Competition should be viewed as a process rather than a state entity because it generates jobs and gives people a selection of employers and workplaces, Through business regulation, competition also lessens the need for governmental intervention.
A competitive free market benefits consumers, and society, and protects individual liberties. Competition is an ongoing process of creation, coordination, and discovery.
Competition describes a situation in a market where businesses or sellers compete with one another for customers' business to achieve a specific business goal, such as profits, sales etc.
Market access is ensured by competition for both consumers and businesses. The prices offered to consumers are significantly reduced because of increased competition brought on by the quick emergence of new players.
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I need help!!! offering brain list (25 points)
Answer:
Option: B
Explanation:
The Legal Capacity is the best required autority for the contract. By knowing the capacity of a contract they can easily select the right contractor for their event.
date: 09-10-2022
1. Describe how brainstorming, creative thinking, and observations can be used to develop new enterprise ideas.
2. Explain why you would start your own business instead of buying an existing one.
When tackling problems, students use brainstorming to hone or expand their higher-order thinking abilities. stimulates original ideas. All students are encouraged to contribute their ideas during a brainstorming session, regardless of how absurd they may sound to others. This encourages pupils to think creatively and beyond the box.
How does brainstorming help to create new ideas?Brainstorming blends lateral thinking with a loose, informal approach to issue resolution. It inspires people to have ideas and thoughts that may initially appear a little strange. Some of these concepts may be developed into novel, inventive responses to issues, while others can generate even more concepts.
In order to address difficulties and come up with novel ideas, brainstorming promotes open and continuous cooperation. Teams may quickly develop a vast number of ideas through brainstorming, which can then be improved upon and combined to provide the optimal solution.
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Erin grew tired of her old furniture and went shopping. A local store offered credit at an APR of 12%, with a maximum term of 4 years. The furniture will cost $5,000 -- with no down payment required. Using Table 7-2 in your textbook, calculate the following:
a) What is the amount of her monthly payment if she borrows for 3 years? Please show work
b) What is the amount of the finance charge over that 3-year period? Please show work
c) Comparing the results of this week's Textbook problems 1 and 2, how does the term (# of years) of the loan affect the monthly payment and the finance charge?
a) The amount of her monthly payment, if she borrows for 3 years, is $166.07.
b) The amount of the finance charge over that 3-year period is $978.58.
c) The term (# of years) of the loan affects the monthly payment and the finance charge in these ways:
When the term is less, the monthly payment is more and the finance charge is less.On the other hand, when the term is more, the monthly payment is less and the finance charge is more.Monthly Payment for 3 years:N (# of periods) = 36 months (3 years x 12)
I/Y (Interest per year) = 12%
PV (Present Value) of Furniture = $5,000
FV (Future Value) = $0
Results:
PMT = $-166.07
Sum of all periodic payments = $-5,978.58
Total Interest = $978.58
Monthly Payment for 4 Years:N (# of periods) = 48 months (4 years x 12)
I/Y (Interest per year) = 12%
PV (Present Value) of Furniture = $5,000
FV (Future Value) = $0
Results:
PMT = $-131.67
Sum of all periodic payments = $-6,320.12
Total Interest = $1,320.12
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The work experience section of a résumé should be listed in a reverse chronological order.
Please select the best answer from the choices provided
T
F
The given statement is true. In order to list their qualifications for a position, job applicants must generate a formal document called a resume.
Why a resume is needed?In order to list their qualifications for a position, job applicants must generate a formal document named a resume. A personalized cover letter that is included with a resume typically conveys interest in a particular position or business and attracts attention to the CV's most crucial details. You are aware that a strong resume is essential to your job hunt. In order for hiring managers to decide whether you are qualified for a position, your resume must highlight your abilities, experience, work history, and significant accomplishments.
It is strongly advised to list your employment history from most current to oldest when creating a resume. This resume format is sometimes referred to as reverse chronological order. There are further varieties of resume formats, including hybrid or combination resumes and functional resumes.
Hence, The given statement is true.
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Answer:
Explanation: hope this helps
How comfortable you feel taking the risk of losing your money refers to:
A. Time horizon
B. Asset allocation
C. Personal financial health
D. Risk tolerance
Rhonda has a ________ account, which gives her an interest rate competitive with those of brokerage firm money market funds but requires a higher minimum balance and limits check writing to three per month.
checking
savings
NOW
money market
certificate of deposit
Rhonda has a money market account, which gives her an interest rate competitive with those of brokerage firm money market funds but requires a higher minimum balance and limits check writing to three per month.
