Answer:
1. describe the world accurately
2. predict cause and effect
3. state its assumptions clearly
Explanation:
A good model can be defined as a physical representation of something that is morally good, ideal and perfect.
A good model should;
I. Describe the world accurately: it should be all encompassing in its description of the world at large.
II. Predict cause and effect: it should state why there is a reaction to an action.
III. State its assumptions clearly: it should be concise.
Eeeee I need help siks djnakwidbdh
Answer: skits?
Explanation:
Your résumé/CV is an essential component of your professional portfolio. How is it used to convey your professional identity prior to the job interview?
Answer:
The interpretation including its respondent is characterized throughout the explanation section following the table.
Explanation:
Anyone's Resume might become having a great individuality once you have been currently going to interview. It characterizes someone's professional qualification, affords an appearance of each other something to the potential future interview process, includes information of someone's strong points, susceptibility as well as relevant qualifications, but instead provides information of your interest and even some knowledge and insight into clients style of writing public persona.The above, benefit of the entire, includes an explanation but instead encourages others to check whether or not you meet their expectations or even just their advocacy group. Descriptions seem to be about yourself, your qualifications, visibility, and personal traits.If the consumer gets 40 utils from buying four DVDs, 45 utils from buying five DVDs and 48 utils from buying six DVDs, then the consumer's marginal utility is: Group of answer choices decreasing. constant. increasing at an increasing rate. increasing.
Answer:
decreasing
Explanation:
Since in the question it is mentioned that of the consumer buy four DVds and he gets 40 utils and if he buy more he get more utils and so on so the utility of the consumer would be decreased in the case when he consumes more
Therefore as per the given situation the first option is correct
The same is considered and relevant too
Select the correct answer.
Democratic leaders balance leadership and respect for employees.
A. True
B. False
Answer:
True
Explanation:
Assume your firm has an unused machine that originally cost $75,000, has a book value of $20,000, and a market value of $25,000. Ignoring taxes, what is the opportunity cost of using this machine
Answer:
$25,000
Explanation:
Opportunity costs is based on market value, not historical costs or original costs. So, the opportunity cost of using this machine is $25,000
Which of the following would NOT cause a shift in AD?
Select one:
a.
An increase in government spending
b.
A reduction in interest rates
c.
A reduction in income tax
d.
A fall in the cost of production
= A fall in the cost of production
Answer:
= A fall in the cost of production
Explanation:
= A fall in the cost of production= A fall in the cost of production= A fall in the cost of production
Your forecast shows $500,000 annually in sales for each of the next 3 years. If your second and third year predictions have failed to incorporate the 3% expected annual inflation, how far off in total dollar sales is your 3-year forecast
Answer:
$45,450
Explanation:
your first year sales should be $500,000
your second year sales should be $500,000 x 1.03 = $515,000
your third year sales should be $515,000 x 1.03 = $530,450
total sales = $1,545,450
since you previously budgeted $1,500,000 in sales for the 3 years, you were off by $45,450
Determine which startegic review process element is described below.
a. The Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 dramatically lowered the fees we can charge merchants when consumers pay with debit cards. One way around this will be to reinstate fees on all of our checking accounts, including those with automatic deposits.
b. Interest rates have fallen every year for the past 5 years.
c. Depending on who gets elected, our high-net-worth depositors will see dramatic differences in the way they are taxed. The Democratic candidate will impose larger taxes on high-income citizens, while the Republican candidate will reduce taxes or spread them more evenly across all citizens.
Answer:
a. New Strategic Projects
b. Trend Analysis
c. Environmental Scanning
Explanation:
In the statement a, the strategy followed is based on project. This amendment is viewed as a project rather than a business goal. This is one off modification in the system to automate the deposits and have check and balance with ease.
In statement b, the study of interest rates of past 5 years is trend analysis. Past events are analyzed to predict the future.
In statement c, the environmental analysis is done. The democratic candidate will impose higher taxes and republic candidate will lower the taxes, this is considered as environmental scanning.
If the inflation rate in the United States is greater than the inflation rate in Britain, other things held constant, the British pound will a. appreciate against the U.S. dollar. b. appreciate against the dollar and other major currencies. c. remain unchanged against the U.S. dollar. d. appreciate against other major currencies. e. depreciate against the U.S. dollar.
Answer:
a. appreciate against the U.S. dollar.
