As companies started to seek scale economies and efficiency, their goal was to take advantage of ____________ in functional areas?
a. ABC classification
b. Deep skills
c. Activity Based Costing
d. Common costs
Answers
As companies started to seek scale economies and efficiency, their goal was to take advantage of Deep skills in functional areas. The Option B is correct.
What is Deep skills in functional areas?Deep skills in functional areas refer to the advanced and specialized knowledge, expertise, and capabilities that individuals possess in specific domains or functional areas of a business or organization. These deep skills are typically acquired through extensive education, training, and hands-on experience in a particular field, such as marketing, finance, operations, or human resources.
Deep skills allow individuals to perform complex tasks, solve intricate problems, and make informed decisions that contribute to the success of the organization.
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Related Questions
In Milgram's study, what percentage of the participants fully obeyed the experimenter and administered
the maximum level of shock?
a. 5% b. 35%
c. 65% d. 95%
Answers
The correct answer is (c) 65%. In Milgram's study, 65% of the participants fully obeyed the experimenter and administered the maximum level of shock.
Milgram's study was a series of social psychology experiments conducted by psychologist Stanley Milgram in the 1960s. The study aimed to investigate how far people would go in obeying an authority figure, even if it meant harming another person. The participants were instructed to administer electric shocks to another person (who was actually a confederate and not actually receiving shocks) if they answered questions incorrectly.
The shocks increased in voltage with each wrong answer, and the confederate would eventually scream and refuse to continue. Despite this, Milgram found that a surprisingly high percentage of participants, around 65%, continued to administer the shocks all the way up to the maximum level. The study caused controversy and ethical concerns about the treatment of human subjects in psychological research, but also shed light on the power of obedience to authority figures.
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or placing trade restrictions on other countries to shield domestic industries from
competition, takes many forms.
are taxes imposed on imported goods and services.
place limits on the amount of a good that can be imported from a particular country.
Early in the twentieth century, the United States imposed
Y agricultural
goods. While this measure protected US farmers, it caused European governments to impose
tariffs
on US products. Heavy tariffs on imports led to a drastic decline in international trade, which further weakened the
global economy and aggravated the Depression.
Today, some US workers believe the government should
protectionism to protect their industries from
foreign competition and prevent job
in the United States. This thought is shared by
some business owners as well.
Answers
Answer: protectionism, tariffs, quotas, tariffs, European,
retaliatory, increase, cheaper, losses
Explanation: Plato / Edmentum
The basic financial statements include all of the following except:a) Balance Sheet.b) Income Statement.c) Statement of Retained Earnings.d) Statement of Cash Flows.e) Statement of Changes in Assets.
Answers
The basic financial statements include all of the following except Statement of Changes in Assets.
Option E is correct
Financial statements are reports created to provide information about an organization's financial condition, performance, and cash flows. These reports assist stakeholders in making financial judgments about the firm. Financial statements include four primary documents: the balance sheet, income statement, statement of retained earnings, and statement of cash flows.
The statement of changes in assets, on the other hand, is not one of the four fundamental financial statements and is not needed by every firm. It's a statement that can be generated by the firm if it chooses to do so. The statement shows how changes in the various asset accounts have affected the firm's overall asset balance during a certain reporting period.As a result, the correct answer is: The basic financial statements include all of the following except Statement of Changes in Assets.
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Which of the following methods is designed to determine the demographics of a particular target market?
Primary market research
Secondary market research
Diversity marketing
Differentiated marketing
Answers
Answer:
B. Secondary market research
Explanation:
Market research can be defined as a strategic technique which typically involves the process of identifying, acquiring and analyzing informations about a business. It involves the use of product test, surveys, questionnaire, focus groups, interviews, etc.
Secondary market research can be defined as a method designed to determine the demographics of a particular target market.
Match the examples with the types of goods. Please help!
