Gross profit = Revenue - Cost of goods sold = $150 - $95 = $55
Here are the journal entries for December 30, 2014, and January 7, 2015:
December 30, 2014:
Debit: Cash - $150
Credit: Accounts Receivable - $150
January 7, 2015:Debit: Inventory - $95
Credit: Accounts Payable - $95
Debit: Cost of Goods Sold - $95
Credit: Inventory - $95
Income for 2014 would be calculated as follows:
Revenue (on December 30, 2014) = $150
Cost of goods sold (on January 7, 2015) = $95
Gross profit = Revenue - Cost of goods sold = $150 - $95 = $55
Income for 2015 would be calculated based on revenue and costs incurred in that year, but this information is not provided in the question.
It's important to note that these journal entries are based on the assumptions provided in the question and may need to be adjusted based on a company's specific accounting policies and procedures.
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the last trade in the stock occurred at a price of $80. limit buy orders limit sell orders price shares price shares $79.75 400 $79.80 150 79.70 700 79.85 150 79.65 400 79.90 300 79.60 200 79.95 150 78.65 500 a. if a market buy order for 150 shares comes in, at what price will it be filled? (round your answer to 2 decimal places.) b. at what price would the next market buy order be filled? (round your answer to 2 decimal places.) c. if you were a security dealer, would you want to increase or decrease your inventory of this stock?
The maximum limit sell order price of $79.80 will be used to fill the marketplace buy order for 150 shares.
If a market buy order for 150 shares comes in, at what price will it be filled?a. The maximum limit sell order price of $79.80 will be used to fill the marketplace buy order for 150 shares.
b. The next greatest limit sell option price of $79.85 will be used to fill the next market buy order.
c. For a security dealer, the decision would be based on whether they wish to expand or contract their inventory. The dealer would sell at the maximum limit sell order price of $79.80 if they wanted to grow their inventory. The dealer would purchase at the lowest limit buy request price of $78.65 if they wanted to reduce their inventory. Other elements, such as industry trends and stock forecasts for the future, should also be taken into account.
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to be most efficient with the time you have to prepare a document, how much time should you spend on planning and revising?
It should employ a variety of approaches to convey multiple complex topics.
What is the primary function of drafting a message statement?
It ought to use a range of techniques to communicate several intricate ideas or message. To fit in with its rivals, it should develop a message that hides a company's uniqueness and worth.
You develop ideas, prepare how to substantiate them, and consider the most effective ways to structure and arrange your work throughout this phase. In order to generate ideas, the idea of "free writing" can be useful.
It's true that research is essential to the writing process since it provides the writer with data to assist them hone their message. Furthermore, the writer might save time by conducting and locating necessary research. T/F: Time savings for the writer is one advantage of thorough research in business writing.
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on november 15, meier company received $3,000 cash from a customer for services that were performed on november 1. on which date should the revenue be recorded under cash-basis accounting?
The correct answer to the question above is November 15. Meier Company should recode the revenue under cash-basis accounting on November 15 because on November 1 Meier Company has not received the cash yet.
On November 1 they should recode it under accrual basis accounting because they did not yet receive the money in cash and it should be taken as an accrual account.And after Meier Company receives the cash, they should move it from the accrual account into the cash account. An accrual basis account is an account that records expenses and revenue when transactions occur before the money is dispensed or received.Learn more about cash-basis accounts at: https://brainly.com/question/14947252
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Many people do not like working for someone, so being your own ______ is an advantage of sole proprietorships
Being your own is a benefit of sole proprietorships because many people do not like working for someone else.
What are the benefits of operating as one's own business?
There are few upfront expenses. There is no one around you. Your business may be started and run easily. In the event that circumstances change, changing your legal structure later on will not be difficult. A partnership has an advantage over a single proprietorship because the duties, assets, and losses are divided.
However, you also divide the company's profits, which could lead to arguments on how to operate the company. Making a partnership contract is one strategy to reduce conflict.
