rabb co. records its purchases at gross amounts but wishes to change to recording purchases net of purchase discounts. discounts available on purchases recorded from last october to this september 30 totaled $2,000. of this amount, $200 is still available in the accounts payable balance. the balances in rabb's accounts as of and for the current year ended september 30 before conversion are: purchases $100,000 purchase discounts taken 800 accounts payable 30,000what is rabb's current year accounts payable balance as of september 30 after the conversion?
Answers
After converting to recording purchases net of purchase discounts, Rabb Co.'s current year accounts payable balance as of September 30 is $29,400. This adjustment takes into account the recognized purchase discounts and reflects the revised accounts payable balance.
To determine Rabb Co.'s current year accounts payable balance as of September 30 after the conversion, we need to consider the purchase discounts and adjust the accounts payable balance.
The purchase discounts taken are recorded at $800, and $200 is still available in the accounts payable balance. This means that $600 ($800 - $200) of the purchase discounts have already been recognized.
To calculate the adjusted accounts payable balance, we subtract the recognized purchase discounts from the original accounts payable balance
Adjusted accounts payable balance = Accounts payable balance - Recognized purchase discounts
= $30,000 - $600
= $29,400
Therefore, Rabb Co.'s current year accounts payable balance as of September 30 after the conversion is $29,400.
To know more about payable balance:
https://brainly.com/question/31779288
#SPJ4
Related Questions
Suppose you want to deposit a lump sum in a mutual fund this year that earns 6% annual compound interest for your retirement to ensure that you have $400,000 when you retire 25 years from now. You will then take annual withdrawals for the first 10 years of your retirement and your first withdrawal will be at the end of your first year of retirement. Use this information to answer the following questions.
a) How much can you withdraw each year for 10 years after your retirement? Round to the nearest dollar.
b) How much would you need to deposit today to ensure that you could support your retirement needs? Round to the nearest dollar.
Answers
(a) The annual withdrawal amount for 10 years after retirement is calculated to be $54,347;
(b) The required lump sum deposit today to support retirement needs is estimated to be $93,199.
Part (a) : To calculate the annual withdrawal amount, we need to use the future value of an annuity formula. With a desired retirement-fund of $400,000, a 6% interest-rate, and a 10-year withdrawal period,
The annual withdrawal amount can be calculated as : (Future Value)/(Present Value of Annuity Factor),
Substituting the values,
We get,
Annual Withdrawal = $400,000 / 7.3601 ≈ $54,347;
So, you can withdraw $54,347 each year,
Part (b) : Using the present value of an annuity formula, we have:
Present Value = Future Value / (1 + Interest Rate)ⁿ, where n is number-of-periods,
Given a desired retirement fund of $400,000, an interest rate of 6%, and a 25-year accumulation period, we calculate the deposit amount as :
Deposit Amount = $400,000 / (1 + 0.06)²⁵,
Deposit Amount ≈ $93,199
Therefore, the amount to be deposited is $93,199.
Learn more about Retirement Fund here
https://brainly.com/question/29980742
#SPJ4
A business goes to the trouble and expense of segmenting its markets when it expects that this extra effort will
Answers
When a business extra effort is expected to increase profit, they will incur an expense of segmenting its markets.
What is market segmentation?A market segmentation refers to segregating market into element that includes age, gender, occupation, income etc
In conclusion, when the business extra effort is expected to increase profit, they will incur an expense of segmenting its markets.
Read more about market segmentation
brainly.com/question/8903427
Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT?
Answers
All of the following, with the exception of conditions, are required.
Describe insurance.One party will agree to compensate another in the event of a certain loss, damage, or injury in exchange for a fee in order to safeguard oneself from financial loss. It is a risk management technique that is typically used to guard against the danger of a hypothetical loss that may or may not materialise.
An underwriter, insurer, firm, or carrier is a company that provides insurance. A person or organisation that obtains insurance is known as a policyholder, whereas a person or organisation that the policy protects is known as an insured.