Answers
Answer:
Omar buys a snack pack of chips that he noticed while in line at the store - Convenience impulse good
Joaquin pays for renters' insurance so that he will get paid if his belongings are destroyed in accident or burglary - Unsought good
Jamie goes to the store to buy toothpaste - Convenience staple good
Wanda reads review of different video cameras to decide what brand she wants, and then chooses the store with the lowest price on that item - Shopping good
Adriana only buys doughnuts from her favorite local doughnut shop - Specialty good
Explanation:
I have been able to match the examples with the type of goods.
Unsought good is the good that the consumer has no knowledge of. Also, he wasn't thinking of buying such good. It is usually purchased out of fear.
Specialty good usually have specific characteristics and benefit. Therefore, the consumer has a reason for purchasing it.
Shopping good is one purchased after the consumer had compared prices, quality, etc in more than one store.
Convenience staple good is the good which is consumed regularly.
Convenience impulse good is one which entices the consumer and he makes purchase without researching or thinking.
Answer: Omar buys a snack pack of chips that he noticed while in line at the store - Convenience impulse good
Joaquin pays for renters' insurance so that he will get paid if his belongings are destroyed in accident or burglary - Unsought good
Jamie goes to the store to buy toothpaste - Convenience staple good
Wanda reads review of different video cameras to decide what brand she wants, and then chooses the store with the lowest price on that item - Shopping good
Adriana only buys doughnuts from her favorite local doughnut shop - Specialty good
name two of accounts used in commercial banks
Answers
Saving account
With respect to establishing your catcard as a trusted credential in a multi-factor authentication process, what role does the uarizona catcard office serve in that process?.
Answers
With respect to establishing your catcard as a trusted credential in a multi-factor authentication process, the uarizona catcard office serve serves as the 2 factor authentication.
What is meant by 2 factor authentication?With two-factor authentication (2FA), users must provide two different forms of identification in order to access resources and data. Businesses can monitor and help protect their most vulnerable data and networks with the help of 2FA.
Using two of the three factors—something you know (like a passcode), something you have (like a key), and something you are—two-factor authentication verifies your identity (like a fingerprint). Now, recall your house key and garage door code (knowledge factor) (possession factor)
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People must make choices among available options because people
(A) are irrational
(B) have limited wants
(C) have limited resources
(D) are not provided goods by the government
(E) do not receive positive benefits from consuming certain goods
Answers
Answer:
I Believe its E but im not sure...
Explanation:
Sorry if im wrong hope this helps!!
a labor-intensive process has a fixed cost of $338,000 and a variable cost of $143 per unit. a capital intensive process for the same product has a fixed cost of $1,244,000 and a variable cost of $92.50 per unit. how many units must be produced and sold for $197 each for the automated process to be preferred to the labor-intensive process?
Answers
The capital-intensive process will be preferred over the labor-intensive process if the number of units produced and sold exceeds approximately 3,659 units.
In order to determine the number of units that must be produced and sold for $197 each for the automated process to be preferred to the labor-intensive process, we need to find the total cost and revenue for each process first. Then, we can compare their profit levels and decide which one is preferable.
Let's start by calculating the total cost for the labor-intensive process:
Total cost = Fixed cost + Variable cost × Number of units produced
TC = $338,000 + $143Q
Next, let's calculate the total cost for the capital-intensive process
:Total cost = Fixed cost + Variable cost × Number of units produced
TC = $1,244,000 + $92.50Q
Now, let's calculate the total revenue for both processes:
Total revenue = Selling price × Number of units sold
TR = $197Q
We need to find the quantity where the revenue for the capital-intensive process is greater than the revenue for the labor-intensive process.
Let's set the two equations equal to each other:
197Q = (1,244,000 + 92.50Q) - (338,000 + 143Q)
197Q = 906,000 - 50.50Q
247.50Q = 906,000
Q ≈ 3,659
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The Coca-Cola Company produces Diet Coke, Diet Coke with Splenda, and Coke Zero along with a number of other flavors. These products are part of Coca-Cola's
Answers
Answer:
product line.
bc coca-cola company owns all of these products
The Coca-Cola Company produces Diet Coke, Diet Coke with Splenda, and Coke Zero along with a number of other flavors. These products are part of Coca-Cola's product line.
