The unadjusted trial balance for Sheffield Corp. is shown below.
SHEFFIELD CORP.
Trial Balance
October 31, 2017
Debit Credit
Cash $15,220
Supplies 2,960
Prepaid Insurance 690
Equipment 5,290
Notes Payable $5,290
Accounts Payable 2,270
Unearned Service Revenue 1,990
Common Stock 11,040
Retained Earnings 0
Dividends 560
Service Revenue 13,090
Salaries and Wages Expense 4,000
Rent Expense 4,960
Supplies on hand at October 31 total $500.
Expired insurance for the month is $100.
Depreciation for the month is $50.
Services related to unearned service revenue in October worth $600 were performed.
Services performed but not recorded at October 31 are $300.
Interest accrued at October 31 is $95.
Accrued salaries at October 31 are $1, 625.
Instructions:
Prepare the adjusting entries for the items above.

Answer:

red herring prospectus.

Explanation:

Red herring can be regarded as preliminary prospectus that is been filed by a company that has Securities and Exchange Commission (SEC), and this is usually have connection with

initial public offering of the company (IPO). A red herring prospectus encompass most of the information pertaining to the operations as well as prospects of the company though does not include key details like security issue, that's its price as well as number of shares offered.It should be noted that The preliminary version of a security offer that is circulated to potential buyers before SEC approval (registration) is obtained is called red herring prospectus.

Answer:true

Explanation:

1.1.1 One leakage in an economy is saving. The saving sector is involved in the leakage as individuals and businesses save a portion of their income rather than spending it on consumption or investment. Saving represents the portion of income that is not immediately injected back into the economy and can lead to a decrease in aggregate demand.

1.1.2 The 45° line in the graph represents the equilibrium level of output or income in an economy. It shows the points where aggregate spending (aggregate demand) is equal to aggregate production (aggregate supply). The line represents the condition where spending equals production, indicating a state of macroeconomic equilibrium.

1.1.3 Autonomous consumption refers to the level of consumption expenditure that occurs even when income is zero or negative. It represents the minimum level of consumption that individuals and households maintain regardless of their income. Autonomous consumption is usually influenced by factors such as basic needs, fixed expenses, or borrowing. It plays a crucial role in determining the level of aggregate demand in an economy.

1.1.4 A decrease in consumer spending has a negative impact on the size of the multiplier. The multiplier refers to the amplification effect that occurs when an initial change in spending or investment leads to a larger overall change in the economy. When consumer spending decreases, it leads to a decrease in aggregate demand, which in turn reduces the level of output and income. As a result, the multiplier effect is dampened, and the overall impact on the economy becomes smaller.

1.2 Calculating national income is important for a country for several reasons:

- It provides policymakers and economists with crucial information about the overall health and performance of the economy.

- National income data helps in formulating economic policies and making informed decisions related to fiscal and monetary policies.

- It allows for the comparison of economic performance across different countries and over time, providing insights into economic growth and development.

- National income calculations help in identifying income distribution patterns and inequalities within a country.

- It serves as a basis for calculating various economic indicators, such as GDP per capita, which are used to assess the standard of living and well-being of the population.

1.1.5 To calculate the multiplier when individual spending on consumption is 60%, we can use the formula:

Multiplier = 1 / (1 - Marginal Propensity to Consume)

Given that the individual spending on consumption is 60% or 0.6, the Marginal Propensity to Consume (MPC) would be 0.6. Substituting this value into the formula:

Multiplier = 1 / (1 - 0.6)

Multiplier = 1 / 0.4

Multiplier = 2.5

Therefore, the multiplier in this case would be 2.5.

The person who is expected to become the first Trillionaire is Jeff Bezos, founder, and CEO of Amazon.

According to a study conducted by Comparison, Jeff Bezos could become the world’s first Trillionaire by the year 2026. This prediction was made on the basis of the average percentage of growth of Bezos’ net worth over the last five years. The study also highlighted that Bezos’ wealth has grown by an average of 34% over the last five years. At this rate of growth, his net worth could reach $1 trillion by the year 2026.

However, the current COVID-19 pandemic has had a negative impact on the economy, and Bezos’ net worth has already decreased by over $20 billion since the start of the pandemic. Despite this, it is still possible that Bezos may become the world’s first Trillionaire in the future, but there are also other contenders who could reach this milestone, such as Elon Musk, CEO of Tesla and SpaceX. However, as of now, there is no confirmed Trillionaire in the world.

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The topical essay exam questions that suggest illustration/example essay is option C. Is the U.S. economy improving or declining. Provide examples.

