Scenario: Marsha Jones is a recent college graduate. She worked during college and managed to save $2,000 in her savings account. The balance of her checking account (cash) is $440. During her freshman year, Marsha used a credit card and now owes $1,250 to that credit card company. She has two school loans: one for $5,000 and the other one for $3,000. She also has a car loan that started out at $12,500, which she now owes $4,600.
Use this information to make in Marsha's Balance Sheet.
Answers
Marsha's Balance Sheet shows that she owes more money than she has.
The balance sheet is an economic term that refers to the graph or method to know the economic status of a person.
The most basic way to do a balance sheet is by including debts (liabilities) and income (assets).
This information is useful for a company or an individual to modify their economic practices in case they are spending more money than they are earning.
In this case, Marsha has more debts than the money she has, so she should worry about not acquiring services or goods on credit because she will not have enough money to pay.
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Randall Go-Karts sells motorized go-karts. Randall Go-Karts are motorized and are typically purchased by amusement parks and other recreation facilities, but are also occasionally purchased by individuals for their own personal use. The company uses a perpetual inventory system. Selected transactions in the month of December follow:
Requirement: Describe how each of the contingent liabilities in the selected December transactions would be treated in Tripp's financial statements for 2022.
a. Dec 22 transaction will be footnoted as a contingent liability.
b. Dec 22 transaction will not be footnoted because it is unlikely to be a loss.
c. Dec 31 transaction will be reported as a liability on the balance sheet and an expense on the income statement. Transaction will also be footnoted.
d. Dec 5 transaction will be reported as a liability on the balance sheet and an expense on the income statement. Transaction will also be footnoted.
e. Dec 27 transaction will be reported as a liability on the balance sheet and an expense on the income statement. Transaction will not be footnoted since it is recorded on the financial statements.
f. Dec 27 transaction will be reported as a liability on the balance sheet and a loss on the income statement. Transaction will also be footnoted.
g. Dec 31 transaction will be reported as a liability on the balance sheet and an expense on the income statement. Transaction will not be footnoted since it is recorded on the financial statements.
h. Dec 5 transaction will be footnoted as a contingent liability.
Answers
The description of the treatment of each contingent liability, arising from the affected December transactions in the financial statements of Tripp are as follows:
1. Dec 5 transaction will be treated as h. footnoted
2. Dec 22 transaction will not be treated as b. not footnoted
3. Dec 27 transaction will be reported as e. liability and expense
4. Dec 31 transaction will be reported as g. liability and expense
Thus, contingent liabilities are disclosed if their amounts can be reasonably estimated and they are likely to occur. They are footnoted if the amounts cannot be reasonably estimated, though they are likely to occur.
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The transactions are in the attachment.
Justin is a new manager with 27 direct reports. He has been feeling overwhelmed at work and just learned that the last three managers who held his position quit after only a few months. Which process theory appears to have been violated in this organization?
Expectancy Theory
Goal Setting Theory
Job Characteristic Theory
All of These
Answers
The process theory that seems to have been violated in this organization is the Job Characteristics Theory, which was created to analyze work outcomes, such as how work characteristics affect job satisfaction.
With the information contained in the question, it is clear that the characteristic that has affected the work of the new manager Justin is that he has felt overloaded at work.
The last three managers who held their position resigned after a few months, probably because they also felt overwhelmed, as there is information that managers deal with 27 direct reports.
Therefore, a strategy to increase job satisfaction would be to redesign the work, which:
Increases productivity.Improves communication.Reduces conflicts.Increases innovation.Learn more here:
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Zang Company had no office supplies on hand at the beginning of the year. During the year, the company purchased $250 worth of office supplies. At the end of the year, $50 worth of office supplies were on hand. How much should Zang Company report as office supplies expense for the year
Answers
Answer:
Hdhdi
Explanation:
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Buy US Passport, Buy EU Passport, Buy Canadian Passport, Buy Australian Passport.
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Answers
Webster's Words has a printing press which they are not using at the present time. In fact, they have not used this equipment for two years. The equipment has no market value because it has been customized to their particular operations. They could sell the machine as scrap metal for $1,500 maximum. The press is eight years old and cost $163,000 new. The current book value is $2,100. The company is trying to decide if a new project would be a feasible means of utilizing this equipment. The value of the press that should be included in the project analysis is:
Answers
The value of the press that Webster's Words should include in the project analysis is $1,500.
