Answer:
b. plus any subsequent processing cost.
Explanation:
In the case of the acceptable costing method for by-products the inventory cost that are depend upon the joint cost should be distribution to the by-product plus if there is any processing cost
that means
Inventory cost of the bu-product = joint cost + processing cost
Therefore the same should be considered
Mark each true statement about the Articles of Confederation with a cross.
The Articles of Confederation established a weak central government for the United States.
Under the Articles of Confederation, the states had more power than the national government.
The Articles of Confederation established a strong central government divided into three branches.
The Articles of Confederation produced many contentions among the 13 states of the USA.
Under the Articles of Confederation, the states and the federal government shared power equally.
Under the Articles of Confederation, the American government ran smoothly and there was little conflict between the states and the federal government.
Under the Articles of Confederation, the national government did not receive the power to levy (impose taxes) on citizens.
Answer:
The answer is below
Explanation:
Considering the available options, the true statement about the Articles of Confederation are the following:
1. The Articles of Confederation established a weak central government for the United States.
2. Under the Articles of Confederation, the states had more power than the national government.
3. Under the Articles of Confederation, the national government did not receive the power to levy (impose taxes) on citizens.
An automotive company has three divisions. One division manufactures new replacements parts for automobiles, another rebuilds engines, and the third does repair and overhaul work on a line of trucks. All three divisions use the services of a central payroll department. The best method of allocating the cost of the payroll department to the various operating divisions is Select one: a. total labor hours incurred in the divisions b. machine hours used in the divisions c. value of production in the divisions d. direct labor costs incurred in the divisions
Answer: a. total labor hours incurred in the divisions
Explanation:
The best way to allocate payroll costs would be to apportion it by hour. The labor in the various departments should work by the hour and then the total amount of hours worked in the division will then be used as the base for payroll because it would show how much people in that division worked and how much they need to be compensated for doing so.
For instance, assume the total payroll cost is $1,000,000 and Division A worked 2,000 hours, Division B worked 4,000 hours and Division C worked 4,000 hours. The payroll would be apportioned as follows:
Division A = 2,000 / (2,000 + 4,000 + 4,000) * 1,000,000 = $200,000
Division B = 4,000 / (2,000 + 4,000 + 4,000) * 1,000,000 = $400,000
Division A = 4,000 / (2,000 + 4,000 + 4,000) * 1,000,000 = $400,000
Trudy’s monthly expenses are outlined in the chart below. Trudy’s job pays her $36,000 annually. Determine Trudy’s DTI (debt-to-income) ratio. Trudy's Debt and Income Income: $36,000 (annually) Rent: $695 (monthly) Car Payment $265 (monthly) Student Loan $200 (monthly) Credit Cards $160 (monthly) a. 28% b. 35% c. 37% d. 44% Please select the best answer from the choices provided A B C D
Answer:
d. 44%
Explanation:
Calculation to determine what DTI ratio is
First step is to calculate the Debt
Using this formula
Debt = (Rent expense + Carr payment + Loan + Credit card payment) × Number of months in a year
Let plug in the formula
Debt =[($695 + $265 + $200 $160) × 12 months]
Debt= $1,320 × 12 months
Debt = $15,840
Now let calculate DTI ratio using this formula
Using this formula
Debt to income ratio = (Debt) ÷ (Income) × 100
Let plug in the formula
DTI ratio=[ ($15,840 ÷ $36,000) × 100]
DTI ratio=0.44*100
DTI ratio= 44%
Therefore DTI ratio is 44%
Answer:
I found the missing data:
Monthly expenses:
rent is $695
car payment is $265
student loan's $200
credit cards $160
695 + 265 + 200 + 160 = 1,320
1,320 * 12 months = 15,840
Debt-to-Income ratio = 15,840 / 36,000
Debt-to-Income ratio = 0.44
Trudy's DTI ratio is d. 44%
Explanation:
All credit to BlueSky06 for this answer.
DS Unlimited has the following transactions during August.
August 6
Purchases 50 handheld game devices on account from GameGirl, Inc., for $ 100 each, terms 1/10, n/60.
August 7
Pays $300 to Sure Shipping for freight charges associated with the August 6 purchase.
August 10
Returns to GameGirl five game devices that were defective.
