The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $50,000 from the issue of common stock. 2. Purchased equipment inventory of $176,000 on account. 3. Sold equipment for $205,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $130,500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales. 5. Paid the sales tax to the state agency on $155,500 of the sales. 6. On September 1, Year 1, borrowed $19,000 from the local bank. The note had a 7 percent interest rate and matured on March 1 , Year 2. 7. Paid $5,500 for warranty repairs during the year. 8. Paid operating expenses of $52,500 for the year. 9. Paid $124,800 of accounts payable. 6 . Required
a. Record the given transactions in a horizontal statements model.
b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1.
c. What is the total amount of current liabilities at December 31, Year 1?
Answers
a. Horizontal statements model:
| | Assets | Liabilities | Owner's Equity |
|---------|---------|-------------|----------------|
| Year 1 | | | |
| | | | |
| | | | |
b. Income statement, balance sheet, and statement of cash flows for Year 1:
Income Statement for Year 1:
Net Sales: $205,500
Cost of Goods Sold: $130,500
Gross Profit: $75,000
Operating Expenses: $52,500
Warranty Expense: $5,500
Interest Expense: ?
Net Income: ?
Balance Sheet for Year 1:
Assets:
- Equipment: $0 (sold)
- Inventory: $176,000
- Accounts Receivable: $0
- Cash: ?
Total Assets: ?
Liabilities:
- Accounts Payable: $124,800
- Sales Tax Payable: ?
- Warranty Payable: ?
- Notes Payable: ?
Total Liabilities: ?
Owner's Equity:
- Common Stock: $50,000
- Retained Earnings: ?
Total Owner's Equity: ?
Statement of Cash Flows for Year 1:
Operating Activities:
- Net Income
- Adjustments for:
- Depreciation (equipment sold)
- Changes in working capital (accounts payable, sales tax payable, warranty payable)
Investing Activities:
- Proceeds from equipment sale
Financing Activities:
- Issuance of common stock
- Borrowing from the local bank
- Repayment of notes payable
c. The total amount of current liabilities at December 31, Year 1 would include the accounts payable, sales tax payable, and warranty payable. The specific amounts for these liabilities are not provided in the given information, so the total amount cannot be determined without additional details.
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Related Questions
true or false Internal rate of return (IRR) can reliably be used to choose between mutually exclusive projects.
Answers
The given statement "Internal rate of return (IRR) can reliably be used to choose between mutually exclusive projects" is false because it assumes that a project's investment can be reinvested in its IRR which might not hold true for mutually exclusive projects.
Internal Rate of Return (IRR) is a commonly used metric in capital budgeting to evaluate the profitability of investments. However, it cannot reliably be used to choose between mutually exclusive projects. This is because the IRR assumes that a project's investment can be reinvested in its IRR. In mutually exclusive projects, this assumption might not hold true, as the projects may have different sizes, cash flow timings, and reinvestment rates.
To choose between mutually exclusive projects, the Net Present Value (NPV) method is often preferred. NPV calculates the present value of cash flows generated by the investment and subtracts the initial cost of the investment. It considers the time value of money and assumes that cash flows are reinvested at the firm's required rate of return, which is a more realistic assumption.
In summary, although IRR is useful for evaluating individual projects, it may not provide a reliable basis for choosing between mutually exclusive projects. Instead, the NPV method is a more suitable approach for making such decisions, as it better reflects the time value of money and reinvestment rates.
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three key elements of globally integrated operations of particular interest with regard to authorities are . (select all that apply.)
Answers
The three key elements of globally integrated operations of particular interest with regard to authorities are:
1. Compliance with legal and ethical standards
2. Transparency and Accountability
3. Environmental and social sustainability
What is global integration?
Global integration is the process of bringing together disparate parts of the world into a single, interconnected network. It is frequently referred to as globalization, which refers to the economic, cultural, and political interdependence of nations across borders.
Global integration is seen in a variety of contexts, including business, economics, social movements, and politics, and it entails a wide range of phenomena.
What are the benefits of global integration?
