The entry for accounts payable is:
Accounts payable $12,700.
Explanation:
At the beginning of Year 2, Redd Company had the following balances in its accounts:
Cash $14,800
Inventory $7,000
Land $3,500
Common stock $13,000
Retained earnings $12,300
During Year 2, the company experienced the following events:
1. Purchased inventory that cost $12,700 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $950 were paid in cash.
Accounts payable $12,700
Freight expense $950
Cash $11,750
(Being purchase made on account FOB shipping point)
2. Returned $700 of the inventory it had purchased because the inventory was damaged in transit. The seller agreed to pay the return freight cost.
Accounts payable $700
Freight expense $50
Cash $750
(Being inventory returned due to damage)
3. Paid the amount due on its account payable to Ross Company within the cash discount period.
Cash $12,406
Discount received $294
Accounts payable $13,000
(Being accounts payable paid within discount period)
4. Sold inventory that had cost $10,000 for $19,000 on account, under terms 2/10, n/45.
Accounts receivable $19,000
Sales revenue $19,000
Cost of goods sold $10,000
Inventory $10,000
(Being inventory sold on credit)
5. Received merchandise returned from a customer. The merchandise originally cost $1,950 and was sold to the customer for $2,600 cash. The customer was paid $2,600 cash for the returned merchandise.
Accounts receivable $2,600
Cash $2,600
Cost of goods sold $1,950
Inventory $1,950
(Being merchandise returned by customer sold previously on cash)
6. Delivered goods FOB destination in Event 4. Freight costs of $840 were paid in cash.
Freight expense $840
Cash $840
(Being FOB destination transaction)
7. Collected the amount due on the account receivable within the discount period.
Cash $18,620
Accounts receivable $19,000
Discount granted $380
(Being cash received within discount period)
8. Sold the land for $6,500.
Cash $6,500
Land $3,500
Gain on sale of land $3,000
(Being land sold for cash)
9. Recognized accrued interest income of $450.
Interest receivable $450
Interest income $450
(Being accrued interest income recognized)
10. Took a physical count indicating that $4,600 of inventory was on hand at the end of the accounting period.
Inventory $2,400
Cost of goods sold $2,200
(Being inventory counted and inventory write-down calculated)
Entry for accounts payable:
Accounts payable is the amount that a company owes to its creditors. Whenever a company purchases goods on credit or takes a loan or issues bonds payable, it records an account payable. Here in Event 1, Redd Company purchased inventory on credit from Ross Company.
Accounts payable $12,700
Freight expense $950
Cash $11,750
(Being purchase made on account FOB shipping point)
Therefore, the entry for accounts payable is:
Accounts payable $12,700.
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a broker acts as an agent in all of the following functions except: select one: a. leasing property b. selling property c. appraising property d. exchanging property
A broker acts as an agent in all of the following functions except: exchanging property.
Broker is a term which is used for an individual who charges a commission for executing buy and sell orders. They play an important role for guiding the buyer through all the related paperwork.
The one of the most important function of a broker is only to solve a client's problem for some fee. Secondary functions are such as lending to clients for margin transactions, and it also involves providing information support regarding the situation on trading platforms.
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Please help with economics will mark brainliest
Answer On 25, it is likely economic growth since both go up, however it might also be coming back from an recession, but i would go for economic growth first. On 24, I think it is no idle resources and using resources efficiently.
Explanation:
why is auditor important
Answer:
Auditors provide assurance of an organization's financial statements from an objective and independent opinion. It benifets the company by maintaining consistency, finding errors in their processing, or detecting fraud.
25 points, Why are certain brands global? 3-4 sentences, please.
Answer: Certain Brands can be global because of their profits, Let's take cars for a example, Cars can be made and distributed based on the company if they can pay for all the shipping and everything, but it really depends on the company and what they are selling.
Explanation:
As long as your references know you are job hunting, it isn’t necessary to update them regarding every interview you attend.
False
True
Answer:
True.
Explanation:
A referee can be defined as an individual who stands as a guarantor for a job applicant with respect to their character and professionalism.
