In accordance with US GAAP, the question states that $2 million in wages were earned in 2017, but no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. To address this situation, it is important to understand the concept of accrual accounting. Accrual accounting recognizes revenues and expenses when they are earned or incurred, regardless of when cash is received or paid.
Based on this, here is the step-by-step breakdown of the wages situation in 2017 and 2018:
1. 2017: $2 million in wages were earned, but no cash wages were paid. Since no cash was paid, this means that the wages expense for 2017 would be recorded as an accrued expense. The entry to record this would be a debit to Wages Expense for $2 million and a credit to Accrued Wages for $2 million.
2. 2018: $8 million in wages were earned and $7 million in cash wages were paid. As per accrual accounting, the wages expense for 2018 would be recognized based on the wages earned, regardless of when the cash is paid. Therefore, the entry to record the wages expense for 2018 would be a debit to Wages Expense for $8 million. Since $7 million in cash wages were paid, this would result in a credit to Cash for $7 million.
In accordance with US GAAP, $2 million in wages earned in 2017 without any cash wages paid would be recorded as an accrued expense. In 2018, $8 million in wages earned would be recognized as wages expense, with $7 million in cash wages paid.
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Max emailed Jacob offering to sell him a diamond ring for $400. Upon receipt of the offer, Jacob immediately emailed back, "I don’t have $400. I’ll give you $300." Max replied, "That’s not high enough." Jacob then e-mailed his acceptance agreeing to pay $400. Max refused to sell the ring to Jacob. Which of the following statements is true?
A. There is no contract
B. Jacob's first response to Max is a counteroffer
C. Both A and B are true
D. There is a contract as Max accepted Jacob's offer
Answer: The correct answer is A. There is no contract.
Explanation:
In this scenario, Max's initial offer was to sell the diamond ring for $400. Jacob's response of offering $300 is considered a counteroffer, as he proposed different terms than the original offer. Max then rejected Jacob's counteroffer by stating that it was not high enough. At this point, no agreement had been reached between the parties. Jacob's subsequent acceptance of the original offer for $400 does not form a contract because Max had already refused to sell the ring to Jacob. Therefore, there is no contract between Max and Jacob
A summary should condense a report or article by what percentage? group of answer choices 5 percent 25 percent 85 to 90 percent 50 percent
A summary should condense a report or article by what percentage is 85 to 90 percent.
A report is a selected shape of writing this is organized around concisely figuring out and examining issues, occasions, or findings that have taken place in a physical feel, along with occasions that have passed off within an agency, or findings from a research investigation.
A report is written for a clear purpose and to a specific audience. particular facts and evidence are presented, analyzed, and carried out to selected trouble or issue.
There are specific sorts of enterprise reports; some are formal and a few casual reviews. business report examples consist of analytical reviews, informational reports, inventory reviews, advertising reports, statutory reports, non-statutory reports, annual reviews, and well-known or private reports.
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A customer opens a long margin account with only 1 position, consisting of 100 shares of ABC stock valued at $20 per share. There is no debit balance in the account. If the customer buys 100 shares of XYZ at $60 per share, the margin call will be
Answer:
The margin call will be $6,000.
Explanation:
Since there is no debit balance in the customer's margin account, it implies that the customer is not owing the broker on margin. The additional purchase of the 100 shares of XYZ necessitates the margin call by the broker for the customer to fund his margin account by paying additional funds worth $6,000 to cover the purchase of XYZ shares by the broker on his behalf.
A margin account is an account maintained by a broker on behalf of his customer through which the customer is able to buy and sell securities using his own funds and the broker's. The implication is that the customer's equity in the account is equal to the market value of the securities minus the borrowed funds from the broker.