Become familiar with
Insurance
Visit
https://brainly.com/question/989103
What factors decrease the risk of creating a new venture?
A. Economy is strong.
B. Job market is weak.
C. Education is strong.
D. Trends are strong.
Answers
Economy is strong factors decrease the risk of creating a new venture. The results of this pilot study show that the decision-making process for starting a new business is significantly influenced by variables like technological advancement, market opportunity, competition, customer demand, and current market conditions. The answer is OPTION A
Numerous risks, including bankruptcy, financial risk, competitive risk, environmental risk, reputational risk, and political and economic risk, are faced by entrepreneurs. Entrepreneurs must make wise financial plans and demonstrate to venture that they are thinking about risks by developing a practical business plan. The economy encompasses all activities carried out in a nation that are related to the production, use, and distribution of goods and services. The answer is OPTION A
To learn more about venture, click here.
https://brainly.com/question/30454633
#SPJ4
Mark receives $400 per week for salary as a sales associate. His quota is $2750 and his commission is 10%. This week, Mark sold $29,000 in merchandise, $1800 of which was returned. calculate his gross pay.
Answers
Answer:
$3,120
Explanation:
A sales quota is the minimum volume a salesperson is expected to move to earn commissions.
Mark's quota is $2750
In the week, mark sold $29,000, but $1,800 was returned. The net sales were: $29,000 - $ 1,800 = $27,200
Mark is a 10% commission. The commissions will be 10% of net sales
=10/100 x $27,200
=0.1 x $27,200
=$2,720
gross pay will be weekly earnings plus commissions
=$400 +$2,720
=$3,120
QUESTION 2 of 10: Medicare is a government program funded by tax dollars to:
a) Provide health insurance to children
b) Provide health insurance to working adults
c) Provide hospital insurance for those over 65
Answers
Considering absolute and comparative advantages, how would you explain the growth in AJC exports from China to the USA?
Answers
The growth in AJC (Aluminum Junction Clips) exports from China to the USA can be explained by both absolute and comparative advantages.
Absolute advantage refers to a country's ability to produce a good more efficiently and at a lower cost compared to other countries. In the case of China, it is likely that they have a lower production cost for AJC due to factors such as cheaper labor and access to raw materials. This lower cost allows Chinese producers to offer competitive prices in the US market, leading to increased exports.
Comparative advantage, on the other hand, refers to a country's ability to produce a good at a lower opportunity cost compared to other goods it can produce. It is possible that China has a comparative advantage in the production of AJC, meaning that they can produce AJC at a lower opportunity cost compared to other goods they could produce. This encourages Chinese producers to specialize in AJC production and export it to the USA, where they can take advantage of their comparative advantage.
In conclusion, the growth in AJC exports from China to the USA can be attributed to China's absolute advantage in terms of lower production costs and its comparative advantage in the production of AJC. These advantages enable Chinese producers to offer competitive prices and specialize in AJC production, leading to increased exports to the USA.
To know more about absolute and comparative visit: brainly.com/question/29798112
#SPJ11
The money supply curve _____. This shift could be caused by the Federal Open Market Committee's (FOMC's) open-market purchase of Treasury bills.
Answers
Answer:
Shifts right
Explanation:
A rightward shift in the money supply curve indicates its increase. When the FOMC purchases Treasury bills, they purchase these securities with money, thus injecting more money into the economy and increasing the money supply.
Factors that influence pricing
Answers
Effect of Competition
A competitive pricing strategy, where prices for a product or service are set based primarily on the prices of the competition, is best suited for a price-sensitive and highly competitive market. Whether you use this type of strategy or not, you should always take your competition’s pricing into account when setting your own pricing, unless you hold a monopoly. If consumers perceive your product and your competition’s as having equal value, you could lose out in a big way if your competitor’s price is lower than yours is.
