A balance sheet is what?A balance sheet is a financial statement that details a company's assets, liabilities, and shareholder equity as of a particular date. The assessment of a company's financial structure and the computation of investor return rates are both based on balance sheets.
An organization's assets, liabilities, and shareholder investment are all listed on the balance sheet, also known as the statement of financial condition.
Together with other important financial accounts, balance sheets can be used to do fundamental analysis or calculate financial ratios. The balance sheet is an overview of the financial standing of a corporation at a certain point in time.
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Which of the following is an example of an intermediate term debt? O a sixty-month car loan a fifteen year mortgage a thirty year U.S. Treasury bond a six month loan from a finance company Moving to another question will save this response
Option (a), A automobile loan with a 60-month term is an example of an intermediate term loan.
An intermediate-term loan is what?Mortgages with a medium term: One to three years is the typical loan term, and monthly payments are taken out of the company's cash flow. Long-term debt These loans can have a repayment period of three to twenty-five years. On a monthly or quarterly basis, they demand payments from profits or cash flow and pledge company assets as security.
The typical term of a loan with an intermediate term is one to three years. They assist in providing financing for short-term investments. A new computer with a three-year economic life, for instance, might be something you want to purchase.
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The complete question is;
Which of the following is an example of an intermediate term debt?
(a). a sixty-month car loan
(b). a fifteen year mortgage
(c). a thirty year U.S. Treasury bond
(d). a six month loan from
(e). a finance company Moving to another question will save this response
Which of the following strategies most likely could improve the response rate of the confirmations of accounts receivable?
a. Restrict the selection of accounts to be confirmed to those customers with large balances.
b. Include a list of items or invoices that constitute the customer's account balances.
c. Explain to customers that discrepancies will be investigated by an independent third party.
d. Ask customers to respond to the confirmation requests directly to the auditor by fax.
Asking customers to respond to the confirmation requests directly to the auditor by fax, is the strategy most likely to improve the response rate of the confirmations of accounts receivable. Here option D is the correct answer.
When confirmations of accounts receivable are sent directly to the customers, it is possible that they may not respond or may respond incorrectly due to various reasons, such as oversight or lack of understanding.
By requesting customers to respond directly to the auditor by fax, it ensures that the confirmation has been received by the auditor and eliminates any delays or errors that may occur during the communication between the customer and the client.
Restricting the selection of accounts to be confirmed to those customers with large balances (Option A) may not necessarily improve the response rate, as customers with smaller balances are just as likely to provide a timely response.
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which of the following indicates that the macroeconomy is achieving its economic goals? which of the following indicates that the macroeconomy is achieving its economic goals? economic growth declining gdp inflation deflation unemployment
The most accurate indicator of whether the macroeconomy is achieving its economic goals is economic growth.
Economic growth is an increase in a country's production of goods and services in a given period of time. It is usually measured as a percentage change in the gross domestic product (GDP).
Economic growth can be achieved through different policies such as fiscal and monetary policies, investment in infrastructure and human capital, and technological advancements. Economic growth is essential for a country's standard of living, employment, and economic security.
If economic growth is increasing, it is a sign that the macroeconomy is achieving its goals. Declining GDP, inflation, deflation, and unemployment are all signs that the macroeconomy is not meeting its goals.
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While most business communication is now done electronically, there remain situations in which a business letter is most appropriate.
In certain situations, business letters are most appropriate for delivering messages______(inside/outside) an organization. Business letters convey a sense of_______ (concern/ formality/ levity) and _________( warmth/ importance/gratitude) .
In certain situations, business letters are most appropriate for delivering messages outside an organization. Business letters convey a sense of formality and importance.
Which circumstances call for business letters to be used the most effectively to convey information?
When a permanent record is required, confidentiality is essential, sensitivity and formality are essential, and you need to make a persuasive, professional presentation, a business letter is the best channel to choose.
What is a business letter primary purpose?There are many different types of content that can be included in business letters, such as a direct request for information or action from another party, an order for supplies from a supplier, a correction to a request, an apology, or a message of goodwill.
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Christensen suggested tactics to navigate the challenges of dealing with potentially disruptive innovations. Which of the following is one of those tactics?