What is money market account?Banks and credit unions provide money market accounts, which offer the advantages and features of both checking and savings accounts. They frequently offer debit cards and restricted check-writing rights, and they typically pay greater interest rates than standard savings accounts.
MMAs are more suitable for short-term objectives than for long-term monetary planning. Many banks also provide high-yield or high-interest checking accounts, which have stricter restrictions but may give better rates than money market accounts.
Therefore, Rhonda has a money market account, which gives her an interest rate competitive with those of brokerage firm money market funds but requires a higher minimum balance and limits check writing to three per month.
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The International Air Transport Association surveys business travelers to develop quality ratings for transatlantic gateway airports. The maximum possible rating is 10. Suppose a simple random sample of 50 business travelers is selected and each traveler is asked to provide a rating for the Miami International Airport. The ratings obtained from the sample of 50 business travelers follow.
5 9 10 2 2 2 2 7 7 7 7 6 7 8 9 9 2 10 2 7 6 9 8 10 9 2 7 5 7 2 2 7 7 6 2 10 8 2 6 6 9 5 2 10 7 10 2 2 6 6
Develop a 95% confidence interval estimate of the population mean rating for Miami. Round your answers to two decimal places.
(____,____)
The margin of error that is in the question that we have here and the data is 5.216, 6.784
How to solve for the margin of errorσ2 = Σ(xi - μ)2 / N
= (5 - 6)^2 + ... + (6 - 6)^2 / 50
= 400 / 50
= 8
σ = √8
standard deviation = 2.8284271247462
We have to find the margin of error
Margin of Error (Confidence Interval)
The mean is going to have to follow the normal distribution. The standard error of the mean would then be solved by the use of the formula that we have here
σx = σ /√N
=0.4
Using the margin, the 95% margin would be
6 ±0.784
= 6 - 0.7894 , 6 + 0.784
= 5.216, 6.784
Therefore the margin of error that we have here would be given as 5.216, 6.784
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Journalize the following transactions of Upton Drugs:
Transactions:
July 8 Received a $180,000, 90-day, 8% note dated July 8 from Miracle Chemical on account.
Oct. 6 The note is dishonored by Miracle Chemical.
Nov. 5 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Miracle Chemical on Oct. 6.
Required:
Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest.
Journalizing the transactions of Upton Drugs for the period is as follows:
Journal Entries:July 8 Debit Note Receivable $180,000
Credit Accounts Receivable $180,000
To record the receipt of the 90-day 8% note from Miracle Chemical.Oct. 6 Debit Accounts Receivable (Miracle Chemical) $182,250
Credit Note Receivable $180,000
Credit Interest Revenue $2,250
To record the dishonor of the note at the due date and the accrued interest.Nov. 5 Debit Cash $183,768.75
Credit Interest Revenue $1,518.75
Credit Accounts Receivable (Miracle Chemical) $182,250
To record the receipt on the note with due interest.What are Journal Entries?Journal Entries are made to record business transactions.
Journal Entries identify the accounts involved in each transaction and differentiates the account to be debited from the account to be credited.
Transaction Analysis:July 8 Note Receivable $180,000 Accounts Receivable $180,000
90-day, 8%.
Oct. 6 Accounts Receivable (Miracle Chemical) $182,250 Note Receivable $180,000 Interest Revenue $2,250
Nov. 5 Cash $183,768.75 Interest Revenue $1,518.75 Accounts Receivable (Miracle Chemical) $182,250
Interest Revenue:Oct. 6: Interest Revenue = $2,250 ($180,000 x 8% x 90/360)
Nov. 5: Interest Revenue = $1,518.75 ($182,250 x 10% x 30/360)
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Given the demand supply equation Qd= 6s - 4p, Qd= 30 + 3p
Answer:
Let us suppose we have two simple supply and demand equations. Qd = 20 – 2P. Qs = -10 + 2P. To find where QS = Qd we put the two equations together. 20-2P = -10 + 2P. 20+10= 4P. 30/4=P. P = 7.5. To find Q, we just put this value of P into one of the equations.
Explanation:
JPM Overnight Delivery is one of the premier providers of shipping and information services
worldwide, competing against firms like FedEx and UPS. As it prepares its marketing plans for the
years ahead, it will conduct a very thorough SWOT analysis. Your job is to look at eight potential
elements of JPM's SWOT analysis and determine which are strengths, weaknesses, opportunities,
and threats. Your ability to properly categorize these elements in your own career will allow you to
maximize your firm's strengths and opportunities while also minimizing weaknesses and threats.
