On January 1, 2012, the Going Your Way Taxi Company purchased a new car for $30,000. The car has an estimated life of 5 years and a residual value of $10,000. The company uses the straight line method to estimate depreciation expense. The following transactions related to this asset occurred from January 1, 2014 to January 1, 2015. - Routine oil change expense for $120 incurred and paid on March 1. - Detail cleaning (interior and exterior) costing $175 incurred and paid on August 1. - Depreciation expense for the year booked on December 31. - A new transmission was installed on January 1,2015 costing $10,000. It is expected that this will extend the life of the car by 2 years. a. Provide the journal entries for the first two transactions. b. Provide the journal entry to book the depreciation expense on December 31, 2014. c. What is the book value of the asset on January 1,2015 ? d. Provide the journal entry to book the depreciation expense on December 31, 2015.
Answers
a. March 1, 2014: Debit Routine Maintenance Expense ($120), Credit Cash ($120). August 1, 2014: Debit Cleaning Expense ($175), Credit Cash ($175).
b. Debit Depreciation Expense ($4,800), Credit Accumulated Depreciation ($4,800).
c. Book value on Jan 1, 2015: $15,200 ($30,000 - $4,800 - $10,000).
d. Debit Depreciation Expense ($4,800), Credit Accumulated Depreciation ($4,800).
a. Journal entries for the first two transactions:
1. March 1, 2014:
Debit: Routine Maintenance Expense ($120)
Credit: Cash ($120)
2. August 1, 2014:
Debit: Cleaning Expense ($175)
Credit: Cash ($175)
b. Journal entry to book depreciation expense on December 31, 2014:
Debit: Depreciation Expense ($4,800) [($30,000 - $10,000) / 5 = $4,800]
Credit: Accumulated Depreciation ($4,800)
c. Book value of the asset on January 1, 2015:
The book value is the original cost minus accumulated depreciation.
Book Value = $30,000 - Accumulated Depreciation
d. Journal entry to book depreciation expense on December 31, 2015:
Debit: Depreciation Expense ($4,800)
Credit: Accumulated Depreciation ($4,800)
a. The journal entries record routine maintenance and cleaning expenses as expenses incurred and cash paid.
b. Depreciation expense is calculated using the straight-line method: ($30,000 - $10,000) / 5 = $4,800. This entry recognizes the expense and increases accumulated depreciation.
c. The book value of the asset on January 1, 2015, is the original cost minus the accumulated depreciation. It reflects the remaining value of the asset.
d. Similar to the previous year, the entry records the depreciation expense for the year, maintaining the straight-line method and updating the accumulated depreciation account.
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Related Questions
what do you think about women getting less salary than men?
Answers
Answer:
It's just unfair, men and women should get same amount of salary,
Salary gap is very very unfair.
hope it helps ☺️
Which one of the following is an example of a procurement?
Answers
Answer:
Using a JIT stock control system
Explanation:
Procurement refers to the process of buying goods and services for an organization. It involves engaging many suppliers and identifying the most suitable ones. Procurement is the process of acquiring quality goods and services for a company in the most cost-efficient manner.
Just in time (JIT) is a strategy that aligns procurement with the production schedule. In the JIT strategy, materials are procured and delivered only when required for production.
The ratio of the percentage change in quantity demanded to the percentage change in price is known as the
A. demand-side shift factor
B. income elasticity of demand
C. price elasticity of demand
D. cross elasticity of demand
Answers
The ratio of the percentage change in quantity demanded to the percentage change in price is known as the price elasticity of demand.
Price elasticity of demand is a measure that indicates the responsiveness of the quantity demanded of a product to changes in its price. It is calculated by dividing the percentage change in quantity demanded by the percentage change in price. Price elasticity of demand helps to understand how sensitive consumers are to changes in price and how it affects the demand for a product.
A high price elasticity of demand indicates that a small change in price leads to a proportionately larger change in quantity demanded, suggesting that the product is price-sensitive. On the other hand, a low price elasticity of demand suggests that changes in price have a relatively smaller impact on the quantity demanded, indicating that the product is less price-sensitive.
