if the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? explain.
Answers
Revenues are only recorded when cash is received when using the cash basis of accounting.
Date Specific Debit Credit.
31 December Amount Receivable: $59,500
December 31 Fess earned $59,500
No, the adjustment is not recorded as fees collected in cash-based accounting.
We won't ever be noted in the adjustment entry if the relevant entry is a cash entry.
Revenues and expenses are recorded on a cash basis, which means they are paid as they are incurred. Accounts payable and receivable are not taken into account by this procedure.
Because they include all of an entity's operations during the reporting period, accrual basis financial statements are more useful as sources of information than cash-based financial statements: Even though it hasn't yet been paid out in cash, revenue that was made is acknowledged, along with expenses as they are spent.
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The complete question is:
At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. Required: A. Journalize the adjusting entry to record the accrued fees on December 31. Refer to the Chart of Accounts for exact wording of account titles. B. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?
Related Questions
some economists argue that open market operations are ineffective due to the central bank's inability to
Answers
(1) Commercial banks' reserves will rise as a result of the central bank's open-market purchase of securities, allowing them to expand their loans and investments
2) to lower the interest rates on government securities by raising their price;and, thirdly, to dampen interest.
What are open market operations and how do they impact credit availability?
The term "open market operations" refers to the market buying and selling of government securities to either drain or inject liquidity into the economy. In open market operations, central banks primarily sell and buy government securities to control the amount of money in their reserves in the event of a withdrawal.
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Your big brother has decided that he wants to get into the
workforce relatively soon and doesn't want to pursue a 4-year
degree. He is considering a career as a paralegal. While
browsing job postings for paralegals in the area he notices that
most firms are requiring candidates to have an associate's
degree or a certification. Based on the information in the table
below, which option is best for your brother and why?
Answers
The answer is based on the table Work study which includes 6 weeks of certification program and 2 years in community college is best for the brother.
The reason is because he doesn't want to pursue a 4-year degree and most firms require candidates to have an associate's degree or a certification.
Therefore, work study is best option as it fulfills his requirement for certification and college within a limited time period.
What is certification in plain English?Certifications are special qualifications there by an individual to show their validity and capacity to carry out a task. Your certification is shown as a document that certifies that, as a professional, you have received the necessary training, education, and preparation to fulfill the requirements of your position.
What are the three different certifications?A certification might be of one of three broad forms. Corporate (internal), product-specific, and profession-wide are listed in order of development level and portability.
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What is speculative risk?
Answers
Answer:
A speculative risk is uncertain degree of gain or loss. Every speculative risk are made as conscious choices and are not just a result of uncontrollable circumstances.
Explanation:
It's basically a conscious choice you made!
Answer:
A voluntary risk that will either result in a profit or loss
Explanation:
The Finley Company plans to produce 25,000 units during July. It plans to sell 26,000 units in July. Each unit of finished product requires 2 pounds of direct material X. This direct material costs $4 per pound. The July 1 inventory of X is 2,000 pounds, and the desired July 31 inventory of X is 1,000 pounds. The cost of material X purchases in July is planned to be: Group of answer choices
Answers
The cost of the material X purchased in July should be $196,000.
The cost of material X purchased be:Material required for production (25,000 units × 2 pound per unit) 50,000 pounds
Add: Desired closing inventory 1,000 pounds
Total requirement 51,000 pounds
Less: Opening inventory - 2,000 pounds
Material to be purchased 49,000 pounds
Multiply with Cost of material $4 per pound
Total cost of purchases $196,000
Therefore we can conclude that the cost of the material X purchased in July should be $196,000.
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mary torres owns and operates a bakery. during the past week, she sold 500 loaves of bread at $2.25 per loaf. the raw materials for each loaf coast mrs. torres $1.80
what type of business does ms. torres operate?
what was the profit on bread sales for the week?
Answers
Answer:
b
Explanation:
Mary Torres runs a bakery business and her profit was 225 dollars for the past week.
What is business profit?Any kind of benefit produced when the gain produced by a business is more than the money spent on the business is called a business profit. Any profit that is earned from the business can be used by the business owners for themselves, to spend on the employees or to spend on the business.
In this case, the business run by Mary Torres is a bakery business where she bakes bread and sells them.
Over the past week, she has sold 500 loaves of bread.
The raw material for the 500 loaves of bread is priced at 1.80 dollars per loaf.
She sold each loaf of bread for 2.25 dollars.
