Leisure Fitness Ltd started in business on 1 January 2009, its financial ear ending 31 December. The
companv ourchased its titness equioment as follows.
Year
Date of Purchace
2009
2010
2011
2012
1-Jan
20-Oct
15-Feb
20-Nov
20-Mar
15-May
Amount ($)
80,000.00
100,000.00
70,000.00
50,000.00
100,000.00
150,000.00
The company depreciates its equipment at the rate of 10 percent per annum using the straight line
method, depreciating based on assets in existence at the end or the vear
You are required to show the following for 2009 2010 2011 and 2012
The equinment account
b) The accumulated depreciation
extracts from the income statement and the statement or financial position
Answers
The Equipment account for Leisure Fitness Ltd would be as follows:
2009:
Opening balance: $0.00
Purchases: $80,000.00
Closing balance: $80,000.00
When did Leisure Fitness Ltd start its business?For the years 2009, 2010, 2011, and 2012, the Equipment account for Leisure Fitness Ltd would be as follows:2009:
Opening balance: $0.00
Purchases: $80,000.00
Closing balance: $80,000.00
2010:
Opening balance: $80,000.00
Purchases: $100,000.00
Closing balance: $180,000.00
2011:
Opening balance: $180,000.00
Purchases: $70,000.00
Closing balance: $250,000.00
2012:
Opening balance: $250,000.00
Purchases: $50,000.00
Closing balance: $300,000.00
The accumulated depreciation for each year, calculated at a rate of 10% per annum using the straight-line method, would be:2009:
Opening balance: $0.00
Depreciation expense: $0.00
Closing balance: $0.00
2010:
Opening balance: $0.00
Depreciation expense: $8,000.00 ($80,000.00 x 10%)
Closing balance: $8,000.00
2011:
Opening balance: $8,000.00
Depreciation expense: $18,000.00 ($180,000.00 x 10%)
Closing balance: $26,000.00
2012:
Opening balance: $26,000.00
Depreciation expense: $25,000.00 ($250,000.00 x 10%)
Closing balance: $51,000.00
These figures can be used to prepare the income statement and the statement of financial position for the respective years. Please note that the information provided is within the specified word limit of 110 words.
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Related Questions
During your meeting with your client, Hayden Doyle, you recommended he purchase a personal liability umbrella policy (PLUP). Which part of the financial planning process were you engaged in?
Answers
Answer:
b. Develop and present financial planning recommendations.
Explanation:
Since in the question it is mentioned that there is a recommendation for buying a personal liability with respect to the umbrella policy so in the steps of the financial planning process, the step that should be considered is to develop & present the recommendation with regard to the financial planning as the financial planning is important than can save your future
hence, the correct option is B.
In business, a focus on action implies that a person will Multiple choice question. suppress any moral objections. avoid confrontation. be perfect. take advantage of opportunities.
Answers
It should be noted that a focus on action implies that a person seizes business opportunities.
What is meaning of focus in business?
Being focus when one is engaging vin a business is a way to achieve the ultimate goal of the organization. It helps to seize any opportunities that could move the business forward.
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People who experience FOMO (Fear of Missing Out) may...
A) Go into debt to keep up with everyone else
B) Donate money to a cause they care about
C) Create and stick to a monthly budget
D)Save a percentage of their paycheck each month
Answers
Which of the following characteristics of tourism services explains which guests need to be present when the service is being performed?
Answers
A bond with an annual coupon rate of 4.8% sells for $970. What is the bond’s current yield? (Round your answer to 2 decimal places.)
Answers
Rounded to 2 decimal places, the bond's current yield is 4.95%.
The current yield of a bond is a financial measure that represents the annual return on investment (yield) of the bond based on its current market price. It is calculated by dividing the bond's annual coupon payment by its current market price.
To calculate the current yield, you need to know the bond's annual coupon payment, which is typically expressed as a percentage of the bond's face value.
For the case above, to calculate the bond's current yield, you need to divide the annual coupon payment by the bond's current market price.