Explanation:
Using relative purchase power parity as example for explanation. Assume, the US inflation rate is 4 percent, the British inflation rate is 2 percent, and the current exchange rate is £0.60 to US$1.
The British inflation rate is 2% lower than the US inflation rate, so the British currency will appreciate by 2% against the US currency. So the exchange rate will be £0.60*0.98 = 0.588 to US$
Hudson Co. reports the contribution margin income statement for 2019. HUDSON CO. Contribution Margin Income Statement For Year Ended December 31, 2019 Sales (9,600 units at $225 each) $ 2,160,000 Variable costs (9,600 units at $180 each) 1,728,000 Contribution margin 432,000 Fixed costs 324,000 Pretax income $ 108,000 Assume the company is considering investing in a new machine that will increase its fixed costs by $40,500 per year and decrease its variable costs by $9 per unit. Prepare a forecasted contribution margin income statement for 2020 assuming the company purchases this machine.
Answer:
Results are below.
Explanation:
Giving the following information:
Selling price= $225
Unitary variable cost= 180 - 9= $171
Fixed costs= 324,000 + 40,500= $364,500
Units sold= 9,600
We need to make the new contribution margin income statement:
Sales= 9,600*225= 2,160,000
Total variable cost= (9,600*171)= (1,641,600)
Total contribution margin= 968,400
Fixed costs= (364,500)
Net income= 603,900
compare, contrast, and discuss the connections between the ever-changing global business environment and the changes in the dynamic and diverse workplace, including the challenges of global economics and social responsibility.
Explanation:
Globalization and new technologies have impacted social and economic relations around the world. The distances between countries have become shorter as a result of internet communication, in addition to the transport and flow of information, which occurs instantly in everyone today.
This new scenario enabled the expansion of businesses in search of profitability and cost reduction, companies opened new branches in different countries and diversified their work environment, making it multicultural, with workers of different cultures and values. This environment allows a very positive exchange for organizations, which achieve innovation and creativity through people with different worldviews.
Globalization has also impacted the way companies are perceived, they are no longer just profitable entities to become promoters of social and environmental responsibility, due to the way that society changes its consumption and interaction paradigms and encourages companies to adapt to continue meeting society's demand. The organizational image strengthened through social programs and reduction of environmental impact provides long-term competitive and strategic advantages for companies, such as attracting investors, greater value for stakeholders, continuous improvement, etc.
Aiden and Sophia are married and they have always filed Married Filing Jointly. Aiden died May 5, 2020 at the age of 58. Sophia, age 56, has not remarried. Aiden earned $5,000 in wages and Sophia earned $51,000 in wages. Sophia paid all the cost of keeping up a home and provided all the support for their two children, Mia and Oliver, who lived with them all year. Mia is 11 years old and Oliver is 15 years old. Sophia does not have enough deductions to itemize, but she did make a $500 cash charitable contribution to a qualified charitable organization in tax year 2020. Aiden, Sophia, Mia, and Oliver are all U.S. citizens with valid Social Security numbers. 6. What amount can Sophia deduct as a charitable contribution adjustment
Answer:
$0
Explanation:
In order for any taxpayer to be able to deduct any amount for charitable contributions, he/she must itemize their deductions. If you choose to take the standard deduction (in this case $24,800, same as joint filers), you cannot deduct charitable contributions or any other specific deduction.
Suppose you deposit $2,454.00 into an account today. In 6.00 years the account is worth $3,868.00. The account earned ____% per year.
Answer:
Interest rate, R = 26%.
Explanation:
Given the following data;
Principal = $2,454.00
Simple interest = $3,868.00
Time = 6 years
To find the interest rate?
Mathematically, simple interest is calculated using this formula;
[tex] S.I = \frac {PRT}{100} [/tex]
Where;
S.I is simple interest. P is the principal. R is the interest rate. T is the time.Substituting into the equation, we have;
[tex] 3868 = \frac {2454*R*6}{100} [/tex]
Cross-multiplying, we have;
[tex] 3868 * 100 = 14724*R[/tex]
[tex] 386800 = 14724R [/tex]
[tex] R = \frac {386800}{14724} [/tex]
Interest rate, R = 26.27 ≈ 26%
Therefore, the account earned 26% per year.
When determining whom might be affected by a business decision it is important to go beyond the obvious in identifying _____________.
Answer: stakeholders
Explanation:
Stakeholders simply refers to an economic entity which could be an individual or an organization that is interested in a particular project or organization and can be impacted by the activities of such organization.
