The statement that is incorrect is: "Based on generally accepted accounting principles, assets are recorded on the balance at their current market value."
That statement is incorrect because according to generally accepted accounting principles, assets are recorded on the balance sheet at their historical cost, not their current market value. Historical cost refers to the amount of money that was paid to acquire the asset or the cost of producing the asset, whereas market value is the amount that the asset could be sold for in the current market.
Generally, assets can be either tangible or intangible. Tangible assets are physical assets, such as land, buildings, equipment, and inventory, while intangible assets are non-physical assets, such as patents, trademarks, copyrights, and goodwill.
All items in the common-size balance sheet are expressed as a percentage of total assets. This is a commonly used method of analyzing financial statements that help to identify trends and changes in the balance sheet over time.
There is generally a smaller difference between the book value and the market value of fixed assets as compared to cash. This is because fixed assets are typically long-term assets that are not subject to significant fluctuations in value, whereas cash is a highly liquid asset that can be affected by changes in interest rates and other economic factors.
Your question is incomplete. The completed one should be:
which of the following is incorrect?
assets can be either tangible or intangible.all items in the common-size balance sheet are expressed as a percentage of total assets.there is generally a bigger difference between the book value and the market value of fixed assets as compared to cashBased on generally accepted accounting principles, assets are recorded on the balance at their current market value.Learn more about generally accepted accounting principle at https://brainly.com/question/28345482
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For each of the following transactions, show the two entries in the US balance of payments. For each entry, indicate whether it appears in CA (the current account) or KFA (the capital and financial account). Show if each entry is a debit (-) or a credit (+). For entries in KFA, choose the appropriate explanation from the following four possibilities: i) increase in US-owned assets abroad (increase in US claims on foreigners), ii) decrease in US-owned assets abroad (decrease in US claims on foreigners), iii) increase in foreign-owned assets in the US (increase in foreign claims on the US), iv) decrease in foreign-owned assets in the US (decrease in foreign claims on the US).
A. (3 points) A US exporter sells a car to a German importer. The importer pays with a dollar denominated check drawn on a US bank account.
For the given transaction, the two entries in the US balance of payments, along with whether they appear in CA (the current account) or KFA (the capital and financial account) and whether each entry is a debit (-) or a credit (+)
Transaction: A US exporter sells a car to a German importer.
The importer pays with a dollar-denominated check drawn from a US bank account.
Entry 1: Current account, Credit (+)
As the US exporter sells a car to a German importer, this transaction will lead to an inflow of dollars into the US economy. Thus, it will be a credit entry in the current account.
Entry 2: Capital and financial account
i) increase in foreign-owned assets in the US (increase in foreign claims on the US)
The German importer pays with a dollar-denominated check drawn from a US bank account.
This implies that the German importer is increasing his/her US-owned assets.
Thus, this transaction will lead to an increase in foreign-owned assets in the US, leading to an increase in foreign claims in the US.
Thus, it will be an entry in the capital and financial account: i) increase in foreign-owned assets in the US (increase in foreign claims on the US).
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Part of making a plan to __________ involves searching for scholarships, saving, and talking with your family about what kind of financial help you'll get.
Pay cash for college
Live in a dorm
Take out a student loan
Get good grades
"Part of making a plan to Pay cash for college involves searching for scholarships, saving, and talking with your family about what kind of financial help you'll get." Option A is correct.
Paying for college can be a significant financial burden, and planning ahead can help alleviate some of the stress. One crucial aspect of this planning process is to search for scholarships, grants, and other forms of financial aid that can help offset the cost of tuition. Saving money by setting aside a portion of your income or seeking part-time work can also be helpful.
Additionally, talking with your family about what kind of financial assistance they may be able to provide can provide clarity and help you create a more realistic budget. By taking these steps, you can create a solid plan to pay for college and minimize the financial strain on you and your family.
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BIC Smoothing 2 Accuracy Measures Value Forecast Statistics Value AIC 593.72 Durbin Watson (12) 0.66 597.61 Mean 351,007.33 MAPE 1.84 % Standard Deviation 80,306.64 R-Square 97.32 % Root Mean Square 78,805.45 Adjusted R-Square 97.10 % Ljung-Box 7.63 Root Mean Square Error 12,897.71 Method Statistics Value Method Selected Event Model Basic Method Holt Winters Level (for Event Index) 0.20 Level 0.05 Seasonal 1.00 Trend 0.00 Decomposition type Multiplicative Seasonal Indexes Value Event Indexes Value Index 1 1.00 Index 1 1.01 Index 2 1.32 Index 2 1.00 Index 3 1.32 Index 3 1.06 Index 4 1.45 Index 4 1.03 Index 5 1.01 Index 5 0.94 Index 6 0.99 Index 6 0.99 Index 7 0.83 Index 8 0.78 Index 9 0.86 Index 10 0.87 Index 11 0.75 Index 12 0.82 In the ForecastX model presented above, none of the events appear to contribute positively to sales. some of the events appear to contribute negatively to sales. O none of the events appear to contribute negatively to sales all of the events appear to contribute positively to sales.