August 14
Pays the full amount due to GameGirl.
August 23
Sells 30 game devices purchased on August 6 for $120 each to customers on account. The total cost of the 30 game devices sold is $3,170.
Required:
Record the transactions of DS Unlimited, assuming the company uses a perpetual inventory system.
Answer:
See the journal entries below.
Explanation:
The journal entry will look as follows:
Date Account and explanation Debit ($) Credit ($)
Aug 6 Inventory (50 * $100) 5,000
Account payable 5,000
(To record inventory purchased on account.)
Aug 7 Inventory 300
Cash 300
(To record payment of freight charges associated with the August 6 purchase.)
Aug 10 Account payable (5 * $100) 500
Inventory 500
(To record the returns of defective five game devices to GameGirl.)
Aug 14 Account payable (w.1) 4,500
Cash (balancing figure) 4,455
Inventory (w.2) 45
(To record the payment of the full amount due to GameGirl.)
Aug 23 Account receivable (30 * $120) 3,600
Sales revenue 3,600
Cost of goods sold 3,170
Inventory 3170
(To record the Sales and cost of 30 game devices purchased on August 6.)
Workings:
w.1. Account payable = Purchases on account on August 6 - Defective inventory returned on August 10 = $5,000 - $500 = $4,500
w.2. Inventory = Discount received on account payable for paying within 10 days = w.1 * 1% = $4,500 * 1% =$45
Kurt's Adventures, Inc. stock is quite cyclical. In a boom economy, the stock is expected to return 30% in comparison to 12% in a normal economy and a negative 20% in a recessionary period. The probability of a recession is 15%. There is a 30% chance of a boom economy. The remainder of the time the economy will be at normal levels. What is the standard deviation of the returns on Kurt's Adventures, Inc. stock
Answer:
15.83%
Explanation:
Calculation to determine is the standard deviation of the returns on Kurt’s Adventures, Inc. stock
First step is to determine l E(r)
E(r) = (.30 *.30) + (.55 *.12) + (.15 *-.20)
E(r)= .09 + .066 -.03
E(r)= .126
Second step is to determine Var
Var = .30 *(.30 -.126)^2 + .55 *(.12 -.126)^2 + .15 *(-.20 -.126)
Var=0090828 +.0000198 + .0159414
Var= .025044
Now let determine the Std dev
Std dev = √.025044 = .15825
Std dev= 15.83 percent
Therefore the standard deviation of the returns on Kurt’s Adventures, Inc. stock.is 15.83 percent
Which of the following statements best characterizes the bottom line of security for e-commerce?
A) Good security is expensive but critical, and it is the responsibility of the customer to ensure that his or her private information is secure.
B) Good security is inexpensive but critical, and it is the responsibility of the customer to ensure that his or her private information is secure.
C) Good security is expensive but critical, and it is the responsibility of the business to ensure that the customer's private information is secure.
D) Good security is inexpensive but critical, and it is the responsibility of the business to ensure that the customer's private information is secure.
Answer:
Good security is expensive but critical, and it is the responsibility of the business to ensure that the customer's private information is secure. C
Explanation:
The more efficiently a company is using its assets a.efficiency does not affect the fixed asset turnover. b.the higher the book value of fixed assets. c.the higher the fixed asset turnover. d.the lower the fixed asset turnover.
Answer:
c
Explanation:
The more efficiently a company is using its assets the higher the fixed asset turnover. Thus the correct answer is C.
What is an asset?An asset is considered as a resource of the business which has an economic value in the future of the business and helps business activities to take place smoothly.
This refers to owning the business to carry functioning in nature. It is both fixed and current assets. Fixed assets include buildings, machinery, land, and so on whereas current asset includes debtors, bill receivables, and so on.
To determine the efficiency of assets used in any organization to generate revenue use of asset turnover ratio is done. It states that the greater the asset turnover ratio the revenue will be received by the assets.
Therefore, option C the higher the fixed asset turnover is appropriate.
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Vytel Communications (Scenario)
Vytel Communications is a U.S.-based telecommunications company that is considering doing business in Argentina. Vytel managers hire a consulting firm to investigate the risks and benefits related to doing business in Argentina. The consulting firm identifies a number of challenges that might prohibit Vytel from entering Argentina. In addition, the consultants conduct surveys that indicate a demand for Vytel's products and services.
