A journal entry is a record of a financial transaction or event in accounting. It serves as the initial step in the accounting process and is used to capture the impact of business activities on a company's financial records.
To record the journal entry for Chegg, we need to account for the installment payments as well as the interest on the unpaid balance for each year. Installments are given below:
1: Calculate the interest component for the first payment (December 31, 2021).
2: Record the journal entry for the first payment and its interest.
3: Repeat steps 1 and 2 for each subsequent year until the final payment (December 31, 2025).
Assumptions:
The interest rate is applied to the unpaid balance at the beginning of each year.
The interest is compounded annually.
Let's start with the first installment payment on December 31, 2021:
1: Calculate the interest for the first year.
Principal amount (initial loan) = $1,000
Interest rate = 12%
Interest for the first year = Principal amount * Interest rate
= $1,000 * 0.12
= $120
2: Record the journal entry for December 31, 2021:
December 31, 2021:
Debit: Installment Payable - Year 1 (Principal) = $1,000
Debit: Interest Expense - Year 1 (Interest) = $120
Credit: Cash = $1,120
3: Repeat the process for each subsequent year:
December 31, 2022:
Interest for the second year = Unpaid balance (initial loan) * Interest rate
= ($1,000 - $1,000) * 0.12
= $0 * 0.12
= $0 (No interest on the second payment)
Journal Entry for December 31, 2022:
Debit: Installment Payable - Year 2 (Principal) = $1,000
Credit: Cash = $1,000
December 31, 2023:
Interest for the third year = Unpaid balance (initial loan - 2 payments) * Interest rate
= ($1,000 - $1,000 - $1,000) * 0.12
= $0 * 0.12
= $0 (No interest on the third payment)
Journal Entry for December 31, 2023:
Debit: Installment Payable - Year 3 (Principal) = $1,000
Credit: Cash = $1,000
December 31, 2024:
Interest for the fourth year = Unpaid balance (initial loan - 3 payments) * Interest rate
= ($1,000 - $1,000 - $1,000 - $1,000) * 0.12
= $0 * 0.12
= $0 (No interest on the fourth payment)
Journal Entry for December 31, 2024:
Debit: Installment Payable - Year 4 (Principal) = $1,000
Credit: Cash = $1,000
December 31, 2025:
Interest for the fifth year = Unpaid balance (initial loan - 4 payments) * Interest rate
= ($1,000 - $1,000 - $1,000 - $1,000 - $1,000) * 0.12
= $0 * 0.12
= $0 (No interest on the fifth payment)
Journal Entry for December 31, 2025:
Debit: Installment Payable - Year 5 (Principal) = $1,000
Credit: Cash = $1,000
After the last payment on December 31, 2025, the loan will be fully repaid, and there will be no further entries related to this installment agreement.
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Which one of these positions within a company deals directly with customers
the most?
Answer:
front-line staff
Explanation:
just took the quiz (vote brainliest plssss)
Answer:
A. Senior management.
B. Frontline staff.
C. Support staff.
D. Middle management.
What is a difference between being cheap and rich?
If firms increase investment, the aggregate expenditures function will shift downward, other things being equal. T/F
This statement is false. If firms increase investment, it will increase the aggregate expenditures (AE) function, which represents the total spending in an economy.
The AE function is the sum of consumption, investment, government spending, and net exports. Investment is one of the components of AE, and an increase in investment will cause an upward shift of the AE function, meaning there will be an increase in total spending in the economy. The aggregate expenditures function is an important concept in macroeconomics, as it helps to explain how changes in spending affect the level of output and employment in an economy. By understanding the relationship between the different components of the AE function, policymakers can use various tools, such as monetary and fiscal policy, to stabilize the economy and promote long-term growth.
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Haul’m-in Marine manufactures diesel engines for shrimp trawlers and other small commercial boats. One of their CNC machines has caused several problems. Over the past 30 weeks, the machine has broken down as indicated below. Each time the machine breaks down, the firm loses an average of $3,000 in time and repair expenses. If preventive maintenance were implemented, it is estimated that an average of only one breakdown per week would occur. The cost of preventive maintenance is $1,000 per week. What is the weekly total maintenance cost of this program?