Market Demand Pricing
The laws of supply and demand should always come into play when setting your pricing. If a product is in high demand, particularly if demand exceeds supply, then the market can bear a higher price. Conversely, if demand dwindles, consumers will not be willing to pay higher prices. Your pricing should remain relatively stable over time, but you can put promotions in place to discount the price when needed.
Price is a Part of Brand Strategy
Setting your prices without a thorough grasp of your brand objectives can destroy any brand-building efforts. Your price is a part of your brand image. Think about Walmart, which has built its entire brand around low pricing, or Tiffany & Co., whose consumers expect high-end pricing. If your products’ prices are not in line with your brand image, you will most likely confuse consumers instead of convert them.
Cost of Goods Sold
If you want to make a profit on the sale of your products, you must charge a higher price than what it cost you to actually produce and transport them. The cost of goods sold almost always plays an integral role in any pricing strategy. The exception to this is if you are promoting your product as a loss leader.
A loss leader is a product that is sold below cost as an incentive for consumers to purchase other products at normal prices. Many mobile carriers, for example, sell cell phones at hugely discounted rates so that consumers will sign on for one of their cell phone service packages.
Scenario 1
The manager of Yang Ltd, a Malaysian company, is seeking your services in educating his new group of interns on some accounting concepts. The interns are unsure about how the following items will be treated on the statement of cash flows. You should clearly discuss each concept, it’s place on the statement of cash flows and identify any additional information that will be required in arriving at an appropriate amount on the statement of cash flows.
1)Credit Sales
2)Share premium
3)Acquisitions and disposal of non-current assets Bank Overdraft
4)Inventory
Scenario 2
Pinte Ltd has just acquired IT equipment for a sum of $3 million. The accounting period for Pinte Ltd runs from January 1 to December 31 each year. The equipment was bought in the second half of the year on July 1, 20X1. Installation costs amounted to $300,000 and other costs to set up the equipment amounted to $700,000. The useful life of the equipment is estimated as 4 years with a salvage value of $500,000.
Advise Pinte Ltd on how it should depreciate the non-current asset. You should use appropriate calculations to support your answer (for reducing balance use 40% per annum). You should also identify any other financial and non-financial considerations that Pinte Ltd must make in arriving at its decision.
Answers
Scenario 1 Credit sales: Credit sales are sales made on account, which means the customer is allowed to defer the payment for a certain period of time.
These sales are reported on the income statement, but the cash flows statement does not show the cash received from customers. Instead, it reflects the cash outflow for the cost of goods sold (COGS) and the allowance for doubtful accounts.
The allowance for doubtful accounts is an estimate of the amount of credit sales that may not be collected. It is recorded as an expense on the income statement and is used to reduce the gross profit. On the cash flows statement, the cost of goods sold is recorded as an increase in the inventory account, and the allowance for doubtful accounts is recorded as a decrease in the accounts receivable account.
Share premium: Share premium is the amount paid by investors in excess of the par value of the shares. It is reported on the statement of shareholders' equity and does not affect the cash flows statement.
Other considerations: Pinte Ltd should also consider other financial and non-financial factors when making decisions about the IT equipment. Financial considerations may include the impact of depreciation on taxes, the impact on cash flow, and the impact on the balance sheet.
Learn more about Credit sales Visit: brainly.com/question/29054339
#SPJ4
Which of the following is a characteristic of economic services:
A) tangible
B) freely available to everyone
C) useful
D) non-transferable
Answers
Answer:
useful
Explanation:
i got it from USA test prep
What type of competition does a pizza parlor vs. an ice cream shop represent?
Answers
Answer:
Explanation:
Its an indirect competition because we know that a pizza parlor and ice cream shop belong to the same sector i.e. Food but in case of products sold we can observe that pizza is not the same product as an ice cream because one is considered as a fast food while other is mainly eaten as a dessert. If the pizza shop sold ice cream along with pizzas tooo then we might have come across a direct competition to some point.
