The final closing entry to be journalized is typically the entry that closes the?

Answers

Answer 1

The final closing entry to be journalized is typically the entry that closes the temporary accounts, such as revenues, expenses, and dividends.

The final closing entry to be journalized typically closes the temporary accounts, such as revenue, expense, and income summary accounts. This entry is made at the end of the accounting period to transfer the balances of these temporary accounts to the permanent accounts, such as retained earnings or owner's equity.

By closing the temporary accounts, the balances are reset to zero, and the company starts the new accounting period with a clean slate. The closing entry ensures that the revenue and expense accounts reflect the correct net income or net loss for the period and prepares the accounts for the next accounting cycle.

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Related Questions

What are the 3 types of accounts?

Answers

Real, personal, and nominal accounts are three different types of accounts used in accounting.

The two subcategories of real account are then determined: tangible real account and intangible real account. Personal accounts also come in three major subtypes: Natural, Representative, and Artificial. An account is a unique header used in accounting to classify comparable transactions. It is kept in a tabular T-shape format with many columns that contain matching transactions that are recorded concurrently. Real, Personal, and Nominal accounts are the three types of accounts in accounting that follow the conventional methodology. They are journalized in accordance with the fundamentals of accounting.

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Cross-training employees does not benefit employers in which way?

Answers

Answer:

Decreases employee wages

Explanation:

Just took the test

Type a paragraph explaining how you have shown initiative in the past. Use proper grammar, spelling, and punctuation.

Answers

Answer: Your previous place of work or employment. A specific instance where you showed initiative. How your initiative impacted yourself or the company.

Explanation:

The owner of Firewood To Go is considering buying a hydraulic wood splitter which sells for $50,000. He figures it will cost an additional $100 per cord to purchase and split wood with this machine, while he can sell each cord of split wood for $125. How many cords of wood would he have to split with this machine to break even

Answers

Answer:

The correct answer is "2000 units".

Explanation:

Given:

Fixed cost,

F = $50,000

Variable cost,

VC = $100 per unit

Price,

P = $125 per unit

Let the units to be sold be "x".

Throughout the case of breakeven,

⇒ \(Total \ revenue=Total \ cost\)

⇒                \(125x=50000+100x\)

On subtracting "100x" from both sides,

⇒    \(125x-100x=50000+100x-125x\)

⇒                  \(25x=50000\)

⇒                      \(x=\frac{50000}{25}\)

⇒                         \(=2000 \ units\)

Most bonds require par value to be repaid _______ and interest to be paid _________.

Answers

Most bonds require par value to be repaid at maturity and interest to be paid semi-annually.

What is a bond?

A bond is a debt instrument used by businesses to raise capital needed for business operations. Bondholders earn interest on the amount invested at predetermined intervals and at the maturity of the bond, they are paid back the amount invested.

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Personality traits are _____ used to describe the way you think, feel, and act.

verbs
nouns
adverbs
adjectives

Answers

Adjectives is what I believe the answer is. adjectives are what you use to describe something such as the blanket was soft, pretty, etc.

yeah

Answer:

adjectives

Explanation:

i got it right on my review

what was the status of US workplace safety laws in 1900?

Answers

Most states had handed a few protection laws, however enforcement varied.

The required details for Safety Law in given paragraph

Safety Law manner any federal, state, local or overseas law, statute, ordinance, rule, regulation, order, decree, judgment, injunction, permit, license, authorization or other binding requirement, or not  law, pertaining  to meals protection and quality, including all through the growing, packing, storage, handling or transportation phases.

When the Secretary of State determines that the proprietor of a car has now no longer paid a civil penalty or a agreement settlement bobbing up from the violation of regulations followed below the Illinois Motor Carrier Safety Law or the Illinois Hazardous Materials Transportation Act or that a car, irrespective of ownership, became the situation of violations of those regulations that led to a civil penalty or agreement settlement which stays unpaid.