Number of breakdowns per week
0
1
2
3
4
Frequency (Number of weeks that breakdowns occurred)
8
3
5
9
5
A. $1,000
B. $3,000
C. $4,000
D. $6,000
E. $8,000
Answer:
The right solution is Option C "$4,000".
Explanation:
The given values are:
Breakdown cost,
= $3,000
Per week cost of preventive maintenance,
= $1,000
Breakdown per week,
= 1
Now,
The cost per week will be:
= \(Breakdown \ cost+Cost \ of \ preventive \ maintenance\)
On substituting the values, we get
= \(3000+1000\)
= \(4,000\) ($)
Which of the following is not included in a corporation's annual report? The reporting firm's financial statements for the fiscal year. The report of the external auditor's examination of the financial statements. Notes to the financial statements and key financial data for at least the past five years. A detailed Management's Discussion and Analysis section. All of the above are included in a corporation's annual report.
The correct answer is: "All of the above are included in a corporation's annual report." All the options listed are typically included in a corporation's annual report. Let's go through each of them:
The reporting firm's financial statements for the fiscal year: The annual report includes the financial statements, such as the income statement, balance sheet, and cash flow statement, which provide a comprehensive overview of the company's financial performance and position.
The report of the external auditor's examination of the financial statements: The annual report includes the auditor's report, which provides an independent assessment of the fairness and accuracy of the financial statements. This report is conducted by an external auditor to enhance the credibility and reliability of the financial information presented.
Notes to the financial statements and key financial data for at least the past five years: The annual report typically includes detailed notes to the financial statements, which provide additional explanations and disclosures about specific items in the financial statements. It may also include key financial data, such as historical financial performance, trends, and ratios, for at least the past five years. These sections provide further context and analysis of the company's financial information.
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Poppy co. uses a periodic inventory system. beginning inventory on january 1 was understated by $30,000, and its ending inventory on december 31 was understated by $17,000. in addition, a purchase of merchandise costing $20,000 was incorrectly recorded as a $2,000 purchase. none of these errors were discovered until the next year. as a result, poppy's cost of goods sold for this year was:
If None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was: Understated by $31,000.
Cost of goods soldUsing this formula
Cost of goods sold=Beginning inventory + Incorrect entry for Merchandize Purchase - Ending inventory
Let plug in the formula
Cost of goods sold=$30,000+($20,000-$2,000)-$17,000
Cost of goods sold=$30,000+$18,000-$17,000
Cost of goods sold=$31,000 understated
Therefore Poppy's cost of goods sold for this year was: Understated by $31,000.
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which part of the change management process asks how the project will align with the organization's current mission and strategy?
The procedure used to start, document, evaluate, approve, and resolve project changes is known as the change management process.
What does the term management mean?Management is the process of carrying out the work or activity required to achieve an organization's objectives in an efficient and productive manner. The procedure implies the management duties. Therefore, there is involvement in planning, coordinating, employing, directing, and managing.
What is management theory?What types of management theories exist? A collection of concepts known as management theories provide overarching guidelines for running a company or organization. They talk about how leaders implement strategies to meet organizational goals and motivate workers to achieve the highest level of their abilities.
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Shawn lost $15,000 on his stock investments this past year. Which is true? (5 points)
He can deduct the loss from his property taxes.
He can recover the loss through his insurance.
He can deduct the loss from his taxable income.
He has to pay an administrative fee on the loss.
The TRUE statement about Shawn, who lost $15,000 on his stock investments this past year, is that C. He can deduct the loss from his taxable income.
Shawn's taxable income (capital gains) will be reduced by the amount of the investment loss. However, he can only recover $3,000 in each year while the remaining will be carried forward to subsequent years.
