Give the journal entry (FOR FULL CREDIT ALWAYS GIVE JOURNAL ENTRIES IN PROPER FORM: see Hints/FAQ tab for guidelines) when we collect 1,000 on account:
1. Both the account title AND dollar amount being credited MUST be indented to show right vs. left.
2. The total dollar amount being debited MUST equal the total dollar amount being credited.
3. Do NOT use the $ sign or the words "debit" or "credit" as this is evident when you use proper form.
4. Line up the BEGINNING of your account titles & END of dollar amounts being debited vs. those being credited
CORRECT FORM: Equipment 20,000
Cash 1,000
Common Stock 21,000 line up names/dollar amounts being credited vs. debited
Answers
Every journal entry is recorded, with the effects of the same being shown in the debit as well as the credit column of the journal books, with proper narration of the financial transaction.
What is a journal entry?
A chronological recording of the financial transactions of a firm in its financial books for a particular financial period, in the order of their occurrence, is known as a journal entry.
Each journal entry is backed by narration of the financial transaction as shown in the image attached with this excerpt, for better understanding of concept of the readers.
Hence, the significance of journal entry is given above.
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Related Questions
what is brand personality with example in food industry
Answers
Explanation:
The brand personality can be understood as a set of adjectives and feelings that a brand is able to cause in the consumer through its positioning in the market. For example, a brand can be youthful, happy, family, environmentally responsible, etc.
Building the brand personality is a task achieved through the communication of the brand with its stakeholders, each internal and external process is responsible for this construction, such as the language used in marketing communications, images, phrases, slogan, colors and many other characteristics . It is essential that the personality of the brand is aligned with its potential audience, thus the value, satisfaction and reliability of the customer is achieved, generating greater positioning for the brand in the market.
In the food industry, we can mention Coke as an example of a brand whose family values, always using commercial messages linked to diversity, joy, togetherness, celebration, etc.
Who made the better financial decision and why?
O Veronique because her payments are lower.
O Veronique because her final cost, including finance charges, is less than Lily's.
OLily because she is paying off her purchase sogner.
O Lily because her final cost, including finance charges, is less than Veronique's.
Answers
Lily because her final cost, including finance charges, is less than Veronique's.
How financial decisions are made?The performance of the firm is taken into account while making financial decisions. It is based on studies of estimates, potential investments, and other financial records like cash flow statements, balance sheets, and profit and loss statements.
When weighing options and making decisions for their financial situations, such as how and when to save and spend, comparing costs before making a major purchase, and planning for retirement or other long-term savings, people with strong financial knowledge and decision-making skills can do so with confidence.
Here are the three essential tools to have in order to demonstrate the financial impact of the idea and to support it both financially and otherwise: overall expense of ownership (TCO), a cost-benefit study (CBA), the anticipated return on investment (ROI)
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Illustrate how according to you the nature of business is
changing in today's time in a paragraph.
Answers
Additionally, the rise of e-commerce and online shopping has disrupted traditional business models and forced companies to adapt to new ways of doing business. This has also led to the growth of new business models, such as the sharing economy and on-demand services, which are challenging traditional companies and changing the way goods and services are produced and consumed.
In today's time, businesses are also under greater pressure to address social and environmental issues, such as climate change and income inequality. Consumers and investors are increasingly demanding that companies take a responsible and sustainable approach to doing business, which is driving changes in corporate practices and policies.
Overall, the nature of business is changing rapidly in today's time and companies must be flexible, innovative, and proactive in order to succeed in this new business environment.
Hope this helps you, have a great day/night! :]
When actual output exceeds potential, firms have an easy time keeping production in line with the high demand. Firms therefore lower their prices by more than the usual amount in an attempt to cover increased production costs. When actual output falls below potential, firms easily keep production in line with the high demand. Firms therefore raise their prices by more than the usual amount in an attempt to cover increased production costs. When actual output exceeds potential, firms struggle to keep production in line with the high demand. Firms therefore raise their prices by more than the usual amount in an attempt to cover increased production costs. When actual output exceeds potential, firms struggle to keep production in line with the high demand. Firms therefore lower their prices with decreased production costs.