Convert each radian measure to a degree measure. Do not use a calculator. a.Зπ/2 (b) -5π/6
Radian measure to a degree measure. Зπ/2 is equivalent to 270 degrees and -5π/6 is equivalent to -150 degrees
To convert radian measures to degree measures, we use the fact that there are 180 degrees in π radians.
a. To convert Зπ/2 to degrees:
We can use the conversion factor: 180 degrees/π radians
Зπ/2 * (180 degrees/π radians) = (3/2) * 180 degrees = 270 degrees
Therefore, Зπ/2 is equivalent to 270 degrees.
b. To convert -5π/6 to degrees:
We use the same conversion factor.
-5π/6 * (180 degrees/π radians) = (-5/6) * 180 degrees = -150 degrees
Therefore, -5π/6 is equivalent to -150 degrees.
In both cases, we multiply the given radian measure by the conversion factor of 180 degrees/π radians to obtain the equivalent degree measure. It is important to note that positive angles in radians are measured counterclockwise from the positive x-axis, while negative angles in radians are measured clockwise from the positive x-axis. The conversions allow us to express the given radian measures in degrees without using a calculator.
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the ledger of mai company includes the following accounts with normal balances as of december 31: d. mai, capital $9,700; d. mai, withdrawals $1,150; services revenue $20,000; wages expense $11,900; and rent expense $3,000.Prepare the necessary closing entries from the available information at December 31.
The journal entry of mai company includes the following accounts with normal balances as of December 31: D. Mai, Capital $9,700; D. Mai, Withdrawals $1,150; Services Revenue $20,000; Wages Expense $11,900; and Rent Expense $3,000.
Closing journal entries for the available information on December 31 are as follows:
Particular Debit Credit
1. Income Summary account $20,000
To Service Revenue account $20,000
2. Wages Expense account $11,900
To Income Summary account $11,900
3. Rent Expense account $3,000
To Income Summary account $3,000
4. Income Summary account $5,950
To D. Mai, Capital account $5,950
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MVGOY TUI Neuleen U12 QUESTION 4 of 10: You save $500 in a retirement account at age 25. It increases an average of 10% per year until you are 65. Which formula and result indicates how much money you will have in this account at age 65?
Answer:
Future value at age of 65 = $22,626.5 (Approx.)
Explanation:
Given:
Amount deposit in retirement account = $500
Number of year = 65 year - 25 year = 40
Average rate of increase = 10 %
Find:
Future value at age of 65
Computation:
A = P[1+r]ⁿ
Future value at age of 65 = Amount deposit in retirement account[1+Average rate of increase]ⁿ
Future value at age of 65 = 500[1 + 10%]⁴⁰
Future value at age of 65 = 500[1 + 0.10]⁴⁰
Future value at age of 65 = 500[1.10]⁴⁰
Future value at age of 65 = 500[45.259]
Future value at age of 65 = $22,626.5 (Approx.)
The difference between revenue and cost of goods sold is called:
gross profit
owner's equity
cost of goods sold
net income before taxes
Answer:
gross profit
Explanation:
Revenue is the income gained through the sales of goods and services to customers. It is the money received from customers when they buy from a business.
Costs of goods sold are the expenses incurred in producing goods meant for sales. It is composed of the direct cost of the manufacturing process. Costs of goods sold include direct materials, direct labor costs, and direct overhead costs.
Gross profit is equal to sales minus direct costs. Revenue is the same as sales, and direct costs are similar to the costs of goods sold. Therefore, revenue minus costs of goods sold is equal to gross profit.
ean and jenny are married, file a joint return and have two dependent children, blake, age 9 and jake, age 5. sean has earned income of $72,000. jenny was a full-time student (for nine months) with no income. they paid a qualified day care center $7,000. what amount of child and dependent care credit can sean and jenny receive for 2021?
Sean and Jenny are eligible for a $900 kid or family care credit, according to the information provided.
What are an example and income?Income is the cash that such a individual or organization receives in return for working, producing an item or service, or using capital. People normally make money through wages or salaries, but corporations make money by offering products or services for more than it costs to produce them.
Briefing:According to the IRS, the child and disability payments credit ranges at 20% and 35% of a child's eligible expenses up to $3,000. For 2 or more children under the age of 13, the maximum loan sum is $6000. The eligible hospital costs will be $6,000 for two or more children, whichever is less.