Shawn cannot recover the investment loss:
From his property taxesThrough his insuranceBy paying an administrative fee.
Thus, the true statement is C.
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20 POINTS
What are the six ethical values AMA identifies for all marketing professionals?
What does the concept of scarcity explain?choose three answers
The concept of scarcity explains:
why consumers are willing to pay high prices for items.why decisions must be made on how to use resourceswhy a single resource has more value than another resource.Scarcity as an economic idea "refers back to the basic reality of lifestyles that there exists most effective a finite quantity of human and nonhuman resources which the first-rate technical expertise is capable of the usage of to provide most effective restricted most amounts of each economic appropriate. shortage in economics refers to whilst the call for for a resource is greater than the deliver of that aid, as assets are limited. shortage consequences in purchasers having to make selections on how high-quality to allocate assets a good way to satisfy all simple needs and as many desires as feasible. shortage refers back to the confined availability of a useful resource in contrast to the infinite desires. shortage may be with appreciate to any natural assets or with admire to any scarce commodity. scarcity can also be called paucity of sources.
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Answer:
why consumers are willing to pay high prices for items.
why decisions must be made on how to use resources
why a single resource has more value than another resource.
Explanation:
why a product could lose significant value over time.
why people continue to purchase different products.
why consumers are willing to pay high prices for items.
why decisions must be made on how to use resources
why resources can be both renewable and nonrenewable.
why a single resource has more value than another resource.
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at the royal mint, isaac newton helped catch and punish counterfeiters. what is a counterfeiter?
A counterfeiter is a person who creates and distributes counterfeit money or other items with the intention of deceiving others. Counterfeiters produce fake versions of genuine currency, documents, or products in order to pass them off as genuine and make illegal profits.
1. Counterfeiters create fake versions of genuine currency or other items, such as documents or products.
2. They do this with the intention of deceiving others and passing off the counterfeit items as genuine.
3. Counterfeiters engage in illegal activities to make illicit profits, often leading to financial losses for individuals or businesses.
Counterfeit money, for example, is created by replicating the design and appearance of real currency, such as banknotes or coins. The counterfeit money is then used to make purchases or deceive others into accepting it as genuine. Counterfeiters can cause significant damage to economies and individuals' financial well-being.
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Which student organization helps students with career development by having them become interns to sponsor conferences
A. BPA
B. HOSA
C. FCCLA
D. Skills USA
Answer:
BPA
Explanation:
I just took the test and that is the answer.
BPA is the student organization helps students with career development by having them become interns to sponsor conference. Hence, option A is correct.
What is meant by BPA in student organization?BPA Worldwide, a company established in the US, provides unbiased, impartial analyses of audience claims made by business-to-business and consumer media and events.
To aid in the development of cross-cultural professionals, Business Professionals of America's purpose is to advance leadership, civic involvement, academic excellence, and technological competence.
The four points of the BPA shield represent poise, ambition, leadership, and sociability. The shield itself stands for respect, honour, and the importance of trade to America. Citizenship, competence, dependability, devotion, and education are represented by the stripes.
Thus, option A is correct.
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A deposit of 10,000 offering a 6%annual rate would pay how much interest over a six month period?
A baseball enthusiast carried out a simple linear regression to investigate whether there is a linear relationship between the number of runs scored by a player and the number of times the player was intentionally walked. Computer output from the regression analysis is shown.
From the output in this linear regression, the best appropriate test statistic for the question is t= 0.50/0.037.
What is a test statistic?This is a statistical number that is usually gotten from the statistical testing of a research hypothesis.
The test statistic in this question is gotten by
t = Estimate/SE
SE = standard error
t = 0.50/0.037
Complete question:
A baseball enthusiast carried out a simple linear regression to investigate whether there is a linear relationship between the number of runs scored by a player and the number of times the player was intentionally walked. Computer output from the regression analysis is shown.
Let β represent the slope of the population regression line used to predict the number of runs scored from the number of intentional walks in the population of baseball players. A t-test for a slope of a regression line was conducted for the following hypotheses.