What is the product?The object being sold is referred to as a product. A service or an object both qualify as products. It could take on a physical, virtual, or cyber form. Every product has a cost associated with it, and each one has a price. The market, the quality, the marketing, and the group that is being targeted all affect the price that can be charged.
Product lining, as used in marketing terminology, describes the individual selling of numerous linked products. Product lining entails selling the items separately, as opposed to product bundling, which combines many products into a single group that is then offered for sale as a unit.
A specific good or service that a business produces and advertises to customers is referred to as a product line. A food company may expand a product line by including numerous like or related products
Therefore, These goods come from the line of goods produced by Coca-Cola.
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The teamsters are currently involved in a labor dispute with realfruit corp. the union has already encouraged its members and the general public not to buy realfruit products. now it is threatening food junction grocery stores with the possibility of a boycott if it continues to carry the realfruit line. food junction is being threatened with a(n)
(a) primary boycott.
(b) secondary boycott.
(c) jurisdictional boycott.
(d) informational boycott.
Answers
According to the information in the fragment, it can be inferred that the situation describes a case of secondary boycott.
What is a secondary boycott?A boycott is a term that refers to a joint action to oppose a company radically suspending the purchase of its products.
Specifically, the secondary boycott is based on the public's refusal to buy anything from someone who sells products made by the company being boycotted.
From the foregoing, it can be inferred that the secondary boycott is towards stores that continue to offer Realfruit Corp. products.
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A quality control procedure at a manufacturing plant involves randomly selecting five items and accepting a whole lot of at least four of the five items are in perfect condition. From past experiences 59.049% of whole lots are perfect. What is the probability that the next lot will be excepted?
Answers
Answer:
0.32072
Explanation:
Given that :
Number of items selected, n = 5
P(x ≥ 4)
Using binomial relation :
P(x =x) = nCx * p^x * (1 - p)^(n - r)
p = 0.59049 ; 1 - p = 0.40951
P(x ≥ 4) = P(4) + P(5)
P(x = 4) = 5C4 * 0.59049^4 * 0.40951^1 = 0.24893
P(x = 5) = 5C5 * 0.59049^5 * 0.40951^0 = 0.07179
P(x ≥ 4) = P(4) + P(5)
P(x ≥ 4) = (0.24893 + 0.07179) = 0.32072
which of the following is a disadvantage of being a first-mover in the market? a. large outlays associated with creating a new product b. inability to accurately predict performance standards c. the chances that products will be protected by patents d. high switching costs consumers may experience e. costs of marketing plan implementation
Answers
The one that is a disadvantage of being a first-mover in the market is option A. large outlays associated with creating a new product
Who is a first-mover in the market?A first-mover in the market is a company that is the first to introduce a new product, service, or technology to the market. They often have the advantage of being the first to establish a customer base, create brand recognition, and gain market share.
Therefore, the correct answer is as given above. It could be concluded that a disadvantage of being a first-mover in the market is large outlays associated with creating a new product
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You have three separate accounts with your bank that you can manipulate with online banking. Account "A" is a checking account with a $5,245.50 balance, Account "B" is a personal savings account with a $12,850.25 balance, and account "C" is a joint college savings account with your 12-year-old son. You move $2,500 from account "B" to account "A" to cover an unexpected bill. You also move 1.5% of the remaining balance in account "B" to account "C". What is left in account "B" after these transfers? A) $10,195 B) $10,350 C) $15,550 D) $25,000
Answers
Answer:
A) $10,195
Explanation:
This can be calculated as follows:
Amount in Account "B" = $12,850.25
Remaining balance after moving $2,500 from Account "B" to account "A" = Amount in Account "B" - $2,500 = $12,850.25 - $2,500 = $10,350.25
Amount moved from account "B" to account "C" = Remaining balance after moving $2,500 from Account "B" to account "A" * 1.5% = $10,350.25 * 1.5% = $155.25
Balance after moving 1.5% of the remaining balance in account "B" to account "C" = Remaining balance after moving $2,500 from Account "B" to account "A" - Amount moved from account "B" to account "C" = $10,350.25 - $155.25 = $10,195
Therefore, the correct option is A) $10,195.