Global integration is beneficial because it lowers prices, raises incomes, and encourages innovation.
Additionally, the presence of competitive rivals inspires innovation and promotes the adoption of better business practices. Finally, globalization promotes the development of a worldwide workforce, which is critical to the growth of multinational corporations, resulting in the creation of more employment opportunities.
However, globalization is not without its critics, who argue that it has resulted in the exploitation of workers, the degradation of the environment, and the enrichment of multinational corporations. The advantages and disadvantages of global integration are highly contentious and the debate is ongoing.
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On March 1, 2021, Stratford Lighting issued 10% bonds, dated March 1, with a face amount of $690,000. The bonds sold for $678,000 and mature on February 28, 2041 (20 years). Interest is paid semiannually on August 31 and February 28. Stratford uses the straight-line method and its fiscal year ends December 31.
1. Prepare the journal entry to record the issuance of the bonds by Stratford Lighting on March 1, 2021
2. Prepare the journal entry to record interest on August 31, 2021
3. Prepare the journal entry to accrue interest on December 31, 2021.
4. Prepare the journal entry to record interest on February 28, 2022
Answers
Answer:
1. March 1, 2021
Dr Cash $678,000
Dr Discount on bonds payable $12,000
Cr Bonds payable $690,000
2. August 31, 2021
Dr Bond interest expense $34,800
Cr Discount on bonds payable $ 300
Cr Cash $34,500
3. December 31, 2021
Dr Bond interest expense $23,200
Cr Discount on bonds payable $200
Cr Bond interest payable $23,000
4. February 28, 2022
Dr Bond interest payable $23,000
Dr Bond interest expense $11,600
Cr Discount on bonds payable $100
Cr Cash $34,500
Explanation:
1. Preparation of the journal entry to record the issuance of the bonds by Stratford Lighting on March 1, 2021
Dr Cash $678,000
Dr Discount on bonds payable $12,000
($690,000-$678,000)
Cr Bonds payable $690,000
(Being to record issuance of the bonds is recorded)
2. Preparation of the journal entry to record interest on August 31, 2021
Dr Bond interest expense $34,800
Cr Discount on bonds payable $ 300 ($12,000/20*6/12 )
Cr Cash $34,500
($690,000 × 10% × 6/12)
(Being to record interest )
3. Preparation of the journal entry to accrue interest on December 31, 2021.
Dr Bond interest expense $23,200
($23,000+$200)
Cr Discount on bonds payable $200
($12,000/20 × 4 /12)
Cr Bond interest payable $23,000
($690,000* 10%× 4/12)
(Being to record accrue interest is recorded)
4. Preparation of the journal entry to record interest on February 28, 2022
Dr Bond interest payable $23,000
($690,000* 10%× 4/12)
Dr Bond interest expense $11,600
[($34,500+$100)-$23,000]
Cr Discount on bonds payable $100
($12,000/20*2/12)
Cr Cash $34,500
($690,000 × 10% × 6/12)
(Being to record interest is recorded)
If you are sure that you will be able to pay off the balance of your credit card bill in full each month, you should consider:
A) getting two credit cards, so you always have a line of credit open for use.
B) raising your borrowing limit on your credit card so you can spend more
C) only credit cards that offer a low APR
D) only credit cards that offer zero annual fees even if the APR is high.
Answers
The answer is D, I jus took the quiz so you can trust this answer
When an individual is sure that they will be able to pay off the balance of your credit card bill in full each month, Then it is advisable for the person should consider only using credit cards that offer zero annual fees even if the APR is high.
For better understanding let's explain the terms
Credit cards are often offered by financial companies to its customers for withdrawal of their money from their account. APR is simply known as annual percentage rate. It is the annual interest rate that is charged for using credit.The removal or no annual fee is better for an individual who can pay their credit card bill each month.From the above we can therefore say that the answer When an individual is sure that they will be able to pay off the balance of your credit card bill in full each month, Then it is advisable for the person should consider only using credit cards that offer zero annual fees even if the APR is high, is correct
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fifteen years ago, you invested $5,000. today, it is worth $18,250. what annually compounded rate of interest did you earn?