As long as your references know you are job hunting, it isn’t necessary to update them regarding every interview you attend.
Who wants to buy me?⊇·⊆
Answer:
how much
Explanation:
lol jk
True or False: Labor is usually your lowest expense.
Answer:
False, if your talking about workinghard it is false bc you could break a bone or worse in the work of labor
False, still bc if your talking about having a child than your losing a lot of blood and pain is coming from it
so eathier way u go its still false
hoped this helped let me know if it did
Which item is important to consider when selecting a
credit card?
Annual Percentage Rate (APR)
Fees
The look of the credit card
th
Both APR and fees
Answer:
Both APR and fees
Explanation:
The Annual Percentage Rate -APR is the interest rate a customer pays on a credit card per year. Credit cards extend loans to the holder every time they are used. If the credit card user does not pay the full amount on the due date, it attracts interest charges. The higher the APR, the more interest a cardholder will pay. In selecting a credit card provider, APR is the most important factor to consider.
Credit card attracts other fees other the interest. These fees include Balance Transfer Fee, Foreign Transaction Fee, Annual Fee, and Cash Advance Fee. These fees affect the customer's overall cost of using the credit card. Customers should compare different credit card companies and select one with favorable fees.
Select the correct answer.
What is the last step in the market research process?
O Apresenting findings
O B. analyzing information
O c. making decisions
OD. developing a research plan
O E. identifying the problem
Reset
Ne
Answer:
c. making decisions
Explanation:
The last step in marketing research is decision making. This step involves presenting findings, drawing conclusions, and deciding on the course of action to take.
The objective of any research is the get solutions to a challenge. The time and resources used in the research will go to waste if the recommendations are not implemented. While all the research steps are critical, failing to act on the findings makes the entire process worthless. Market research is a strong input to a business decision.
Answer:
uhm see now making a decision is the last thing to do
Explanation:
y bc uh u plan then decide
How important is money
Answer:
very important
Explanation:
money is a global income source for everyone. we all have different types but it is all still money. now say one country got rid of money and had people pay for stuff using other things. if china did that lots of different countries wouldn't be able to get stuff from there unless they had so much of that product they could just give it up.
the final step of the decision-making process is:
A: evaluating the results
B: gathering information
C: identifying the problem
D: selecting the best course of action
Answer:
C . identifying the problem
Answer:
A
Explanation:
A. Evaluating the results
Why is account management important in the vegetable farming ? give reason .
Answer:
Money
Explanation:
The expected result of farming would be to make money, account management would help the most in making money. With account management, you can see how well your farm is producing money which in turn can tell you if you are growing quality crops or a crop that your clients want the most.
Answer:
It is important to appreciate the fact that modern business management principles can assist the farmer or farm manager, no matter how small his farm may be and however meager his capital. This is because of the two major tasks facing today’s farm managers.
Explanation:
Importance of agriculture in the Food supply Agriculture is the world’s leading source of food items. All the food substances that are essential viz. Agriculture produces vegetables, proteins, and oils. The carbohydrates provide all living beings with energy.
What talents are helpful for the Arts, AV Technology and Communication Cluster? PLEASE HELP!!
WILL GIVE BRAINLIEST ! ! ! ! !
How to calculate momentum?
Answer:
p=mv
Explanation:
the formula for momentum is
p=mv
Answer:
By multiplying mass and velocity
Explanation:
How does decreasing your credit card balance affect your income statement? (1 point)
It increases your monthly expenses, increasing the amount you spend each month.
It increases your monthly expenses, giving you more money to spend on other things.
It decreases your monthly expenses, increasing the amount you spend each month.
It decreases your monthly expenses, giving you more money to spend on other things.
The way in which decreasing your credit card balance would affect your income statement is that: D. It decreases your monthly expenses, giving you more money to spend on other things.
What is a credit card?A credit card simply refers to a small, rectangular flat card that is issued by a financial institution to its eligible customers, in order to avail them an opportunity to purchase goods and services on credit, especially based on the agreement that this amount of money would be paid back at a specific time and interest rate.