Your rich uncle has promised to sell you his vintage car, which is worth $50,000, for just $10,000 if you can raise that amount by your sixteenth birthday. There are fifteen months until your birthday and you currently have $9359.08 in a money market account earning 5% interest annually. Using this information and the continuously compounding interest formula:
Answers
Answer:
The question is incomplete:
Answer the following questions::
a. How long will it take this bank account to reach $10,000? Explain how you determined this and show your work.
b. Will you have enough money to buy the car 15 months from now? Will the account have some money left over?
a)
FV = PV x e^rn
FV = future value
PV = present value
e = 2.7183 (always)
r = interest rate
n = time
10,000 = 9,359.08 x 2.7183⁰°⁰⁵ⁿ
2.7183⁰°⁰⁵ⁿ = 10,000 / 9,359.08 = 1.06848109
ln 2.7183⁰°⁰⁵ⁿ = ln 1.06848109
0.05n = 0.066238097
n = 0.066238097 / 0.05 = 1.3248 years
1.3248 years = 1 year, 3 months and 27 days
b)
Since it takes 1 year, 3 months and 27 days to have $10,000, you will not have enough money if you leave it there for 15 months. Total balance at the end of 15 months:
FV = 9,359.08 x 2.7183⁽⁰°⁰⁵ ˣ ¹°²⁵⁾
FV = 9,359.08 x 2.7183⁰°⁰⁶²⁵
FV = 9,359.08 x 1.064494904 = $9,962.69
accurate and timely information is the foundation of effective marketing, especially of the marketing concept. t or f
Answers
Accurate and timely information is the foundation of effective marketing, especially if the marketing concept given statement is true.
Why is accurate information crucial for business?Information is crucial to the company because it promotes increased effectiveness and efficiency. Businesses must be able to quickly access a variety of information since they are continuously seeking novel methods to save costs and boost revenues.
What information is reliable and timely?Corporate executives need timely and accurate data to make wise decisions and put their company in the best possible position to lessen the effects of the crisis.
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What is stock? Explain in your own words.
Answers
Answer:Definition: What are stocks? Stocks are securities that represent an ownership share in a company. For companies, issuing stock is a way to raise money to grow and invest in their business. ... When you own stock in a company, you are called a shareholder because you share in the company's profits.
Explanation:
chose 10 items to take to a deserted island remember you need shelter there is food on the island and you also may need a fire source........yw have fun
Answers
Answer:
a big tent. my friends. a hamic. wepons. a boat. my phone. portabal charger. and my parents
Explanation
Answer:
Box of Matches
Tent
Canteen
Knife
Blanket
Pot
Bug Spray
Cloths
Flashlight
Journal w/ pencil
Explanation:
These are neccasary for survival !
In March 1963, Ironman was first introduced in issue number 39 of Tales of Suspense. The original price for that issue was 12 cents. By March of 2015, 52 years later, the value of this comic book has risen to $11 comma 750. What annual rate of interest would you have earned if you had bought the comic in 1963 and sold it in 2015 (52 years later)?
Answers
Answer:
24.73%
Explanation:
(1 + i)ⁿ = future value / present value
annual interest rate = i
n = 52 years
future value = $11,750
present value = $0.12
(1 + i)⁵² = $11,750 / $0.12 = 97,917
1 + i = ⁵²√97,917
1 + i = 1.2473
i = 1.2473 - 1 = 0.2473 = 24.73%
explain the negative effects that will arise as a result of the management's actions that often practice favoritism in the process of hiring new employees
Answers
Answer:
When management practices favoritism in the process of hiring new employees, it can lead to negative effects on both the organization and its employees, including:
1. Decreased morale: Employees who are passed over for promotions or job opportunities due to favoritism may become demotivated and feel undervalued. This can result in decreased productivity, higher absenteeism, and even employee turnover.
