Based on the given info, here is a guideline to help you create your worksheet.
Journalizing the March transactions:Debit Credit
Mar 1: Cash 35,000 Capital
Mar 1: Equipment 6,000 Cash 2,000
Accounts Payable 4,000
Mar 3: Accounts Payable 1,500 Cleaning Supplies
Mar 5: Cash 1,200 Insurance Expense
Mar 14: Accounts Receivable 4,800 Service Revenue
Mar 18: Accounts Payable 2,000 Cash 1,500
Cash 500
Mar 20: Cash 7,000 Salary Expense
Mar 21: Cash 3,800 Accounts Receivable
Mar 28: Accounts Receivable 2,500 Service Revenue
Mar 31: Cash 2,000 Advertising Expense
Mar 31: Capital 3,000 Dividends
Ledger Accounts:
Capital:
Mar 1: 35,000
Mar 31: 3,000
Cash:
Mar 1: 2,000
Mar 5: 1,200
Mar 18: 1,500
Mar 20: 7,000
Mar 21: 3,800
Mar 31: 2,000
Accounts Payable:
Mar 1: 4,000
Mar 3: 1,500
Mar 18: 2,000
Equipment:
Mar 1: 6,000
Cleaning Supplies:
Mar 3: 1,500
Accounts Receivable:
Mar 14: 4,800
Mar 21: 3,800
Mar 28: 2,500
Insurance Expense:
Mar 5: 1,200
Salary Expense:
Mar 20: 7,000
Service Revenue:
Mar 14: 4,800
Mar 28: 2,500
Advertising Expense:
Mar 31: 2,000
Dividends:
Mar 31: 3,000
Trial Balance at March 31:
Debit Credit
Cash 16,500 16,500
Accounts Payable 6,500 6,500
Equipment 6,000 6,000
Cleaning Supplies 1,500 1,500
Accounts Receivable 11,300 11,300
Capital 38,000 38,000
Insurance Expense 1,200 1,200
Salary Expense 7,000 7,000
Service Revenue 7,300 7,300
Advertising Expense 2,000 2,000
Dividends 3,000 3,000
Total 82,000 82,000
Journalizing the adjustments:
Debit Credit
Mar 31: Service Revenue 1,000 Unearned Service Revenue
Mar 31: Depreciation Expense 200 Accumulated Depreciation
Mar 31: Insurance
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In comparing U.S. GAAP and International Financial Reporting Standards (IFRS) with regard to a basis for measurement of a noncontrolling interest which of the following is true? a) U.S. GAAP requires acquisition-date fair value measurement and IFRS requires the acquiree's identifiable net asset fair value measurement. b) U.S. GAAP and IFRS both require acquisition-date fair value measurement. c) U.S. GAAP and IFRS both require the acquiree's identifiable net asset fair value measurement d) U.S. GAAP requires acquisition-date fair value measurement, but IFRS allows an option for acquisition-date fair value measurement. e) U.S. GAAP and IFRS both apportion goodwill to the parent only
The correct answer is D. U.S. GAAP requires acquisition-date fair value measurement, while IFRS allows an option for acquisition-date fair value measurement. This means that when the acquisition of a noncontrolling interest is done under IFRS, a company has the choice of either using the acquisition-date fair value or the acquiree's identifiable net asset fair value.
When using the acquisition-date fair value, the amount of the noncontrolling interest can be found by subtracting the fair value of the consideration transferred by the acquirer from the fair value of the equity interest in the acquiree. This amount is then allocated to the noncontrolling interest. On the other hand, when using the acquiree's identifiable net asset fair value, U.S. GAAP requires acquisition-date fair value measurement, while IFRS allows an option for acquisition-date fair value measurement. the total fair value of the equity interest in the acquiree is allocated to the controlling and noncontrolling interests in proportion to their relative ownership interests.
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Both IFRS and U.S. GAAP require the acquisition-date fair value measurement as well as the identifiable net asset fair value measurement of the acquiree.
The main distinction between the two accounting systems is that GAAP is based on regulations, whereas IFRS is based on principles. This discrepancy shows up in certain details and interpretations. In general, IFRS norms give substantially less information overall than GAAP.
GAAP does not allow any impairment losses to be reversed. However, under IFRS, impairment losses for fixed assets and intangibles other than goodwill can be eliminated. Under IFRS, reversal of impairment losses is limited to the asset's original carrying amount.
