Q5. State by comparison the similarities and differences that exist between a statement of financial position when a company is a going concern and statement of Affairs in a condition of bankruptcy and liquidation.

Answers

Answer 1

The statement of financial position in a going concern scenario and the statement of affairs in a condition of bankruptcy and liquidation share similarities in terms of their purpose and presentation format.

In both cases, the statements provide a snapshot of the entity's financial position at a specific point in time. They both adhere to the basic accounting equation of assets equaling liabilities plus equity. The presentation format includes categories such as assets, liabilities, and equity (or owner's equity in the case of a company). The main difference arises from the circumstances surrounding the entity. In a going concern scenario, the statement of financial position reflects the entity's ongoing operations with the assumption that it will continue its business activities in the foreseeable future. It includes current and non-current assets and liabilities, as well as equity accounts representing ownership interests.

In contrast, the statement of affairs is prepared in situations of bankruptcy and liquidation. It reflects the financial position of the entity at the point of liquidation, where the entity's assets are being realized and distributed to settle its liabilities. The statement of affairs focuses on the estimated realizable value of assets and the claims of creditors, presenting assets at their estimated net realizable value and liabilities as claims against the entity.

Therefore, while both statements present financial position information, the statement of financial position in a going concern scenario represents an entity's ongoing operations, whereas the statement of affairs in bankruptcy and liquidation represents the entity's financial position during the process of winding up and distribution of assets to creditors.

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Related Questions

Which company provides business credit rating services for businesses looking o finance loan through bank????? I put the picture with the answer choices.

Please help due in 30 minutes!!!!

Which company provides business credit rating services for businesses looking o finance loan through

Answers

Answer:

B . Moody's

Explanation:

There are three major companies that provide credit rating services in the US. They are

Standard and Poor (S&P) Moody’s Investor ServicesThe Fitch Group

Each agency uses unique letter-based scores to indicate if a debt has a low or high default risk and the financial stability of its issuer.

A(n) ____ emphasizes the norms and practices of the parent company relying on PCNs.
a. Polycentric approach
b. Geocentric approach
c. Regioncentric approach
d. Ethnocentric approach

Answers

A(n) ethnocentric approach emphasizes the norms and practices of the parent company relying on Parent Country Nationals (PCNs).

An ethnocentric approach refers to a mindset or strategy where a company emphasizes and prioritizes the norms, practices, and values of the parent company or home country. It relies primarily on Parent Country Nationals (PCNs) for key decision-making positions and managerial roles in foreign subsidiaries or branches.

PCNs are individuals who are citizens of the country where the parent company is headquartered. They possess a deep understanding of the parent company's culture, business practices, and strategic goals.

In an ethnocentric approach, the parent company retains tight control over decision-making processes, resource allocation, and strategic direction in foreign operations. The belief is that the home country's practices and management expertise are superior and should be replicated globally.

The ethnocentric approach assumes that the home country's practices are superior and can be universally applied across different markets and cultural contexts. It may result in limited opportunities for local employees to advance to higher positions and can lead to a lack of cultural sensitivity or adaptation to local market conditions.

The use of PCNs can also incur higher costs, such as relocation expenses and higher salary requirements compared to hiring local employees. It may create a perception of favoritism towards PCNs, potentially causing dissatisfaction among local employees.

While the ethnocentric approach provides a high level of control and ensures consistency across the organization, it can hinder innovation, local responsiveness, and the development of a diverse workforce that understands and connects with the local market.

In summary, the ethnocentric approach emphasizes the norms and practices of the parent company, relying on PCNs for decision-making roles and key positions in foreign subsidiaries. It is characterized by a belief in the superiority of the home country's practices and a centralized approach to management.

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Sally owns a $1,000-par zero-coupon bond that has six years of remaining a. What is the expected price of the bond at the time of sale?

Answers

Answer:

$647.96

Explanation:

Sue the following formula to calculate the price of the bond at the time of sale

Price of Bond = Face value of the bond / ( 1 + Market interest rate )^numbers of years

Where

Face value of bond = $1,000

Market interest rate = 7.5%

Numbers of years = 6 years

placing values in the formula

Price of Bond = $1,000 / ( 1 + 7.5% )^6

Price of Bond = $647.96

Explain the difference between the common misconception people have about tax brackets and how they actually work

Answers

Answer:

Tax brackets misconception is that it defines how much tax will be paid by an individual but this is not true. It only determines the rate of tax which will be applied to the individual for his income.