A. True
B. False
Answers
Answer: When actual output exceeds potential
Firms raise their prices by more than the usual amount in an attempt to cover increased production costs.
Explanation: The price level rises because employers have to raise wage rates to entice more people into the labor market and employers have to pay more for other inputs that become more expensive to produce.
operations management course concept
Answers
The operations management course concept refers to the systematic design, direction, and control of the processes that transform inputs such as raw materials, energy, and labor into outputs such as goods and services that satisfy customer needs.
This management process includes inventory management, scheduling, supply chain management, quality control, and more. The goal of operations management is to create efficient processes that maximize productivity while minimizing costs.
Students taking an operations management course learn about these concepts and how to apply them to real-world situations in various industries. They also study topics like process design, project management, lean principles, and decision-making models.
The course is usually offered as a part of business administration, engineering, or industrial technology programs. Graduates of the course may go on to careers as operations managers, logistics managers, supply chain analysts, process improvement specialists, or manufacturing engineers, depending on their areas of focus and interests.
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Many people believe that the U.S. saving rate is too low. Suppose all private citizens save at a higher rate. Show what happens to investment in this case, using the saving and investment diagram, where the S/Y* curve shifts. Now show what happens to investment in the same situation using the spending share diagrams.
Answers
As the S/Y* curve goes upward and the investment share curve shifts to the right in the spending share diagram, investment rises.
The S/Y* curve in the saving and investment graphic rises upward, suggesting an increase in saving, if all private people save at a greater rate. As a result, the equilibrium point on the S/I curve shifts, increasing investment. A drop in consumption is also implied by the S/Y* curve moving upward. The investment share curve swings right in the spending share diagram, showing a rise in investment relative to consumption. When private savings rise, the saving share curve likewise swings upward, lowering consumption share. In general, a rise in personal saving causes a rise in investment and a decline in consumption.
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Your house get $7,250 in damage. You have a $500 deductible.
How much will the insurance write you a check for?
O $500
O$7,000
O$6,750
7,750
Answers
Answer: 6750
Explanation:
7250-500 = 6750
The Federal Reserve System of the United States is responsible for the conduct of U.S. ________ policy. bank control
Answers
Answer:
monetary policy.
Which of the following statements are true?
a. Markets by definition involve the exchange of money for goods and services.
b. Markets are forums in which parties exchange goods and services at a "price," where the latter can be flexibly construed.
c. Your current economics course, the next election, and the dating scene can all be seen as markets.
Answers
Answer:
C
Explanation:
A market is a place where goods and services can be exchanged at a predetermined price. A market does not have to be a physical location. With the advent of technology, a market can exist virtually. Money can be used in the exchange of goods or services or goods can be used for the exchange. In the case where goods are used in the exchange, it is known as trade by barter
Using practical instances, distinguish logical truths from empirical truths. As a critical thinker, show why knowledge of this distinction is relevant for work and everyday contexts. Your response should be between 500 and 600 words. Maximumfhumber of characters (including HTML tags added by text editor): 32,000 Show Rich-Text Editor (and character count)
Answers
Logical truths are statements that are necessarily true based on the laws of logic. They are true regardless of the facts of the world. Examples include "all bachelors are unmarried" and "if it is raining, then it is cloudy".
Empirical truths are facts or observations that are based on experience or experimentation. They are based on evidence that can be observed and measured, rather than on theories or beliefs. Examples of empirical truths include the laws of physics, the properties of elements, and the behavior of animals.
What are logical truths and empirical truths?It is possible that there is no such thing as empirical truth, and that the term just refers to extremely intricate expressions of logical truths. We simply refer to logical truths whose underlying logic is too complex for us to comprehend as "empirical" truths. The only thing there is is logic, and logic is how everything works.