A.
build portfolio options on emerging technologies
B.
have internal efforts focus on what may or may not turn out to be the next big thing
C.
all of the available options are true
D.
invest in firms or start-ups
(C) All of Christensen's suggested tactics are valid in the scenario at hand.
What are tactics?A conceptual activity or brief sequence of activities with the intention of achieving a short-term goal is referred to as a strategy.
This process can be carried out as one or more distinct tasks.
The phrase is frequently used in commercial, protest, and military contexts, as well as in competitive pursuits like chess, athletics, or other games.
The word's root is the Ancient Greek word taktike, which means "art of arrangement."
The specific acts or steps you take to carry out your plan are known as tactics.
For instance, one country's policy during a conflict can aim to influence the civilian population of the adversary.
They might employ strategies like radio broadcasts or hospital construction to accomplish this.
So, in the given situation all of the available options are true which are given by Christensen.
Therefore, (C) all of Christensen's suggested tactics are valid in the scenario at hand.
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the balances in baleille accounting services office supplies account on feb 1 and feb 28 were 1950 and 500
Based on the provided information, the amount of office supplies purchased during February is $350. (Option D)
Supplies expense is a type of indirect expense which indicates the total consumables cost used during a reporting period. It is the cost of goods used by the company used during a specific reporting period to operate.
Office supplies expense refers to the amount of administrative supplies charged to expense in a reporting period. and include items such as paper, staples, pen and pencils, ink, paper clips, binders, file folders, and markers. Based on the provided information, the office supplies expense is given by:
Office supplies expense (monthly) = Beginning office supplies + Office supplies purchased - Ending office supplies
The monthly supplies expense = $1,400
The beginning office supplies on Feb 1 = $1,200
The ending office supplies on Feb 28 = $150
Therefore,
$1,400 = $1,200 + Office supplies purchased - $150
Office supplies purchased = $1,400 - $1,200 + $150
Office supplies purchased = $350
Note: The question is incomplete. The complete question probably is: The balances in Labeille Accounting Services' office supplies account on February 1 and February 28 were $1,200 and $150, respectively. If the office supplies expense for the month is $1,400, what amount of office supplies was purchased during February? a) $1,350 b) $1,200 c) $150 d) $350 e) $2,450.
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Cute Camel Woodcraft Company has a debt-to-equity ratio of 2.80, compared to the industry average of 2.24. Its competitor Purple Lemon Woodcrafters, however, has a debt-to-equity ratio of 4.20. Based on what debt-to-equity ratios imply, which of the following statements is true? Purple Lemon's creditors face lesser risk than the average financial risk in the industry O Cute Camel's shareholders expect magnified returns but higher risk as compared to Purple Lemon. O Purple Lemon has greater financdal risk as compared to Cute Camel and to the average finandal risk in the industry O Purple Lemon has higher creditworthiness as compared to Cute Camel
The answer is Purple Lemon has greater financial risk as compared to Cute Camel and to the average financial risk in the industry is true.
How Do Industries Work?A set of businesses that are connected by their main lines of business are referred to as an industry. Numerous industrial classifications exist in contemporary economies. Sectors are generally used to combine together industry classifications into bigger groups.
Which industry is a good example?A set of companies that share a common primary commercial activity, such as the production of automobiles or the sale of groceries, is referred to as an industry. Smaller industries (like the automobile industry) can be categorized into bigger industry sectors (for example, the manufacturing sector in general).
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compare the beta hedged stock index portfolio strategy with the minimum variance hedge using futures.
The beta hedged stock index portfolio strategy and the minimum variance hedge using futures are two different strategies that can be used to manage risk in an investment portfolio.
The beta hedged stock index portfolio strategy involves using futures contracts to offset the market risk (beta) of an equity portfolio. The goal of this strategy is to eliminate the impact of market movements on the portfolio's returns while maintaining exposure to individual stock performance. The strategy involves selling futures contracts on the underlying index to offset the market risk of the portfolio. This strategy is suitable for investors who want to maintain their exposure to the stocks in the portfolio but reduce the impact of market movements on their returns.