Annual Coupon Payment = (Coupon Rate x Face Value) Annual Coupon Payment = (0.048 x 1000) = $48We know that the current Market Price = $970, hence:
Current Yield = (Annual Coupon Payment / Current Market Price) Current Yield = (48 / 970) Current Yield = 0.04948Rounded to 2 decimal places, the bond's current yield is 4.95%.
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Question #3
Multiple Select
The main types of markets are called
consumer
O industrial
customer
Oresidential
Question #4
Multiple Choice
Answers
The two most important types of marketplaces are consumer and business markets. There are also institutional markets, government markets, and global markets.
What other kind of markets are there?In a market where buyers and sellers may meet, there can be an exchange of commodities and services. Markets include both actual physical markets and digital ones, such those found online. There are additional examples, such as the stock market, gray market, and auction market.
Although it can be complicated, marketing is primarily driven by four variables: product, price, promotion, and place. These are the fundamental concepts around which everything else is built, and they apply regardless of how tactics and distribution methods evolve. The seven P's or another form of these core concepts are sometimes included.
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Firms receive factors of production from households. In which part of GDP with a household receiving rents from businesses be considered?
a. Taxes
b. Capital
C. Net Exports
Answers
9. Assume that the risk-free rate is 3.5% and the
required return on the market is 8%. What is the required rate of
return on a stock with a beta of 2?
Answers
The required rate of return on a stock with a beta of 2 is 12.5%.
The required rate of return on a stock with a beta of 2 can be calculated using the Capital Asset Pricing Model (CAPM):
Required Rate of Return = Risk-Free Rate + Beta x (Market Return - Risk-Free Rate)
Plugging in the given values, we get:
Required Rate of Return = 3.5% + 2 x (8% - 3.5%)
Required Rate of Return = 3.5% + 2 x (4.5%)
Required Rate of Return = 3.5% + 9%
Required Rate of Return = 12.5%
Therefore, the required rate of return on a stock with a beta of 2 is 12.5%.
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Why is it important to understand the specific steps related to the phases of
economic development?
Answers
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
When making decisions, managers often must decide between doing what is beneficial for the firm in the short term, and what is beneficial for both the firm and society in the long term. To address this conflict, a firm must
Answers
When making decisions, managers are often faced with a conflict between what is beneficial for the firm in the short-term and what is beneficial for both the firm and society in the long-term.
This conflict arises because the actions that benefit the firm in the short-term may not necessarily align with the interests of society as a whole, which can lead to negative consequences for both the company and society in the long-term.
To address this conflict, a firm must adopt a long-term orientation and consider the broader social and environmental impacts of its decisions. This means looking beyond immediate financial gains and recognizing that actions taken today can have far-reaching implications for the company's reputation, customer loyalty, employee morale, and overall sustainability.
Firms that prioritize social responsibility and sustainable business practices are more likely to build strong relationships with stakeholders, including customers, employees, investors, and regulators. They are also better equipped to weather economic downturns and other disruptions, as they have diversified their risk and invested in building resilient supply chains and communities.
Ultimately, the key to addressing the conflict between short-term gains and long-term benefits is a commitment to corporate social responsibility (CSR) and sustainable business practices. By prioritizing the needs of society and the environment alongside those of shareholders, firms can create value for all stakeholders over the long-term, ensuring their continued success and impact.
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A 2-column table with 6 rows titled Your Monthly Net Pay. Column 1 has entries Monthly gross pay, federal withholding, social security, Medicare, state tax, net pay. Column 2 has entries question mark, 238 dollars, 232 dollars and 50 cents, 54 dollars and 38 cents, 236 dollars, question mark.
You have just graduated from college and accepted a position. The salary is $45,000 annually. You have decided to plan your future and see if you can afford a house and a family of three on this salary, or if it is best to wait a couple of years to get more experience and advance in your career. Your first step is to figure out your monthly take-home pay.
Your monthly gross pay is
Answers
So, for a salary of $45,000 per year, your monthly gross pay would be $3,750.