But in this case the sector is same but the products sold are different therefore this competition can be considered as an indirect competition between the two parties.
Therefore we can conclude from the above statements that we can classify this competition as an indirect competition.
what is the cost allocation method called that is used for natural resources?
Answers
Answer:
The process of allocating the cost of plant and equipment over the periods they are used to produce revenues is known as depreciation. For natural resources, this process is called depletion, and for intangible assets it is called amortization.
Explanation:
HEY guys can yall help me im trying to get caught up on school work before november 30.
What techniques are required to accept constructive criticism? Select all that apply.
A. not interrupting or speaking until the other person is finished making a point
B. filing a formal complaint with human resources to make sure your point of view is documented
C. not frowning, sneering, or defensively folding arms in front of you
Answers
Answer:
i think its letter A and C
If you are at a university and someone asks "what's your MAJOR?" this is what they
want to know:
a) the secondary courses you are taking in college just for fun
b) the academic discipline to which you have formally committed so you can earn
an undergraduate degree
c) which credit cards you have maxed out to afford tuition, housing, food and books
d) which political party you will agree to join and promote on your campus
Answers
Answer:
the answer is B
Explanation:
Dripolator purchases raw coffee beans and then roasts, packages, and sells them. The company is focusing on freshness and quality, as well as on expanding its markets. Which metric would be most appropriate for Dripolator to focus on for the financial perspective of the balanced scorecard
Answers
Answer:
Annual percent increase in contribution margin
Explanation:
The financial perspective would use a financial metric such as the annual percent increase in contribution margin. The number of employees being trained in grading coffee beans is a learning and growth perspective, the number of packaging defects is an internal perspective, and increased customers in the southeast region is a customer perspective.
Name the institutions which provide technical education in nepal and describe any one of them
Answers
Answer:
The institutions which provide technical education in Nepal are:-
i)Tribhuwan University (TU)
ii) Mahendra Sanskrit University (MSU) iii) Lumbini Bauddha University (LBU) iv)Kathmandu University (KU)
v)Purbanchal University (PurU)
vi) Pokhara University (PokhU).
Users of managerial accounting information include ______. (select all that apply) multiple select question. department managers potential investors internal revenue service the chief financial officer
Answers
The user of managerial accounting information includes:
department managersthe chief financial officerWhat is managerial accounting information?Managerial accounting information can be defined as the gathered information which managers use during decision making process.
The users of this information are department manager and the chief financial officer.
Therefore the correct option is A, D.
Learn more about Managerial accounting information here:https://brainly.com/question/14339826
#SPJ6
A company issues a 20-year, callable bond at par with a(n) 9% annual coupon payments. The bond can be called at par in three years or any time after that on a coupon payment date. The call price is $110 per $100 of face value. What is the yield to call?
Answers
The yield to call on the bond is 17.97%. To calculate the yield to call on a callable bond, we need to find the yield that makes the present value of the bond's cash flows equal to the call price. Here are the steps:
Calculate the bond's cash flows: The bond pays annual coupon payments of 9% of the face value, or $9 per year. In addition, the bond can be called in three years at a call price of $110 per $100 of face value. Therefore, the cash flows for the next three years are $9 per year, and the cash flows for years four through twenty are $9 per year plus the call price of $110. Calculate the present value of the cash flows: We can use a financial calculator or spreadsheet to calculate the present value of the bond's cash flows. Using a financial calculator with the following inputs: N = 3, I/Y = YTM, PMT = 9, FV = 100, and PV = -100, we get a present value of $99.14. For years four through twenty, we can use the same inputs but with a PMT of $119 ($9 coupon payment plus $110 call price), giving a present value of $936.49. The total present value is therefore $1,035.63. Calculate the yield to call: We want to find the yield that makes the present value of the bond's cash flows equal to the call price of $110 per $100 of face value. Using a financial calculator with the following inputs: N = 3, PMT = 9, FV = 100, PV = -110, we find that the yield to call is 17.97%.