H0:β=0
Ha:β≠0
What is the appropriate test statistic for the test?
answer choices
t = 16/2.073
t = 16/0.037
t = 0.50/0.037
t = 0.50/2.073
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What can be said about the culture of services?
I. Processes are invisible
II. Processes are well defined
III. More scientific
IV. Not well defined or documented
A. I, II, and III only
B. I, II, and IV only
C. II, III, and IV only
D. All of the above
In the service culture, processes are invisible and procedures are not well defined or documented. This culture is focused on customer service, to provide the best experience.
Therefore, processes are invisible, that is, the customer is not able to identify internal processes if they are not useful, but they must perceive the service as a mystery where all their needs are promptly met.
In the service culture, this is also not well defined or documented, so as not to create standardization of the service, but a personalized service that meets the needs of each customer individually.
Therefore, in the service culture, the focus is on offering the best experience for the customer, through the creation of value, excellent service and employees capable of satisfying their needs.
The service culture is capable of generating greater competitiveness, customer loyalty and positioning for a company.
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It's it ethical and socially responsible for large corporations to lobby against SEC rule requiring that they report the ratio of their CEO's pay to that of their average employee
Answer:
"No" is the correct response. A further explanation is provided below.
Explanation:
Along with comparison to the average individual or working people although the CEO seems to be the top-level title than the worker or contractor. Consequently, the compensation of such a CEO's job is not compared with the compensation of that same typical individual employee business throughout the firm.This behavior would be not only ethically reprehensible but economically accountable for such SEC regulation lobbying. SEC guidelines don’t mandate their CEO's proportion towards the average worker to be reported.Thus, the above is the correct response.
how suppliers and producers can also be consumers
Answer:
They can also be consumers because the product they sell may be a necesity such as food, or basic clothing.
Explanation:
Needs are basic things needed to live which is why a supplier or producers may be a consumer to their own product. Also consumption could also just be resurculation of what they got paid.
Answer:
As a producer, create an ad promoting an item you produced. As a consumer, create a list of goods and services you would get to throw your friend a birthday party. Explain how a consumer and producer rely on each other. You have been given the opportunity to produce an item to sell at a local flea market.
Explanation:
Tapestry Corporation will spend $1 million for special production equipment. Shipping and installation charges will amount to $175,000 and an initial increase in net working capital of $50,000 will be required. The equipment will replace an existing machine that has a salvage value of $85,000 and a book value of $100,000. Executives expect revenue to increase by $200,000 per year with no increase in operating expenses. If Tapestry has a corporate tax rate of 21%, what is the amount of the initial outlay for this project?
Answer:
($1,136,850)
Explanation:
The computation of the initial outlay is shown below:
Purchase price (-1,000,000 - $175,000) (1,175,000) (A)
machine proceeds
{$85,000 + ($100,000 - $85,000) × 0.21} $88,150 (B)
Net working capital ($50,000) (C)
Initial outlay ($1,136,850) (A - B + C)
Hence, the initial outlay is ($1,136,850)
We basically applied the above calculation to arrive at the answer
Legislation defining the mission of the Federal Reserve states: "The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long-run growth of the monetary and credit aggregates commensurate with the economy's long-run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates." This is an example of a:
Answer:
Dual mandate.
Explanation:
A state legislature refers to the legislative body of each states of the federal government and are saddled with the responsibility of making or enacting laws. Thus, the state legislatures is one of the body of governance that has the power or authority to ratify (approve, confirm or give consent) a proposed amendment to the Constitution by getting three-quarter of the states to vote in support.
All states have a bicameral legislature which typically comprises of the upper chamber (Senate) and the lower chamber (House of Representatives).
Dual mandate can be defined as the functions or responsibilities that are accorded to a governmental institution by the legislature.
Jose only car not payment of $436 and a credit card payment of $50 every month. What is the minimum amount of money he must take home every month to avoid being in danger of credit overload
The minimum amount of money he must take home every month to avoid being in danger of credit overload is $2430. This is further explained below.
