1. Therefore, the firm MPK/r = MPL/W false >. The correct option is b. 2. The firm should use a combination of factors that equalizes the marginal product per dollar spent on each factor.
1. The correct answer is (b) MPK/r = MPL/W false >. This is because the condition for minimizing costs is that the marginal product per dollar spent on each factor is equal. So, MPK/r = MPL/W should hold true if the firm is minimizing its costs of production. However, in this case, it is false.
2. Based on the production function exhibiting diminishing MRTSLK, the firm should use less capital and more labor to minimize its costs of production while holding output constant. This is because as the firm uses more and more capital, the marginal product of labor decreases, and as the firm uses more labor, the marginal product of capital decreases.
Therefore, the firm should use a combination of factors that equalizes the marginal product per dollar spent on each factor, which in this case would require using more labor and less capital.
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equivalent units of conversion costs the rolling department of jabari steel company had 2,898 tons in beginning work in process inventory (80% complete) on october 1. during october, 32,200 tons were completed. the ending work in process inventory on october 31 was 1,610 tons (40% complete). what are the total equivalent units for conversion costs? round to the nearest whole unit.
Rounding to the nearest whole unit, the total equivalent units for conversion costs is 35,162 tons.
To calculate the total equivalent units for conversion costs, we need to consider the units that are partially completed as well as the completed units.
In this case, we have two components:
the beginning work in process inventory and the units completed during October.
For the beginning work in process inventory, we have 2,898 tons that are 80% complete.
So the equivalent units for this would be
2,898 tons * 80% = 2,318.4 tons.
For the units completed during October, we have 32,200 tons.
Since these units are fully completed, the equivalent units for this would be 32,200 tons.
Now, let's calculate the equivalent units for the ending work in process inventory. We have 1,610 tons that are 40% complete. So the equivalent units for this would be
1,610 tons * 40% = 644 tons.
To get the total equivalent units for conversion costs, we add up the equivalent units from each component:
2,318.4 tons + 32,200 tons + 644 tons = 35,162.4 tons.
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A manufacturing company provides jobs for many people in a small town where employment is not easy to find. The company has stayed in the town even though it could find cheaper workers elsewhere, because workers are loyal to the company due to the jobs it provides. Over the years, the company has developed a reputation in the town for taking care of its employees and being a responsible corporate citizen.
The manufacturing process used by the company produces a by-product that for years has flown into the town river. The by-product has been considered harmless but some people who live near the river have reported illnesses. The by-product does not currently violate any anti-pollution laws.
WHAT ARE THE ANSWERS TO THESE QUESTIONS?
What are the issues of integrity, ethics and law posed in the case study? What options does the company have, and what should it do and why?
Explanation:
Note, the term integrity often refers to the ability to keeping to one's moral principles, such as honesty. And ethics refers to the principles of right and wrong one might have.
For example, from this case, we observe that
although the company is known to have a good reputation over the years and of being a responsible corporate citizen, if it fails to act, then the company's integrity comes under question.Even though the by-product does not violate any laws, failing to take action may taint the good reputation it has had considering the fact that the company is well aware that "some people who live near the river have reported illnesses."
Giving For such example are, from this case, we observe that is:
Thus, although the company is known to have a good reputation over the years and of being a responsible corporate citizen, Then if any it fails to act, then the company's integrity comes under the question of law. Also that Even though the by-product does not violate any laws, Then it is failing to take action may taint the good reputation it has had considering the fact that the company is well aware that is "some people who live near the river have reported illnesses."Learn more about:
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Which of the following is the Use (Outflow) of CASH in the statement of carti flows? L. Increase in accounts payable 1it. Payment of dividends IIi. Sale of fived assets V. Increase in accounts receivables mat V=x What Vonty and Varty
The use (outflow) of cash in the statement of cash flows includes payment of dividends and sale of fixed assets.
i. Payment of dividends: When a company pays dividends to its shareholders, it represents a cash outflow. Dividends are distributions of earnings to shareholders, and the company uses its cash reserves to fulfill this obligation. The payment of dividends reduces the company's cash balance.
ii. Sale of fixed assets: Selling fixed assets, such as equipment, machinery, or property, generates cash inflows. However, in the context of the question, it refers to the use (outflow) of cash because the company is giving up its fixed assets in exchange for cash. The proceeds from the sale decrease the company's cash balance.