Learn more about bond's here:
https://brainly.com/question/10777799
#SPJ11
Consider the following three scenarios:I. ABC Lawncare performed lawn maintenance services for Drake Inc. on June 1st, and received payment of $500 for those services.II. On June 1st, Melly Corp received payment for 100 pounds of raw material to be delivered to Drake Inc. in 6 months.III. Lodo, LLC collected cash on June 1st for services rendered on May 1st.Given these scenarios, revenue cannot be recognized on June 1st for:
Answers
Answer:
Scenario IIScenario IIIExplanation:
The Accrual basis is used in Accounting which means that when it comes to revenue, it can only be recognized in the period that it is earned.
Scenario II cannot be recognized on June 1st because it is for goods to be delivered in 6 months. As the goods have not been delivered, the revenue has not be earned so will not be recognized.
Scenario III cannot be recognized on June 1st as well because it was for work done in May which means that it was earned in May. It is to be recognized as revenue earned in May, not in June.
the theory advocates government intervention in highly capital-intensive, high entry-barrier industries in which domestic firms may have little chance without government assistance. group of answer choices product life cycle laissez faire strategic trade absolute advantage
Answers
The strategic trade theory advocates government mediation profoundly capital-serious, high passage obstruction businesses in which homegrown firms might have minimal possibility without government assistance. option (C) is correct.
Strategic trade is the control of the product, import, global travel, and parcel of specific wares to specific beneficiaries or for guaranteed end-utilizes/end-clients and in specific conditions.
Strategic trade policy (STP) is an administration strategy that endeavors to move overabundance benefits in oligopolistic global business sectors toward the nation of origin firms. For instance, a Chief at the same time seeking a specific degree of productivity and piece of the pie expansions in new developing markets.
Therefore, option (C) is correct.
Learn more about strategic trade:
https://brainly.com/question/30565254
#SPJ4
This question is not complete, Here I am attaching the complete question:
The theory advocates government intervention in highly capital-intensive, high entry-barrier industries in which domestic firms may have little chance without government assistance. group of answer choices product (A) life cycle
(B) laissez faire
(C) strategic trade
(D) absolute advantage
Who among the following is providing sound crisis leadership?
a. Ryan, who remains calm and stable even when the situation seems most dire
b. Linda, who spends most of her energy focusing on defending her group against criticism for causing the crisis
c. Milan, who expects her employees to adapt to a crisis even without proper planning beforehand
d. Aftab, who believes that pessimism is the most realistic reaction to a crisis and will avoid the worst consequences
Answers
The analysis of the potential for self-harm is the most important step in care planning for a client who is planning care going through a crisis. The correct answer is a. Ryan, who remains calm and stable even when the situation seems most dire.
A care plan is composed of five steps: assessment, diagnosis, outcomes and planning, execution, and evaluation. Care planning is the process of talking about how a person's illness affects their life and how they can be effectively supported to meet their health and wellbeing needs for the rest of their lives. The care plan belongs to the individual, and it may only be disclosed to third parties with that person's consent.A plan of care, which is a presentation of information, essentially describes the services and help being given to a person care review and planning should be done in tandem.
To know more about Planning care visit:
https://brainly.com/question/28484352
#SPJ4
Margin in a futures transaction differs from margin in a stock transaction because a. stock transactions are much smaller b. delivery occurs immediately in a stock transaction c. no money is borrowed in a futures transaction d. futures are much more volatile e. none of the above
Answers
Answer:
Margin in a futures transaction differs from margin in a stock transaction because a. stock transactions are much smaller b. delivery occurs immediately in a stock transaction c. no money is borrowed in a futures transaction d. futures are much more volatile e. none of the above
Explanation:
transaction d. futures are much more volatile e. none of the above
Need help with this question, thanks
Answers
Answer:
The 1st left one: Corona
Below it: Core
Beside Corona: Prominence
Below it: Photosphere
Below it: Sunspot
Hope it helps!!!
