d. comparable is a required characteristic to make information useful in meeting objectives identified by GASB in Concept Statement No. 1.
The Governmental Accounting Standards Board (GASB) has established certain characteristics that are required for information to be useful in meeting objectives. These characteristics are outlined in Concept Statement No. 1 and are essential for ensuring the quality of financial reporting in the public sector. The characteristics include: relevance, reliability, comparability, and understandability.
Out of these characteristics, "comparable" is not a requirement for information to be considered useful in meeting objectives. However, the other three characteristics are essential.
Relevance refers to the ability of information to make a difference in decision-making. Financial information must be relevant to the decisions being made by stakeholders, such as policymakers and taxpayers, in order for it to be considered useful.
Reliability refers to the consistency and accuracy of financial information. Financial information must be free from material misstatements and biases in order for it to be considered reliable.
Understandability refers to the ease with which stakeholders can understand financial information. Financial information must be presented in a clear and concise manner in order for it to be considered understandable.
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drag each label into the proper box to indicate whether the scenario would increase or decrease the rate of the reaction
If the rate of reaction reduces then decreases reactant concentration, and there are no enzymes and a lowering of temperature.
If the rate of reaction increases then temperature raises, reactant concentration raises, and catalyst presence.
What is the reaction rate?
The reaction rate is the rate at which a chemical reaction moves forward. It is frequently described in terms of either the concentration of a reactant that is consumed in a unit of time or the concentration of a product that is generated in a unit of time (amount per unit volume). You may also define it in terms of how much of the reactants are used up or how much of the products are produced in a given amount of time.
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Assume a company holds 100% of the common stock of another company. In the second year of ownership, the beginning book value of the total investment was $430,000. The book value included common stock of $350,000, and retained earnings of $80,000. During the second year, the investee company earned net income $50,000 and did not declare dividends. Based on this information, the ending book value of the investment is
The ending book value of the investment would be $430,000 + $50,000 = $480,000.
The net income of $50,000 earned by the investee company during the second year is added to the beginning book value of $430,000 (common stock of $350,000 and retained earnings of $80,000) to determine the ending book value. The fact that no dividends were declared during the year does not affect the calculation of the ending book value of the investment.
What is the ending book value?
Ending book value is the value of an investment recorded in a company's financial records at the end of an accounting period. It is calculated by adding the net income earned during the period to the beginning book value and subtracting any dividends declared during the period.
The ending book value provides a snapshot of the financial status of the investment at a particular point in time and serves as a basis for future calculations and decisions. In the context of stock ownership, ending book value represents the value of the investment in the common stock and retained earnings of the investee company.
Hence, the answer is, the ending book value of the investment would be $430,000 + $50,000 = $480,000.
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quiz 2 - john pablo works in the accounting department of a multinational manufacturing company. his job includes updating accounts payable based on purchase orders and checks. his responsibilities are part of the company's
John Pablo works in the accounting division of a large industrial organisation. His duties include updating the accounts payable department using checks and purchase orders. His duties fall under the company's revenue cycle.
The process of offering goods and services and collecting money from clients as payment for the same sales is referred as the revenue cycle. Related information processing procedures are also part of this cycle. Other accounting cycles receive information regarding revenue cycle activities as well. Information generated by the revenue cycle is used by the general ledger and reporting operations to create financial statements and financial reports. The main goal of the revenue cycle is to deliver the appropriate product at the right time and location for the right price. The management needs to decide on a few things in order to achieve this goal. Four fundamental revenue cycle operations are as follows:
1. Entry of sales orders
2.Shipping
3. Payment
4. Collections of cash
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the basic purpose of control charts include(s): question 3 options: both establishing control limits for a process and monitoring the process to indicate when it is out of control are basic purposes none of these answer choices is correct establishing control limits for a process monitoring the process to indicate when it is out of control
A control chart is a graph used to examine how a process changes over time. Data are plotted in time series.
A control chart always has a middle line representing the mean, an upper line representing the upper control limit, and a lower line representing the lower control limit. These rows are determined from historical data. By comparing the actual data to these lines, draw conclusions about whether the process variability is consistent (controlled) or unpredictable (out of control, affected by a particular source of variability) can do. This versatile data collection and analysis tool can be used across industries and is considered one of the seven essential quality tools.
