Read the following scenario to answer the questions in below.
As the book-keeper for your company you are required to create quarterly financial statements (Income Statement, Statement of Owner's Equity Balance Sheet and Statement of Cash Flows) in order to report on the financial activities of the company for the quarter (three months).
It is now March 29th, and in preparation for creating the 1st quarter's financial statements (as of 3/31), you have called a meeting with the Dept. Managers for Accounts Receivable and Accounts Payable to confirm deadlines that have to be met for recording March-related transactions. As the meeting starts the owner walks in - she sits quietly as you explain the deadlines, but as soon as you have finished she says "Well, for this quarter, if we have not paid March invoices by March 31, there is no need to record them in March. We can record/expense those invoices when we pay them in April or May."
Questions:
1. Do you agree with the owner, or, do you feel that an adjusting entry is necessary in the situation described? If so - which type of adjusting entry is needed?
2. Discuss the impact (understated or overstated) on the accounts affected if the adjustment is not made and explain how the adjustment affects the appropriate financial statements
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Answer:
1. I do not agree with the owner that expenses not paid for in March should not be accrued in March but recorded in April or May when actual payment is made. Such practise violates the accrual concept and matching principle of accounting. They require expenses to be matched to the period's income.
The adjusting entry needed to record the expenses is accrual adjustment, which requires the expense account to be debited and the expense payable account credited as a liability (unpaid financail obligation).
2. If the adjustment is not made, the particular expense account will be understated. This will also result in the overstatement of the net income.
The adjustment affects the Income Statement and the Balance Sheet. The income statement is affected because it is there that expenses are deducted from the gross profit to arrive at income before tax. The carryover effect is that the Retained Earnings, which adjust the net income after tax is also overstated.
Explanation:
Adjusting entries are journal entries used to recognize income or expenses that occurred but are not accurately displayed in the records. Adjusting journal entries are created at the end of an accounting period to balance debits and credits and match expenses to the income for the period in accordance with the accrual concept and matching principle of generally accepted accounting principles.
Related Questions
which of the following is true of heirarchical clustering
Answers
Answer:
*See Explanation*
Explanation:
Heirarchical Clustering is a form of collective data. For example if you want to find out which Soda sells more you would collect data based on reviews from customers of each purchase. Your data will be collected in a cluster which you will then organize into a valuable marketing strategy.
The questions are in the images. The categories provided are: Cash, Accounts Receivable, Office Equipment, Office Furniture, Accounts Payable, Randy Guttery Capital, Randy Guttery Drawing, Fees Income, Rent Expense, Utilities Expense, Salaries Expense, Telephone Expense, and Miscellaneous Expense.
Answers
A collection of financial records that employ double-entry accounting is referred to informally as a T-account.
What is T- Account ?The phrase defines how the bookkeeping entries appear. On a page, a huge letter T is first drawn.The account name is then written above the top horizontal line and split by the bottom horizontal line., and below that, split by the vertical T of the letter, debits are reported on the left and credits are recorded on the right.
Every financial transaction is taken into account to have an impact on at least two of a company's accounts in double-entry bookkeeping, a common accounting technique. Each transaction will be recorded in one account as a debit entry and in the other as a credit entry.
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You have been appointed as a manager at XTZ company. Your style of leading is an Autocratic style. this is a style where you take strict controls and actions over all management activities. the old culture that was present at XTZ company was very flexible due to the nature of old manager and all employees are now resisting to adjust to the new manager.Explain how are you going to solve this matter as a manager
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It's important for the manager to change his leadership style in order to lead the workforce.
Who is a manager?It should be noted that a manager simply means an individual who leads a team to achieve a common goal.
In this case, it's important for the manager to change his leadership style in order to lead the workforce. This is needed to being about unity and promote growth.
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Explain the positive and negative aspects of entrepreneurship. Draw evidence to support your claim from two other sources.
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Answer:
Advantage #1: A flexible schedule – both in terms of when and where you work. ...
Advantage #3: It's exciting and fulfilling. ...
Advantage #4: The salary makes sense. ...
