Determine the total assets of Novak Corp. at December 31, 2020.
Presented below is selected information related to Novak Corp.
Accounts Payable $4,440 Salaries and Wages Expense $24,420
Cash 13,320 Notes Payable 37,000
Advertising Expense 8,880 Rent Expense 14,504
Service Revenue 79,920 Accounts Receivable 19,980
Equipment 42,920 Dividends 11,100
Answer: $76,220
Explanation:
Total Assets = Current Assets + Fixed Assets
Current Assets = Cash + Accounts Receivable
= 13,320 + 19,980
= $33,300
Fixed Assets = Equipment = $42,920
Total Assets = 33,300 + 42,920
= $76,220
Accountants focus on creating financial statements, whereas finance professionals mostly use these statements to evaluate a firm and answer questions about its performance. Indicate which financial statement would be the most helpful in answering the questions in the following table.
Balance Sheet
Statement of Cash Flows
How much cash is a firm generating through operating, investing, and financing activities?
How much debt and equity has the firm issued to finance its assets?
If compensation for senior management is based on short-term performance of the firm, in the short run the firm is likely to:_________.
Overstate its earnings
Understate its earnings
Answer:
How much debt and equity has the firm issued to finance its assets?
Balance Sheet
How much cash is a firm generating through operating, investing, and financing activities?
Statement of Cash Flows
If compensation for senior management is based on short-term performance of the firm, in the short run the firm is likely to:_________.
Overstate its earnings
Explanation:
The statement of cash flows in the financial statements prepared by the accountant shows outgoing and incoming cash for the period and also the cash balance . Balance sheet also called statement of financial position reflects or shows the assets and liabilities of the company which are broken down to equities and debts in classifying capital sources
Senior management can overstate earnings if company's performance in the short-run is the basis for their earnings. This is because long-term performance of company is not considered and short run earnings of company is characterized by short-sightedness, inflated figures and inconsistencies in performance to maximize earnings
Paci Restaurants accepts credit and debit cards as forms of payment. Assume Paci had $14, 000 of credit and debit card sales on April 30, 2015.1. Suppose Paci's processor charges a 3% fee and deposits sales net of the fee. Journalize the sale transaction for the restaurant. 2. Suppose Paci's processor charges a 3% fee and deposits sales using the gross method. Journalize the sale transaction for the restaurant.
Answer:
1) assuming that the credit card company's payments are immediate (1 business day)
April 30,2015, net credit and debit card sales
Dr Cash 13,580
Cr Sales revenue 13,580
2) assuming that the credit card company's payments are immediate (1 business day)
April 30,2015, gross credit and debit card sales
Dr Cash 13,580
Dr Credit card fees 420
Cr Sales revenue 14,000
Categorize which of the following questions are biased and which are unbiased. a. DO YOU SUPPORT CHANGING THE LAWS TOPREVENT PEOPLE FROM MAKING THEMSELVESAND OTHERS SICK BY SMOKING IN PUBLICPLACES?b. WHO DO YOU PLAN TO VOTE FOR IN THE NEXTPRESIDENTIAL ELECTION?c. ARE YOU ONE OF THOSE ANNOYING PEOPLEWHO LIKES POP SINGERS LIKE TAYLOR SWIFT?d. HOW MUCH WOULD YOU BE WILLING TO PAYFOR A NEW CAR?e. HOW MANY TIMES A WEEK DO YOU EAT REDMEAT FOR DINNER?
Answer:
A) Is a biased Question as contains an argument within the question.
It should simply be: Do you suport bannning public smoking?
B) Unbiased.
C) Biased. Contains harsh treatment agaisnt the person which is being asked. It should be: Are you a Taylor Switf fan?
D) Unbiased
E) Biased as implies the person already eat red meat in a weekly basis.
Do you eat read meat for dinner?