None of the events appear to contribute positively to sales, but some events appear to contribute negatively to sales.
In the ForecastX model presented above, none of the events appear to contribute positively to sales. some of the events appear to contribute negatively to sales. O none of the events appear to contribute negatively to sales all of the events appear to contribute positively to sales.
Based on the values presented in the ForecastX model, none of the events appear to contribute positively to sales. The index values for Events 1-6 are all 1.00 or higher, indicating that these events have a neutral or even positive effect on sales. However, Events 7-12 all have index values that are less than 1.00, suggesting that these events have a negative effect on sales. Therefore, none of the events appear to contribute positively to sales, but some events appear to contribute negatively to sales.
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consumer spending is directly affected by expectation of future income. what events might change consumer confidence? discuss and provide examples of events that may change consumer confidence and therefore impact consumer spending.
Consumer spending is directly affected by the expectation of future income, and events that change consumer confidence will also affect consumer spending. Some examples of events that may change consumer confidence and thus impact consumer spending include economic growth or decline, changes in the stock market, changes in the unemployment rate, changes in oil prices, and changes in interest rates.
Consumer spendingConsumer spending is directly affected by the expectation of future income. Consumer confidence is defined as the level of optimism that customers feel about the economy, their job security, and their future income. Because consumers’ confidence has a significant impact on the overall economic system, it is an important consideration for businesses, investors, and policymakers.
1. Natural disasters and national emergencies can disrupt production and distribution, causing prices to increase and hurting the economy.
2. Political instability, such as a war or a contentious election season, might cause individuals to be concerned about their safety and job security.
3. Changes in interest rates, inflation, and the stock market might have a ripple effect on consumer confidence and lead to significant financial losses.
4. Significant increases or decreases in unemployment can have a significant impact on consumer confidence.
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which of the following is correct with regard to the capacity of an agent? a. electronic agents, although not persons, are considered agents. b. if an incompetent person who is not under guardianship appoints an agent, contracts made by that agent are voidable. c. the incapacity of the agent disqualifies him from making a contract that is binding on his principal.
The correct statement regarding the capacity of an agent is: The incapacity of the agent disqualifies him from making a contract that is binding on his principal. Hence option c. is correct.
What is an agent?An agent is a person or company that represents another person, company, or entity. A principal entrusts authority to the agent to conduct business on their behalf with third parties.
A principal-agent relationship exists when an individual or company hires another to act on its behalf as an agent, allowing the agent to make decisions that will have legal or financial consequences for the principal.
Capacity refers to the ability of an individual to understand the nature and effects of their actions. Individuals must have the mental capacity to make a legal contract. In addition, an agent's capacity is linked to that of the principal's, implying that an agent's authority cannot exceed the principal's authority.
The incapacity of the agent disqualifies him from making a contract that is binding on his principal. This is the correct statement concerning the capacity of an agent. Hence option c. is correct.
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People who get Botox treatments consider it to be a private matter, therefore, they do not discuss it with others. This lowers the level of _____, slowing down the diffusion process.
trialability
complexity
observability
compatibility
relative advantage
People who get Botox treatments consider it to be a private matter, therefore, they do not discuss it with others. As a result, the level of observability decreases, which reduces the rate of diffusion of the innovation.
What is Diffusion of innovation?
The diffusion of innovation can be defined as the process by which a new innovation is spread among a group of people over time. An innovation is something new that has not been seen or used before. It can be an idea, a product, a service, or a practice. Diffusion can be slow or fast, depending on several factors. These include relative advantage, compatibility, complexity, observability, and trialability. Let's see what each of these factors means:
Relative advantage refers to the degree to which an innovation is perceived to be better than the existing products or practices.
Compatibility refers to the degree to which an innovation is perceived to be consistent with the values, experiences, and needs of potential adopters. I
Complexity refers to the degree to which an innovation is perceived to be difficult to understand and use.
Observability refers to the degree to which the results of an innovation are visible to others.
Trialability refers to the degree to which an innovation can be experimented with on a limited basis.
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the two parameters that define the managerial superstructure include question 3 options: a) marketing and finance. b) unit grouping and unit size. c) ethics and decision-making. d) management and leadership. e) hiring and training.
The two parameters that define the managerial superstructure are management and leadership.