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Bethany has been assigned the task of shipping all of the exhibit parts for the trade show her company is participating in to Germany. She works with a shipping company and has all the parts packaged together in a crate that will be lifted directly from the company truck to the airplane. When the crate arrives in Germany it will go directly onto another truck and will be delivered to the convention center. What innovation in transportation is Bethany using

Answers

Bethany is using communication innovation to manage the required task.

Communication is the process of relaying information between people or parties about a specific issue. It can be done through various means that will help the flow of that required information.

In the given scenario, Bethany needs to ensure that the exhibit parts are transported to the designated destination. To make that happen, she cannot personally/individually do the work herself. So, she would need the help of a shipping company to help her transport the items for the trade show. This will be made through a communication process where she deals with the shipping company that will do the work for her. And ensuring that the parts are packaged together in a crate, put in an airplane, safely arriving in Germany, and delivered at the convention center, she needs to have a good communication flow and line with the shipping company and the person(s) involved.

Through the process of communication, Bethany is able to ensure the safe and timely arrival of the exhibit parts for her company's trade show. The innovation in transportation that she used is that of communication with the people involved to help her move the exhibit parts and delivered them on time and safely. It is also one important aspect of globalization.

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Bethany has been assigned the task of shipping all of the exhibit parts for the trade show her company

Bakery has bought 250 pounds of muffin dough. They want to make waffles or muffins in half-dozen packs out of it. Half a dozen of muffins requires 1 lb of dough and a pack of waffles uses 3/4 lb of dough. It take bakers 6 minutes to make a half-dozen of waffles and 3 minutes to make a half-dozen of muffins. Their profit will be $1.50 on each pack of waffles and $2.00 on each pack of muffins. How many of each should they make to maximize profit, if they have just 20 hours to do everything?

Answers

Answer and Explanation:

The number of packets of waffles is W

and the number of muffins are M

The weight of dough is 250 pound and a pack of muffins requires 1 lb of dough whereas a pack of waffles uses 3/4 lb of dough.

3÷4W+M≤250

Multiplying both sides by 4

3W+4M≤1000

It takes bakers 6 minutes to make a packer of waffles and 3 minutes to make a pack of muffins, the total time available is 20 hours or 1200 minutes.

3M+6M≤1200

Minus the initial equation from the new equation:

(3M+6M≤1200)−(3W+4M≤1000)

2M≤200

Dividing equation by 2

M≤100

For M≤100

3W+4M≤1000

3W≤1000−4M

For the Maximum values of M

the least value of W is obtained

3W≥1000−4×100

3W≥600

Dividing the equation by 3

W≥300

For maximum profit, the number of waffles and muffins is taken as 300 and 100 respectively :

1.5∗300+2∗100

=650

people who work in farms tend to have thicker calluses on their hands than those who do not pursue farming, as they use their hands for most physical activities. this is an example of .

Answers

People who work on farms have bigger calluses on their hands than those who do not work on farms because they use their hands for the majority of physical activity. This is an illustration of evoked culture. Thus, the correct answer is evoked culture.

What does the Evoked culture imply?

Evoked cultural behaviors are the results of common psychological mechanisms in reaction to local environmental signals, according to Fessler et al. Cultural behaviors that are transmitted are those that are learned from one's social group, independent of context. Because natural selection has changed the human psyche to respond adaptively to varied surroundings, evoked culture is fundamental to Evolutionary Psychology. Transmitted culture is based on our developed mind, but it spreads by "cultural evolution" rather than genetic evolution. As a result, studying evoked culture may fall within the purview of evolutionary psychology, just as studying transmitted culture falls under the purview of cultural evolution, social psychology, and other fields.

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ECONOMICS CHAPTER 2 SECTION 3

explain the relationship between the terms in each of these pairs
A. Private property rights and market
B. laissez-faire and capitalism
C. Specialization and profit
D. Factor market and product market

ECONOMICS CHAPTER 2 SECTION 3

Answers

Private property rights  and market is  in which people buy and sell resources or goods and services.

Private property rights are the rights of individuals and groups to own property and the market is any place or situation in which people buy and sell resources and goods and services.

Laissez-faire and capitalism-The relation-ship between laissez-faire and capitalism is laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention.