Variable data control charts are used in pairs. The top graph monitors the mean or center of the distribution of data from the process. If the data are shooting practice shots, the mean is where the shots were clustered, and the range is the distance at which the shots were clustered. Attribute data control charts are used separately.
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terrell company reported the following data at the end of its first year of operations on december 31. equipment $ 22,000 accounts payable 11,000 common stock 26,000 dividends 9,000 services revenue 60,000 rent revenue 13,000 salaries expense 41,000 advertising expense 7,000 utilities expense 5,000 (a) prepare its year-end income statement. (b) prepare its year-end statement of retained earnings, using net income calculated in part a. hint: retained earnings on january 1 was $0.
An income statement is essential for your business's finances. It shows your company's expenses and revenue over a certain time period, as well as whether or not a profit is being made.
How does the income statement look?In addition, it is an essential tool for managing your business and organizing your strategy. Your income statement is examined by lenders, investors, and other partners in order to assess your financial performance and make decisions that may have an impact on your company's future.
(a) Statement of Income for the Year to December 31:
Revenue: Services-Related Revenue: $60,000.
Rent proceeds: $73,000 in revenue came in at $13,000.
Expenses: Salary prices: Cost of advertising: $41,000 $7,000.
Utilities cost: Total expenses of $53,000: $5,000 Net Income: $20,000 is the difference between $53,000 and $53,000.
(a) Owner's Equity Statement on December 31:
Contributions by Owners: $26,000 $20,000 minus $9,000 in withdrawals from Terrell Owner's equity equals $37,000 ($26,000 + $20,000 minus $9,000) in net income of $26,000 $20,000
How does an income statement work?A company's profits, expenses, and revenues over time are shown on an income statement. Earnings statement and profit-and-loss (P&L) statement are other names for it. It displays your: income from the sale of goods or services. expenses for managing your business and generating revenue.
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- regression makes the sum of the squared prediction errors as small as possible. (enter your answer as two words with a space in between. do not use a comma or a dash in your answer.)
Least Squares regression makes the sum of the squared prediction errors as small as possible.
What does the square root of the regression mean?
The variance in the dependent variable that the regression equation "explains" is measured by the regression sum of squares. a way to gauge a regression analysis's capacity for an explanation. determines the percentage of the dependent variable's variation that can be described by the variance in the explanatory variables (s).
The total of the square prediction errors is reduced as much as possible with least squares regression. An equation with particular parameters describes this procedure.
Therefore, Finding a regression or the finest line for the given sequence requires the use of the least-squares statistical method, which is fundamental.
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true/false. the financial meltdown of 2008 was in part due to , demonstrating the dangers of relying too heavily on the quantitative techniques of scientific management.
False. The financial crisis of 2008 was not primarily due to the reliance on quantitative techniques of scientific management.
What was the cause of the financial crisis of 2008?It was primarily caused by a combination of factors such as the widespread distribution of risky mortgage-backed securities, high levels of debt, lax regulations, and an overall housing market bubble.
The financial crisis of 2008 was caused by a combination of factors such as the widespread distribution of risky mortgage-backed securities, high levels of debt, lax regulations, and an overall housing market bubble. The crisis was exacerbated by the failure of financial institutions and the subsequent decline in confidence in the financial system, leading to a global economic recession.
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a. From the trial balance and other information given, prepare annual
adjusting entries as of December 31, 2022.
b. Prepare the worksheet
c. Prepare an income statement for 2022, a statement of owner’s equity,
and a classified statement of financial position.
d. Maintain the necessary closing entry.
4) Mr. Arian opened Arian’s Carpet Cleaners on March 1, 2021. During March, the
following transactions were completed.
Mar. 1: Invested Br. 35,000 cash in a share of a business.
Mar. 1: Purchased used Truck (equipment) for Br. 6,000, paying Br. 2,000 cash
and the remaining balance on account.
Mar. 3: Purchased cleaning supplies for Br. 1,500 on account.
Mar. 5: Paid Br. 1,200 cash on one-year insurance policy effective March
Mar. 14: Billed customers Br. 4,800 for cleaning services.