On accepted presumptions or postulates, a logical proof is constructed. Metaphysicians contain such "proofs." Examples would be Descartes' Cogito ergo sum or even the Ontological Proof of God's Existence. Empirical "proofs" are supported by data. Remember that, contrary to rationalism, which maintains that knowledge of the nature of reality or truth can be discovered solely via reason rather than experience, empiricists hold that knowledge of the nature of
Once a particular level of probability is reached, it is usually thought that empirical truth is certain. This serves as the foundation, for instance, for matching DNA profiles, fingerprints, and retina scans. Empiricism is the philosophical school of thought that holds that all conceptions are products of experience, that all concepts are about or pertain to objects that can be experienced, or that all reasonable views or propositions can only be known or justified by experience.
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Job qualifications refers to the education, work experience, and skills appearing on a job opening.
1)true
2)false
Answers
Answer:
The term job qualifications refers to the education, work experience, and skills appearing on a job opening. Recruiters and hiring managers use the list of required and desired job qualifications when selecting applicants for an interview, so its true.
the entry to record income tax accrued, but unpaid, at the end of the accounting period includes both a and a . (check all that apply.)
Answers
The entry to record the income tax accrued, but unpaid, at the end of accounting period includes both debit to income tax expense and credit to income tax payable.
What is income tax?A category of taxes that governments impose on income generated by businesses and individuals under their authority is referred to as "income taxes." In addition to funding public services and supplying inhabitants with goods, they are used to settle debts owing to the government. The federal government is not the only entity that requires payment of income tax; numerous states and local governments do as well. Some assets, such bonds issued by housing authorities, are exempt from taxes in most cases. An alternative name for individual income tax is personal income tax. This sort of income tax is levied against an individual's wages, salaries, and other kinds of income. Usually, this tax is levied by the state. People can use a variety of tax deductions and credits that the IRS offers to reduce their taxable income.
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Blake doesn't much care about cars but is engaging in a substantial amount of information search about cars since he is about to buy a new car. In terms of involvement, Blake is Multiple Choice high in product involvement; low in purchase involvement. low in product involvement; low in purchase involvement. high in product involvement; high in purchase involvement. low in product involvement; high in purchase involvement. high in value-expressive involvement; low in product involvement.
Answers
Answer:
The answer "low in product involvement; high in purchase involvement".
Explanation:
In this question, Blake doesn't care a great deal about vehicles and is looking for something like a lot of information about cars when he's about to install a separate vehicle. Blake's involvement throughout the product is low; he is quite involved in purchasing because Low-involvement products were normally inexpensive, so if the customer makes an error by purchasing these they present a low risk. This same customer is related to excessive participation products if their fail, are complex, and are due to greater sticker prices. Somewhere in the middle of minimal participation products were falling.
Taisha operates equipment to transfer oil from one container to another. Her job title is best described as
Spencer manages the flow of electricity through substations and distribution lines. His job title is best described as
Mariko maintains cables and supporting structures for transmitting electricity. Her job title is best described as
Fred operates equipment to transfer hydrogen through pipelines. His job title is best described as
Answers
Answer:
she would be the pump opperater
Explanation:
Answer:pump operator
Power dispatcher
Electrical power-line repairer
Gas pumping station operator
Explanation:
The US Senate overwhelmingly passed the 2022 Defense Authorization Act. The $768 billion "Defense Authorization Act" not only exceeds the defense spending proposed by the Biden administration by $25 billion, but also increases the US defense budget by about 5% compared to last year.
Answers
The US Senate passed the 2022 Defense Authorization Act, a $768 billion bill that surpasses the Biden administration's defense spending proposal by $25 billion and represents a 5% increase in the US defense budget compared to the previous year.
1. The US Senate passed the 2022 Defense Authorization Act.
2. The Defense Authorization Act is a bill that determines the budget and expenditures for the US defense sector.
3. The total amount allocated for the Defense Authorization Act is $768 billion.
4. The defense spending proposed by the Biden administration was exceeded by $25 billion in this Act.
5. The Act represents a 5% increase in the US defense budget when compared to the previous year.
6. This increase in the defense budget indicates a commitment to strengthening the country's defense capabilities.
7. The Act was passed overwhelmingly, indicating strong support from the Senate.
8. The Defense Authorization Act is an essential piece of legislation that ensures the funding and resources necessary for the US military to carry out its operations effectively.
9. The Act covers various aspects of defense spending, including military personnel, equipment, research and development, and strategic initiatives.