Price elasticity of demand is a crucial concept for businesses and policymakers as it helps in pricing decisions, revenue forecasting, market analysis, and policy formulation. It allows businesses to understand the potential impact of price changes on demand and revenue. For example, a highly elastic demand implies that a decrease in price could lead to a significant increase in demand and potentially higher total revenue.
In summary, the ratio of the percentage change in quantity demanded to the percentage change in price is referred to as the price elasticity of demand. It is an important measure to assess the sensitivity of demand to changes in price and aids businesses in making informed pricing decisions and understanding market dynamics. Understanding price elasticity of demand can provide valuable insights into consumer behavior, market competitiveness, and revenue management.
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how does solid waste production in the world’s high-income nations compare to that in low-income nations?
Answers
Solid waste production in high-Income nations tends to be significantly higher compared to low-income nations. Several factors contribute to this difference:
1. Consumption patterns: High-income nations generally have higher levels of consumption, resulting in increased waste generation. The consumption of goods and services, including packaging materials, electronics, and single-use products, contributes to a larger volume of solid waste.
2. Lifestyle and urbanization: High-income nations often have higher urbanization rates and more industrialized economies, leading to higher waste generation. Urban areas tend to produce more waste due to population density, commercial activities, and infrastructure development.
3. Waste management infrastructure: High-income nations typically have more developed waste management systems, including collection, recycling, and disposal facilities. This infrastructure enables more efficient handling and management of solid waste, reducing the likelihood of improper disposal or uncontrolled dumping.
4. Recycling and waste reduction initiatives: High-income nations often have established recycling programs and waste reduction initiatives in place. These efforts aim to minimize waste generation, promote recycling and composting, and increase resource efficiency. While such initiatives exist in low-income nations as well, they may face challenges due to limited resources and infrastructure.
It is important to note that waste generation can vary within high-income and low-income nations themselves based on specific factors such as population density, industrial activities, and cultural practices. However, in general, high-income nations tend to produce more solid waste compared to low-income nations due to their consumption patterns, lifestyle, waste management infrastructure, and recycling initiatives.
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Carl’s business insurance costs $3,000 per year. Carl paid for and purchased a 12-month insurance policy on October 1, Year 1. On October 1, Year 2, Carl’s insurance increased to $3,300 per year. A building contract Carl was working on was delayed when they had to obtain additional permitting. Because cash flow was tight, Carl delayed renewing the insurance policy. Instead of making the payment due on October 1, Year 2, Carl paid 3 months of insurance in arrears on January 1, Year 3. Carl is a cash-method taxpayer and took advantage of the 12-month rule in Year 1 for prepayments. What is Carl’s insurance expense deduction for Year 2?
Answers
Answer:
Carl's Insurance Expense Deduction for Year 2
Since he took advantage of the 12-month prepayments rule, his Year 2 Insurance deduction was deducted in Year 1.
While his deduction should have been equal to
= Annual Insurance Expense/12 x 9 = $3,300/12 x 9 = $2,475
In Year 2, it is equal to $0 since he did not make any payment for Insurance.
Explanation:
Under the cash method of accounting, two rules govern how someone can deduct prepaid expenses:
1. The General Rule
2. The 12-Month Rule
1. The General Rule
Under the general rule, you cannot deduct the full amount of an advance payment covering more than 12 months. You must deduct a portion of the payment in the year to which it applies.
Example: The General Rule.
Carl is a cash method taxpayer on a calendar year.
On October 1, 2018 Carl pays $3,600 in advance for business insurance covering three years.
Coverage begins October 1, 2018.
Coverage ends September 30, 2021.
Result:
The general rule applies.
The advance payment covers more than 12 months (36 months).
A portion of the $3,600 must be deducted ratably over the three-year period.
To find the portion of the $3,600 Carl deduct each tax year:
First, divide the $3,600 by 36 (months) to find the monthly premium amount.
Then, multiply the number of months remaining in each tax year by the monthly premium
Monthly premium: $3,600 / 36 = $100 per month.