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reasonable uses of debt include all the following except a. to finance an education. b. to cover a budget deficit. c. to purchase a car. d. to buy a house. e. to fund other investments.
Purchasing a car do not come under reasonable use of debt.
The correct answer is option C.
Good debt is frequently instanced in the old word “ it takes plutocrat to make plutocrat. ” If the debt you take on helps you induce income and make your net worth, also that can be considered positive. So can debt that improves your and your family's life in other significant ways. In addition," good" debt can be a loan used to finance commodity that will offer a good return on the investment. exemplifications of good debt may include Your mortgage. You adopt plutocrat to pay for a home in expedients that by the time your mortgage is paid off, your home will be worth further. Debt- to- income rate is your yearly debt scores compared to your gross yearly income ( before levies), expressed as a chance. A good debt- to- income rate is lower than or equal to 36. Any debt- to- income rate above 43 is considered to be too important debt.
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denver, incorporated, has sales of $19.1 million, total assets of $14.1 million, and total debt of $4.9 million. the profit margin is 9 percent. what is the company's net income? note: do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567. what is the company's roa? note: do not round intermediate calculations and enter your answer as a percent rounded 2 decimal places, e.g., 32.16. what is the company's roe?
The company's return on assets (ROA) is 12.19%, return on equity (ROE) is 18.68%, and net income is $1,719,000.
How much return on equity (ROE) is there?
A specific ROE range cannot be deemed a satisfactory return on equity. Some industries prefer a ROE of over 25%, while others may consider a value over 15% to be remarkable. Lower ROE does not, however, inevitably portend impending doom for a company. A high ROE can indicate that a business is more successful at making money on the internal market. It does not, however, properly illustrate the risk connected to that return.
A corporation may extensively rely on debt in order to increase net profit, which would raise ROE. The higher the ROE, the better the management of a company is at creating revenue and growth from its equity capital.
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two product designs are to be compares revenue potential. revenue from product a probability 0.3 and 0.7. which product would you prefer
Assuming all other factors are equal, then it would make sense to prefer Product A, as it has a higher probability of generating revenue (0.3 vs 0.7).
What is generating revenue?Generating revenue is the process of creating income through the sale of products or services. It is the primary goal of any business and is achieved by attracting customers and convincing them to buy the product or service. Revenue can also be generated through investments, grants, donations, or other sources. It is important for a business to understand the difference between revenue and profit, as profit is the amount generated after deducting the cost of production and other expenses.
It depends on a number of factors, such as the costs associated with each product, the target market of each, and the competitive landscape. Assuming all other factors are equal, then it would make sense to prefer Product A, as it has a higher probability of generating revenue (0.3 vs 0.7).
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a.liabilities decrease; stockholders' equity increases b.assets increase; liabilities increase c.assets increase; liabilities decrease d.assets decrease; liabilities decrease
Liability adjustments are recorded using credits and debits. The opposite of this is the asset debit and credit rule order.
What causes an equity to increase while a liability decreases?When all other factors are equal, a company's assets will increase alongside its equity and vice versa. If obligations rise, equity will decline; but, if liabilities fall, such as through debt repayment, equity will rise. These foundational concepts form the basis of contemporary accounting practises.
What causes assets to grow and shrink?According to Accounting Tools, a debit entry raises an asset account whereas a credit entry lowers an asset account. For instance, the inventory account in the books of your small business would go down if you credited it with $5,000.
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which are 3 common misconceptions users of an income statement may have? (select all that apply.) multiple select question. net income does not report all changes of value that occurred during the accounting period. net income equals cash. net income does not equal cash. net income does not include estimates. net income reports all changes of value that occurred during the accounting period. net income includes estimates.
Here are three common misconceptions users of an income statement may have:
Net income does not equal cashNet income includes estimatesNet income does not report all changes of value that occurred during the accounting period.A company's net income, which measures how much its sales surpassed its costs for the period, is determined using the income statement.