Specialization and profit- The relation-ship between specialization and profit is the companies specialize in making one product or one component of a product, if this product will make at large scale, companies reduces it's cost to earn profit.

Factor market and product market-  The relation-ship between Factor market and product market is the factor market is running by the demand of product market. The product market is sold their goods and services with the demand of factor market to production these goods and services.

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global fdi flows ____ significantly in ____ due to _____.

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The correct option is A ; Decreased; 2008; the global recession , Foreign Direct Investment (FDI) flows document the value of cross-border transactions connected to direct investment over a specific time period, often a quarter or a year.

Financial flows include equity trades, earnings reinvestment, and intercompany loan transactions.

According to extant research on FDI inflows, the most prevalent variables of FDI inflows include market size, market expansion rate, trade liberalization, exchange rate, business clustering effects, political stability, good governance, tax incentives, labor availability and cost, labour productivity.

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Full Question ;

Global FDI flows ____ significantly in ____ due to _____.

- decreased; 2008; the global recession

- decreased; 2010; increasing regulations

- increased; 2008; the global expansion

- increased; 2010; decreasing regulations

you hurt your back at work by falling of a ladder and are out of work for a month

Answers

Answer:

Uh, of course I'm not at work! I brutally broke my back. Ouch.

a. Johnny works at Walmart
His first paycheck…20 hours at $10.00 an hour
Calculate his Net Pay if Federal Tax is calculated at 9.5% and Sate at 7%:

Answers

Answer:

$167.00

Explanation:

(Considering no other deductions.)

(i) Why is the marginal rate of return for education investment subject to 'diminishing returns'? (5 marks) (ii) Explain the rationale for identifying this diminishing marginal rate of return curve as the demand for education curve'.

Answers

(i) The marginal rate of return for education investment is subject to diminishing returns because of the following reasons: After a certain point, the increase in education investment brings only a marginal or incremental return.

This can be attributed to the fact that education investment is a type of human capital investment. When individuals continue to add education investment, they will ultimately reach the point of maximum productivity, which means that they will earn no further benefits from additional education investment.In addition, at higher levels of education, the cost of education will increase due to factors such as opportunity costs, course fees, and loss of earnings. Hence, diminishing marginal returns to education investment is natural due to the nature of human capital investment.(ii) The diminishing marginal rate of return curve is also known as the demand for education curve. The rationale for identifying the diminishing marginal rate of return curve as the demand for education curve is that the marginal rate of return is a measure of the additional output generated by an additional unit of input.The demand for education curve indicates the quantity of education investment demanded at each level of education investment price, given the individual's preferences, the return on investment, and the cost of education. At lower levels of education investment, the marginal rate of return is higher, and the demand for education is greater. However, as education investment continues, the marginal rate of return diminishes, and the demand for education decreases. The demand for education curve is downward-sloping due to the diminishing marginal rate of return.

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Jayden created a cell model using a glass bottle with a cork. He said that the cork could be opened to eliminate waste material that’s generated after digestion in the cell. A number of particles resembling organelles are in the bottle. Which organelle’s function will cause Jayden to open the cork to eliminate waste material?

Answers

Answer:

"Lysosome" is the correct answer.

Explanation:

Lysosomes will become the waste-removing feature, they  have active enzymes as well as chemicals to absorb or even just recycle products from cells.It's indeed a subcellular organelle present in almost all forms of eukaryotic cells as well as taking responsibility for something like the absorption of molecules, older sections of cells, or even microorganisms.

So that the above seems to be the right answer.

Answer:

the correect awnser is D

Explanation:

Lysosomes would be the function that eliminates waste.Lysosomes have powerful enzymes and acids to digest and recycle cell material

On April 1, 2020, Bonita Company sold 34,200 of its 10%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2021. Bonita took advantage of favorable prices of its stock to extinguish 4,800 of the bonds by issuing 158,400 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash. The company's stock was selling for $31 per share on March 1, 2021. Prepare the journal entries needed on the books of Bonita Company to record the following. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answers to 0 decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) April 1, 2020: Issuance of the bonds. (b) October 1, 2020: payment of semiannual interest. (c) December 31, 2020: accrual of interest expense. (d) March 1, 2021: extinguishment of 4,800 bonds. (No reversing entries made) No. Date Account Titles and Explanation Credit 4/1/20 10/1/20 3 (a) D Debit (b) 10/1/20 (c) 12/31/20 (d) 3/1/21 3/1/21 (To record interest and discount on bonds retired)