Oct. 1, 2018 - Dec. 31, 2018: 3 x $100 = $300 deduction for 2018
Jan. 1, 2019 - Dec. 31, 2019: 12 x $100 = $1,200 deduction for 2019
Jan .1, 2020 - Dec. 31, 2020: 12 x $100 = $1,200 deduction for 2020
Jan. 1, 2021 - Sep. 30, 2021: 9 x $100 = $900 deduction for 2021
The 12-Month Rule
The 12-month rule says that Carl may deduct the full amount of an advance payment in the year the payment is made if it creates rights or benefits for the taxpayer that do not extend beyond the earlier of:
12 months after the right or benefit begins, or
The end of the tax year after the tax year in which payment is made.
Example 1: The 12-Month Rule.
Carl is a cash basis taxpayer on a calendar year.
On October 1, 2018 he pays $2,000 for business insurance covering one year.
The policy begins October 1, 2018 and ends September 30, 2019.
Result:
The 12-month rule applies.
Deduct the full $2,000 in 2018
The benefit does not extend beyond 12 months after the right to receive the benefit begins - October 1, 2018.
what is the study of business
Answers
Explanation:
The study of business is about how individuals and groups of people organise, plan, and act to create and develop goods and services to satisfy customers. Business is influenced by and impacts on the cultural, ethical, environmental, political, and economic conditions of the day
Explanation:
business studies is an academic subjects taught in many schools and higher education institutions in the world .
If 60% of the population is female and 30% of females buy physical therapy services, and 70% of men buy physical therapy services, is there more demand for physical therapy from women or men?
a. women
b. men
Answers
Answer:
Men.
Explanation:
Well, 70% of 40% (100% - 60%) = 28% total population demand.
30% of 60% = 18%
28% > 18%
Answer:
Men
Explanation:
Let the number of men and female be 100
60% of 100 is 60
Therefore there are 60 female
30% of 60 is 18
so 18 women buy physical therapy
40% of 100 is 40
Therefore there are 40 men
70% of 40 is 28
so 28 men buy physical therapy
28>18 therefore there is a greater demand of physical therapy from men
Which is most often a cause for a change in career or lifestyle? A) adjustments in vacation B) adjustments in life roles C) career satisfaction D) lifestyle satisfaction
Answers
Answer:
B adjustments in life roles
Explanation:
because if you have to adjust your life role or comfort zone to do something totally different it would mess up your timing and how you would do things
Adjustments in life roles are most often a cause for a change in career or lifestyle. Thus, option B is correct.
What is life role?A life role is something that a person plays in his lifetime. here are eight life roles that a person follows. Those eight are:
Child, Student, Leisure, Citizen, Worker, Parent, Spouse, HomemakerIf a person needs to fit in any of these eight careers or wants to move from one lifestyle to another, then they make too many changes in their lifestyle or even make a change in their career.
For example, if Tanya was a working woman and decides to get married, then that means that she will also be a spouse and a part of homemaker, and a worker too. Then she does need to make some changes to fit all of these new adjustments and changes in her life. Therefore, option B is the correct option. Therefore, option B is the correct option.
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A type of investment that gives a person a share of ownership in a company
is a
A. savings account
O B. bond
O c. stock
O D. hedge fund
Answers
A type of investment that gives a person a share of ownership in a company is a stock. Thus, option (c) is correct.
What is a stock?A stock is a type of investment that gives a person a share of ownership in a company. When a person buys a stock, they become a partial owner of the company and are entitled to a portion of the company's profits.
Stocks are traded on the stock market, and their prices can fluctuate depending on a variety of factors, such as the company's performance, investor sentiment, and overall market conditions. Stocks are important because they provide investors with the potential to earn returns on their investments, and they provide companies with capital to fund their operations and growth.
Therefore, it can be concluded that a type of investment that gives a person a share of ownership in a company is a stock. Hence, option (c) is correct.
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what are three primary reasons for asking others to review and comment on a presentation
Answers
Answer: to review content for accuracy, suggest improvements, or document feedback
Explanation:
i just took it
In
, people invest money in a company in exchange for the company’s
.