The two major considerations in a project analysis are the cost of the project input and the value that the project's output will generate for the entity.
In this scenario, the current book value of the press is not relevant in the project analysis. The scrap value should be considered as it produces a value that can reduce the project's cost and not the committed or sunk cost of the old press.
Data and Calculations:
Maximum scrap value of press = $1,500
Initial cost of the press eight years ago = $163,000
Current book value = $2,100
Relevant value of the press = $1,500 (scrap value)
Thus, the value of the press in the project analysis is $1,500.
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What color is the sky?
Answers
Answer:
Blue
Explanation:
Answer:blue!
Explanation:
Recently, the Merrimac Insurance Company, which is lo- cated in Hartford, Connecticut, completed several cost analysis studies and found an alarming increase in the cost of processing insurance claims. Merrimac's rates are about 15 percent higher than the national average. A recent study completed by several systems analysis experts indicated that much of the cost can be attributed to inefficient work flow. Part-time employ- ees are frequently hired to help process the backlog. The following outlines the steps involved in pro- cessing the claims: 1. The claim is received in the mailroom
Answers
Answer:
Explanatidsadsaon:
dsadsadsadsa
Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $110,000 in return for 80 percent of the stock in the corporation. Sam’s tax basis in the inventory is $55,000. Devon will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualify as organizational expenditures). The accounting services are valued at $27,500. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
Assume Devon received 25 percent of the stock in the corporation in return for his services.
g. What amount of income, gain, or loss does Devon recognize on the formation of the corporation? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)
Answers
Answer:
Explanation:
$38,500
You work in a company that has begun selling annual subscriptions to its new online magazine. During December, the company sold the first subscriptions, receiving $600,000, which represents one-fifth of its revenues from all sources for the year. The entire amount has been collected in cash. As the end of the the year approaches, you notice that the company recorded the entire $600,000 to revenue and there is no plan to make an adjusting entry.
Draft a memo around two paragraphs in length to your supervisor, which explains the following:
The accounting error that has been made
The effect this error will have on the financial statements dated at the end of December
The problems that might result
The importance of fixing the error and what needs to be done to fix the error
Make sure to include proper grammar, spelling, etc.
Answers
The memo will indicate the accounting error that has been made and its effect on the financial statements.
The amount of $600,000 collected from the sale of the annual subscription to the new online magazine is the amount that was collected for the upcoming period of 12 months which will start by December of the current year.
Only $50000 of the amount will be recorded for the year. The related services for the remaining eleven months will then be $550000 and this should be reported as the unearned revenue.
The effect of the error is that there'll be an overstating of the net income or the current period by an amount of $550000 and there'll also be an understatement of the current liabilities by $550000.
In conclusion, the error needs to be fixed by debiting the revenue by $550000 and then crediting the unearned revenue by $550000.
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Why is it important to know that it will take 4-6 business days to process your payment request?
Answers
The process of Automated Clearing House make it take up to 4 to 6 business days to process payment request.
The payment request is a process initiated by the someone who want to send money and it is majorly based on website platform such as P.aypal, P.ayoneer etc.
Usually, when a payment request is initiated, a process called Automated Clearing House (ACH) is used by those plaform to help transfer money to respective account of receivers.
However, the Automated Clearing House process can take up to 3, 4, or 5 business days before the account will be credited even after the sender account have been debited.
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Scarcity can be eliminated through
A) the use of market mechanisms.
B) exploration that helps us find new resources. C) wise use of our resources.
D) None of the above because scarcity cannot be eliminated.
Answers
Answer:
D) None of the above
Explanation:
because scarcity cannot be eliminated
Marketing programs that track purchases history, personal information and preferences and provide incentives to loyal, repeat customers are called?
A. loyalty program
B. tracking systems
C. customer app
D. marketing tricks
Answers
Marketing programs that track purchase history and provides incentive to their loyal customers are known as loyalty programs.
The correct answer to this question is option A. Loyalty programs as the name implies are offered to those customers that are found to be loyal to a business.
These types of programs offer special discounts, rewards, as a way to retain these customers and also attract new ones.
Such programs are established to encourage repeat business.