Therefore, the total cost of raw materials for 500 loaves of bread is,
1.80 × 500 = 900 dollars.
Total money earned,
2.25 × 500 = 1125 dollars
So her profit was,
1125 - 900 = 225 dollars.
Therefore, Mary Torres has a bakery business where she made a profit of 225 dollars over the past week.
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Which statement best describes the economic relationship between
households and product markets?
A. Households buy goods from product markets.
B. Households provide goods to product markets.
O c. Product markets supply households with natural resources.
O D. Product markets purchase resources from households.
Answers
The economic relationship between households and product markets is best described by the statement that households provide goods to product markets.
How do households and product markets interact economically?Households purchase goods and services from businesses via the product market. Meanwhile, businesses necessitate resources to create goods and services.
Through the resource market, members of households provide labor to businesses. Businesses then replace those resources into goods and services.
Therefore, option b is correct.
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Filipe has noticed that someone he knows from high school keeps messaging him about fitness shakes that he is selling. The messages let Filipe know that this could be a great business opportunity for him, and he too could be selling these products. What is the BEST description of this kind of business?
Answers
The best description of this kind of business is multi-level marketing (MLM) or network marketing. In MLM, individuals are encouraged to sell products directly to consumers and recruit others to become distributors or salespeople. Distributors earn commissions not only from their own sales but also from the sales made by the people they recruit. This creates a network or "downline" of distributors. MLM companies often focus on products like fitness shakes, health supplements, or other consumable goods. It is important to note that MLM businesses can vary in terms of their practices and reputation, and individuals should carefully research and evaluate any MLM opportunity before getting involved.
9) which of the following would cause prices to fall and output to rise in the short run? a) a temporary decline in the price of oil, that temporarily increases total factor productivity. b) a hurricane in the gulf of mexico that temporarily reduces productivity. c) household wealth increases. d) a recession in europe that causes a decline in net exports.
Answers
Option a.) a temporary decline in the price of oil is the correct answer, resulting in a temporary increase in total factor productivity. This is because a short-term shift in aggregate supply to the right will cause prices to fall and aggregate supply to increase in the short term. The curve rises because there is a direct relationship between total supply and rising price levels.
This is also known as right shift of total supply. Aggregate demand refers to the aggregate demand made by individuals in the economy for goods and services produced in the economy. In Keynesian economics, the intersection of aggregate demand and aggregate supply determines real GDP.
As the aggregate supply curve shifts to the right, producers supply more real GDP at each price level. As the AS curve shifts to the left, producers supply less amount of real GDP at each price level.
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the prices of zero-coupon bonds are: maturity price 1 0.95420 2 0.90703 3 0.85892 calculate the one year forward rate, deferred 2 years.
Answers
The price of a zero-coupon bond with a specific maturity is the present value of its face value that is to be received at maturity. Zero-coupon bonds are also known as discount bonds or deep discount bonds.
The price of a zero-coupon bond with a specific maturity is the present value of its face value that is to be received at maturity. Zero-coupon bonds are also known as discount bonds or deep discount bonds. There are no coupon payments made by the issuer of the bond. The difference between the maturity price and the initial price, which is paid for the bond, is the interest earned. A zero-coupon bond's return on investment is calculated by measuring the bond's return to maturity. Maturity price is a price paid when a bond or other security reaches maturity.A forward rate is a predicted interest rate based on current interest rates and the anticipated interest rates in the future. The one-year forward rate that is deferred two years can be calculated as follows:We have to find out the forward rate for 1 year after 2 years. Let's suppose that the annual interest rate for zero-coupon bonds that matures in 3 years is r3. The annual interest rate for a zero-coupon bond that matures in two years is r2. And the annual interest rate for a zero-coupon bond that matures in one year is r1.To calculate the one-year forward rate that is deferred two years we will use the following formula:1+r1=(1+r2)×(1+r2f)1+0.0545=(1+0.0525)×(1+r2f)r2f=1.05452/1.0525-1r2f=0.001898 or 0.1898%. In this question, we are given the prices of zero-coupon bonds with different maturities. We need to find the one year forward rate that is deferred two years. We will use the formula for calculating the one-year forward rate that is deferred two years, which is:1+r1=(1+r2)×(1+r2f)Where r1 is the interest rate for a zero-coupon bond that matures in one year, r2 is the interest rate for a zero-coupon bond that matures in two years, and r2f is the forward rate for a zero-coupon bond that matures in two years and starts after one year.Using the above formula, we get:r2f = (1 + r1) / (1 + r2) - 1We are given the prices of zero-coupon bonds with different maturities. To calculate the interest rates for these bonds, we can use the following formula:P = M / (1 + r)nWhere P is the price of the bond, M is the face value of the bond, r is the interest rate, and n is the number of years to maturity.Using the above formula, we get:r3 = (100 / 85.892)^(1/3) - 1r3 = 0.0560 or 5.60%r2 = (100 / 90.703)^(1/2) - 1r2 = 0.0525 or 5.25%r1 = (100 / 95.420) - 1r1 = 0.0545 or 5.45%Substituting the values in the formula for calculating the one-year forward rate that is deferred two years, we get:r2f = (1 + 0.0545) / (1 + 0.0525) - 1r2f = 0.001898 or 0.1898%Therefore, the one year forward rate that is deferred two years is 0.1898%.