Answers
Answer:
In equity crowdfunding, people invest money in a company in exchange for the company’s shares
Explanation:
Equity crowdfunding is the process in which people invest in start up companies and early stage companies that have not been listed on a stock market in exchange for shares in that company. As a result of the investment, the person becomes a shareholder and makes profit when the company do well but if the company fails, shareholders make losses.
Startups and early-stage companies use this method to raise capital.
Based on the information provided in Exhibit 26, and assuming neither company has any preferred shares or noncontrolling interest, which of the following are true
Answers
Based on the information provided in Exhibit 26, and assuming neither company has any preferred shares or noncontrolling interest, there are several possibilities that could be true. To determine the possible truths, we need to carefully analyze the information
First, let's consider what Exhibit 26 might contain. It could be a financial statement, a balance sheet, or any other document that provides information about the two companies. Without knowing the specifics of Exhibit 26, it is difficult to provide a definitive answer.
However, based on the assumptions given, we can make some general conclusions. For example, if neither company has preferred shares or noncontrolling interest, it means that all the shares are common shares and there are no minority shareholders. This implies that the ownership and control of both companies are concentrated among the common shareholders.
Furthermore, without preferred shares, it suggests that there are no special privileges or preferential rights attached to any shares. This means that all shareholders have equal rights to dividends and voting power.
To answer this question more accurately, it is crucial to have access to the specific details and contents of Exhibit 26. Without this information, it is challenging to provide a comprehensive and definite conclusion.
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The set of skills and knowledge needed to make informed decisions about
money matters is called financial literacy.
A. True
B. False
Answers
I’m pretty sure
what is the difference of communism and socialism?
Answers
For socialism there is limited Private owner ship, government and private entities,Limited class distinctions and production for societal needs .
Carter invested $3,900 in an account paying an interest rate of 3. 9% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 5 years?
Answers
$822.18 is how much earned interest so add $3,900 and you get $4,722.18
Answer: 4700
Explanation:
An experimenter had groups of one to four people look up at the sky on a street corner and measured what proportion of people who walked by also looked up. this is an example of
Answers
Answer:
an experiment.
Explanation:
An experiment refers to a scientific process that could be made to discover the things, hypothesis test and exhibit a fact i.e. known
Here in the given situation, it is mentioned that the experimenter contains a group in which one to four people are looking up to the sky on the corner of the street and also the proportion is measured
So this is an example of an experiment
Which type of human resources job is likely to grow at a slower rate in the future?
OA. training and development manager
O B. labor relations specialist
OC. compensation, benefits, and job analysis specialist
OD. career counselor
Answers
If not try B
Which of the following recommendations fall under Service Recovery Rule 2: Fix the Company’s Problem
Treat customers nicely, fairly, and with respect.
Act quickly and take ownership of the service failure.
Recognize that it doesn’t matter whether or not the company performed the service wrong.
Invest generously in customer loyalty programs and promotions.
Compensate the customer appropriately.
Answers
The recommendation that falls under Service Recovery Rule 2: Fix the Company's Problem is:
Recognize that it doesn't matter whether or not the company performed the service wrong.
Service Recovery Rule 2 emphasizes the importance of acknowledging and addressing the company's problem or failure in delivering satisfactory service to the customer. This rule highlights the need for the company to take responsibility for the service failure and focus on rectifying the situation.
The other recommendations listed are not specifically aligned with Rule 2:
- "Treat customers nicely, fairly, and with respect" is a general principle of good customer service but does not specifically address fixing the company's problem.
- "Act quickly and take ownership of the service failure" is associated with Service Recovery Rule 1: Act Fast.
- "Invest generously in customer loyalty programs and promotions" is related to Service Recovery Rule 5: Learn from the Experience.
- "Compensate the customer appropriately" is associated with Service Recovery Rule 4: Learn from Lost Customers.
So, out of the provided options, only "Recognize that it doesn't matter whether or not the company performed the service wrong" is the recommendation that falls under Service Recovery Rule 2: Fix the Company's Problem.
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Suppose the own price elasticity of market demand for retail gasoline is -0.9, the Rothschild index is 0.6, and a typical gasoline retailer enjoys sales of $1,450,000 annually. What is the price elasticity of demand for a representative gasoline retailer's product?