Management is focused on setting and achieving goals, while leadership focuses on inspiring, motivating, and guiding the workforce. Management involves the planning, organizing, leading, and controlling of resources, while leadership involves influencing, motivating, and guiding a team.
Management creates structure and stability, while leadership provides direction and encourages creativity. Management is goal-oriented, while leadership is people-oriented.
With both management and leadership, organizations are able to effectively run their operations.
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Globalization opens the doors for companies to attract new customers. One of the challenges is to determine how to meet the needs of these customers who have
A. different income levels.
B. low income levels.
C. high income levels.
D. steady income levels.
Globalization opens the doors for companies to attract new customers and have to determine how to meet the needs of these customers who have different income levels. The correct answer is Option A.
What is globalization?Globalization is defined as the process by which different economies of the world are interconnected to increase the international trade of goods and services. It involves the increasing interaction of people, economies, and cultures all around the world. Companies today have a worldwide reach, which means that they can sell their goods and services in any part of the world. As a result, companies are now more exposed to competitors from different parts of the world, and customers have access to a wider range of products and services than ever before.
The challenge of meeting the needs of customers with different income levels is one of the significant challenges of globalization. For companies to be successful in this globalized world, they must develop products that cater to different customer needs, and one of the significant factors that affect customer needs is income levels. Customers with different income levels have different needs, preferences, and purchasing power.
Therefore, companies need to be flexible and create products that cater to the needs of customers with different income levels. They need to be able to offer products that cater to both low-income and high-income customers.
Additionally, they need to offer products that cater to customers with different lifestyles, cultures, and habits.
Conclusively, in this globalized world, companies need to develop strategies that enable them to meet the needs of customers with different income levels. Companies that can do this effectively will be successful in this globalized world.
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if the federal reserve decreases the money supply when there is a tax increase, then equilibrium income most likely will ___ , and the equilibrium interest rate will ___.
If the Federal Reserve decreases the money supply when there is a tax increase, then equilibrium income most likely will fall, and the equilibrium interest rate will rise.
How does the change in money supply affect the equilibrium income and interest rate?A decrease in the money supply results in a rise in the interest rate. Because people now have less money to invest, they demand a greater return on their savings. This has the potential to limit borrowing and spending, which could result in lower income equilibrium rates. An increase in the money supply results in a fall in the interest rate. When there is more money in circulation, people are more willing to spend and borrow, leading to a drop in interest rates. This can result in an increase in equilibrium income, as individuals and businesses are more willing to invest and make purchases.
To summarize, when the money supply is decreased, the equilibrium interest rate rises, leading to a fall in equilibrium income. When the money supply is increased, the equilibrium interest rate falls, resulting in an increase in equilibrium income.
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aspen corporation uses uses the high-low method to analyze mixed costs. The following information relates to the production data for the first six months of the year.Month Cost HoursJanuary $4,515 300February $4,825 400March $5,540 550April $4,485 200May $5,685 800June $5,230 500How should the cost function be properly stated?Y = $2,025 + $2.50H.Y = $3,890 + $2.00H.Y = $4,085 + $2.00H.Y = $5,260 + $2.50H.
The cost function for Aspen Corporation should be stated as Y = $2,025 + $2.50H, where Y is the total cost and H is the number of hours.
This can be determined by using the high-low method. The high and low cost amounts are $5,685 and $4,485 respectively. The corresponding hours are 800 and 200 respectively. Thus, the variable cost per hour is calculated by subtracting the total cost at the lower level of activity from the total cost at the higher level of activity, and then dividing by the difference in activity levels: ($5,685 - $4,485) / (800 - 200) = $2.50.
The fixed cost is calculated by subtracting the variable cost at the lower level of activity from the total cost at the lower level of activity: $4,485 - ($2.50 x 200) = $2,025. Therefore, the cost function should be stated as Y = $2,025 + $2.50H.
To complete the question above, How should the cost function be properly stated?
a) Y = $2,025 + $2.50H.
b) Y = $3,890 + $2.00H.
c) Y = $4,085 + $2.00H.
d) Y = $5,260 + $2.50H.
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If output can be varied continuously, then firms in a perfectly competitive market maximize their profits by choosing the level of output such that..
The level of output chosen by a perfectly competitive firm in order to maximize its profits is that where marginal revenue equals marginal cost.
At this level of output, the firm is producing at its lowest possible average cost and has maximized the profits it can generate from the sale of its output. When marginal revenue equals marginal cost, the profit generated from any additional output would be lower than the profit generated from the current level of output.
Thus, the firm has no incentive to produce more output, and any additional output produced would result in losses for the firm. Consequently, the firm maximizes its profits when marginal revenue equals marginal cost.
