Answers
When a business transaction requires a journal entry, we must follow these rules:
The entry must have at least 2 accounts with 1 DEBIT amount and at least 1 CREDIT amount.
The DEBITS are listed first and then the CREDITS.
The DEBIT amounts will always equal the CREDIT amounts.
For another example, let’s look at the transaction analysis we did in the previous chapter for Metro Courier (click Transaction analysis):
1. The owner invested $30,000 cash in the corporation. We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT. The journal entry would look like this:
2. Purchased $5,500 of equipment with cash. We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit. This journal entry would be:
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Answer:
All the journal entries illustrated so far have involved one debit and one credit; these journal entries are called simple journal entries. Many business transactions, however, affect more than two accounts. The journal entry for these transactions involves more than one debit and/or credit. Such journal entries are called compound journal entries.
Explanation:
1. The owner invested $30,000 cash in the corporation. We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT
2. Purchased $5,500 of equipment with cash. We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit.
3. Purchased a new truck for $8,500 cash. We analyzed this transaction as increasing the asset Truck and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit.
4. Purchased $500 in supplies on account. We analyzed this transaction as increasing the asset Supplies and the liability Accounts Payable. To increase an asset, we debit and to increase a liability, use credit.
5. Paid $300 for supplies previously purchased. Since we previously purchased the supplies and are not buying any new ones, we analyzed this to decrease the liability accounts payable and the asset cash. To decrease a liability, use debit and to decrease and asset, use debit.
6. Paid February and March Rent in advance for $1,800. When we pay for an expense in advance, it is an asset. We want to increase the asset Prepaid Rent and decrease Cash. To increase an asset, we debit and to decrease an asset, use credit.
7. Performed work for customers and received $50,000 cash. We analyzed this transaction to increase the asset cash and increase the revenue Service Revenue. To increase an asset, use debit and to increase a revenue, use credit.
8. Performed work for customers and billed them $10,000. We analyzed this transaction to increase the asset accounts receivable (since we have not gotten paid but will receive it later) and increase revenue. To increase an asset, use debit and to increase a revenue, use credit.
9. Received $5,000 from customers from work previously billed. We analyzed this transaction to increase cash since we are receiving cash and we want to decrease accounts receivable since we are receiving money from customers who we billed previously and not new work we are doing. To increase an asset, we debit and to decrease an asset, use credit.
10 Paid office salaries $900. We analyzed this transaction to increase salaries expense and decrease cash since we paid cash. To increase an expense, we debit and to decrease an asset, use credit.
11. Paid utility bill $1,200. We analyzed this transaction to increase utilities expense and decrease cash since we paid cash. To increase an expense, we debit and to decrease an asset, use credit.
Related Questions
use a well labelled group to explain why the introduction of maximum prices in the petrol industry will not be an ideal decision for the country's economy??
Answers
Implementing maximum prices in the petrol industry may not be an ideal decision for the country's economy.
Consumer Group:
Implementing maximum prices may initially benefit consumers as it could lead to lower fuel costs. However, it can have negative consequences in the long run. With lower prices, there may be increased demand for petrol, leading to shortages and long queues at gas stations. Additionally, if prices are kept artificially low, it can discourage investment in the industry, hampering exploration, production, and infrastructure development. This could result in limited supply and dependence on imports, potentially leading to fuel shortages and price fluctuations.Business Group:
For businesses in the petrol industry, maximum prices can restrict their ability to cover costs and maintain profitability. Fuel companies have various expenses such as exploration, refining, distribution, and employee wages. If prices are capped, it can lead to reduced profit margins, making it challenging for companies to invest in new technologies, research, and development, which are crucial for improving fuel efficiency and reducing environmental impacts.Government Group:
From a government perspective, implementing maximum prices can have adverse effects on tax revenues. Taxes on fuel sales contribute significantly to government revenue. If prices are capped, tax income will decrease, impacting the government's ability to fund public services and infrastructure projects. It can also limit the government's ability to incentivize renewable energy sources and reduce environmental pollution.Considering these factors, the introduction of maximum prices in the petrol industry may have unintended consequences such as supply shortages, reduced investment, profitability challenges for businesses, and decreased tax revenue for the government. It is crucial to strike a balance between consumer affordability, industry sustainability, and government revenue to ensure a stable and efficient petrol market.