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the accompanying display is a scatterplot relating the cost of a cappuccino to the cost of a third of a liter of water in 100 cities around the world. complete parts a through c below. loading... click the icon to view the scatterplot.
A)Yes, there is a significant linear correlation between these variables. B) 90.3% of the variation in demand can be explained by the linear relation to price.C)If the price was set at $9.00, you would expect to sell 715 items.
a) Yes, there is a significant linear correlation between these variables. This can be seen from the high correlation coefficient (r=0.926), which indicates a strong positive linear relationship between the two variables.
b) 90.3% of the variation in demand can be explained by the linear relation to price. This can be calculated as r^2, which gives the percentage of variation in y that is explained by the linear relationship with x. In this case, r^2 = 0.926^2 = 0.859, so 86% of the variation in demand can be explained by the linear relationship with price.
c) If the price was set at $9.00, you would expect to sell 715 items. This can be calculated using the regression equation: y = 1451 - 96x. Plugging in x=9, we get: y = 1451 - 96 * 9 = 715. Round to the nearest whole number, the answer is 715.
"Below is the scatterplot, regression line, and corresponding statistics for price (x) -vs- number sold (y) data Demand Data Price -vs- Demand x Price per item (in dollars) y Demand (number of items sold) 1600 1400 o 1200 1000 800 600 400 200 correlation coefficient: r0.926 regression equation: y-96x 1451 sample size: ? 19 sample means: x- $6.50 y826.5 10 Price per Item (in dollars) Answer the following questions regarding the relationship between price (x) and demand (y) (a) Is there a significant linear correlation between these variables? O Yes O No (b) What percentage of the variation in demand can be explained by the linear relation to price? Enter your answer as a percentage with one decimal place. (c) How many items would you expect to sell if the price was set at $9.00? Round your answer to the nearest whole number. tems."
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fill in the blank. large corporations collect vast amounts of information about their customers' shopping habits, including how, when, why, where, and what they buy, and then use that information to ___ .
Large corporations collect vast amounts of information about their customers' shopping habits, including how, when, why, where, and what they buy, and then use that information to plan future products and services.
What is meant by services?
Services are non-physical components of the economy that assist companies in enhancing their operations and business climate. Companies might employ service providers to carry out activities in particular business sectors where they need greater expertise. For instance, a business can locate a firm that specialises in developing cyber security software if it wishes to deploy computer security measures.
Activities that benefit a firm without delivering physical items are referred to as business services. These services might include trash management, event planning, marketing, and other forms of intangible services that are advantageous to the business. You could be inspired to ask for these perks after learning about business services and how they aid in the development of organizations. In this piece,
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suppose you buy stock at a price of $78 per share. four months later, you sell it for $83. you also received a dividend of $.52 per share. what is your annualized return on this investment? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places.)
21.23% is the annualized return on this investment.
What does annual return from investment mean?
An annual return from investment is a measure of the yearly profit or loss realized on a given investment. It is calculated as the ratio of the net income earned over a period of one year, divided by the initial cost of the investment. It can be expressed as a percentage or as a decimal. The annual return from an investment can be either positive or negative, depending on the performance of the investment. For example, an investor puts $10,000 into a stock and earns $1,000 in dividends over the year. The annual return from the investment is 10%, calculated by taking the $1,000 dividend and dividing it by the $10,000 initial investment.
Annual Return= [(End Price +Dividend-Initial Price)/Initial price]*12/4
= [(83+0.52-78)/78]*12/4
= 0.212308
= 21.23%
Therefore, 21.23% is the annualized return on this investment.
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a partnership agreement: multiple choice does not generally address the issue of the rights and duties of the partners. is binding even if it is not in writing. is the same as a limited liability partnership.
An agreement between two or more people who sign a contract to launch a successful business together is known as a partnership agreement.
What is a partnership?
A formal agreement between two or more parties to run a business and split the profits is called a partnership. All partners in a general partnership corporation split the company's assets and debts equally. Partnership arrangements come in many different forms. One type of business where partners may have minimal liability is a partnership where all participants share profits and liabilities equally. Additionally, there is the so-called "silent partner," when one party does not participate in the day-to-day management of the company.
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Consider each of the transactions below. All of the expenditures were made in cash.