The other options mentioned, such as an increase in accounts payable and an increase in accounts receivable, do not directly represent a use (outflow) of cash. An increase in accounts payable indicates that the company has liabilities to pay in the future, while an increase in accounts receivable represents amounts owed to the company by customers.
To summarize, the use (outflow) of cash in the statement of cash flows includes payment of dividends and sale of fixed assets. These activities result in a decrease in the company's cash balance, as cash is distributed to shareholders or exchanged for other assets.
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Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $33,000 of merchandise, which cost $25,400, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $6,300 of merchandise, which cost $3,650, on an assortment of bank credit cards. These cards charge a 4% fee.
Sold $33,000 of products on Mastercard credit cards (costing $25,400). 5% for Mastercard.
The journal entries would be:
To record merchandise sales on Mastercard credit cards:
Debit: Mastercard Accounts Receivable $33,000
$33,000 sales revenue
To record merchandise cost:
$25,400 Cost of Goods Sold
$25,400 Inventory
c. Record Mastercard's fee:
Debit: $1,650 ($33,000 x 5%) Credit Card Processing Fee.
Mastercard accounts receivable $1,650
Sold $6,300 worth of products on $3,650 bank credit cards. 4% applies to these cards.
The journal entries would be:
To record merchandise sales on bank credit cards:
Accounts Receivable—Bank Credit Cards $6,300
$6,300 sales revenue
To record merchandise cost:
$3,650 Cost of Goods Sold
$3,650 Inventory
c. Record bank credit card fees:
Debit: $252 ($6,300 x 4%) credit card processing fee.
Bank Credit Card Accounts Receivable $252
Journal entries assume the company records sales revenue and cost of goods sold at the time of sale and recognises credit card fees as expenses. For accuracy and compliance with accounting standards, consult an accounting professional or refer to the company's accounting policies.
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The cost of a product plus all costs driven by logistics activities, such as transportation, warehousing, handling, customs fees, etc." is the definition of O A. landed cost. O B. perfect cost. O c. total fixed cost. OD. total variable cost.
The cost of a product plus all costs associated with logistical operations, such as shipping, warehousing, handling, customs duties, etc., is known as the "landed cost."
There are both overt and hidden costs associated with getting any goods to your customers. Understanding your landed cost might assist make it easier to determine the precise cost of the products you sell. Knowing your landed cost can also help you maximize your pricing, assess your company's success, and make sure you are cognizant of the precise cost of your inventory. Landed cost is important because it enables businesses to make wise product and service decisions. Understanding a product's landed cost allows businesses to compare the total cost of goods from many suppliers and choose the one with the lowest overall cost.
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What is Helena Fogarty doing to build brand equity for Mi Ola?
Answer:
she is using social media to build brand equity.
Explanation:
Helena Fogarty is using social media as an advertising resource due to the fact that more and more people will see it since social media is a big platform. she is also using this to her advantage as she can get feed back in order to make adjustments to her products.Helena Fogarty is using social media to build brand equity for Mi Ola.
Brand equity simply means the value premium that a business or company generates from a product with a recognizable name.
It should be noted that brand equity is also known as the brand worth of a company. It's the social value of a brand name. Helena Fogarty is using social media to build brand equity for Mi Ola. One can advertise its product on social media and create awareness. This will help improve sales and revenue.
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Which of the following countries did not trade with the Phoenicians?
O Babylonia
Japan
O Egypt
Greece
A client is managing diabetes with exercise and diet. The health care provider reviews the client’s most recent laboratory results: fasting blood glucose level at 80 mg/dL (4.44 mmol/L) and a hemoglobin A1C of 5% (0.05). Select the response that best identifies the client.
Answer:
The question is incomplete, below is the completed question:
A client is managing diabetes with exercise and diet. The health care provider reviews the client's most recent laboratory results: fasting blood glucose level at 80 mg/dL (4.44 mmol/L) and a hemoglobin A1C of 5% (0.05). Select the response that best identifies the client.
The client needs to modify the diet related to the low readings.
The client is at risk for developing hyperglycemia.
The client is achieving normal glycemic control.
The client is at risk for an insulin reaction.