Mar. 18: Paid Br. 1.500 cash on amount owed on Truck and Br. 500 on amount
owed on cleaning supplies.
Mar. 20: Paid Br. 7,000 cash for employee salaries.
Mar. 21: Collected Br. 3,800 cash from customers billed on
Mar. 28: Billed customers Br. 2,500 for cleaning services.
Mar. 31: Paid advertising expenses of Br. 2000.
Mar. 31: paid a dividend of Br. 3000.
Requirements:
1) Journalize the March transactions.
2) Prepare necessary Ledger Accounts.
3) Prepare a Trial Balance at March 31
4) Journalize the following adjustments and prepare an adjusted Trial
Balance:
i. Earned but unbilled revenue at March 31 was Br. 1000.
ii. Depreciation on equipment for the month was Br. 200.
iii. One-twelfth of the insurance expired.
iv. An inventory count shows Br. 400 of cleaning supplies on hand
v. Accrued but unpaid employee salaries were Br. 700.
5) Prepare the worksheet
6) Prepare an income statement, a statement of owner’s equity, and a
statement of financial position.
7) Maintain the necessary closing entry
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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To get started in terms of what to build, Scrum requires no more than a Product Owner with enough ideas for a first Sprint, a Development Team to implement those ideas and a Scrum Master to help guide the process.True or False
To get started in terms of what to build, scrum requires no more than a product owner with enough ideas for a first sprint, a development team to implement those ideas and a scrum master to help guide the process. It is true.
What is scrum master?
Scrum is a project management framework that is frequently used in the software development industry, while it has also been used to other industries such as research, sales, marketing, and cutting-edge technology. It is designed for teams of 10 or less people who break down their work into manageable tasks that can be completed in time-constrained sprints. Each sprint is typically two weeks long and lasts no longer than a month. A small team of individuals made up of a product owner, a scrum master, and developers is the basic building block of the scrum methodology.
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TRUE/FALSE. when an unlisted procedure or service code is reported, a special report must accompany the claim to describe of the procedure or service.
Above statement is correct, when an unlisted procedure or service code is reported, a special report must accompany the claim to describe the nature, extent, and need of the procedure or service.
What are unlisted codes used for?When claims are submitted for procedures or services and a CPT/HCPCS code is not otherwise specified, unlisted codes are issued. Choose the procedure or service names that correctly identify the completed service in accordance with the AMA's (American Medical Association) CPT Code Set instructions.
How do you bill unlisted procedures?Choose the CPT or HCPCS code for the service or treatment to be billed that most precisely describes what was done. If such a code is not present, use the relevant unlisted procedure or Not Otherwise Classified (NOC) code to report the service or operation (which often end in 99)
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a firm has an expected roe of 15%. if it pays out 30% of it earnings as dividends, its dividend growth rate will be . multiple choice question. .105 .15 .125 .45
15% ROE is anticipated for a company. Its dividend growth rate will be 10.5% if it distributes 30% of its earnings as dividends.
How quickly are dividends increasing?The dividend growth rate, or DGR, is the rate of dividend increase in percentage over a given period of time for a particular corporation. In many cases, the DGR is calculated once a year. The calculation can, however, also be done on a quarterly or monthly basis if necessary.
Where does ROE come from?In order to calculate ROE, analysts only divide the company's net income by the typical level of shareholders' equity. The difference between assets and liabilities, or shareholders' equity, can be viewed as a measurement of the return generated on the company's net assets.
b = 1 - 0.3 = .7
g = b × ROE = 0.7 × 15% = 10.5%
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suppose you bought 450 shares of stock at an initial price of $50 per share. the stock paid a dividend of $.52 per share during the following year, and the share price at the end of the year was $51. compute your total dollar return on this investment.
The total dollar return on this investment is $684.
To calculate the total dollar return on this investment, we need to consider both the dividends received and the change in the stock price.
First, the dividends received:
450 shares * $0.52 per share = $234
Next, the change in the stock price:
450 shares * ($51 - $50) per share = $450
Finally, the total dollar return:
$234 + $450 = $684
Therefore, the total dollar return on this investment is $684.
Shares are units of ownership in a corporation. A dividend is a payment made by a corporation to its shareholders, typically in the form of cash, but sometimes in the form of additional shares of stock.