To calculate your monthly gross pay, you need to divide your annual salary by 12.This is the amount of money you earn before any taxes or other deductions are taken out.It's important to understand your monthly gross pay as it forms the basis for calculating your net pay, which is the amount of money you take home after taxes and other deductions are taken out. By looking at the table provided, you can see that federal withholding, social security, Medicare, and state tax will all be deducted from your gross pay, which will leave you with your net pay.Knowing your net pay is crucial for budgeting and planning your financial future, especially if you are considering buying a house or starting a family.
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Answer:
$3,750,
Explanation:
edge 2023
Use the graph to answer the question that follows.
Which statement describes the shift from D1 to D2?
Demand for the product increased.
Less of the product is being produced.
Demand for the product decreased.
More of the product is being produced.
Answers
The statement that describes the shift from D1 to D2 is the demand for the product increased.
What does the shift from D1 to D2 signify?The graph represented in the image is that of a demand curve. A demand curve is a curve that shows the relationship between price and quantity demanded.
The demand curve is negatively sloped because the higher the price, the lower the quantity demanded. This is in line with the law of demand.
When the demand curve shifts to the right, it indicates an increase in demand. When the demand curve shifts to the left, it indicates a decrease in demand.
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Answer:
Demand for the product increased!
Explanation:
option A
What is the purpose of a hazard plan?
a.Search through food for pests b.Document procedures c.identify supply chain concerns or problems d.create rules and regulations
Answers
Hazard mitigation plans are prepared and adopted by communities with the primary purpose of identifying, assessing, and reducing the long-term risk to life and property from hazard events.
Sorry if this doesn't specifically answer your question, but I hope it helps :)
Identify a recent business trend that could be contributing to the increased number of collusive frauds.
a. Increasing frequency of supplier alliances, and closer relationships between buyers and suppliers.
b. Reducing costs and product quality by using same suppliers.
c. Increased competition amongst suppliers.
d. Advances in technology that simplify the process of conducting business.
Answers
Supplier alliances are occurring more frequently, and suppliers and customers are getting to know one another better.
Fraud Collusion Dangers.
The standard acknowledges the dangers of collusion as well as the increased risk for the auditor in expressing an incorrect opinion, or "audit failure."
The issues with asset misappropriation and financial statement misstatement are brought up by the amended standard for auditors to consider.
Employees, suppliers, customers, and other parties must enlist the help of their co-conspirators in the first type of fraud, or at the very least work together to plan it. This is not a simple task, as it will be discussed below; in an asset theft scheme, coordination and recruitment demand a certain level of risk from the participants.
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What is an example of a musical work?
A musical theater script
The playlist used for a pop radio station
The design of a particular musical instrument
The sheet music of a popular movie soundtrack
Answers
Answer:
sheet music of a popular movie soundtrack
Answer:
nhd wdbbdbdbdhduwdhbdubdjkdn9uwdhdbddknd
Explanation:
Luma Inc. has provided the following data concerning one of the products in its standard cost system.InputsStandard Quantity or Hours per Unit of OutputStandard Price or RateDirect materials4.8 ounces$6.90 per ounceThe company has reported the following actual results for the product for September:Actual output2,100unitsRaw materials purchased10,500ouncesActual price of raw materials$7.80per ounceActual cost of raw materials purchased$81,900Raw materials used in production10,090ouncesThe raw materials quantity variance for the month is closest to:A) $69 FB) $78 FC) $69 UD) $78 U
Answers
Answer: $69 U
Explanation:
Firstly, based on the information given, we need to calculate the standard usage which will be:
= Actual output × Standard Qty/hours per unit
= 2100 x 4.8
= 10,080
Therefore, the raw material quantity variance will be:
Raw material usage in production = 10,090 ounces
Standard usage = 10,080
Standard Price = $6.90
Then, the raw material quantity variance will be:
= (Actual usage in units - Standard usage in units) x Standard cost per unit
= (10,090 - 10,080) x 6.9
= 69621 - 69552
= 69U
You may need to use the appropriate appendix table to answer this question.