Answer
The correct answer is:
The client is achieving normal glycemic control.
Explanation:
The two laboratory tests used to diagnose and monitor diabetes mellitus are fasting blood glucose and glycated hemoglobin ( Hemoglobin A1C)
The fasting blood sugar is the blood glucose level, tested after 8 - 12 hours of fasting, and the normal range is 63 - 108mgldL (3.5 - 6.0 mmol/L). The patients fasting blood glucose value is 80mg/dL (4.44mmol/L) hence it is within the normal range
Hemoglobin A1C is used to monitor glycemic control over a period of 6 - 8 weeks. The normal range is 4% - 5.6%. The patient's result is 5%, hence it is within the normal range.
overall, the patient has good glycemic control and should continue the exercise and diet regimen.
To examine
the weekly payroll of all employees, one would look at the:
To examine the weekly payroll of all employees, one would look at the: d. payroll register.
What is the payroll register?The payroll register is a book or record that is used to fill in the details of all the employees and their payment logs. A record of this register is often kept in good condition in case of any future discrepancies that will have to be resolved.
A person who wants to examine the weekly payroll of all employees in an organization must be able to look at the payroll register to know what is obtainable. There, he would find the names of the employees, their job roles and payment record.
Options:
a. W-4
b. employee earnings record
c. W-2
d. payroll register.
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influences of Business environment,
Factors that Influence the business environment are :
Economic environmentSocial environmentTechnological environmentPolitical environmentLegal environment
The business environment means the total of all the individuals, and institutions that could affect the working of the business firm.
Importance of business environment:
Business environments help the firm to prepare itself for every possible obstruction or hindrance that can affect the functioning of the firm.It also helps the firm to adjust to frequent changes.The economic environment is all the things that create an economic impact on the firm.
The social environment is all the traditions and customs of the society that creates an impact on the firm.
The technological environment is all the impact on the firm caused due to new technology and upgradations.
The political environment is the conditions and behavior that the elected representatives hold toward the business
The legal environment is entirely based on the rules and legislation of the authorities.
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which kind of budget will cause the largest increase in a country's national debt
Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below] On January 1, 2021, Eagle Company borrows $100.000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Exercise 10−13 (Static) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments, (Round your intermediote calculetions ond finol onswers to the nearest dollar amount.) Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.) On January 1, 2021, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment no four equal payments of $29,523, consisting of accrued interest and principal on December 31 of each through 2024. Exercise 10-13 (Static) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. (Round y calculations and final answers to the nearest dollar amount.) Journal entry worksheet Record the payment of the first installment payment of interest and principal on December 31,2021 . Use the following information for the Exercises below. (Static) [The following information applles to the questions displayed below.] On January 1, 2021. Eagle Company borrows $100,000 cash by signing a four-year, 7% instaliment note. The n four equal payments of $29,523, consisting of accrued interest and principal on December 31 of each year fror through 2024. Exercise 10-13 (Static) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. (Round your inter alculations and final answers to the nearest dollar amount.) Journal entry worksheet 5 Record the payment of the second instaliment payment of interest and principal on December 31,2022 . Required information Use the following information for the Exercises below. (Static) [he following information applies to the questions displayed below. On January 1, 2021, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment note. Th four equal payments of $29,523, consisting of accrued interest and principal on December 31 of each year through 2024. Exercise 10-13 (Static) Installment note entries LO C1 repare the journal entries for Eagle to record the note's issuance and each of the four payments. (Round your i alculations and final answers to the nearest dollar amount.) Journal entry worksheet Record the payment of the third installment payment of interest and principal on December 31,2023 . Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] On January 1. 2021, Eagle Company borrows $100.000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024 Exercise 10-13 (Static) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments: (Round your intermediate calculations and final answers to the nearest dollar omount.) Journal entry worksheet Record the payment of the fourth instalment payment of interest and principal on Decernber 31, 2024. (Hint: Make sure that the balance in Notes payable is $0 after this entry.)
By making these journal entries for each payment, Eagle Company accurately records the issuance of the installment note and the reduction of the liability over the four-year period.
To record the issuance of the installment note on January 1, 2021, the following journal entry is made:
Date Account Debit Credit
Jan 1, 2021 Cash 100,000
Notes Payable 100,000
This entry reflects the borrowing of $100,000 in cash, increasing the Cash account and recognizing the liability in the Notes Payable account.