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Which of the following best defines the Theory of Constraints? a. The concept of purposely creating barriers in a process in order to evaluate the impact on the workflow b. Maximizing cash flow by minimizing throughput c. A set of principles that focuses on increasing total process throughput by maximizing the utilization of all bottleneck work activities d. Limiting demand in order to better service remaining customers
Answers
In business, the Theory of Constraints is a methodology or set of principles to improve possible constraints or bottlenecks and maximize results (Option B).
In companies, it is common goals or projects are limited by factors such as:
Time.Communication problems.Limited resources.Leadership issues.Among others.These limitations are known as constraints or bottlenecks. Moreover, the Theory of Constraints proposes these factors can help companies achieve a goal or maximize results if the company focuses on improving these limiting aspects.
This means this theory states the process and results can be increased if the bottleneck activities are also maximized (option B).
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Knowledge Check 01 Zeta Corporation is a manufacturer of sports caps, which require soft fabric. The standards for each cap allow 2.00 yards of soft fabric, at a cost of $2.00 per yard. During the month of January, the company purchased and used 25,000 yards of soft fabric at $2.10 per yard, to produce 12,000 caps. What is Zeta Corporation's materials price variance for the month of January
Answers
Zeta Corporation's materials price variance for the month of January is $2,500 Unfavorable.
The difference between the standard cost and actual cost for the purchased actual quantity of material is the direct material price variance.
The formulae for the direct Materials price variance is (Standard price – Actual price) * Actual quantity purchasedGiven Information
The standard fabric for each cap is 2.00 yard
The standard price per yard is $2.00 per yard
Actual price per yard is $2.10
Actual Quantity is 25,000 yards
Materials price variance = (Standard price - Actual Price) * Actual Quantity
Materials price variance = ($2.00 - $2.10)*25,000
Materials price variance = $0.10*25,000 yard Unfavorable
Materials price variance = $2,500 Unfavorable
Therefore, Zeta Corporation's materials price variance for the month of January is $2,500 Unfavorable.
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In a research experiment, Priya hears the following list of words:
orange, belt, table, swing, cheese, walk, sting, camel, shell, tan, ivy, cola, plane,
screen, egg. When the list is completed, which of the following words will Priya be
least likely to recall?
a)
Orange
b) Cola
c) Table
d) Camel
Answers
Answer:
orange
hope this answer may help you
Explanation:
option B, Cola is the correct answer.
hope this helps you.
Buzz's Educational Software Outlet sells two or more of the video games as a single package. Managers are keenly interested in individual productprofitability figures. Information pertaining to three bundled products and the standalone prices is as follows:
StandAlone Selling Price Cost Package Packaged Price Reading Fun 1. Reading Fun & Math Fun Math Fun 2. Reading Fun & Analysis Analysis 3. All three
Using the standalone method with selling price as the weight for revenue allocation, what amount of revenue will be allocated to Reading Fun in the first package (Reading Fun & Math Fun)?
A. $20.89
B. $37.00
C. $28.62
D. $35.69
Answers
Based upon Booked Orders and Sales Predictions, we expect to need the following finished goods over the planning period: 140 Product A We currently have the following Finished Goods Products in Inventory: 80 Product A We have scheduled the following to be produced in the factory within the planning period: 30 Product A How many products should we include on future Planned Production Orders?
Answers
The amount of products that should be included on the future Planned Production Orders is 30 products.
Using this formula
Future Planned Production Orders (Product A)=Finished goods over the planning period- Finished Goods Products in Inventory-Expected production
Where:
Finished goods over the planning period=140 Product A
Finished Goods Products in Inventory=80 Product A
Production in the factory within the planning period=30 Product A
Let plug in then formula
Future Planned Production Orders (Product A)=140-80-30
Future Planned Production Orders (Product A)=30 products
Inconclusion the amount of products that should be included on the future Planned Production Orders is 30 products.
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Suppose that a Spotify Premium subscriber downloaded a playlist to their phone but never listened to the songs. They then cancelled their subscription and were disappointed to find out that their songs were no longer available on their phone. The fact that the consumer could only listen to those songs when actively subscribed to the service demonstrates which characteristic that distinguishes products from goods
Answers
The fact that consumers can only listen to these songs when they have actively subscribed to the Spotify service demonstrates the perishability characteristic that differentiates products from goods.