Then, the person should ask for how frequently
Explanation:
Biased questions: Inside the quesiton are element that may induct the person to respond in a certain way to avoid reprehension or support the beliefs of the person asking the question like:
misleading information, harsh treatment, arguments within the question or adjectivization
Services constitute the bulk of most countries' production and marketing efforts.A. TrueB. False
Answer:
B. False
Explanation:
Physical goods, not services, constitute the bulk of most countries' production and marketing efforts. Even though services represent a higher percentage of GDP than manufacturing, many of these services are directly related to manufacturing goods. E.g. grocery stores are considered services, but they sell physical products. Amazon is the largest retailer in the world and its considered a service, but most of its operations involve physical products. Without physical products, many services would not exist since they complement each other.
If you cannot think of a better way to say what another author said, it is best to:_______.a. keep reading the passage until you can paraphrase.
b. quote the author, no matter how long or how often.
c. substitute a few words in the sentence for synonyms.
d. leave that source out of your paper.
Answer:
B.
Explanation:
Quoting can be defined as taking exact phrase or sentence from other text and adding it into one's writing.
Quotes are incorporated into a text when it is difficult to paraphrase the text. Sometimes paraphrasing the text also takes away the essence of the text, in the case also, the writer include the quote.
The rule of quoting a text is always to cite the source, the author, etc to avoid plagiarism.
So, the correct way to say what another author is saying without hampering the true message would be to include the author's quote (using correct citation format). Even the long quotes can be included and everytime the quote is included remember to cite it.
Thus the correct option is B.
Answer:
B. Quote the author, no matter how long or how oftenExplanation:
If there is not a better way to say what the author has said we should quote the text, reading the passage until you can paraphrase will not work if you cannot express the another author's ideas or text in your own words.
Substituting a few words won't be helpful either, as the other lines will be considered plagiarized. You also cannot leave the source out of paper, if you do so for a number of sources then it may affect the quality of your work.
Uncollectible accounts; allowance method estimating bad debts as percentage of net sales vs. direct write-off method [LO7-5, 7-6) Ervin Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. For 2021, net credit sales totaled $6,500,000, and the estimated bad debt percentage is 1.50%. No previously written-off accounts receivable were reinstated during 2021. The allowance for uncollectible accounts had a credit balance of $62,000 at the beginning of 2021 and $50,000, after adjusting entries, at the end of 2021. Required: 1. What is bad debt expense for 2021 as a percent of net credit sales? 2. Assume Ervin makes no other adjustment of bad debt expense during 2021. Determine the amount of accounts receivable written off during 2021. 3. If the company uses the direct write-off method, what would bad debt expense be for 2021? 1. Bad debt expense $97,5002. Accounts receivable written off $15,0003. Bad debt expense $98,430
Answer:
1. Bad debt expense = $97,500
2. Accounts receivable written off = $109,500
3. Bad debt expense for 2021 = $109,500
Explanation:
Bad debts expense refers to an uncollectible accounts expense that occurs because goods or services are delivered on credit a company to a customer who did not paid the amount owed.
The questions can be answered as follows:
1. What is bad debt expense for 2021 as a percent of net credit sales?
Under this, bad debt can be calculated using the following formula:
Bad expense = Net credit sales * Estimated bad debt percentage ....... (1)
Where;
Net credit sales = $6,500,000
Estimated bad debt percentage = 1.50%
Substituting the values into equation (1), we have:
Bad debt expense = $6,500,000 * 1.50% = $97,500
2. Assume Ervin makes no other adjustment of bad debt expense during 2021. Determine the amount of accounts receivable written off during 2021.
This can be calculated using the following formula:
Accounts receivable written off = Beginning uncollectible balance + Bad debt expenses - Ending uncollectible balance ............ (2)
Where;
Beginning uncollectible balance = $62,000
Bad debt expenses = $97,500
Ending uncollectible balance = $50,000
Substituting the values into equation (2), we have:
Accounts receivable written off during 2021 = $62,000 + $97,500 - $50,000 = $109,500
3. If the company uses the direct write-off method, what would bad debt expense be for 2021?
Under the direct write-off method, the exact amount of uncollectible accounts as they are specifically identified are recorded.
