True, in a multiple-step income statement, income from operations excludes other revenues and gains and other expenses and losses
An organization's financial statement in a structure that presents revenues, costs, and expenses for a certain reporting period is known as a multi step income statement. It uses a number of formulae to calculate a company's net income and offers a more thorough description of expenses than a single-step income statement. Single-step and multi-step are the two formats for income statements. The multi-step income statement is used by businesses that sell tangible goods. The single-step structure is typically used by smaller businesses, such as sole proprietorships, partnerships, and service providers.
Operating and non-operating incomes and expenses are divided into categories in the multi-step income statement. It aids users in assessing the organization's financial performance. The users will be aware of the profit made from the main tasks of purchasing and selling things, as well as how it varies.
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All of the following activities illustrate a risk response strategy designed to exploit an opportunity EXCEPT:
A. identify trigger condition
B. assign more or better resources
C. purchase insurance
D. give the project more visibility
With the exception of identifying trigger conditions, all of the ensuing steps demonstrate a risk response plan intended to take advantage of an opportunity.
What are the types of risk?Risk Types: There are several methods to classify the various dangers. Market risk, credit risk, operating risk, strategic risk, liquidity risk, and incident risk are just a few of the categories into which risks may be divided. One of the risks identified with the highest priority for every firm is financial risk.
How is risk measured?Employing statistical techniques that are historical predictors of investment risk and volatility, risk—or the probability of a loss—can be quantified. Standard deviation, Sharpe ratio, and beta are examples of commonly used risk management strategies.
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An improshare plan is a group-based incentive plan based on the number of hours a firm expects to take to reach a certain level of output.
True
False
A group-based incentive plan based on hours worked is called an improshare plan, it's true.
How does an incentive strategy work?An agreement wherein employees receive additional money as a means of boosting production. a three-year incentive program connected to long-term corporate goals. The business uses an incentive program to encourage performance.
What do incentives serve as a vehicle for?Offering incentives is a terrific approach to keep your staff motivated to perform their duties to the best of their abilities. They have something to strive for when there is something they can get if they attain a goal or accomplish something.
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TRUE/FALSE. with stable market demand for farm products, the demand will turn relatively small changes in output into relatively larger changes in agricultural prices and income.
With stable market demand for farm products, the demand will turn relatively small changes in output into relatively larger changes in agricultural prices and income. [TRUE]
Understand the Law of Supply and SupplyThe level of demand and supply for goods or services affect each other. They also affect the price of goods or services. As consumers demand more of a good, its price rises and more producers work to provide that good.
The more manufacturers offer a good, the supply increases, causing the price fell. In the reverse scenario, the price falls due to demand for something
product declines, causing fewer firms to produce that good.
When production falls, supply decreases, and prices rise back to equilibrium.
The theory of demand and supply is like a seesaw. When production increases and demand remains the same, the price of goods will decrease. Likewise, if the number of orders increases and inventory remains the same, the cost of goods will increase.
The law of demand and supply means that the seesaw will find a balance from time to time. When there is a change in demand or supply this will change the price, price changes affect demand and supply, creating a balance over time.
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b. prepare a purchases budget in units and dollars for october. do not use a negative sign with your answers. comfy cushions purchases budget for the month of october october november production requirements answer answer desired ending inventory answer raw materials requirements answer less beginning inventory answer purchase requirements (units) answer purchase requirements (in dollars) answer
Production requirements 42,000 (8,400*5) Desired to end inventory 13,250 (10,600*25%*5) Raw materials requirements 55,250 Less beginning inventory 10,500 Purchase requirements (units) 44,750 Purchase requirements (in dollars) $40,275 (44,750*$0.9).
A purchases budget contains the number of inventory that a corporation should purchase throughout every budget period. the number expressed within the budget is that the amount required to build sure|to confirm} that there's spare inventory readily available to satisfy client orders for products. At the only level, the purchase budget can merely match the precise number of units expected to be oversubscribed in the budget period.