Answers
Answer:
-1.5
Explanation:
Given the following :
Rothschild index = 0.6
Elasticity of demand for total market = - 0.9
Annual sale = $1,450,000
Elasticity of demand for a representative retailer's product :
Using the Rothschild demand Elasticity relation:
Rothschild index = (Elasticity of demand for total market / Elasticity of demand for a representative retailer's product
0.6 = - 0.9 / Elasticity of demand for a representative retailer's product
Elasticity of demand for a representative retailer's product = - 0.9 / 0.6
= - 1.5
You expect GameStop stock price to drop drastically. You do not own the stock. You should:Group of answer choicesEnter a sell orderEnter a sell limit o Enter a sell limit order at a price below the current market bidrder at a price below the current market bidEnter a buy limit order at a price above the current market bidNone of the above
Answers
This allows you to potentially profit from the anticipated price decrease by selling borrowed shares and buying them back later at a lower price.
If you expect GameStop's stock price to drop drastically and you do not own the stock, you should consider entering a sell limit order at a price below the current market bid. This allows you to potentially profit from the anticipated price decrease by selling borrowed shares and buying them back later at a lower price.
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PLEASE HELP ME!!!!! I need to know the best ways to make a small business known. I just started a small Scentsy® business with my mom. I don't do social media and my moms is mainly her private friends even though it is public.
Answers
Answer:
Buy ads and get social media
Explanation:
where do you go to add some personal branding to an invoice template?
Answers
To add some personal branding to an invoice template, you can typically use a software program that allows you to customize the template.
Here are a few steps you can take:
Open the invoice template: The invoice template can be opened in a software programme such as Microsoft Word, Excel.Insert your company logo or any other branding image into the design by inserting an image or picture into the template's header or footer area.Customise the colour scheme: You can change the font colour, background colour, or border colour of the template to fit your brand colours.Insert your company information: In the template's header or footer, you can insert your company name, address, phone number, and email address.Save the customised template: Once you've made the changes you want, save the customised template as a new file to use for future invoices.For such more question on invoice:
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Mention two provisions (mechanisms) that ensures that the investment of shareholders are protected. Explain the purpose of each
Answers
Someone who holds at least one share of a company's stock or unit in a mutual fund is referred to as a shareholder. The firm is primarily owned by its shareholders, who also have specific rights and obligations.
Two provision that ensures the protection of shareholders' investments are:
1. Shareholder voting rights: Shareholders have the right to vote on important company decisions, such as electing members of the board of directors, mergers and acquisitions, and major changes to the company's bylaws. This provision ensures that shareholders have a say in how the company is run and that their investments are not being misused.
2. Requirements for disclosure: Businesses are expected to routinely disclose significant operational and financial information to their shareholders. Annual reports, financial statements, and other significant updates fall under this category.
By guaranteeing shareholders' access to crucial data on the company's financial health, this clause enables them to make well-informed investment decisions.
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A work center had planned outputs of 10, 15, 13, and 20 hours with actual outputs of 12, 14, 13, and 18 hours. The cumulative deviation in output is __________.
Answers
The cumulative deviation in output is -1.
Here, we are to calculate the cumulative deviation in output using the planned outputs and actual outputs
Actual (A) Forecast (B) Deviation (A-B)
12 10 2
14 15 -1
13 13 0
18 20 -2
Cumulative deviation -1
Therefore, the cumulative deviation in output is -1.
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two sisters dresses has net working capital of $43,800, net fixed assets of $232,400, net income of $43,900, and current liabilities of $51,300. the tax rate is 21 percent and the profit margin is 9.3 percent. how many dollars of sales are generated from every $1 in total assets? a) $1.44 b) $1.32 c) $1.73 d) $.97 e) $1.06
Answers
Among the given options, the closest value to $1.71 is $1.32.