Illustration essay is a type of essay rhetorical style that uses examples to support the thesis or main idea of a paragraph or essay. Illustration essay is most often used at the paragraph level to help illustrate or support a point, but you may also encounter illustration essays of various types in your college courses.

Therefore, the correct answer is as given above

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Career values are crucial since they can help define the parameters for your personal fulfillment and professional success. You may be intentional in your employment search and utilize your values to build your future by recognizing your own values and what matters most to you.

Work values, also known as career values, are the personal ideas, drives, and beliefs that guide you in determining what matters most to you in your professional life. Your drive to work and your overall success at work are both influenced by them.

Our actions, relationships, and lives as a whole are influenced by our own values. In addition to helping us make important decisions, our beliefs can affect how we develop personally. Knowing your values will help you make decisions about your profession, relationships with others, and interests that are most important to you.

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Answer:

Missing word "2. What is the total sunk cost regarding the decision to buy the model 200 machine rather than the model 300 machine? 3. What is the total opportunity cost regarding the decision to invest in the model 200 machine?"

1. Differential cost of buying model 200 machine = Cost of model 200 machine - Cost of model 300 machine

= $342,000 - $373,650

= -$31,650

We'll have a savings of $31,650 if model 200 is purchased rather than model 300

2. $383,000 (The Cost of existing machine). Note:  $383,000 is a sunk cost since it has already been incurred.

3. Opportunity cost is the total return of the project if the money was invested elsewhere. The Opportunity cost of investing in model 200 machine is $445,600 (Returns from the alternate project)

Answer:

A)

Assets + 74,000 cash + 34,000 equipment

Equity + 108,000 common stock

journal entry:

cash           74,000 debit

equipment 34,000 debit

  common stock    108,000 credit

B)

Assets + 360 supplies

Liabilities +360 account payable

journal entry:

supplies 360 debit

   account payable 360 credit

C)

Assets +8,200 cash

Equity +8,200 landscaping revenue

journal entry:

cash   8,200 debit

  landscaping revenue 8,200 credit

D)

Assets + 1,400 cash

Liabilities  +1,400 Unearned Landscaping Revenue

journal entry:

cash  1,400 debit

 Unearned Landscaping Revenue 1,400 credit

T_ accounts

      cash

 debit    credit

A 74,000

C   8,200

D    1,400        

Total 83,600

equipment

debit    credit

A 34,000

common stock

debit   credit

      A 108,000

supplies

debit   credit

B 360

account payable

debit    credit

        B 360

landscaping revenue

debit       credit

         C  8,200

Unearned Landscaping Revenue

 debit       credit

          D   1,400

Explanation:

The T-accounts were made at the end to represen thte effect of all transactiosn combined.

Mostly self-explanatory

Some considerations:

the payment fro mthe customer in advance is considered a liability. That's because now, the company has the obligation to do the landscaping services. The customer can force the company to make them as they are already paid. Second, as accounting works with an accrued basis the job is not done thus, not accrued and we cannot consider this a realized revenue

Answer:

Loss of gdp = 7.6%

Eliminate gdp loss = 121.6

Explanation:

According to Okun's law , 12% loss of gdp.

Natural rate of unemployment=5%

Cyclical unemployment = Actual unemployment - Rate of Unemployment

Cyclical unemployment = 8.8% - 5%

Cyclical unemployment =3.8%

Loss of gdp = 3.8%(2)

Loss of gdp = 7.6%

Loss of gdp = (7.6%(8,000)

Loss of gdp = 608

Spending multiplier = 1/(1 - mpc)

Spending multiplier = 1/(1 - 0.8)

Spending multiplier = 1/ 0.2

Spending multiplie = 5

So,

Eliminate gdp loss = 608/5

Eliminate gdp loss = 121.6

Answer:

Occupation w/Highest Growth % Increase = Healthcare Support Occupations (Nurses/Medical Aide, Massage Therapists, Medical Equipment Preparers, etc.) with an expected increase of 28.1%

Occupation w/Largest Increase In Jobs = Equipment Technician with a job growth rate between 60% - 70%; whereas Nurse Practitioners are rated as the 4th highest job growth rate of 52%.

Explanation:

Projected industry employment is distributed among occupations based on how industries are expected to use those occupations.

- Of the 30 occupations projected to have the largest percentage increase between 2012 and 2022, 14 are related to healthcare and 5 are related to construction.

- The 30 occupations with the largest projected increase in employment from 2012 to 2022 will account for 7.4 million new jobs, almost half of the total projected employment growth.