10. By passing the Defense Authorization Act, the US Senate has demonstrated its commitment to national security and defense preparedness.
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#hi makenzie thomas this is the owner of Brainly we or taking away some of your coins because of the inappropriate language and offensive cheating you have been using
:Thank You
Answers
Answer:
girl yk you aint nobodies owner
Explanation:
The performance plan will include a section that identifies all of the following EXCEPT
Answers
Answer:
where are the choices please so I can help you
Mazu Mavuso is a 43-year-old South African resident who was employed by Veg & Fruit Limited, a South African company, until 30 November 2022. On 30 November 2022, Veg & Fruit Limited ceased its operations and the pension fund that Veg & Fruit Limited established for its employees also closed down. The Veg & Fruit Limited pension fund paid out R80 000 to Mazu Mavuso during the 2023 year of assessment. All Mazu Mavuso's pension fund contributions have been deducted in the determination of his taxable Income. Mazu Mavuso also decided to join a retirement annuity fund, to which he made a total contribution of R7 000 during the 2023 year of assessment. For the 2023 year of assessment, Mazu Mavuzo's receipts and expenses were as follow: Salary Director's fees earned Local dividends from South African companies Local interest from a non 'tax free investment' Pension fund contributions at 6.5% of his salary Retirement annuity fund contributions Qualifying medical expenses paid Donation to a qualifying section 18A Public Benefit Organisation R 720 000 110 000 45 000 24 500 ? 7 000 61 630 6 000 Calculate Mazu Mavuso’s taxable income for the 2023 year of assessment. (25 marks) 1.2) Calculate Mazu Mavuso’s total normal tax liability for the 2023 year of assessment. Assume that Mazu Mavuso had a taxable income of: • R770 900 before any retirement fund lump sum withdrawal benefits. • R843 900 after any retirement fund lump sum withdrawal benefits. (17 marks) Competency Framework Reference: E1.2 Interpretation of tax legislation b) Demonstrate the ability to apply the principles of tax interpretation to any new or unfamiliar tax legislation. E1.3 Application of tax legislation to calculate tax obligation a) Analyse the taxpayer’s tax profile. c) Apply the relevant law to the facts, determine the tax position and compute the tax payable (VAT or normal tax) for individuals and companies.
Answers
Explanation:
to calculated this question to solve
Which of the following is NOT job of an operations manager?
A. Overcoming inefficiencies
B. Acquiring inputs
C. Filing lawsuits against competitors
D. Managing resources
Answers
The correct option is C, filing lawsuits against competitors. The operations manager is responsible for overseeing the production and operational activities of the company. However, filing lawsuits against competitors is not the job of an operations manager.
This is the responsibility of the legal department or the organization's legal counsel. The legal team is responsible for filing lawsuits against competitors if the organization's rights and interests are violated. The operations manager does not have the authority or means to take legal action against competitors. The primary job of an operations manager is to ensure that all activities run smoothly and efficiently.
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Ellyn Kole is the assistant chief accountant at Doman Company, a manufacturer of computer chips and cellular phones. The company presently has total sales of $20 million. It is the end of the first quarter. Ellyn is hurriedly trying to prepare a transaction analysis to assist her in preparing the financial statements. The total of the liabilities and owner's equity exceeds the total assets by $1,000. In order to meet the 4 pm deadline, Ellyn decides to force the transaction analysis into balance by adding the amount of the difference to the Equipment account. She chooses Equipment because it is one of the larger account balances; percentage-wise, it will be the least misstated. Ellyn "plugs" the difference! She believes that the difference will not affect anyone's decisions. She wishes that she had another few days to find the error but realizes that the final information is already late.
In your discussion posting address ALL questions but not limit to the following questions:
a. Who are the stakeholders in this situation?
b. What are the ethical issues involved in this case?
c. What are Ellyn's alternatives?