Disadvantage #1: You wear a lot of hats. ...
Disadvantage #2: You are always at work.
Explanation:
The positive (advantages) and negative aspects (disadvantages) of entrepreneurship are enumerated below:
Control: Entrepreneurship offers the entrepreneur a sense of being in charge and being the captain of the ship. With freedom of control comes increased risk of business failure.Responsibility: The entrepreneur is responsible for her income for life sustenance. There is no more reliance on a period paycheck. The entrepreneur can decide to delight her customers or to scare them away.Flexibility: The entrepreneur enjoys flexibility in work schedule. She works at her own pace. The downside is that your customers dictate when you work. The workload may increase more than your capacity to handle. Thus, flexibility does not happen always until you have established the business properly.Profit-making: As the business makes profits, the entrepreneur is entitled to receive all. When it makes losses, the entrepreneur similarly bears all.Thus, there are numerous benefits in being an entrepreneur. But there are also negative aspects of entrepreneurship.
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Ben and jane have been approved for a $220,000, 30-year mortgage with an apr of 5. 82%. What will be their total interest for the 30 years?.
Answers
The total interest for a 30-year mortgage with APR of 5.82% is calculated by multiplying the total loan amount of $220,000 by the APR (5.82%).Total interest for Ben and Jane's mortgage would be $321,880.
What is interest?Interest is the cost of borrowing money, or the return earned on money invested. It is expressed as a percentage of the principal, and can be calculated in various ways depending on the type of loan or investment. Interest is typically paid on a regular basis, such as monthly or annually. When borrowing money, interest is the fee paid for using someone else's money. When investing money, interest is the return earned on that investment.
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analyze transaction using t-account:
She invested cash of P500,000 and Furniture
and Fixtures of P175,000.
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Effects of transactions:
Dr. Pajanustan invested cash and furniture and fixtures to start the consultancy firm.
The firm purchased a computer, office supplies, accounting software, and equipment, incurring both cash payments and credit.
The firm provided tax services and seminars, earning cash.
The firm paid for staff salaries, rent, utilities, and personal withdrawals by the owner.
The firm made payments on credit purchases and received payments from clients on credit.
The firm incurred expenses for supplies and returned defective furniture.
Copy clear format:
The transaction details are provided in a clear and organized manner.
T-Account:
T-accounts are a visual representation of individual account balances, showing debit and credit entries.
For example, the account for Cash would have debit entries for payments made and credit entries for cash received, resulting in a final cash balance.
Similarly, accounts for accounts payable, accounts receivable, and owner's equity would reflect the changes in their balances due to the transactions.
Journal Entries:
Journal entries are the recording of the transactions in a company's books of accounts, typically in a general journal.
Each transaction would be recorded as a debit to one account and a credit to one or more accounts, depending on the nature of the transaction.
Posting to the Ledger:
Posting to the ledger is the process of transferring the journal entries to the individual accounts in the ledger.
The ledger is where all the account balances are recorded and updated.
The ledger account would be updated with the debit and credit entries from the journal entry, resulting in an updated account balance.
Trial Balance:
A trial balance is a listing of all the accounts and their balances, used to ensure that the total debits equal the total credits.
A trial balance provides assurance that the entries made in the general ledger are mathematically accurate, and can be used to identify errors.
Income Statement:
An income statement, also known as a profit and loss statement, presents the revenues and expenses of a company over a certain period of time, typically one month or one year.
The difference between the revenues and the expenses gives the profit or loss of the company for that period of time.
It is important to note that this information provided is based on the given transactions, and may not reflect the actual process of journal entries, posting to ledger, trial balance, and income statement. Also, to generate a specific financial statement, further classification and adjustments entries would be need it to be done.
Considering that working in the educational field requires a post-secondary education, choose a local college/university and research the admission requirements. Describe the process of applying to the college/university and what things are needed to finance the program.
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Answer:
the answer is 0
Explanation:
Cayla? please talk to me
reflection about simulation in second day and third day
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Simulation is the process of imitating the operations of a real-world system or process over time. It is usually used to analyze the behavior of complex systems and can provide useful insight into how the system will behave under different circumstances.
