Answer:
$32,250
Explanation:
Aging Bucket Amount Outstanding
Current 300,000
1-90 days 180,000
91-180 days 100,000
181-365 days 50,000
366+ days 15,000
Total $645,000
Total accounts receivable at the end of March = $645,000
Percentage uncollectible = 5%
Required reserve at the end of March = Total accounts receivable at the end of March * Percentage uncollectible
Required reserve at the end of March = $645,000*5%
Required reserve at the end of March = $32,250
Suppose that when the price of gasoline is $3.50 per gallon, the total amount of gasoline purchased in the United States is 6 million barrels per day. Also, suppose that when the price of gas decreases to $3 per gallon, the total amount of gasoline purchased is 8 million barrels per day. Based on these numbers and using the midpoint formula, the price elasticity of demand for gasoline is:
By definition, the price elasticity of demand for gasoline is -2.33.
Price elasticity of demandThe price elasticity of demand is a measure used to show the responsiveness, or elasticity, of the quantity demanded of a good or service to changes in the price of that good or service.
That is, the price elasticity of demand indicates to what extent changes in price alter the demand for specific products or services.
The price elasticity of demand is calculated by dividing the percentage change in demand by the percentage change in price, resulting in the following expression:
\(Elasticity=\frac{percentage change in quantity demanded}{percentage change in price}\)
\(Elasticity=\frac{\frac{deltaQ}{Q} }{\frac{deltaP}{P} }\)
where:
deltaQ means the absolute change in quantities demanded.Q represents quantity.deltaP represents the absolute change in price.P represents the price.Price elasticity of demand for gasolineKnowing that:
When the price of gasoline is $3.50 per gallon, the total amount of gasoline purchased in the United States is 6 million barrels per day. When the price of gas decreases to $3 per gallon, the total amount of gasoline purchased is 8 million barrels per day.First, the percentage change in quantities is calculated as follows:
The absolute change in quantities deltaQ is obtained by first subtracting the final demand from the initial demand, that is (8 million – 6 million = 2 million)Now dividing this value by the initial demand, you obtain 2 million÷6 million=0.333, which, taken to a percentage value, finally shows that the percentage change in quantity demanded is 0.333×100%= 33.3%.Now the percentage change in price is determined as follows:
The absolute change in the deltaP price is obtained by subtracting the final price from the initial price, that is (3 – 3.5= -0.5).Now dividing this value by the initial price -0.5/3.5, we obtain -0.143, which, taken as a percentage value, shows that the percentage variation in the price is -0.143x100%= -14.3%.Finally, the price elasticity of demand is calculated as:
\(Elasticity=\frac{33.3}{-14.3}\)
Solving:
Elasticity= -2.33
In summary, the price elasticity of demand for gasoline is -2.33.
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Which reasons can be fixed by having a money plan?
Answer:
The given question relates to budgeting. In simple words, budgeting helps one to set up a saving schedule for thier finances, it means that people still have sufficient funds for the items they need and activities which are valuable to them. The expenditure or savings strategy will either keep you free of trouble or assist you get this out of debt if you're already in debt.
Explaining your business partner has decided he wants to merge your business-healthy foods-with former competitor beta burger. He’s told you about the advantages, but you’ve got your doubts. What possible disadvantages about the merger would you explain to your partner before you both make your decision?
Prior to deciding upon a merger with Beta Burger, certain potential drawbacks should be examined:
What possible disadvantages about the merger would you explain to your partner before you both make your decision?Brand Misrepresentation: Merging with a formerrival could bewilder patrons regarding the values of your business. They may possibly associate it with cheap fast-food outlets, conversely deterring those desirous of eating healthy meals.
Cultural Contradiction: Should the cultures at both companies be contrary in nature, it could result in arguments and an absence of collaboration among workers from either side. This discord could then have an adverse impact on morale and productivity for the staff.
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Drag the tiles to the boxes to form correct pairs.
Henry's company has just finished publishing the final batch of their monthly magazine. Henry is supposed to make sure that the finished magazines
reach the distributors. He has been told about the stages involved in this deployment. However, he is unsure about the processes that take place in
those stages. Match the stages to the work done in them to help Henry.
All rights reserved.
storing
preparing
wrapping
loading
JOLL
The output is divided into different sections.