Key data about a company's financial performance, such as sales, cost of goods sold, gross profit, operating expenses, and operating income, are included in the income statement.
The revenue of the business is shown first on the income statement, and after deducting its cost of products sold and operational expenditures, the net income of the business is shown.
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why are the two output growth rates constructed in parts b and c different? which one is correct? explain your answer
Because element 1 in the input set maps to two values in the output set, the relationship depicted in the image is not a function.
The level of technological advancement or productivity development that the two nations are experiencing varies. The ability of an entity to use its limited resources in a way that results in output that is higher than that of other entities with access to the same resources is known as productivity. A nation's production increases as a result of technological advancement since it makes processes more effective. In the hypothetical situation, the growth in labor and capital in countries 1 and 2 is equal. This indicates that they have equal access to resources. The total output growth of nation 2 is higher than that of country 1, nonetheless. The rational argument is that country 2 has made greater technological strides than country 1, raising production while maintaining input levels.
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in terms of economic systems, the trend has been for countries___
which of the following describes a budget line? multiple choice question. a schedule showing various combinations of three or more products a consumer can purchase at different prices. a curve showing various combinations of two products an economy can produce with a specific amount of resources. a curve showing various combinations of three or more products a consumer can purchase at different prices. a curve showing various combinations of two products a consumer can purchase with a specific amount of income.
3rd option is correct. A curve showing the various combinations of two products that a consumer with a fixed income can purchase.
A budget line indicates a combination of two products that a consumer can consume with a limited budget. An indifference curve shows combinations of two products that yield the same satisfaction. To maximize utility, consumers choose a combination of two products whose indifference curve touches the budget line.
A budget line is a graphical representation of all possible combinations of two goods that can be purchased for a given income and price, where the cost of each of these combinations equals the consumer's monetary income. A budget line is a graphical representation of all possible combinations of two goods that can be purchased for a given income and price, where the cost of each of these combinations equals the consumer's monetary income.
The budget line shows the different combinations of two goods available to the consumer given the consumer's income and the market price of the goods.
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today, you are investing $25,000 at 6%, compounded monthly, for 10 years. how much additional income could you earn if you could have invested this amount at 7%, compounded monthly?
The additional income you earn if you could have invested this amount at 7%, compounded monthly will be $4,756.61
How to calculate the amountFrom the information, you are investing $25,000 at 6%, compounded monthly, for 10 years.
The additional income you earn if you could have invested this amount at 7%, compounded monthly will goes thus
We have to find the difference between the present value of both the scenarios.
interest rate=6%/12
period=10*12=120 months
=25000*[(1+(7%/12))^120]-[(1+(6%/12))^120]
=$4,756.61
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beacon, incorporated reported the following amounts at the end of the first year of operations: common stock $ 304,000 sales revenue $ 1,216,000 total assets $ 912,000 dividends declared $ 62,000 total liabilities $ 490,000 what are the retained earnings of beacon at the end of the year, and what amount of expenses were incurred during the year?
Expenses incurred during the year are $80,000 in retained earnings and $680,000 in incurred expenses.
Determines the profit to be made at the end of the first year.
Retained earnings at the end of year 1
= total assets − total liabilities − paid-up capital
= $600,000 − $320,000 − $200,000
= $80,000
Determine the net profit for the first year.
first year net profit
= Retained Earnings + First Year Settlement + First Year Dividend
= $80,000 + $40,000
= $120,000
Determine the costs incurred.
accrued expenses
= Sales in the first year − Net profit in the first year
= $800,000 − $120,000
= $680,000
Retained Earnings is the company's accumulated net income or earnings after dividend payments. The term "retained", an important accounting concept, captures the fact that these earnings were not paid out to shareholders as dividends, but were instead retained by the company.
Retained earnings therefore decrease when a company makes losses or pays dividends, and increases when new profits are made.
Retained Earnings (RE) is the amount of net profit left in a company after paying dividends to its shareholders. The decision to keep profits or distribute them among shareholders is usually left to management.