2. Decreased trust: When management practices favoritism, it erodes trust among employees and between employees and management. Employees may feel that the organization is not transparent or fair in its practices, which can lead to a lack of commitment and loyalty.
3. Decreased diversity: Favoritism can lead to a lack of diversity in the workplace, as managers may favor candidates who share their same background, experiences, or opinions. This can limit the perspectives and ideas brought to the table and may negatively impact the organization's performance and growth.
4. Legal repercussions: Favoritism in the hiring process can result in legal issues for the organization, including discrimination lawsuits or complaints filed with government agencies. This can damage the organization's reputation and result in financial penalties or other legal consequences.
Explanation:
In conclusion, the negative effects of management's actions of favoritism in the process of hiring new employees can be significant, and can impact the organization's overall performance and success. It is important for management to establish fair and transparent hiring practices, which can help to ensure that all employees are valued and given equal opportunities for career advancement.
How could virustotal be useful to users? how could it be useful to security researchers? however, could it also be used by attackers to test their own malware before distributing it to ensure that it does not trigger an av alert? what should be the protections against this?
Answers
Answer:
The answer to this question can be defined as follows:
Explanation:
VirusTotal was its online tool that scans its file for identification for virus and ransomware up to 256 Mb in the file name. You can also scan that virus scan URL/domain. Its content is examined by 70 virus protection scanners. However, it is convenient for customers who would search their files and connections to detect any file or link malicious type of virus protection.
Yeah, security experts should, of course, just use the service because it retrieves the security aspect for files and VirusTotal can scan the data.
Yeah, throughout the case of abuse of a software package, hackers can test their specific malware to insure how an AV alert is not activated, until releasing it. It will ensure that neither warning is triggered mostly by file, malicious document, or link, and thus check its material with VirusTotal.
Security must be taken from of the abuse by the perpetrators of the VirusTotal tool. Security must be in the form of even an assault that perhaps the virus model or malware ties could be uploaded or regulated throughout the VirusTotal Tool resources. So, it isn't essential to be using the VirusTotal tool.
what is the average price for a super bowl ticket this year?
Answers
The price of Super Bowl tickets can vary depending on several factors, such as the location, time, and availability. However, historically, the price of Super Bowl tickets can range from a few hundred dollars to several thousand dollars.
The price of Super Bowl tickets is affected by factors such as demand Yes, that's correct. The price of Super Bowl tickets is influenced by a range of factors, including demand, supply, and external factors such as the performance of the teams, the location of the game, and even weather conditions. Demand is a significant factor that impacts the price of Super Bowl tickets. The Super Bowl is one of the most watched and anticipated sporting events in the United States, and many people are willing to pay a premium to attend the game. As a result, when demand for tickets is high, the price of tickets will increase. Conversely, if demand is low, ticket prices will likely be lower. If the supply of tickets is low, the price of tickets will be higher, as demand will likely exceed supply. External factors such as the performance of the teams, the location of the game, and weather conditions can also impact the price of Super Bowl tickets. For example, if a particularly popular team is playing in the Super Bowl, demand for tickets will likely be high, which can lead to higher prices. Similarly, if the game is being played in a particularly desirable location, such as a warm climate or a city with many attractions, ticket prices may be higher. And if the weather forecast is particularly bad, ticket prices may be lower, as some fans may decide not to attend the game.
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The law of supply tell us there is a negative, or inverse relationship between:_____.
a. the price of a good and the quantity supplied.
the higher the price, the lower the quantity supplied.
that as the price of a good increases, producers will increase the quantity supplied.
the positive relationship between the price of a good and quantity demanded by consumers.