Place each item with the appropriate element of the SWOT analysis.
Closings of Post Offices JPM has a superior information technology infrastructure. JPM has an excellent workforce and a Human Resource department. STRENGTH, OPPORTUNITY The global economic downturn JPM is facing a labor cost increase. JPM has fewer fuel-efficient planes as a threat. WEAKNESS, Increasing fuel costs due to Middle East turmoil THREAT.
What is a SWOT analysis?A SWOT analysis is intended to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization, initiative, or industry. The organization must keep the analysis accurate by avoiding preconceived notions or gray areas and instead focusing on real-life contexts. Companies should view it as a guideline rather than a prescription.
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E10-12 The following are selected 2017 transactions of Pedigo Corporation.
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is
indefi nite.
May 1 Purchased for $75,000 a patent with an estimated useful life of 5 years and a
legal life of 20 years.
Instructions
Prepare necessary adjusting entries at December 31 to record amortization required by
the events above
Entries are given.
DATE ACCOUNT TITLES DEBIT CREDIT
Dec 31,2019 No entry 0
No entry
(Considering that goodwill has an 0
infinite existence, goodwill should
not be amortised.)
Dec 31, 2019 Patent Amortization $10,000
[$75,000×(1/5)×(8/12)] patents
(To record patent amortizations for $10,000
8 months)
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a net decrease in cash of 10000 for the current year. Net cash
used in investing activities was 52000 and net cash used in financing activities was 38000.
What amount of cash was from (used in) operating activities?
A) 100000.
B) (100000).
C) 80000
D) (80000).
The amount of cash was from (used in) operating activities:
$100,000
How do operating activities work?An organization's operating operations are those that are directly involved in offering its products and/or services to the public. Manufacturing, distributing, promoting, and selling goods and services are some of the company's primary commercial operations.
How does the cash flow statement define operating activities?The term "cash flow from operating activities" (CFO) refers to the revenue a business generates from ongoing, regular commercial operations like producing and selling products or offering clients a service. On a company's cash flow statement, it is the first section shown.
According to the given data:Cash flow at the end-Cash Flow at the beginning = Cash Flow from(used in) Operating activities + Cash Flow from(used in) Investing activities + Cash Flow from(used in) Financing activities
there is increase in net cash of $10,000,
Cash flow at the end-Cash Flow at the beginning=10000
10000=Cash Flow from(used in) Operating activities-52000-38000
Cash Flow from(used in) Operating activities=10000+52000+38000
Cash Flow from(used in) Operating activities=$100,000
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M6-15 (Algo) Computing and Interpreting the Gross Profit Percentage [LO 6-6]
Cost of goods sold is deducted from net sales to determine a company's gross profit margin percentage. To determine the gross profit margin in percentage terms, this amount is then divided by net sales.
What is meant by Gross Profit Percentage?Cost of goods sold (COGS) is deducted from net sales to determine a company's gross profit margin percentage (gross revenues minus returns, allowances, and discounts). To determine the gross profit margin in percentage terms, this amount is then divided by net sales.
Direct costs or cost of goods sold (COGS) are subtracted from net sales to determine the gross profit margin (gross revenues minus returns, allowances and discounts). To determine the gross profit margin ratio, this amount is multiplied by 100% and then divided by net revenues.
By deducting direct costs or the cost of goods sold (COGS) from net sales, the gross profit margin is calculated (gross revenues minus returns, allowances and discounts). The gross profit margin ratio is determined by dividing that sum by net revenues and multiplying the result by 100%.
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Question 2 (1 point) Which most accurately describes how the equilibrium price of a good or service can be determined? matching the columns in a supply schedule and a demand schedule finding where the supply curve and the demand curve intersect moving the supply curve right or left until it matches the demand curve doing market research to determine the maximum price consumers will pay
Answer:c
Explanation:i took the test
Which of the following is the best example of clear and concise writing for a résumé?
a.
explored every avenue
b.
last but not least
c.
at this point in time
d.
finally
finally is the best example of clear and concise writing for a resume. Hence, option D is correct.
What is meant by clear and concise writing?Writing well and concisely requires careful word choice, deliberate phrase structure, and correct grammar usage. By writing in a clear and concise manner, you can help your readers understand your message quickly and easily.
It is clear and succinct and uses short sentences and basic terminology. It is straightforward to read and understand and keeps to the facts. The writer's intended message is so obvious that the reader can understand it in one reading.