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Organizational success relies considerably on effective purchasing and
A) supply management
B) employee benefits
C) geographical location of suppliers
D) the size of the organization
Answers
Organizational success relies considerably on effective purchasing and Supply management option (a)
Supply chain management (SCM) is a system in commerce that deals with procurement (purchasing raw materials/components), operations management (ensuring the production of high-quality products at high speed with good flexibility and low production cost), logistics, and marketing channels so that raw materials can be converted into a finished product and delivered to the end customer).
This can include raw material movement and storage, work-in-process inventory, finished goods, and end-to-end order fulfilment from point of origin to point of consumption. In a supply chain, interconnected, interrelated, or interlinked networks, channels, and node businesses collaborate to provide the products and services required by end customers.
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3. Businesses not associated with the government are referred to as what type of jobs?
a. Public Sector
b. For Profit Sector
C. Private Sector
d. None of the above
Answers
Answer:
Private Sector
Explanation:
I'm fairly confident this is it, but I'm not too sure. Sorry to disappoint
Post-Assessment
Question 2 of 5
Why is buying a car considered "bad debt"?
It decreases in value over time
It increases your net worth as it build equity
It gives you transportation to and from your job
It is worth more than any other investment
Submit
Continue
E
Answers
The reason why buying a car considered "bad debt"is that It decreases in value over time. option A
What is bad debt?The term bad debt can be described as the amount of money that a creditor must write off as a result of a default on the part of the debtor in a case whereby the creditor has a bad debt on the books, then things turn to uncollectible and is recorded as a charge-off.
It should be noted that a case can be regarded as bad debt because the value of the asset you receive from the loan depreciates quickly however in some cases interest charges increase how the amount that is been paid for the vehicle. and in thius case cost is higher compare to what it would be if you'd purchased the car outright with cash.
Hence, option A is correct.
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what specific hr functions (recruiting, interviewing, training, and so on) can you identify mr. lemonis addressing on this show? make sure to give specific examples based on the show.
Answers
The focus of staffing is on choosing and recruiting the right talented employees for a company.
What are the different types of interviews?Individual and participant observations are the two different sorts of interview techniques. Personalized interviews: These interviews are performed one-on-one between the interrogator and the applicant. These interviews aid in a thorough evaluation of the candidate. This aids in making a candidate evaluation that is more accurate.
What is the primary objective of conducting interviews?An employer and you converse during the interview to exchange information. Your goal is to receive a job offer, while the employer's goal is to learn the following: What you can provide (your skills, abilities, basic knowledge). Your identity (your personality, character, interests).
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Having an accountability partner can be a powerful motivator when
trying to implement new habits in your life.
Answers
Answer:
The given statement is "True". A further explanation is given below.
Explanation:
An accountability partner could be compared to something like a working relationship during which you permit to apprentice each other rather than provide constructive criticism mostly on appropriate period. Collaborating with either the responsibility partner could indeed help you create daily behaviors. Unconsciously, living creatures also have to be squeezed to start up making coordinated actions along the lines of their objective.Accomplishing your scoring opportunity would become a hardship if you're separated from your group.
all of the following items would need to be included in the bond's indenture agreement except the coupon rate the call feature the credit rating Steps that the bondholder can take in the event that the issuer fails to pay the interest or principal
Answers
The credit rating is not included in a bond’s indenture agreement .The correct answer is Option A.