The boxes and crates are transferred onto the transportation.
The output is packaged into boxes and crates.
The output is kept in a cool and dry place.
Σ
O
A magazine, also called a periodical, is a printed or digitally published collection of texts (essays, articles, stories, poems), often illustrated, that is produced at regular intervals (excluding newspapers).
What is the meaning of a magazine?A magazine, also known as a periodical, is a printed or digitally published compilation of texts (essays, articles, short tales, and poems), frequently illustrated (excluding newspapers).
The word "magazine" originates in Arabic magazine, the plural of makhani, which means "depot, storeroom" (originally a military storehouse). Medieval French magasin and Italian magazzino are the languages that brought this word to English. The word "magazine" originally meant a place or thing used for storing.
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Lamont Company produced 80,000 machine parts for diesel engines. There were no beginning or ending work-in-process inventories in any department. Lamont incurred the following costs for May:
Molding Department Grinding Department Finishing Department
Direct materials $12,000 $5,300 $8,000
Direct labor 10,000 8,500 12,000
Applied overhead 17,000 15,000 11,000
Required:
a. Calculate the costs transferred out of each department.
b. Prepare the journal entries corresponding to these transfers.
Answer:
A. Molding Department $39,000
Grinding Department $69,800
Finishing Department $100,800
B. Dr Work in Process-Grinding $ $39,000
Cr Work in Process-Molding $39,000
Dr Work in Process-Finishing $69,800
Cr Work in Process-Grinding $69,800
Dr Finished Goods $100,800
Cr Work in Process-Finishing $100,800
Dr Work in Process-Grinding $30,800
Cr Materials $5,300
Cr Payroll 8,500
Cr Overhead Control $15,000
Explanation:
A. Calculation to determine the costs transferred out of each department.
Molding Department Grinding Department Finishing Department
Direct materials $12,000 $5,300 $8,000
Add Direct labor 10,000 8,500 12,000
Add Applied overhead 17,000 15,000 11,000
Total Cost Added $39,000 $30,800 $31,000
Costs transferred in $0 $39,000 $69,800
($39,000+$30,800=$69,800)
Costs transferred out
$39,000 $69,800 $100,800
($30,800+$39,000=$69,800)
($31,000+$69,800=$100,800)
B. Preparation of the journal entries corresponding to these transfers.
Dr Work in Process-Grinding $ $39,000
Cr Work in Process-Molding $39,000
Dr Work in Process-Finishing $69,800
Cr Work in Process-Grinding $69,800
Dr Finished Goods $100,800
Cr Work in Process-Finishing $100,800
Dr Work in Process-Grinding $30,800
Cr Materials $5,300
Cr Payroll 8,500
Cr Overhead Control $15,000
Which of the following did Judge Parker NOT mention as one of the principles of ethics?
Answer:
Remain open-minded
Explanation:
Zoe is a CEO of corporation she organized herself and the corporation has 15 shareholders the company operates in several States as well as outside the US her business consists mostly of training services for in-home medical Care personnel her company would be a __________ corporation? Is it closely held or is subchapter s
Answer: closely held
Explanation:
Based on the information that are given in the question, Care personnel company would be a closely held organization.
A closely held corporation, is also referred to as the closed corporation. For such firma, few number of people hold their stock.
You are ready to buy a house, and you have $30,000 for a down payment and closing costs. Closing costs are estimated to be 5% of the loan value. You have an annual salary of $48,000, and the bank is willing to allow your monthly compounding (50bps per month) for a 30-year fixed rate loan. How much can you offer for the house?
Webby Inc. is a web development company. Webby’s monthly production function for developing websites is given in the table below. Webby pays $4,000 a month in rent for office space and equipment. It pays each programmer $3,000 a month. There are no other production costs. Fill in the table of production costs.
Answer and Explanation:
The computation of the filling of the given table for the production cost is shown in the attachment below:
As we know that
Total cost = Fixed cost + variable cost
Average fixed cost = fixed cost ÷ websites
Average Variable cost = Variable cost ÷ websites
Therefore the average total cost is
= Average fixed cost + average variable cost
The marginal cost is
= Change in total cost ÷ change in quantity
These formulas are used to complete the table as given below.
Question 5 of 10
How does a low credit score affect a person who applies for a loan?
A. It allows banks to give the person a loan without checking his or
her tax records.