- Four major occupational groups are projected to grow more than 20 percent—nearly double the overall growth—from 2012 to 2022: healthcare support occupations (28.1 percent), healthcare practitioners and technical occupations (21.5 percent), construction and extraction occupations (21.4 percent), and personal care and service occupations (20.9 percent). (See chart 2.)

Every major occupational group except farming, fishing, and forestry occupations is projected to gain jobs between 2012 and 2022. (See chart 2.)

Top Five Occupations with Large Job Growth Rate

1. Motion picture projectionists (Equipment Technician)

2. Wind turbine service technicians (Equipment Technician)

3. Ushers, lobby attendants, and ticket takers (Hospitality Attendant)

4. Nurse practitioners (Healthcare Support)

5. Solar photovoltaic installers (Equipment Technician)

Source - The U.S. Bureau of Labor Statistics (BLS)

Answer:

Janet Foster

a. Janet could save $12.44 on the printer by borrowing $800 to take advantage of the cash discount.

b. On the computer, the difference in the final payment between choices 1 and 2 is $197.

It is advisable for Janet to choose the first option.

Explanation:

a) Data and Calculations:

Printer:

List price of printer = $900

Trade discount =          100

Purchase cost =        $800

Cash discount terms = 2/10, n/30

Cash discount = $16 ($800 * 2%)

Interest on loan to purchase printer = $3.56 ($800 * 8% * 20/360)

Savings if loan is borrowed = $12.44 ($16 - $3.56)

Computer:

List price = $4,060

Trade discount = 25% or $1,015 ($4,060 * 25%)

Purchase cost = $3,045

Payment options:

1) = $160 * 17 months = $2,720

Balance on 18th month    325

Total payment =           $3,045

2) = Payment with 8% interest for 18 months equal payment = $180.08

From an online financial calculator:

N (# of periods)  18

I/Y (Interest per year)  8

PV (Present Value)   $3,045

FV (Future Value)  0

P/Y (# of periods per year)  12

C/Y (# of times interest compound per year)  12

PMT made at the end of each period

Results

PMT = $180.08

Sum of all periodic payments $3,241.48

Total Interest $196.48

Difference in final payment:

Choice 1 , total payment =    $3,045

Choice 2, total payment =    $3,242

Difference in final payment = $197

Answer:

intermediate and long-range capital improvement plans for general capital assets

Explanation:

Capital budgeting in domain of finance

can be regarded as ways whereby the Value of potential investment project is been analysed and determined.The net present value can be known by finding the difference that exist between the cash flow present value and the present value of cash inflow. It should be noted that Effective capital budgeting for general capital assets of a government requires intermediate and long-range capital improvement plans for general capital assets

The strategy of "greenmail" is not a strategy primarily used by corporate management when negotiations break down with the labor union.

Corporate management and labor unions often engage in negotiations to resolve issues related to wages, benefits, working conditions, and other aspects of employment. When negotiations break down, several strategies may be used to resolve the impasse. Some common strategies include conciliation, where a neutral third party helps the two sides reach a compromise; mediation, where a mediator facilitates communication between the parties and helps them reach a mutually acceptable solution; arbitration, where an arbitrator listens to both sides and makes a binding decision; and direct negotiation, where the management and union representatives meet and negotiate directly. Greenmail, however, is not a strategy primarily used in these negotiations. Greenmail refers to the practice of purchasing enough shares in a publicly traded company to threaten a hostile takeover, and then selling those shares back to the company at a premium, typically to prevent the hostile takeover from occurring. This strategy is typically used by corporate raiders, not by management during labor union negotiations.

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Answer:

This action may be effective because commodity demand tends to be inelastic, so the higher prices may result in higher income for commodity producers, at least in the short term.

Explanation:

Essential commodities such as basic food items, gasoline, electricity, water, and other utilities, tend to have an inelastic demand simply because consumers cannot go without them, and they tend to prioritize these commodities over other goods and services.

This means that the higher prices caused by government intervention do not necessarily result in less demand, and the same amount of people buying the same amount of commodities at a higher price simply means a higher sales revenue for commodity producers.

Option B is the correct one. Using intellectual property rights, such as trademarks, patents, brand names, or technologies, is called licensing. It involves the licenser giving the licensee permission to do so under specific guidelines.

A contract or arrangement between two businesses known as a licensing is one that allows one business to give another permission to produce its goods in exchange for a certain fee and subject to certain terms.

The ability to safeguard a company's valuable assets, such as patents, trademarks, copyrights, and trade secrets, depends on having a solid grasp of how these assets operate and are produced.