Generally speaking, a credit card balance can be defined as the total amount of money that an individual owe his or her credit card company. This ultimately implies that, a decrease in credit card balance would cause a decrease in monthly expenses, which avails the credit card holder more money to spend on other things.
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Answer: 1. a loan from one entity electronically matched to another entity without a financial institution in the middle
2. a payday loan
3. an unsecured installment loan
4. It decreases your monthly expenses, giving you more money to spend on other things.
5. Determine or estimate the current value of everything you own.
6. Their ability to repay a loan
7. your prior record of paying your bills and paying off your debts
8. your age and gender
9. You can request one online or over the phone.
10. He should contact the credit bureau that issued the credit report, the companies that issued the seven fraudulent cards, his local police, and the federal government at identitytheft.gov.
11. -the lender that provided the incorrect information
-the credit bureau that prepared the report
12. right away
13. She won a $20 billion settlement for California homeowners whose homes were inappropriately foreclosed on.
14. The longer the term, the more you will pay in interest.
15. It will cost you less money overall.
16. A store credit card generally comes with a higher interest rate.
17. You will save money if you pay the balance off quickly.
18. -Clarifying the confusing language found on credit card applications.
-Forcing lending companies to disclose interest rates and hidden fees.
19. It banned credit card companies from raising interest rates after missed payments.
20. -a fixed annual charge for the use of a credit card
-a charge if the minimum payment is not paid by the due date
21. paying off the balance before interest can accrue
22. $30
23. Determine which card has the higher interest rate and pay the extra money to that card first.
Explanation: All these answers are correct!
If left uncontrolled the high blood pressure can cause 1. Kidney disease 2. Heart failure 3. Stroke 4. All of above
If left uncontrolled, high blood pressure can cause kidney disease, heart failure, and stroke. Therefore, the correct option is 4. All of the above.
What is high blood pressure?High blood pressure, also known as hypertension, is a chronic medical condition that occurs when the blood pressure in the arteries rises above the normal range. It is defined as a systolic blood pressure of 140 mm Hg or higher and a diastolic blood pressure of 90 mm Hg or higher.
Blood pressure can be controlled by making lifestyle changes like adopting a healthy diet, engaging in regular exercise, limiting alcohol intake, avoiding smoking, and maintaining a healthy weight. In addition, doctors can prescribe medications to control blood pressure if lifestyle modifications alone are not effective.
If left untreated, high blood pressure can cause damage to your body's vital organs, including the kidneys, heart, and brain. Kidney disease, heart failure, and stroke are some of the severe complications that can arise due to high blood pressure. Therefore, it is critical to manage hypertension effectively.
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The assignment of direct and indirect materials to a cost object reduces the
A.manufacturing overhead account.
B.raw materials inventory account.
C.work in process inventory account.
D.finished goods inventory account.
The raw materials inventory account is decreased when direct and indirect materials are assigned to a cost object.
What is raw materials inventory account ?All types of raw materials are originally tallied as assets in an inventory asset account with a debit to the accounts payable account and a credit to the raw materials inventory account. The raw materials inventory account is decreased by the assignment of direct and indirect materials to a cost item. Finished goods kept for sale, incomplete works in progress, and any raw materials required to make goods are all included in inventory. On the company's balance sheet, it is listed as a current asset. Because they are used directly in the creation of a good or the provision of a service, raw materials are shown as direct expenses on an organization's income statement. Costs of raw materials are thought to fluctuate as manufacturing levels do because they are considered to be variable costs.
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Which is the best general statement about the role of government in business in the United States? O A. Government determines what goods and services are produced. B. Government acts to allow markets to function efficiently. C. Government owns the resources of production. D. Government has no role in business.
Teen entrepreneurs in Florida find sweet
success in honey business
Why did the author MOST LIKELY conclude the article by describing future possibilities for Black Bee Honey?
because this demonstrates the danger of food deserts and the need for more honey access
because this shows how giving students ownership can help them develop new skills and goals
because this emphasizes the importance of ensuring that student businesses are successful
because this helps the reader understand how Black Bee Honey contributes to the community
The author most likely conclude the article by describing future possibilities for Black Bee Honey because this emphasizes the importance of ensuring that student businesses are successful.