B. It causes banks to charge the person higher interest rates on the
loan.
C. It makes it easier for the person to get a loan with a poor debt-to-
income ratio.
D. It makes banks more likely to give the person a large, long-term
loan.
Answer:
B
Explanation:
This is because the bank is worried they will be unable to pay it back in a shorter period
Answer:
B
Explanation:
just took the quiz
I am better at my job than most of the other people who have the same job title agree or disagree
Disagreed. You cannot say that you are better at your job than others who have the same job title.
How to answer questionnaire questions?While providing the answer to a questionnaire, it is very important that a person would try to be as truthful as possible.
The reason they have to be truthful is so that they would be able to give the best answer that would be useful for the research.
In a question like this, I used disagreed because it is not possible that you have met all of the persons that have the same job description as you do.
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NBM common stock recently paid annual dividend in the amount of $2.25 per share. The analyst’s estimate of the firm’s growth forecast over the next 4 years is 18.00% and over 3 years after that of 16.5%. You expect the firm to slow down in the long run and estimate the long-term growth rate after 7 years to be 6.5%. If the required rate of return on the stock is 11%, what is your estimate of the stock price?
Using the dividend discount model with given growth rates and required rate of return, the estimated stock price for NBM common stock is calculated by discounting future dividends, resulting in the stock price.
To estimate the stock price of NBM common stock, we can use the dividend discount model (DDM) which calculates the present value of future dividends.
First, let's calculate the dividends for the next 7 years:
Year 1: $2.25 (given)
Year 2: $2.25 * (1 + 18%) = $2.655
Year 3: $2.655 * (1 + 18%) = $3.1399
Year 4: $3.1399 * (1 + 18%) = $3.7029
Year 5: $3.7029 * (1 + 16.5%) = $4.3177
Year 6: $4.3177 * (1 + 16.5%) = $5.0273
Year 7: $5.0273 * (1 + 6.5%) = $5.3485
Next, let's calculate the present value of these dividends using the required rate of return of 11%:
PV = D1 / (1 + r) + D2 / (1 + r)^2 + ... + D7 / (1 + r)^7
PV = $2.25 / (1 + 0.11) + $2.655 / (1 + 0.11)^2 + $3.1399 / (1 + 0.11)^3 + $3.7029 / (1 + 0.11)^4 + $4.3177 / (1 + 0.11)^5 + $5.0273 / (1 + 0.11)^6 + $5.3485 / (1 + 0.11)^7
Finally, summing up the present values, we can estimate the stock price:
Stock Price = PV
Calculating this equation will give the estimated stock price of NBM common stock.
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You are happy to see that today's Productivity results relative to goal are trending positively overall; however, you want to focus on really improving one team over the next four hours of your shift. Based on examining the last three hours, which team should you focus on to most positively impact your area's overall results
Answer:
If I were to choose, I'd go for Team 4.
Explanation:
Team 1 is currently on an upward trend with the fastest improvement in their overall productivity moving from 92% to 103%, an 11.9% growth in 6 hours;Team 2 had a slight recession but by the end of the 6 hour period were almost back where they started at 104%, a 1.9% decline. Given that they are still back on an upward trend, I'd give them little or not energy as their 6-hour performance has been the most consistent overall;Team 3 started their performance at 95% and plummetted from then to about 90%, a regressed performance of about 5.3%Team 4 went from 103% to 91%, an 11.7% decline in performance.So given that team 4 has the potential to revert back to, at the very least the starting performance of 103%, and that they have the highest rate of decline in performance, I'd focus on them to improve the overall performance of teams.
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What is the definition of the time/value of Money A:the relationship between time money and the rate of return and their effect on earning growth
B: The amount of time it takes to earn compound interest
Answer:
The answer is B
Explanation:
he financial statements of Denison Furniture Company include the following items: 2019 2018 Cash $53,500 $53,000 Short-term Investments 29,000 15,000 Net Accounts Receivable 92,000 105,000 Merchandise Inventory 162,000 142,000 Total Assets 532,000 551,000 Total Current Liabilities 235,000 215,000 Long-term Note Payable 62,000 60,000 What is the 2019 cash ratio? (Round your answer to two decimal places)
Answer:
The cash ratio is calculated by dividing cash and short-term investments by current liabilities.