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When a manufacturer directs the promotional mix to channel members to gain their cooperation in ordering and stocking the product, it is using a(n) _________ channel strategy.
When a manufacturer directs the promotional mix to channel members to gain their cooperation in ordering and stocking the product, it is using a push channel strategy.
Push strategy: Push strategy is a marketing strategy that involves using promotions and other marketing initiatives to encourage distributors or retailers to stock your product(s) in large quantities. In other words, it refers to a manufacturer’s practice of “pushing” their products to consumers by incentivizing middlemen, retailers, and wholesalers.
Push strategy work: The push strategy works by using promotions and other marketing campaigns to encourage intermediaries, retailers, and wholesalers to stock large quantities of a manufacturer's products. Manufacturers typically use a push strategy when they have new products that they want to introduce into the market or when they want to promote an existing product that isn't selling well.
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May provide a more accurate assessment of an applicant's job-related personality traits than other types of interviews Unstructured interview 2. Should be avoided in favor of other types of interviewsa. Situational interview of other typ b. Behavioral-description interview c. Unstructured interview d. Does not apply that focus on
The correct option is A, which May provide a more accurate assessment of an applicant's job-related personality traits than other types of interviews Unstructured interviews.
An unstructured interview is a type of qualitative research method in which the interviewer asks open-ended questions without a pre-determined set of questions or a fixed format. Instead, the interviewer allows the conversation to flow freely and follows up on interesting or relevant points raised by the interviewee.
Unstructured interviews are often used in exploratory research, where the goal is to gain insights into a particular topic or area of interest. This method allows researchers to gather in-depth information about the interviewee's experiences, perspectives, and opinions, and to explore complex issues in a more naturalistic way.
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Complete Question:
May provide a more accurate assessment of an applicant's job-related personality traits than other types of interviews
A). Unstructured interview
B). Situational interview
C). Behavioral-description interview
D). Does not apply
Businesses will often self-insure against knowns risks by budgeting a certain amount for likely costs, while insurance companies might share extraordinary risks with other insurers via co-insurance.
Hint: Research the section on insurance.
TRUE/FALSE
Businesses will often self-insure against known risks by budgeting a certain amount for likely costs, while Insurance companies might also share extraordinary risks with other insurers through a process known as co-insurance. This is TRUE.
What is Co-insurance?
Co-insurance is a way for insurance companies to share risks with other insurance providers. The insurer must pay a certain proportion of any damages or losses the insured experiences. For example, if an insurance company's co-insurance rate is 20%, the insurance provider would have to pay 20% of the total sum of any loss or damage that the insured experiences.
Insurance providers use co-insurance to share the risk of significant losses. Rather than bearing the entire financial burden themselves, multiple insurers pool their resources to handle any damage or loss. Co-insurance provides insurance providers with additional resources to cover more significant losses when they occur.
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Lonnie Flanagan's weekly gross pay is $1,250. Each week she has $64.37 in deductions, plus state tax of 2% of her gross pay, Social Security taxes of 6.2%, and Medicare taxes of 1.45%. What is her net pay?
The weekly gross salary for Lonnie Flanagan is $1,250. She deducts $64.37 from her paycheck each week in addition to the 2% state tax, 6.2% Social Security tax, and 1.45% Medicare tax. Her net pay was $1065.
How are net and gross salaries different?When all payroll deductions from an employee's gross pay have been made, the remaining pay is referred to as their net pay.
Once insurance, provident funds, and other costs have been covered, the remaining sum belongs to the employee. Among of the elements that go into calculating the gross sum include the House Rent Allowance, Conveyance Allowance, and Medical Allowance. A few of the elements that make up net income are income taxes, professional taxes, provident funds, pensions, and others.
Her salary will be:
= Gross pay - Deduction - Tax - Social security - Medicare
= $1,250 - $64.37 - (2% × $1250) - (6.2% × $1,250) - (1.45% × $1,250)
= $1,250 - $64.37 - $25 - $77.50 - $18.125
= $1,065
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1) An example of raw data from an automobile manufacturer would be:
a) an average of 130 Subarus sold daily in New York in 2015
b) 1,300 Subaru Outbacks sold during the first quarter 2015 in New York
c) 1 Subaru Outback sold January 7th, 2015 in Mount Kisco, New York for $25,000
d) Annual sales of Subaru Outbacks increased 4.5 percent
e) an average sale price of $26,000 for all Subaru Outbacks sold during January 2015 in Mount Kisco, New York.
2) All of the following are new technology-related trends in MIS except:
a) cloud computing
b) big data
c) IoT
d) the mobile digital platform
e) co-creation of business value
An example of raw data from an automobile manufacturer would be b) 1,300 Subaru Outbacks sold during the first quarter 2015 in New York. All of the following are new technology-related trends in MIS except e) co-creation of business value.