In short, shares represent a stake in a company, and dividends are payments made to shareholders out of the company's profits.
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true/false. an advantage of using systems flowcharts to document information about internal control instead of using internal control questionnaires is that systems flowcharts
False. An advantage of using systems flowcharts to document information about internal control instead of using internal control questionnaires is that systems flowcharts
What is the flow chart?One of the advantages of using internal control questionnaires instead of systems flowcharts to document information about internal control is that questionnaires provide a standardized and systematic method for evaluating and documenting internal controls, which makes it easier to identify any potential weaknesses or inefficiencies in the control system.
Additionally, questionnaires can often be completed by the individuals responsible for implementing the controls, providing a more in-depth understanding of the control system. Systems flowcharts, on the other hand, provide a visual representation of a process, but may not provide as much detail about the internal controls in place.
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FILL IN THE BLANK in an eastern european country, most people eat dinner after 10:00 p.m. this would be identified in the _____blank section of a global market research report.
In East European Country, most people eat dinner after 10:00 p.m. this would be identified in the "Cultural, societal" section of a global market research report.
What is global market research?Global market research would be an umbrella phrase for the collecting and analysis of data that businesses conduct in countries outside than their home market.
Some key features regarding the global market research are-
This involves anything from consumer understanding to product design research, and includes creating the study, doing the fieldwork, analyzing the data, and reporting the results.It varies from domestic market research in that a knowledge of cultural variations is critical to its successful implementation.Global market research will serve several key functions. It assists businesses in understanding their current or prospective clients in international marketplaces.Such markets — as well as the people who inhabit them — are frequently markedly different from your home market in a variety of ways.Failure to appreciate the many subtle characteristics between different worldwide markets and have a great understanding of them prior to launching a product can be a costly mistake.To know more about the global market research, here
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an nvestor believes that interest rate wil be flat or fallin ginto the futurel and that prices may deflate. the most approtioew invesment is _______.
U.S. Treasury bonds are broadly regarded the safest investments on earth. Because the United States authorities has in no way defaulted on its debt, buyers see U.S. Treasuries as incredibly invulnerable funding vehicles.
What are 4 types of investments?Bonds, stocks, mutual cash and exchange-traded funds, or ETFs, are four simple types of investment options.
A SAFE is an settlement to supply you a future equity stake based on the quantity you invested if—and solely if—a triggering tournament occurs, such as an additional spherical of financing or the sale of the company.
High-yield financial savings accounts. Series I financial savings bonds. Short-term certificates of deposit. Money market funds.
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https://brainly.com/question/30105963#SPJ4The _____ of any country is measured by the output of goods and services people can buy with the money they have. all workers in business.
The standard of living of any country is measured by the output of goods and services people can buy with the money they have all workers in the business.
What is the standard of living?
The availability of both quantity and quality material goods and services to a certain community is referred to as the standard of living. Typically, gross domestic product (GDP) per capita is used to measure it. Both the standard of living and the quality of life draws on some of the same facts, although the former emphasises the more tangible aspects of life while the latter emphasises the more ethereal ones. The Human Development Index (HDI), which takes into account a variety of variables including life expectancy, education, gross national income (GNI), and homicide rates, is an alternative data set on the standard of living.
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based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the gdp of the united states in 2023.
Individual consumption, corporate investment, public spending, and net exports are the four pillars of the gross domestic product.
What is Components of GDP ?You may determine a country's strengths from its output in this way. The nation's annual GDP represents all of its economic activity. In terms of money spent in that economy, it is comparable. Only the underground or "black economy" is an exception.
The overall economic production of a country over a certain accounting period, or GDP, is the sum of all its ultimate costs.
The proceeds from its shadow economy are not included.
Personal consumption expenditures, corporate investment, government expenditures, and net exports are the four main factors used by the BEA to determine the U.S. GDP.
70% of GDP comes on consumer expenditure.
Important sectors of the American economy are the retail and service sectors.
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fill in the blank. . if your firm is a potential entrant thinking about entering an industry, you want the entry barriers to be___. (note: this is a difficult question and the answer may be counter-intuitive.) group of answer choices high low
If your firm is a potential entrant thinking about entering an industry, you want the entry barriers to be low. Firms are typically responsible for the protection of their assets, ensuring compliance with laws and regulations.