The minimum variance hedge using futures strategy involves using futures contracts to hedge against the overall volatility of the portfolio. The goal of this strategy is to reduce the overall volatility of the portfolio by hedging against the risk of individual stocks in the portfolio. The strategy involves selling futures contracts on the underlying index to offset the risk of the portfolio. This strategy is suitable for investors who want to reduce the overall volatility of the portfolio.
In terms of comparing the two strategies, the beta hedged stock index portfolio strategy is focused on reducing market risk, while the minimum variance hedge using futures strategy is focused on reducing overall portfolio volatility. The choice between the two strategies will depend on an investor's specific risk management needs and investment objectives. An investor who is primarily concerned with reducing market risk may prefer the beta hedged stock index portfolio strategy, while an investor who is concerned with reducing overall portfolio volatility may prefer the minimum variance hedge using futures strategy.
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which of the following did not contribute to the growth of a consumer culture in the united states at the close of the nineteenth century? group of answer choices personal credit advertising greater disposable income mail-order catalogs
None of the options listed could be completely excluded as a factor that contributed to the growth of a consumer culture in the United States at the close of the nineteenth century.
However, if we had to choose an option that was least directly related to the growth of consumer culture, it would be "greater disposable income." Although an increase in disposable income would have provided consumers with the means to purchase more goods and services, it was not the only factor driving the growth of consumer culture in the late nineteenth century. Personal credit, advertising, and mail-order catalogs all played significant roles in creating a culture of consumption by encouraging consumers to buy more goods and services and to do so on credit or through the convenience of mail-order shopping. Advertising, in particular, played a crucial role in creating a culture of consumption by creating a desire for new products and linking those products to personal happiness and social status. Mail-order catalogs also contributed to the growth of consumer culture by making a wider variety of goods available to consumers in rural areas and by providing an easy way for consumers to purchase goods from the comfort of their homes.
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Assume that 25% of Estonia's trade is with country A and 75% of its trade is with country B. Estonia's currency depreciates 40% against country A's currency and appreciates 20% against country B's currency. Which of the following is TRUE?
A. The effective exchange rate has appreciated by 5%.
B. The effective exchange rate has appreciated by 25%.
C. The effective exchange rate has depreciated by 5%.
D. The effective exchange rate has depreciated by 25%.
The effective exchange rate for Estonia has appreciated by 25%, which means that option B is the correct answer.
To determine the change in the effective exchange rate for Estonia, we need to calculate the weighted average of the change in the exchange rate against country A and country B.
Let's assume that the initial exchange rate for Estonia's currency is 1:1 with country A's currency and 1:1.5 with country B's currency. After the changes, the new exchange rates are 1:1.4 with country A's currency and 1:1.2 with country B's currency.
The weight of country A in Estonia's trade is 25%, and the weight of country B is 75%. So the weighted average of the change in the exchange rate is:
(25% x 40%) + (75% x 20%) = 10% + 15% = 25%
This means that Estonia has appreciated the effective exchange rate by 25%. Therefore, the correct answer is option B.
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according to cohen, which of the following is/are arguments why society-wide socialism might be thought infeasible?
According to Cohen, the argument which the society-wide socialism might be thought infeasible will be "the limitation of human nature/pursuit of self interest.
Socialism is a political philosophy and movement that embraces a variety of economic and social systems that place an emphasis on democratic control, such as worker self-management, as opposed to private ownership.
Socialism is characterized by social ownership of the means of production. Socialism includes the political, social, and economic ideologies and movements related to the development and adoption of such systems.
Social ownership can be public, community, collective, cooperative, or employee-owned. While there is no one definition that encompasses all socialism, social ownership is the one aspect that all socialist movements share and is regarded as left-wing.
Different forms of socialism differ depending on the role of markets and planning in resource allocation, on the structure of management in organizations, and on approaches from below or from above; some socialists favor a party, state, or technocratic-driven approach. Socialists disagree on whether the government, especially the current government, is the best tool for bringing about change.
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botswana and namibia are countries in africa specializing in mining gems. suppose botswana can mine 100 carats of diamonds or 200 rubies in one day, while namibia can mine 120 carats of diamonds or 80 rubies in one day. the opportunity cost of one diamond is _____ in botswana and _____ in namibia.0.5; 0.672.0; 1.50.5; 1.52.0; 0.67
The expected cost of one stone is 2 ruby in Botswana versus 0.67 rubies for Namibia.