Based on this explanation, bad debt expense for 2021 is equal to the accounts receivable written off during 2021 calculated in part 2 above. Therefore, we have:
Bad debt expense for 2021 = $109,500
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2017 Inventory Beginning EndingRaw materials $9,180 $17,480Work in process 5,670 7,610Finished goods 9,300 6,430Costs incurred: raw materials purchases $55,020, direct labor $51,740, manufacturing overhead $23,300. The specific overhead costs were: indirect labor $6,510, factory insurance $4,700, machinery depreciation $4,380, machinery repairs $1,990, factory utilities $3,740, and miscellaneous factory costs $1,980. Assume that all raw materials used were direct materials.Prepare the cost of goods manufactured schedule for the month ended June 30, 2017
Answer:
cost of goods manufactured schedule
Raw Materials ($9,180 + $55,020 - $17,480) $46,720
Direct Labor $51,740
Manufacturing overheads :
indirect labor $6,510
factory insurance $4,700
machinery depreciation $4,380
machinery repairs $1,990
factory utilities $3,740
miscellaneous factory costs $1,980
Add Opening Work In Process $5,670
Less Closing Work In Process ($7,610)
Cost of goods manufactured $119,800
Explanation:
Cost of goods manufactured schedule shows a summary of results (cost) obtained from manufacturing activity during the production period.
All of the following statements regarding a business segment are true except:_______a. A business segment is a part of a company's operations that serves a particular product line. b. A segment has assets, liabilities, and financial results of operations that can be distinguished from those of other parts of the company. c. A company's gain or loss from selling or closing down a segment is reported separately The income tax effects of a discontinued segment are combined with income tax from continuing operations. d. A segment's income for the period prior to the disposal and the gain or loss resulting from disposing of the segment's assets are reported separately.
Answer: The income tax effects of a discontinued segment are combined with income tax from continuing operations.
Explanation:
A business segment is part of a company's operations which serves a particular product line and it should be noted that the segment has assets, liabilities, and financial results of operations which can be differentiated from those of other parts of the company.
The option that the income tax effects of a discontinued segment are combined with income tax from continuing operations is not true.
The inaccuracy of the grapevine has more to do with the message output than with the input.A. TrueB. false
Answer:
B
Explanation:
Grapevine is a form of informal communication in an organisation. Most of the information spread through the grapevine are gossips which are usually untrue. Thus, the inputs (false stories) are usually false
Last year, J&H Corp. reported a book value of exist700 million in current assets, of which 15% is cash, 17% is short-term Investments, and the rest is accounts receivable and inventory. The company reported exist595.0 million of current liabilities including accounts payable and accruals. Interestingly, the company had no notes payable Claims last year. There were no changes in the accounts payables during the reporting period. The company, however, invested heavily in plant and equipment to support its operations. It reported a book value of exist1, 120 million in long-term assets last year. Based on the information given to Jeffrey, he submits a report on January 1 with some important calculations for management to use, both for analysis and to devise an action plan. Which of the following statements in his report are true? Check all that apply. a) J&H Corp.'s total net operating capital consists of its net operating working capital and total investment in long-term assets. b) The company has no notes payable reported in its balance sheet, so all its current liabilities are its operating liabilities. c) Based on the information on industry averages, J&H Corp. would generate higher profits than the other players in the industry if all players had no debt or held no financial assets. d) The company is using -exist14.0 million in net operating working capital acquired by investor-supplied funds. e) Based on the information on industry averages, other players in the industry would generate higher profits than J&H Corp. if they had no debt and held no financial assets.
Complete Question
The complete question is shown on the first uploaded image
Answer:
The correct stalemates are
The company is using -$14 million in net operating working capital
acquired by investor supplied funds.