What do you know about a firm?
A firm is an entity, usually a business or organization, which is created to engage in activities for profit or other reasons. It is a legal entity that is separate from its owners and shareholders, and is typically formed and governed by the laws of its home country. Firms typically have a structure that includes a board of directors, managers, employees and other stakeholders. The firm's activities may include providing goods or services to customers, investing in other companies, and engaging in research and development. The firm may also hold assets such as real estate, investments, and intellectual property. Firms are typically responsible for the protection of their assets, ensuring compliance with laws and regulations, and protecting the interests of their stakeholders.
So, The answer is Low.
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which of the following policies would result in an increase in the quantity supplied of a good in a market? which of the following policies would result in an increase in the quantity supplied of a good in a market? levying a per-unit tax on buyers imposing an import quota imposing a binding (i.e. effective) price floor imposing a binding (i.e. effective) price ceiling levying a tariff
Imposing effective (binding) price floor policy would raise the amount of a good supplied in a market.
When is a market-enforced effective price floor binding?When the government imposes a mandatory price on a thing or group of items at a price higher than equilibrium, it is said to be a binding price floor, according to the Corporate Finance Institute. Given that the government forbids prices from falling below that markup, the market for that product is restricted by that price.
If a government sets a legally required price floor, the consumer surplus in a market will decrease. Setting a binding floor price is the process of setting a market price that is higher than the equilibrium price that would prevail in a free market to provide sellers a higher price for their goods.
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which of the following is a monetary policy used to counter the effect on employment of a negative supply shock in the short run?
B: "Buying government bonds in the open market" is a monetary policy used to counter the effect on employment of a 'negative supply shock' in the short run.
Monetary policy refers to the actions taken by a central bank to influence the money supply and interest rates in an economy. When there is a negative supply shock, such as a sudden decrease in the availability of a key resource, it can lead to a contraction in economic activity and higher unemployment.
To counter this effect in the short run, a central bank can use monetary policy to inject more money into the economy. One way to do this is through open market operations, such as buying government bonds. This increases the money supply, which can lower interest rates and stimulate economic activity, helping to reduce the negative impact of the supply shock on employment.
"
Complete question
which of the following is a monetary policy used to counter the effect on employment of a negative supply shock in the short run?
A: Increasing government spending
B: Buying government bonds in the open market
C: Increasing the required reserved ratio
D: Targeting a higher federal funds rate
"
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for the purposes of this problem, assume the existence of five types of auditors: cpa, gao, irs, bank examiner, and internal auditor. also assume that the work of these various auditors can be grouped into five classifications: audits of financial statements, compliance audits, operational audits, accounting services, and consulting services.
In this situation, a CPA audit of the financial statements would be the appropriate response.
What do financial statements mean?
Financial statements convey precise details about a company's operations and financial progress. Financial accounts are routinely audited by government agencies, accounting firms, etc. to ensure correctness and for tax, financing, or investment reasons. The four fundamental financial statements for for-profit businesses are the balance sheet, income statement, statement of cash flow, and statement of changes in equity. Nonprofit organisations employ a similar but different set of financial statements.
Financial statements are written records that describe the operations and financial performance of a company.
A brief overview of the company's assets, liabilities, and shareholders' equity is provided by the balance sheet.
The equity statement of changes keeps tabs on if profits are distributed to outside parties or retained inside for future growth.
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TRUE/FALSE. people who combine natural resources, labor, and capital in a profitable venture are called entrepreneurs.
People who combine natural resources, labor, and capital in a profitable venture are called entrepreneurs. This statement is true.
What is an entrepreneur?
Someone who launches a business on their own is called an entrepreneur. Entrepreneurship The most crucial aspect of management, particularly for those eager individuals with a start-up idea, is management. Entrepreneurs are those who start new businesses, invent things, and take chances to succeed. They come from many communities, industries, and nations, but they have some things in common, including vision, passion, and tenacity. They motivate people to follow their interests, chase their aspirations, and alter the course of the world. The concept of small business entrepreneurship is to start a company without growing it into a massive conglomerate or launching numerous chains.
