Currency: USD
The account will be worth $25,853.76 after 16.00 years, rounded to 2 decimal places.
If you deposit $2,578.00 into an account today that earns an annual interest rate of 15.00%, the value of the account after 16.00 years can be calculated using compound interest formula.
The formula for calculating the future value of an investment with compound interest is:
Future Value = Principal Amount × (1 + Interest Rate)^Time
In this case, the principal amount is $2,578.00, the interest rate is 15.00% (or 0.15 as a decimal), and the time is 16.00 years.
Plugging these values into the formula:
Future Value = $2,578.00 × (1 + 0.15)^16
Calculating this expression:
Future Value = $2,578.00 × (1.15)^16
Future Value = $2,578.00 × 5.13862
The result is:
Future Value = $13,246.48 (rounded to 2 decimal places)
Therefore, the account will be worth approximately $13,246.48 after 16.00 years, assuming the interest rate remains constant and the interest is compounded annually.
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2. Where does Steve Jobs’ power and influence come from?
Answer:
working with apple and creating the mac
Explanation:
Hi! can you make me an impact in the transportation if there is a deep freeze and can you make a conclusion. For example the deep freeze in Edmonton, Canada. Thank you!
A deep freeze in a city like Edmonton, Canada can have a significant impact on transportation. Here are some potential impacts: Road conditions, Public transit and Supply chain
Impact of deep freeze on TransportationRoad conditions: Deep freezes can make roads slippery and hazardous, making it difficult for vehicles to travel safely. This can lead to an increase in accidents, traffic congestion, and delays.
Public transit: Public transit systems can also be affected by deep freezes, with buses and trains experiencing mechanical issues, delays, and cancellations. This can disrupt people's ability to get to work or school on time, or even prevent them from traveling altogether.
Air travel: Extreme cold can also impact air travel, with flights potentially being delayed or canceled due to issues with equipment or runway conditions.
Supply chain: Deep freezes can also impact the transportation of goods, with trucks and other vehicles facing challenges in delivering goods to stores and other locations. This can lead to shortages of essential goods or increased prices for consumers.
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Which examples demonstrate common education and qualifications for Management and Entrepreneurship careers? Check all that apply.
Horatio is good at following instructions.
Marissa has strong visual design skills for arranging displays.
Letisha has a bachelor’s degree in marketing.
Quentin has many years of experience in public relations.
Devon is able to stand for long periods of time.
Lloyd is skilled at planning and managing budgets.
Answer:
3- Letisha has a bachelor’s degree in marketing.
4-Quentin has many years of experience in public relations.
6-Lloyd is skilled at planning and managing budgets.
Explanation:
The example that shows qualification are
Letisha bachelor’s degree in marketing.Quentin years of experience in PR.Lloyd skills at planning and managing budgets.What are management and enterpreneurship?Management and the entrepreneurship both terms refer to the part of administration of an organization that can be the business, the nonprofit, or even the government body.
Entrepreneurship is a process of discovering the new ways to combine resources. These resources have a greater value than the market.
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Pls Help me out with these questions
A. The total size of the Boxhill restaurant market in 2013 is £1,350,000. B. The market is projected to decline by £800,000 between 2013 and 2014. C. The Swan had a market share of approximately 24.44% in 2013.
D. While Louis has conducted market research and has some factors working in his favor, there are also potential challenges, such as the projected decline in the market size and existing competition.
How did we arrive at these assertions?A. To calculate the total size of the Boxhill restaurant market in 2013, we need to sum up the turnovers of all three establishments:
Total turnover in 2013 = Turnover of The Fox + Turnover of The Swan + Turnover of the Golden Crown
= £500,000 + £300,000 + £550,000
= £1,350,000
Therefore, the total size of the Boxhill restaurant market in 2013 is £1,350,000.