Which of the following would be most important for the consulting firm to evaluate when making a recommendation to Vytel about doing business in Argentina?
A. Do Argentine firms frequently outsource their key operationsabroad?
B. What benefits have been gained in the past by Vytel using foreign distributors?
C. Is work-life balance uniformly enjoyed by the Argentineworkforce?
D. Would government regulations significantly impede Vytel's ability to make profits?
Answer: D. Would government regulations significantly impede Vytel's ability to make profits?
Explanation:
The challenge to doing business in the country is that there are barriers to entry which are most probably government regulations.
The opportunity however is that there is a demand for Vytel's products and services which means that there is a chance to make profits.
The question the consulting firm should be asking therefore is if the profits that could be made could be impacted by the government regulations so significantly that there would be no benefits.
Identify the outcomes when a manager views supply chain operations as a collection of processes rather than a collection of departments or functions. (Check all that apply.) Multiple select question. Operational performance is impeded by breaking down organizational barriers. Managers and workers can view operational activities from a customer's perspective. Operation managers can better ensure that the operational capabilities they create are consistent with the firm's strategy. Operations can be improved by first focusing on customer feedback.
Answer: Managers and workers can view operational activities from a customer's perspective
Operation Managers can better ensure that the operational capabilities they create are consistent with the firm's strategy
Explanation:
Supply chain operations refers to the structures, systems, and processes that are put in place for the execution of the flow of goods and services from the supplier to the customer.
The outcomes when a manager views supply chain operations as a collection of processes rather than a collection of departments or functions include:
• Managers and workers can view operational activities from a customer's perspective.
• Operation Managers can better ensure that the operational capabilities they create are consistent with the firm's strategy.
Theresa owes %249%2C000 on her car loan. If the value of her car is %2415%2C000%2C what is her equity in the car%3F
Answer:
The answer is "[tex]\$6,000[/tex]".
Explanation:
Please find the complete question in the attached file.
We take her automobile value [tex](\$15,000)[/tex] to reach this result and reduce it [tex](\$15,000 - \$9,000)[/tex]. That's a [tex]\$6,000[/tex] equity, that's why Theresa has a capital of[tex]\$6,000[/tex].
10.A business operates its petty cash on the imprest system .At the
beginning of the month the petty cashier was given $200.She spent
$152.How much will she be reimbursed?
a. $48
b. $152
c. $200
d. $352
Answer: $152
Explanation:
Imprest system simply refers to a form of accounting whereby there's a fixed amount that is maintained throughout the period. In such case, the opening balance and the closing account balance will remain the same.
In such system, a fixed amount is reserved, such that the money that was spent, will be replenished after a period of time. Therefore, since the spent $152, then the same amount will be replenished.
You have been given the choice to invest $1,200 each year in an account that is expected to pay 3 percent per year or you can invest in an account that pays 4 percent. What is the difference between the returns, if you choose to invest for four years
Answer:
$4872.48
Explanation:
future value = amount x annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
r = 4% - 3% = 1%
1200 x [(1.01)^4 - 1] / 0.01 = $4872.48
Cocoa Love Inc., a gourmet food company, has developed its marketing strategy according to three market segments. It has different pricing and packaging strategies for consumers who buy regularly, for those who consume mainly on certain festive occasions, and for those who buy its products rarely and are willing to spend large amounts. Which of the following bases for market segmentation is Cocoa Love Inc. primarily using in this scenario?
A. Demographic characteristics
B. Ethnocentric characteristics
C. Bibliographic characteristics
D. Geographic characteristics
E. Behavioristic characteristics
Answer: E. Behavioristic characteristics
Explanation:
Cocoa is dividing its customers based on their buying behavior which means that it is using the behavioristic characteristics of the customers to decide how it will charge them prices.
For instance, Cocoa might charge a larger price to the customers that buy its product rarely but but spend in large amounts compared to those who are always buying as a way to reward the constant nature of the latter's patronage.
A resource-based strategy Multiple choice question. focuses on efficient execution of both primary and supporting components of the company's value chain. targets areas of potential cost-reduction in the company. can be achieved by exploiting resources that are competitively valuable, rare, and hard to imitate by rivals. will only be effective it if overcomes all weaknesses identified through a SWOT analysis.