Cash ratio for 2019 = (53,500 + 29,000) / 235,000 = 0.39
Rounding to two decimal places, the 2019 cash ratio is 0.39.
Explanation:
Liz received an email from a long-term client informing her that they were planning to work with another advertising agency. Which response is the best application of the some post-event strategies of resilience?
Answer:
Review all email to see if the client was somehow offended. Then analyze listening skills to ensure the client's needs were met. Discuss with a mentor. If the relationship can't be salvaged, learn from the experience and move on.
Explanation:
Due to the fact that Liz received a mail from a long-time client who tells her they were planning on working with another advertising agency, the best response that is the best application of some post-event strategies of resilience are:
1. Reviewing past emails to see if they offend the client in any way
2. Analyse the listening skills to ensure that the client's needs were met
3. Discuss with a mentor
4. Learn from the whole experience
Comparing health insurance policies. Use Worksheet 9.1. Lexi Thomas, a recent college graduate, has decided to accept a job offer from a nonprofit organization. She’ll earn $44,000 a year but will receive no employee health benefits. Lexi estimates that her monthly living expenses will be about $2,000 a month, including rent, food, transportation, and clothing. She has no health problems and expects to remain in good health in the near future.
Using the Internet or other resources, gather information about three health insurance policies that Lexi could purchase on her own. Include at least one HMO. Use Worksheet 9.1 to compare the policies’ features. Should Lexi buy health insurance? Why or why not? Assuming that she does decide to purchase health insurance, which of the three policies would you recommend and why?
Answer:
um can you egsplain that a bit beter please and then i might be able to help
Explanation:
Mariah was appointed to a two-year term on Garden City’s planning board. She’s looking forward to meeting her fellow board members and working collaboratively on issues that affect their town. She’s been told that the first order of business is a revision of the document that outlines the community’s long-term needs and provides guidance on capital budgeting for those needs. What is this document called?
Mariah was appointed to the Garden City Planning Board for a two-year term. The first item of business, she's been instructed, is to revise the document that specifies the community's long-term needs and gives recommendations on capital spending for those needs. This paper is known as the Comprehensive Master Plan.
What is the purpose of a comprehensive plan?A comprehensive plan is a document created for a city, county, or specific region that sets an overarching plan and recommended activities for the area's current and future needs.
A comprehensive plan also known as a "master plan," "general plan," or "community plan" is a long-term planning document that communicates a community's overarching vision, goals, objectives, policies, and strategies for future expansion (or smart contraction), development, and preservation.
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If you were to make an advertisement using the three word technique what three words would you use
example: powerful, brilliant, useful
Answer:
convenient, durable, easy
b) Find the standard deviation and the coefficient of variation of the following data. 25 Marks Interval Frequency Interval Frequency 3.00-3.25 6 4.00-4.25 47 3.25-3.50 19 4.25-4.50 29 3.50-3.75 35 4.50-4.75 15 3.75-4.00 44 4.75-5.00 5
The standard deviation is 0.4182 and the coefficient of variation is 10.5%.
Given the following data Interval Frequency 3.00-3.25 64.00-4.25 473.25-3.50 194.25-4.50 293.50-3.75 354.50-4.75 153.75-4.00 445.00-4.75 5 The formula for finding the standard deviation is:\($$ \sigma =\sqrt{ \frac{\sum f(x-\overline{x})^2}{N}} $$\)
The table below shows the calculation; Interval \($X$ Midpoint ($X_i$)\) Frequency \(($f$) $x-\bar{x}$ $f(x-\bar{x})$ $(x-\bar{x})^2$ $f(x-\bar{x})^2\)
$3.00-3.25 3.125 6 -0.725 -4.35 0.525625 3.153.25-3.50 3.375 19 -0.475 -9.025 0.225625 4.279.50-3.75 3.625 35 -0.225 -7.875 0.050625 1.773.75-4.00 3.875 44 0.025 1.1 0.000625 0.274.00-4.25 4.125 47 0.275 12.925 0.075625 3.554.25-4.50 4.375 29 0.525 15.225 0.275625 7.994.50-4.75 4.625 15 0.775 11.625 0.600625 9.01.75-4.00 4.875 5 1.025 5.125 1.050625 5.25 \($\sum f=200$ $\sum f(x-\bar{x})= 3.15$ $\sum f(x-\bar{x})^2= 35.01$\)
The variance is: \($ \sigma^2 =\frac{\sum f(x-\overline{x})^2}{N} $$\sigma^2=\frac{35.01}{200}=0.1751$\)
Therefore, the standard deviation is: \($$ \sigma=\sqrt{ \sigma^2} $$$ \sigma=\sqrt{ 0.1751}=0.4182$\)
The formula for finding the coefficient of variation is:$$ C.V = \(\frac{\sigma}{\overline{x}} \times 100\% $$\)
The coefficient of variation is:$$ C.V = \(\frac{0.4182}{3.985} \times 100\% $$$C.V = 10.5\%$\)
Therefore, the standard deviation is 0.4182 and the coefficient of variation is 10.5%.