B. To calculate the market growth between 2013 and 2014, we need to compare the total size of the market in 2013 with Louis's forecasted turnover for the Golden Crown in 2014:
Market growth = Forecasted turnover of the Golden Crown in 2014 - Total size of the market in 2013
= £550,000 - £1,350,000
= -£800,000 (negative value indicates a decline in market size)
According to the given figures, the market is projected to decline by £800,000 between 2013 and 2014.
C. To calculate the market share of The Swan in 2013, we need to divide its turnover by the total market turnover and multiply by 100:
Market share of The Swan = (Turnover of The Swan / Total turnover in 2013) * 100
= (£330,000 / £1,350,000) * 100
≈ 24.44%
Therefore, The Swan had a market share of approximately 24.44% in 2013.
D. Now let's discuss whether Louis is right to be confident that his business will succeed:
1. Market Potential: Louis believes there is plenty of room for his new business in the market, considering the completion of a large housing estate. This suggests potential growth and increased customer demand.
2. Market Research: Louis has invested time and money in conducting market research. This indicates a proactive approach and a better understanding of customer preferences and market dynamics.
3. Competition: Although there are already two pubs serving food in the village, Louis might differentiate his pub by offering unique features, ambiance, or a specific target audience. Assessing the competition and finding a niche could enhance the chances of success.
4. Forecasted Turnover: Louis has estimated a turnover of £550,000 for the Golden Crown in 2014, indicating confidence in the profitability of his business. However, the market growth calculation shows a projected decline in the market size, which could present a challenge.
5. Customer Base: The completion of a new housing estate can potentially bring in new residents who may become regular customers. However, the size and spending habits of this customer base are uncertain, and attracting them might require effective marketing and advertising strategies.
6. Execution and Management: Success also depends on the execution of the business plan, quality of food and service, pricing, marketing efforts, and efficient management of the operations. Louis should ensure that he has the necessary skills and resources to meet customer expectations and maintain profitability.
Overall, while Louis has conducted market research and has some factors working in his favor, there are also potential challenges, such as the projected decline in the market size and existing competition. To increase the chances of success, Louis should carefully evaluate and adapt his business plan to effectively attract and retain customers, differentiate his pub from competitors, and manage the operations efficiently.
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During this stage of résumé review, résumés are quickly scanned to eliminate as many candidates as possible: a. stage 1 b. stage 2 c. stage 3 please select the best answer from the choices provided a b c
During stage 1 of résumé review, applicant's résumés are quickly scanned to eliminate as many candidates as possible. The Option A is correct.
What are stage of résumé review?Stage 1 of résumé review:
This stage involves the quick scanning of the resume in order to eliminate candidates that are not fit for the job profile.
Stage 2 of résumé review:
This stage involves a comprehensive reading of the resumes in order to decide which candidate to call for an interview. It saves time because only a few job applicants who possess the requisite qualification and skills can be called for an interview.
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During a hostile takeover attempt the board of directors of the target corporation blocked the attempt, however, shareholders who would have received a premium price for their stock are angry and sue. The courts will use: X the rule of reason to determine if the takeover made more financial sense to a greater number of people. the business judgement rule to determine if the directors acted reasonably. the rational basis test to determine if the block was the best course of action. intermediate scrutiny to determine if it was the best course of action.
The courts will determine if the board of directors acted reasonably by using the business judgement rule.
During a hostile takeover attempt the board of directors of the target corporation blocked the attempt, however, shareholders who would have received a premium price for their stock are angry and sue.
The courts will use the business judgement rule to determine if the directors acted reasonably.
However, the term 150 is not related to the given statement or the question, which is related to legal matters. Therefore, we cannot answer the question based on the given terms.
Nonetheless, the answer to the question is "the business judgement rule to determine if the directors acted reasonably."In the context of corporate law, the business judgment rule is a legal principle that allows a board of directors to make business decisions without being subjected to judicial inquiry.
It assumes that a board of directors, when making business judgments, acts in good faith and in the best interests of the company as a whole.
The courts will determine if the board of directors acted reasonably by using the business judgement rule.