Both spouses must have earned money in order to qualify for child care credit. Jenny's annual income is considered to be $6,000, which is the maximum allowed.
Jenny's deemed earned income is therefore $4,500 (500 x 9)
The earning income of a spouse will be the exclusive source of qualifying child expenses. For instance, debtor of 6000 versus 4500.
Therefore, (4500 * 20%) = $ 900
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The complete question is-
Sean and Jenny are married, file a joint return and have two dependent children, Blake, age 9 and Jake, age 5. Sean has earned income of $72,000. Jenny was a full-time student (for nine months) with no income. They paid a qualified day care center $7,000. What amount of child and dependent care credit can Sean and Jenny receive? (Points : 1) $600. $900. $1,000. $1,200.
Which is NOT a fee you need to worry about with a checking account?
Answer:
It depends on the bank provider. All bank providers have different fee policies.
Explanation:
There is no specifc answer to this.
what is brand awareness?
A.) how much potential consumers like a particular brand over another.
B.) how willing a consumer is to purchase a specific brand.
C.) how well a brand is recognized by potential customers.
D.) how well a brand is doing in comparison to its competitors
Answer:
The correct answer is C.) how well a brand is recognized by potential customers.
Explanation:
Answer:
C: how well a brand is recognized by potential customers
Explanation:
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The U.S. Department of Labor Statistics reported that the median annual wage of
preschool teachers in 2010 was
more than $30,000.
less than $20,000.
about $25,000.
more than $50,000.
The U.S. Department of Labor Statistics reported that the median annual wage of preschool teachers in 2010 was about $25,000..
How much do preschool teachers get paid?According to the U.S. Department of Labor Statistics, not very much. This is the conclusion from statistics on labor and labor earnings in the year 2010 from the U.S. Department of Labor Statistics.
Here, we find out that the median amount paid to preschool teachers annually is about $25, 000. This amount increased to around $28, 570 in 2016 which is still quite low considering the cost of living.
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1. A company is creating a new product and must determine how to effectively create the product as well as appeal to the market and target a wide range of customers.
Answer and Explanation:
One good way to know how to effectively create a product and also target quite a wide range of consumers is to watch out for trends. Through the internet and social media, a producer can tell what product consumers would be ready to buy at a certain period due to the fact that it is what is trending at that time. The producer could go ahead to add new features to the product to make it stand out for potential customers.
.
The information regarding the new product should be explained in the explanation part.
The following information should be considered:
There is one good way for knowing how to effectively develop a product and also there is a wide range of consumers is to watch out for trends.By using the internet and social media, a producer can tell what product consumers would be ready to purchase at a specific period.Learn more: https://brainly.com/question/25300841?referrer=searchResults
Why is it hard to predict positive Moments of Reality (MORs)? A. Because they are negatively influenced by lifetime customer value. B. Because they differ by customer, and by time of year. C. Because most companies use moments of truth, which are in conflict with Moments of Reality. D.Because it is difficult to tell if a Moment of Reality is negative or positive.
Answer:
B. Because they differ by customer, and by time of year.
Explanation:
Moments of reality are hard to predict as it varies from customer to customer. All customers have different values and they rate a product or service according to their own values. Moments of reality can be positive or negative and they are influenced by customer experience.
which of the following issues would be overlapping debts? i school district bond issue where the school district is coterminous with the town that 100% uses that school district ii school district bond issue where the school district encompasses three neighboring townships iii water revenue bond issue where the water district is coterminous with the town that 100% uses that water system iv water revenue bond issue where the water district encompasses three neighboring townships
The overlapping debts would be "Water revenue bond issue where the water district encompasses three neighboring townships". The correct option is IV.
Overlapping debts refer to situations where multiple jurisdictions, such as cities or townships, share a common tax base and issue debt that is supported by the same tax revenue.
In this case, if the water district encompasses three neighboring townships, then the debt issued by the water district would be supported by tax revenue from all three townships.