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suppose the abc bank has excess reserves of $1,000 and checkable deposits of $30,000. if the reserve requirement is 10 percent, what is the size of the bank's actual reserves?
Suppose ABC Bank has $30,000 in checkable deposits, $1,000 in surplus reserves, and $1,00 in other assets. The size of the bank's actual reserves is $4,000 if the reserve requirement is 10%.
What other names are given to checkable deposits?Demand deposits, often known as checkable deposits, are closely related to cash. The following amounts are what are kept in checking accounts. Demand deposits and checkable deposits are so-called because the financial institution is supposed to give the deposit holder his money "on demand" when a check is written or a debit card is used.
Checks can be written on bank accounts that accept checkable deposits. Among the deposit kinds that could be investigated are checking, savings, and money market accounts. Although checkable deposits are relatively liquid, they frequently have fees and are not intended for long-term goals.
Bank's actual reserves= Checkable Deposits X Percentage of reserve Requirement + Excess reserves
Bank's actual reserves= $30,000 X 10% + 1000
Bank's actual reserves= $4000
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the air mail act of 1934 again modified the air carrier industry. this piece of legislation contained punitive conditions for the private air carriers that were involved in the contract meeting in 1930. one of these conditions was:
Brown was granted the authority to negotiate long-term postal contracts with airlines after Congress enacted the 1930 Airmail Act with the assistance of Senator Charles McNary and Representative Laurence Watres.
What did the 1934 Air Mail Act seek to accomplish?The Air Mail Act of 1934 empowered the secretary of defense to grant the postmaster general access to military aircraft, runways, pilots, and equipment for mail delivery by air.
What was the name of the 1934 Air Mail Act?Senator Black looked at a number of ways to penalize the airlines. On June 12th, he introduced the Black-McKellar Bill, also referred to as the 1934 Air Mail Act. Its primary objective was to deconstruct the aviation holding companies, which were large corporations that contained both airlines and aircraft manufacturing firms.
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the government wants to transfer welfare from buyers to sellers by collecting a $1 tax on a good from buyers and subsidizing sellers $1 for each unit of the good sold. this policy will: a. decrease the equilibrium price b. increase the equilibrium quantity c. increase the equilibrium price d. decrease the equilibrium quantity
The government policy above will decrease the equilibrium price of the goods. The correct answer to the question above is option A. decreases the equilibrium price.
The equilibrium price is the condition where the demand for goods matches the supply or the condition where the supply and demand are balanced.
In a market in equilibrium condition, the price reflects an exact balance between buyers and sellers. Market equilibrium rarely happens.
There are some types of equilibrium:
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check my work within the supply-and-demand model, a tax collected from the buyers of a good shifts the a. demand curve upward by the size of the tax per unit. b. demand curve downward by the size of the tax per unit. c. supply curve upward by the size of the tax per unit. d. supply curve downward by the size of the tax per unit.
When a tax is collected from buyers of a good, the demand curve shifts downward by the size of the tax per unit, meaning people will be willing to purchase less of the good. Option B. demand curve downward by the size of the tax per unit.
This is because the higher cost of the good due to the tax reduces the overall demand for it in the market. The supply curve, meanwhile, shifts upward by the size of the tax per unit, meaning that the suppliers will be willing to offer more of the good at the higher price. This is because they now have the incentive of earning more profit due to the increased price.
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a customer can order many items, and an item can be ordered by many customers is an example of a recursive relationship. group of answer choices true false
A customer can order many items, and an item can be ordered by many customers is an example of a recursive relationship. The statement is False
A relationship is recursive on the off chance that a similar substance type shows up at least a time or two. A commonplace business model is a standard, for example, "a worker oversees different representatives". The directs relationship is recursive; each occurrence of oversees will determine two representatives, one of which is viewed as a boss and the other the managed. In the accompanying graph the relationship image joins to the Representative element type two times by two separate lines. Note the relationship is one-to-many: a worker might oversee numerous representatives, and a representative might be managed by all things considered another representative.