What does mining signify to you?Extraction of there used from the ground is known as mining. Mined materials include anthracite, gold, and iron ore, just name a few. The raw material used to make iron was called iron ore. Mining has been since the ancient era.
What purposes will mining serve?Construction of roads, schools, autos, homes, satellites, computer, and a variety of other consumer-favorite services and goods all need the usage of mined resources. Additionally, mining is economically significant for producing nations and localities.
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T/F businesses use podcasting for sending audio and video messages that do not require a live presence yet offer a friendly human face.
The given statement "businesses use podcasting for sending the audio and the video messages that do not require a live presence yet offer a friendly human face" is true. Because businesses use podcasting as a form of digital media to send audio and video messages to their audience.
Podcasts allow companies to create and distribute content that can be consumed at any time, rather than requiring a live presence. This makes it a convenient and cost-effective way for businesses to connect with their audience and establish a relationship.
Additionally, podcasts often have a conversational and informal tone, which can help to humanize the business and create a sense of connection with the audience. Therefore, businesses often use podcasting as a way to offer a friendly human face and connect with their audience.
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picture frames selling at $45 each have a variable cost is $15 each. the fixed costs of operating the shop are $7,500 per month. given this data, the break-even point in number of units is
The breakeven point in number of units, given the variable cost and the fixed costs, can be found to be 250 units
How to find the break - even point ?To calculate the break-even point in number of units, we need to find the quantity of units that will generate enough revenue to cover the total costs (both variable and fixed costs).
The formula for the breakeven point in units is:
= Fixed costs / ( Selling price of frames - Variable costs )
Fixed costs = $ 7, 500
Variable cost = $ 15
Selling price = $ 45
The breakeven point is:
= 7, 500 / ( 45 - 15 )
= 250 units
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the Unearned Revenue account should be reduced and the Service Revenue account increased for the amount of revenue ___ during the perioddeferralearneddeferralnet income
the Unearned Revenue account should be reduced and the Service Revenue account increased for the amount of revenue earned during the period.
Explain unearned income?Unearned income is cash received by a company from a client before a good or service is actually provided. It is a prepayment that a business accumulates and records as a liability on the balance sheet up until the customer receives a service or receives a product.
What is the proper way to record unearned revenue?Unearned money is recognized on the balance sheet as a liability rather than being recorded as income on the income statement until it is "earned". Once the product or service is delivered, the revenue is recognized gradually over time.
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From an accounting standpoint, legal ownership of a leased asset is ____ to the accounting method used. a. relevant b. irrelevant.
From an accounting standpoint, legal ownership of a leased asset is irrelevant to the accounting method used.
The accounting method used in a lease transaction is based on the classification of the lease as either an operating lease or a capital lease. If the lease is classified as an operating lease, the lessee will record a monthly expense on their income statement. If the lease is classified as a capital lease, the lessee will record the asset and associated liability on their balance sheet. In either case, the lessee will not record the legal ownership of the asset.
The legal ownership of the asset is only relevant to the rights and responsibilities of the lessor and lessee. For example, the lessor is legally responsible for the asset in an operating lease, while the lessee is legally responsible for the asset in a capital lease. In addition, the lessor typically retains legal ownership of the asset, even in a capital lease, and may have certain rights to the asset, such as the right to repossess it if the lessee defaults on their payment obligations.
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Guzman Consulting Services issued a check for $2,000 to purchase equipment. This transaction would be recorded with which of the following entries?
The journal entry will be equipment debit and cash credit.
The account being debited or credited and not the amount is entered first when a business transaction is being recorded. A journal entry in accounting is a note of a monetary transaction in a journal. The debit and credit amounts as well as the accounts being debited and credited are included in the journal entry.
The most crucial components of the journal entry are the accounts that are being debited and credited since they show which accounts are impacted by the transaction In the given case, A check for $2,000 was written by Guzman Consulting Services to pay for the equipment. Thus, the journal entry will be -
Equipment A/c Dr. $2,000
To Cash A/c. $2,000
( Being equipment purchased by check)
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uiz Instructions
Question 15
Acme Blasting is imploding a bridge in a construction zone. They follow all of the necessary safety precautions. Unfortunately, the
force of the blast causes extensive damage to Tom's home. Under what doctrine is Acme liable?