Explanation:

The tax bracket is determined for an individual based on his salary. After the computation of taxable income tax brackets are selected and rate is applied which ever tax bracket falls correctly. The tax rate applied to the taxable incomes gives the tax amount which is to be paid by an individual.

When succession plans are developed for CEOs and senior managers, HR needs major involvement fromoutside search committees.top executives and members of the board of directors.

Answers

When succession plans are developed for CEOs and senior managers, HR needs major involvement from top executives and members of the board of directors.

While outside search committees may be involved in some cases, the primary responsibility for developing succession plans typically falls on the organization's leadership team, including the CEO and other senior executives, with input and support from the board of directors. HR may also play a key role in providing guidance and support on succession planning processes, tools, and best practices, as well as facilitating communication and collaboration between key stakeholders throughout the organization. Ultimately, effective succession planning requires a coordinated and strategic approach that involves multiple stakeholders, including HR, top executives, and members of the board of directors.

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PLEASE HELP
1. What is the name of the company? (1.0 points)


2. Is this mainly a product-based or service-based business? (1-2 sentences. 2.0 points)


3. What products or services is the company best known for? (2-3 sentences. 2.0 points)


3. Where does this company sell its products or services? (2-4 sentences. 2.5 points)


4. Describe at least two of this company's competitors. (2-4 sentences. 2.5 points)


5. How did the entrepreneur make the business different from other companies, especially its competitors? Describe at least one way. (2-4 sentences. 2.5 points)


6. What things has the entrepreneur or company done to help the community? Describe at least one example of this. (2-4 sentences. 2.5 points)


7. Why do you think this company became successful? Describe at least one reason. (2-4 sentences. 5.0 points)


8. What challenges has the company faced? Describe at least one challenge. (2-4 sentences. 5.0 points)

Answers

Based on the information given, the company that's chosen is Tesla and it's a product-based company.

What is Tesla?

The company is known for producing electric cars. It's different from its competitors as it produces electric vehicles and uses better softwares.

The company sells its cars worldwide. The competitors include Volkswagen and Toyota. Tesla has helped the environment as it accelerates the transition to sustainable energy

Lastly, the main challenge faced by the company is rising material costs.

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Outline six uses of computer


.​

Answers

Home useIndustryMedical FieldEntertainmentEducationBankingBusinessGovernment

I have given many options

A firm evaluates all of its projects by applying the IRR rule. Year Cash Flow 0 –$ 160,000 1 56,000 2 83,000 3 67,000 What is the project's IRR? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Internal rate of return

Answers

To calculate the project's IRR, we need to find the discount rate that equates the present value of the cash inflows to the initial investment.

In other words, we need to solve for the rate that makes the net present value (NPV) of the project equal to zero.Using the given cash flows, we can calculate the NPV of the project at different discount rates. For example, if we use a discount rate of 10%, the NPV of the project is:
NPV = -160,000 + 56,000/(1+0.1)^1 + 83,000/(1+0.1)^2 + 67,000/(1+0.1)^3
NPV = -160,000 + 50,909.09 + 68,181.82 + 49,667.78
NPV = 8,758.69
We can continue this process for different discount rates until we find the rate that makes the NPV equal to zero. Using Excel or a financial calculator, we can use the IRR function to solve for the rate directly. Alternatively, we can use trial and error to find the rate that makes the NPV closest to zero.
In this case, the project's IRR is approximately 18.43%. This means that the project's expected rate of return is 18.43%, which is higher than the firm's required rate of return. Therefore, the project would be considered acceptable under the IRR rule.

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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 not

Answers

A diversified portfolio, which comprises a number of asset types such as equities, bonds, real estate, and commodities, may assist in lowering overall investment risk while simultaneously increasing profits.

What is a diversified portfolio?

Generally, A diversified portfolio, which includes a variety of asset classes such as stocks, bonds, real estate, and commodities, can help to reduce risk and increase returns.

The idea behind diversification is that different asset classes perform differently in various market conditions, so by spreading investments across different asset classes, the overall portfolio can be less affected by any one market downturn.