The second and third days of the simulation were quite interesting. During this time, we were able to put into practice some of the concepts we had learned during the previous days of the simulation. We were able to work as a team and coordinate our efforts to achieve the desired outcome.
One of the things I noticed during this time was how important communication is when working in a team. It is vital to be able to communicate effectively with other team members to ensure that everyone is on the same page and that the project is progressing smoothly.
We were able to learn from our mistakes and adjust our strategies accordingly. This was a valuable experience as it helped us to develop our problem-solving skills and taught us how to be adaptable and flexible in the face of changing circumstances.
Overall, I found the second and third days of the simulation to be a great learning experience. It provided us with an opportunity to put into practice the skills and concepts we had learned during the first day of the simulation. We were able to work collaboratively as a team and learn from each other's strengths and weaknesses. I believe that the simulation has helped me to become a better problem solver and a more effective team player.
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In one paragraph explain how the US government protects the money you deposit in a bank
Answers
Bank savings accounts, bank CDs, and money market mutual funds administered by brokerage firms like Fidelity are the most popular venues to save cash.
How will my money be safeguarded?The Financial Services Compensation Scheme (FSCS) is the principal form of defence. In case a bank failed, it was designed to protect people's savings
How is the money in a bank secured?One of the many advantages of holding an account with an FDIC-insured bank is deposit insurance, which is how the FDIC safeguards your funds in the unusual case of a bank failure. Every category of account ownership is covered by the basic insurance policy, which provides $250,000 per depositor, each insured bank.
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In light of the information presented above, identify and discuss the characteristics of the market structure that fits the fast food industry in South Africa. Using diagrams, explain the short and long run profit maximization of this particular market structure.
Answers
The fast food industry in South Africa can be classified as an oligopoly market structure.
In the short run, a profit-maximizing oligopoly firm in the fast food industry will operate where marginal revenue (MR) equals marginal cost (MC). The firm's demand curve is downward sloping, indicating that it can increase its profits by lowering its price and increasing its output. However, because the industry is oligopolistic, a firm's price and output decisions can affect its competitors' profits.
In the long run, the entry of new firms into the market is limited due to high barriers to entry. The existing firms can earn economic profits in the long run. The threat of potential new entrants can prevent firms from charging excessively high prices. In the long run, a profit-maximizing oligopoly firm will operate where price equals average total cost (ATC).
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The complete question is :
In light of the information presented above, identify and discuss the characteristics of the market structure that fits the fast food industry in South Africa. Explain the short and long-run profit maximization of this particular market structure.
which business function is concerned with delivering a product or service to customers?
Answers
Answer:
Production
Production departments or companies are the manufacturing branches of a business to produce products or delivery of services to customers
After Polly Shrum sells a stock, she avoids following it in the media. She is afraid that it may subsequently increase in price. What behavioral characteristic does Shrum have as the basis for her decision making? Please explain your answer.
Answers
After Polly Shrum sells a stock, she avoids following it in the media. She is afraid that it may subsequently increase in price. Shrum has fear of regret. She is hesitant to examine stock prices out of concern that they may have increased and she may have lost out on possible gains.
To prevent the fear of regret, the investor may become less risk-averse in the future and may purchase any stock recommended by the media without completing any background investigation. During lengthy bull markets, regret theory leads some investors to continue to invest aggressively, dismissing warning signals of a coming disaster.
According to regret theory, people anticipate remorse if they make the wrong option and take it into account while making decisions. Fear of regret may either deter or motivate people to act. Regret theory has the potential to influence an investor's rational conduct, diminishing their capacity to make financial decisions that benefit them rather than damage them.
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a favorable supply shocka favorable supply shock, such as a decrease in energy prices, is most likely to have which of the following short-run effects on the price level and output?, ssuhc as a decrease
Answers
A positive supply shock raises output, which shifts the supply curve to the right, which lowers prices. On the other hand, a negative supply shock lowers production, which raises prices.
What exactly are positive supply shocks?