However, there is a variety of extra issues which will make the purchases budget significantly a lot of complexes. The purchases budget is most ordinarily employed by a merchandiser or wholesaler, that doesn't manufacture their own goods. These entities generally combine purchases into product categories for budgeting purposes, instead of making an attempt to budget at the individual product level.
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At the start of the COVID-19 economic shutdown, the Congressional Budget Office projected the federal debt-to-GDP ratio would reach 108% by the end of 2021, an increase of 26 percentage points from their previous projection. The federal debt-to- GDP ratio reached a record 119.1 percent in early 1946, following World War II, but then quickly fell, reaching 31.1 percent in January 1981 45 45 45 45 45 5 45 45A 454 25 a. What lesson might the record-level debt and subsequent rapid decline following World War II hold for current debt projections? That in the context of an expanding economy, the debt will tend to become a smaller problem That if the federal government is to get its fiscal bouse in order, it will have to cut its spending dramatically That the current debt would not be a problem if it were incurred during war None. The two periods are so different that any effort to compare them will be misleading. b. What are the primary factors that will determine whether debt snowballs out of control or slowly melts? The absolute size of the debt. The nominal value of debt repayments. Whether federal deficits are incurred to finance economically valuable investments, e.g., infrastructure. How the growth rate of real GDP compares with interest rates,
The lesson that the record-level debt and subsequent rapid decline following World War II hold for current debt projections is that : in the context of an expanding economy, the debt will tend to become a smaller problem. Option A
The primary factors that would determine whether debt snowballs out of control or slowly melts are: Whether federal deficits are incurred to finance economically valuable investments, e.g., infrastructure. Option C
What is meant by debt financing?Debt financing is the process by which a business obtains a loan that will be repaid with interest at a later time. It could take the form of an unsecured loan or a secured loan. A business will take out a loan to pay for working capital or an acquisition.
Debt financing is the process by which a business raises funds by offering investors debt instruments. Equity finance, which involves issuing stock to raise money, is the reverse of debt financing. When a company sells fixed income securities like bonds, bills, or notes, debt financing takes place.
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according to the great austrian economist, joseph schumpeter, oligopolistic industries are major forms of innovation.
A marketplace is once many corporations exert important management over a given market. Together, these corporations could manage costs by colluding with one another, ultimately providing noncompetitive costs within the market.
Oligopoly markets are markets dominated by a little variety of suppliers. they'll be found in all countries and across a broad variety of sectors. Some marketplace markets are competitive, whereas others are considerably less therefore, or will at a minimum seem that manner.
Oligopolies occur once a small variety of companies conspire, either expressly or implicitly, to limit output or fix costs, so as to attain on top of traditional market returns. Oligopolies will be contrasted with monopolies wherever only 1 firm exists as a producer.
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FILL IN THE BLANK. the texas apartment association, the texas restaurant association, and the beer alliance of texas are all examples of______.
The Texas Apartment Association, Texas Restaurant Association, and the Texas Beer Alliance are the examples of Retail trade groups.
What are Retail Trade Groups?To meet consumer demand, millions of products are produced. These goods range in price from low-cost purchases to expensive things for daily use. Retail trading describes the sale of products to the final user. In a distribution channel, it typically happens at the end. Wholesalers purchase large amounts of things after they have been produced. Depending on the size of the business, the wholesalers may be used by the retail merchants or occasionally the producers themselves. The sale of finished goods and products to customers is known as "retail commerce" in the business world. Retail business owners buy the necessary products from wholesalers, who then procure them from manufactures. Additionally, they have the option to purchase the goods straight from the suppliers.
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A buyer uses a perpetual inventory system, and on December 7, it contacts its supplier to report that some of the merchandise purchased on December 5 was defective. The seller offered to reduce the merchandise price by $400. The buyer agreed to keep the defective merchandise under those terms. Hote: Enter debits before credits. General Journal Debit Credit Date Dec. 7 Record entry Clear entry View general journal A buyer uses a perpetual inventory system, and it purchases merchandise on terms of FOB shipping point. On December 20, the shipping company sends an invoice for $125 to the party responsible for the freight charges, and cash payment is made immediately. Note: Enter debits before credits. General Journal Debit Credit Date Dec. 20 Record entry Clear entry View general journal
Record a $400 debit on accounts payable and a $400 credit on merchandise inventory, is the solution.