Thus, option D is correct.
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Why is following up with a phone call after submitting a résumé so important?
Answer:
It shows you have actual interest in the job, and want to pursue it.
Explanation:
Zane Perelli currently has 116 $ that he can spend today on socks costing $2.90 each. Alternatively, he could invest the $116 in a risk-free U.S. Treasury security that is expected to earn a 11 % nominal rate of interest. The consensus forecast of leading economists is a 3% rate of inflation over the coming year. a. How many socks can Zane purchase today? b. How much money will Zane have at the end of 1 year if he forgoes purchasing the socks today and invests his money instead? (Ignore taxes.) c. How much would you expect the socks to cost at the end of 1 year in light of the expected inflation? d. Use your findings in parts b and c to determine how many socks (fractions are OK) Zane can purchase at the end of 1 year. In percentage terms, how many more or fewer socks can Zane buy at the end of 1 year? e. What is Zane's real rate of return over the year? How is it related to the percentage change in Zane's buying power found in part d? Explain.
a) The number of socks Zane can purchase today is 40 socks.
b) The amount of money Zane will have at the end of Year 1 with the investment in the U.S. Treasury security is $128.76.
c) The expected cost of the socks at the end of 1 year is $2.987.
d) The number of socks Zane can purchase with parts b and c information is 43.08 socks.
d) Zane can buy 3.08 more socks, which is 7.7%, in percentage terms.
e) Zane's real rate of return over the year is 8%.
e) Zane's buying power increased by 7.7%, almost equal to the real rate of return of 8%.
How the numbers are determined:The amount available for spending or investment = $116
Current cost of socks = $2.90
U.S. Treasury security nominal rate of interest = 11%
Inflation rate for the coming year = 3%
a) The number of socks Zane can purchase today = 40 socks ($116/$2.90)
b) Zane's investment in the U.S. Treasury security:
N (# of periods) = 1 year
I/Y (Interest per year) = 11%
PV (Present Value) = $116
PMT (Periodic Payment) = $0
Results:
FV = $128.76
Total Interest = $12.76
c) The expected cost of the socks at the end of 1 year:
Cost of socks = $2.987 ($2.90 x 1.03)
d) The number of socks Zane can purchase with parts b and c information:
The number of socks = 43.08 socks ($128.67/$2.987).
d) In percentage terms, Zane can buy 3.08 more socks (43.08 - 40):
= 7.7% (3.08/40 x 100).
e) Zane's real rate of return over the year:
Return in dollars = $12.76 ($128.76 - $116)
Rate of return = 11% ($12.76/$116 x 100)
Real rate of return = 8% (11% - 3%)
Zane's buying power increased by 7.7%, almost equal to the real rate of return of 8%.
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"Be all you can be is an example" of a(n)
a) formal statement.
Ob) slogan or saying.
c) story, legend, or myth.
Od) role modeling.
e) rite and ritual.
Answer:
"Be all you can be is an example" of slogan or saying.
Explanation:
A slogan ir a saying is a phrase which is short and easy to remember. It is often used in advertisements.
For example
You are launching a protein powder brand where you kept the slogan as "Be all you can be" which depicts that the protein powder is capable of everything you need in your body.
Other Options are INCORRECT
A mission statement is something which describes the agenda, ethics, values of the orgaization which is Incorrect.
A story, legend or myth can't be described in a short phrase. Therefore, Incorrect.
A role modeling is an inspiring statement which is alrady present in ourself. But, here "Be all you can be" depicts that it is something that is yet to be achived. Therefore, Incorrect.
I wonder why a company would issue new shares if the stocks when their intrinsic value is low.
When there is strong investment demand, the market value is usually higher than the intrinsic value, resulting in possible overvaluation. If there is a lack of investment demand, the company may be undervalued.
What exactly is intrinsic value?An asset's intrinsic value is a measure of its worth. This metric is determined by an objective calculation or a complex financial model. The intrinsic value of an asset differs from its current market price. Comparing it to the current price, on the other hand, can help investors determine whether the asset is undervalued or overvalued.
Cash flow is used in financial analysis to determine the intrinsic, or underlying, value of a company or stock. In option pricing, intrinsic value is defined as the difference between the option's strike price and the current market price of the underlying asset.
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Operations management Determine the appropriate (Q, R) ordering policy
In order to increase an organization's profit, it is concerned with operations management to transforming resources like labor and materials into products and services as effectively as feasible. The correct ordering policy is R,Q.