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If different types of parol evidence contradict each other, this is the hierarchy of what prevails:
a. Course of performance, course of dealing, usage of trade Usage of trade.
b. Course of dealing, course of performance.
c. Course of dealing, usage of trade, course of performance
d. Course of performance, usage of trading, course of dealing
Answer:
a. Course of performance, course of dealing, usage of trade.
Explanation:
Parol evidence are oral agreements not in written format. These are agreed orally and the therefore its enforceability is sometimes difficult it either party refuses to accept the oral agreements as there is no physical evidence supporting the statements agreed.
Kali's the transaction broker for seller Joshua. Joshua is buying a house in St. Louis from
Norman, who's represented by his agent, Marc. To whom does Kali owe fiduciary duties
in this transaction?
Joshua
Marc
No one
Norman
G
Kali owe fiduciary duties in this transaction to no one.
What are fiduciary duties?
A fiduciary duty involves actions taken in the best interests of another person or entity. Fiduciary duty describes the relationship between an attorney and a client or a guardian and a ward. Fiduciary duties include duty of care, loyalty, good faith, confidentiality, prudence, and disclosure.
It has been successfully argued that an employee may have a fiduciary duty of loyalty to an employer.
Fiduciary duty is one of the highest and most respected obligations. Fiduciaries are paid to work. However, they are also tasked with the responsibility of being the eyes and ears of their client, working to secure the client’s desired outcomes without any promise of additional compensation for doing so.
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If the price increases and nothing else changes, would consumers end up spending more money on the good?
a) Yes, always
b) Yes, if demand is elastic
c) Yes, if demand is inelastic
d) Yes, if demand is unit-elastic
If the price increases and nothing else changes, consumers end up spending more money on the good if the demand for the good is inelastic (third option).
What is price elasticity of demand?The price elasticity of demand measures how the quantity demanded of a good changes when the price of the good changes.
When demand is inelastic, it means that when the price of a good changes, the quantity demanded changes little. So, when price increases, consumers would spend more on the good. Goods that have an inelastic demand are usually necessities. he coefficient of elasticity is less than one
When demand is elastic, it means that when price changes, the quantity demanded changes more than the price of the good. So, when price increases, consumers would spend less than on the good. The coefficient of elasticity is greater than 1.
When demand is unit-elastic, it means that the change in price leads to an equal change in the quantity demanded. This means that a 1% change in the price leads to a 1% change in the quantity demanded. he coefficient of elasticity is equal to one.
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Chick-fil-A restaurants want to find out the lifetime value of their satisfied and highly satisfied consumers. A satisfied consumer visits Chick-fil-A 3 times a month and spends $9 each time. On average this type of consumer purchases products from Chick-fil-A for 4 years. A highly satisfied consumer visits Chick-fil-A 5 times a month and spends $12 during each visit. On average a highly satisfied consumer purchases products from Chick-fil-A for 8 years. Calculate the lifetime value of (i) a satisfied consumer; and (ii) a highly satisfied consumer (show your work step by step). What is the implication of this lifetime value calculation
Based on the number of visits to Chick-fil-A and the amount spent per visit, the following are true:
Lifetime value for satisfied customer = $1,296Lifetime value for highly satisfied customer = $5,760What is the lifetime value for satisfied customers?This can be found as:
= No. of visits per year x Number of years customer will purchase from Chick-fil-A x Amount spent per visit
= (3 visits per month x 12 months) x 4 years x 9
= $1,296
What is the lifetime value for Highly satisfied customers?= No. of visits per year x Number of years customer will purchase from Chick-fil-A x Amount spent per visit
= 5 times a month x 12 months x 8 years x 12
= $5,760
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businesses use organisational structure which is based around project but employee stay in their department
An organizational structure based around projects while employees remain in their departments combines the advantages of functional specialization and project-oriented collaboration
Businesses that adopt an organizational structure based around projects while keeping employees in their respective departments often follow a matrix or hybrid organizational structure. This approach allows organizations to leverage the benefits of both functional departments and project teams.