-The Edison Company spent $27,000 during the year for experimental purposes in connection with the development of a new product.
-In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $9,500.
-In March, the Cleanway Laundromat bought equipment. Cleanway paid $21,000 down and signed a noninterest-bearing note requiring the payment of $25,500 in nine months. The cash price for this equipment was $40,000.
-On June 1, the Jamsen Corporation installed a sprinkler system throughout the building at a cost of $43,000.
-The Mayer Company, plaintiff, paid $27,000 in legal fees in November, in connection with a successful infringement suit on its patent.
-The Johnson Company traded its old equipment for new equipment. The new equipment has a fair value of $14,500. The old equipment had an original cost of $14,900 and a book value of $7,500 at the time of the trade. Johnson also paid cash of $11,000 as part of the trade. The exchange has commercial substance.
All of the expenditures were made in cash. $7,400.
What is accumulated depreciation?Depreciation is recorded to link the cost of using a long-term capital asset with the benefit obtained from its utilisation over time.
Accumulated depreciation is the entire recorded depreciation on an asset up to a specific date.
Accumulated depreciation is displayed on the balance sheet directly beneath the appropriate capital asset line.
Accumulated depreciation is a counter asset with a natural credit balance that is recorded (as oppose to asset accounts with natural debit balances).
The discount on note payable is :
Cash paid +Value of Note Payable − Cash Value of equipment
$21,000+$25,500−$40,000
=$6,500
Cash paid+ Book Value of old machine −Fair Value of new machine
=$14,900+$7,500−$11,000
=$11,400
The accumulated depreciation is :
Original cost of old machine− Book Value of old machine
=$14,900−$7,500
=$7,400.
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choose all that apply. financially responsible people . pay bills on time have no plan pay for everything with a credit card spend less than they make give one-tenth of their income to the church save their money have a budget
Pay bills on time, spend less than they make,save their money and have a budget are the following that apply.
What is budget ?
A budget is a financial plan that projects future earnings and costs. A budget, put simply, forecasts future spending and saving in addition to anticipated income and expenses.
Budget is derived from the Old French word bougette, which means "small sack." The British chancellor of the Exchequer is referred to as "opening" his budget, or container of documents and accounts, when he presents his annual financial statement.
Hence all the options that apply are :
Pay bills on time
spend less than they make
save their money
have a budget
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which of the following represents a correct pairing of an agricultural practice with its environmental consequence?
Paddy rice cultivation and methane emissions represent a correct pairing of an agricultural practice with its environmental consequence.
What are methane emissions?
Following carbon dioxide, methane is the second most significant greenhouse gas that contributes to climate change. Methane has a potential for global warming that is 28 times bigger over a 100-year period than carbon dioxide and 84 times greater over a 20-year period. Therefore, methane emissions are very important to 2050 climate goals. In addition, methane contributes to the development of ozone, which in and of itself poses a major health risk.
The energy industry is responsible for around one-third of all anthropogenic methane emissions worldwide. Given that methane may be sold as natural gas, the International Energy Agency estimates that 45% of those emissions can be reduced without incurring any net costs.
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Which of the following is not a factor to be considered when determining the useful life of an intangible asset?
(a) Legal, regulatory or contractual provisions.
(b) The expected use of the asset by the organization.
(c) The effects of obsolescence.
(d) The level of maintenance expenditures that will be required to obtain expected future benefits.
(e) The fair value of the asset.
Assets of a firm that are not physical in nature are referred to as intangible assets. While calculating the useful life of an intangible asset, the fair value of the asset is not a factor to be taken into account.
Some important factors to be considered to determine the usefulness of intangible asset is given below:
Definite-life Assets with a limited lifespan are known as intangible assets. For instance, a ten-year license to manufacture a specific productLegal, regulatory, or contractual provisions.The time frame during which the asset is anticipated to benefit the companySome intangibles require financial outlay to maintain their functionality, such as a renewal fee.The effects of Obsolescence for example competitors can make new technology or methodsThe maintenance costs are required necessary to realize the anticipated advantages in the future.Learn more about intangible assets here:
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gives employees the integrity to go public to the media and blow the whistle on persistent unethical behavior in a company. Ο Moral courage Ο Cultural relativism Ο Righteous moralism Ο Moral imagination Ο Naive immoralism
Moral courage gives employees the integrity to go public to the media and blow the whistle on persistent unethical behavior in a company.