Answers

The company will record a gain of $27,386,400. No. Account Titles and Explanation Debit Credit1 Bonds Payable $4,800,0002 Loss on Redemption of Bonds $6,776,4003 Discount on Bonds Payable $320,0004 Common Stock $1,584,0005 Paid-in Capital in Excess of Par - Common Stock $25,552,4006 Cash $75,00.

On April 1, 2020:

Issuance of the bonds.Bonita Company issued 34,200 of its 10%, 15-year, $1,000 face value bonds at 97. Therefore, the company will receive $34,200 × $1,000 × 97% = $33,174,000. The company will have to repay the bondholders with an interest of 10% × $1,000 × 6/12 = $50 per bond every 6 months.On April 1, 2020, Bonita Company made the following entry to record the issuance of the bonds:

No. Account Titles and Explanation Debit Credit1 Cash $33,174,0002 Discount on Bonds Payable $1,926,0003  Bonds Payable $35,100,000(To record the issuance of the bonds).

The entry for October 1, 2020, when the company pays the semiannual interest is:

No. Account Titles and Explanation Debit Credit1 Interest Expense $1,710,0002 Discount on Bonds Payable $75,9003 Cash $1,785,900(To record the semiannual interest payment on the bonds)On December 31, 2020: accrual of interest expense.On December 31, 2020, the accrued interest of 10% × $1,000 × 9/12 = $75 per bond is recorded.

No. Account Titles and Explanation Debit Credit1 Interest Expense $2,565,0002 Discount on Bonds Payable $135,000(To record the accrued interest on the bonds)On March 1, 2021: extinguishment of 4,800 bondsOn March 1, 2021, Bonita Company retired 4,800 bonds by issuing 158,400 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash.

The company's stock was selling for $31 per share.The carrying value of the bonds to be retired on March 1, 2021, is calculated as follows:

Carrying Value of bonds = $34,200,000 - $1,926,000 - ($75 × 9,600) = $32,394,000

Bonita Company will retire the 4,800 bonds at a discount of 2% × $1,000 × 4,800 = $96,000.

Therefore, the cost of retiring the bonds is $32,394,000 - $96,000 = $32,298,000.

The total value of the common stock issued is $31 × 158,400 = $4,912,400.

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A&E) Subscription received in cash Rs 60,000; subscription received in advance for next year Rs 3,000 and received in advance during previous year is Rs 2,000.Subscription in arrears at the end of current year Rs 5,400 . Amount credited to Income and Expenditure Account will be :(a)Rs 53,600(b)Rs. 55,600(c)Rs. 66,400(d)Rs. 64,400

Answers

Answer:

Amount credited to Income and Expenditure Account = Rs64,400

Explanation:

Given:

Subscription received in cash = Rs60,000

Subscription received in advance = Rs3,000

Subscription in arrears at the end of current year = Rs5,400

Subscription received in for previous year = Rs2,000

Find;

Amount credited to Income and Expenditure Account

Computation:

Amount credited to Income and Expenditure Account = Subscription received in cash + Subscription in arrears at the end of current year + Subscription received in for previous year - Subscription received in advance

Amount credited to Income and Expenditure Account = 60,000 + 5,400 + 2,000 - 3,000

Amount credited to Income and Expenditure Account = 67,400 - 3,000

Amount credited to Income and Expenditure Account = Rs64,400

what method of cost behavior estimation are managers using when they use their judgment to classify costs as variable, fixed, or mixed?

Answers

The method that managers are using when they use their judgment to classify costs as variable, fixed, or mixed is Account analysis. Therefore, the correct option is C.

Account analysis is a technique where managers examine individual accounts and use their expertise to determine the cost behavior. This method involves evaluating the historical data and patterns of costs to classify them as fixed, variable, or mixed. It involves analyzing each cost account individually and determining the relationship between the cost and its related activity.