Based on the information on industry averages , other players in the industry
would generate higher profits than J&H Corp , if they had no debt and
held no financial assets
Explanation:
The calculation is shown on the second and third uploaded image
An investor purchases an original issue discount general obligation municipal bond (OID) on the offering and holds it to maturity. The IRS treats the accretion of the discount as
Answer:
not taxed
Explanation:
original issue discount which are new issue municipal bonds do not have their interest income taxed at the federal level by the IRS. An investor that purchases the municipal bond from the secondary market however would be accreted and have his income from the bond treated as ordinary income and would be taxed. But interest from original issue discount bonds are not taxed and are also not taxed when held to maturity
The following transactions were completed by the company.A. The company completed consulting work for a client and immediately collected $6,200 cash earned.B. The company completed commission work for a client and sent a bill for $4,700 to be received within 30 days.C. The company paid an assistant $1,750 cash as wages for the period.D. The company collected $2,350 cash as a partial payment for the amount owed by the client in transaction b.E. The company paid $840 cash for this period's cleaning services.Required:Record the impact of each transaction on individual items of the accounting equation.Assets = Liabilities + Stockholders' EquityCash + Accounts = Accounts + Common - Dividends + Revenues - Expenses Receivable payable Stocka. 6,200 6,200b. 4,700 4,700Bal. 6,200 4,700 10,900 c. 1,750Bal. 6,200 4,700 10,900 1,750d.Bal. 6,200 4,700 10,900 1,750e. Bal. 6,200 4,700 10,900 1,750
Answer:
Since there is not enough room here I used an excel spreadsheet
Mario Batali specializes in Southwestern cuisine. true or falsue
Answer:
false
Explanation:
Maria Batali, a widely known American chef, who is popular through his television cooking shows, and once co-owned many restaurants in the United States of America. His cooking style is considered to be ITALIAN, having had experiences in Italy during his apprenticeship days.
Hence, the correct answer is that it is FALSE that Mario Batali specializes in Southwestern cuisine.
According to the possible trade-off example between warships and drinking water in the text, the policy question that should be considered in Malaysia is do the benefits of the warships exceed their opportunity costs? do the nominal costs of the warships exceed their real costs? do the opportunity costs of the warships exceed their nominal costs? do the real costs of the warships exceed their nominal costs?
Answer:
Explanation:
I will start by explaining the question, although it's incomplete.
This is Economics, first of all. The Malaysian government needs to or wants to spend on some goods. Since the law of Economics states that human needs always exceed the available resources to cater for them all at once; the Malaysian government is in a state of 'choice'!
Choice involves catering for certain needs at one time, while leaving the others undone. So the two goods here are war ships and drinking water.
The Malaysian government economic policy makers are trying to check the benefits and possible effects of trading the provision of drinking water for the purchase of war ships. I suppose they're tending towards the purchase of war ships because presently, there is war or insecurity in the land. If this be the case, the nominal costs, opportunity costs, and real costs of spending more on war ships than on drinking water, should be examined.
Opportunity cost is the cost of the forgone alternative; which is drinking water in this case. Will more people (citizens) die if there are no new war ships provided at this time OR will more people (citizens) die if there is no extra provision of drinking water at this time? This is the summary of all the questions in the question text above!
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A formal budget program will almost always result in:
a. higher sales.
b. more cash inflows than cash outflows.
c. decreased expenses.
d. improved profits.
e. a detailed plan against which actual results can be compared.
Answer:
e. a detailed plan against which actual results can be compared.
Explanation:
A formal budget is a budget that should be planned to accomplish some goals that are targeted with respect to the expenses incurred and the revenue earned.
It provides the standard categorization of expenditure, revenues, losses, should the company earned and incurred in order to make the profit so that the real or actual performance of an organization could be seen and compared with the standard one
Therefore, according to the given situation, the correct option is d.
A payment of a portion of an accounts payable will:_______A) decrease net income. B) not affect stockholders' equity. C) not affect total assets. D) increase liabilities.
Answer: B) not affect stockholders' equity.
Explanation:
When an accounts payable is paid off, this represents a reduction in liabilities as well as a reduction in assets ( the cash used to pay). The company's equity will not be affected in any way.
This is proven by the accounting equation which shows that assets are equal to equity plus liabilities. If both liabilities and assets reduce by the same amount, the equity will have to remain unaffected for the formula to stand.
What is an Unlimited Liability?
Answer:
An unlimited liability corporation is a Canadian corporation designation, wherein shareholders are liable up to unlimited amounts for any liability, act or default of the corporation. By comparison, in most corporations, shareholders are not usually liable due to a limited liability model.
Explanation:
Excess supply of a product exerts ___________pressure on prices
Answer:
Downward
Explanation:
This is situation is called Market Excess, its occurs when there is excess supply, that is quantity supplied is greater than quantity demanded. In this situation, consumers will be able to buy as much of a good as they would like because the prices will dive low.