The services have the following characteristics:
IntangibilityInseparabilityVariabilityPerishabilitySince perishability is a characteristic that guarantees that services cannot be stocked, that is, if they are not used, they cease to exist.
Therefore, when canceling the subscription to the music streaming service, users were no longer able to have the songs downloaded on their phone available, demonstrating the perishability characteristic of the services.
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Convert 5/8 to Decimal
Answers
Answer:
0.625
Explanation:
Answer:
0.625
Explanation:
use calculator!
The City of Holbrook transferred $100,000 from the General Fund to the Debt Service Fund for payment of interest. The appropriate entry in the General Fund to record this transfer would be
a. Debit Expenditures $100,000; Credit Cash $100,000.
b. Debit Other Financing Uses Transfer Out $100,000; Credit Cash $100,000.
c. Debit Fund Balance Transfer Out $100,000; Credit Cash $100,000.
d. Debit Other Financing Sources Transfer In $100,000; Credit Cash $100,000.
Answers
Answer:
A. Debit Expenditures $100,000; Credit Cash $100,000.
Explanation:
Don't really have one, but hope this helped! :D
What experiences have led you to choose a certain career?
Answers
Answer:
From a personal experience they're a lot of moments in my life that led up to my decision to choose my career. From being constantly told that I was really good at something and that I was made for this certain career path, and just influences from others who are in the same work I am in and how good they were at their job and inspiring me to be just like them. All of those together helped influence me to choose the career that I am now working hard everyday to make sure I achieve success in.
Hope this helps.
Which of the following represents a parallel multi-instance task?
Many customers watching one movie.
One employee taking an order while another collects payment in a drive-through.
Two baristas working at a Starbucks counter.
One employee taking pizza orders.
Answers
Answer:
One employee taking an order while another collects payment in a drive-through
One employee taking an order while another collecting payment in a drive-through represents a parallel multi-instance task.
The answer is option B.
What is a parallel multi-instance task?Multi-instance activities are denoted via three parallel strains at the lowest center of the hobby/task image. Its cause is to expose that the activity occurs for a set of items or items.
The variety of instances that the hobby completes is defined with the aid of the number of objects that exist within the collection.
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Concord sells softball equipment. On November 14, they shipped $ 3070 worth of softball uniforms to Palos Middle School, terms 2/10, n/30. On November 21, they received an order from Tinley High School for $ 1630 worth of custom printed bats to be produced in December. On November 30, Palos Middle School returned $ 320 of defective merchandise. Concord has received no payments from either school as of month end. What amount will be recognized as net accounts receivable on the balance sheet as of November 30
Answers
The amount to be recognized as net accounts receivable on the balance sheet as of November 30 is $2,750.
2/10, n/30 means that the buyer will eligible to take 2% Discount if he pays the invoice within 10 days and if buyer does not pay the amount within 10 days, then, the net amount is due within 30 days after sales invoice date.
Also, Lifetime receives orders from Tinley High School for $1,200 worth of custom. Therefore, nothing is sold and nothing is advance.
Therefore, Lifetime records will be recognized as Net accounts receivable on the balance sheet as of November:
= Sales - Sales Return
= $3,070 - $320
= $2,750
Therefore, the amount to be recognized as net accounts receivable on the balance sheet as of November 30 is $2,750.
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A family wants to be able to give their child $5,000 per year for 4 years of college. The child will leave for college in 8 years, at which point the family will stop contributing to the college fund. How much money should be set aside each year on the child's birthday in order to follow through with this plan
Answers
Answer:
$2500
Explanation:
An amount of $1,245 should be set aside each year on the child's birthday to follow through with the plan of giving $5,000 per year for 4 years of college. Option C is the correct answer.
To determine the amount of money that should be set aside each year on the child's birthday to follow through with the plan of giving $5,000 per year for 4 years of college, we need to calculate the annual payment (P) using the present value of an annuity formula. Option C is the correct answer.
The present value of an annuity formula is given by: PV = P * [1 - (1 + r)^(-n)] / r
Where PV is the desired future value, r is the interest rate, and n is the number of years. In this case, the desired future value is $5,000 per year for 4 years, so PV = $5,000 * 4 = $20,000.
The interest rate is given as 10%, so r = 0.10.
The child will leave for college in 8 years, so n = 8.