What class of account does the inventory of goods belong to?Goods inventories are included in asset accounts. Inventory of goods is a current asset on a retailer's balance sheet. A current asset is one that will provide revenue within a given accounting term, often a year.
How do you manage your product inventory?Put the balance of your merchandise inventory's closing inventory in the Balance Sheet Debit column. In the event of unearned revenue, enter the revenue account in the balance sheet credit column and the unearned revenue account in the income statement credit column.
The purchaser must record a debit of $400 on accounts payable and a credit of $400 for inventory of goods.
When you record a debit for accounts payable, you are reducing a liability.
Since inventory of goods is a current asset, recording a credit reduces it.
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monopolistic competition normally consists of 25 to 75 firms rather than hundreds or thousands and involves which of the following characteristics?
Monopolistic competition typically consists of 25 to 75 firms, rather than hundreds or thousands, and includes: Small market share. No consent. Act independently
What is Monopolistic competition?When numerous businesses provide competing goods or services that are comparable but not exact alternatives, monopolistic competition occurs. Barriers to entry in a proprietary and highly competitive industry are low, and no single firm's decisions directly affect its competitors.
Examples of monopolistic competition: It's a restaurant business. hotels and pubs. General specialty store. Consumer services (Beautician).
Why is it called monopoly competition?In essence, what is called a competitive monopoly is that while firms compete with each other to some degree for the same group of customers, each firm's product is slightly different from all the other firms.
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the formula to compute cash receipts or cash payments for operating cash flows using the direct method is: multiple choice revenue or expense plus cash receipts minus cash payments revenue or expense plus or minus adjustments for changes in related balance sheet accounts cash receipts or cash payments plus adjustments for changes in related income statement accounts revenue or expense plus or minus adjustments for changes in related income statement accounts
The for-mula to compute cash receipts or cash pay-ments for operating cash flows usi-ng the direct method is: revenue or exp-ense plus or minus adjust-ments for changes in related bal-ance sheet accounts cash receipts or cash pay-ments.
Using the direct meth-od of reporting operating cash flows, the form-ula to compute cash receipts or cash paym-ents is revenue or expense plus or minus adjust-ments for changes in related bal-ance sheet accou-nts equals cash rece-ipts or cash pay-ments.
What Is Cash Flow From Operating Activities (CFO)?Cash flow from operating activities (CFO) indic-ates the amount of money a comp-any brings in from its on-going, regular busi-ness activities, such as manu-facturing and selling goods or pro-viding a service to cust-omers.
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which one of the following income statement and balance sheet items is least likely to spontaneously vary with the level of sales?
Accrued expenses on the income statement and balance sheet are most likely to change naturally with sales
What do you mean by accrued expenses?Unpaid expenses are those for which there are no invoices or other documents. They are classified as current liabilities. This means that it must be paid within 12 months and appear on the company's balance sheet.
Examples of accrued expenses are: A bonus, salary or wage paid. Unused vacation or sick leave. Future warranty payments, return or repair costs by the customer.
Are accrued expenses an asset?Accrued expenses are recorded on the company's balance sheet. A balance sheet shows what a company owns (“assets”) and what it owes (“liabilities”) as of a particular date, along with its equity. In the above example, all but liabilities are accrued expenses.
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After visiting with a career counselor and participating in an internship at a local accounting firm, Joe has decided to become an accountant He has finally reached which identity status
Identity achievement is the identity status reached by Joe when he decided to become an accountant.
Identity exploration and the subsequent comprehension of that identity's significance in one's own life are two steps in the cognitive process known as "identity achievement."
This can occur when an adult makes significant changes to their lives or careers. Examples of this include businessmen who decide to seek religious vocations in their middle years or someone who leaves a well-paying job to pursue art or a considerably lower-paying (but more personally fulfilling) job.
Identity attainment describes people who, following exploration, have taken a stand. It takes time to complete this process, and it rarely does so before the end of adolescence.