Answer:
can be achieved by exploiting resources that are competitively valuable, rare, and hard to imitate by rivals
Explanation:
A resource-based strategy is a form of the technique used by business managers to efficiently utilized the existing and valuable resources of the firm. These resources would be difficult to come by for the competitors such that it is hard for competitors to replicate. Thereby leading a sustainable or long term competitive advantage to the firm
Hence, in this case, the correct answer is A resource-based strategy "can be achieved by exploiting resources that are competitively valuable, rare, and hard to imitate by rivals."
which of the following question types of specific values to determine the importance of a particular item?
force choice
open ended
rank order
rating scale
Answer:
I think Its C: Rank order
Explanation:
outline any 5 disadvantages of Eskom as a monopoly
Answer:
Eskom is the electricity provider of South Africa and is a monopoly because it is the only company allowed to provide power.
The disadvantages of Eskom being a monopoly are:
1. Higher prices for Customers
Because Eskom is a monopoly and does not compete with other utility companies, it can charge higher prices as there is no alternative.
2. Less Productive efficiency.
There is no competition so Eskom does not see the need to become more efficient and produce electricity better because they don't have to compete with anyone to improve their efficiency so that customers are not taken from them.
3. Less willingness to cut costs
Eskom might have high costs which makes it expensive to run but they won't bother cutting these costs because as the only provider, there is no need to cut costs to improve profitability if you can just increase prices instead.
4. Less incentive to invest in new technology
Again there is no need to compete so Eskom will not see much of a need to invest in technology which would give it an edge over competitors because there simply aren't any competitors.
5. Consumers have less choice.
Eskom is the only producer so South Africans can't simply switch to another provider. They have no choice but to accept Eskom.
The following information pertains to Crane Video Company.
1. Cash balance per bank, July 31, $7,863.
2. July bank service charge not recorded by the depositor $34.
3. Cash balance per books, July 31, $7,884.
4. Deposits in transit, July 31, $1,800.
5. Bank collected $1,200 note for Crane in July, plus interest $42, less fee $26. The collection has not been recorded by Crane, and no interest has been accrued.
6. Outstanding checks, July 31, $597.
The following information pertains to Crane Video
The following information pertains to Crane Video
Prepare a bank reconciliation at July 31. (List items that increase cash balance first.)
CRANE VIDEO COMPANY
Bank Reconciliation
July 31
Bank service chargeOutstanding checksCollection of note receivableDeposits in transitAdjusted cash balance per bankCash balance per bank statement
$
LessAdd: Cash balance per bank statementAdjusted cash balance per bankOutstanding checksCollection of note receivableBank service chargeDeposits in transit
LessAdd: Adjusted cash balance per bankCollection of note receivableCash balance per bank statementBank service chargeDeposits in transitOutstanding checks
Collection of note receivableBank service chargeAdjusted cash balance per bankDeposits in transitOutstanding checksCash balance per bank statement
$
Bank service chargeCash balance per booksOutstanding checksAdjusted cash balance per booksDeposits in transitCollection of note receivable
$
LessAdd: Bank service chargeCash balance per booksCollection of note receivableAdjusted cash balance per booksDeposits in transitOutstanding checks
AddLess: Bank service chargeCash balance per booksOutstanding checksAdjusted cash balance per booksCollection of note receivableDeposits in transit
Bank service chargeDeposits in transitCash balance per booksAdjusted cash balance per booksOutstanding checksCollection of note receivable
$
SHOW LIST OF ACCOUNTS
The following information pertains to Crane Video
The following information pertains to Crane Video
Journalize the adjusting entries at July 31 on the books of Crane Video Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
July 31
(To record the collection of the note)
July 31
(To record the bank service charge)
SHOW LIST OF ACCOUNTS
The following information pertains to Crane Video
The following information pertains to Crane Video
Question Attempts: 0 of 2 used
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SUBMIT ANSWER