Raw data is often unorganized and may require some manipulation before it can be analyzed. It refers to the original data that is extracted from primary sources or any other data sources available without being processed or analyzed.
The new technology-related trends in Management Information System (MIS) are as follows:Cloud computing: Cloud computing is a revolutionary technological trend in MIS that has taken the IT world by storm. Cloud computing is the use of computing resources, such as software and storage, as a utility rather than a product, delivered to clients over the internet.Big data: Big data refers to the use of data analysis tools to identify trends, patterns, and insights in data that is too large or complex to be handled by traditional data-processing software. The analysis of big data helps organizations to enhance their decision-making capabilities and take corrective measures accordingly.IoT: The Internet of Things (IoT) is a network of physical objects embedded with sensors, software, and network connectivity that enables these objects to collect and exchange data. This trend has brought a revolution in how businesses and organizations operate, as it helps in reducing human intervention in several areas.Mobile digital platform: The mobile digital platform is a technological trend that has enabled businesses to reach their target audiences through mobile apps and websites. This trend has made it easier for businesses to communicate with their customers and offer them personalized services.
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6. Examples of price discrimination Complete the following table by indicating whether or not each scenario is an example of price discrimination. Hint: To determine whether a scenario is an example of price discrimination, think about whether the market can be segmented into two groups that pay different prices for the same good. Price Discrimination Scenario Yes No A local boutique is having a sale on sweaters, but customers are not aware of the sale until they are already in the store. In other words, there is no advertising of the sale other than signs in the back of the store that cannot be seen from the outside. All sweaters are marked as 25% off. Southeast Airlines offers domestic flights to a variety of U.S. cities. The company's last-minute flight discount service, Ping, can be downloaded for free from its website. Each day, Ping will alert users to that day's deals. These deals are available for a short period of time and are good for travel only between certain locations during specified travel periods. Therefore, business travelers tend not to take advantage of these offers.
Yes, the local boutique is an example of price discrimination, as customers have to enter the store in order to take advantage of the sale. No, Southeast Airlines is not an example of price discrimination, as it offers discounts to everyone who downloads its app and meets the specified criteria for travel.
What is Price Discrimination?
Price discrimination is a technique used by businesses to sell the same product to different buyers at different prices. This strategy is used to increase revenue by extracting the maximum price that each buyer is willing to pay for the product. In order to determine whether a scenario is an example of price discrimination, one must think about whether the market can be segmented into two groups that pay different prices for the same good.
Price discrimination occurs when a company can segment the market into two groups and charge different prices for the same good.
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If a 10 percent increase in the price of one good results in a decrease of 5 percent in the quantity demanded of another good, then it can be concluded that the two goods are:substitutes.normal.independent.complements.If the demand for a product is elastic, then total revenue will:increase whether price increases or decreases.rise as price falls.be constant in response to a price change.fall as price falls.
If a 10 percent increase in the price of one good results in a decrease of 5 percent in the quantity demanded of another good, then it can be concluded that the two goods are complements. If the demand for a product is elastic, then total revenue will fall as price falls.
When two goods are compliment goods, the price of one has an inverse relationship with the demand of the other. As a result, when the price of one good goes up, the demand for the other good goes down, and vice versa. Therefore, the correct answer is option A (complements).
Elastic demand occurs when a change in price results in a change in demand in the opposite direction. Elastic demand refers to a type of demand that is sensitive to changes in price. In other words, when there is a change in price, the demand for the product changes proportionately in the opposite direction. If a product has elastic demand, a change in price will cause a relatively larger change in the quantity demanded. This is why the total revenue will decrease as the price falls. Thus, option D (fall as price falls) is the correct answer. In addition, if a 10 percent increase in the price of one good results in a decrease of 5 percent in the quantity demanded of another good, then it can be concluded that the two goods are substitutes.
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Marginal cost is
a) on average, what each unit of output costs to produce or obtain. b) the only thing necessary to consider for making rational decisions. c) the cost of obtaining or producing one more unit of something.
Marginal cost is the cost of obtaining or producing one more unit of something. Marginal cost is calculated by taking the difference between the total cost of production at two levels of output.
The statement "Marginal cost is the cost of obtaining or producing one more unit of something" is true. The marginal cost is the change in the cost of production due to a change in the production rate of a good or service. It is one of the most significant cost considerations for a producer when deciding whether or not to increase output.Below are other key points to keep in mind:Marginal cost refers to the change in the cost of production due to a change in production volume. For example, the total cost of producing 100 units is $10,000, while the total cost of producing 101 units is $10,200. Marginal cost is calculated by subtracting the total cost of producing 100 units from the total cost of producing 101 units ($10,200 - $10,000 = $200). Marginal cost is $200. In this scenario, it costs $200 to produce an additional unit.