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5. is the added cost of doing something one more time. in the context of production, is the change in total cost generated by producing one more unit of output.
The difference in total cost caused by creating an additional unit of output is known as the marginal cost in the production context.
- The term "marginal cost" describes how the development of more product units raises production costs. It is sometimes referred to as the manufacturing marginal cost. Businesses can examine how volume created affects cost and eventually earnings by figuring out the marginal cost.
- What it costs extra to develop a new good is its marginal cost. Say, for illustration, that it costs $100 to produce 100 automobile tires. One additional tire would cost $80 to produce. What it costs to produce one additional unit of an item or service is known as the marginal cost. The production costs determine the marginal cost.
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underwriting new securities issuance requires that the investment bank: multiple choice buys the issue at a certain price and then sells it in the secondary market. provides its best effort to sell the securities and the unsold portion goes back to the issuer. purchases securities in the secondary market when they are undervalued. buys the issue at a certain price and then sells it in the primary market.
A bank is a type of financial entity that lends money while both taking deposits from the general public and generating demand deposits. [1] The bank can carry out lending activities directly or indirectly by using capital
Because bank are crucial to the financial stability and economic health of a nation, they are subject to intense regulation in most jurisdictions. The majority of nations have institutionalized the fractional reserve banking system, in which banks keep liquid assets that are only partially equivalent to their current liabilities. Banks are typically subject to minimum capital requirements based on an international set of capital rules, the Basel Accords, in addition to additional restrictions meant to ensure liquidity.
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a 90% interest in saxton corporation was purchased by palm incorporated on january 2, 2014. the capital stock balance of saxton corporation was $3,000,000 on this date, and the balance in retained earnings was $1,000,000. the cost of the investment to palm incorporated was $3,750,000.
The accounting approach of treating investments in affiliated corporations is known as the equity method. When an investment entity holds 20–50% of the voting stock of an affiliated firm and has a sizable amount of management control over that company, equity accounting is typically used.
Its goal is to guarantee that the profit and loss of the investee are appropriately reflected in the investor's records. The value of the investment rises with a recognized profit, while it falls with a recognized loss.
A purchase made with the intention of creating income or capital growth is known as an investment. An asset's value increasing over time is referred to as appreciation. When a person invests in a good, they do not intend to utilize it as a source of immediate consumption, but rather as a tool for future wealth creation.
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FILL IN THE BLANK The ________ section of an informal proposal may include a request for approval or authorization, a reminder of key benefits, and a deadline beyond which the offer is invalid.
An informal proposal's conclusion section may include a request for permission or authorization, a reminder of major benefits, and a date after which the offer is no longer valid. Thus, the correct answer is conclusion.
What is the conclusion?The conclusion is the final paragraph of an academic essay. The conclusion should reiterate your response to the inquiry while also summarizing key themes. It has no novel concepts or information.
If your essay is lengthy, you may need two or three paragraphs to conclude. The last paragraph of your essay is the conclusion. A conclusion usually accomplishes one of two things, although it can do both: it summarizes the argument. Some educators predict that your conclusion will include no new information.
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A Lorenz curve refers to a graphic illustration of the share of population on the _______________ and the cumulative percentage of total income received on the __________________ .
1. left quintile; right quintile
2. right quintile; left quintile
3. horizontal axis; vertical axis
4. vertical axis; horizontal axis
The Lorenz curve shows the cumulative share of population on horizontal axis and cumulative percentage of total income received on the vertical axis.
A Lorenz curve is a graphical representation of a population's income or wealth distribution. It is named after economist Max Lorenz, who introduced the concept in 1905. The Lorenz curve is plotted on a graph with the cumulative percentage of the population on the vertical axis and the cumulative percentage of total income received on the horizontal axis.
The curve illustrates the distribution of income or wealth in a population, to show the extent to which the distribution is unequal. For example, a perfectly equal distribution of income or wealth would be represented by a straight line on the graph, while a more unequal distribution would be represented by a curve that is farther from the straight line.