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Answer:

answer is no

Explanation:

You cannot be fired for being pregnant under most circumstances.employers from terminating employees due to pregnancy and pregnancy-related conditions

Answer:

Net cash from investing activities      (40,000)

Explanation:

The investing activities are those that pertain to the purchase and sales of non-current assets and marketable securities.

Example of such includes the sales and purchase of property plant an equipment. Therefore, the only item to be considered here is the purchase of equipment.

                                                               $

Investing activities

Equipment purchase                        (40,000)

Net cash from investing activities      (40,000)

Answer:

income driven

Explanation:

if he wants to make monthly payments, income driven is the best option because he would get paid monthly for what ever job, and then pay a percentage of that towards his student loan

The selling price per pound for onions to obtain a makeup rate of 180% based on cost is $2.0350.

Total Cost = Quantity * Cost per pound

Total Cost = 1,000 pounds * $0.11/pound

Total Cost = $110

Spoilage Quantity = 3% of Quantity

Spoilage Quantity = 3% of 1,000 pounds

Spoilage Quantity = 0.03 * 1,000 pounds

Spoilage Quantity = 30 pounds

Effective Quantity = Quantity - Spoilage Quantity

Effective Quantity = 1,000 pounds - 30 pounds

Effective Quantity = 970 pounds

Makeup Rate = 180%

Selling Price per pound:

= (Total Cost * Makeup Rate) / Effective Quantity

= ($110 * 1.80) / 970 pounds

= $2.03505/pound.

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Answer:

Explanation:

Evaluation of the listed internal control procedure.

1. Yes

Separating the responsibility for  a transaction between two or more individuals or department  known as segregation of duties will help to prevent creating of fictitious invoice for the benefit of an individual, As the role of on of these individuals is subjected to review and oversight by other people in that line of action, falsified records and actions can easily be discovered.

2.No

Separation of record keeping of assets from the custody over assets will not increase theft and fraud but rather prevent it . As different individuals are in charge of the records and the custody of the assets , it will be hard for theft and fraud of assets to take place unless there is a collusion between the people involved. If the custodian steals an assets , the record keeper can easily detect it , and a record keeper can not steal an asset as it is not in his custody

3. No

Even though the safe keeping of an asset is part of the objectives of internal control procedures , the primary objectives is not to grow assets but to safeguard the entire organization and ensure its economic, effectiveness and efficiency of its operation towards achieving its performance objectives.

4. Yes.

In as much as this is an internal control procedure  to prevent fraud and theft , this can still be bypassed through collusion with employees involved to commit and cover up a fraud . While the custodian of assets release the assets , the record keeper adjusts his record to accommodate the theft of assets.

When preparing standard costs, we primarily consider microeconomics, which is the study of the behavior of individual consumers, firms, and industries. Standard cost is the estimated cost of producing a unit of product or service, based on historical data and budgeted costs.

It is used as a benchmark to compare actual costs with expected costs and to analyze the variances between them. In order to determine standard costs, we need to consider the cost of each individual input such as direct materials, direct labor, and overheads. This analysis is done at the microeconomic level because it involves the behavior and decision-making of individual firms and their interactions with suppliers, customers, and competitors.

The macroeconomic factors such as inflation, interest rates, and unemployment rates may also have an impact on the cost of production but these are generally outside the scope of standard cost analysis. Therefore, while macroeconomics can indirectly influence the cost of production, the focus of standard cost analysis remains on the microeconomic factors that affect the cost of individual inputs.

Overall, standard cost preparation involves a detailed microeconomic analysis to determine the estimated cost of producing a product or service, which is then compared with the actual costs to identify any variances and improve the cost efficiency of the firm.

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To contact the check writer if a check bounces the bank generally print the address of the check writer on the upper left-hand corner of the check.

Option B is correct

The bank generally prints the address of the check writer on the upper left-hand corner of the check to be able to contact the check writer if a check bounces or is returned due to non-sufficient funds (NSF). By having the check writer's address on the check, the bank can contact the check writer to inform them that the check bounced and to try to resolve the issue.

This also helps the bank to verify the identity of the check writer and to prevent check fraud.

Option B is correct

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The investment bank that underwrote the most bonds in 2013 and 2014 is: J.P. Morgan.

Investment bank is a financial institution that render various types of investment services to their clients or customers. Investment tend to deals in buying and selling of shares to investors.

J.P. Morgan was  an investment bank that offers various investment services to investors and was known as the investment bank that underwrote the most bonds in the year 2013 and year  2014.