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Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $82,000. b. Direct materials used, $37,500. Indirect materials used, $17,200. c. Direct labor used, $30,000. Indirect labor used, $10,000. (Record using Factory Wages Payable.) d. Paid cash for other actual overhead costs, $7125. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $54,400. 9. Sales of jobs on credit was $77,000. h. Cost of jobs sold was $54,400. View transaction list View journal entry worksheet No Transaction Raw materials inventory Accounts payable General Journal Credit 1 a Debit 82,000 82,000 2 b(1) Work in process inventory Raw materials inventory 37,500 37,500 3 b(2) Factory overhead Raw materials inventory 17,200 17.200 4 (1) Work in process inventory Factory overhead Factory wages payable 30,000 10,000 40,000
The raw materials inventory account is debited by $82,000 and the accounts payable account is credited with $82,000.
What is written in a journal entry first?Put in the right date: The first step is to date each journal entry in your journal. This is to make sure that it is uploaded at the appropriate time. Put the account name and number in writing: Always include the G/L account number in addition to the account name when creating a journal entry.
Create the journal entries necessary to document transactions a through h.
Below are the journal entries:
a. Raw materials inventory A/c (Dr.) $82,000
To Accounts payable A/c (Cr.) $82,000
(because raw materials are bought on credit.)
b. Work in progress inventory A/c (Dr.) $37,500
To Raw materials inventory A/c (Cr.) $37,500
(being applied to recorded production)
Factory overhead A/c (Dr.) $17,200
To Raw materials inventory A/c (Cr.) $17,200
(The recorded material is indirect.)
c. Work in progress inventory A/c (Dr.) $30,000
Factory overhead A/c (Dr.) $10,000
To cash A/c (Cr.) $40,000
(Payroll at factories is paid in cash.)
d. Factory overhead A/c (Dr.) $7125
To Cash A/c (Cr.) $7125
(Actual overhead is paid for with cash as well.)
e. Work in progress inventory A/c (Dr.) $47,500
($38,000 × 125%)
To Factory overhead A/c (Cr.) $47,500
(As it is applied overhead, recording)
f. Finished goods inventory A/c (Dr.) $54,400
To Work in progress inventory A/c (Cr.) $54,400
(The transfer of items is noted.)
g. Accounts receivable A/c (Dr.) $77,000
To Sales A/c (Cr.) $77,000
(Jobs are sold with accounts)
h. Cost of goods sold A/c (Dr.) $54,400
To Finished goods inventory A/c (Cr.) $54,400
(As the job cost is documented)
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for each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) select debit or credit to identify the kind of entry that would increase the account balance.
Asset Accounts include items like land, cash, prepaid insurance, receivables, and equipment, and their typical balances are debits. Accordingly, a rise in the asset account would result in a debt, and vice versa.
The expenditure account for legal expenses is a debit one, therefore any growth in the account would result in a debit, and vice versa.
The revenues earned, which in this case comprise license fee revenue and fees earned, are credit-type revenues, meaning that an increase in them will be credited and vice versa.
The dividends are a drawing account, which implies that any rise would result in a debit, and vice versa.
The rise in common stock would be credited and vice versa since it is an equity account with a credit character.
Notes The liability account for payable and unearned income is one that is credit in nature, so that a rise in liability would result in a credit.
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a company reports the following in its income statement: total revenues of $500,000 and total expenses of $300,000. which of the following is true?
The company's net income can be calculated by subtracting its total expenses from its total revenues that is $500,000 - $300,000 = $200,000.
A company reporting total revenues of $500,000 and total expenses of $300,000 means that the company generated $500,000 in sales and incurred $300,000 in costs to produce and sell those goods or services.
To calculate the net income, we subtract the total expenses from the total revenues:
$500,000 - $300,000 = $200,000
Therefore, the company has a net income of $200,000. This means that the company earned a profit of $200,000 after deducting all its expenses from its total revenue.
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listed below are several statements that relate to financial accounting and reporting. identify the accounting concept that applies to each statement.
Periodicity assumption, Economic entity assumption, Revenue recognition, and Expense recognition are the accounting concepts that apply to each statement.
What are accounting concepts?