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Answer these four questions in complete sentences.
You may choose from the strengths covered in this activity. If you would like more options, type
"entrepreneur strengths" or "entrepreneur qualities" into your favorite search engine.
1. What are your top five strengths?
2. How will these strengths help you as an entrepreneur?
3. What are two areas of focus for you?
4. How will focusing on these areas help you as an entrepreneur?
Answers
Answer:
1ans) activator.
adaptability.
analytical.
arranger.
belief.
command.
communication.
The future of work is characterized by (choose all that apply):
a.
Staying at the same job for your entire career.
b.
Working with international colleagues.
c.
Repetitive jobs.
d.
Multiple career changes.
Answers
Answer:
B
Explanation:
You want a good impression with people and you also need people to help you along the way
laws and regulations creating fair stable market environment are examples of complementary social assets required optimize from IT investments
Answers
Laws and regulations help ensure that the market is fair for all participants and that the conditions for investments in IT are stable, which in turn allows for the best returns on investment in IT.
Cvs purchase of Aetna represents what type of fundamental strategy
Answers
Answer:
growth strategy
Explanation:
the options were missing:
defensive global growth divisional stabilityBy acquiring Aetna, CVS entered the health insurance industry. CVS was already one of the largest players in the health care industry since it owned one of the largest chain of pharmacies in the US and due to its size was able to negotiate discounts and other services with health care providers and drug producers.
The fact that one of the largest chain of pharmacies and retail health centers merges with one of the largest health insurers will give them competitive advantages, e.g. being capable of offering lower prices or earning higher higher profits (or both even).
Another important factor in this equation is consumer data, and that is going to be significant and the more information a company possesses and uses correctly, it can target more profitable consumer segments.
There are many other advantages including cutting costs, better customer service, etc.
Which of the following things can help you get a lower interest rate when you receive a loan? A. A low credit score B. A history of defaulting C. Using all of your available credit D. Collateral
Answers
Answer:
Collateral
Explanation:
The thing that can help to get a lower interest rate when you receive a loan is Collateral. Thus, option D is correct.
What is Collateral?A collateral is a valuable asset that is committed to obtaining a loan. Lenders' risk is reduced by collateral. If a borrower fails on a loan, the lender can seize and sell the collateral to recuperate its losses. Mortgages and automobile loans are two examples of collateralized lending.
A customer that provides collateral is considered a low-risk customer. The lender keeps the asset until the debt is fully repaid. If the borrower fails to repay, the lender may sell the collateral to recoup his funds. Collateral decreases the lender's risk of losing money.
The loan value is always more than the collateral value. Because the transaction is low-risk, the lender may afford to provide low-interest rates. Collateral is anything that can assist you to acquire a cheaper interest rate on a loan. As a result, option D is correct.
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Abardeen Corporation borrowed $113,000 from the bank on October 1, Year 1. The note had an 10 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in Year 1
Answers
a. The cash that Abardeen pay for interest in Year 1 is $0.
b. Interest expense that was recognized is $2,825.
c The Total liabilities was reported is $115,825.
d. The amount of cash was paid to the bank is $118,650.
e. The amount of interest expense was reported is $2,825.
a. The amount of cash that Abardeen pay for interest in Year 1 is $0 reason being that the interest matured on March 31, 2017.
b. Interest expense:
Interest expense=($113,000 x 10% x 3 months /12)
Interest expense=$2,825
c. Total liabilities
Total liabilities= $113,000 + $2,825
Total liabilities = $115,825
d. Cash that was paid to the bank on March 31, 2017:
Cash= $113,000 Principal + ($113,000 × 10% × 6/12)] Interest
Cash= $113,000 Principal +$5,650 interest
Cash= $118,650
e. Interest expense reported on the 2017 income statement:
Interest expense=$113,000 × 10% ×3/12
Interest expense=$2,825
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At a time of growing digital disruption, Human Resources professionals are increasingly driving the organizations need for a?