A sudden increase in supply that moves the short-run aggregate supply curve (SRAS) to the right and lowers prices and boosts real GDP is known as a favorable supply shock. Positive supply shocks lead to: Reduce costs. Lower costs. a higher real GDP or real output.
Deflation or positive supply shock?
In any case, in the short run, many variables can push the economy toward emptying. A positive shock to supply in the economy is one type of factor. For instance, prices will fall as a result of a positive impact on labor productivity.
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This is where labor and other factors of production are sold in the circular flow model of income in economic theory *it’s for economics USA testprep
Answers
Answer:
Resource Market
Explanation:
A resource market is a market from where businesses purchase inputs that can be used for production.
Resource Market is a market where labor and other factors of production are sold in the circular flow model of income in economic theory.
In Resource Market, households are the sellers and firms are the buyers.
Which of the following might cause the inflation rate to spike up sharply?
Plentiful rainfall and moderate temperatures result in good harvests of wheat and soybeans.
Prices on world oil markets rise steeply due to war in the Middle East. O
The purchasing power of the average consumer decreases due to a sluggish economy.
The items in the CPI market basket change to account for changing consumer buying habits.
Answers
Answer: Prices on world oil markets rise steeply due to war in the Middle East
Explanation:
The inflation rate spiked sharply because prices in world oil markets rise steeply due to the war in the Middle East. Option (b) is correct.
What do you mean by Inflation?The rate of increase in prices over a given period of time is known as inflation.
The cost of making items would rise as a result of an increase in crude oil prices. Inflation would eventually arise from this price increase being passed on to consumers.
Inflation in Oil prices are a result of the Russian Federation being cut off from global supply networks as a result of sanctions following Moscow's invasion of Ukraine. Nations now have to pay more for oil when seeking to obtain it from other sources.
Therefore, Option (b) is correct.
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Funds that banks lend to borrowers come from
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12. What is used as a guarantee to repay a loan?
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Answer:
A bank guarantee and a letter of credit are both gaurenteed to have the reciver repay the loan
Explanation:
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what role do government agencies play in a mixed markey economy?
a. they run shipping companies and other sources of distribution
b. they own farms, factories, and other sources of production
c. they regulate some aspects of production and distribution
d. they employ most of the workers in the economic system
Answers
The role that government agencies play in a mixed markey economy is option a. they run shipping companies and other sources of distribution.
What are government agencies?
Governmental Agency is any department, board, commission, authority, organization, or instrumentality of the federal government, a state, a county, a municipality, or another political subdivision of a state that has executive, legislative, or judicial powers.
Some examples of government agencies are :
Central Intelligence Agency. Environmental Protection Agency. Federal Communications Commission.Federal Trade Commission.National Aeronautics and Space Administration.Government agencies run shipping companies and other sources of distribution. They run distribution channels and shipping firms. They possess factories, farms, and other manufacturing facilities. They control a few facets of distribution and production.
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Explain the issues with getting paid twice a month as far as paying your bills on time. For example, you get paid on the 1st and the 15th of the month, your bills are due all month long.
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This can be particularly problematic for those who live paycheck to paycheck, as they may not have enough savings to cover the gaps between paychecks. This can result in missed payments, which can lead to late fees, higher interest rates, and damage to credit scores.
To address this issue, it may be helpful to create a budget and prioritize bills based on their due dates and importance. It may also be useful to set up automatic payments or payment reminders to ensure that bills are paid on time. Additionally, building up an emergency fund can provide a buffer for unexpected expenses or gaps in income.
what is business ?please explain about it
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Answer: business can be defined as an organization dedicated to do commercial and professional activities.
Explanation:
The word business can also be defined as the activities and efforts that a person makes in order to produce money. To do this, the person creates products or sells services to obtain a reward.
Currently, many people are taking the line of entrepreneurship, where they put their own businesses and become their bosses. They themselves develop their model of how they are going to distribute and market the products or services they have so that they reach the population.
The business is something that comes from ancient times. Barter was a way of doing business since if a person was interested in something that another had, they proceeded to make an exchange.