To record the payment of the first installment payment of interest and principal on December 31, 2021, the following journal entry is made:
Date Account Debit Credit
Dec 31, 2021 Interest Expense 7,000
Notes Payable 22,523
Cash 29,523
In this entry, the Interest Expense account is debited with $7,000 (calculated as $100,000 x 7% for one year) to recognize the interest expense for the year. The Notes Payable account is debited with the principal portion of $22,523 (calculated as $29,523 - $7,000) to reduce the outstanding balance, and Cash is credited with the total payment of $29,523.
The same process is followed for recording the payments in subsequent years. The amounts for interest and principal change, but the journal entry format remains the same.
To record the payment of the fourth installment payment of interest and principal on December 31, 2024, the following journal entry is made:
Date Account Debit Credit
Dec 31, 2024 Interest Expense 4,000
Notes Payable 25,523
Cash 29,523
In this final entry, the remaining interest expense and principal payment are recorded, resulting in a balance of $0 in the Notes Payable account.
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Sarah buys 500 shares of stock at $18 and sells the holding for a capital gain of $3,000. What was the share price at the time of the sale?
Answer:
$24
Explanation:
500 * 18 = $9000 worth of stock initially.
She sells with a $3000 gain, which means the value of the stock is $12000
12000/500 = $24
a supply chain refers to group of answer choices an inventory management system where the supplier determines the product amount and assortment a retailer needs and automatically delivers the appropriate items. a specialized intermediary in the distribution chain responsible for the coordination of all production schedules. activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost. the various firms involved in performing the activities required to create and deliver a product or service to ultimate consumers or industrial users. mathematical formulas and calculations used in determining product volume and demand in order to generate the greatest revenue at the lowest cost.
In an inventory management system known as a supply chain, the supplier ascertains the quantity and product selection that a merchant requires and then promptly sends the necessary items.
The network of all the people, things, organizations, jobs, tasks, and developments in technology used in the manufacture and distribution of a good is known as a supply chain. An entire supply chain, from the distribution of raw materials from the supplier to the producer to the final delivery to the customer, is included.
A corporation, its suppliers, and its consumers comprise the simplest form of a supply chain. The producers of raw materials, distributors, manufacturers, retailers, and retail customers are a few examples.
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mr. and mrs. bolt's joint return reports $267,500 agi, which includes $13,300 net investment income. compute the couple's unearned income medicare contribution tax. multiple choice $0 $665 $505 none of these choices are correct.
Mr and Mrs. Bolt unearned income medicare contribution tax when they want to report the joint return of $267,500 agi, which includes $13,300 net investment income is $505 so the answer is C.
What is joint return?A joint return is a tax return filed with the Internal Revenue Service (IRS) on the new, simplified from 1040 by two married taxpayers whose filing status is married filing jointly or by a widowed taxpayer whose filing status is Qualifying Widow.
It is not mean that IRS wants everyone to get married by filing joint return report, because even though a married couple can report the return individually. Basically it's just a way to make the report simpler by filing a joint return report for married couple. It will take lesser steps to make a report but with terms and conditions applied.
Now, we want to calculate Mr. and Mrs. Bolt's unearned income medicare contribution tax as follows :
Couple's unearned income medicare tax = net investment income * rate of medicare contribution
Where
rate of medicare contribution is 3.8% (which the government has determined flat medicare surtax on net investment income for married couples who earn more than $250,000 of adjusted gross income (agi)
Now, let's get back to the formula
Couple's unearned income medicare tax = $13,300 * 3.8%
= $505 (rounded)
Therefore, Mr. and Mrs. Bolt unearned income medicare contribution tax is $505 and the answer is C.
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Which is a contract used when two or more individuals create a business?
A Partnership agreement
B lease
C Employment agreement
D Employment offer
Answer:
Partnershi agreement
Explanation:
anna is selling her home and met a nice young couple she really wanted to sell to, but they couldn’t get financing. if anna agrees to carry part of the loan for the buyers, what does she need to understand?
Anna needs to understand the terms and risks associated with carrying a loan for the buyers.