Based on the given information, The doctrine is Acme liable is for mitigating damages or Corrective controls.
What is mitigating damages?A common legal defense in negligence or contract law is the mitigation of damages. According to this theory, an injured party cannot be compensated for unauthorized costs incurred as a result of their harm if they reasonably could have prevented them.
After a risk has manifested, corrective controls aid in limiting damage. The organization can strengthen its procedures and guidelines by enforcing them when necessary through notices and employee termination.
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Lisa has recently bought a fixed annuity. What is considered to be a disadvantage of owning this type of annuity?
Owning a fixed annuity has the drawback of perhaps providing lesser potential returns when compared to alternative investment options.
The lack of flexibility provided by fixed annuities is one drawback of buying one. The terms of the annuity are normally locked in for the annuity bearer for a predetermined amount of time, which can range from several years to many decades. This may make it more difficult for the account user to retrieve their money quickly or to modify their investment plan as their needs evolve. Additionally, compared to alternative investing options like stocks or mutual funds, fixed annuities sometimes provide lower rates of return. This implies that, particularly if inflation rates increase over time, the holder may miss out on potentially higher profits.
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In May, Rec Rooms, Inc., collected $8,000 owed by customers for services performed in April. Show the effect of this collection on the accounting equation.
The effect of the $8,000 collection on the accounting equation is an increase in cash and an increase in retained earnings (or net income), resulting in an increase in equity.
The effect of the $8,000 collection on the accounting equation would be:
Assets: Cash increases by $8,000
Equity: Retained earnings (or net income) increases by $8,000
Since the company has collected $8,000 from its customers, this amount would be recorded as a cash inflow, which would increase the company's cash balance. The increase in cash would, in turn, increase the company's retained earnings (or net income), since the company has earned this revenue by providing services to its customers. The increase in retained earnings would also increase the company's equity.
Thus, the effect of the $8,000 collection on the accounting equation would be:
Assets = Liabilities + Equity
Cash (+$8,000) = 0 + Retained Earnings (+$8,000)
Therefore, the accounting equation remains in balance after the collection of $8,000.
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_____ was not alone in asserting that the united states was rapidly and by necessity becoming an entrepreneurial economy.
The United States is rapidly and inescapably transitioning to an entrepreneurial economy, Pete Druker claimed, but he was not alone in this assertion.
How can entrepreneurship contribute to the economic growth of a nation?They stimulate new employment through the development of novel goods and services, which eventually accelerates economic growth. Therefore, it should be understood that entrepreneurship-promoting public policy is crucial for economic growth.
What role does an entrepreneur play in business?Innovation and creativity, taking calculated risks, succeeding in those risks, organizing and managing one's business, catalyzing economic growth, getting through resistance to change, and doing research are some of the various aspects of entrepreneurship.
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rosa's pretax accounting income in year 2 is $3,000. rosa deducts depreciation for tax purposes in excess of accounting depreciation of $300 in year 1 and $700 in year 2. it is expected the depreciation deduction will reverse by $500 in year 3 and $500 in year 4. the income tax rate is 40%. which of the following entries is included in the journal entry to record deferred taxes for year 2? multiple choice question. A. debit deferred tax expense $400.
B. credit deferred tax liability $280.
C. debit income tax expense $400.
D. credit deferred tax liability $500.
Based on the deferred question At the conclusion of 2015, there's been $400 in tax debt.
Is income taxable?The amount of money you owing to the Treasury or your state legislature is your tax burden. Your salary and filing status affect your pay tax obligation. Certain credits and deductions can make you pay less in taxes generally. Deductions can help you pay lower taxes overall.
How is the tax liability decided?It is easier to figure out the tax due on investment income than it is on company or compensation revenue. You only need to divide your profits by the applicable tax rate to determine however much tax you owe.