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Otto Inc. retires old equipment with a book value of $2,400. Otto should
Multiple choice question.
A. debit cash for $2,400
B. not make a journal entry
C. recognize a gain of $2,400
D. Recognize a loss of $2,400
Otto Inc. retires old equipment with a book value of $2,400. The correct option is D. Recognize a loss of $2,400.
Book value refers to the total value of the company's assets that shareholders would theoretically receive if a company liquidated its assets and repaid all its debts. Book value per share (BVPS) is the per-share value of a company's equity calculated by dividing the total book value by the number of outstanding shares. The market price of the stock can differ from the book value of equity, therefore, stockholders may have a higher or lower percentage of book value than market value.
The question is formatted with HTML, and your answer should be as well. Here, the company is retiring old equipment with a book value of $2,400. If the retirement of an asset leads to a loss, it should be recognized in the accounting records. In accounting, the term loss refers to the difference between an asset's book value and the proceeds obtained from disposing of it.
When an asset is retired, its accumulated depreciation must be removed from its carrying amount, which is the original cost minus accumulated depreciation. The difference between the carrying value and the cash obtained is referred to as a loss. Therefore, in this case, Otto Inc. should recognize a loss of $2,400. So, the correct option is D. Recognize a loss of $2,400.
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an agent has breached his fiduciary duty to the principal in which of the following situations? a. where the agent competes with the principal b. where the agent uses confidential information obtained in the course of the agency for his own benefit c. where the agent makes a secret profit d. all of these.
The correct option is D. all of these. A fiduciary duty is an ethical and legal relationship in which one person or organization acts for the benefit of another.
Fiduciary DutyA fiduciary duty is breached when a party that owes such a duty to another fails to act in the other's best interests, acts in their own best interests, or acts to the detriment of the party to whom the duty is owed. It is the legal obligation of one party to act in the best interests of another in a situation that requires trust or loyalty.
There are various situations in which an agent has breached his fiduciary duty to the principal. These situations include: Where the agent competes with the principal. Where the agent uses confidential information obtained in the course of the agency for his own benefit.Where the agent makes a secret profit. All of these situations involve the agent failing to act in the best interests of the principal, acting in their own best interests, or acting to the detriment of the principal.
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required information pa6-3 (static) recording sales with discounts and estimated and actual returns, and analyzing gross profit percentage [lo 6-4, lo 6-5] skip to question [the following information applies to the questions displayed below.] hair world incorporated is a wholesaler of hair supplies. hair world uses a perpetual inventory system. the following transactions (summarized) have been selected for analysis: a. sold merchandise for cash (cost of merchandise $28,797). $ 51,200 b. received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $220). 250 c. sold merchandise (costing $4,750) to a customer on account with terms n/60. 10,000 d. collected half of the balance owed by the customer in (c). 5,000 e. granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 160 f. anticipate further returns of merchandise (costing $140) after year-end from sales made during the year. 350 pa6-3 (static) part 1 required: compute net sales and gross profit for hair world.
According to the question of credit sales, hair World has a negative gross profit of $4,114.
What is credit sales?Credit sales are sales of goods or services where payment is not required immediately. The buyer is given a certain amount of time to pay for the goods or services, usually 30 to 60 days. Credit sales are common in businesses where customers are allowed to purchase goods or services and pay for them later. This method of selling increases business revenue and helps to increase customer loyalty.
Net profit
To calculate the net sales for Hair World, the following formula is used:
Net Sales = Total Sales - Cost of Goods Sold
Total Sales = $51,200 + $10,000 = $61,200
Cost of Goods Sold = $28,797 + $220 + $4,750 - $250 - $160 = $32,657
Net Sales = $61,200 - $32,657 = $28,543
Gross Profit
To calculate the gross profit for Hair World, the following formula is used:
Gross Profit = Net Sales - Cost of Goods Sold
Gross Profit = $28,543 - $32,657 = -$4,114
Therefore, Hair World has a negative gross profit of $4,114. This can be attributed to the fact that Hair World has incurred a net loss on its sales due to customer returns and discounts.