The following information pertains to Crane Video
Answer:
A. Cash balance per bank $ 9,066
Cash balance per books $9,066
B.Jul'31
Dr Cash $1,216
Dr Expenses for collection $ 26
Cr Note receivables $ 1,200
Cr Interest revenue $ 42
Jul'31
Dr Miscellaneous Expenses $ 34
Cr Cash $ 34
Explanation:
A. Preparation of Bank Reconciliation at July 31
BANK RECONCILIATION
Cash balance per bank, July 31, $7,863
Add Deposit in transit $ 1,800
Less Outstanding checks ($597)
Adjusted cash balance $ 9,066
Cash balance per books, July 31 $7,884
Collection of note receivable $1,216
($1200+$42-$26)
Less Bank service charge ($34)
Adjusted cash balance $ 9,066
B. Preparation of the adjusting journal entries at July 31 on the books of Crane Video Company
JOURNAL ENTRIES
Jul'31
Dr Cash $1,216
Dr Expenses for collection $ 26
Cr Note receivables $ 1,200
Cr Interest revenue $ 42
(To record note collection by bank)
Jul'31
Dr Miscellaneous Expenses $ 34
Cr Cash $ 34
(To record bank service charges)
An attorney came to work on a Saturday. When he signed in, he was advised by the morning security guard employed by the building management that he must be out of the building by 5 p.m., when it closes. However, he stayed past 5 p.m. to complete a brief that had to be filed on Monday morning. At 5:15 p.m., the afternoon security guard set the locks on all the doors of the building and left. Because she was in a hurry, she did not check the sign-in sheet to make sure that everyone had signed out, contrary to mandatory procedures. When the attorney tried to exit 15 minutes later, he discovered that the doors were all locked and could not be opened from the inside. He used his cell phone to call for help, and a supervisor from the building arrived and let him out shortly thereafter. If the attorney sues the building management for false imprisonment, is he likely to win
Answer:
The attorney will most likely lose if he sues for false imprisonment
Explanation:
False imprisonment is also called unlawful imprisonment. It is the act of confining a person to an area without legal authority, justification, or consent of the person that is restrained.
In the given scenario the attorney was informed that he office will be locked by 5 am. If he was staying longer he should have informed the security.
Also the security guard did not intentionally lock him in as she was not aware he was present.
For one to be guilty of false imprisonment these three conditions should be met:
- an act that confines a person to a particular area
- intention of confining the person
- causation
These conditions were not met in this case.
Which statement about junk bonds is true?
O They offer average interest yields even though the company's success is unknown.
O They offer low interest yields because the company is at a lower risk of default.
O They offer high interest yields because the company is at a greater risk of default.
O They offer high interest yields because the company is known to be successful.
Answer:
3
Explanation:
They are a big risk to the business
Answer:
The third one
Explanation:
g If the beginning work in process includes 200 units that are 20% complete with respect to conversion and 30% complete with respect to materials. Ending work in process includes 100 units that are 40% complete with respect to conversion and 50% complete with respect to materials. If 1,000 units were started during the period, what are the equivalent units of productions for the period (using the weighted-average method) for conversion
Answer:
1,140 units
Explanation:
Note : The question requires us to use the weighted-average method. This method focuses on equivalent units of completed units and units still in process only.
Step 1 : Determine units completed and transferred
Units Completed = Beginning units + Units Started - Ending units
= 200 + 1,000 - 100
= 1,100 units
Step 2 : Calculate equivalent units of production with respect to conversion costs
Completed and transferred (1,100 x 100%) 1,100
Ending units (100 x 40%) 40
Total equivalent units of conversion costs 1,140
thus,
the equivalent units of productions for the period (using the weighted-average method) for conversion is 1,140 units.
Other things the same, if the expected return on U.S. assets increased (e.g. higher interest rate), the a. supply of dollars in the market for foreign-currency exchange shifts right. b. supply of dollars in the market for foreign-currency exchange shifts left. c. demand for dollars in the market for foreign-currency exchange does not shifts d. demand for dollars in the market for foreign-currency exchange shifts left.