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Make a brochure on a fantasy island
Answer: Your welcome!
Explanation:
Welcome to Fantasy Island, a tropical paradise located in the Caribbean Sea. Here, you will find a world of enchantment and adventure, beautiful beaches, lush jungles, and a vibrant culture.
At Fantasy Island, you can explore the local culture and experience a variety of activities. From snorkeling and diving to horseback riding and jungle trekking, there is something for everyone. You can also relax on the beach, take a dip in the crystal-clear waters, or explore the many nearby islands.
Fantasy Island is home to a variety of wildlife and plants, including exotic birds, mammals, and reptiles. You can take a boat tour to see dolphins, turtles, and manatees, or explore the colorful coral reefs. There are also plenty of opportunities for fishing, and you can even go whale-watching.
Experience the magic of Fantasy Island with its friendly locals, delicious cuisine, and vibrant nightlife. With its perfect climate and stunning scenery, this is the perfect place to relax and experience a little bit of paradise.
Come to Fantasy Island and unlock the secrets of the Caribbean. We look forward to seeing you soon!
write the Express of following numbers. Three times x is 11 and 36
Answer:
3x + 11 = 32
Explanation:
In this case, expressing means creating an equation that describes
the sum of three times x and 11 is 32.
'Sum' refers to the total while 'is' refers to equals to.
therefore, the total of 3x and 11 = 32
i.e., 3x + 11 = 32
what kind of technology refers as local technology or indigenous technology ?
Answer:
Local technology refers to the technology which are used in our locality from the ancient time and are made of locally available materials for the welfare of local people.
Answer:
Local technology refers to the technology which are used in our locality from the ancient time and are made of locally available materials for the welfare of local people.
Explanation:
What are the six basic step of the problem solving process?
Answer:
Step 1: Identify and define the problem.
Step 2: Generate possible solutions.
Step 3: Evaluate alternatives.
Step 4: Decide on a solution.
Step 5: Implement the solution.
Step 6: Evaluate the outcome.
Answer:
First step: You must identify AND define the problem.
Second Step: You must generate, or brainstorm, possible solutions to your problem.
Third Step: Evaluate your alternatives.
Fourth Step: You must decide on a solution.
Fifth Step: Implement the solution of your choice.
Sixth Step: Finally, evaluate the outcome.
Which of the following costs should be excluded from research and development expense?
a. Acquisition of R&D equipment for use on a current project only
b. Cost of marketing research for a new product
c. Modification of the design of a product
d. Engineering activity required to advance the design of a product to the manufacturing stage
Answer:
can you help me with my problem
An in-store computer used to apply for a job is called:
an online application.
a paper application.
an automated interviewer.
a hiring kiosk.
Answer:
a hiring kiosk.
An employee at an auto repair garage proposes a new, efficient way to
safely dispose of used motor oil. This is an example of
O Creativity and Innovation.
O Teamwork.
O Work ethic.
O Critical thinking and problem solving.
If the value of the goods and services a country produces stays the same
while its population increases, which statement must be true?
O A. The country's unemployment rate has decreased.
O B. The country's total GDP has increased.
O C. The country's per capita GDP has decreased.
O D. The country's rate of inflation has increased.
SUBMIT
Answer:
C
Explanation:
If the value of the goods and services a country produces stays the same while its population increases The country's per capita GDP has decreased. Thus the correct option is C.
What is a service?Services are referred to as a type of goods that is offered to someone in terms of facilities like the one received in a restaurant or shopping mall. It is a type of commodity or product that is intangible in nature, one can only feel it.
Final or finished goods are products that are sold in the market to satisfy buyers. This item can be both a good and a service, with a good being something tangible and a service being something intangible.
The output from production and sales within the nation is used to calculate GDP. When computing GDP, exports are added because they represent money entering the market, and imports are deducted because they represent money leaving the market.
Therefore, option C is appropriate.
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under what circumstances are (a) a short hedge and (b) a long hedge appropriate?