Only 0.03% of credit card holders of a company report the loss or theft of their credit cards each month. The company has 20,000 credit cards in the city of Memphis. Use the Poisson probability tables to answer the following questions. (Round your answers to four decimal places.)
What is the probability that during the next month in the city of Memphis, every credit card is lost or stolen?
Answers
The probability that during the next month in the city of Memphis, every credit card is lost or stolen is approximately 0.0025.
We are given that the proportion of credit card holders who report loss or theft of their credit cards is 0.03%. We have to find the probability that every credit card is lost or stolen during the next month in the city of Memphis.
To solve the above problem, we have to use the Poisson distribution formula.
Poisson distribution formula is:
P(x; μ) = (e^-μ) (μ^x) / x!
Here,x = 0 (every credit card is lost or stolen)
μ = mean or average number of successes in the given time interval= λ × t, where
λ = rate of success, which is the expected number of successes per unit time or space.
For this problem,λ = number of credit card holders who report loss or theft of their credit cards= 0.03% of 20,000 (credit cards in the city of Memphis)= 0.03/100 × 20,000= 6
t = time interval = 1 month
Now, let’s put the values of λ and t into the formula:
P(x = 0; μ) = (e^-μ) (μ^x) / x
!P(x = 0; 6) = (e⁻⁶) (6^0) / 0
\!P(x = 0; 6) = (e⁻⁶)
Therefore, the probability that during the next month in the city of Memphis, every credit card is lost or stolen is approximately 0.0025.
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1. Entrepreneurship Def: Human effort that takes(missing word) the of bringing the other 3 factors of production (Land, Labour, Capital) together to a good or service.
Answers
fid the higest common factor of
21a²b and 49ab²
Answers
Answer:
7ab
Explanation:
21a²b = 7ab * 3b
49ab² = 7ab * 7b
instructions:wikarambulan is a sound like game. by saying\pronouncing and connecting the word, reveal the elements and factors of principles, tools and techniques in creating a business. write your answer on the blank space provided in the side of the paper.
1. IS TRE ENGCKS
2. OP FORTUNE NI TEAS
3. WEEK NEST CES
4.THREE EATS
5. IN DUST TREE
6. END BY RON MEANT ALL
7. PIE HAVE FOUR ZEST
8. ENCHO NO MEEK
9. SOAP FLYER
10. COST TOO MHER
Answers
Answer:
1.strengths
2.opportunities
3.weakneses
4.threats
5.industry
6.environment
8.economic
9.supliyer
10.customer
when you design a process to achieve the mix of friction and flow that you think will most benefit your customer, what should you do before taking that design to market?
Answers
Before taking a process design to market, there are several steps that you should take to ensure that the mix of friction and flow you have designed will indeed benefit your customer:
Test the process design: Implement the process design in a test environment to see how it performs and whether it achieves the desired mix of friction and flow. This will help you identify any flaws or issues with the design that need to be addressed before taking it to market.
Gather feedback from customers: Solicit feedback from potential customers to understand their needs and preferences. This will help you tailor the process design to better meet their needs and ensure that it is well-received in the market.
Conduct market research: Conduct market research to determine whether there is a demand for the process design and whether it will be competitive in the market. This will help you determine pricing and positioning strategies, as well as identify any potential barriers to adoption.
Develop a marketing plan: Develop a comprehensive marketing plan that outlines how you will promote and sell the process design to customers. This should include strategies for reaching target audiences, positioning the product in the market, and communicating the benefits of the design to potential customers.
Consider scalability: Consider the scalability of the process design and whether it can be adapted to meet the needs of a growing customer base. This will help ensure that the design can continue to benefit customers over the long-term and remain competitive in the market.
By taking these steps before taking a process design to market, you can ensure that you have a well-designed process that meets the needs of your customers and is well-received in the market.
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The study of the characteristics of human populations such as size, density, age, race, gender, and income is known as:.