Answers
At a time of growing digital disruption human resources professionals are increasingly driving the organizations need for a digitally skilled workforce
Why Human Resources professionals go for a digitally skilled workforceas digital technologies continue to transform the workplace hr professionals are responsible for ensuring that their organizations have the talent skills and capabilities to thrive in a digital environment
This may involve developing and implementing strategies for talent acquisition workforce development and organizational culture that support digital transformation
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what are the 6 critcal elements of a successful business
Answers
FINANCIAL MANAGEMENT. Profitable, sustainable growth can only happen with a solid understanding of your numbers. ...
MARKETING. ...
BUILDING A TEAM. ...
CUSTOMER SERVICE STRATEGY. ...
SALES & ESTIMATING. ...
CONTINUOUS IMPROVEMENT.
found a list of 7...
Answer:
Capital
Invest ment
Skilled manpower
High quality products
Machinery
Raw materials
What are some of your entrepreneurial strengths? How would they help you in starting or running a business?
Answers
Answer:
My entrepreneurial strengths are in providing helpful advice and information related to running a business. I am able to quickly process large amounts of data and quickly generate a summarized analysis to provide insight into the current state of a business. Additionally, I have access to vast amounts of data that can be used to make informed decisions. These strengths would help me in starting and running a business by providing a useful source of information, aiding in decision-making processes, and providing a bird's-eye view of the company's overall situation.
According to the above material, there exist large differences between economic growth rate using traditional expenditure approach and the satellite night-light data. How do you evaluate the night-light data method? and can you identify several reasons why there exists such differences?
Answers
The use of satellite night-light data as a method to evaluate economic growth has both strengths and limitations. Reasons for Differences between Traditional Expenditure Approach and Night-light Data: Informal Economy, Data Limitations, Urbanization Bias and Structural Changes.
Here is an evaluation of the night-light data method and several reasons for the differences observed between the traditional expenditure approach and the night-light data:
Evaluation of the Night-light Data Method:
Objective and Timely: Satellite night-light data provides an objective and timely measure of economic activity. Wide Coverage: Night-light data can cover large geographical areas, including remote and inaccessible regions. Granularity: The data can be analyzed at a fine-grained level, allowing for detailed spatial analysis of economic patterns. This can help identify pockets of growth and disparities within regions.Reasons for Differences between Traditional Expenditure Approach and Night-light Data:
Informal Economy: The traditional expenditure approach relies on official economic data, which may not fully capture the informal sector. Data Limitations: Night-light data has its limitations. It primarily measures economic activity related to lighting, which may not capture other dimensions of economic growth such as services or knowledge-based industries. Urbanization Bias: Night-light data tends to be more representative of urban areas with higher population density and greater access to electricity. Structural Changes: The traditional expenditure approach focuses on consumption and investment, while night-light data primarily captures the energy consumption associated with lighting.For such more question on economic:
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1. Why does Freeman use so many union workers? What are the advantages and disadvantages of using union workers for Freeman? Describe how managing a project such as a trade show would be different if Freeman did not use union workers.
Answers
The benefit of hiring union workers is that the company can depend on skilled workers to ensure that the show runs smoothly from beginning to end, regardless of where they are setting up.
Describe unionisation.When asked to vote on unionising their workplace, employees are presented with a significant choice. In interactions with their employer that have an impact on their pay, benefits, promotions, terminations, working conditions, and workplace dispute resolution, a union will represent them. In many states, employees will also owe the union money in some capacity. They will be subject to legally binding union rules regarding, among other things, whether to strike or cross a picket line, if they formally join the union (as opposed to simply being represented by it).