Short hedge is a risk management strategy to protect themselves against a decrease in the commodity's price. Long hedge is used to protect themselves against an increase in the commodity's price money.
A long hedge, on the other hand, is a risk management strategy used by consumers or buyers of a commodity to protect themselves against an increase in the commodity's price. This type of hedge involves buying futures contracts for the commodity being purchased. By doing so, the consumer or buyer locks in a price for the commodity, ensuring that they will not suffer losses if the price increases.
In general, short hedges are appropriate for producers or sellers who are concerned about the price of their commodity falling. Long hedges, on the other hand, are appropriate for consumers or buyers who are concerned about the price of their commodity rising.
The decision to use a short or long hedge depends on the specific circumstances of each situation, such as the nature of the commodity, the market conditions, and the level of risk that the producer, seller, consumer, or buyer is willing to accept.
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Property Mortgage Insurance is an insurance cost the bank charges if which of the following circumstances is true? A. You are borrowing over 80% of the worth of your home. B. You are only borrowing against the total equity of your home. C. You are borrowing 20% of the worth of your home. D. You are borrowing 40% of the worth of your home. 4
Answer:
C. is the correct answer
Error in amortization schedule 乌ி LO14-3 Nakano Food Products, Inc., acquired a packaging machine from Lawrence Specialists Corporation. - Lawrence completed construction of the machine on January 1, 2022. - In payment for the machine Nakano issued a threeyear installment note to be paid in three equal payments at the end of each year. - The payments include interest at the rate of 10%. - Lawrence made a conceptual error in preparing the amortization schedule, which Nakano failed to discover until 2024. - The error had caused Nakano to understate interest expense by $45,000 in 2022 and $40,000 in 2023. Required: I. Determine which accounts are incorrect as a result of these errors at January 1. 2024, before any adjustments. Explain your answer. (Ignore income taxes.) 2. Prepare a journal entry to correct the error. 3. What other step(s) would be taken in connection with the error?
1. Accounts affected by the errors at January 1, 2024, before any adjustments need to be determined.(2.) A journal entry should be prepared to correct the error.(3.) Additional steps may be required to address the error.
1. Accounts affected by the errors: The errors in the amortization schedule caused Nakano to understate interest expense by $45,000 in 2022 and $40,000 in 2023. As a result, the interest expense account for both years would be understated. The notes payable account would also be affected because the correct amount of interest expense should have been included in the note payable balance. Therefore, at January 1, 2024, before any adjustments, the interest expense and notes payable accounts would be incorrect due to the errors.
2. Journal entry to correct the error: To rectify the errors, a correcting journal entry needs to be made. The entry would involve increasing the interest expense account by $45,000 for 2022 and $40,000 for 2023, as these amounts were previously understated. Additionally, the notes payable account should be adjusted by the same amounts to reflect the correct balances. The journal entry would debit the interest expense account and credit the notes payable account.
3. Other steps in connection with the error: Apart from the journal entry, further steps may be taken to address the error. This may include notifying external parties, such as auditors or stakeholders, about the correction made to the financial statements. It is important to ensure that the corrected financial statements are properly communicated and any necessary disclosures or adjustments are made to prevent future misstatements. Internal controls and review processes may also be evaluated or strengthened to minimize the chances of similar errors occurring in the future.
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Cash inflows are also known as disbursements.True or false
False, Cash inflows aren't the same as outflows of funds.
Why do you use the term "cash inflow"?A cash inflow happens when money comes into a business. The source could be from sales, investments, or financing. A cash inflow is different from a cash outflow since it involves cash coming into a business. For a company to be able to increase value for shareholders, positive cash flow generation is a requirement.
Cash flow is the sum of the amounts of cash and cash equivalents coming into and going out of a business. As a result, cash inflows and outflows are represented by the money that is received and spent.
Revenue is the earnings an enterprise generates in as a consequence of selling its products and services. The phrase "cash flow" refers to the difference between an organization's cash inflow and outflow.