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when a corporation liquidates, it performs three activities. what is the general order of these activities in a plan of liquidation?
The three major plans that is must be performed by the corporation in a plan of liquidation are wind up its affairs, pay debts, and distribute property to shareholders.
In the term of economic and financial accounting, Liquidation generally can be defined as the process in accounting by which a company is brought to an end. The liquidation is applied in most countries, such as in Canada, United Kingdom, United States, Ireland, Australia, New Zealand, Italy, and many other countries. If a company wants to make a liquidation, The assets and property of the company are redistributed.
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If a business owner invests $5,000 in cash into the business, which side of the T for the cash account would the $5,000 be recorded?
a. Debit b. Credit c. Net income d. It would not be recorded because the cash comes from the owner.
a social networking site could sell information regarding its users' online behavior to a soft drink manufacturing and advertising firm. this relates most to
A soft drink manufacturing and advertising company could purchase information from a social networking site about its subscribers' online activities. much of which is relevant to behavioural targeting.
What is behavioural targeting?A strategy used in online advertising and publishing is behavioural targeting, which uses information from visitor browsing patterns (such as search phrases, sites visited, and purchases) to display relevant ads and offers and boost campaign efficacy. The most effective adverts and messages are chosen using behavioural targeting, which analyses people's actions. It uses behavioural data, such as what users do or don't do on your website, on your app, or during campaigns, to launch targeted marketing. An example of behavioural targeting would be if a customer frequently visited a website with reviews of thermometers for home use or searched for thermometers, then visited a website for thermometer manufacturers. This blatantly demonstrates a desire to purchase a thermometer.
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all of the following are prevention costs except:multiple choicetraining costs.regularly scheduled maintenance.engineering and design costs.inspection costs.
The correct answer is option c. All of the following are prevention costs except engineering and design costs.
The prevention costs is referred as the expenses incurred to prevent potential problems, malfunctions, or failures from occurring.
These prevention costs are usually incurred in the early stages of a product's life cycle, before the problems actually arise. The purpose of prevention costs is to reduce the likelihood of a failures and improve the overall quality and reliability of a product or service. Some examples of prevention costs include training costs for employees, regularly scheduled maintenance, and inspection costs to ensure quality and prevent failures.
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complete question
all of the following are prevention costs except: multiple choice
a. training costs.
b. regularly scheduled maintenance.
c. engineering and design costs.
d. inspection costs.
if you are interesting in working as a financial planner, or want to hire someone to manage your personal assets, which professional designation does the text mention is important?
The text does not mention a specific professional designation that is important for financial planners or for hiring someone to manage personal assets.
There are several professional designations for financial planners, including Certified Financial Planner (CFP), Chartered Financial Consultant (ChFC), Personal Financial Specialist (PFS), and others. When choosing a financial planner or considering someone to manage your personal assets, it is important to research and compare their qualifications, experience, and track record to ensure they are a good fit for your needs. Additionally, it may be helpful to ask for references and check if they have any disciplinary history.
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the natural business year is a a.calendar year that ends when business activities are at their lowest point b.fiscal year that ends when business activities are at their lowest point c.fiscal year that ends when business activities are at their highest point d.calendar year that ends when business activities are at their highest point
The natural business year is a fiscal year that ends when business activities are at their lowest points.
What is a fiscal year?
Government accounting, which varies by country, uses a fiscal year (sometimes known as a financial year or, on occasion, a budget year) for these purposes. Additionally, it is employed by companies and other organisations for financial reporting. Many jurisdictions have laws requiring the preparation and publication of yearly financial reports from businesses, but they rarely mandate that the reporting period coincides with the calendar year (1 January to 31 December). Tax rules typically stipulate that accounting records must be kept and taxes must be computed annually, which typically coincides with the fiscal year used by the government.
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what is the future value of a lump sum of $3,000 deposited today for 8 years at a rate of 10 percent compounded annually? round your answer to the nearest whole value.