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Crane Electronics Inc. produces and sells two models of pocket calculators, XQ-103 and XQ-104. The calculators sell for $15 and $25, respectively. Because of the intense competition Edington faces, management budgets sales semiannually. Its projections for the first 2 quarters of 2014 are as follows.Unit SalesProductQuarter 1Quarter 2XQ-10320,00022,000XQ-10412,00015,000No changes in selling prices are anticipated.Prepare a sales budget for the 2 quarters ending June 30, 2014. List the products and show for each quarter and for the 6 months, units, selling price, and total sales by product and in total.
The list of products for each quarter and for the 6 months, units, selling price, and total sales by product and in total are as follows:
Product Units Selling Price Total Sales
XQ-103
Quarter1 20000 $15 $300,000
Quarter2 22000 $15 $330,000
6 Months 42000 $630,000
XQ-104
Quarter 1 12000 $25 $300,000
Quarter 2 15000 $25 $375,000
6 Months 27000 $675,000
Total 69000 $1,305,000
A management accounting strategy called budgetary control compares actual expenditures to planned expenditures or levels of activity by having management create an estimated outlay or level of activity first. This method is helpful for calculating deviations, which will lead to the creation of useful standards and cost management.
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the period in which the premiums are paid toward the purchase of an annuity is called the period. the period when the annuity payments are made is called the period. the principal is the premium paid by the individual buying the annuity (called the ). interest is earned between the time annuities are , accruing tax free but paid for with after-tax dollars. if any portion of the principal and interest has not been returned, it is referred to as the benefit.
The period in which the premiums are paid toward the purchase of an annuity is called the accumulation period. The period when the annuity payments are made is called the distributive period.
The time period during which regular contributions are made to an investment or premium payments are made on an insurance product, like an annuity, intended to be utilised for retirement, is known as the accumulation period (or accumulation phase).
The few days between the date on which the Board of Directors declares a stock dividend (the "declaration date") and the "date of record," or the day on which a shareholder must own shares in order to be eligible for a dividend, are known as the "distribution period."
The period in which the premiums are paid toward the purchase of an annuity is called the accumulation period. The period when the annuity payments are made is called the distributive period.
The principal is the premium paid by the individual buying the annuity (called the annuitant).
Interest is earned between the time annuities are paid and distributed, accruing tax free but paid for with after-tax dollars.
If any portion of the principal and interest has not been returned, it is referred to as the survivorship benefit.
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the vals framework group of answer choices is a well-known personality assessment. involves applying cognitive learning theory to segments that have low awareness of a product. examines the intersection of psychology, demographics, and lifestyles. is a study on the hierarchy of needs. is a form of geodemographic segmentation.
The VALS framework examines the intersection of psychology, demography and lifestyle.
What is VALS Framework?The US VAL framework will help you to segment the addressable market into different groups based on customer psychometric measurement behavior. This framework explains how each customer will behave differently in terms of values, attitudes, and lifestyles, commonly referred to as VALs. The eight current types of VALS are: Innovator, thinker, achiever, tester, believer, striver, creator and survivor. After individuals are classified based on their lifestyle, the marketer determines how the marketing elements fit into their lives.
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compute conversion costs given the following data: direct materials, $356,900; direct labor, $194,700; factory overhead, $183,200 and selling expenses, $48,800.
The conversion cost for a company with following data : direct materials $356,900; direct labor $194,700; factory overhead $183,200 and selling expenses $48,800 is $377,900.
It is a production cost required to convert from raw materials into ready to sell products. The concept is used in cost accounting to derive the value of ending inventory, which is then reported in the balance sheet.
From the information given at the question, direct labor and manufacturing / factory overhead will influence the conversion cost. So, from here, we can assume that conversion cost is an expense for overhead and direct labor related to the conversion of raw materials into final products.
Now, let's calculate the conversion cost with the data given
Direct materials $356,900
Direct labor $194,700
Factory overhead $183,200
Selling expense $48,800
Conversion cost = Direct labor + Manufacturing overhead
= $194,700 + 183,200
= $377,900
Therefore, the conversion cost is $377,900.
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which of the following defines the areas in which a person has the right to act freely as an employer without interference from the union?