What is an article?An article is a piece of writing about a particular subject that is included in a magazine, newspaper, etc. It is a nonfictional prose composition usually forming an independent part of a publication.
Teen entrepreneurs in Florida find sweet success in honey business. This statement emphasizes the importance of ensuring that student businesses are successful.
Therefore, the statement mentioned in C is correct.
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What is the term used to describe politicians’ awarding jobs, offices, government contracts, and other benefits to their supporters?.
Political patronage is the practice of elected officials awarding their supporters with benefits such as jobs, government contracts, and other opportunities.
When someone is hired or appointed to a job in the government based solely on their partisan affiliation, it is known as political patronage. Elected authorities at the national, state, and local levels of government make these appointments to show appreciation and thank supporters. Political favoritism, in the opinion of the system’s proponents, promoted direct accountability between management and elected officials. Additionally, they believed that allowing commoners to take powerful posts would lessen elitism at all levels of government. Early presidents frequently employed patronage. Political patronage has existed since since the United States was founded. According to Article 2 of the Constitution, the president has the power to appoint a wide range of U.S. officials, including judges, diplomats, cabinet members and agency heads, military officers, and other senior members of the government.
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When can a mixed economy develop?
A mixed economy can develop when a country experiences a combination of market-based mechanisms and government intervention in its economic activities.
It occurs when the government regulates certain aspects of the economy, such as taxation, trade, and labor laws, while leaving other aspects, such as consumer choice and private investment, to be determined by the market.
This type of economy balances the benefits of capitalism, such as competition and innovation, with the stability and social welfare provided by government intervention. It aims to create a more stable and equitable economy by ensuring that resources are distributed fairly, while still allowing for growth and prosperity.
In short, a mixed economy can develop when a country seeks to balance the benefits of a market-based system with the stability and social welfare provided by government intervention.
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1 To increase sales from their present annual $ 1. 5 million, ABC Company, a wholesaler, may try more liberal credit standards. Currently, the firm has an average collection period of 30 days’ but is considering increasing to 60 days’. The cost of sales is 75 per cent of sales and bad debts are 1 per cent of sales. Cost of sales comprises 80 per cent variable costs and 20 per cent fixed costs. The company finances working capital from an overdraft at a rate of 7 per cent per year. It belives that, with increasingly liberal credit standards, will increase sales by 15 per cent, while bad debts will increase from 1 per cent to 4 per cent of sales. Should ABC introduce the proposed policy?
ABC should not introduce the proposed policy.
The proposed policy for ABC Company to increase their average collection period from 30 days to 60 days involves more liberal credit standards. This means that customers will have a longer period to pay for their purchases, which may potentially increase sales.
To determine if ABC should introduce this policy, we need to consider the potential benefits and costs.
First, let's calculate the current sales for ABC Company. The annual sales are $1.5 million.
If ABC increases sales by 15 percent, the new sales will be $1.5 million + ($1.5 million * 15%) = $1.725 million.
Next, let's calculate the bad debts for the current and proposed policy.
The current bad debts are 1 percent of sales, which is $1.5 million * 1% = $15,000.
With the proposed policy, the bad debts will increase to 4 percent of sales, which is $1.725 million * 4% = $69,000.
Now, let's calculate the cost of sales for both scenarios.
The current cost of sales is 75 percent of sales, which is $1.5 million * 75% = $1.125 million.
With the proposed policy, the cost of sales will increase to $1.725 million * 75% = $1.293 million.
The cost of sales consists of 80 percent variable costs and 20 percent fixed costs.
Therefore, the variable costs for the current scenario are $1.125 million * 80% = $900,000.
And the variable costs for the proposed scenario are $1.293 million * 80% = $1.0344 million.
Finally, let's calculate the additional interest expense for the proposed policy.
The current working capital is financed through an overdraft at a rate of 7 percent per year.
Therefore, the additional interest expense for the proposed policy is ($1.725 million - $1.5 million) * 7% = $17,500.