The future value of a lump sum of $3,000 deposited today for 8 years at a rate of 10 percent compounded annually is $ 6.432
A current asset's Future Value (FV), which is based on an estimated growth rate, is its value at a particular point in the future. Due to market volatility and uncertainty regarding future investment conditions, it can be challenging to calculate an investment's fair value (FV) in the market.
lump sum = $3,000
number of years (n) = 8 years
rate of interest (compounded annually) (r) =10%
FVIF (as per table ) = 2.144
calculating future value using the table,
FV = lump sum x FVIF (n, r)
future value = 3000 x 2.144 (10%)
future value = $ 6.432
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virtual meetings are not considered cost effective applications of data communication systems for managers. a. true b. false
This assertion is false. Thus, data verbal exchange refers to the exchange of facts between two or more networked or related devices. These gadgets have to be successful of sending and receiving facts over a verbal exchange medium.
Examples of such gadgets include private computers, cellular phones, laptops, etc.
What is the significance of records communication?All in all, facts conversation lets in organizations to minimize fees and enhance effectivity by means of sharing statistics and frequent equipment among many specific computers. At the same time, the network can also be connected through cables, smartphone lines, infrared beams, which is more cost-effective and helps to minimize the expenses.
What are three advantages of statistics communication?
Benefits of Data Communication are : secure and steady records exchange environment. joint data protection system. facts transmission in compliance with the IP data transmission protocol.
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brainly.com/question/30298775#SPJ4Why is capital goods important for an economic growth?
Capital goods are essential for long-term expansion in product output, or to put it another way, increases in the capacity to provide goods and services.
What are capital goods?The economic definition of a capital good is a "...series of heterogeneous commodities, each having specific technical characteristics... in the form of a durable good that is used in the production of goods or services."
Capital goods are also known as complex product systems (CoPS) and means of production.
A specific type of economic good that is tangible property is capital goods.
By accumulating wealth that can be used to purchase the means of production, a society can acquire capital goods.
A company cannot compete in the market if it is unable to create items owing to a lack of equipment.
Long-term growth in the production of products, or, to put it another way, increases in the production capacity of goods and services, depend critically on capital goods.
Therefore, capital goods are essential for long-term expansion in product output, or to put it another way, increases in the capacity to provide goods and services.
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which one of the following correctly states a purpose of the generation-skipping transfer tax (gstt)? a) to encourage the transfer of wealth to younger generations b) to discourage generation-skipping transfers by using up the transferor's gift or estate tax credit amounts more quickly c) to ensure transfer taxes are paid at each generation by transfer taxing wealth when it is transferred to a skip person d) to substitute the gstt for any gift or estate tax due on the transfer instead of imposing the gift or estate tax
Following states a purpose of generation-skipping tax: D. to substitute the gstt for any gift or estate tax due on the transfer instead of imposing the gift or estate tax.
What is generation skipping transfer tax ?The generation-skipping tax (GST), sometimes known as the generation-skipping transfer tax, forbids you from intentionally omitting your children from your estate plan in favour of younger generations in order to avoid any estate taxes that might be owed once your children pass away.
Hence the correct option is D.to substitute the gstt for any gift or estate tax due on the transfer instead of imposing the gift or estate tax.
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the primary purpose of assembling a team is . group of answer choices to promote organizational compliance and loyalty to organize into groups of people with identical capabilities to permit the members to focus on their individual goals
The primary purpose of assembling a team is a).to achieve a common goal.
The primary purpose of assembling a team is to achieve a common goal. Teams are composed of individuals with different skills, backgrounds, and perspectives who come together to work towards a shared objective. The goal of the team is typically defined by the organization and aligns with the overall strategy and mission of the company. By working together, team members can pool their knowledge, skills, and resources to find innovative solutions, make better decisions, and achieve outcomes that would not be possible for individual team members working alone. The collaborative nature of teams also helps to promote teamwork, cooperation, and interdependence among team members, leading to a more efficient and effective work environment.
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