It relies on managerial judgment and knowledge of the business, making it a more qualitative approach compared to other methods like the low-high method or regression analysis, which are more quantitative in nature. Managers use their experience and knowledge of the business to determine whether a cost is fixed, variable, or mixed based on this analysis.

The other methods listed, such as the low-high method and high-low method, involve mathematical calculations and statistical analysis to determine cost behavior, whereas account analysis relies more on managerial judgment and insight.

Note: The question is incomplete. The complete question probably is: Which method are managers using when they use their judgment to classify costs as variable, fixed, or mixed? a. Low-high method b. Regression analysis c. Account analysis d. High-low method.

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A firm with a cash conversion cycle of 175 days wants to stretch its average payment period from 30 days to 45 days. this will result in a(n) ________ in the cash conversion cycle of ________ days.

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A firm with a cash conversion cycle of 175 days wants to stretch its average payment period from 30 days to 45 days. this will result in a(n) decrease in the cash conversion cycle of 15 days.

The cash conversion cycle measures how long cash runs out as a company invests more in inventory to increase customer sales. It is therefore a measure of the liquidity risk associated with growth.

Cash Conversion Cycle (CCC) is a metric that represents the time (measured in days) it takes a company to convert an investment in inventory and other resources into cash flow from sales.

The cash flow conversion rate measures the efficiency with which a company converts profits into cash. This is a one-step calculation of operating cash flow divided by net income. Good ratio must be greater than or equal to 1

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A women sells a bead bracelet she made. She sold it to her sister.

Answers

Answer:

Is that the question????

Explanation:

If your asking a question a can you put the whole question.

Something that's sold has been exchanged for money. When new neighbors buy the house across the street, you'll see a sign appear in its front yard that says "Sold."

What is the meaning of Money?

Money is a good that is widely acknowledged as a means of economic exchange. It serves as the medium for expressing values and pricing. It is the primary indicator of wealth since it moves from individual to individual and from country to country, allowing trade.

Any tangible object or verifiable record that's also commonly accepted as payment for products and services as well as the repayment of debts, including such taxes, in a specific nation or socioeconomic setting is referred to as money.

Money is a centralized, widely used, acknowledged form of exchange that makes it easier to exchange goods and services. In an economy, money serves as a medium of trade for a variety of products and services. Governments and nations have different monetary systems.

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cuales son las ideas principales del actor sobre el establecimiento de metas

Answers

Explanation:

Bitte sprechen Sie Englisch

The degree to which firms should segment their markets depends on the balance the firm wants to achieve between the added perceived customer value that segmentation can offer and its ___________.

Answers

Answer:

Cost

Explanation:

SEGMENTATION can be defined as the process or ways of dividing or segmenting business market into groups or parts based on the types of features or characteristics they shared which is why MARKET SEGMENTATION is important and vital to company or organisation because it enable them to easily target the people or individual that are likely to be satisfied with their product.

Hence, For a firm, company or organisation to segment their markets it will depends on the balance that the company or organisation wants or desire to achieve between the customer value that the market segmentation can offer and its COST.

A bank with a reserve ratio of 20 nd deposits of $1,000,000 can create how much new money?
a) $5,000,000
b) $200,000
c) $800,000
d) $1,000,000

Answers

A financial institution with a reserve ratio of 20 and deposits of $one million can create a) $5,000,000

The reserve ratio is the part of reservable liabilities that business banks have to maintain, rather than lend out or make investments. that is a requirement determined by means of the united states' valuable financial institution, which in the united states is the Federal Reserve. it is also referred to as the cash reserve ratio.

The requirement for the reserve ratio is determined via the crucial financial institution of the united states, inclusive of the Federal Reserve in the case of united states. The calculation for a financial institution may be derived with the aid of dividing the cash reserve maintained with the primary financial institution by way of the bank deposits, and it is expressed in percentage.