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Mark and his team are working on a project that is due for delivery in the next few days. The team is using project management tools to implem set of new client requirements. Which activity are Mark and his team performing?
Answers
A project manager guides a two-way conversation that helps the parties understand one another. The project manager's facilitating role is communication.
What credentials are required for the position of project manager?At least three years of experience in a comparable capacity, communication skills, formal training, as well as a PMP certification are typically needed. A professional association, an university and college, or an online learning program with a narrow concentration are all options for obtaining certification.
What type of MBA is needed for a project manager?Graduates of an MBA in project management will have the knowledge and expertise necessary to land advanced managerial positions. Accounting, economics, human resources, long term planning, and operational aspects of businesses are among topics covered in an MBA program.
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which of the following is a collaboration of software
Answers
Answer:
I dont see anything
Explanation:
1. For financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units
Answers
Question Completion:
Kubin Company’s relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs per unit are as follows:
Average Cost per Unit
Direct materials $7.00 $7.00
Direct labor $4.00 $4.00
Variable manufacturing overhead $1.50 $1.50
Fixed manufacturing overhead $5.00 $5.00
Fixed selling expense $3.50
Fixed administrative expense $2.50
Sales commissions $1.00
Variable administrative expense $0.50
Total $25.00 $17.50
Required:
1. For financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units?
Answer:
For financial accounting purposes, the total amount of product costs incurred to make 20,000 units is:
$350,000.
Explanation:
a) Data and Calculations:
Relevant product cost elements:
Average Cost per Unit
Direct materials $7.00
Direct labor $4.00
Variable manufacturing overhead $1.50
Fixed manufacturing overhead $5.00
Total product cost per unit $17.50
Total product costs for 20,000 units = $17.50 * 20,000 = $350,000
b) Product costs are the costs that are incurred to make a product. These costs usually include costs of direct labor, direct materials, consumable production supplies, and factory overhead.
Job Search Challenge Card #1 Logic Puzzle
Answers
Refer to the short-run data in the accompanying graph. The profit-maximizing output for this firm is...
Answers
The profit-maximizing output for this firm, given the short - run data on the graph, is 320 units.
How to find the profit - maximizing output?The profit-maximizing output for a firm is the point where the marginal revenue received is equal to the marginal cost incurred. This means that every additional unit sold both cost the same to produce, as the revenue it brings in.
The point where the marginal revenue and the marginal cost are equal to each other is the lowest point of the Total cost curve This point on the graph is 320 units so this is the profit-maximizing output.
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In the ____ and ____ stages of product life cycle, firms often set priorities on growth and/or market share
Answers
Answer:
In the introduction and early growth stages of the product life cycle, firms often set priorities on growth and/or market share
Explanation:
\This dialogue reflects what aspect of communication?
a.
body language
b.
good listening
c.
working together
d.
leadership
Answers
The given dialogue reflects the good listening aspect of communication. Therefore, option B is the correct option.
What is communication?Communication is a process of conveying a message, an opinion, learning, and experience to other people through the means of writing it down, saying it, and so on.
Good communication is a skill in present times where it is valued in every sphere of life. With the help of good communication skills, an individual, can excel in his or her career by getting more contacts. The good communication skills also help in maintaining good relationships in life because one becomes emotionally intelligent, which strengthens the bonds among people.
The dialogue shown demonstrates the importance of effective listening in communication. As a result, choice B is the best one.
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The given question is probably incomplete. The complete question is given below.
Sara: "Tell me all about your weekend! Was it nice to be on the beach?" Rose: "It was awful! It rained the whole time and I didn't get to spend any time on the beach at all. This dialougue reflects what aspect of communication?
body language
good listening
working together
leadership
What is something you would buy (or buy more of) if its price dropped? What is it about this product that appeals to you?
Why do you think this product's price is at its curent level?
Answers
Answer:
bath bomb
Explanation:
because there really pretty, and i really dont know if this helped you but here you go
According to O*NET, what are some common skills needed by Financial Analysts? Select four options.