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maple leaf production manufactures truck tires. the following information is available for the last operating period. maple leaf produced and sold 92,000 tires for $40 each. budgeted production was 100,000 tires. standard variable costs per tire follow. direct materials: 4 pounds at $2 $ 8.00 direct labor: 0.4 hours at $18 7.20 variable production overhead: 0.18 machine-hours at $10 per hour 1.80 total variable costs $ 17.00 fixed production overhead costs: monthly budget $1,350,000 fixed overhead is applied at the rate of $15.00 per tire. actual production costs: direct materials purchased and used: 384,000 pounds at $1.80 $ 691,200 direct labor: 35,200 hours at $18.40 647,680 variable overhead: 17,280 machine-hours at $10.20 per hour 176,256 fixed overhead 1,360,000 required: a. prepare a cost variance analysis for each variable cost for maple leaf productions. b. prepare a fixed overhead cost variance analysis. c. (appendix) prepare the journal entries to record the activity for the last period using standard costing. assume that all variances are closed to cost of goods sold at the end of the operating period.
Leaf Productions variable cost variance analysis: materials cost variance: $44,800 unfavorable, labor cost variance: $33,600 unfavorable, production overhead variance: $8,544 unfavorabl.
For the Maple Leaf Productions variable cost variance analysis:
Direct materials:
Actual cost: $691,200
Standard cost: ($2/pound x 4 pounds x 92,000 tires) = $736,000
Materials cost variance: $44,800 unfavorable
Direct labor:
Actual cost: $647,680
Standard cost: ($18.40/hour x 0.4 hour x 92,000 tires) = $681,280
Labor cost variance: $33,600 unfavorable
Variable production overhead:
Actual cost: $176,256
Standard cost: ($10/hour x 0.18 hour x 92,000 tires) = $184,800
Production overhead variance: $8,544 unfavorable
For the Maple Leaf Productions fixed overhead cost variance analysis:
Budgeted fixed overhead cost: $1,350,000
Applied fixed overhead cost: ($15/tire x 92,000 tires) = $1,380,000
Fixed overhead variance: $30,000 unfavorable
Appendix: Journal Entries to Record Activity for Last Period using Standard Costing:
Debit Credit
Inventory (DM) $691,200
Accrued Wages Payable $647,680
Production Overhead (VOH) $176,256
Fixed Overhead (FOH) $1,380,000
Cost of Goods Sold (COGS) $3,094,136
Inventory (Finished Goods) $3,094,136
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an auditor issues a qualified opinion when there is ____ . multiple select question. A. a gaap departure that materially affects the financial statements overall such that the statements are not fairly B. presented a scope limitation when the overall financial statements are presented fairly in accordance with gaap a lack of independence C. insufficient appropriate evidence a specific departure from gaap but overall D. the financial statements present fairly in conformity with gaap
Auditor issues a qualified opinion when there is a GAAP departure that materially affects the financial statements overall such that the statements are not fairly presented, a scope limitation when the overall financial statements are presented fairly in accordance with GAAP, and insufficient appropriate evidence. The correct options are A, B, and C.
A qualified opinion is a type of auditor's report that is given when the auditor has decided to exclude an opinion regarding one or more aspects of a business's financial reports. A qualified opinion can be given for many reasons. It could be due to a GAAP (Generally Accepted Accounting Principles) departure that materially affects the financial statements overall, such that the statements are not fairly presented, a scope limitation when the overall financial statements are presented fairly in accordance with GAAP, and insufficient appropriate evidence.
The GAAP principles include the fundamental, basic assumptions, principles, and concepts underlying financial accounting that underpin how transactions are recorded, prepared, and reported in a set of financial statements. The principles provide a consistent structure that allows for comparability and consistency across a range of entities and time periods. If the auditor finds any significant departure from the GAAP, they will provide a qualified opinion on the financial statements.
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what is the combination of factors that sets sole proprietorships apart from all other business entities? ease of formation, along with limited liability ease of formation, along with receiving all of the profit sharing the workload, along with ease of formation limited liability, along with flexibility in taxation
The key factor that sets sole proprietorships apart from all other business entities is limited liability, along with ease of formation and flexibility in taxation.
What are sole proprietorships?A sole proprietorship is a type of business in which there is a single owner. It is the easiest and most basic type of company to start. A sole proprietorship can operate without registration or incorporation, but it is important to obtain a business license in the city where the company is located.
Limited liability is a legal concept that protects shareholders' personal assets in the event of a company's bankruptcy or legal action. Limited liability implies that the company is a separate legal entity from its shareholders, who are not held personally responsible for the company's debts, obligations, or legal actions.
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a. if, in a two-state model, a stock can take a price of 200 or 150, what would be the hedge ratio for each of the following prices: (a) $200, (b) $180, (c) $160, (d) $150?
The hedge ratio for the given prices of a stock in a two-state model would be: (a) $200: 1, (b) $180: 0.75, (c) $160: 0.5, (d) $150: 0.