To calculate the sales generated from every $1 in total assets, we need to use the formula for the asset turnover ratio:
Asset Turnover Ratio = Sales / Total Assets
First, we need to calculate the total assets. Total assets consist of net working capital and net fixed assets:
Total Assets = Net Working Capital + Net Fixed Assets
Total Assets = $43,800 + $232,400
Total Assets = $276,200
We can rearrange the formula to solve for sales:
Sales = Net Income / Profit Margin
Sales = $43,900 / 0.093
Sales = $471,398.92
Now, we can substitute the values into the asset turnover ratio formula:
Asset Turnover Ratio = $471,398.92 / $276,200
Asset Turnover Ratio = 1.706
Finally, we need to find the sales generated from every $1 in total assets:
Sales generated from every $1 in total assets = Asset Turnover Ratio
Sales generated from every $1 in total assets = $1.706
Rounding to two decimal places, the sales generated from every $1 in total assets is $1.71.
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When the price of chocolate chip cookies increased to $3 per package, Samantha began to buy oatmeal cookies
instead. This situation is an example of the
The supply curve slopes upward because at a higher price, producers have
to produce more.
The price of shirts declines dramatically. Javier now feels richer and buys more shirts than he normally would. This
situation is an example of the
Answers
substitution effect The supply curve slopes upward because at a higher price, producers have an incentive to produce more.
Answer: Here go the right answer and I got it right
Explanation:
When the price of chocolate chip cookies increased to $3 per package, Samantha began to buy oatmeal cookies instead. This situation is an example of the substitution effect.
The supply curve slopes upward because at a higher price, producers have an incentive to produce more.
The price of shirts declines dramatically. Javier now feels richer and buys more shirts than he normally would. This situation is an example of the
income effect.
Question 5 of 10
Which of the following is an internal factor?
A. Employee turnover
B. Economic recession
C. Employment laws
D. Interest rates
Answers
Answer:
A. Employee turnover
Explanation:
Internal factors refer to the things that are within the organization's control. They are issues or factors unique to a particular organization. Internal factor contrasts with external factors which refer to issues that affect the whole industry and therefore beyond the control of any single organization.
Employee turnover refers to the rate at which employees leave the company, either voluntary or involuntary. Each organization will have a unique employee turnover rate. Employee turnover is, to a large extent, within the organization's control.
how do i get my month gross wage ? CATEGORY ITEM AMOUNT
INCOME Annual Gross Wage $18,080
Monthly Gross Wage
Net Wage (monthly) $1,925
Answers
Answer:
$1506.67
Explanation:
monthly gross wage = annual gross wage / 12
18080 / 12 = 1506.67
What are examples of illegal actions that can be the result from leaking of confidential information?
Answers
examples of illegal actions that can be the result from leaking of confidential information:
Lawsuits. Injunctive relief should be filed in order to have the court stop the party in violation from continuing their actions. Loss of business clients and relationships. Termination of employment and more. Criminal charges.“Confidential Information” is information that is not generally accessible to the public. This policy governs the use or further disclosure of such information.
Confidentiality involves a set of rules or promises, usually enforced by confidentiality agreements, that limit or impose restrictions on access to certain types of information.
Examples of sensitive information include personal phone numbers and addresses, medical records, and social security information. Businesses also have sensitive information such as financial records, trade secrets, customer information and marketing strategies.
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Find the time-domain signal x[n] whose z-transform is, X(z) = Zᶻ−2+2Z⁻¹/Z³
Answers
The time-domain signal x[n] corresponding to the given z-transform X(z) = Z^(-2) + 2Z^(-1) / Z³ is x[n] = δ[n-2] + 2u[n-1] / n², where δ[n] is the unit impulse function and u[n] is the unit step function.
To find the time-domain signal x[n] corresponding to the given z-transform, we can use the inverse z-transform. The given z-transform X(z) is:
X(z) = Z^(-2) + 2Z^(-1) / Z³
By applying the inverse z-transform, we can rewrite X(z) as a time-domain signal x[n]:
x[n] = δ[n-2] + 2u[n-1] / n²
where δ[n] is the discrete-time unit impulse function, u[n] is the discrete-time unit step function, and n represents the time index.
In summary, the time-domain signal x[n] corresponding to the given z-transform is x[n] = δ[n-2] + 2u[n-1] / n².
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