Now, let's calculate the annual payment (P): P = ($20,000 * 0.10) / [1 - (1 + 0.10)^(-8)]
Simplifying the equation further, we get: P = $2,000 / [1 - (1.10)^(-8)]
P ≈ $1,245
Therefore, the amount of money that should be set aside each year on the child's birthday in order to follow through with this plan is approximately $1,245.
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The complete question is, "A family wants to be able to give their child $5,000 per year for 4 years of college. The child will leave for college in 8 years, at which point the family will stop contributing to the college fund. How much money should be set aside each year on the child's birthday in order to follow through with this plan? Assume an interest rate of 10%.
a. $1,291
b. $1,386
c. $1,245
d. $957"
In 2021, Ava, an employee, who files single, has AGI of $51,900 and incurred the following miscellaneous itemized deductions this year: Union dues and work uniforms: $1,080 Home office expenses: $3,240 Unreimbursed employee expenses: $1,512 Gambling losses to the extent of gambling winnings: $1,400. What is Ava's total itemized deduction related to these items
Answers
Ava's total itemized deduction related to these items is $6,194.
Total Itemized Deduction:
Home office expenses: $3,240
Union dues and work uniforms $1,080
Unreimbursed employee expenses $1,512
Less: 2%of AGI ($51,900×2%) ($1,038)
$4,794
Gambling losses to the extent of gambling winnings $1,400
Total Itemized Deduction $6,194
($4,794+$1,400)
Inconclusion the total itemized deduction related to these items is $6,194.
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The firm of Mitchell and Mitchell owns a small truck. The truck has a market value of $9,500 today. New, it cost $24,900. Last week, the company spent $3,500 repairing the engine and replacing the brake pads. The company still owes $1,200 in truck payments. If the company decides to use this vehicle for a new project, the cost assigned to that project for this truck should be:
Answers
Answer:
Explanation:
24900 x 1.05^6 = 33368.3815
33368.3815 - 24900 = 8468.3815
9500 - 8468.3815 = 1031.6185 cost assigned before payments
3500-1200 = 2300
therefore cost assigned = 2300 +1031.6185 = 3331.6185
Truck cost = 3331.62
Harriet is currently in pay grade 8, but she is hoping to get a promotion so she can move into
pay grade 10 or above. Which of the following methods of job evaluation is used at Harriet's
company?
a. computerized
b. ranking
c. point
d. classification
Answers
The type of job evaluation that is done if Harriet is hoping to move from grade 8 to 10 is known as job ranking.
Job ranking can be described as a type of classification that is based on the value or the hierarchy of a person in an organization.
All the jobs in the company are ranked based on their worth and the employees are placed on the grade based on their value.
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Rebecca Huang receives a regular salary of $2,600 a month and is paid 1/2 times the regular hourly rate for hours worked in excess of 40 per week.
a. Calculate Huang's overtime rate of pay.
22.5 overtime pay per hour
s
b. Calculate Huang's total gross weekly pay if she works 43 hours during the week.
Answers
The over time rate of pay is $22.5 overtime per hour. While the total gross pay at 43 hours is 667.5 dollars.
a. The regular salary = $2600 monthly
The annual salary = $2600 * 12
= 31200 dollars.
The weekly salary in a year
We have 52 weeks in a year
Weekly salary = 31200/52
= 600 dollars.
She works for 40 hours weekly.
Pay per hour = 600/40
= 15
The overtime pay per hour that Rebecca receives
[tex]15*1\frac{1}{2}[/tex]
= 15 * 1.5
= 22.5
Therefore Huang's overtime pay is 22.5 dollars.
b. If she works 43 hours during the week
15 dollars * 40 hours = 600 dollars
43-40 = 3 overtime hours
3 x 22.50 per hour = 67.5 dollars.
The total gross wages = 600 dollars + 67.5 dollars
= 667.5 dollars.
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A/An ____________ tone of voice will help customers feel confident that you’re there to help. A.Superior B.indifferent C.monotone D.Enthusiastic
Answers
Answer:
D
Explanation:
enthusiastic it makes customers feel like you care
pls mark brainliest
Which financing is also known as “risk capital”?
A.
mezzanine loans
B.
subordinate debts
C.
equity capital
D.
senior debts
E.
bonds