What is moral courage?
The ability to act morally despite the possibility of any unfavorable results is referred to as morality in behaviour. When one is uncertain or concerned about the outcomes, it takes some courage to act. Therefore, morality requires deliberateness or thoughtful consideration. Because such impulsive activities lack a moral foundation, reflex action and dogmatic fanaticism lack moral courage. When the alternative is punishment or other bodily harm, moral courage may also call for physical bravery.
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Define the terms management science and operations research. is The process of identifying a difference between the actual and the desired state of affair and then taking action The process of defining the problem, ldentifying the alternatives, determining the criteria, evaluating the alternatives, and choosing an alternative. Mathematical symbols and expressions used to represent a real situation. An approach to decision making based on the scientific method, using quantitative analysis.Previous question
The terms management science and operations research are the process of defining the problem, identifying the alternatives, determining the criteria, evaluating the alternatives, and choosing an alternative.
What is operations research?
The discipline of operations research is concerned with the creation and use of analytical techniques to enhance decision-making. It is regarded as a branch of the mathematical sciences. In order to improve decision-making and efficiency, operational research (OR) develops and employs a wide range of problem-solving tools and methodologies, including simulation, mathematical optimization, queueing theory and other stochastic-process models, Markov decision processes, econometric techniques, data envelopment analysis, the ordinal priority approach, expert systems, decision analysis, and the analytic hierarchy process.
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in addition to the financial statements, which of the following must be included in the annual reports?
In addition to financial statements (e.g. balance sheet, income statement, cash flow statement), annual reports usually include the following information:
Management Discussion and Analysis (MD&A), Auditor's Report, Corporate Governance Report, Risk Factor Disclosure, Shareholder Information, Glossary of Financial Terms, Executive Compensation
Give a brief description of the contents of annual reports.
Management's Discussion and Analysis (MD&A): A section that provides a narrative on the company's performance, financial results, and outlook.Corporate Governance Information: Details about the company's governance structure and how the board of directors is held accountable to stakeholders.Corporate Social Responsibility Report: Information about the company's commitment to environmental, social and governance (ESG) initiatives.Risk Factors: A section that highlights the risks and uncertainties the company faces, which could impact its financial performance.Executive Compensation: Details on the compensation packages of the company's executives.Financial Highlights: A summary of the company's key financial metrics and performance. Auditor's Report: An independent opinion from the company's auditors on the financial statements.Shareholder Information: Information on the company's shareholder structure, dividend history, and voting procedures.Hence, the answer is, Management Discussion and Analysis (MD&A), Auditor's Report, Corporate Governance Report, Risk Factor Disclosure, Shareholder Information, Glossary of Financial Terms, Executive Compensation
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When employees have different responsibilities, such as when employees work on a project and one employee supervises the project, those _____ can be modeled with multiple association between the employee class and the linked class
Multiple associations between the employee class and the linked class can be used to model roles, relationships, or roles.
What does an association in a class diagram look like?Similar to other classes, associations can also contain operations, properties, and other associations. For instance, the class Student represents a student and is associated with the class Course, which stands for a course of study. A student can sign up for a course.
What are the relationships in class diagrams?Relationships in class diagrams depict how classes and classifiers interact. These connections show the interconnections between classifiers, the generalizations and realizations they represent, and the dependencies they have on other classes and classifiers.
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the firm's success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct core business processes. which of the following are core business processes? (select all that apply).
Options A and D apply: Human Resources Management and Production are core business processes
Core business processes refer to the activities that a company carries out in order to achieve its goals and objectives.
These processes are often essential for the success of the organization, as they ensure that the different departments are working together to achieve the company’s objectives. Core business processes may include Human Resources Management, Financial Management, Marketing, Production, and others.
Human Resources Management and Production are two core business processes that are essential for a company's success, as they ensure that the workforce is managed efficiently and that products and services are created in a timely manner.
Here's the full task:
The firm's success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct core business processes. Which of the following are core business processes?
Select all that apply:
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if a business considers changing vendors, but doing so would require that business to alter product specifications, retrain employees, and/or modify existing processes, we would say the business faces significant blank
If a business considers changing vendors, but doing so would require that business to alter product specifications, retrain employees we will say the business faces significant switching costs.
What is product specification?