Answers
disadvantages of creative thinking in a workplace
Answers
Answer:
This article will dive into what creative thinking is, types of creative thinking, and the benefits of thinking creatively in the workplace. As it happens, it is not the experience of failure that holds you back. There are six major obstacles to creative thinking that could be preventing you from learning how to improve your problem solving skills for business success. Creative thinking and creative thinkers are needed in those situations because it pushes out of that linear way of thinking. To think creatively, set aside any assumptions or biases you may have, and look at things in a completely new way. You don't have to be an artist for your work to have an artistic element. In homeostasis, there seems to be an irresistible unconscious pressure that brings you back to doing what you have always done. This requires the ability to examine things carefully to know what they mean. Thinking The following transcript is based on material in Skills for Success: The Personal Development Handbook, by Stella Cottrell. asked Feb 22, 2018 in Grade 12 by Admin Master (890k points) grade-12; ... discuss the disadvantages of creative thinking. Advantages Of Creative Thinking. Being rational means that we continually use our minds to explain the world to ourselves, so we can understand it better and feel more secure. Here are some of the types of creative thinking you might see in the workplace.
Before someone can move into a new home, a building inspector must see if the structure complies with building codes. If the home does, the municipality or county will issue a
Answers
If the home does, the municipality or county will issue a certificate of occupancy.
What is certificate of occupancy?Certificate of occupancy can be defined as a document that is often issued by the government so as to certified that building complies the government building odes.
After the inspector verified that the building complies with building codes this means that the house is suitable for people to occupy and the owner of the building will be issued a certificate of occupancy.
Therefore If the home does, the municipality or county will issue a certificate of occupancy.
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QUESTION 3 / 10 What is the first step you should take when you want to open a savings account? A. Review the different savings account options that your bank offers. B. Make your initial deposit. C. Go to the bank and fill out an application. D. Present your photo ID to the bank representative.
Answers
Answer:
A. Review the different savings account options that your bank offers.
An example of structural unemployment is a(n):________.
a. worker at a fast food restaurant who quits work and attends college
b. real estate agent who leaves a job in Texas and searches for a similar, higher paying job in Cali
c. autoworker who is temporarily laid off from an automobile company because of a decline in sales
d. geologist who is permanently laid off from an oil company because of an increase in wages won by labor unions
Answers
Answer:
d) Geologist who is permanently laid off from an oil company because of an increase in wages won by labor unions.
Correct me, if I am wrong :)
Have a great day!
Thanks!
Need calculation for What is the probability that the mean GPA for 64 randomly selected BYU- Idaho students will be less than 3.5? Round your answer to three decimal places.
Answers
Answer:
Probability that the mean GPA for 64 randomly selected BYU- Idaho students will be less than 3.5 = 0.037
Explanation:
Given that mean = 3.7 , Standard deviation = 0.1125
Now,
P(хbar < 3.5 ) = P(z < \(\frac{3.5 - 3.7}{0.1125}\) )
= P(z<-1.78)
= 0.0375
≈ 0.037
∴ we get
Probability that the mean GPA for 64 randomly selected BYU- Idaho students will be less than 3.5 = 0.037
Which of the following is one of the primary responsibilities of the federal judicial branch?
Answers
Answer:
to judge if laws made by the legislative branch are constitutional
Explanation:
Answer:
to judge the constitutionality of laws
Explanation:
The new entry strategy that a firm chose is dependent upon the ______________ and the ______________ of the new business concept.
Answers
The new entry strategy that a firm chooses is dependent upon the "market conditions" and the "feasibility" of the new business concept.
Market conditions refer to the characteristics of the market in which the firm intends to enter. This includes factors such as the size of the market, the level of competition, the regulatory environment, the target customers' preferences and behaviors, and the overall demand for the product or service being offered.
Feasibility refers to the practicality and likelihood of successfully implementing the new business concept. It involves assessing factors such as the availability of resources, technological requirements, operational capabilities, financial viability, and any potential barriers to entry.
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