Answers
Answer and Explanation:
A. Stakeholders in the situation are:
1. Ellyn
2. The company
3. People using the financial statements
B. Ethical issues include:
1. Ellyn being dishonest by adding $1000 to the equipment asset and mistating the numerical value. This could cause loss as the $1000 could be from a liability account
C. Alternatives:
1. Creating a suspense account for the difference of $1000
2. Postponing finalisation and escalating the issue to a senior accountant to find out where the difference is from
a. The name of the stakeholders mentioned in the context are:
Ellyn The company People using the financial statements
b. Misstatement or the manipulation of the data records is the ethical issue that has been involved in the case mentioned over the context.
c. The final alternative that has been in the hand of Ellyn is to create the suspense account of the misstated amount and also extend the finalization date of the data.
a. The stakeholders are termed as the person who is also a member of the company and are included in the roles, operations, and functions of the company.
In this context, Ellyn, the company, and the People using the financial statements are the owners of the company and also the stakeholders of the company. these have purchased or invested in part of the company and have their part of share in the firm.
b. The ethical issues in the firm are termed as the issues that arose because of not following the laid norms of the firm.
In this context, Ellyn has misstated the amount of $1000 and decided to adjust it in the equipment account as it carries a high amount. This is the ethical issue of manipulation of the data.
c. The alternative that Ellyn has is she needs to adjust the difference amount in the suspense account that is created in order to adjust the unknown amount or the mistaken amount.
In order to get the time to correct the mistake of the data, she also has options to extend the date of the finalization of the data.
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Tom prepares an elaborate financial plan and tries sticking to it very strictly. He is concerned about eventualities that might occur in the future and disturb his plan. What practice can help him prepare for any problems with his plan?
Answers
Answer:
Tom should review and revise his plan on a regular basis, e.g. once a year or once every 6 months. A financial plan is a budget, and like all budgets, it represents an estimate or forecast of future events. If any person was able to predict the future and be 100% right every time, they would play the lottery and earn millions every week. The future is always uncertain, and just like a company must review and revise their forecasts, so should Tom. This advice applies to all of us that try to stick to some type of financial plan.
In the EOQ model, costs such as the opportunity cost of capital and storage facility rent are reflected in the _____ cost.
Answers
In the EOQ model, costs such as the opportunity cost of capital and storage facility rent are reflected in the holding cost.
The EOQ model stands for the Economic order quantity is the quantity of units or shares a company or an organization can purchase to reach the demand while reducing the inventory costs e.g. holding costs etc.
The importance of EOQ model, it helps the organization or company to their manage the inventory efficiently without any other methods of management. It's also holding the little inventory during the time of high demand
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Why do diverse teams succeed?
Answers
Answer:
because they're are many different people with different religions, relationships, and backgrounds. having a diverse team opens up many opportunities for the team it's self to learn how to help each other. For example if someone is just new to America and moved from let's say Germany they have more knowledge on the team about international ski teams and what to expect. so the team would succeed by working together with the information they were given.
3. XYZ Corp's transactions for the month of October included purchase of $5,000 inventory (on October 2) on account; collection of $1,000 Accounts Receivables; purchase of $6,000 furniture paying half in cash with the balance on account; and payment of $3,500 at the end of October towards the balance owed for the October 2 inventory purchase. On October 22, XYZ also paid the $7,100 balance of an amount owed from September's inventory purchases. If the October 1 balance in the Accounts Payable account was $4,700, what is the balance in Accounts Payable at the end of October? Sketch the T-account, and clearly write the October 31 final balance, on the debit OR credit side. (Sketch only one T-account.)
Answers
a) If the October 1 balance in the Accounts Payable account was $4,700, the balance in the Accounts Payable at the end of October was $2,100.
b) The T-account for the Accounts Payable account appears as follows:
T-Account:Accounts PayableDate Account Titles Debit Credit
Oct. 1 Beginning balance $4,700
Oct. 2 Inventory 5,000
Oct. 2 Furniture 3,000
Oct. 30 Cash $3,500
Oct. 22 Cash 7,100
Oct. 31 Ending balance $2,100
Total $12,700 $12,700
Nov. 1 Beginning balance $2,100
What is a T-account?A T-account is an account that shows the debit and credit sides using the double-entry bookkeeping system.
For the Accounts Payable, the T-account normally shows a credit balance because it is a liability account.