It should be noted that the main stakeholders in an organization are the investors, customers, the employees, and the suppliers. Therefore, the answer to the question is stakeholders.
The explanation for why marginal cost is positive and rising in the short run is ________ marginal product of labor in the production process. A) a zero B) a constant C) an increasing D) a diminishing
Due to an increase in the marginal cost of production for more units than the marginal product of labor is increasing.
What is Marginal production?Marginal production is the additional production of units and additional input of labor over the expected production level. The cost incurred for the marginal production changes in total, but remain constant per unit of production.
There is a direct relationship between the marginal cost of production and the marginal product of labor.
Since the labor is the only variable input for the production and the marginal cost of production is diminishing, this means the cost of producing an additional unit of production is lower.
Thus, the reduction in the marginal cost will increase the marginal product of labor.
Learn more about marginal production here,
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Yard Designs (YD) experienced the following events in Year 1, its first year of operation:
a. On October 1, Year 1, YD collected $26,400 for consulting services it agreed to provide during the next 12 months.
b. Adjusted the accounts to reflect the amount of consulting service revenue recognized in Year 1.
Required
Based on this information alone,
a. Record the events under an accounting equation.
b. Prepare an income statement, balance sheet, and statement of cash flows for the 2016 accounting period.
c. Ignoring all other future events, what is the amount of service revenue that would be recognized in 2017?
Answer:
a)
Assets Liabilities Equity Revenue Expenses Net income
26,400 26,400 0 0 0 0
6,600 -6,600 6,000 6,600 0 6,600
b) income statement
Revenues $6,600
Expenses $0
Net income $6,600
balance sheet
Assets
Cash $26,400
Total assets $26,400
Liabilities
Deferred revenue $19,800
Total liabilities $19,800
Equity
Retained earnings $6,600
Total equity $6,600
Total liabilities + equity $26,400
Statement of cash flows
Cash flows from operating activities:
Net income $6,600
Adjustments to net income
Increase in liabilities $19,800
Total cash flows from operating activities $26,400
Cash flows from investing activities $0
Cash flows from financing activities $0
Net increase in cash $26,400
Initial cash balance $0
Ending cash balance $26,400
c) revenue recognized during year 2 = $19,800
Letter 2: You ordered a pair of pants, size 34 waist from Harvard Clothing, 123 James Street, Harper, CA 93214. The store sent size 36 instead. Write a letter telling the store you are returning the pants and that you would like the correct size. Your invoice number is 342618.
342618: Harvard
I am sending these pants back because they are not the size pants I asked for. I asked for a 34 waist, and the ones you sent were 36 instead. I would like for the right pants sent to 911 west michigan rode. Or a complete refund.
(i did not use my real address)
Society often expects a lot from business. Do you think that it is possible to balance profit and other business objectives with the goals and desires of society
Answer:
Yes, it is possible to balance profit and other business objectives with the goals and desire of society.
Explanation:
The primary reasons why businesses are in operation is to make profit. While there are other business objectives like capture a bigger market, provide better customer service, improve efficiency and employee trainings etc. yet its main aim is to make profit.
Ideally, societies would always expect a lot from businesses in terms of social responsibilities because they believe the profit made by businesses emanates from the society; through the purchase of their produce. Where there is no society, there would be no business.
Again, as a corporate and law abiding businesses, it is expected of them to give back to the society within which it operates because that is where the business generates profit to cover its running cost hence should be able to balance between what the society expect from them and what its business objectives are.
On January 2, 2020, Bramble Corp. began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2021. Expenditures for the construction were as follows:
January 2, 2020 $ 612000
September 1, 2020 1810800
December 31, 2020 1810800
March 31, 2021 1810800
September 30, 2021 1211000
Bramble Corp. borrowed $3300000 on a construction loan at 10% interest on January 2, 2020. This loan was outstanding during the construction period. The company also had $12600000 in 7% bonds outstanding in 2020 and 2021.
The interest capitalized for 2020 was:____________.
a. $147000
b. $490440
c. $441000
d. $121560
Answer:
d. $121560
Explanation:
weighted accumulated expenditures 2020:
January $612,000 x 12/12 = $612,000September $1,810,800 x 4/12 = $603,600total = $1,215,600capitalizable interests = $1,215,600 x 10% (interest rate of construction loan) = $121,560
you will consider other interest rates only if expenses are higher than the specific construction
8. How does working with other cultures affect stakeholders?
Answer:
In his recent Harvard Business Review blog post, Peter Bregman describes a scenario where a hopeful employee missed out on a promotion in part because he didn’t say thank you. I can only begin to imagine the employee’s disappointment over what appears to have been such a trivial oversight.