What is the minimum amount of money he must take home every month to avoid being in danger of credit overload?Generally, The information provided in the question indicates that Jose's monthly expenditures total at least $486 ($436 for the payment on the auto loan and $50 for the monthly payment on the credit card). It is important to include certain additional costs relating to the residence, such as food, which when added together result in $2430; hence, it is the response that is right.
In conclusion, The bare minimum amount of cash that he needs to bring home each month in order to minimize the risk of having an excessive amount of debt is $2,430.
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Select the correct statement: A conjunction fallacy is a multiplicative process in which a sequence of successful probabilities are multiplied. Adjustment, with anchoring, leads to overestimation of probabilities of success. Conjunction fallacies lead to anchoring. All the statements here are correct. When asked to multiply a series of numbers together, people often multiply the first few numbers and then extrapolate
The first statement is the best one out of all. The correct statement is "Adjustment, with anchoring, leads to overestimation of probabilities of success." A conjunction fallacy is a reasoning error in which people overestimate the likelihood of an event occurring by assuming that a series of events will occur together rather than independently.
A conjunction fallacy is a multiplicative process in which a sequence of successful probabilities are multiplied. People tend to believe that the more specific a scenario is, the more likely it is to happen. The use of heuristics, or mental shortcuts, is what leads to conjunction fallacies. Anchoring, which is an adjustment bias, is one of these shortcuts. Adjustment, with anchoring, leads to overestimation of probabilities of success. People tend to rely too heavily on the first piece of information they receive, known as the anchor, when estimating probabilities. As a result, their subsequent judgments are skewed in the direction of the anchor. Conjunction fallacies are frequently used in situations involving the legal system, such as when jurors are asked to assess the likelihood that a defendant committed a specific crime. These errors can also be found in the business world, such as when investors evaluate the possibility of a company's stock price rising to a certain level.
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Cody worked 59 hours last week. Of those hours, 40 hours were paid at the regular rate of $12.50. Ten hours were paid at time-and- a-half, and 9 hours at the double-time rate.
a) What was the gross pay for regular hours?
b) What was Cody’s overtime wages?
c) What was Cody’s total gross pay for the week?
Answer:
Explanation:
a. What was the gross pay for regular hours?
This will be the regular pay multiplied by the regular hours. This will be:
= $12.50 × 40
= $500
b) What was Cody’s overtime wages?
Cody's overtime wages will be the total amount earned during overtime. This will be:
= [10 × ($12.50 × 1.5)] + [ 9 × ($12.50 × 2)]
= (10 × $18.75) + (9 × $25)
= $187.50 + $225.
= $412.50
c) What was Cody’s total gross pay for the week?
The total gross pay for the week will be the addition of the amount that was earned during regular hours and overtime. This will be:
= $500 + $412.50
= $912.50
Explain one disadvantage to a sole trader of having unlimited liability
How does the speaker apply the scientific method to marketing? Explain.
How does the speaker apply entropy to marketing? Explain.
In what way does the speaker say marketing has changed in the last 20 years? Does he believe this is a positive or negative change? Explain.
30 Points
Answer:
How does the speaker apply the scientific method to marketing? Explain.
He says that 1 bad week of marketing or a screwup can corrupt the whole company and make the overall image of the company a bad one. He compares this with science by saying that one bad data point can ruin your whole hypothesis or theory,
How does the speaker apply entropy to marketing? Explain.
"This says that entropy, which is a measure of the disorder of a system, will always increase. The same is true of marketing. If we go back 20 years, the one message pretty much controlled by one marketing manager could pretty much define a brand. But where we are today, things have changed. You can get a strong brand image or a message and put it out there like the Conservative Party did earlier this year with their election poster. But then you lose control of it." He is basically saying that the situation will get worse and worse over time if you don't fix the situation. He applies this to marketing by saying that you can have a strong image at the beginning but if you do not maintain it then it will only get worse and worse over time.