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the following transaction were extracted from the books of barikiwa enterprises for the months of march 2020. 1st march, 2020 sold goods on credit to musyoka kshs. 250,000 4th march, 2020 sold goods on cash to james kshs. 15,000 5th march, 2020 sold goods on credit to wamalwa kshs 39,000 10th march, 2020 sold goods on credit to cosmo enterprise kshs 110,000 12th march, 2020 sold goods on credit to breeze land kshs 35,000 30th march, 2020 sold goods on credit to atieno kshs 50,000 required:- (i) sales day book and explain why some entries are not recorded (ii) respective ledger account entries
The Sales Day Book is a subsidiary book that records all credit sales transactions made by the business. Cash sales are not recorded in the Sales Day Book because they are recorded directly in the Cash Book.
(i) Sales Day Book:
| Date | Customer | Invoice Amount |
|-----------|-------------------|----------------|
| 1st March | Musyoka | Kshs. 250,000 |
| 4th March | James | Kshs. 15,000 |
| 5th March | Wamalwa | Kshs. 39,000 |
| 10th March| Cosmo Enterprise | Kshs. 110,000 |
| 12th March| Breeze Land | Kshs. 35,000 |
| 30th March| Atieno | Kshs. 50,000 |
(ii) Ledger Account Entries:
1. Musyoka (Accounts Receivable):
Date | Particulars | Debit | Credit |
1st March | Sales | | 250,000 |
1st March | Accounts Receivable | 250,000 | |
2. James (Cash):
Date | Particulars | Debit | Credit |
4th March | Cash | | 15,000 |
4th March | Sales | 15,000 | |
3. Wamalwa (Accounts Receivable):
Date | Particulars | Debit | Credit |
5th March | Sales | | 39,000 |
5th March | Accounts Receivable | 39,000 | |
4. Cosmo Enterprise (Accounts Receivable):
Date | Particulars | Debit | Credit |
10th March | Sales | | 110,000 |
10th March | Accounts Receivable | 110,000 | |
5. Breeze Land (Accounts Receivable):
Date | Particulars | Debit | Credit |
12th March | Sales | | 35,000 |
12th March | Accounts Receivable | 35,000 | |
6. Atieno (Accounts Receivable):
Date | Particulars | Debit | Credit |
30th March | Sales | | 50,000 |
30th March | Accounts Receivable | 50,000 | |
The Sales Day Book records all credit sales transactions, while cash sales are recorded directly in the Cash Book.
The respective ledger accounts (Accounts Receivable and Cash) are updated with the appropriate entries to reflect the sales made to each customer.
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assuming that net credit sales for year 2 totaled $163,000, what is the company's most recent accounts receivable turnover?
The answer is 20.90 times.
What is Accounts receivable turnover?
Accounts receivable turnover is a metric to monitor closely as it measures how effectively a company handles the collections process. Cash flow can be depleted if money from customers does not arrive as agreed upon expectations.
Conversely, efficient collections management makes a company's cash flows more predictable, reduces collections costs, and creates a healthier balance sheet. This is a very important factor if a company wants to earn credit, invest in growth and attract investors.
Calculations:
\(Accounts receivable turnover = \frac{ Net credit sales}{Average accounts receivable }\)
= $ 163,000/$ 7,800
= 20.90 times
Average accounts receivable = (opening accounts receivable + closing accounts receivable )/2
= ($ 8,800+$ 6,800)/2
= $ 7,800.
Therefore, Accounts Receivable Turnover is 20.90 times.
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Practices that reduce competition without actual documented agreements between firms to raise price are commonly referred to as ______________________ .
Practices that reduce competition without actual documented agreements between firms to raise price are commonly referred to as restrictive practices.
How does competition affect the demand curve of a firm?When competing firms establish prices in response to the prices set by their competitors, the demand curve that each firm faces becomes ambiguous. Increased government wheat price subsidies will not make wheat growing more lucrative.