Reserve Ratio instance: permit's anticipate that financial institution XYZ has $400 million in deposits. If the Federal Reserve's reserve ratio requirement is 10%, financial institution XYZ needs to maintain at least $forty million in an account at a Federal Reserve financial institution and may not use that money for lending or any other motive.

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Which of the following choices incur speculative risk?

a.stocks

b.fire insurance on a house

c.options

d.life insurance


e.high interest savings account

Answers

Answer: correct option is A.

Explanation: A speculative risk can be defined as risk that is taken willingly either it results in profit or loss and the stocks involve in probability of gain and loss making it a speculative risk.

Stocks incur speculative risk. Therefore option A is correct.

What are Stocks?

A stock usually referred to as equity, is a type of investment that denotes ownership in a portion of the issuing company. Shares, also known as units of stock, entitle their owners to a share of the company's assets and income in proportion to the number of shares they possess.

Common stock and preferred stock are the two primary categories of stocks.

Owners of common stock are entitled to dividends and the right to vote at shareholder meetings.

Common stockholders often do not have voting rights, while preferred stockholders typically get dividend payments ahead of time and are given preference over common investors in the event of a firm bankruptcy and asset liquidation.

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One of the properties that makes copper, cu, useful for household wiring is its ability to conduct electricity. Which other element is most likely to conduct electricity?

Answers

Silver is the other element in this scenario which will most likely conduct electricity.

What is a Conductor?

These are elements which permit electrons to flow freely from particle to particle.

Metals such as Silver and copper are referred to good conductors of heat and electricity thereby making it the most appropriate choice.

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Answer:

I believe that the answer you are looking for is Gold

Explanation:

If you and I have the same question, the answer choices are Gold, Bromine, Radon, and Nitrogen, correct? Radon and Nitrogen are gasses, so that's an automatic no, and Bromine is a bad conductor, so that leaves Gold as our answer. I hope this helps!

Productivity, dependability, and responsibility are examples of skills that managers look for when determining who to promote within a company. Evaluate these three skills and another one or two that you come up with and explain how each skill could be helpful for an employee looking to get a promotion.

Answers

A dependable employee is an incredible asset to a company, as they make great coworkers, can be trusted to do their jobs. Productivity and responsibility are important aspects for the promotion.

What is a dependable employee?

A dependable employee is a fantastic addition to a company because they make excellent teammates, can be trusted to execute their tasks without micromanagement, and empower others to accomplish their jobs effectively. As a result, being recognized as a dependable employee can help you stand out as an attractive prospect.

Every organization wants a productive employee who is responsible for the success of the organization as well as for his personal gains.

Being reliable implies doing what you say you'll do, when you say you'll do it. A reliable individual fosters trust by keeping himself/herself accountable and, if they lead others, their team members accountable as well.

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mike chooses a daas arrangement for his small business because it reduces costs. why is daas less costly than the traditional alternative?

Answers

Mike chooses DaaS for his business as DaaS (desltop as a service) is less costly than traditional alternative as there is no in-house database installation, maintenance, or monitoring.

In a cloud computing service called desktop as a service (DaaS), a service provider gives end users virtualization via the Internet which are authorized on a per-user basis. For small organizations who find building its own virtualization architecture to be too costly or resource-intensive, the provider handles backend maintenance. This management often entails upkeep, data storage, backup, and upgrades. Additionally, desktop security & application management may be handled by cloud service providers, or users may handle these service aspects on their own. The foundation of DaaS (desktop as a service) is the idea that data products could be made available to users on demand, regardless of corporate or geographical barriers.

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LEW Jewelry Co. uses gold in the manufacture of its products. LEW anticipates that it will need to purchase 500 ounces of gold in October 2020, for jewelry that will be shipped for the holiday shopping season. However, if the price of gold increases, LEW's cost to produce its jewelry will increase, which would reduce its profit margins.

To hedge the risk of increased gold prices, on April 1, 2020, LEW enters into a gold futures contract and designates this futures contract as a cash flow hedge of the anticipated gold purchase. The notional amount of the contract is 500 ounces, and the terms of the contract give LEW the right and the obligation to purchase gold at a price of $300 per ounce. The price will be good until the contract expires on October 31, 2020.