A bond's indenture agreement is a legally binding contract between the issuer (the entity borrowing money) and the bondholders (investors lending money). It outlines the terms and conditions of the bond, including the rights and obligations of both parties. While the indenture agreement covers various aspects of the bond, such as the call feature, coupon rate, and steps in case of default, the credit rating is not typically included in the indenture agreement.
The credit rating of a bond is an evaluation of its creditworthiness, indicating the likelihood of the issuer defaulting on its debt obligations. Credit rating agencies independently assign these ratings based on their analysis of the issuer's financial health, economic conditions, and other relevant factors.
The credit rating is not a contractual term or provision but rather an assessment provided by external agencies.
However, it's important to note that the credit rating may be mentioned in the offering documents or prospectus associated with the bond issuance, which provide potential investors with detailed information about the bond.
These documents may include information on the credit rating assigned to the bond by relevant agencies, but it is not a part of the indenture agreement itself.
In summary, while the indenture agreement includes crucial terms and provisions related to the bond's features and default scenarios, it does not typically include the credit rating assigned by external agencies.
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The probable question may be:
5. All of the following items would need to be included in a bond’s indenture agreement EXCEPT:
Group of answer choices
A. The credit rating
B. The call feature
C. The coupon rate
D. Steps that the bondholder can take in the event that the issuer fails to pay the interest or principal
What do quotas and embargoes have in common?
They both tend to raise prices.
They both affect imports from certain countries.
They both set limits on imported goods.
They both frequently result in domestic shortages.
Answers
Answer:
They both set limits on imported goods
Explanation:
An embargo is an order placed by a government restricting or prohibiting trade with another country. An embargo may be issued on specific goods only or wholesome trade with the country or region.
A quota is also an order issued by a government that limits the volume of goods or services that can be imported. The quota may limit the volume in quantity or in monetary value. Importing beyond the limit becomes illegal.
Both embargo and quota place restrictions on imports to a country.
Answer: C or They both set limits on imported goods.
Explanation: Edge2023
What animal has 8 hearts?
Answers
Hope this helped! Thank you.
The _____________ is the amount an individual must pay as a portion of the charges for a particular service.
Answers
Answer:
The answer is copayment
Explanation: Hope this helps:)
The amount of money an individual must pay as a portion of the charges for a particular service is called copayment.
What is copayment?Copayment can be defined as the amount of money that must be paid by an individual to a service provider, as a portion of the charges for a specific service.
This ultimately implies that, the amount of money an individual must pay to a business firm or service provider, as a portion of the charges for a particular service is called copayment.
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Type the correct answer in the box. Spell all words correctly.
What does this situation demand from the company?
Martha bought a new laptop a week ago. She’s having trouble understanding how the laptop functions. She wants the store where she bought the laptop to help her. The store should provide Martha with good_______
by giving her all the information she needs.
Answers
Answer:
After-sales service
Explanation:
After-sales service are all the efforts of a business to keep its clients happy and satisfied with the products they have purchased. It is providing care to customers after they have made purchases from the business. After-sale service help in retaining and building loyal customers.
Some of the techniques used in after-sales service include
Keeping in touch with customers after purchases Responding to customer queries either on call, emails, or customer visit Offering technical supports when a customer is facing challenges like in the scenario described aboveAnswer:
customer service
Explanation:
I just took the test on Edmentum
Jazz Corporation owns 50% of the Williams Corp. Stock. Williams distributed a $10,000 dividend to Jazz Corporation. Jazz Corp.'s taxable income before the dividend was $100,000. What is the amount of Jazz's dividends received deduction on the dividend it received from Williams Corp.?
Answers
Answer:
$6,500
Explanation:
Calculation for the amount of Jazz's dividends received deduction on the dividend it received from Williams Corp
Based on the information given we were told that the Jazz's Corporation owns part of Williams Corp. stock which is 50% in which Williams Corp. stock distributed the amount of $10,000 dividend to Jazz Corporation which means that Jazz Corporation share in Williams stock is higher than 20% and as well lower than 80% based on this Jazz Corp.'s will be entitled to dividend received deduction of 65% calculated as:
Dividends received deduction =$10,000 × 65%
Dividends received deduction=$6,500
Therefore the amount of Jazz's dividends received deduction on the dividend it received from Williams Corp will be $6,500
Resources are items and materials
needed to provide goods and
services. All of the following are
examples of resources EXCEPT:
A. demand
B. timber
C. money
Answers
Answer: A. demand
Explanation:
Which of the following would be a business selling the same thing in another country?
Answers
if I'm wrong please give more details? and ice cream parlour?