Match each CRM technique with its description
-RFM
-loyalty programs
-clickstream analysis
offers discounts or free items to customers
who keep coming back
calculates a customer's most recent visit,
the frequency of visits, and annual spending
discovers through data mining what customers
have in common to predict behavior
tracks every image, link, or object that
a customer clicks
clustering
Answers
A loyalty program is a type of marketing strategy that aims to keep customers coming back to a business or using its services.
What precisely is RFM examination (recency, recurrence, and money related)?RFM analysis is a marketing strategy that uses a quantitative ranking and grouping of customers based on the recency, frequency, and monetary total of their most recent transactions to identify the best customers and carry out targeted marketing campaigns.
What levels of clickstream investigation are there?Clickstream investigation, which is a kind of Web examination (see a different section), is the following and examination of site visits. Clickstream investigation ordinarily screens and measures site movement by using the Internet server log records, regardless of the way that there are different techniques for gathering this information.
Two levels of clickstream analysis are possible: traffic analysis and an examination of online businesses.
tracks each image, link, or object clicked by a customer- clickstream analysisgives away free or discounted items to repeat customers.- loyalty programsdetermines a customer's most recent visit, the number of visits, and the amount spent annually- RFMuses data mining to discover what customers- clusteringLearn more about RFM analysis: https://brainly.com/question/28537349
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b. What amount did Lowe's pay in cash to its suppliers during fiscal year ended February 2019?
Answers
Using the T-accounts, the amount Lowe paid in cash to its suppliers during the fiscal year ended February 2019 was B. $29,101 million.
How the amount of payment is determined:From the T-accounts for Merchandise Inventory and Accounts Payable, we can determine the amount paid.
After posting the purchases for the period into the two accounts, the difference between the debit and credit sides of the Accounts Payable gives the amount paid to suppliers.
Merchandise InventoriesAccount Titles Debit Credit
Beginning balance $5,911
Accounts Payable 29,238
Cost of goods sold $28,443
Ending balance $6,706
Accounts PayableAccount Titles Debit Credit
Beginning balance $2,695
Merchandise 29,238
Cash payment $29,101
Ending balance $2,832
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Question Completion with Answer Options:During a recent fiscal year, Lowe's purchased merchandise inventory at a cost of $29,238 ($ millions). Assume that all purchases were made on account and that accounts payable is only used for inventory purchases. The following T-accounts reflect information contained in the company's balance sheets in millions.
What amount did Lowe's pay in cash to its suppliers during the fiscal-year?
Merchandise InventoriesBeginning balance $5,911
Ending balance $6,706
Accounts PayableBeginning balance $2,695
Ending balance $2,832
A. $29,238 million
B. $29,101 million
C. $137 million
D. $2,832 million
Which financial tool is most important when planning for your future financial goals?
A.Enrolling in a checking account
B.Creating a budget
C.Mortgaging a house
D.Taking on extra debt
Answers
pls help me
include the following:
The name of the career
Some information you learned from your own research
Education a person needs to get this type of job
Skills a person needs to get this type of job
How people in this job use technology
The URL (web address) of the US Bureau of Labor Statistics website where readers can find more information
Answers
The name of the career - Computer engineering
The information I have learned on Computer engineering is that it is all about research, as well as design, making, and testing ofcomputer systems as well as its components.
The Education a person needs to get this type of job is: Bachelor's Degree
The Skills a person needs to get this type of job are:
Know a lot about programming languages, Know about secure coding.Know about software and hardware tech.CreativityInnovationThe people in this job use a lot of technology as they are actively involve in its production.
The URL (web address) of the US Bureau of Labor Statistics website where readers can find more information is: https://www.bls.gov/ooh/architecture-and-engineering/computer-hardware-engineers.htm
What should an IT engineer possess?A bachelor's degree in the subject is required to work as a computer engineer. Math, physics, and computer science are the most common subjects that students study.
To create solutions for various issues, these professionals require critical thinking abilities. To function effectively in a team, they also need strong communication skills.