To determine if ABC should introduce the proposed policy, we need to compare the benefits and costs.
The additional sales from the proposed policy are $1.725 million - $1.5 million = $225,000.
However, the additional bad debts are $69,000 - $15,000 = $54,000.
The additional variable costs are $1.0344 million - $900,000 = $134,400.
And the additional interest expense is $17,500.
Therefore, the total additional costs are $54,000 + $134,400 + $17,500 = $205,900.
Since the additional costs ($205,900) outweigh the additional benefits ($225,000), ABC should not introduce the proposed policy.
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Examine the table comparing two individuals.
Who is more likely to have higher health insurance premiums? (selma or thelma)
Which risk factor will make a difference in premium price for Selma and Thelma? (tabaco use or age)
Which risk factor will not make difference in premium price? (preexisting condition or tabaco use)
Answer:
1- selma
2- tobacco use
3- preexisting condition
Explanation:
I just took it on edge
Peter thinks that Sam is his best salesperson. When Sam's sales start to fall, Peter thinks, "It must just be a run of bad luck" and continues to give Sam high performance ratings.
Peter has been highly impressed with Sam's sales performance and considers him to be his best salesperson. Therefore, when Sam's sales start to decline, Peter is hesitant to believe that Sam is not performing at the same level as before.
He is willing to give Sam the benefit of the doubt and assumes that it is just a run of bad luck and continues to give Sam high performance ratings. However, Peter should take a closer look at Sam's sales performance and investigate further to determine what could be causing the decline in sales.
It is possible that Sam is not delivering the same level of performance as before and that Peter needs to provide additional coaching and support to get Sam back on track.
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Sara makes and sells bracelets. She bought material for $28. 50 and used it all to make 15 bracelets. Sara used the equation 15 x minus 28. 50 = 99 to determine x, the amount she should charge for each bracelet to make a profit of $99. How much should each bracelet cost? $4. 70 $6. 60 $8. 50 $13. 75.
Selling is considered as to provide an item or goods in exchange for cash to the purchaser by the supplier or manufacturer. Sales are done to make a profit over the items manufactured or produced.
How much should each bracelet cost?
Correct option is C.
Given Information:
Purchase price=$28.50No. of bracelets=15Profit=99Solution:
Let x be the price at which Sara sells each bracelet to make a profit of $99.
Total sale done=Number of bracelets sold* sale price of each bracelet
Total sale done=15*x...…(1)
Also,
Total sale price=Total cost+ Total profit
Total sale price=$28.50+$99.....(2)
Equating (1) and (2):
=$28.50+99=15x
=X=127.5/15
=X=$8.50
Therefore, the cost of each bracelet is =$8.50
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2.which of the following statements best describes a keynesian approach to economics? a)aggregate demand is the most important driving force in the economy, but free-markets have no self-balancing mechanisms that lead to full-employment; therefore, government intervention is often necessary to stabilize an economy. b)politics determines economics, the nature of economics is conflictual, and the main actors are nation-states; therefore, the main goal of economic activity is the maximization of national interest. c)individual freedom to pursue interests/wealth in an open market free of government interference with the role of government to primarily protect property rights. d)resources flow from a periphery of poor and underdeveloped countries (global south) to a core of wealthy states (global north) enriching the latter at the expense of the former. poor countries are systemically locked into this unfavorable situation.
Option a is correct. The main economic driver is aggregate demand, but since free markets lack self-balancing mechanisms that lead to full employment, stabilising an economy frequently requires government intervention.
A macroeconomic theory known as Keynesian economics examines the total amount of spending in the economy and how it affects production, employment, and inflation. In an effort to comprehend the Great Depression, British economist John Maynard Keynes created it in the 1930s.
The fundamental tenet of Keynesian economics is that economic stabilisation may be achieved by government intervention. Keynes' theory was the first to clearly distinguish between the study of individual motivations and economic behaviour from those of broad aggregate variables and conceptions.
Keynes' theory led him to propose higher government spending and lower taxes as a way to boost demand and rescue the world economy from the Great Depression. Later, the term "Keynesian economics" was used to describe the idea that economic performance could be optimised and economic downturns might be avoided.