The term "product specification" refers to a set of requirements in a document that gives product teams the knowledge they need to develop new features or functionality.
A solid product specification avoids micromanaging the creation of the product. Instead, it provides them with pertinent context regarding users, company needs, and other factors to aid in their decision-making as they develop and construct a solution. Product specifications don't have to be complicated or lengthy. The best product specifications are actually quite succinct.
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The decision to upgrade the software is a question of investing wisely in our operation or letting the business fail.
Presents two possibilities and states that only one of them can be true, and the other must be false. This false dichotomy ignores alternative viable options, which makes it false. This is an Either/Or Logic.
What do you mean by possibilities?
Possibilities refer to the potential for something to happen. Possibilities are open-ended, providing the opportunity for any number of outcomes. This broad range of options allows for exploration and creativity, as well as risk-taking and experimentation. Possibilities can be both exciting and intimidating, but they open the door for limitless potential. Possibilities can be seen in personal, professional, and creative endeavors, offering a sense of hope and possibility. Possibilities give us the opportunity to dream, create, and explore, and allow us to make meaningful and lasting changes in our lives.
So, Presents two possibilities and states that only one of them can be true, and the other must be false.
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When is the best time in a business's lifecycle to focus on networking?
During expansion
O Anytime
O When a business is declining
Answer immediately
Answer:
Phase Five: Decline In the final stage of the business life cycle, sales, profit, and cash flow all decline. During this phase, companies
the brundtland report makes it clear that while sustainable development is enabled by technological advances and economic viability, it is first and foremost a social construct that seeks to improve the quality of life for the world's peoples (check all that apply, all or nothing grading):
Yes, the Brundtland report makes it clear that sustainable development is enabled by technological advances.
Undoubtedly, the Brundtland definition, which states that the concept of sustainability is a development that satisfies current needs without compromising the capacity of future generation after generation to satisfy their own needs, is the one that receives the most citations (WCED, 1987).
It created the fundamental ideas behind sustainable agriculture as it is now known. According to the Brundtland Report, the North's unsustainable consumption and production habits and the South's extreme poverty are the primary causes of the world's serious environmental problems.
Diagrams are frequently used to show sustainability. Economic viability, environmental preservation, and social equality are the three pillars of sustainability, according to the graphic at the top of this page.
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Complete question:
Do the Brundtland report makes it clear that while sustainable development is enabled by technological advances and economic viability, it is first and foremost a social construct that seeks to improve the quality of life for the world's peoples?
which of the following approaches to social responsibility reflects the lowest degree of socially responsible practices
Obstructionist stance approaches to social responsibility reflect the lowest degree of socially responsible practices.
What is social responsibility?
Social responsibility, sometimes known as corporate social responsibility in business contexts, is the idea that firms must operate in a way that benefits society as a whole in addition to earning profits. Assuring that businesses don't do unethical, potentially harmful activities for the sake of profit is the goal of social responsibility. Some detractors claim that the goal of business, which they claim is to maximize profit, clashes with social responsibility. They contend that it doesn't make sense for firms to act with a social conscience because doing so will nearly always have an impact on revenues.
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Adams Industries holds 48,000 shares of FedEx common stock, which is not a large enough ownership interest to allow Adams to exercise significant influence over FedEx. On December 31, 2021, and December 31, 2022, the market value of the stock is $98 and $108 per share, respectively. What is the appropriate reporting category for this investment and at what amount will it be reported in the 2022 balance sheet?
Based on the information provided, Adams Industries holds passive investment in FedEx common stock and does not have significant influence over the company.
What are common stocks?
Common stock is a type of security that represents ownership in a corporation. It gives the holder the right to vote on important corporate matters, such as the election of directors and approval of major business decisions, as well as the right to receive dividends if and when they are declared by the company.
In the 2022 balance sheet, the investment in FedEx stock will be reported at its market value on December 31, 2022, which is $108 per share. So, the total value of the investment on December 31, 2022, would be $108 * 48,000 = $5,184,000. This amount will be reported as an asset under the available-for-sale securities category in the balance sheet.
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The mental states approach to personal selling assumes that buyers must be led through four mental states, which occur in this order:
a. interest, attention, desire, action.
b. attention, desire, interest, action.
c. curiosity, interest, conviction, purchase.
d. attention, interest, desire, action.
e. listening, considering, aspiring, deciding.