The reason of water revenue bond issue where the water district encompasses three neighboring townships due to it creates an overlapping debt situation because the townships are effectively sharing the burden of paying off the debt. The other bond issues mentioned do not involve overlapping debts.
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Explain the importance of excellent customer service.
Five hair stylists at a salon perform 12 haircuts in two hours. One of the stylists,
Francesca, is leaving the salon after 10 years. Francesca usually performs 2
haircuts per hour. Which of the answer choices is correct?
The salon's average product of labor will decrease when Francesca leaves the salon in the given circumstances.
How is the average product of labor determined?The average product of labor (APL) gauges the typical output of each employee. The total product is simply divided by the workforce. The total output of labor divided by the quantity of workers employed, or Q/L, yields the average product of labor (APL). A popular metric for assessing labor productivity is the average product of labor.
The form of the AP curve on the left suggests that as more workers are hired, AP initially increases to a maximum before decreasing. The average output (or products) that each input produces is referred to as an "average product", factors of production like labor and land.
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In the case of a positive externality 1.The efficient price generates over production 2.The efficient price is above the market clearing price 3.The efficient price is equal to the market clearing price 4.The efficient price is below the market clearing price
The correct statement is: 4. The efficient price is below the market clearing In the case of a positive externality, the efficient price is below the market clearing price.
1. The efficient price generates overproduction: When there is a positive externality, the market price does not reflect the full social benefit of the good or service being produced. This means that the market equilibrium quantity is lower than the socially optimal quantity. As a result, the market produces less of the good or service than is considered efficient.
2. The efficient price is above the market clearing price: This is incorrect. The efficient price is actually below the market clearing price. The market clearing price is determined by the intersection of the demand and supply curves, which reflects only the private costs and benefits of production. In the case of a positive externality, the social benefit is higher than the private benefit, so the efficient price should be lower.
3. The efficient price is equal to the market clearing price: This is incorrect. As mentioned earlier, the efficient price is below the market clearing price because it takes into account the positive externality and the additional social benefit it brings.
4. The efficient price is below the market clearing price: This is the correct answer. The efficient price reflects the full social benefit of the good or service, including the positive externality. By setting the price below the market clearing price, more of the good or service will be produced, resulting in a higher level of social welfare.
To summarize, in the case of a positive externality, the efficient price is below the market clearing price. This helps to generate overproduction and increase social welfare by accounting for the additional benefits brought about by the positive externality.
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Finding a job that matches your skills and interests, and finding a job that has a positive job outlook are both important things to consider when selecting a career. Which do you think is more important? Why?
<< Read Less
Answer: Finding a job that matches your skill and interest.
Explanation:
This is very important and it majorly one of the key things to consider when applying for jobs. Sometimes, desperation makes people take any job without thinking if they like the job or not and this is bad as it will hinder the success of such person in the firm.
A typical example of this is applying for a job that requires proficiency in microsoft office packages and you literally have no knowledge but you only applied considering the Positive outlook of the firm, they are no two ways about this, you'd perform woefully if being asked simply because you don't possess the skill.
Finding a job that matches your skills and interest tends to make the job more enjoyable as you will be more motivated to keep the job and will find great pleasure in carrying out the task given. It also aids your career development as well, according to the saying practice makes perfect, doing what you love will continually help you to grow and develop yourself in your chosen field.
Explain the importance of the Equal Pay Act? what was the reason for it? How did it start?
The Equal Pay Act (EPA) is an important legislation that was signed into law in 1963 by President John F. Kennedy. The primary purpose of the EPA was to address wage discrimination based on sex in the United States.
The importance of the Equal Pay Act lies in its ability to ensure that employers pay employees equally for the same or substantially similar work, regardless of their sex.
In conclusion, the Equal Pay Act is an important piece of legislation that ensures fairness and equality in the workplace by prohibiting wage discrimination based on sex.
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Brian manages his company's Google Search Ads campaign. He regularly reviews the optimization score to make his Google Search campaign as effective as possible. What is Brian's optimization score based upon?