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If Francesca's sets a price of $20 per plate, it will sell 30 plates of salmon tonight. If Francesca's sets a price of $30, it will sell 18 plates of salmon tonight. What is your best estimate of the price elasticity of demand for salmon at Francesca's? a. −12 b. 12 c. −1.20 d. 0.8 e. 1.25
The best estimate of the price elasticity of demand for salmon at Francesca's is approximately -1.25. The correct option is e. 1.25.
To estimate the price elasticity of demand for salmon at Francesca's, we can use the midpoint formula:
Price elasticity of demand = ((Q2 - Q1) / ((Q2 + Q1) / 2)) / ((P2 - P1) / ((P2 + P1) / 2))
Using the given information:
Q1 = 30 plates
Q2 = 18 plates
P1 = $20
P2 = $30
Plugging these values into the formula:
Price elasticity of demand = ((18 - 30) / ((18 + 30) / 2)) / (($30 - $20) / (($30 + $20) / 2))
Price elasticity of demand = (-12 / (48 / 2)) / (10 / (50 / 2))
Price elasticity of demand = (-12 / 24) / (10 / 25)
Price elasticity of demand = (-0.5) / (0.4)
Price elasticity of demand ≈ -1.25
Therefore, The best estimate of the price elasticity of demand for salmon at Francesca's is approximately -1.25. The correct option is e. 1.25.
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Fennick Company reports net income of $92,000 in 2022. However, ending inventory was understated by $7,000. What is the correct net income for 2022
The correct net income for 2022 is $99,000.
Given,
In 2022, the Fennick Company reported a net income of $92,000.
Nevertheless, ending inventory was $7000 underestimated.
Since it is given that the closing inventory was understated.
It would mean that the net income will also be understated by the same amount.
Therefore to calculate the amount of correct net income we will add $7,000 which is the amount by which inventory was understated to the incorrect net income,
Which means, correct net income = incorrect net income + understated amount of ending inventory
correct net income = $92,000 + $7,000
= $99,000
Hence, the correct net income for the year 2022 is $99,000.
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.The theory of public choice suggests that
government agencies tend to be inefficient because they are subject to institutional arrangements in which managers do not have an incentive to be efficient.
the goods provided by government, whether public or private goods, are not scarce.
government agencies tend to be inefficient because the people running them do not understand the concept of opportunity cost.
you can lower your tax bill if you are careful not to consume too many government resources, regardless of what your neighbors do.
The theory of public choice suggests that government agencies tend to be inefficient because they are subject to institutional arrangements in which managers do not have an incentive to be efficient.
The theory of public choice examines how individuals' self-interest and incentives affect their decision-making within the realm of public or government organizations. According to this theory, government agencies may be prone to inefficiencies because of the institutional arrangements in which managers operate. Unlike in market-driven organizations where competition and profit motives provide incentives for efficiency, government agencies often lack similar market pressures. As a result, managers within these agencies may not have strong incentives to maximize efficiency or minimize costs.
Option A accurately reflects the premise of the theory of public choice by highlighting the role of institutional arrangements and the lack of incentives for efficiency in government agencies.
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importance of general vocational skill in successful business or institution
Explanation:
Vocational Skills education is important because its equips people with the practical skills necessary to begin or enhance a career.
For careers like Medical Assistant, Cosmetologist, and Auto Mechanic, vocational training is a way to get started down the pathway to a career. It takes less time than a traditional college, therefore it is a good choice for people who need to begin using these skills sooner.
In some other careers, like engineering and IT, high level technicians need specialized training. This is often done in addition to traditional education. This is where vocational training plays a role in the lives of those who may have already gone to a four year college.
Vocational training is a great way to change your career as well, as you do not have to commit to spending as much time as required by a traditional college to gain new skills.
TrainUp. com is a great resource to find career training classes for those looking to expand on their skills in the Human Resources, Information Technology, Business Management, Industrial, Finance, and Legal fields. Their training network includes more than 300,000 instructor-led training events and 7,000+ online courses!