In what way does the speaker say marketing has changed in the last 20 years? Does he believe this is a positive or negative change? Explain.
It doesn't seem like he thinks that it improved or got worse. He made it seem like we have to adapt more to the situation that we may find ourselves in when it comes to marketing. He is definitely more on the positive side though.
Explanation:
What are the sales dollars required to attain a target profit of $120,000?.
The sales dollars required to attain a target profit of $120,000 is $400,000.
What are profits?The profits are the financial gains earned by a business or organization after all expenses and costs are deducted from the revenue generated from its operations.
The profits are what is left over when a business subtracts all of its costs, including the cost of goods sold, operating expenses, taxes, and other expenses, from its total revenue.
A business that earns high profits is generally seen as successful, while a business that consistently incurs losses is considered to be struggling. It is a key measure of a company's financial performance and are an important indicator of its ability to generate income.
For attaining a target profit of $120,000, the sales dollars required is $400,000.
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taylor what happened
Answer:
whos taylor?
Explanation:
i dont know anyone named taylor so...
Answer:
do fish get thristy? this is a assignment for health
What does good customer service include?
Answer:
Before entering an interview for a customer service job, get a handle on what good customer service means to you. Good customer service typically means providing timely, attentive, upbeat service to a customer, and making sure their needs are met in a manner that reflects positively on the company or business. Explanation: it is
Answer:
Great customer service means following best practices like valuing customers' time, having a pleasant attitude, and providing knowledgeable and resourceful resources, but that you also take things a step further to exceed — rather than just meet — expectations.
Explanation:my mom works for customerservice
19. The occupational crowding model of discrimination predicts a. why men, in some cases, earn less than women. b. that firms will compete with one another for the best employee and that discrimination will be eliminated. c. that, unless the government gets involved, discrimination will become more severe. d. that men's wages will fall and women's wages will rise when certain jobs are no longer dominated by men. e. the financial advantages for women crowding into a single occupation.
Answer:
d. that men's wages will fall and women's wages will rise when certain jobs are no longer dominated by men.
Explanation:
Barbara Bergman developed the Occupational Crowding Model in 1971 in order to try to explain why women and certain minority groups earned in average much less than white males. She even calculated any bias due to higher education, but still she was able to show flagrant labor discrimination based on gender and race.
Her study showed how women and minorities are consistently excluded or crowded out from high paying jobs and high corporate positions. The vast majority of high paying jobs and high corporate positions are filled with white non-Latin males (Latins are not a race, they come in all colors, they are a culture).
If this tendency is eliminated, women and minorities should be able to earn similar wages than white non-Latin males since they are capable of performing the same functions in a similar and comparable manner. I.e. all women and all men are equally capable.
This has improved a little bit in the last years, but still the bias against women and minorities still exists. Forty years ago no one would even dream that a large US corporation would be headed by someone from a minority group, but nowadays Apple, Alphabet (Google), Sprint, ADM, HP, and others, are headed by people that fit into minority groups.
This is great, but you shouldn't have to search for corporations that are headed by non-Latin heterosexual whites, it should be normal. And more women are needed in these places also. Women are capable of doing everything that any man can do.
What is money that a borrower owes a lender?
credit
O debt
O income
O loan
Answer: loan.
Explanation:
Charitable donations, entertainment expenses, and
financial goals are all examples of...
things to consider when creating a budget.
things that are considered needs.
activities that contribute to overspending.
activities that are necessary for a healthy lifestyle.
Answer: Things to consider when creating a budget.
Explanation: Trust me bro
Giving donations, entertainment costs, and financial goals are all examples of the things to consider when creating a budget. As donation and entertainment expenses can be the measures to control the budgeting.
How making budget is helpful?Budget keeps the person spending tightly accurate to the mark and like to help in saving of the money. It facilitates the person income and expenses equally and shows how much person can spend on the specific thing.
Budget cuts the extra expenses of the person and provide the measurement of spending.
Thus, option A is correct.
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