Answers
Explanation:
the positive relationship between the price of a good and quantity demanded by consumers.
A coffee company decides to add some new flavors to its current house blend. How did this company change their product mix? Developing a new product Line extension Deleting a product Product modification
Answers
Product development focuses on bringing new products to a market that already exists. Entering a new market with entirely new products is known as diversification.
What is the main objective of diversification?By distributing investments among different financial instruments, industries, and other categories, diversification is a technique for lowering risk. It aims to maximize return by investing in various sectors that ought to respond to changes in market conditions differently.
Product diversification is a strategy used by a company to boost profitability and achieve higher sales volume from new products. Diversification can take place at the corporate level or at the business level. When a company enters a new industry that bears significant similarities to one or more of its current industries, related diversification takes place. Disney's acquisition of ABC illustrates related diversification because movies and television are both forms of entertainment.
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When setting prices of products, businesses want to make sure they can
cover their costs and make
A. a markup
B. an allowance
C. a discount
D. a profit
Answers
Answer:
When setting prices of products, businesses want to make sure they can cover their costs and make:
D. a profit
The setting prices of products, businesses want to make sure they can cover their costs and make a profit. Thus, option (d) is correct.
What is businesses?The term “business” refers to earning a profit. The business is taking the risk and earning the profit. The business is mainly focused on the activities of the creation, distribution, and selling of concepts. The businesses are interested in the investment as a future perspective.
The business is the main motive for earning the profit. Businesses are increasing productivity as a result of rising profits. From the location to the facilities such as medical facilities, proper furniture, employee liberty of work, training, internet facilities, and furniture, etc., businesses are improving. The cost plus extra amount is called the profit.
As a result, in the setting prices of products, businesses want to make sure they can cover their costs and make a profit. Therefore, option (d) is correct.
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If inflation is 2.4% per year and a microwave costs $120.95 today, what did a similar model cost 5
years ago in dollars? Assume annual compounding.
Answers
A similar microwave model cost approximately $107.36 five years ago. Inflation refers to the rate at which prices of goods and services increase over time. In this case, if inflation is 2.4% per year, we can assume that the cost of the microwave would have increased by 2.4% each year.
Compounding refers to the process by which interest is added to the principal amount, and then interest is earned on both the principal and the accumulated interest.
To calculate the cost of a similar model five years ago, we can use the formula for compound interest:
FV = PV × (1 + r)n
Where:
FV = Future value
PV = Present value
r = Annual interest rate
n = Number of years
Using the given information, we can plug in the values:
PV = $120.95
r = 2.4% = 0.024
n = 5
FV = $120.95 × (1 + 0.024)⁵
FV = $137.08
Therefore, a similar model would have cost $137.08 five years ago.
To find the cost of a similar microwave model 5 years ago, given a 2.4% annual inflation rate and assuming annual compounding, follow these steps:
1. Add 1 to the inflation rate: 1 + 0.024 = 1.024
2. Raise this value to the power of the number of years (5): 1.024^5 = 1.1263
3. Divide the current cost by the value found in step 2: $120.95 / 1.1263 = $107.36
So, a similar microwave model cost approximately $107.36 five years ago.
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why is it important to examine demand relationships
Answers
Answer:
together they determine the prices and quantities of most goods and services available in a given market.
Explanation:
Supply and demand have an important relationship because together they determine the prices and quantities of most goods and services available in a given market. According to the principles of a market economy, the relationship between supply and demand balances out at a point in the future.
1. Why must managers concentrate on planning before directing employees to their assigned tasks?
Answers
Answer:Planning is an important part of the work of project managers. These specialists determine what needs to be done, who will do it, how long each task will take, and how much it will cost. Based on this information, project managers develop a detailed work plan, prepare a schedule, and prepare a budget.
Explanation:
The project manager assesses the amount of work needed, analyzes the possible workload of the team, determines the timing of tasks and creates a clear plan for the project.