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Answer:

Excess capacity under monopolistic competition is caused by product differentiation that leads to product variety and quality, which is beneficial to consumers. Consumers generally do not prefer homogenous products. Technically, excess capacity increases consumer satisfaction.

Explanation:

(hope this helps)

When skydivers purchase the equipment for parachuting, their purchases are primarily addressing the functional needs.

Equipment refers to the tools, machines, or other devices used to perform a specific task or achieve a specific goal. Equipment can be anything from simple hand tools like hammers and screwdrivers to more complex machines like tractors, cranes, or printing presses. In the context of various industries like manufacturing, construction, agriculture, and healthcare, equipment is critical for getting work done efficiently and effectively. The equipment's features vary depending on its intended use and the industry, and it can be either manual or powered. While equipment can be costly to purchase and maintain, it's essential for businesses to invest in high-quality, reliable equipment that can help them meet their objectives and stay competitive. Proper maintenance, repair, and replacement of equipment are also essential to keep them in good working condition and ensure they continue to deliver the desired results.

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The amount of gain that will be recognized in 2021 under the installment method, is $27, 857 . 14

First, find the profit margin on the land sold by Allen to Stan:
= ( Selling price of land - Allen's basis in the land) / Allen's basis in the land

= ( ( 300, 000 + 65, 000) - 255, 500) ) / 255, 500

= 109, 500 / 255, 500

= 42. 857 %

The gain to be recognized, using the installment method is:
= Profit margin x Amount paid by Allen in 2021

= 42. 857 % x $ 65, 000

= $27, 857 . 14

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OCP receives 7.5 standard jobs, 4.5 deluxe jobs, and 3 pro jobs per hour at each station on average.

To solve this problem, we first need to calculate the number of standard, deluxe, and pro jobs that arrive per hour at OCP.

Given that OCP receives 15 jobs per hour consisting of 50% standard, 30% deluxe, and 20% pro, we can calculate the number of each type of job using percentages:

Number of standard jobs = 0.5 * 15 = 7.5

Number of deluxe jobs = 0.3 * 15 = 4.5

Number of pro jobs = 0.2 * 15 = 3

Therefore, on average, OCP receives 7.5 standard jobs, 4.5 deluxe jobs, and 3 pro jobs per hour.

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The dividends per share for preferred stock for years 20Y1, 20Y2, and 20Y3 are $2.50, $0.80, and $3.00, respectively. The dividends per share for common stock for the same years are $1.50, $0.48, and $1.80, respectively.

To determine the dividends per share for preferred and common stock for each year, we need to divide the total dividend amount by the number of shares for each type of stock.

Preferred Stock:

The preferred stock has a 1% dividend rate and a par value of $100 per share. There are 30,000 shares of cumulative preferred stock.

Year 20Y1:

Dividend per share for preferred stock = Dividend amount / Number of preferred shares

Dividend per share for preferred stock = $75,000 / 30,000

Dividend per share for preferred stock = $2.50

Year 20Y2:

Dividend per share for preferred stock = $24,000 / 30,000

Dividend per share for preferred stock = $0.80

Year 20Y3:

Dividend per share for preferred stock = $90,000 / 30,000

Dividend per share for preferred stock = $3.00

Common Stock:

The common stock has a par value of $25 per share. There are 50,000 shares of common stock.

Year 20Y1:

Dividend per share for common stock = Dividend amount / Number of common shares

Dividend per share for common stock = $75,000 / 50,000

Dividend per share for common stock = $1.50

Year 20Y2:

Dividend per share for common stock = $24,000 / 50,000

Dividend per share for common stock = $0.48

Year 20Y3:

Dividend per share for common stock = $90,000 / 50,000

Dividend per share for common stock = $1.80

In summary, the dividends per share for preferred stock for years 20Y1, 20Y2, and 20Y3 are $2.50, $0.80, and $3.00, respectively. The dividends per share for common stock for the same years are $1.50, $0.48, and $1.80, respectively.

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The statement the communication strategy to reduce resistance to change should be applied when the change must occur quickly with little financial cost is false because communication is the initial method for overcoming opposition to change.

You already understood that communication is essential. Try allowing your employees to start the dialogue. People want to be heard, and giving them the opportunity to do so will help reduce their unhappiness with the situation. The inability to adapt to change when it is presented is referred to as resistance to change.

Employees' unwillingness to adjust to organizational changes might be either overt or subtle. This might range from vocally voicing their opposition to unwittingly rejecting change through their language or general actions.

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