This example highlights the importance of having an appreciation for the corporate culture and the national culture of the organization and the stakeholders with which you are working. This appreciation of culture—including national culture—is of paramount importance on projects too.
Many projects today span organizations, countries, and time zones. Business analysts and project team members will be interacting with multiple stakeholders, potentially distributed all over the globe.
The reality—and this certainly won’t come as a surprise—is that different cultures are different. They have different values, norms, rituals, and expectations. This complex stakeholder landscape raises the risk of inadvertent misunderstandings, conflict, and culture clash.
When working with stakeholders to understand their needs and requirements, it’s essential to build rapport—and this requires empathy and understanding of differences in cultures.
One of the challenges is that while it’s easy to observe the culture of others, it’s often difficult to look introspectively and observe our own culture. I spent most of my childhood years in Britain, but I spent one year in the US. I remember subtle differences in language, as well as significant differences in culture. I remember my American friends were far more forthright and direct in their communication; we Brits tend to hide behind politeness and indirectness.
Neither is inherently better or worse—just different. However, the important point is that we tend to observe others through our own internalized cultural lens.
An important way to avoid culture clashes on projects is to focus on developing self awareness of culture—that is, to understand our own cultural identity and norms.
Professor Geert Hofstede has written and researched on cultural differences, and the Hofstede Centre website provides a useful reference point for understanding how your native culture compares with others, as well as how others might perceive your culture. Hofstede proposes a number of cultural dimensions on which cultures can be compared.
This is extremely useful to consider for projects that span countries and cultures—as different cultures have different attitudes toward authority, for example. This might affect how you elicit requirements. In a highly hierarchical culture, lower-ranking employees might not feel empowered to speak openly in front of their supervisors, and you may need to plan for this.
Whilst Hofstede’s research is extremely useful, it’s also beneficial to understand specific cultural norms and practices. It is well worth reading cultural guides so you can build an understanding of any specific cultural practices that might be important to your stakeholders. This kind of knowledge will help you avoid inadvertent cultural slip-ups.
For projects that span countries and nationalities, culture matters. Cultural research and self-awareness pay dividends.
Explanation:
...........
The owner of the business where you work has asked for your advice on restructuring the organization. You know that customer service is the cornerstone of the company. What do you recommend
Answer:
Flatter structures are appropriate for organizations that empower employees to solve customer problems.
Explanation:
These are the options for the question below;
✓A taller structure will improve the speed at which decisions are implemented.
✓Flatter structures are appropriate for organizations that empower employees to solve customer problems.
✓With a tall structure, supervisors can avoid hearing about customer complaints.
✓A flatter structure will further centralize decision making.
From the question, we are informed about an instance, where The owner of the business where i work has asked for your advice on restructuring the organization. Since I know that customer service is the cornerstone of the company. In this case I will recommend Flatter structures which is the best structure for organization that give empowerment to their employees in order to be able to solve problems associated with customers.
Flatter structure in an organization can be regarded as a structure that posses limited level of management or no level existing between the staff employee and the management of the organization. Flatter structure gives little supervision to the employees though it brings in their involvement when it comes to decision making
.
The costs were taken from the accounting records of the Barnwell Manufacturing Company. Classify each item as either a product cost or a period cost. Also, classify all product costs as direct or indirect, assuming that the cost object is each unit of product manufactured.
a. State income taxes
b. Insurance on the manufacturing facilities
c. Supplies used in manufacturing
d. Wages for employees in the assembly department
e. Wages for employees who deliver the product
f. Interest on notes payable
g. Materials used in the production process
h. Rent for the sales outlet in Sacramento
i. Electricity for manufacturing equipment
j. Depreciation expense on delivery trucks
k. Wages for the sales staff
l. Factory supervisors' salaries
m. Company president's salary
n. Advertising expense
Answer:
Part 1
Product Cost
Insurance on the manufacturing facilities
Supplies used in manufacturing
Wages for employees in the assembly department
Materials used in the production process
Electricity for manufacturing equipment
Factory supervisors' salaries
Period Cost
State income taxes
Wages for employees who deliver the product
Interest on notes payable
Rent for the sales outlet in Sacramento
Depreciation expense on delivery trucks
Advertising expense
Company president's salary
Wages for the sales staff
Part 2
Direct Cost
Supplies used in manufacturing
Wages for employees in the assembly department
Materials used in the production process
Indirect Cost
Insurance on the manufacturing facilities
Electricity for manufacturing equipment
Factory supervisors' salaries
Explanation:
All manufacturing costs are product costs whilst non-manufacturing costs are period costs.