Assume the following data with respect to the price of the futures contract and the gold inventory purchase:

Date Spot Price for October Delivery
April 1, 2020  $300 per ounce
June 30, 2020  310 per ounce
September 30, 2020  315 per ounce
Instructions
Prepare the journal entries for the following transactions.

a. April 1, 2020—Inception of the futures contract, no premium paid.

b. June 30, 2020—LEW Co. prepares financial statements.

c. September 30, 2020—LEW Co. prepares financial statements.

d. October 10, 2020—LEW Co. purchases 500 ounces of gold at $315 per ounce and settles the futures contract.

e. December 20, 2020—LEW sells jewelry containing gold purchased in October 2020 for $350,000. The cost of the finished goods inventory is $200,000.

f. Indicate the amount(s) reported on the balance sheet and income statement related to the futures contract on June 30, 2020.

g. Indicate the amount(s) reported in the income statement related to the futures contract and the inventory transactions on December 31, 2020.

Answers

a. April 1, 2020—Inception of the futures contract, no premium paid.

To record the inception of the futures contract:

Debit: Futures Contract Asset (500 ounces * $300 per ounce)

Credit: Futures Contract Liability (500 ounces * $300 per ounce)

b. June 30, 2020—LEW Co. prepares financial statements.

No journal entry is required on this date as it is an interim reporting date.

c. September 30, 2020—LEW Co. prepares financial statements.

No journal entry is required on this date as it is an interim reporting date.

d. October 10, 2020—LEW Co. purchases 500 ounces of gold at $315 per ounce and settles the futures contract.

To record the purchase of gold and settlement of the futures contract:

Debit: Gold Inventory (500 ounces * $315 per ounce)

Debit: Futures Contract Liability (500 ounces * $300 per ounce)

Credit: Cash (500 ounces * $315 per ounce)

e. December 20, 2020—LEW sells jewelry containing gold purchased in October 2020 for $350,000. The cost of the finished goods inventory is $200,000.

To record the sale of jewelry:

Debit: Accounts Receivable (or Cash) ($350,000)

Credit: Sales Revenue ($350,000)

Debit: Cost of Goods Sold ($200,000)

Credit: Finished Goods Inventory ($200,000)

f. Indicate the amount(s) reported on the balance sheet and income statement related to the futures contract on June 30, 2020.

The futures contract is reported on the balance sheet as follows:

Asset:

Futures Contract Asset (Mark-to-market value on June 30, 2020)

Liability:

Futures Contract Liability (Mark-to-market value on June 30, 2020)

There will be no impact on the income statement on June 30, 2020, as it is an interim reporting date.

g. Indicate the amount(s) reported in the income statement related to the futures contract and the inventory transactions on December 31, 2020.

The income statement for December 31, 2020, will include the following amounts:

Futures Contract:

Any change in the fair value of the futures contract from September 30, 2020, to December 31, 2020, will be recognized as a gain or loss on the futures contract.

Inventory Transactions:

The cost of goods sold will include the cost of the finished goods inventory sold ($200,000).

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Is market segmentation just a nice way of using "stereotypes" to sell your products? Can people really be classified so easily into groups that share common needs, wants, and demands?

Answers

Market segmentation is not just a way of using stereotypes to sell products. It is a strategic marketing approach that involves dividing a market into distinct groups of customers who share similar needs, wants, and demands. These groups are based on various factors such as demographics, psychographics, behavior, and geographic location.

Market segmentation is a marketing strategy that divides a market into distinct groups based on common needs, wants, and demands. It is not just a way of using stereotypes to sell products. Instead, it is a data-driven approach that helps companies better understand their customers and target specific segments with tailored marketing messages and products.

Market segmentation allows companies to focus on the most profitable and receptive customer groups, leading to more effective marketing strategies and increased sales. While individuals within a segment may still have differences, market segmentation recognizes that they share common characteristics that make them more likely to respond positively to marketing efforts.

By using market segmentation, companies can deliver products and messages that resonate with specific segments, maximizing their marketing efforts and improving overall customer satisfaction and sales.

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