Answers
The annual compounded interest that you earned is given as : 6.9 percent
How to solve for the compounded interestTo calculate the annual compounded rate of interest, you can use the formula:
r = (V / P)^(1/t) - 1
Where:
r = annual compounded rate of interest
V = final value of investment ($18,250)
P = initial value of investment ($5,000)
t = time elapsed in years (15)
Plugging in the values:
r = ($18,250 / $5,000)^(1/15) - 1
r = (3.65)^(1/15) - 1
r = 1.0696 - 1 = 0.0696 or 6.96%
So, the annually compounded rate of interest that you earned is approximately 6.96%.
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Question 3 of 10
A standard is a:
Answers
Answer: Level of quality or performance that people accept as normal
Explanation: I took this quiz
Which of the following bases of product differentiation is usually costly to duplicate?
A) product features
B) links with other firms
C) reputation
D) product mix
Answers
The base of product differentiation that is usually costly to duplicate is reputation. Reputation is the perception of a company that has been built up over time through a variety of factors, including quality, customer service, and brand image. The correct option is A.
This perception can be difficult for competitors to replicate because it is based on intangible factors that are difficult to duplicate, such as a company's history, culture, and values. Additionally, building a strong reputation often requires significant investment in marketing, advertising, and other activities that can be costly for competitors to replicate.
In contrast, product features, links with other firms, and product mix can often be replicated more easily, as competitors can simply copy these elements or offer similar products or services. Therefore, companies that have a strong reputation can often enjoy a competitive advantage that is difficult for others to match, making this base of product differentiation particularly valuable.
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in the event that a parent dies or becomes disabled, which rider allows surviving child coverage to continue until the child reaches a specified age? substitute insured rider surviving income rider waiver of premium rider payor rider
Answers
The rider that allows surviving child coverage to continue until the child reaches a specified age in the event that a parent dies or becomes disabled is the substitute insured rider.
This rider essentially replaces the insured parent with another individual who will continue to pay premiums and provide coverage for the child. The substitute insured can be a family member or a trusted individual chosen by the insured parent.
The surviving income rider is a different type of rider that provides the child with a monthly income in the event of the insured parent’s death or disability. The waiver of premium rider waives the premium payments for the policy in the event of the insured parent’s disability. The payor rider is a rider that provides coverage for the child in the event that the insured parent or payor of the policy dies or becomes disabled.
It is important to carefully consider the different riders and coverage options available when choosing a life insurance policy to ensure that your loved ones are adequately protected in the event of an unforeseen tragedy.
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The coursework taken at a _____ is focused on specific career skills and trades and does not generally require further academic studies.
vocational school
private school
university
college
Answers
Answer:
Vocational school
Explanation:
Edge 2021
How important is money
Answers
Answer:
very important
Explanation:
money is a global income source for everyone. we all have different types but it is all still money. now say one country got rid of money and had people pay for stuff using other things. if china did that lots of different countries wouldn't be able to get stuff from there unless they had so much of that product they could just give it up.
When the GDP / GDP gap is positive, it represents ______ gap, and when it is negative, it represents _____ gap. (a) A recessionary; an inflationary. (c) An inflationary; a recessionary. (b) An inflationary; an employment. (d) An employment; unemployment.
Answers
When the GDP / GDP gap is positive, it represents a recessionary gap, and when it is negative, it represents an inflationary gap. (Option A)
When the GDP gap is positive, it represents a recessionary gap, indicating that the actual GDP is below the potential GDP. This means that the economy is operating below its full capacity, leading to unemployment and underutilization of resources. A positive GDP gap typically signals a period of economic downturn or recession.
Conversely, when the GDP gap is negative, it represents an inflationary gap. In this scenario, the actual GDP exceeds the potential GDP, indicating that the economy is operating beyond its sustainable capacity. This situation can lead to increased demand for goods and services, putting upward pressure on prices, and potentially resulting in inflationary pressures.