The Management prerogatives clause defines the areas in which a person has the right to act freely as an employer without interference from the union.
Managerial prerogatives, also known as management functions and rights, are the employer's or manager's discretion about how to run their company, unrestricted by collective bargaining. It's a word that can easily cause confusion among many people. Different groups understand this phrase differently.
It can spark demonstrations when employed in trade union circles since the user's support for centralized management authority is seen as such. When employed by the management circle, it is seen as an exclusive privilege and unfettered control right. Employers or managers who possess managerial prerogatives have the authority to decide how their companies will develop. In essence, employees lack this authority.
The complete question is, "Which of the following defines the areas in which a person has the right to act freely as an employer without interference from the union?
A. The Management prerogatives clause
B. The Collective bargaining clause
C. Right-to-work laws
D. Judicial due process"
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A paper manufacturer has built a plant that meets all government-mandated environmental regulations, but the plant still produces an unpleasant odor when it is being operated. Many residents in the area dislike the paper mill because of these unpleasant odors. This is an example of _________ externality. A. an environmental
B. a positive within-firm
C. a negative within-firm
The correct answer is A). an environmental. Even though a paper mill established a facility that complies with all environmental rules imposed by the government, the facility nonetheless emits an offensive stench when it is in use. Because of these offensive smells, the paper mill is disliked by many locals.
The fact that an income statement includes noncash items is one of the main differences between accounting income and cash flow. Depreciation stands out as the most crucial of these.
The project's effect on the company's future earnings uncertainty serves as a proxy for corporate risk.
Diversity is completely disregarded. The risk of a project to the company as opposed to its investors. Since the project is just one asset in the company's portfolio, there is some risk that can be reduced by diversification inside the company. This is known as within-firm risk.
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Patricia missed the April 30th due date in filing her tax return for the first time. Eventually, she
filed her tax return 6 months after the due date.
How much fines (total for both penalty and interest) will Patricia pay on her taxes owing of
$1,000 to CRA?
The fines (total for both penalty and interest) will Patricia pay on her taxes owing of $1,000 to CRA will be $30.
What is a Tax?A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.
Taxes differ from other sources of revenue in that they are compulsory levies and are unrequited—i.e., they are generally not paid in exchange for some specific thing, such as a particular public service, the sale of public property, or the issuance of public debt.
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in which of the following situations would you not likely find the use of an agent effective in negotiations?
In a relaxed situation we would not likely find the use of an agent effective in negotiations. Agents are not needed if by going through agents our steps become more difficult.
An agent is a dealer who on behalf of a certain company sells goods and services produced by that company. Another opinion says that the meaning of an agent is an institution that carries out trade through the provision of goods or services or special functions related to the sale or distribution of goods. However, they do not have the right to own the traded goods. In general, goods or services sold by agents are the result of the production of only one company and the price of products sold by agents is also determined by the manufacturer. Agents are often thought of as brokers or distributors, but the two are actually different.
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suppose the market for used canoes has 100 sellers with canoes in good condition and 100 sellers with canoes in bad condition. there are an unlimited number of potential buyers. buyers are willing to pay $400 for canoes in good condition while the sellers value these canoes at $300. buyers are willing to pay $100 for canoes in bad condition while the sellers value these canoes at $50. only the sellers know the condition of their canoe.
The answers to the question a and b are : A) Both sorts of canoes should be sold at a reasonable price in order to achieve efficiency because there are both types of sellers and a limitless number of purchasers.
B) Buyers will buy more good condition canoes as they are more efficient to the customers and they will be sold at $400 as there are unlimited potential buyers, sellers has to maintain efficiency balance.
A canoe is a lightweight, narrow water craft that is open on top and usually pointed at both ends. It is driven by one or more paddlers who are kneeling or sitting and facing the direction in which they are traveling.
Canoes are known as Canadian or open canoes to distinguish them from kayaks in British English, where the name "canoe" can also refer to a kayak.
Question:
suppose that in addition to good and bad canoes, there are also 100 sellers with canoes in great condition. Buyers are willing to pay $1000 for canoes in great condition while the sellers value these canoe before, only the sellers know the condition of their canoe.
a) Which canoes should sell to achieve efficiency?
b) Which canoes actually sell in the market, and at what prices?