What has the regulator allowed firms to do to set prices?The regulator has allowed for an adjustment for the firm's usual rate of profit, and then established the price that customers can be paid correspondingly.
What are Restrictive practices?Restricted interventions are another term for restrictive practice. This is when someone is forced to do something they don't want to do or is prevented from doing something they want to do.
This can be accomplished by employing:
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Zappos' saying is "We hope this is the last job you ever have." This demonstrates Zappos' focus on the _____ element in its operations.
Answer: a. human relations
Explanation:
Zappos saying that they hope their company will be the last company the employees work for is them saying that they hope their employees will find working in Zappos constantly alluring such that they would never want to leave (at least until retirement).
It can therefore be inferred from this that Zappos puts in the necessary effort to retain its employees by focusing on human relations in its operations such that employees fill more motivated and fulfilled at Zappos.
A factory is considered what type of resource?
land
labor
physical capital
human capital
A factory falls under the category of physical capital, representing tangible assets and infrastructure utilized in the production process. Option C.
Physical capital refers to the tangible assets that are used in the production process to create goods or services. These assets include machinery, equipment, buildings, vehicles, and infrastructure. They are essential resources that contribute to the production capacity and efficiency of a business or organization.
A factory is a prime example of physical capital as it represents a dedicated space or facility equipped with machinery, tools, and equipment designed for manufacturing or production activities. It provides the necessary infrastructure and resources for transforming raw materials into finished products.
Factories typically house specialized equipment and machinery specific to the industry or production process they serve. This physical capital enables businesses to carry out mass production, streamline operations, and achieve economies of scale.
Physical capital is an important factor of production alongside other resources such as land, labor, and human capital. It plays a crucial role in enhancing productivity, output, and overall economic growth.
Effective management and investment in physical capital can lead to improved efficiency, cost reduction, and technological advancements in production processes.
In summary, a factory is categorized as physical capital, representing the tangible assets and infrastructure used in the production process. So Option C is correct.
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what objects are necessary for the formation of shadows ?
Answer:
The following three things are required for a shadow to form:
a source of light.
an opaque object.
a screen or surface behind the object.
Four people are applying for a job. This chart shows the company’s favorite characteristic of each of these job applicants:
what factors determine the elasticity of resource demand?
Answer:
the rate of decline of mp
The human resource manager is undecided about whether to use internal or external
recruitment for filling the supervisor vacancy. Which method would you recommend? Justify
your answer, with advantages and disadvantages.
The following are the trial balance ind the other information related to Perez Consulting Engineers. Perez Consulting Engineers Trial Balance December 31, 2020 Debit Credit Cash $29,500 Accounts Receivable 49,600 Allowance for Doubtful Accounts $750 Supplies 1,960 Prepaid Insurance 1,100 Equipment 25,000 Accumulated Depreciation-Equipment 6,250 Notes Payable 7,200 Common Stock 10,000 Retained Earnings 25,010 Service Revenue Rent Expense 9,750 Salaries and Wages Expense 30,500 Utilities Expenses 1,080 Office Expense 720 $149,210 $149. 210 1. Fees received in advance from clients $6,000, which were recorded as revenue. 2. Services performed for clients that were not recorded by December 31, $4,900. 3. Bad debt expense for the year is $1,430. 4. Insurance expired during the year $480. 5. Equipment is being depreciated at 10% per year. 6. Perez gave the bank a 90-day, 10% note for $7,200 on December 1, 2020. 7. Rent of the building is $750 per month. The rent for 2020 has been paid, as has that for January 2021, and recorded as Rent Expense. 8. Office salaries and wages earned but unpaid December 31, 2020, $2,510. Instructions:A. From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2020. (Omit explanations). B. Prepare an income statement for 2020, a retained earnings statement, and a classified balance sheet. Perez paid a $17,000 cash dividend during the year (recorded in Retained Earnings)