What is operations management?Planning, coordinating, and controlling the production process as well as redesigning internal business procedures for the production of goods and services are tasks assigned to the management discipline known as operations management. It entails taking charge of making sure that business operations meet consumer needs while using the least amount of resources possible.
The management of a complete production or service system, or the process that transforms inputs (in the form of raw materials, labour, consumers, and energy) into outputs (in the form of goods and/or services for customers), is the topic of this article. Operations create services, monitor quality, and create products. Operation management includes using technology, dealing with suppliers and customers, and managing operations.
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14. Lael is also planning for student groups that the office will be working with in the coming year. She decides to create a PivotTable to better manipulate and filter the student group data.
Switch to the Academic PivotTable worksheet, then create a PivotTable in cell A1 based on the AcademicGroups table. Update the PivotTable as follows so that it matches Final Figure 2:
To create a Pivot table in Excel : Select the data that needs to be added in the pivot table, then click on insert ribbon then select the pivot table. A menu will appear, click existing worksheet and on the worksheet click on cell A1. Finally click ok.
What is Pivot Table?Pivot table is used to summarize data in excel, the data with multiple entries is summarized together and a single figure is shown on the pivot table, which ease the work.
Select the data on the worksheet that needs to be added in the pivot table, ensure the data has headings and no heading is missing. After selecting the data click on the Insert ribbon and then select pivot table from the left. Upon selecting pivot table a menu will pop up and this will ask for further details, in the middle of the menu it can be selected whether the pivot table is to be placed in a new worksheet or an existing worksheet, if you select existing worksheet the path can be provided where it will be required to click on cell A1 to create a pivot table there.
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kono corp., an american company, is trying to decide whether to open its first international branch in europe or asia. the managers of the company are operating under a condition of _____.
Kono corp., an American company, is trying to decide whether to open its first international branch in Europe or Asia. the managers of the company are operating under a condition of uncertainty.
In today's complicated environment, the majority of crucial decisions are made in an uncertain setting. Conditions of uncertainty arise when everything is in motion and the future environment is unpredictable. The decision-maker is unaware of all options, dangers attached to each, implications of each choice, or probability linked with them.
The management does not fully understand all of the available options, and the information that is accessible might not be entirely accurate. Managers must establish certain assumptions about the circumstance in order to create a sound framework for decision-making in the face of such ambiguity. They must rely on their discretion and knowledge while making judgments.
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The top five challenges that U.S. companies experience in the Philippines are:
1. Graft and Corruption: Corruption, a constraint to trade and investment, is a pervasive and long-standing
challenge in the Philippines.
2. Regulatory System: Product registration, product standards, and environmental and labeling requirements
place restrictions on certain products.
3. Infrastructure: The Philippines lags behind many of its neighbors in infrastructure development. Traffic congestion in Metro Manila continues to be a major problem.
4. Philippine Government Procurement: There are procurement opportunities in the Philippine Government, but a local partner is generally required.
5. Highly Price-Sensitive Market: U.S. products are generally known for high quality but are also more expensive. U.S. exporters should not expect to apply their U.S. pricing strategy in this market. Distributors and
customers request payment terms.
Being the Head of AFRICAN based company Marketing & Sales Department what Product Solutions can you Develop to overcome above challenges to succeed in doing business here in the Philippines?
As the company's head of marketing, the product solutions for it to be well positioned in the Philippines is to align the product with the needs of the local consumer.
What are entry barriers?It corresponds to the variables that make it difficult for a company to survive in a given market, as well as the five mentioned in the question, such as the local regulatory system and competitiveness in the market, which makes new companies face difficulties to remain well positioned in the market. long term and end up closing down their activities.
To overcome these challenges, the head of marketing and sales must first conduct marketing research focused on the local audience, identifying their demographic and cultural characteristics, in order to segment their audience to align products and services.
Therefore, entering a global market requires companies to adapt their products and processes to achieve a degree of reliability and value to the consumer in the local market.
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impact of new vendor with zero opening balance
The impact of the vendor with the zero opening balance is to show that the account has been correctly set up.
What is the vendor opening balance?This is the term that is used to refer to the amount of money that is in an account at the particular time that the account is newly opened.
The way that the vendor balance can be gotten is when the opening balances that are in a new year are carried forwards and the customers are done. In order to track this, the code that is to be used is F. 07.
The opening balance is what would have to be brought forward at the end of an accounting period and it is usually what the vendor would have to use as they try to keep a track of the cash flow that is in their account.