A _______________ gives customers the belief that manufacturers will stand behind their product.
Answers
A value proposition gives customers the belief that manufacturers will stand behind their product. A product's value proposition should succinctly describe how it meets a need, outline how it adds value, and explain why it is superior than competing offerings.
The optimal value proposition is direct and appeals to main factors that influence customers decision. Companies utilize this claim to target clients who will gain the most from utilizing their product, which contributes to preservation of their economic moat. An edge over competitors is an economic moat. A company's size and ability to withstand competition increase with moat's width.
To learn more about customers, learn more
https://brainly.com/question/26743878
#SPJ4
in all societies, the government decides what to produce.
Answers
In a command economy, assets and organizations are claimed by the public authority. The public authority concludes what labor and products will be delivered and what costs will be charged for them. The public authority concludes what techniques for creation will be utilized.
In a market system, shopper inclination and assets figure out who will get the labor and products created. In unrestricted economies, costs mirror the general accessibility of scant assets, and buyers who have the most cash and longing for an item will follow through on the greatest expenses.
They utilize a creation prospects bend which is a diagram that helps see what customers want more. Typically utilized between two items.
Learn more about government:
https://brainly.com/question/30285471
#SPJ4
if the reserve ratio is 5 percent, then the money multiplier is group of answer choices 25. 20. 2.5. 1.25.
Answers
One would anticipate a money multiplier of 1/0.05, or 20, with a reserve ratio of 5%.
When the reserve ratio is 20%, what is the money multiplier?Let's use the straightforward example of a bank with a 25% mandated reserve ratio. Determine the economy's money multiplier. Hence, the economy's money multiplier is 4.
The reserve requirement ratio's opposite is the deposit multiplier. The deposit multiplier, for instance, is 5, implying that a bank's total amount of checkable deposits cannot be greater than five times its reserves, as in the case of a bank with a reserve ratio of 20%.
learn more about reserve ratio
https://brainly.com/question/30032147
#SPJ1
The Hamster Company uses the indirect method to determine its cash flows from operating activities. Hamster reported net income of $400,000 for the year. Depreciation expense is $60,000 and gain on sale of equipment is $20,000. During the year, accounts receivable went up by $2,000 and accounts payable fell by $7,000. Determine the amount of cash generated by operating activities? a $449,000 b $400,000 c $435,000 d $431,000 e $445,000
Answers
The amount of cash generated by operating activities is $485,000 (option is not provided in the given answer choices).
To determine the amount of cash generated by operating activities using the indirect method, we start with the net income and make adjustments for non-cash items and changes in working capital.
Net Income: $400,000
Depreciation Expense: $60,000
Gain on Sale of Equipment: $20,000
Adjustments for Changes in Working Capital:
Increase in Accounts Receivable: -$2,000
Decrease in Accounts Payable: +$7,000
Cash generated by operating activities can be calculated as follows:
Cash generated by operating activities = Net Income + Depreciation Expense + Gain on Sale of Equipment - Increase in Accounts Receivable + Decrease in Accounts Payable
Cash generated by operating activities = $400,000 + $60,000 + $20,000 - $2,000 + $7,000
Cash generated by operating activities = $485,000
To learn more about, Net Income, click here:
https://brainly.com/question/31816607
#SPJ11
A record of income and expenditures for a given period of time is called a/an:
Interest
Budget
Credit
Investment
Answers
A record of income and expenditures for a given period of time is called a BUDGET.
Why do the quantity and price tend to move toward the equilibrium point?
Answers
Answer: Generally, an over-supply of goods or services causes prices to go down, which results in higher demand—while an under-supply or shortage causes prices to go up resulting in less demand. The balancing effect of supply and demand results in a state of equilibrium.