Option d is the correct choice.
According to the mental states method to personal selling, customers must be guided through four mental states are attention, interest, desire, and action.
Dorothea Dix's initiatives helped to establish some of the earliest mental asylums in the United States and change mental healthcare.
Dorothea Dix: Who was she?
The main factor in the development of the first mental healthcare facilities in the USA was Dorothea Dix's defence of the rights of poor people who had any form of mental disease.
In conclusion, Dorothea Dix's work helped to revolutionise mental healthcare and create some of the earliest American mental institutions.
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a defendant was convicted of aggravated assault. his attorney appealed the conviction, and the first verdict was overturned based on the judge's finding that after viewing the e
vidence presented at trial, there was reasonable doubt as to the defendant's guilt. This means that the judge believed that there was not enough evidence to support a conviction beyond a reasonable doubt, and therefore overturned the original verdict. The defendant may be retried or the case may be dismissed, depending on the specific circumstances.
a company should be able to estimate which of the following on the basis of its projected financial statements
The forecasts of future costs and revenues in pro forma financial statements are made in light of the company's prior performance and projected future operations.
Exactly what are projection-based financial statements called?Financial statements predicted for future periods are referred to as pro forma financial statements in the Financial Accounting online course. A financial prediction or financial projection are other names for them.
What does a financial forecast's purpose mean?assemble historical data and past financial accounts.
The forecast you make should have a time frame.
Select a technique for making financial projections.
Maintain records of the outcomes.
the examination of financial data.
On the basis of the time period you previously specified, repeat.
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TRUE/FALSE. when you work in the enterprise digital group, you test and verify the integrity of standalone workstations and network servers.
FALSE You test and confirm the validity of independent workstations or network servers while working with the enterprise digital group..
Which group frequently collaborates to secure the computers and networks of an organization?A team of IT experts known as a computer incident response (CSIRT) offers an organization services and support relating to the assessment, management, and prevention of emergencies involving cybersecurity in addition to the integration of incident response operations.
What actions must be taken under oath to confirm the veracity of the data in the affidavit?A notary public must always certify affidavits. Asserting at word that the information in the document are true, signing the document prior to a legal professional, and having the notary public sign and seal the affidavit are all considered to be "notarized."
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on november 1, a company receives cash of $6,000 from a customer for services to be provided evenly over the next six months. deferred revenue is recorded at that time. which of the following adjusting entries is needed on december 31 (two months later)?
The correct answer is option B) Debit Deferred Revenue for $2,000; Credit Service Revenue for $2,000.
On November 1, 2021, when the company received the cash from the customer, it recorded the deferred revenue of $6,000.
Deferred revenue is an asset account that is recorded when a customer pays for goods or services in advance of their delivery, and the company is not yet able to recognize the revenue until the goods or services have been delivered.
On December 31, 2021, one month of the services have been provided and the company needs to record the revenue they earned from providing those services. The adjusting entry to record this is to debit the deferred revenue of $2,000 and credit the service revenue of $2,000.
This is done to adjust the deferred revenue to the amount that still remains unearned, and to recognize the revenue that was earned in the given month.
Complete Question:
On November 1, 2021, a company receives cash of $6,000 from a customer for services to be provided evenly over the next six months. Deferred revenue is recorded at that time. Which of the following adjusting entries is needed on December 31, 2021?
A) Debit Deferred Revenue for $2,000; Credit Cash for $2,000
B) Debit Deferred Revenue for $2,000; Credit Service Revenue for $2,000
C) Debit Deferred Revenue for $6,000; Credit Service Revenue for $6,000
D) Debit Service Revenue for $2,000; Credit Deferred Revenue for $4,000
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Required information Auditor Services for Financial Statements Read the overview below and complete the activities that follow. Companies can retain public accountants to perform three types of attest services related to their financial statements. These three are audits, reviews, and agreed-upon procedures CONCEPT REVIEW: Accountants can provide different levels of assurance on financial statements. The levels vary with the amount of evidence or procedures needed and the amount of assurance provided. The most frequent types are audits, reviews, and agreed upon procedures. The suitable criteria in a financial statement audit are set forth in the financial reporting framework selected by management,often 2. A(n)provides the highest form of assurance CPAs can offer. 3.A(n)is generally limited to inquiry and analytical procedures. 4. In a(n)the risk of material misstatement is low. 5.An) r report includes the wording that we are not aware of any material modifications..."