On January 1, Year 1, Purl Corp. purchased as a long-term investment $500,000 face amount of Shaw, Inc.’s 8% bonds for $456,200. The bonds were purchased to yield 10% interest. The bonds mature on January 1, Year 6, and pay interest annually on January 1. Purl uses the effective interest method of amortization. What amount (rounded to nearest $100) should Purl report on its December 31, Year 2, balance sheet for these held-to-maturity bonds?
Answers
Answer:
Investment in bonds $468,000
Explanation:
In this case, the journal entry to record the purchase of the bonds should be:
January 1, Year 1, bonds purchased as long term investment
Dr Investment in bonds 456,200
Cr Cash 456,200
In the balance sheet it would be reported as an asset: Investment in bonds $456,200
amortization of bond discount for first coupon = ($456,200 x 10%) - ($500,000 x 8%) = $45,620 - $40,000 = $5,620
journal entry to record first coupon payment:
January 1, Year 2, first coupon payment collected
Dr Cash 40,000
Dr Investment in bonds 5,620
Cr Interest revenue 45,620
So the investment in bonds account now has a $461,820 balance
amortization of bond discount for second coupon = ($461,820 x 10%) - ($500,000 x 8%) = $46,182 - $40,000 = $6,182
journal entry to record second coupon payment:
January 1, Year 3, second coupon payment collected
Dr Cash 40,000
Dr Investment in bonds 6,182
Cr Interest revenue 46,182
So the investment in bonds account now has a $468,002 balance
Since we are told to report the December 31, Year 2, balance, the accrued interest journal entry should be:
Dr Interest receivable 40,000
Dr Investment in bonds 6,182
Cr Interest revenue 46,182
The account balance is the same though, $468,002 rounded down to $468,000
A LOT OF POINTS PLEASE HELP
1. Why is gathering information the first step in managing personal finances? Why is it important to have accurate information about your personal finances? How might this impact processes like applying for a loan?
2. Imagine that you are going off to college and need to open a bank account. What kind would you use and why? Then imagine yourself several decades later, after you have worked for years and saved some money. What kind of accounts will you need then and why? What are the disadvantages of some of the choices?
3. You have just received your bank statement, which shows that you have a balance of $562.73. However, you wrote your cousin a check for $150, and she has not cashed it yet. Your paycheck, which was direct deposited in your account after the statement, was $893.86. You also wrote a check for your rent that was $400 and spent $73.26 on groceries this morning. What do you need to do to reconcile your account and what total will you get when you do?
4. How does earned income, like wages, differ from unearned income, like interest or rental income? How would you pay taxes on these different types of income?
5. Why is it important for individuals to correctly calculate their tax liability? Explain what a tax liability is and how it is calculated in your answer.
Answers
With regard to managing personal finances,
Gathering financial information allows for informed decision-making.Checking accounts may be good for college; other accounts needed later.Update records and calculate new balance to reconcile account.Earned income is from work, unearned from other sources.Correctly calculating tax liability avoids penalties and fines.What is the rationale for the above response?1) Gathering information is the first stage in personal finance management since it helps you to understand your financial condition and make educated financial decisions. It is critical to have correct information about your personal finances since it might affect procedures such as loan applications, which normally involve evidence of your income, spending, and assets.
2) When leaving for college, a checking account may be an excellent choice because it allows you to readily access your money and make purchases with checks or a debit card. After working and saving for several decades, you need a savings account or a retirement account.
Some account types may have fees or restrictions on how frequently you may access your money.
3) To reconcile your account, update your records and calculate your new balance by subtracting written checks and adding deposits not yet reflected.
4) It is to be noted that earned income is from work and unearned income is from other sources. Taxes on earned income are usually withheld, while taxes on unearned income may be quarterly or yearly.
5) Also note that calculating tax liability correctly avoids penalties and is important. It is calculated by applying tax rate to taxable income after deductions and exemptions.
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