Hence we would say that the impact of the new vendor with this balance that is 0 is to help to determine how correct the set up of the account has been done.
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How is a background similar to a shape?
Answer: they both have contrast and are abstract
Explanation: your welcome
Does anyone know how to do this worksheet? I need help
Answer:
Here are the answers for 1-23 that i've found so far,
I'll try to find the rest of the answers
Explanation:
If the exchange rate value of the British pound goes from U.S. $1.80 to U.S. $1.60, then （10）
If the exchange rate value of the British pound goes from the U.S. $1.80 to the U.S. $1.60, then the currency depreciated and the British will find U.S. goods more expensive.
The rate is the amount charged on the pinnacle of the major through a lender to a borrower for the use of the property. An interest charge moreover applies to the quantity earned at a financial institution or credit rating union from a deposit account. most mortgages use clean interest.
Rates are determined, in large issue, via the usage of valuable banks that actively commit to keeping an aim hobby price. They accomplish that with the useful resource of intervening at once within the open market through open marketplace operations (OMO), shopping for or promoting Treasury securities to influence quick-time period costs.
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Why do some cruise lines prefer to hire individuals from countries without strict work laws?
Question 3 options:
1. These individuals often have the highest level of training.
2. These individuals are statistically the most dependable in the industry.
3.They can pay these individuals less than half of the normal rate.
4. It allows them to increase work hours for employees.
Cruise lines prefer to hire individuals from countries without strict work laws because (b) these individuals are statistically the most dependable in the industry.
Cruise line hire individuals that are basically from a shipping industry or an institute and pre trained for all the projects. There are many individuals who pass out the shipping course and are trained by employees for several work hours.
Shipping industry is the most dependable industry after the logistics and supply chain management industry in the world.
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I need help!!! offering brain list
Option D is correct. When the contract is being drafted, what has to be remembered would be offer and acceptance and the legal representation.
What is a contract?This is the term that is sued to refer to the written document that tells us that there is an agreement that exists between the parties that are involved and that they have agreed to do business together. The contract is enforceable in the court of law especially if there is a defaulter by any of the parties involved.
To sign a contract, the people would have to need their legal representatives that would help them to understand every term that is contained in the contract that they are to sign before they go ahead with the signing.
Hence we would say that option D is correct because it is what tells us of what has to be remembered.
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May 20 Charlene pays for the tour after deducting the sales allowance.
The Journal Entries for the Transactions are as follows:
Journal Entries:May 2 No Journal (Fishing tour expenses = $680 ($170 x 5 x (1 - 20%)
May 7 Debit Fishing Tour Expenses $680
Credit Accounts Payable (Outdoor Expo) $680
May 9 No Journal
May 15 Debit Accounts Payable (Outdoor Expo) $272
Credit Fishing Tour Expenses $272
May 20 Debit Accounts Payable (Outdoor Expo) $408
Credit Cash $383.52
Credit Cash Discounts $24.48
What are the journal entries?The journal entries are records of business transactions in the accounting books of the recording entity.
The journal entries show the accounts that receive values (debited) and the accounts that supply values (credited), including assets, liabilities, expenses, revenues, and income and losses.
Transaction Analysis:May 2 No Journal Entry Required
May 7 Fishing Tour Expenses $680
Accounts Payable (Outdoor Expo) $680
May 9 No Journal Entry Required
May 15 Accounts Payable (Outdoor Expo) $272 ($680 x 40%)
Fishing Tour Expenses $272
May 20 Accounts Payable (Outdoor Expo) $408 ($680 - $272)
Cash $383.52
Cash Discounts $24.48 ($408 x 6%)
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Question Completion:Outdoor Expo provides guided fishing tours. The company charges $170 per person but offers a 20% discount to parties of four or more. Consider the following transactions during the month of May.
May 2 Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price ($680 = $136 × 5). The tour is scheduled for May 7.
May 7 The fishing tour occurs. Outdoor Expo asks that payment be made within 30 days of the tour and offers a 6% discount for payment within 15 days.
May 9 Charlene is upset that no one caught a single fish and asks management for a discount. Outdoor Expo has a strict policy of no discounts related to number of fish caught.
May 15 Upon deeper investigation, management of Outdoor Expo discovers that Charlene’s tour was led by a new guide who did not take the group to some of the better fishing spots. In concession, management offers a sales allowance of 40% of the amount due.
May 20 Charlene pays for the tour after deducting the sales allowance.
Required:
Record the necessary transaction(s) for Outdoor Expo on each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.)