Direct costs can be traced directly to the product being manufactured whist indirect costs are difficult to trace directly to the product being manufactured.
Which of the following is typically not a good place to find a deal
you need to attach a picture so people can see the choices
For each situation, prepare the appropriate journal entry for the redemption of the bonds.
a. Flounder Corp. redeemed $124,000 face value, 10% bonds on April 30, 2022, at 105. The carrying value of the bonds at the redemption date was $111,972. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
b. Shamrock, Inc. redeemed $162,000 face value, 12.5% bonds on June 30, 2022, at 99. The carrying value of the bonds at the redemption date was $174,960. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded.
Answer and Explanation:
The journal entries are given below:
On Apr. 30
Bonds payable $124,000
Loss on redemption of bonds( bal fig) $18,228
Discount on Bonds payable($124,000 - $111,972) $12,028
Cash ($124,000 × 1.05) 1,30,200
(Being redemption of bonds at 105 is recorded)
On Jun. 30
Bonds payable $162,000
Premium on Bonds payable($174,960 - $162,000) $12,960
Gain on redemption of bonds ( bal fig) $14,580
Cash($162,000 × .99) $160,380
(Being redemption of bonds at 98 is recorded)
Which of the following are common terms for spending on infrastructure (such as highways), production facilities (such as factories), schools, attending college, or anything else that will increase future production possibilities?
a. Capital goods
b. Human capital
c. Investment
d. Consumption
Answer:
c
Explanation:
Investment can be described as purchasing an asset with the aim of generating more income or earning capital appreciation.
Here, investment is in capital goods and human capital
Capital goods comprises infrastructure and production facilities
Human capital investment comprises attending college and spending on schools.
Economic growth theories submit that investment in capital goods and human capital increase the economic growth of an economy
The liabilities of Oriole Company are $117,000 and the owner’s equity is $227,000. What is the amount of Oriole Company’s total assets?
Answer:
$344,000
Explanation:
Assets can be calculated by applying the accounting equations. In the accounting equations
Assets = Liabilities + Equity
In this case, liabilities are $117,000 and Equity is $227,000.
Therefore,
Assets = $117,000 + $227,000
Assets = $344,000
Problem 1-25 Traditional and Contribution Format Income Statements [LO1-6] Milden Company is a merchandiser that plans to sell 33,000 units during the next quarter at a selling price of $55 per unit. The company also gathered the following cost estimates for the next quarter: Cost Cost Formula Cost of good sold $25 per unit sold Advertising expense $182,000 per quarter Sales commissions 5% of sales Shipping expense $32,000 per quarter $5.00 per unit sold Administrative salaries $92,000 per quarter Insurance expense $10,200 per quarter Depreciation expense $62,000 per quarter Required: 1. Prepare a contribution format income statement for the next quarter. 2. Prepare a traditional format income statement for the next quarter.
Answer:
Milden Company
Traditional and Contribution Format Income Statements
1. A contribution format income statement for the next quarter:
Sales Revenue $1,815,000
less variable costs:
Cost of goods sold $825,000
Sales commission 90,750
Shipping costs 165,000 1,080,750
Contribution $734,250
Fixed costs:
Shipping cost 32,000
Advertising expense 182,000
Administrative salaries 92,000
Insurance expense 10,200
Depreciation expense 62,000 378,200
Net income $356,050
2. A traditional format income statement for the next quarter:
Sales Revenue $1,815,000
Cost of goods sold 825,000
Gross profit $990,000
Period costs:
Shipping costs 197,000
Sales commission 90,750
Advertising expense 182,000
Administrative salaries 92,000
Insurance expense 10,200
Depreciation expense 62,000 633,950
Net income $356,050
Explanation:
a) Data and Calculations:
Estimated sales units during the next quarter = 33,000
Selling price per unit = $55
Sales revenue = $1,815,000
Cost of goods sold = $825,000 ($25 * 33,000)
Sales commission = $90,750 ($1,815,000 * 5%)
Shipping expense:
Fixed element = $32,000
Variable cost = 165,000 ($5 * 33,000)
Total shipping expense = $197,000
Other fixed costs per quarter:
Advertising expense = $182,000
Administrative salaries $92,000
Insurance expense $10,200
Depreciation expense $62,000
b) With the contribution format income statement, all the variable costs (recognized as product costs) are deducted from revenue in order to determine the contribution margin before deducting the fixed costs. The traditional format income statement does not compute contribution. But it determines the gross profit, which is the difference between sales revenue and cost of goods sold. Each method results in the same amount of net income, especially in the absence of inventories.