However, it does not necessarily mean that a diversified portfolio will always have the highest return. It depends on the current market conditions, economic outlook and the skill of the portfolio manager.

It is important to keep in mind that diversification does not guarantee a profit or protect against loss.

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As a factor of production, what is capital?

A. an industrial good

B. the natural resources used to create a product

C. the entrepreneur who sees how to make something useful

D. the tangible products made by labor

Answers

Answer:

Option "D" is the correct answer.

Explanation:

Labor produces tangible goods, which are referred to as capital. There are production-related man-made items such as machinery, vehicles, and chemicals. That is what sets them apart from commercial products.

Being on time, which is expected in college, work, and society in general, is known as

Answers

Being on time, which is expected in college, work, and society in general, is known as punctuality. Being able to do a necessary work or fulfil an obligation before or at the time that was previously set is a sign of punctuality. On time and "punctual" are frequently used interchangeably.

Being late is an opposite personality attribute. Every culture has a common sense of what constitutes an appropriate level of punctuality. In most Western societies, being a few minutes late is often acceptable, although this is not the case for certain situations, such doctor's visits. Some cultures, such as those who use African time.

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Point-of- are product aociation that are not necearily unique to the brand but may in fact be hared with brand

Answers

Points-of-parity are those associations not necessarily unique to the brand but perhaps shared with other brands. those associations designed to negate competitors' points-of-difference or overcome perceived weaknesses or vulnerabilities of the brand.

A brand requires points of parity in order to be taken into account by the consumer. In this case, a brand's similarity to others may give customers the impression that it is "good enough" to be discussed.

Any area in which your company is equivalent to that of your rivals and is taken into account by clients when making purchases is known as a point of parity. The characteristics of goods or services that create differentiation are referred to as their point of difference.

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What is the last step in the home buying process quizlet?

Answers

The loan and home closing is the last step in the home buying process.

Close the sale :

At closing, you will sign all of the paperwork required to complete the purchase, including your loan documents. It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender. Once the check is delivered to the seller, you are ready to move into your new home.

Some of the steps involved in buying new home :

Step 1: Start Your Research Early

As soon as you can, start reading Web sites, newspapers, and magazines that have real estate listings. Make a note of particular homes you are interested in and see how long they stay on the market. Also, note any changes in asking prices. This will give you a sense of the housing trends in specific areas.

Step 2: Determine How Much House You Can Afford

Lenders generally recommend that people look for homes that cost no more than three to five times their annual household income if the home buyers plan to make a 20% down payment and have a moderate amount of other debt.

Step 3: Get Prequalified and Preapproved for credit for Your Mortgage

Before you start looking for a home, you will need to know how much you can actually spend. The best way to do that is to get prequalified for a mortgage.

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in 2017, macy's paid $459 million of cash dividends. these dividends reduced assets and reduced retained earnings. select one: true false

Answers

The given statement " in 2017, macy's paid $459 million of cash dividends. these dividends reduced assets and reduced retained earnings" is false.

Cash dividends paid by a company, such as Macy's, do not reduce assets. Instead, they decrease the company's retained earnings and result in an outflow of cash from the company's assets.

When a company pays dividends, it uses its cash resources to distribute a portion of its earnings to shareholders. This transaction reduces the amount of retained earnings on the company's balance sheet. Retained earnings represent the accumulated profits that the company has retained over time.

The reduction in retained earnings is recorded in the equity section of the balance sheet, specifically under the heading of "retained earnings." However, it does not directly impact the company's assets, such as cash, inventory, property, or equipment. These assets are separate from the equity section of the balance sheet.

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3 · 32 + 8 ÷ 2 − (4 + 3)

A.
30
B.
23
C.
24
D.
32

Answers

3. The answer is 24 [c]

After getting married, Joe, 32, and Melinda, 29, decide to take out life insurance policies. Joe would like a 15-year term policy and Melinda would like a 20-year term policy. They each want a $300,000 policy. How much can Joe and Melinda expect to pay in premiums the first year?.