Answer:
b. supply of dollars in the market for foreign-currency exchange shifts left
Explanation:
In the case when the expected return on the US assets should be rise while keeping other things constant so it reduced the dollar supply because the investors in US would begins switching the international investment to the domestic due to this it reduced the supply. This cause to shifting the supply curve to the left
Therefore the option b is correct
The purpose of penalty clauses in purchasing agreements is to _________. assure the financial stability of the supplier stock inventory at the supplier require the supplier to comply with mandatory cost reduction efforts avoid supplier delivery problem
Answer:
avoid supplier delivery problem
Explanation:
Supply chain management can be defined as the effective and efficient management of the flow of goods and services as well as all of the production processes involved in the transformation of raw materials into finished products that meet the insatiable want and need of the consumers. Generally, the supply chain management involves all the activities associated with planning, execution and supply of finished goods and services to the consumers.
The fundamental principle of supply chain management is the complete collaboration between multiple firms. These multiple firms include a company that is saddled with the responsibility of manufacturing producer), a wholesaler, and a retailer who typically sells the products to the customers or consumers.
Basically, these three (3) firms or individuals are required to collaborate with each other so as to meet the needs of the customers in a timely manner or fashion and at a fair price too.
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
A penalty clause can be defined as an express provision in a contractual agreement which places an obligation or penalty such as a forfeit or fine, upon the party who has breached a contract by providing compensation to the victim or aggrieved party.
Hence, the purpose of penalty clauses in purchasing agreements is to avoid supplier delivery problem between the producers, wholesaler, retailer and consumers or buyers and sellers.
Hutchison Whampoa Limited (HWL) has businesses in ports and related services, telecommunications, property and hotels, retail and manufacturing, and energy and infrastructure. HWL makes no efforts to share activities or transfer core competencies among the businesses. HWL is following a strategy of __________ diversification. a. dominant business b. unrelated c. related linked d. related constrained
Answer: b. unrelated
Explanation:
There are several types of diversification strategies that a company can follow in order to better take advantages of the opportunities offered by integrating business interests in various industries.
Some companies are not like this however as they follow an unrelated diversification policy where they do not integrate the different divisions that make up the company or make any effort to transfer core competencies. Instead they generally add divisions that do not relate with the previous divisions that they have and leave them to run on their own.
This is what Hutchison Whampoa is doing so this is an unrelated diversification strategy.
Oil reserves buried deep underground are _____. Please choose the correct answer from the following choices, and then select the submit answer button. infinite take hundreds of years to replenish largely inside U.S. borders finite and take millions of years to replenish take hundreds of years to replenish and largely lie outside U.S. borders
Answer:
finite and take millions of years to replenish
Explanation:
Oil reserves can be regarded as a the amount of crude oil which can be recovered technically at a cost which is feasible financially as regards present price of oil. Therefore, there will always be change in reserve with the price, compare with oil resources, that encompass all oil which can be technically recovered at any price.
Oil reserves can also be explained as estimate amount of crude oil that is been located in a particular economic region. oil reserves always posses potential of being extracted through current technological constraints. Calculations of Reserves based on a proven/probable basis, which means that oil pools which is situated in unattainable depths, cannot be said to be part of a nation's reserves. It should be noted that Oil reserves buried deep underground are finite and take millions of years to replenish
Cost behavior ______. Multiple select question. is the relative proportion of each type of cost in an organization is a detailed analysis technique used to determine whether costs are fixed or variable refers to how a cost will change as activity level changes categorizes costs as fixed, mixed and variable
Answer:
refers to how a cost will change as activity level changes
Explanation:
Cost behaviour is defines as how a business's expenses will change as a result of changes in its activities.
Business managers need to consider activities that may lead to spike or decline in the in expenses.
This will lead a robust annual budget that meets the cost need of the business.
Cost behaviour is divided into 3:
- variable costs that vary directly with changes in business activities. For example direct material cost.
- fixed costs that do not change as business activity changes. For example rent
- mixed costs have a mixture of variable and fixed costs. For example cell phone service that has a fixed charge monthly and also a variable charge for texting
It should be noted that Cost behavior refers to how a cost will change as activity level changes.
Cost behavior can be regarded as the indicator which shows the way a cost will change in total with respect to change in some activity.
Therefore, Cost behavior refers to how a cost will change as activity level changes.
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Which of the following statements is FALSE? A. Preferred stock cannot be converted into common stock. B. Preferred stock usually has a stated or par value but unlike bonds, this par value is not repaid at maturity because preferred stocks do not have a maturity date. C. The only time the par value of preferred stock would be paid to the shareholder is if the company ceases operations or retires the preferred stock. D. Skipped preferred dividends become a liability of the company.