Suppose you win a small lottery and have the choice of two ways to be paid: You can accept the money in a lump sum or in a series of payments over time. If you pick the lump sum payout, you get $3,000 today. If you pick the payments over time payout, you get three payments: $1,000 today, $1,000 one year from today, and $1,000 two years from today.
At an interest rate of 6% per year, the winner would be better off accepting the ________ , since it has the greater present value.
At an interest rate of 9% per year, the winner would be better off accepting ________ , since it has the greater present value.
Years after you win the lottery, a friend in another country calls to ask your advice. By wild coincidence, she has just won another lottery with the same payout schemes. She must make a quick decision about whether to collect her money under the lump sum or the payments over time. What is the best advice to give your friend?
a. The lump sum is always better.
b. The payments over time are always better.
c. It will depend on the interest rate; advise her to get a calculator.
d. None of these answers is good advice.
Answer:
Part 1:
At an interest rate of 6% per year, the winner would be better off accepting the lump sum, since it has the greater present value.
At an interest rate of 9% per year, the winner would be better off accepting lump sum, since it has the greater
Part 2:
a. The lump sum is always better.
Explanation:
This question can be answered in two parts as follows:
Part 1: Decision to accept lump sum or series of payment
This can be deteermined using the present values of both forms of payments.
Present value of the lump sum = $3,000
Present values of the series of payment at 6% and 9%
Since the amount to receive is an equal amount of $1,000 annually, we use the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value =?
P = Annual receipt payment = $1,000
r = Interest rate = as given
n = number of years = 3
Substitute the values into equation (1), we have:
PV of series of payment at 6% annual interest = $1,000 * ((1 - (1 / (1 + 6%))^3) / 6%) = $2,673.01
PV of series of payment at 9% annual interest = $1,000 * ((1 - (1 / (1 + 9%))^3) / 9%) = $2,531.29
Therefore, we have:
At an interest rate of 6% per year, the winner would be better off accepting the lump sum, since it has the greater present value.
At an interest rate of 9% per year, the winner would be better off accepting lump sum, since it has the greater
Part 2: Advising a friend
a. The lump sum is always better.
This is because the idea of a present value is that the worth of an amount of money today is more than the worth of the same amount in the future.
From part 1 above, future series of payment have to bee discouted at 6% and 9% and the present values are less than the lump sum using both interest rates. In addition, the higher the interest rate, the lower the present value.
Therefore, the lump sum is always better.
At December 31, 2017 (the end of the fiscal year), Grouper Corporation owes $1,720,000 on a note payable due January 31, 2018. If Grouper refinances the obligation by issuing a long-term note on February 20, 2018 and using the proceeds to pay off the note due January 31, how much of the $1,720,000 should be reported as a current liability at December 31, 2017
Answer:
Nil or $0
Explanation:
The entire amount of $1,720,000 should be reported as long term liability, as the both the criteria of intent and ability are met. The second note (long term note) was issued to repay the first one. It is presumed the firm did not have enough current assets to pay the first note and that the second note is made before the issue of the balance sheet. So, the amount to be reported as current liability is "nil".
What is something I can create or invent that hasn't been invented yet, that could make me a millionaire?
Explanation:
The products and services offered today through economic systems exist to satisfy human needs. The higher the level of satisfaction of needs met, the greater the positioning of a product or service that can make an individual millionaire.
To create or invent something that does not yet exist and be extremely profitable, it is necessary to think about human priorities, such as health and technology. An invention that could be successful would be the development of a cure for diseases such as drugs that destroy cancer cells and create other healthy cells without side effects to humans, or in the current world context, an inexpensive and easily developed anti-coronavirus drug.