Answers
Answer:
1256
Explanation:
hope this helps
does it have numbers or letters
Answer:
The top 2 and bottom 2
Explanation:
I got it correct on edge
You had seven different investment options in the game. The most diversified portfolio would include all of these various options. On average, should this diversified portfolio have the highest return? Why or why no
Answers
Someone, had seven different investment options in the game. The most diversified portfolio would include all of these various options. On average, should this diversified portfolio have the highest return are mutual fund.
What is investment?
An investment is a valuable item bought with the intention of increasing one's wealth. While stocks, bonds, and real estate are frequently included when discussing investments.
An investment option in the games is diversified portfolio are the different options such as mutual funds, bonds, and the stocks etc. But, the mutual funds are the highest returns in the future.
As a result, average, should this diversified portfolio have the highest return are mutual fund.
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At the end of 2011, the XYZ city deferred Br. 40,000 in property taxes, and that
amount is reflected in the beginning balance sheet is recognized as revenue for
2012.
Answers
At the end of 2011, the XYZ city deferred Br. 40,000 in property taxes, which means that the city did not recognize this amount as revenue in the 2011 financial statements. Instead, it carried it forward as a liability on the beginning balance sheet for 2012.
In 2012, the Br. 40,000 deferred property taxes are recognized as revenue, reflecting an increase in the city's financial resources. This recognition follows the accrual accounting principle, where revenue is recognized when it is earned, regardless of when the cash is received. By recognizing the deferred property taxes as revenue in 2012, the city accurately reflects its financial position and performance for that year.
The recognition of the deferred property taxes as revenue in 2012 will impact the city's income statement, increasing its revenue figure, and potentially affecting its net income or surplus. It also signifies the city's ability to generate resources from property taxes, which can contribute to funding public services and projects within the XYZ city.
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Ellen earns 12 dollars for walking the neighbor's dog. Last month, she walked the dog w times. Choose the expression that shows the number of dollars Ellen earned last month.
Answers
The expression that would help to show the amount that Ellen earned for the job that she did in the month is p = 12w
How to find the payWe have the following information to solve the problem with.
The amount that is paid and time that she walks this dog is 12 dollars.
In the month that we have here, she is said to have walked the dog for a total of w times.
That is to get the amount that she would be paid, we are to multiply w with 12
P = 12 * w
p = 12w
Hence the amount that Ellen is paid would be p = 12w for the work that she did last week.
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Step One: You have graduated from college and have established a career. You have been working with the same company for three years. You have saved up $10,000 and need to decide how you will save and invest this money. Your goal is to save as much money in five years as you can for a down payment on a house. Using the principles and strategies of saving and investing, create a saving and investing plan. Remember, a saving and investing plan is an outline or list that names the types of savings or investments you will use. The outline also shows the amount or percentage you will put into each savings account or investment. For this project, evaluate and select at least three investments or savings accounts. Upload the document. Step Two: Select specific accounts and investments. For example, if your outline includes investing $1,000 in stock, research and select a stock. Create a portfolio with a spreadsheet or word processor. See the example below:
Answers
Answer12
Explanation: so it is 6+6+22=2
Conduct a SWOT analysis by summarizing the internal strengths (S) and weaknesses (W) of your product or company, as well as the external opportunities (O) and threats (T). If you don’t have enough information about your start-up company yet, you can continue to use mock information as you have in previous assignments. The goal of the activity is to practice with this strategic thinking tool.
Answers
By conducting a SWOT analysis, ABC Company can gain insights into its internal strengths and weaknesses while identifying external opportunities and threats. This analysis can inform strategic decision-making, allowing the company to capitalize on its strengths, address weaknesses, seize opportunities, and mitigate threats effectively.
SWOT Analysis for ABC Company:
Strengths (S):
Innovative product: ABC Company offers a unique and innovative product that sets it apart from competitors, giving it a competitive edge.