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The appropriate standards for a financial statement audit are outlined in the financial reporting system that management has chosen, which is frequently GAAP.
What are appropriate auditing criteria?Clear, succinct, pertinent, trustworthy, unbiased, intelligible, and full criteria are acceptable. Finding appropriate standards is difficult for any performance (value for money) audit, not just those that look at oversight.
What standards are applied during a financial statement audit?The Generally Accepted Accounting Principles (GAAP), a set of uniform accounting principles, regulations, and processes published by the Financial Accounting Standards Board, serve as the benchmark for financial statement audits of public firms (FASB).
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. the mined gold will net the firm an estimated $350,000 each year for the 5-year life of the vein. ctc's cost of capital is 16%. for the purposes of this problem, assume that the cash inflows occur at the end of the year.
The project's NPV is $746,868 and its IRR is 17.3%.
This indicates that the project is expected to generate a positive return on investment and a higher rate of return than CTC's cost of capital. However, CTC must also consider the environmental risks associated with sulfuric acid extraction and any non-financial factors before making a final decision.
The NPV is calculated by subtracting the project's initial investment of $1,065,000 from the total expected net cash flows of $1,811,868 over the 5 year life of the project.
Finding the discount rate that equalises the NPV to zero then yields the IRR. The project's NPV and IRR provide important information for CTC's decision-making and can help determine whether the project is worth pursuing.
Ultimately, CTC must weigh the financial benefits of the project against the potential risks before making a final decision.
Complete Question:
After discovering a new gold vein in the Colorado mountains, CTC Mining Corporation must decide whether to go ahead and develop the deposit. The most cost-effective method of mining gold is sulfuric acid extraction, a process that could result in environmental damage. Before proceeding with the extraction, CTC must spend $900,000 for new mining equipment and pay $165,000 for its installation. The gold mined will net the firm an estimated $350,000 each year for the 5-year life of the vein. CTC’s cost of capital is 14%. For the purposes of this problem, assume that the cash inflows occur at the end of the year.
a. What are the project’s NPV and IRR?
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How does high inflation impact people’s income? And what would happen to the economy and its GDP if inflation rates continue to rise?
Inflation in a nation lead to increase the GDP of the nation in very short period of time. Inflation for a longer period of time could lead to dis-savings.
What is Inflation?Inflation is an increase in the general price level of all the goods and services in an economy of the nation or the world. When the general price level rises, each unit of the currency buys fewer goods and services. Consequently, an inflation corresponds to a reduction in the purchasing power of the money.
When inflation increases, people in the nation will spend more money in buying goods and services because they know that it will be less valuable in the future period. This causes further increase in the GDP of the nation in the very short period of term, bringing about further price increase in the goods and services. If such a situation continues over a longer period of time then, it leads to dis-savings in the nation.
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which of the following changes will most likely result in an increase in the demand for hamburgers in your hometown?
The demand for hamburgers in our hometown will probably rise if the proportion of vegetarians in our town declines but the population stays the same.
What is demand?
Demand in economics refers to a consumer's readiness to pay a particular price for goods and services as well as their desire to buy them. Demand for a good or service typically declines when its price goes up. The amount needed will rise when a product's price drops, in a similar manner.
Consumers and businesses are quite familiar with the idea of demand because it makes sense and happens organically throughout the course of almost any day. For instance, when a product's pricing is low, shoppers who are keeping an eye on it will buy more of it. When costs increase, such as during a change in season, consumers may buy less or even nothing at all.
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Write one complete paragraph explaining how understanding the business cycle can influence your future financial decisions and help you predict what the economy will look like?
Generally, understanding business cycles enables business owners to make sound business decisions. They can speculate when to prepare for a contraction and when to take advantage of an expansion by keeping their finger on the economy's pulse and paying attention to current economic projections.
Why should investor understand business cycles?The economic cycle, also known as the business cycle, refers to fluctuations in the economy that occur between periods of expansion (growth) and contraction (depression) (recession). The current stage of the economic cycle can be determined by factors such as GDP, interest rates, total employment, and consumer spending.
Understanding the economic cycle can assist investors and businesses in determining when to invest and when to withdraw funds, as it has a direct impact on stocks and bonds, as well as profits and corporate earnings.
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