Answer:
c
Explanation:
Amend Inc. debited Accounts Receivable and credited Allowance for Uncollectible Accounts to reestablish an account previously written off. Amend Inc. should also debit _______ and credit _______. Multiple choice question. Accounts Receivable; Cash Cash; Allowance for Uncollectible Accounts Cash; Accounts Receivable Allowance for Uncollectible Accounts; Cash
Answer:
Cash; account receivable
Explanation:
The journal entry to reestablish an account previously written off is given below:
Cash Dr XXXXX
To account receivable XXXXX
(being the reestablish an account previously written off is recorded)
Here the cash is debited as it increased the assets and account receivable is credited as it decreased the assets
Jensen reported the following items during the current year: Fair rent value of a condominium owned by Jensen's employer $ 1,400 Cash found in a desk purchased for $30 at a flea market 400 Inheritance 11,000 The employer allowed Jensen to use the condominium for free in recognition of outstanding achievement. Based on this information, what is Jensen's gross income for the year
Answer:
$1,800
Explanation:
Calculation to determine Jensen's gross income for the year
Using this formula
Gross income for the year=Fair rent value +Cash found
Let plug in the formula
Gross income for the year=$1,400+$400
Gross income for the year=$1,800
Therefore Jensen's gross income for the year is $1,800
An appraiser prepared an appraisal report in April 2019. He testified in court regarding the value of the property in January 2020. The decision was rendered in February 2020 and was appealed in April 2020. The appellate court heard the case in January 2021 and remanded the case for reconsideration by the lower court. Final disposition of the case occurred in September 2021. At a minimum, how long must the appraiser retain his workfile?
Answer: April 2024
Explanation:
Based on the information given in the question, at a minimum, the appraiser must retain his workfile till April 2024.
It should be noted that appraisal records should be kept for at least a period of 5 years. In a situation whereby there is a report which is involved in the litigation, then such file must be maintained for a further two years. This is according to the Uniform Standards for Professional Appraisal Practice Record Keeping Rule.
The jackson family is undecided about whether or nara buy a new car of the
probability is 9 that they will buy one, and if the probability is that they will
buy a Ford, and if the probabinty that they will purchase a cong
more than 20 miles per gallon what is the probablity that the webwether
a car getting more than 20 miles per al on or a Ford fiere e ne todas
The question is incomplete. The complete question is :
The Jackson family is undecided about whether or not to buy a new car. If the probability is .9 that they will buy one, and if the probability is .3 that they will buy a Ford, and if the probability is .4 that they will purchase a car getting more than 20 miles per gallon, what is the probability that they will buy either a car getting more than 20 miles per gallon or a Ford, if all Fords get more than 20 miles per gallon?
Solution :
Given that :
The probability of buying a new car, [tex]P(NC) = 0.9[/tex]
Probability of buying Ford = 0.3
That is, if Jackson family buy a car that is a ford car, [tex]$P(F) = 0.9 \times 0.3$[/tex]
= 0.27
The probability for getting more than 20 miles per gallon = 0.4
That is if Jackson family buy a car that have more than 20 miles per gallon mileage, [tex]$P(20) = 0. 9 \times0.4=0.36$[/tex]
The conditions
All of the car have more than 20 miles per gallon mileage.
It means that buying a ford car is subset of getting more than 20 miles per gallon.
[tex]$P(20 \text{ miles per gallon}\ \cap \ \text{Ford})=P(F)$[/tex]
Therefore, the probability of buying a car either getting more than 20 miles per gallon or ford = [tex]$P(20 \text{ miles per gallon}\ \cup \ \text{Ford})$[/tex]
Therefore,
[tex]$P(20 \text{ miles per gallon}\ \cup \ \text{Ford})=P(20) + P(F) - P(20 \text{ miles per gallon }\cap \ \text{Ford})$[/tex]
[tex]$P(20 \text{ miles per gallon}\ \cup \ \text{Ford})=P(20) + P(F) - P(F)$[/tex]
[tex]$P(20 \text{ miles per gallon}\ \cup \ \text{Ford})=P(20) $[/tex]
= 0.36
Thus the probability that Jackson family is buying a car either getting more than 20 miles per gallon or ford is 0.36