Answer:
I think cafe or Hotel will be the best business in another county.
How long should a cover letter be? A. Less than one page B. Two pages C. Three pages D. More than four pages Please select the best answer from the choices provided A B C D
Answers
Answer: A. Less than one page
Explanation:
is there a discount for three people going to the amusement park
Answers
It depends on the amusement park's policies and promotions. Some amusement parks may offer group discounts for a certain number of people, while others may not offer any discounts for groups.
A theme park or amusement park is a spot with attractions comprised of rides, for example, thrill rides and water rides. They as a rule contain a choice of various sorts of rides, alongside shops, eateries and other diversion outlets. Amusement parks can be appreciated by grown-ups, youngsters and kids.
Many are themed to a specific region; there are water parks, parks demonstrated after toys, parks displayed after motion pictures or sorts of films, normally experience or activity. The period from the 1950s through the 1970s achieved a centre time for development in the contemporary amusement park industry, as a solid American working class was being laid out and individual transportation turned into a typical decent. The time of increased birth rates following WWII ensured countless families trying to get to know each other, and growing work privileges consider all the more spare energy to do exactly that.
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low inflation is a sign of?
Answers
Answer:
usually signals demand for goods and services is lower than it should be, and this tends to slow economic growth and depress wages.Jun
Explanation:
Identify four negative effects of economic growth on society/the environment.
Answers
Negative effects of Economic Growth on Society/ The Environment - Noise pollution and lower air quality arising from air pollution and road congestion.
According to the law of supply what's the result of an increase in the supply of workers for a job if all other factors remain equal?
Answers
Answer:
According to the law of supply, an increase in the supply of workers for a job if all other factors remain equal means the company wants to be efficient and it is also proof that the company is making more profit which signals the demand for the commodities they produced as increased drastically.
Explanation:
The law of supply work in the dimension of price, the number of goods available in the market, and it is hugely affected by demand. Now, when the price of goods decreases, it makes production by producers decrease as well and staffs are also laid off to avoid profit loss by the producers. This changes when the price of commodity increases as it makes producers of the commodity have the capacity to employ more staff to maximize time and this also causes the producers to increase sales. However, the higher demand for a commodity would also increase the supply of that commodity.
Answer:
The wage rate for that job will be pushed down.
Explanation: I just took the test and got it right
Each time Eddie's Cars sells a vehicle, the company receives a larger discount from the manufacturer. At the end of the fiscal year, the company often slashes its prices by several hundred dollars per car because that amount will be more than offset by the increased discount the company receives from the manufacturer. The manufacturer is giving Eddie's Cars ______. Multiple choice question. a seasonal discount zone pricing a cumulative quantity discount a slotting allowance
Answers
Answer:
a cumulative quantity discount
Explanation:
The cumulative quantity discount is the discount that is depend on the value of the good purchased over a time period. The discount would be applied for any kind of shipments that made within the timeframe.
Just like if wholesaler make an offer that if the purchase is done more than $5,000 so 5% discount is applied
So according to the given situation, it represent the cumulative quantity discount
Which of the following is an appropriate front and point size selection for a business letter
Answers
Answer:
Times New Roman also remains the default font for many word processing programs. When using Times New Roman in a business letter, set the size as 12-point in order for the document to be read most easily.
Also
If you can't decide between sizes, a 12-point font is usually the reliable choice because it's incredibly common in the business world.
Explanation:
what is the price of a bond with a par value of $1,000, a 2.53% semiannual coupon, 7.06% discount rate and 28 years to maturity?
Answers
The price of the bond is equal to its par value of $1,000, which means that it is trading at par.
To calculate the price of a bond with a par value of $1,000, a 2.53% semiannual coupon, a 7.06% discount rate, and 28 years to maturity, we can use the following formula:
Price of bond = (C / (1 + r/n)^(nt)) + ((FV) / (1 + r/n)^(nt))
Where:
C = semiannual coupon payment = 0.0253 x $1,000 / 2 = $12.65
r = annual discount rate = 7.06%
n = number of compounding periods per year = 2 (semiannual)
t = number of years to maturity = 28
Plugging in the values, we get:
Price of bond = \(($12.65 / (1 + 0.0706/2)^(228)) + (($1,000) / (1 + 0.0706/2)^(228))\)
= $747.18 + $252.82
= $1,000.00
Therefore, the price of the bond is equal to its par value of $1,000, which means that it is trading at par.
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