Which office do you contact to pay your bill at the University of the Cumberlands?
Answer:
Bursar Office or Admin Office
Explanation:
The Bursar is the person who is assigned the task to manage the financial affairs of the university. So it is better that you visit bursar office so that he can better guide you about the payment process because every university follow different procedures. It is also possible that the bursar's office might not be named as Bursar Office, it may be named as "Admin Office" or "Accounts Office".
Yuri wants to pay for his new chair using a check. What must he consider before using that method of payment?
Yuri must check his credit history.
Yuri must know the interest rate on a furniture loan.
Yuri must be sure he has enough left in his checking account for any expenses and automatic payments.
Yuri must check his credit card balance.
Answer:
I think....... the answer is c...
Hope it helps
Before using a check as a method of payment for his new chair, Yuri must consider several factors to ensure a smooth transaction. Hence option D is correct.
What must he consider before using that method of payment?First and foremost, he should verify that the merchant accepts checks as a form of payment. Additionally, he should confirm that he has enough money in his checking account to cover the cost of the chair and any other expenses or automatic payments that may come due soon.
It's also important for Yuri to ensure that he writes the check properly, including the correct date, payee name, and amount in both numerical and written form. Failure to do so could result in the check being rejected or delayed, which could cause problems for both Yuri and the merchant.
If Yuri has a history of bounced checks or insufficient funds in his account, he may want to consider alternative payment methods or take steps to improve his financial situation before attempting to pay with a check.
It's also a good idea for Yuri to keep track of his checkbook balance and reconcile it regularly to avoid any surprises or overdraft fees.
Overall, paying with a check can be a convenient and secure way to make purchases, but it's important for Yuri to be mindful of these considerations to ensure a successful transaction.
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What do you learn in business writing class?
Answer:
Explanation:
There are a variety of sub categories/goals that you will learn in business writing class and they are the following
Learning to effectively write emails, letters, memos, reports. Learning to logically, efficiently, and effectively organize your gathered information and ideas.Learning how to correctly identify and choose the appropriate communication strategy, format, style, and content for the specific scenario. Learning to correctly identify any and all grammatical and punctuation problems within your writing.As input for a presentation that you are jointly authoring, one of your marketing analysts submitted the following summary of the characteristics of the four different types of market structures companies compete in: Competitive Structure Number of Competitors Market Barriers to Entry Monopolistic Competition Unlimited No Barriers Monopoly Few Some Barriers Pure Competition Many Few Barriers Oligopoly One Many Barriers With respect to the classifications of number of competitors and barriers to entry, which one of the following statements is correct? a. The monopolistic competition structure is properly classified. b. The pure competition and oligopoly structures are properly classified. c. The oligopoly structure is properly classified. d. The monopoly structure is properly classified. e. The monopoly and oligopoly structures’ classifications should be reversed.
Answer:
a. The monopolistic competition structure is properly classified.
Explanation:
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
A monopolistic competition is when there are many firms selling differentiated products in an industry. There are no barriers to entry or exit of firms. A monopoly has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.
An example of monopolistic competition are restaurants
A monopoly is when there is only one firm operating in an industry. there are usually high / many barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.
An example of a monopoly is a utility company
An Oligopoly is when there are few large firms operating in an industry. While, a monopoly is when there is only one firm operating in an industry.
Oligopolies are characterised by:
price setting firms product differentiation profit maximisation high barriers to entry or exit of firms downward sloping demand curve
Please help me in this assignment. Assume a project, other than your assignment, such as real estate, infrastructure development, industrial, or software development etc. and discuss that how guiding principle of PMI Standards for project risk management life cycle shall be undertaken at the organizational level of that particularly identified project (what the organization needs to do).
Answer:
DOES THIS HELP
Explanation
Many different professions contribute to the theory and practice of project management. Engineers and architects have been managing major projects since pre-history. Since approximately the 1960s, there have been efforts to professionalize the practice of project management as a specialization of its own. There are many active debates around this: Should project management be a profession in the same way as engineering, accounting, and medicine? These have professional associations that certify who is legally allowed to use the job title, and who can legally practice the profession. They also provide a level of assurance of quality and discipline members who behave inappropriately.