Answers

It should be Joe and ISADORA and it should be ISADORA 37 and Joe 48

QUESTION 1 of 10: All employers in the U.S. pay "payroll taxes" on behalf of employees. The Medicare portion of this is 1.45% of pay. If an
employee makes $480 in a week, how much does the employer contribute for Medicare?
a) $1.45
b) $6.96
c) $69.60
d) $696

Answers

The answer is letter B
The answer is 1.45- B

What is the present value of $520,000 expected to be received in three years' time, if the business concerned requires a return of 10% on sums invested? Answers are given to the nearest $'000.
A) 692K
B) 391K
C) 473K
D) 432K

Answers

The present value of $520,000 expected to be received in three years' time, if the business concerned requires a return of 10% on sums invested is 391K. (B)

To find the present value, we can use the formula:

PV = FV / (1 + r)^n

Where:
PV = Present Value
FV = Future Value
r = Interest Rate
n = Number of Years

Plugging in the values from the question:

PV = 520,000 / (1 + 0.10)^3
PV = 520,000 / 1.331
PV = 390,632.94

Rounding to the nearest $'000, the present value is $391,000. However, since the answer choices are in thousands, we can simply divide by 1,000 to get the answer in thousands:

PV = 391K  (B)

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Your sole proprietorship makes $90,000 per year in profits. Your average federal tax rate is 24% and your state tax rate is 6%. How much of your profits do you get to keep?

Answers

Answer:

$63,000

Explanation:

Given that the total profit is $90,000 per year.

The average federal tax rate is 24% and the state tax rate is 6%.

So, total tax rate = 24% +6% =30%

Total taxable amount = 30% of $90,000

=(30/100)x 90,000=$27,000

The remaining amount = $90,000 - $27,000 = $63,000

Hence, I will keep $63,000 of my profit.

Answer:

$63,000

Explanation:

.All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT
a) An offer of employment.
b) Stocks, securities, or bonds.
c) An offer to share in commissions generated by the sale.
d) Dividends from a mutual insurer.

Answers

In the context of insurance, rebates refer to any type of financial incentives or returns offered to an insured during the sale of insurance.

These could be in various forms, such as stocks, securities, bonds, sharing in commissions, or dividends from a mutual insurer. However, an offer of employment would not typically be considered a rebate in the insurance industry.

While stocks, securities, and bonds could represent a financial return on investment, they are not directly related to the insurance policy itself. Similarly, sharing in commissions generated by the sale of insurance or receiving dividends from a mutual insurer provides a financial benefit to the insured, but they are not directly linked to the policy's coverage.

In contrast, an offer of employment is not a financial incentive directly tied to the purchase of an insurance policy. It may provide the insured with additional income, but it does not affect the terms or conditions of the insurance policy itself. Therefore, an offer of employment would not be considered a rebate in the context of insurance sales.

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15 $ x 140 hours a month

Answers

2,100$ per month

140 x 15 = 2100
Then work it into the problem

15 × 140 × 12

= $ 25200

IT IS 15 TIMES THE HOURS TIMES THE MONTHS SINCE THERE ARE TWELVE MONTHS

Operations strategy translates service or product plans and competitive priorities for each market segment into.

Answers

Operations strategy translates service or product plans and competitive priorities for each market segment into Decisions affecting the processes that support those market segments.

The sample of choices and moves that shapes the long-time period vision, targets and abilties of the operation and its contribution to the general method of the business.

The function of operations method is to offer a plan for the operations characteristic in order that it may make the high-quality use of its sources.  Operations method specifies the guidelines and plans for the use of the organization's sources to assist its long-time period aggressive method.

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Give the names of different types of offices. Why are they necessary?​

Answers

Answer:

Private Office.

Coworking Desk.

Virtual Office.

Enterprise Office.

Explanation:

The primary reason to have an office is collaboration. Every business needs its employees to work together as a team to create and innovate. in addition to productivity, a functional workspace or office contributes to the value of a company and also helps in attracting quality workforce and clients.

Sam explains to a colleague that the primary difference between business intelligence (BI) and analytics is that _____.

Answers

The primary difference between business intelligence (BI) and analytics is that BI focuses on gathering, organizing, and analyzing data to provide insights into past and current business performance, while analytics focuses on using those insights to make predictions and optimize future decision-making.

Business intelligence involves the collection and organization of data from various sources, such as sales records, customer data, and financial reports.

This data is then transformed into meaningful information through the use of tools like data warehouses, dashboards, and reporting systems.