Answer: Key aspects of his accounts, including statistics, settings, and industry trends.
Explanation:
The options to the question are:
a. Testing and reporting on the speed of Brian’s websites
b. Key aspects of his accounts, including statistics, settings, and industry trends.
c. Judging ad popularity on social media
d. Comparing Brian’s sales with ad serving data.
Optimization score simply runs from 0% to 100% and it is simply an estimate that'll tell am individual or firm how well their Google Ads account will perform. Having 100% means that the account will be able to perform at full potential.
Based on the information given in the question, Brian's optimization score is based upon Key aspects of his accounts, including statistics, settings, and industry trends.
What are two things a good investment might do?
Answer: With a good investment there should be very little chance of losing the total amount invested. Good investment ideas will hold their value or increase in value for a long time. The way any investment product is structured and regulated should offer investors protection.
Explanation:
Good investment must contain
Long term planPast records The fund where you invest must have good past records of benifit.If it has Andy fraud records of misleading money you shouldn't invest thereAlso the growth rate must be measured for long term interest and benifitsthe eoq minimizes the sum of the ordering cost and which of the following costs? multiple choice stockout cost holding cost purchasing cost quality cost
The correct option is holding cost. The EOQ minimizes the sum of the ordering cost and holding cost.
The Economic Order Quantity (EOQ) model is used to determine the optimal order quantity for inventory management. It balances the cost of ordering and holding inventory to minimize total costs. The EOQ formula takes into account two costs: ordering cost and holding cost. Ordering cost is the cost of placing an order, such as administrative costs, communication costs, and transportation costs. Holding cost is the cost of storing inventory, such as rent, insurance, and interest on capital tied up in inventory.
Therefore, the EOQ minimizes the sum of these two costs. It does not take into account stockout cost, which is the cost of running out of stock, quality cost, which is the cost of poor quality products, or purchasing cost, which is the cost of acquiring goods from suppliers.
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im response to a lack of qualified nurses in the area a state government has funded a campaign to increase the number of high school graduates interested in nursing careers. if successful the campaign would
If successful this campaign to increase the number of students interested in nursing would shift the labor supply curve to the right.
This is because there would be an increase in nursing employment and also reduce the lack of nurses in the area.
The question says that the campaign was due to the fact that there were shortages in the number of qualified nurses in the area.
Now a success in this campaign implies that the need for qualified nurses has been taken care of. There would be a lot of eligible nurses now.
That is there would be more people who are qualified to be employed as nurses. This would lead to an improvement in health in the area.
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Full question on:
In response to a lack of qualified nurses in the area, a state government has funded a campaign to increase the number of high
school graduates interested in nursing careers. If successful, the campaign would (1 point)
A) shift the labor demand curve to the right
B) shift the labor supply curve to the right
C) shift the labor supply curve to the left
D) shift the labor demand curve to the left
Answer: shift the labor supply curve to the right
Explanation: i took the test
When preparing a business message, you should make your writing audience oriented. Audience oriented means a. attempting to get your audience to believe and accept your message. b. writing to solve a problem or convey information. c. presenting ideas clearly but concisely. d. concentrating on looking at the message from the receiver's perspective.
Answer:
D. Concentrating on looking at the message from the receiver's perspective.
Explanation:
When writing a business message, it is important to ensure that the perspective of the receiver is considered. There are two sides to a message; the speaker and the receiver. By making a business writtings audience oriented, it means that thoughts of the receiver or audience is considered alongside the message.
Although other skills such as; present ideal clearly but concise, attempt to get your audience to believe and accept your message, write to solve a problem or convey information are essential qualities of business writtings, yet do not point to audience oriented message.
how are resources and scarcity connected?
Answer:
Explanation:
resources and scarcity are connected.
HOW?????
If we do not have resources, it leads to scarcity.
For example, If we do not have water which is a very precious resource, it leads to scarcity of water.
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what factors would be considered when a director of a company makes a large trade of the company’s stock?