Loan Terms: Anna should clearly define the terms of the loan, including the loan amount, interest rate, repayment schedule, and any applicable fees or penalties.
Legal Considerations: Anna should consult with a lawyer to ensure that all necessary legal documents, such as a promissory note and mortgage or deed of trust, are properly drafted and executed to protect her interests as the lender.
Creditworthiness: Anna should assess the creditworthiness of the buyers to determine their ability to make regular payments. This may involve reviewing their credit history, income, employment stability, and other relevant financial information.
Collateral and Security: Anna should consider whether she wants to secure the loan with the property itself or any other assets of the buyers to provide security in case of default.
Risk Analysis: Anna should evaluate the potential risks involved in carrying the loan, such as the buyers' financial stability, market conditions, and potential changes in interest rates. She should also assess the impact on her own financial situation and ability to absorb any potential losses.
Legal and Tax Implications: Anna should be aware of the legal and tax implications of carrying a loan, including any applicable regulations, tax reporting requirements, and potential tax consequences.
Contingency Plans: Anna should have contingency plans in place in case the buyers default on the loan, such as having a plan for foreclosure or other legal remedies.
Professional Advice: It is advisable for Anna to seek professional advice from a real estate attorney, financial advisor, or mortgage professional to fully understand the implications and risks of carrying a loan and to ensure compliance with legal and financial regulations.
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Which describes one of the ways that culture influences consumer behavior?
1)Many cultures promote the belief that hard work is an end in itself.
2)Cultures produce values and beliefs that differ from one person to the next.
3)People with strong cultural traditions are more likely to make rational choices. 4)Traditions and holidays often involve specific foods or gifts.
The study of people, groups, or organizations and all the behaviors connected to the acquisition, consumption, and disposal of products and services is known as consumer behavior.
What is the meaning of consumer behavior?Consumer behavior is the study of persons, groups, especially organizations, and all behaviors related to the purchase, use, and disposal of goods and services. Consumer behavior refers to how a person's feelings, attitudes, and preferences influence their purchasing decisions.
Consumer behavior can be broken down into four different categories: complex purchasing, dissonance reduction, variety seeking, and repetitive purchasing. The kind of product each consumer needs, their level of engagement, and the variations between companies all influence the many types of consumer behavior.
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You want to compare the batting average of all the players on the league's baseball teams. Which type of chart would be best for this purpose? a.Pie b.Bar c.Line d.Column
Answer: B.) Bar
Explanation: When trying to compare batting average of all players on the leagues baseball team, the batting average of the players in each team is measured and the data grouped by team. When measuring changes, differences or comparison, the bar chart and line chart seems to be the best for such purposes. However, depending on whether the changes in measured data is large or small, the bar chart seems best suited in cases where large differences exists, while line graphs are better when small differences exist between measure data.
Answer:
B.) Bar
Explanation:
Does IRS track Roth contributions?
There are various ways that a Roth IRA differs from a standard IRA. It is not tax deductible to make contributions to a Roth IRA, but qualifying distributions that represent a return of contributions are not taxed.
Who maintains track of donations to Roth IRAs?With respect to specified Roth contributions to a plan, an employee is not required to file any reports. However, an employee should follow the guidelines and maintain track of the amount transferred when rolling over a dividend from a specified Roth accounts to a Roth IRA. Form 8606, Nondeductible IRAs, in PDF format.
Can an IRS audit affect a Roth IRA?Can the IRS grab retirement accounts? is my query. Retirement funds, including 401(k) plans, IRAs, and identity plans like Nov and Keogh plans, are subject to seizure by the IRS.
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Explain two ways a business could extend a product's life cycle.
Answer: Extension strategies extend the life of the product before it goes into decline. Again businesses use marketing techniques to improve sales. ... Adding value – add new features to the current product, e.g. video messaging on mobile phones. Explore new markets – try selling abroad. hope this helps. Can you give me brainliest. Pls
Explanation:
suppose a bank has $1 million in deposits, a required reserve ratio of 25 percent, and total reserves of $600,000. then it has excess reserves of
The bank has excess reserves of $350,000.
Excess reserves occur when a bank has more reserves than it needs to meet these requirements. These excess reserves can be held in the form of cash, government securities, or other highly liquid assets.