Created in 2014 : $120 (300x40%)
Created in 2015 : $280 (700x40%)
Total at end of 2015 = $ 400
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India is blessed with a vibrant wildlife and ecosystem, which is often subject to indiscriminate exploitation by unscrupulous elements of society including business organizations. Briefly explain any 5 (five) legislations that are related to environment protection or conservation.
5 (five) legislations that are related to environment protection or conservation
Wildlife Protection Act, 1972:Forest (Conservation) Act, 1980Air (Prevention and Control of Pollution) Act, 1981Water (Prevention and Control of Pollution) Act, 1974The National Green TribunalWhat are the explanantions of the 5 legations?Wildlife Protection Act, 1972: This act provides for the protection of wild animals and plants, and includes measures for the conservation of endangered species. It also regulates hunting, trapping, trade, and transportation of wild animals and plants.
Forest (Conservation) Act, 1980: This act provides for the conservation of forests and wildlife and regulates the diversion of forest land for non-forest purposes. It requires prior approval from the central government for the diversion of forest land for non-forest purposes.
Air (Prevention and Control of Pollution) Act, 1981: This act provides for the prevention and control of air pollution and the establishment of an Air Quality Monitoring system. It also establishes penalties for violating air pollution standards.
Water (Prevention and Control of Pollution) Act, 1974: This act provides for the prevention and control of water pollution and the establishment of a Central Pollution Control Board to regulate water pollution.
The National Green Tribunal: This is an specialised court that deals with environmental disputes and implements environmental laws and policies. It has jurisdiction over all civil cases relating to environmental protection and conservation of forests and wildlife.
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FILL IN THE BLANK. When it comes to selecting target markets, the best product cannot be successful, no matter how large the target market is, if that segment is ______.
When it comes to selecting target markets, the best product cannot be successful, no matter how large the target market is, if that segment is too expensive or impossible to reach.
What is strategy for the target market?A business plan that focuses on increasing sales and brand awareness among a specific group of customers is called a target market strategy. Businesses strategize in this manner based on the demographics of a market, which is an area or group designated for product sales.
What are characteristics of the target market?Typically, a set of characteristics used to define target markets include: Information about the population, including the age range, marital status, and income level. Information about the area, like specific cities or zip codes. Information about one's personality, such as one's values, interests, and way of life.
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Suppose that you sell short 500 shares of Xtel, currently selling for $70 per share, and give your broker $25,000 to establish your margin account.
A. If you earn no interest on the funds in your margin account, what will be your rate of return after one year if Xtel stock is selling at: (i) $74; (ii) $70; (iii) $66? Assume that Xtel pays no dividends. (Leave no cells blank - be certain to enter "0" wherever required. Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.)
i Rate of Return %
ii Rate of Return %
iii Rate of Return %
b. If the maintenance margin is 25%, how high can Xtel’s price rise before you get a margin call? (Round your answer to 2 decimal places.)
Margin call will be made at price ______ or higher
c. Redo parts (a) and (b), but now assume that Xtel also has paid a year-end dividend of $1 per share. The prices in part (a) should be interpreted as ex-dividend, that is, prices after the dividend has been paid. (Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.)
i Rate of Return %
ii Rate of Return %
iii Rate of Return %
Margin call will be made at price _______ or higher
A. (i) If Xtel stock is selling at $74, your rate of return after one year is -10.71%.
(ii) If Xtel stock is selling at $70, your rate of return after one year is 0.00%.
(iii) If Xtel stock is selling at $66, your rate of return after one year is 10.71%.
What are the responses to other questions?b. If the maintenance margin is 25%, you will get a margin call if the price of Xtel falls to $52.50 or below.
c.
(i) If Xtel stock is selling ex-dividend at $73, your rate of return after one year is -7.71%.
(ii) If Xtel stock is selling ex-dividend at $69, your rate of return after one year is 0.00%.
(iii) If Xtel stock is selling ex-dividend at $65, your rate of return after one year is 7.71%.
Margin call will be made at price $56.25 or lower.
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you are one of the it administrators for a corporate network. as you start each day, your job is to check the issue trax help desk system to see if any jobs have been submitted. you are working from the computer named itadmin. in this lab, your task is to: open issue trax from itadmin. find any tickets that are not yet closed. using the information found in the open ticket, resolve the issue. add a comment to the ticket, indicating that it has been resolved, and close the ticket.