Tr
ade of COMPANY'S STOCK FACTOR company requirments ,
performance market, condition, timing,
potentional impact , personal financial situation
HOW DIRECTOR WORKS ON COMPANY'S STOCK?
When a director of a company makes a large trade of the company's stock, the following factors would be considered:
1. REGULATORY REQUIREMENTS: The director needs to ensure compliance with relevant laws and regulations, such as insider trading restrictions and reporting obligations.
2. COMPANY'S PERFORMANCE: The director would consider the company's past, present, and future financial performance to determine if it's an appropriate time to make a large trade.
3. MARKET CONDITIONS: The director would assess the overall market conditions, including the industry's performance and any economic factors that may affect the stock price.
4. TIMING: The director would consider the best time to make a trade, taking into account factors such as earnings announcements, market events, and other news that could impact the stock price.
5. PERSONAL FINANCIAL SITUATION: The director's own financial situation and investment strategy would be considered when making a large trade of the company's stock.
6. POTENTIAL IMPACT ON THE COMPANY: The director would evaluate the potential impact of the trade on the company's reputation, stock price, and investor confidence.
In summary, a director of a company making a large trade of the company's stock would consider regulatory requirements, company performance, market conditions, timing, personal financial situation, and potential impact on the company.
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Jerry, the manager at Cayman's Inc., strongly believes that his subordinates prefer to be directed, avoid responsibility, and frequently need coercion to work toward company goals. Jerry is clearly a _____ manager.
Answer:
Theory X
Explanation:
Theory X is one of the types of management. In this type of management, the managers presume that the employees are not motivated towards their work. They step out with methods like remuneration and increments to motivate the employees. These additional benefits are provided to them when the employees show great responses in tangible forms. The managers hold the thought that the employees need to be controlled and threatened to bring the maximum output of them. They also assume that the employees need constant supervision at every stage of their work.
In the given excerpt, it is evident from the steps taken by Jerry that he is a Theory X manager.
Sometimes a liquid can be sitting there and its molecules will become a gas. That’s called
___________________________________________.
Answer:
Una vez que toda la sustancia está en estado líquido, al continuar calentando vuelve a subir la temperatura y llega un momento en que las fuerzas intermoleculares ya son incapaces de mantener juntas las moléculas del líquido, por lo que éste hierve y se convierte en un gas, se produce la ebullición.
Suppose the market price of chicken wings in a university town recently increased. Economics students studying at the university are discussing potential causes of the price increase. One group of students theorize that the price increased because several wing joints in the area have recently gone out of business. Others claim the increase in the price of chicken wings is because of a recent decrease in the price of beer.
Everyone agrees that the decrease in the price of beer was caused by a recent decrease in the price of hops, which are not generally used in making chicken wings.
The first group of students claim the increase in the price of chicken wings can be attributed to the fact that several wing joints in the area have recently gone out of business.
This may explain the price increase, as the decreased competition in the economics market could lead to an increase in price.
What is economics market?Economics market is an environment where buyers and sellers interact in order to exchange goods and services for money. It is the basis for the study of economics, which is the study of the production, distribution, and consumption of goods and services. Markets can be divided into different types depending on the nature of the product or service being exchanged. The two primary types of markets are the perfect competition market and the imperfect competition market. Perfect competition markets are those in which all buyers and sellers are equal and have access to the same information.
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The impact of Furman v. Georgia (1972) was that states had to
promise to use the death penalty only with approval from the Supreme Court.
throw out the old Miranda warning and write a new one.
agree to throw out all state laws regarding crime and impose national standards.
create clear standards to be applied fairly before imposing the death penalty.
Answer: D.create clear standards to be applied fairly before imposing the death penalty.
Explanation: The answer it's right there
The impact of Furman v. Georgia (1972) was that states had to
create clear standards to be applied fairly before imposing the death penalty.The Furman v. Georgia caseThis was a case that had to do with the cruel and the unusual way that people faced in the death penalty.
The case ruled that the death penalty was unconstitutional if it was applied in a discriminatory way.
It ruled that the eight amendment was being violated if used in this way.
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