Banks may choose to hold excess reserves for a variety of reasons. One reason is to ensure that they have enough liquidity to meet the demands of their depositors in the event of a sudden withdrawal of funds. Another reason is to take advantage of higher interest rates on excess reserves, which can generate additional income for the bank.
The level of excess reserves in the banking system can have important implications for monetary policy. When excess reserves are high, banks may be less willing to lend, which can limit the flow of credit to the economy. Conversely, when excess reserves are low, banks may be more willing to lend, which can stimulate economic growth.
Excess reserves = Total reserves - Required reserves
Excess reserves = $600,000 - $250,000
Excess reserves = $350,000
Therefore, the bank has excess reserves of $350,000.
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A stock was priced at $23.08, $24.15, $23.99, and $24.26 at end of years 1 to 4, respectively, the annual dividend is constant at $.20 a share. what is the geometric average return on this stock?
The geometric average return on this stock is 2.52%.
What is geometric average return ?
The geometric average return formula, also known as geometric mean return, can be used to determine the average rate of return on an investment that is compounded across numerous periods. In other words, compound interest over the course of the number of periods is taken into account by the geometric average return.
Geometric Average Return = (1.0087 x 1.0083 x 1.0083 x 0.958) ^1/4-1
= 2.52%
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Based on this information, which is the first change should carl make to his monthly budget? a greater gross income a greater amount for discretionary spending a lower net income a decrease in the number of fixed expenses
The first change should Carl make to his monthly budget is to its a lower net income.
What is budget?A budget is known to be a run down of all the spending that one has planned out and it is one that is often based on one's income and expenses.
Note that in the scenario below, The first change should Carl make to his monthly budget is to its a lower net income so that it can fit into the budget.
See full question below
Based on this information, which is the first change should Carl make to his monthly budget?
Scenario: Carl has just received his weekly check from his after-school job. In his budget, he did not plan for withholdings. Now that he has received his check, he has been reminded that taxes will be withheld. He realizes that he needs to return to his budget and make some changes.
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Answer:
C) A lower net income
Explanation:
3dg3
What is defined as a budget surplus? (1 point)
O Spending exceeds income.
OA spending necessity.
OA spending desire or luxury.
O Take-home pay exceeds spending.
Take-home pay or income exceeds spending is defined as a budget surplus.
When income surpasses expenditure, there is a budget surplus. Since people often have "savings" rather than a "budget surplus," which is a sign that a government's finances are being handled well, the word is frequently used to describe the financial situation of the government.
A budget excess might be put to use for a purchase, debt repayment, or retirement planning. If a community has a budget surplus, it could utilize that money to make renovations, such reviving a run-down park or downtown. There is a budget imbalance when expenses go beyond revenues. Similar to when someone spends more than they make and pays interest on a credit card debt, deficits require borrowing money and paying interest. When spending and revenue are equal, a budget is balanced.
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1. Why are the employee and employer taxes recorded once as credits and once as debit in the general journal?
2. What is the difference between the Payroll Tax Expense account and the tax payable accounts?
1. The employee and employer taxes are recorded once as credits and once as debits in the general journal because they have opposite effects on the financial statements. Employee taxes are credited to reduce the gross pay and increase the liabilities, while employer taxes are debited to increase expenses and decrease the assets.
2. Payroll Tax Expense account is used to record the total amount of payroll taxes that have been incurred during a specific period, while the tax payable accounts are used to record the amount of payroll taxes that are owed but have not yet been paid to the government. The Payroll Tax Expense account is used in the income statement to calculate the net income, while the tax payable accounts are reported as liabilities in the balance sheet until the taxes are paid.
The recording of taxes as debits and credits represent different parts of the transaction in the general journal. The Payroll Tax Expense account reflects the employer's tax on wages, while the Payroll Tax Payable accounts represent the total tax liability of the company.
Explanation:Employee and employer taxes are recorded as both credits and debits in the general journal to reflect different aspects of the transaction. When the company pays its employees, the gross wages (including taxes to be paid by employees) are debited to Salary Expense, and credited to Salary Payable. The company also owes taxes on these wages, which is recorded as a debit in Payroll Tax Expense and a credit in Payroll Tax Payable.