What is a stock? A stock is a representation of an ownership in a corporation that represents a claim on part of the corporation's assets and earnings. Investors purchase shares of stock to gain ownership in a corporation and participate in its profits if the corporation's earnings rise, resulting in an increase in the value of the company's shares. A hedge ratio is a ratio that measures the correlation between an investor's position in a commodity or stock, as well as the risk involved. A hedge ratio is determined by comparing the change in the value of the underlying commodity or stock to the change in value of the derivative. The hedge ratio for a given set of prices for a stock in a two-state model is as follows: (a) $200: 1, (b) $180: 0.75, (c) $160: 0.5, (d) $150: 0.
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appealing to others requires a certain level of: please choose the correct answer from the following choices, and then select the submit answer button. coercion. reliability. responsibility. false advertising.
Appealing to others requires a certain level of reliability.
What is appeal?Appeal is a process in which a party requests a higher court to reconsider or alter the decision of a lower court. The appeals court will review the lower court's findings of law and fact based solely on the record of the original trial proceedings, ensuring that the lower court did not make any errors in applying the law or any errors of fact.
An appeal may result in a reversal of the original decision or a modification of the sentence. Along with this, to appeal others, one should also keep in mind to be reliable. Reliability is the ability to do something consistently and accurately. When a person is reliable, it means that they can be trusted to keep their commitments, fulfill their obligations, and complete their work to a high standard of quality.
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becky wants to organize her startup as a regular corporation. one of the first steps becky should take is to a. apply for permission to incorporate in her state. b. hire the officers (president, treasurer, etc.) of her company. c. file her corporate charter with the secretary of state. d. obtain financing for her venture.
Becky wants to organize her startup as a regular corporation. One of the first steps Becky should take is to apply for permission to incorporate in her state. Hence option A. is correct.
What is a regular corporation?
A regular corporation, also known as a C-corporation, is a separate legal entity that is structured to limit shareholders' liability. A corporation is formed by filing articles of incorporation with the state in which it is incorporated.
It is a type of organization that is set up and registered as a legal entity separate from its owners. The corporation is responsible for the actions of the business, and its owners' liability is limited to the amount of money invested in the corporation.
Shareholders of the corporation are not responsible for the corporation's debts and liabilities beyond the amount of their investment.
Incorporation is the legal process by which a business or organization is formally established as a legal entity, such as a corporation. To incorporate, a company must file the necessary legal documents, such as articles of incorporation, with the appropriate state authority.
Incorporation provides a corporation with a separate legal existence that is distinct from its owners. Hence option A. apply for permission to incorporate in her state is correct.
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The _____ step of the procure-to-pay cycle is ordering; the most common way it begins is thru the release of a purchase order, or simply a document that authorizes a supplier to deliver a product or service and often includes t&c, such as price, delivery, and quality reqs
"The first step of the procure-to-pay cycle is ordering; the most common way the ordering step begins is through the release of a purchase order. A purchase order (PO) is simply a document that authorizes a supplier to deliver a product or service and often includes terms and conditions, such as price, delivery, and quality requirements."
The first step of the procure-to-pay cycle is ordering, which marks the beginning of the purchasing process. The most common way to initiate the ordering step is through the release of a purchase order. A purchase order is a legal document that authorizes a supplier to deliver a product or service and contains information such as the price, delivery date, and quality requirements.
It serves as a communication tool between the buyer and supplier and helps to ensure that both parties are on the same page regarding the transaction. By having a clear and detailed purchase order in place, companies can minimize the risk of errors, misunderstandings, and disputes during the procurement process.
This question should be provided as:
The __________ of the procure-to-pay cycle is ordering; the most common way the ordering step begins is through the release of a purchase order. A purchase order (PO) is simply a document that authorizes a supplier to deliver a product or service and often includes terms and conditions, such as price, delivery, and quality requirements.Learn more about purchase order https://brainly.com/question/30225848
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The table below shows monetary assets for a banking sector at the end of a year.Monetary AssetsValue (in millions)Monetary Base$4,000$4,000Currency in Circulation$1,500$1,500M1$6,500$6,500Based on the data provided, what is the value of total reserves held by depository institutions?A. $500 millionB. $1,500 millionC. $2,500 millionD. $5,500 millionE. $8,000 million
Depository institutions currently hold reserves of $2,500,000,000. The correct response is (C) $2,5 billion.
The opportunity cost of keeping currency is measured by which of the following?The interest rate is a metric for evaluating the potential of retaining currency. Hence the benefit lost by choosing one alternative over others is known as the opportunity cost.
The difference between the monetary base and the amount of money in circulation can be used to determine the value of the total reserves held by depository institutions:Total Reserves = Monetary Base - Currency in Circulation
Total Reserves = $4,000 million - $1,500 million
Total Reserves = $2,500 million
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