Therefore, Being an information technology engineer requires you to be able to recognize complex issues and find the appropriate solutions. You need the capacity for critical thought, option analysis, and perfect solution generation to be able to solve problems.
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what is the major difference between corporations and other kinds businesses?
Answers
Answer:
A corporation is a separate entity apart from that of the owners. A corporation is not responsible for its debts if it fails. A corporation is much larger than other kinds of businesses.
Explanation:
A corporation has a separate legal entity apart from that of the owners and workers.
Robyn was a lawyer for the Department of State who has been disbarred for ethical lapses including dishonesty and interfering with investigations.
After losing his license to practice law, he was fired from the State Department. What MOST likely must Robyn do now?
A. Appeal his case to the American Bar Association.
B. Find a new career outside the legal profession.
C. Wait a year and reapply for his license.
D. Take his case to an appeals court.
Answers
The most likely thing for Robyn to do is B. Find a new career outside the legal profession.
Why does Robyn need to leave the legal profession ?Since he has lost his license to practice law, he would not be able to continue working as a lawyer or in any other legal capacity. In addition, his firing from the State Department would likely make it difficult for him to find employment in a related government agency.
Therefore, the most realistic option for Robyn would be to seek employment in a different field or industry. Appealing his case to the American Bar Association or taking his case to an appeals court would likely not be fruitful options, as his disbarment and firing from the State Department suggest that his ethical lapses were significant and serious.
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Can someone please help ASAP!!!
IN UR OWN WORDS PLEASE
Thanks!!
The Federal Reserve uses three tools to set monetary policy through the banks. Identify these three tools and provide an example of how each tool affects individual consumers. (5 points)
Answers
Monetary Policy Implementation: The Fed's Policy Toolkit. Reserve requirements, the discount rate, and open market operations are the three instruments the Fed has historically used to implement monetary policy.
Which tool of monetary policy is most important and why?To accomplish macroeconomic objectives, a monetary policy employs a variety of tools, including open market operations, requirements for bank reserves, and the discount rate. Open market operations, however, are regarded as the most significant and frequently applied tool of the three.
The most crucial and efficient method of expanding the money supply out of these three is to purchase bonds on the open market. The Fed must convince banks to make fewer loans if it wants to shrink the money supply.
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Logic teaches students how to think for themselves. It helps them develop their critical thinking skill. It gives them the ability to analyze and evaluate arguments. I think it should be taught in schools.
Answers
Answer:
what is the question tho?
Explanation:
Why should providers seek to minimise health plan rate differentials
Answers
Providers seek to minimize health plan rate differentials to prevent the market/business from being compelled to abandon plans with smaller reductions.
What is health plan ?Programs or organizations that offer health benefits in any way—directly, through insurance, through reimbursement, or in another way—are referred to as health plans. The following are just a few examples of health plans: a health insurance plan. a service benefit organization's contract.
An individual's care needs, the services they will receive to meet those needs, who will offer the services and when, and who will supply the services are all identified in a personal plan.
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A new app was released providing consumers with digital coupons for products the consumer indicates they frequently purchase. The app gives different users coupons with different values and shares purchasing as well as demographic information with the product manufacturer. Under what circumstances would the information sharing with product manufacturers be ethical?
Answers
The circumstances that the information would be sharing with product manufacturers be ethical when new app was released providing consumers with digital coupons for products the consumer indicates they frequently purchase is if the app's terms of service indicated who they would be sharing information with and what information would be shared.
What is ethics?Ethics can be described as the moral principles which is been set so as to able to govern a person's behaviour as well as to be able to conduct an activity.
It should be noted that every organization that want to be successful must have the ethics which is the guiding principle that will guide their member of the organization as well as the way they carry out their function in the organization.
In conclusion, in dealing with the app as described in the question then the ethics require that app's terms of service must be followed.
Therefore, the first option is correct.
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Check the missing options:
if the app's terms of service indicated that different users would receive different discount values This scenario is never ethical. if the app ensured that their targeting was not discriminatory based on race, ethnicity, gender, age, or disability if the app's terms of service indicated who they would be sharing information with and what information would be shared