Strong brand reputation: The company has built a solid brand reputation over the years, known for delivering high-quality products and excellent customer service
Skilled workforce: ABC Company has a talented and skilled workforce that contributes to the development and success of the product.
Robust financial position: The company has a strong financial position, allowing for investments in research and development, marketing, and expansion opportunities.
Weaknesses (W):
Limited market presence: ABC Company is relatively new in the market, resulting in limited brand awareness and a smaller customer base compared to established competitors.
Lack of diversification: The company relies heavily on a single product, which poses a risk if the demand for that product decreases or a new competitor enters the market.
Limited distribution channels: The company currently has limited distribution channels, which may restrict its reach and hinder market penetration efforts.
Opportunities (O):
Market expansion: There is an opportunity for ABC Company to expand its market reach by targeting new customer segments or entering new geographical markets.
Technological advancements: Rapid technological advancements present opportunities for the company to enhance its product or develop new offerings to meet evolving customer needs.
Strategic partnerships: Collaborating with strategic partners can provide access to new distribution channels, enhance brand visibility, and facilitate market expansion.
Threats (T):
Intense competition: The market is highly competitive, with several established players and new entrants. Competitors may replicate or improve upon ABC Company's product, posing a threat to its market share.
Changing consumer preferences: Shifting consumer preferences and trends may impact the demand for the company's product, requiring continuous innovation and adaptation.
Regulatory challenges: Compliance with evolving regulations and industry standards poses potential challenges and may require additional resources and efforts to ensure compliance.
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Which of the following is likely to increase the value of a country's currency?
Answers
Higher interest rates in a country can increase the value of that country's currency relative to nations offering lower interest rates. Political and economic stability and the demand for a country's goods and services are also prime factors in currency valuation.
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Shelly is accompanying her dad to work for a few days over summer break. Her dad is a theme park manager. What are some tasks, duties, and things that Shelly might observe her dad doing over these few days while she is with him at work?
Answers
ensure all parts of the park are operating effectively in terms of staff and equipment
oversee the effective application of health and safety regulations and risk assessment to ensure a safe environment for park employees and the public
plan and implement strategies to achieve continual improvements in visitor and employee satisfaction
create new events and experiences for visitors
set budgetary and cost control strategies
project manage general park developments, including ride design
liaise with contractors, e.g. for the installation and integration of facilities
deal with human resources and personnel
build effective staff teams, through performance management, training and development
keep abreast of developments in the industry, both internal and external, such as changes in legislation
understand local community issues and build relationships with local government and external partners
maintain a critical oversight of marketing functions
monitor competition.
1. True or False? Current ratio is sometimes referred to as the liquidity ratio s pointe
and calculated by dividing current assets by current liabilities,
True
False
Answers
Answer:
I think it's true
Explanation:
I hope this can help
Andy has been asked to report at a war zone to serve as an officer in the army. Which of the following statements is true in the context of the given situation?
a) Andy's employer can require him to take three weeks of paid vacation while he is deployed.
b) Andy's employer is required by federal law to pay him the difference between his military pay and his civilian pay.
c) Andy's employer is required to give him military leave. But, if Andy has been called for training, he should use his personal vacation days rather than take leave.
d) Andy's employer is not required by law to continue to pay him either in total or in part.
Answers
The correct answer is C.
Andy's employer is required by federal law to pay him the difference between his military pay and his civilian pay is true in the context of the given situation. Thus, option B is correct.
What is a report at a war?When requesting permission to speak with your commanding general, typically in her workplace, reporting is the formal approach to make an announcement of your presence.
In basic training, it's likely that you won't have the opportunity to talk with your superior general in her office—assuming you don't get in serious trouble for performing something incredibly. You must instead appear before your training trainer at her desk.
In order to serve as an army officer in a combat zone, Andy has been instructed to report there. It is accurate to say that Andy's employer must reimburse him for the disparity between his pension payments and his normal wage under the circumstances.
Therefore, option B is the correct option.
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