913,256Write the digit in the ten thousands place
Answer:1
Explanation:
9= is the hundred thousands digit
1= is the ten thousand digit
3=is the thousands digit
2= is the hundreds digit
5= is the tens digit
6= is the ones digit
A company that desires to lower its break-even point should strive to:_______a. decrease selling prices. b. reduce variable costs. c. increase fixed costs. d. sell more units. e. purchase more than one of the above actions
Answer:
b. reduce variable costs.
Explanation:
The break even point is the point in which the company has no loss or no profit
It shows a relation between the fixed cost and the contribution margin per unit
where,
Contribution margin per unit is
= Selling price per unit - variable expense per unit
In case to lower the break even point we should decrease the variable cost as the fixed cost and the selling price would remain the same
hence, the correct option is B.
Jack receives a check from Kappa Company and indorses it "without recourse." This indorsement is:______.a. a blank indorsement.
b. a qualified indorsement.
c. a restrictive indorsement.
d. a special indorsement.
Answer:
b. a qualified indorsement.
Explanation:
Jack receives a check from Kappa Company and indorses it "without recourse." This indorsement is known as a "qualified indorsement".
In a qualified indorsement, the liability is usually disclaimed by the indorser when a phrase is added preceding the signature.
The qualified indorsement gives the indorser the ability to include "without recourse" which eventually relieves the indorser of any payment responsibility. During settlement of claims, Attorneys who collect checks from their clients usually sign using "qualified endorsements"
You have been hired by a new organic juice company to run its digital marketing program for its product. One of the first initiatives you tackle is the firm’s inbound marketing program. Which of the following tools would NOT be included as part of your inbound marketing program?
A. A weekly podcast on organic produce hosted by the company’s founder
B. Creating paid search advertisements that are very good at gaining consumer attention
C. A blog written by the CEO discussing the company’s special events and plans for new flavors
D. A search engine optimization (SEO) program headed by you, the marketer
E. Optimizing landing pages that are the first company web pages that consumers see after clicking on a search result
Answer:
C. A blog written by the CEO discussing the company’s special events and plans for new flavors
Explanation:
Inbound marketing program is a special program whereby a business methodology is applied to a product through tailored rich contents and experiences directed towards them. It is done to attract customers. Unfortunately, Option C happens not to be part of an imbound marketing program directed towards the digital marketing of the orange juice company's products.
Answer:
The correct answer is E
Explanation:
An inbound marketing program is simply a marketing technique you pull off to enable your customers to see you, your company and your product with the goal (of course) to initiate and close a sale.
Inbound marketing campaigns are designed to create brand visibility and increase affinity for one's products and services.
All the other options are very related to getting consumer attention. Option E is an activity without any real potential to attract customers attention. By the time customers get to the landing page, the objective of the inbound marketing strategy has been achieved.
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Which source of law takes priority in the following situations, and why?a) A federal statute conflicts with the U.S. constitution.b) A federal statute conflicts with a state constitutional provision.c) A state statute conflicts with the common law of that state.d) A state constitutional amendment conflicts with the U.S. constitution.
Answer:
Kindly check explanation
Explanation:
In the United States, the Supreme law of the country which takes precedence over all laws be it federal, state, or common laws. Hence, In terms of hierarchical arrangement, the U.S constitution is first, then, federal statutes, then state statutes, then common law.
A) A federal statute conflicts with the U.S. constitution., The U. S constitution will subdue the stance of the federal statute as it is the Supreme law.
b) A federal statute conflicts with a state constitutional provision.
Here, in order of hierarchy, the federal statutes take priority above the state as the state provision are behind the federal laws and will almost always conform to the provision of the United States constitution.
C.) A state statute conflicts with the common law of that state.
A state statute will take priority over the common law as statites are always prioritized ahead of common laws.
d) A state constitutional amendment conflicts with the U.S. constitution.
The U. S Constitution takes precedence and is hence prioritized above the state constitution as it is the Supreme law of the land.
What does ASME Stand for
Answer:
American Society of Mechanical Engineers
Answer:
American Society of Mechanical Engineers