In this structure, employees are grouped into functional departments based on their areas of expertise or skills. These departments, such as finance, marketing, human resources, and operations, provide specialized support and resources to various projects within the organization. Each department is typically led by a department head or manager responsible for overseeing the department's operations and ensuring the delivery of functional objectives.
On the other hand, project teams are formed to address specific business objectives or initiatives. These teams are comprised of individuals from different departments who possess the necessary skills and expertise to achieve project goals. The project teams are usually led by a project manager who is responsible for coordinating activities, managing resources, and ensuring the successful completion of the project within the specified timeline and budget.
By adopting this organizational structure, businesses can maximize efficiency and resource utilization. Employees benefit from the stability and specialization offered by their department, allowing them to develop deep expertise in their functional areas. At the same time, they also have the opportunity to contribute their expertise to cross-functional project teams, enabling them to broaden their skills, collaborate with colleagues from different backgrounds, and gain exposure to diverse projects and challenges.
This structure facilitates better communication and coordination between departments, as project teams act as intermediaries, ensuring that information and resources flow seamlessly between the departments and the projects. Additionally, it encourages a culture of innovation and flexibility, as employees have the opportunity to contribute their unique perspectives and expertise to different projects, fostering a cross-pollination of ideas.
Overall, an organizational structure based around projects while employees remain in their departments combines the advantages of functional specialization and project-oriented collaboration, enabling businesses to efficiently execute projects while maintaining the stability and expertise of functional departments.
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how the fourth industrial revolution affects education
The fourth industrial revolution, also known as Industry 4.0, is bringing about a massive transformation in the way we live, work and learn.
What is industrial revolution?The Industrial Revolution was a period of time in the 18th and 19th centuries when major changes in agriculture, manufacturing, and transportation had a profound effect on the socioeconomic and cultural conditions in Britain.
It is characterized by the increased use of technologies such as artificial intelligence (AI), the Internet of Things (IoT), robotics, and 3D printing. These changes are having a profound effect on education, from the way students learn to the way teachers teach.
One of the major impacts of the fourth industrial revolution on education is the shift from traditional instructional methods to more personalized, adaptive learning. With the use of AI and machine learning, students can now receive tailored instruction and content that is tailored to their individual learning styles and needs. This not only helps to increase student engagement and achievement, but also helps teachers to better meet the needs of their students.
Another way the fourth industrial revolution is affecting education is through the increased use of technology in the classroom. Technologies such as virtual reality and augmented reality are being used to create immersive learning experiences, while collaborative platforms are being used to facilitate group discussions and activities. This increased use of technology is allowing students to gain more hands-on experience and to better understand complex concepts.
Finally, the fourth industrial revolution is also having an impact on how students are assessed. With the use of AI and machine learning, teachers are able to gain insights into student performance and assess them in real time. This not only allows for more accurate assessment and feedback, but also helps to ensure that students are learning the material effectively.
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Which of the following would cause an upward movement along the aggregate demand curve?
a. There is an increase in expected income.
b. An increase in the price level increases the value of real wealth.
c. An increase in housing prices increases the value of real wealth.
d. The value of the dollar increases.
e. There is an increase in the expected price level.
An increase in housing prices that increases the value of real wealth would cause an upward movement along the aggregate demand curve. Option C is correct.
The aggregate demand (AD) curve shows the relationship between the overall price level and the total amount of goods and services demanded in an economy. An upward movement along the AD curve occurs when the price level increases while the quantity of goods and services demanded remains constant.
The options a, b, d, and e all involve changes in expectations or relative prices that affect the overall level of demand and would shift the AD curve, but not cause a movement along it. Only option c involves a direct increase in the value of real wealth, which would lead to an increase in consumer spending and thus an upward movement along the AD curve. Option C is correct.