A resolved ticket is a customer ticket that has already been resolved. This is the last stage in the ticket lifecycle for some software solutions. However, in order to remove a ticket from the queue, you must sometimes close it even after it has been resolved.
What is required of a network administrator?Administrators of network and computer systems typically perform the following tasks: Determine the system requirements of a company and install network software and hardware. Upgrade and repair networks as needed, and ensure that systems are functioning properly. Keep your network and computer systems secure.
Include more detail in the body of the e-mail if necessary, but don't spend more than a minute or two documenting things. Your support team should contact you to discuss it further, and providing too much information can often cloud the initial diagnosis of any problems.
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during the sales-oriented era, blank . multiple choice question. firms believed a good product would sell itself manufacturers focused on product innovation, not satisfying consumer needs manufacturers had the capacity to produce more than consumers were able to buy the consumer held all the power in the buyer-seller relationship
During the sales-oriented era, "Manufacturers had the capacity to produce more than consumers were able to buy", so the correct option is C.
The sales-oriented era, which lasted from the 1920s to the 1950s, was characterized by a focus on mass production and sales techniques to sell products. During this time, manufacturers had the capacity to produce goods on a large scale, but consumers were not yet able to purchase everything that was produced.
As a result, companies placed more emphasis on selling their products rather than on satisfying consumer needs. Companies believed that a good product would sell itself and focused on product innovation rather than on understanding and meeting consumer needs.
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On December 31 , a company is preparing its year-end financial statements. All account balances have been updated for transactions during the year, but no year-end adjusting entries have yet been made. The following information is available: - On September 1 , the company paid $60,000 to rent a storage facility for 12 months.- On November 1, the company recelved $36,000 from a customer for services to be provided evenly over the next six months. - During the year, the company paid and recorded $30,000 in income tax expense. On December 31 , the company determines it owes additional income tax of $10,000 but that amount won't be paid until next April 15 . - On Aprill, the company lent $100,000 to one of its suppliers. The principal and 8% interest are due in one year. (Note: The interest is simple interest and not compound.)
After modifying inputs, the amount owing in one year for the principal and 8% interest is $2,000.
What do you mean by financial statements?Financial statements are documents that describe a company's operations and financial performance. Government organizations, accounting companies, etc. frequently audit financial statements to guarantee accuracy and then for tax, financing, or investment purposes.
Before adjusting entries $10,000
After adjusting entries -2,000
Calculated as:
Net income before adjusting entries (given) $ 10,000
Less: Rent expense for 4 months 60,000/12*4 = -20,000
Add: Revenues from customers service
for 2 months 36,000/6*2 = 12,000
Less: income taxes -10,000
Add: interest on notes for 9 months 100,000*8%*9/12 = 6,000
After adjusting entries -2,000
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The purpose of the closing process is to reset ____ (temporary/permanent)
The general ledger, the method for keeping track of a company's financial information, uses the closing entry to reset the temporary account balances to zero. To document accounting activities for a certain time period, temporary accounts are employed.
What serves as the closing process' objective?The Closing Process is a phase of the accounting cycle that takes place after the conclusion of the accounting period, following the completion of the financial statements. This serves to prepare things for the following year. You must be familiar with the distinction between permanent and temporary accounts in order to comprehend this.
A transitory account is one that closes at the end of each accounting period and has no balance when a new period begins. To prevent their balances from being combined with those of the subsequent accounting period, the accounts are closed.
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Question 11
Which of the following statements about our oceans is false?
The statement that is false about the ocean is its average depth is about 400m. The ocean is the body of saltwater that covers approximately 70.8%.
What is an ocean?The ocean is the body of saltwater that covers approximately 70.8% of the surface of Earth and contains 97% of Earth's water. An ocean can also refer to any of the large bodies of water into which the world ocean is conventionally divided. Separate names are used to identify five different areas of the ocean: Pacific, Atlantic, Indian, Antarctic/Southern, and Arctic. Seawater covers approximately 361,000,000 km2 the planet.
The ocean is the principal component of Earth's hydrosphere, and therefore integral to life on Earth.
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