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SWOT analysis is not a subjective process.
True
False
SWOT analysis is not a subjective process. The statement stated above is False.
What do you mean by Analysis?An analysis is significant because it arranges and interprets data before structuring it into presentable knowledge that is applicable to practical applications.
A subjective evaluation of facts that is logically arranged according to the SWOT structure to aid in understanding, presentation, discussion, and decision-making is known as a SWOT analysis.
Internal elements, such as strengths and weaknesses, rely on the goal, project, or initiative under analysis. What is a strength for one purpose or project could be a drawback for another since it is subjective to the chosen objective.
Therefore, The statement is false. A SWOT analysis is a subjective assessment of data.
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John Smith works 40 hours for ABC Corp. for $15 per hour. Required payroll deductions are: social security $37.20, Medicare $8.70, federal income tax $58 and state income tax $10. Assuming that John gets paid in cash, ABC would record a journal entry that includes a ________.
a. Credit to cash of $486.10
b. Credit to FICA payable of $45.90
c. Debit to wage expense of $600
d. Debit to wage expense of $486.10
e. Credit to State and Fed Income Tax Payable of $68
Assuming that John gets paid in cash, ABC would record a journal entry that includes options:
a. Credit to cash of $486.10
b. Credit to FICA payable of $45.90
c. Debit to wage expense of $600
e. Credit to State and Fed Income Tax Payable of $68
What is journal entry?The double-entry bookkeeping system of accounting is the primary foundation for the journal entry format, which ensures that the debit side and credit side are always equal. Journal entry format is the standard format used in bookkeeping to keep a record of all the business transactions of the company.
Note that journal entry is the act of recording any transaction, whether one that is economic or not. An accounting diary that displays the debit and credit balances of a corporation lists transactions. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
Therefore, all of the above options were included in the Journal entry except option D because there is no Debit to wage expense of $486.10 as that same amount has already been listed as cash.
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company a income statement for the years ended december 31 year increase (decrease) year 2 year 1 amount % net sales $17,900,000 $14,600,000 cost of goods sold 13,532,400 6,467,800 gross profit 4,367,600 8,132,200 operating expenses 1,360,400 992,800 depreciation expense 787,600 787,600 inventory write-down 35,800 loss (litigation) 1,270,900 219,000 income before tax 912,900 6,132,800 income tax expense 268,500 1,752,000 net income $644,400 $4,380,800
Net Sales increased by $3,300,000, or 22.7%, from Year 1 to Year 2.
Cost of Goods Sold increased by $7,064,600, or 109.7%, from Year 1 to Year 2.
Gross Profit decreased by $3,764,600, or 46.3%, from Year 1 to Year 2.
Operating Expenses increased by $368,600, or 37.2%, from Year 1 to Year 2.
Depreciation Expense remained the same from Year 1 to Year 2.
Inventory Write-down decreased by $35,800 from Year 1 to Year 2.
Loss (Litigation) increased by $1,051,900, or 477.7%, from Year 1 to Year 2.
Income Before Tax decreased by $5,220,900, or 85.1%, from Year 1 to Year 2.
Income Tax Expense decreased by $1,483,500, or 84.7%, from Year 1 to Year 2.
Net Income decreased by $3,736,400, or 84.9%, from Year 1 to Year 2.
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a(n) __ allows money to be exchanged electronically more quickly and more economically than with paper checks.
Electronic Funds transfer (ETF) allows money to be exchanged electronically more quickly and more economically than with paper checks.
What is Electronic Funds transfer?A digital transfer of funds from one bank account to another is known as an electronic funds transfer (EFT), otherwise known as a direct deposit.
These transfers are conducted without the involvement of bank workers. It is a digital transaction, thus no paper documentation are required.
The most common tools for making these transaction used through banking channel are IMPS (Immediate payment service, National electronic fund transfer, real time gross settlement, unified payment interface through various payment bank application.
Thus Electronic Funds transfer (ETF) make easier way of transferring funds now a days.
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