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A budget can take the form of a list, a table, or a graph. You can make a budget using pencil and paper, or you can use a website or software. Whatever method you choose, creating a budget is a great way to observe how much money you make and how you spend your money.
It's true to say that creating a budget is a great way to look at how much money you make and how you spend your money. To be effective, it is necessary for the budget to help you manage your expenses, making your income greater than your expenses.
What is the purpose of the budget?This technique of analyzing financial resources is easy to develop, and its advantages help the individual to have greater insight into their income and expenses, as well as to allocate their resources efficiently, avoiding unnecessary expenses, saving resources to achieve goals.
It is essential to disseminate more information about managing personal resources, increasing financial education in schools and institutions, so that individuals understand how to use money effectively, without getting into debt due to the misuse of finances.
Therefore, you should create your personal budget to detail your essential expenses such as housing and food, your expenses associated with leisure and your savings for future goals, increasing your learning about conscious consumption.
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Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes:
Date
Face Amount
Term
Interest Rate
1. Mar. 6 $75,000 60 days 4%
2. Apr. 7 40,000 45 days 6%
3. Aug. 12 36,000 120 days 5%
4. Oct. 22 27,000 30 days 8%
5. Nov. 19 48,000 90 days 3%
6. Dec. 15 72,000 45 days 5%
Required:
1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Assume a 360-day year.
2. Journalize the entry to record the dishonor of Note (3) on its due date.
3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Assume a 360-day year.
4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February.
Answer 23%
Explanation:
1. The (a) the due date and (b) the amount of interest due at the maturity of the six notes receivable by Water Closet Co. are as follows:
Due Date Interest at
Maturity
1. May 5 $500
2. May 22 $300
3. Dec 10 $600
4. Nov 21 $180
5. Feb 17 $360
6. Jan 29 $450
2. The Journal Entry to record the dishonor of Note 3 on December 10 is as follows:
December 10:
Debit Accounts Receivable $36,600
Credit Notes Receivable $36,000
Credit Interest Receivable $600
To record the dishonor of Note 3 on its due date.3. The adjusting Journal Entries to record the accrued interests on Notes 5 and 6 on December 31 are as follows:
December 31:
Debit Interest Receivable $168
Credit Interest Revenue $168
To accrue interest due on Note 5.Debit Interest Receivable $160
Credit Interest Revenue $160
To accrue interest due on Note 6.4. The Journal Entries to record the receipt of the amounts due on Notes 5 and 6 in January and February are as follows:
January 29:
Debit Cash $72,450
Credit Notes Receivable $72,000
Credit Interest Receivable $160
Credit Interest Revenue $290
To record the receipt of cash on note 6.February 17:
Debit Cash $48,360
Credit Notes Receivable $48,000
Credit Interest Receivable $168
Credit Interest Revenue $192
To record the receipt of cash on note 5.Data and Calculations:Date Face Amount Term Interest Rate Due Date Interest at
Maturity
1. Mar. 6 $75,000 60 days 4% May 5 $500
2. Apr. 7 40,000 45 days 6% May 22 $300
3. Aug. 12 36,000 120 days 5% Dec 10 $600
4. Oct. 22 27,000 30 days 8% Nov 21 $180
5. Nov. 19 48,000 90 days 3% Feb 17 $360
6. Dec. 15 72,000 45 days 5% Jan 29 $450
3. Accrued Interests on December 31:
Note 5: $168 ($48,000 x 3% x 42/360)
Note 6: $160 ($72,000 x 5% x 16/360)
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A complete ban on trade with another country or a prohibition on trading specific types of products, services, or technology to another country called
An embargo is the partial or total prohibition of trade and commerce with a particular country/state or a group of countries.
Briefing:-The term "embargo" is derived from the Spanish word "embargo," which means hindrance, obstruction, etc. in a general sense, "trading ban" in trade terminology, and literally "distraint" in legal parlance.
What does a total prohibition on trading entail?Trade restrictions known as embargos are frequently used as economic sanctions by governments, groups of nations, or international organizations. Embargoes can prevent all trade or just some types of it, such imports of weapons.
Which trade restriction forbids or restricts trade between nations?Embargoes. Embargoes are situations in which one or more nations formally prohibit the commerce with another nation of certain commodities and services. This action may be taken by governments to further particular political or economic objectives.
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