The difference between the Payroll Tax Expense account and payroll tax payable accounts lies in their purpose. The Payroll Tax Expense account represents the cost of taxes for the employer, i.e., the employer's taxes on wages paid to employees. Meanwhile, Payroll Tax Payable accounts are liabilities representing the total amount the company owes to tax agencies for both the employee and employer taxes.
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A newly created design business, Teri's Art, is finishing its first year of operations. During the year, credit sales were $40,000 and collections of credit sales were $34,000. One account for $650 was written off. Teri's Art uses the aging−of−receivables method to account for bad debts expense. It has estimated $250 as uncollectible at year−end. What is the amount of the Bad Debts Expense for the first year of operations?
Answer:
the bad debt expense is $900
Explanation:
The computation of the bad debt expense is shown below:
bad debt expense is
= Written off amount + estimated uncollectible amount at the year end
= $650 + $250
= $900
We simply added the above two items so that the amount of the bad debts for the first year could come
Hence, the bad debt expense is $900
Gamma Corporation has a December 31 st year-end. When moving into its new office on November 1st, Gamma paid $21,600 for 18 months of rent. What type of account did Gamma debit on November 1st? What account would Gamma debit in its December 31st adjusting journal entry? What account would Gamma credit in its December 31 st adjusting journal entry? What is the amount of the debit and credit in the December 31 st adjusting journal entry? Question 8 8 pts Gamma Corporation decided in 2021 to dispose of one of its divisions. The sale was completed on October 1, 2021. From 2021 until the date of the sale, the division disposed of reported a loss on operations of $47,547 net of tax. The book value of the division on October 1,2021 , is $444,827. The division sold for $532,608 net of tax. Gamma has calculated income from Continuing Operations to be $850,000. What is the amount of net income Gamma will report on its year-end 2021 income statement?
The net income Gamma will report on its year-end 2021 income statement is $890,231.
On November 1st, Gamma Corporation would debit the "Prepaid Rent" account for $21,600. In its December 31st adjusting journal entry, Gamma would debit the "Rent Expense" account for an amount representing the portion of rent used during the year (10/12 of the total rent paid), and credit the "Prepaid Rent" account for the remaining prepaid rent (2/12 of the total rent paid). The amount of the debit in the December 31st adjusting journal entry would be the portion of rent expense incurred during the year, and the credit would be the remaining prepaid rent.
For the second question, to calculate the net income Gamma will report on its year-end 2021 income statement, we need to consider the loss on operations of the disposed division, the book value of the division, and the income from continuing operations. The net income would be the income from continuing operations minus the loss on operations of the disposed division, plus the gain from the sale of the division. The net income can be calculated as follows:
Net income = Income from continuing operations - Loss on operations of disposed division + Gain from sale of division
Net income = $850,000 - $47,547 + ($532,608 - $444,827)
The calculated amount will represent the net income Gamma will report on its year-end 2021 income statement.
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The Code of Professional Ethics established by the American Institute of Certified Public Accountants states that accountants should be all of the following except a. honest b. outspoken c. independent d. objective
The Code of Professional Ethics established by the American Institute of Certified Public Accountants states that accountants should be all of the following except: b. outspoken.What is the American Institute of Certified Public Accountants (AICPA).
The American Institute of Certified Public Accountants (AICPA) is the world's largest organization for accounting and finance professionals, with over 400,000 members in 145 countries. The AICPA was established in 1887 to provide order to the US accounting profession and promote good practice. As an accounting professional, there are ethical standards and codes of conduct that must be followed in order to provide reliable and ethical accounting services and maintain the integrity of the profession.
The Code of Professional Ethics that was established by the American Institute of Certified Public Accountants states that accountants should be all of the following except outspoken. Being outspoken is not a necessary characteristic of a competent accountant. The other choices, honesty, independence, and objectivity, are required of all competent accountants.
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When interest rates are high, consumers have a greater incentive to ______ more, but when interest rates are low, consumer have a greater incentive to ______. M
a. buy; sell
b. borrow; save
c. sell; buy
d. save; borrow
When interest rates are high, then the consumers have a greater incentive to save more, but when interest rates are low, consumer have a greater incentive to borrow more.
What is Interest Rate?This refers to the charge which is given for a particular loan which is replayed after a certain time.
With this in mind, high interest rates are not appealing to customers so they rather save and then borrow when the interest rates are low.
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