There are a number of laws in India that must be adhered to when walking or driving on the road in order to ensure a smooth flow of traffic. Similarly to this, an accountant must abide by certain accounting principles when documenting business transactions or keeping track of accounts. You may think of them as accounting ideas. As a result, it is possible to state that "accounting ideas" refers to fundamental guidelines, presumptions, and principles that serve as the foundational guideline for documenting business activities and keeping accurate books of accounts.
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The following selected transactions were completed by Silverado Delivery Service during February: 08.4 1. Received cash from owner as additional investment, $25,000. 2. Purchased supplies for cash, $750.3. Paid rent for February, $3,000. 4. Paid advertising expense, $1,500 5. Received cash for providing delivery services, $16,800. 6. Billed customers for delivery services on account, $32,500 7. Paid creditors on account, $1,400. 8. Received cash from customers on account, $23,770. 9. Determined that the cost of supplies on hand was $275 and $475 of supplies had been used during the month. 10. Paid cash to owner for personal use, $5,000. Indicate the effect of each transaction on the accounting equation by listing the num- bers identifying the transactions, (1) through (10), in a column and inserting at the right of each number the appropriate letter from the following list: a. Increase in an asset, decrease in another asset. b. Increase in an asset, increase in a liability. c. Increase in an asset, increase in owner's equity. d. Decrease in an asset, decrease in a liability e. Decrease in an asset, decrease in owner's equity.
Because it directly affects an organization's financial situation, the accounting equation is also known as the balance sheet equation. Assets = Liabilities + Owner's Equity is the definition of the equation. When financial transactions are documented in the general journal, the equation must constantly remain in balance.
What are entries in a journal?
In your company's books, a journal entry serves as a record of a business transaction. Every transaction requires at least two journal entries in double-entry bookkeeping. A bookkeeper keeps track of all the changes that a transaction can bring about in a business by recording them in their journal.
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On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions.
the initial sale
the subsequent customer payment on March 10
The Initial sale is = $42,000.
The calculation is as Follows ?Sales=Number of Units ×Sales Price
=300 surfboards×$400
=$120,000
The amount of sales is $120,000.
Cost of Goods Sold=Number of Units×Cost
=300 surfboards×$140
=$42,000
The amount of cost of goods sold is $42,000.
Accounts receivable, often known as AR or A/R, are legally enforceable claims for payment held by a firm for products supplied or services provided that consumers have requested but have not paid for.
Customer onboarding, invoicing, collections, deductions, exception management, and eventually cash posting following payment collection are all steps in the accounts receivable process.
These often take the form of invoices generated by a business and provided to the client for payment within a predetermined time limit. In a balance sheet, accounts receivable are displayed as an asset.
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FILL THE BLANK One suggestion for helping poor countries enjoy the benefits of free trade is for richer nations to reduce barriers to importing products from those nations particularly for textiles and ________ products.
One suggestion for helping poor countries enjoy the benefits of free trade is for richer nations to reduce barriers to importing products from those nations particularly for textiles and agricultural products.
What is the principal advantage of free commerce between two nations?Non-tariff obstacles that might otherwise obstruct the flow of products and services can also be addressed by free trade agreements. They also promote investment and help to enhance the regulations governing things like intellectual property, e-commerce, and government procurement.
The two obstacles to free commerce are what?A tariff, or import tax, is the most frequent type of trade barrier. Imported items cost much more domestically finished goods due to tariffs (good produced at home). A government subsidizing to one domestic companies over another is a conventional trade barrier. Producing those things has become more affordable than selling them outside thanks to subsidies.
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(100 POINTS!!!) LuAnn is a very specific type of photographer. The images that she captures have several prominent characteristics such as representing culture as it is lived rather than mythologized, respectful portraits of members of the community to show their stature, and documenting tribal customs and ceremonies for future generations. What type of photography does LuAnn most likely practice?
A. fashion photography
B. nature photography
C. sports photography
D. indigenous photography
LuAnn most likely practices indigenous photography. Indigenous photography refers to photographs taken by and for indigenous communities that depict the culture, customs, and traditions of those communities. The characteristics of the images LuAnn captures, such as representing culture as it is lived, respectful portraits, and documenting tribal customs and ceremonies, are typical of indigenous photography. The goal of this type of photography is often to give voice and visibility to indigenous communities, as well as to preserve their cultural heritage for future generations.