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under manufacturing what are the following national and international business opptunities
Answers
When nations cannot successfully produce a true or service, they can seek to acquire it through trade with every other country. These opportunities to specialize regularly lead to greater effectivity in production, greater levels of innovation, and extended satisfactory of development.
Which of the following is are kind kinds of global enterprise *?The fundamental sorts of International business include: Export Trade: Selling products and services to different nations. Import Trade: Buying items and offerings from different countries. Entrepot Trade: Importing items and offerings to re-export them to other nations.
Attract foreign demand: Some companies are unable to extend their market share due to fierce competition within the enterprise
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The liabilities of Berber Company are $120,000 and the owner's equity is $230,000. What is the amount of Berber Company's total assets?
Answers
Answer:
$350,000
Explanation:
The relationship between assets, liabilities, and equity is expressed in the accounting equation. According to the equation, Assets = Equity plus Liabilities.
For Berber company, total assets will be
Assets = $120,000 + $230,000
Assets = $350,000
A counterfeit id is intended to an official document, but is not authentic
Answers
Answer:
If this is the case then it is not valid.
Explanation:
Any counterfeit id is illegal and should never be rendered to be used for any purpose in relation to official documents.
Lake Shore Vineyards recently paid a $4.20 annual dividend on their common stock. This dividend increases at an average rate of 4.2 percent per year. The stock is currently selling for $80.65 a share. What is the market rate of return
Answers
Answer:
Rate of return = 9.63%
Explanation:
Current stock price = Current dividend * (1+growth rate) / (Rate of return - growth rate)
Current stock price = $80.65
Current dividend = $4.20
Growth rate = 4.2% = 0.042
Rate of return = ?
$80.65 = $4.20*(1 + 0.042 ) / (Rate of return - 0.042)
$80.65 = $4.20*(1 .042) / (Rate of return - 0.042)
$80.65 = $4.3764 / (Rate of return - 0.042)
$80.65 * (Rate of return - 0.042) = $4.3764
$80.65* Rate of return - $3.3873 = $4.3764
$80.65* Rate of return = $4.3764 + $3.3873
$80.65* Rate of return = $7.7637
Rate of return = $7.7637 / $80.65
Rate of return = 0.0962641041537508
Rate of return = 9.63%
[Total = 25marks]
QUESTION 2
a. Azon and Son Ltd acquired use of plant over three years by way of a lease. Installments of
GhC700,000, are paid six monthly in arrears on 30 June and 31 December. Delivery of the plant
was on 1 January 2010 so the first payments of GhC700,00 was on 30 June 2010. The present
value of minimum lease payments is GhC3,000,000, Interest implicit in the above is 10% per six
months. The plant would normally be expected to last three. Azon and Son is required to insure
the plant and cannot return it to the lessor without severe penalties.
Required
i. Describe whether the above lease should be classified as an operating or finance
1
Answers
A significant portion of the asset's economic life—three years—is covered by the lease period. The minimum lease payment present value is GhC3,000,000, which is essentially the entire leased asset's fair market value.
The equivalent of monthly rent, a lease payment is formally stipulated in a contract between two parties and gives one party the right to use the other party's real estate holdings, manufacturing equipment, computers, software, or other fixed assets for a predetermined period of time.
A lease payment will be shown as a right-of-use asset and lease liability on the balance sheet. The ROU asset is the ownership of the asset under the lease contract, whereas the lease liability period is the payment obligation during the course of the lease contract.
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Gabby works for an online birthday-celebration company. The company’s key business is to receive orders to send birthday cakes, cards, and flowers to people who have their birthdays on particular days. Therefore, the company obviously maintains a huge database of customers and most of their personal details. Gabby’s colleague Marcos uses some of this information to date a few female single customers. Is the behavior of Marcos appropriate per any standards? A. Yes, he was only innocuously dating the female customers. B. Yes, he is not making any business out of the information. C. No, because per the FTC regulations, all personal details of customers should be protected. D. No, because using personal information of the same gender is permissible, but not of the opposite gender.
Answers
C. No, because as per the FTC regulations, all personal details of customers should be protected.