The adjusting entries for Perez Consulting Engineers as of December 31, 2020, are as follows: Total Liabilities and Equity $102,880
1. To recognize unearned revenue:
Debit: Unearned Revenue $6,000
Credit: Service Revenue $6,000
2. To recognize services performed but not recorded:
Debit: Accounts Receivable $4,900
Credit: Service Revenue $4,900
3. To record bad debt expense:
Debit: Bad Debt Expense $1,430
Credit: Allowance for Doubtful Accounts $1,430
4. To recognize expired insurance:
Debit: Insurance Expense $480
Credit: Prepaid Insurance $480
5. To record depreciation expense:
Debit: Depreciation Expense - Equipment $2,500
Credit: Accumulated Depreciation - Equipment $2,500
(Calculation: $25,000 * 10% = $2,500)
6. To record the note payable:
Debit: Notes Payable $7,200
Credit: Cash $7,200
7. To recognize accrued rent expense:
Debit: Rent Expense $750
Credit: Accrued Rent Payable $750
8. To recognize accrued salaries and wages:
Debit: Salaries and Wages Expense $2,510
Credit: Salaries and Wages Payable $2,510
B. Financial Statements:
Income Statement for 2020:
Revenue:
Service Revenue $10,900 ([$6,000 + $4,900] - $1,430)
Expenses:
Rent Expense $9,750
Salaries and Wages Expense $30,500
Utilities Expenses $1,080
Office Expense $720
Depreciation Expense - Equipment $2,500
Insurance Expense $480
Bad Debt Expense $1,430
Total Expenses $46,460
Net Income $10,900 - $46,460 = (-$35,560) (Loss)
Retained Earnings Statement:
Retained Earnings, January 1, 2020 $25,010
Net Loss ($35,560)
Dividends ($17,000)
Retained Earnings, December 31, 2020 ($27,550)
Classified Balance Sheet (December 31, 2020):
Assets:
Cash $29,500
Accounts Receivable $54,500 ($49,600 + $4,900)
Less: Allowance for Doubtful Accounts ($750)
Supplies $1,960
Prepaid Insurance $620 ($1,100 - $480)
Equipment $25,000
Less: Accumulated Depreciation - Equipment ($8,750 [$6,250 + $2,500])
Total Assets $102,880
Liabilities:
Notes Payable $7,200
Accrued Rent Payable $750
Salaries and Wages Payable $2,510
Total Liabilities $10,460
Equity:
Common Stock $10,000
Retained Earnings ($27,550)
Total Equity ($17,550)
Total Liabilities and Equity $102,880
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· Hope's contribution to her RETIREMENT plan...
a. is a post-tax contribution on which she pays federal income taxes
b. is pre-tax and therefore not included in federal income taxes
c. Is a contribution to her Social Security
d. is taxed at a rate of 15%
Based on Hope's check, her contribution to her RETIREMENT plan b. is pre-tax and therefore not included in federal income taxes.
What does the check say?The check notes that Hope's retirement contribution is not included in her federal taxable income.
This means that the contribution is paid pre-tax and will not be liable for federal income taxes. She will most probably pay taxes on the retirement fund when she withdraws from it.
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The government has many obligations to provide services to its tax-paying citizens. If you were in Congress, how
would you balance the need for the government to spend money on necessary things with a prudent approach to controlling the debt and the deficit? Use examples in your answer.
A government is considered to have a budget surplus if it raises more revenue through taxes than it spends. A budget that is balanced means that taxes and spending are equal. The government debt is the total of all prior surpluses and deficits.
What is Budget surplus?A budget surplus occurs when income exceeds expenses. The term is commonly used to describe a government's financial status since citizens have "savings" instead of a "budget surplus." A surplus is evidence of a government's capacity to manage its finances appropriately.
Example,
A resource or good is said to have a surplus if there is more than is presently being utilized. A surplus can refer to a variety of items, such as cash, goods, assets, and earnings. A surplus in the sense of inventory refers to items that remain on store shelves but have not yet been purchased.
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