The goal of BI is to provide a comprehensive view of the business's performance, identify trends, and facilitate data-driven decision-making.

On the other hand, analytics takes the insights provided by business intelligence a step further by applying statistical models and algorithms to uncover patterns, relationships, and trends within the data.

Analytics involves exploring the data in depth, using techniques such as data mining, predictive modeling, and machine learning.

The purpose of analytics is to gain a deeper understanding of the data and to make predictions and recommendations for future actions or strategies.

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Alltech Company maintains a separate accounts receivable account for each customer. On June​ 18, Alltech provides​ $6,300 of services on account to customer Anthony and​ $1,200 of services on account to customer Walker. How will these two transactions affect the control and subsidiary​ accounts?

Answers

Answer:

B. The control account, Accounts Receivable, will be increased with a debit of $8 300

Explanation:

According to the given situation, in total, the Alltech company makes sales of 2, one for $6,300, and the other for $2,000. The total of sales will be computed by adding both sales that are $6,300 + $2,000 = $8300 will therefore be booked and control and receivables will be boosted with a debit of $8,300.

Therefore, the correct answer is B.

If motorcycles have elastic demand, how would a small increase in price affect demand for motorcycles?

Answers

Answer:not much

Explanation:

If it's elastic then i switchs

When drawing a portrait, you want to make sure that the face you are drawing is _____________ (the right size).

Answers

Answer:

The right size

Explanation:

Cindy has been working for 8 years, and she’s built up a huge emergency fund -- $45,000, which would be 6 months of her salary. She’s hoping to earn a bit more interest than she currently is with that $45,000 just sitting in her traditional bank’s savings account. Which account would you recommend? Why?

SAVINGS ACCOUNT, CD, MONEY MARKET ACCOUNT

Answers

I will recommend she invest the $45,000 in Certificate of deposit or Money market account.

It is widely known that a traditional bank’s savings account does not provides significant interest rate for deposit unlike other account which are meant from pure investment at long term.

A certificate of deposit are issued by bank to customer promising them a certain interest rate on their deposit with them.

A money market is also an method of investing in short term market and guarantees high interest rate on deposit.

Therefore, I will recommend she invest the $45,000 in Certificate of deposit or Money market account.

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Which of the following is NOT considered to be a 'good' under the UCC definition?
Car
House
Pillow
Table
House plant


Under the UCC, this person is defined as someone who sells or contracts to sell goods:

Buyer
Purchaser
Merchant
Seller
Manufacturer

Answers

Q. Under UCC definition "House" is not considered to be a good.

As defined by the UCC (UniformCommercial Code), "goods" means any movable, tangible personal property that can be bought or sold. Under the UCC definition, items such as cars, pillows, tables, and houseplants are considered commodities, but "house" are not considered commodities.

This is because housing is usually classified as real estate or immovable property rather than movable or tangible personal property. The UCC is primarily concerned with regulating the sale and trading of goods, and its provisions may not directly apply to real estate transactions or transfers of real estate. 

Q. Under the UCC, this person is defined as someone who sells or contracts to sell goods is "Seller".

A seller is a natural or legal person engaged in the sale of goods. This designation includes both dealers and non-dealers who sell goods. Specifically, a dealer is a natural or legal person who regularly engages in the sale of goods and who has specialized knowledge or expertise in relation to the respective goods being sold.

The UCC contains certain rules and regulations governing the rights and obligations of sellers in transactions involving the sale of goods

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7. A broad, general, and written statement of a specific job is called a
O A. job analysis.
O B. job title.
OC. job objective.
OD. job description.

Answers

A broad, general, and written statement of a specific job is called a job description.

Why is job description important?

An effective, plain-language instrument for outlining a position's activities, duties, functions, and responsibilities is the job description. It describes who does a certain sort of work, how that work is to be accomplished, how frequently that work is done, and how it links to the mission and goals of the company.

A job description hence lists the qualifications, education, and training that a prospective employee must possess. It will detail the tasks and accountability of the position. An established job description can be used as a starting point for applicant interviews, new hire orientation, and performance reviews. The heading information, which includes the job title, pay grade or range, reporting relationship, hours or other requirements, is the most important part of a comprehensive job description.

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