In summary, a positive GDP gap suggests a recessionary gap due to an underperforming economy, while a negative GDP gap signifies an inflationary gap resulting from an overheating economy. These gaps are important indicators for policymakers to consider when formulating economic strategies, as they can inform decisions on fiscal and monetary policies aimed at stabilizing the economy and maintaining price stability.
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A manager who serves as a role model for ethical conduct in a way that is visible to employees is referred to as a(n) _____ manager.
Answers
A manager who serves as a role model for ethical conduct in a way that is visible to employees is referred to as an "ethical manager."
An ethical manager consistently demonstrates and promotes ethical behavior within the workplace, setting a positive example for employees. By actively embodying ethical conduct, the manager helps to create a work environment where integrity, fairness, and accountability are valued. An ethical manager's actions include treating employees with respect, being transparent in decision-making processes, acknowledging and rewarding employees' contributions, and actively addressing unethical behavior. Additionally, an ethical manager encourages open communication and fosters a culture where employees feel comfortable raising concerns without fear of retaliation. Moreover, ethical managers play a crucial role in developing and implementing policies and procedures to ensure compliance with relevant laws, regulations, and industry standards. They ensure that the organization's core values are consistently upheld and integrated into daily operations, setting the tone for the entire workforce. In summary, an ethical manager is a vital figure in promoting and maintaining a positive work environment, where ethical conduct is at the forefront. By modeling ethical behavior, an ethical manager influences employees to adopt similar principles, ultimately contributing to the overall success and reputation of the organization.
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Gratuitous Agent Definition
Refers to an agent who performs services without compensation but still owes their principal full fiduciary responsibility.
Answers
A gratuitous agent still must adhere to the customary duties of loyalty, obedience, and reasonable care that apply to all agents.
Gratuitous AgentIn certain cases, a gratuitous agent may be liable for the consequences of their actions.A gratuitous agent is an individual who performs services or duties on behalf of another person, known as the principal, without any payment or other compensation in return. Instead, the gratuitous agent typically acts in good faith, out of moral or ethical obligations, or from a sense of loyalty to the principal. While the gratuitous agent may not be paid for their services, they are still expected to uphold a full fiduciary responsibility to the principal. This includes duties of loyalty, care, diligence, and full disclosure of any relevant information. The gratuitous agent owes their principal a duty to act in their best interests, not their own. For example, the gratuitous agent should not accept any personal benefits or gifts from the principal’s clients or suppliers. The gratuitous agent should also refrain from taking any actions that may benefit themselves personally or financially, such as using their role as an agent to solicit business. In addition, the gratuitous agent must act honestly and with integrity in all matters relating to the principal. They should not make any false statements, conceal any facts, or engage in any fraudulent activities. Furthermore, the gratuitous agent is expected to provide the principal with regular reports and updates on their activities.
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What is the process of converting the currency of one country into the currency of another country?
Exchange rate
Foreign exchange
Answers
Answer:
Foreign exchange
Explanation:
The process of converting the currency of one country to another is known as foreign exchange or Forex. Converting or exchanging to a particular currency is buying that currency. One needs to have their home currency or any other currency to convert it to the desired currency.
If both currencies have equal strengths, then one unit of a currency should exchange with one unit of the other. The exchange rate would be one. Since currencies have different strengths, they convert or exchange at different rates.
Lilly wants to be sure that she can work on her own, although she hopes that everyone on her team will be rewarded for her work. Lilly can be classified as
Answers
Lilly can be classified as an independent worker who values teamwork and recognizes the importance of recognizing the contributions of others. Her desire to work on her own suggests that she values autonomy and may have a preference for working independently rather than in a group setting.
However, her hope that everyone on her team will be rewarded for her work indicates that she recognizes the importance of collaboration and values the contributions of others. Overall, Lilly's approach to work suggests that she is a well-rounded team player who values both independent work and collaboration and recognizes the importance of recognizing the contributions of others.
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The average U.S. worker is MOST likely to hold about _____ jobs between the ages of 18 and 25. Please choose the correct answer from the following choices, and then select the submit answer button. three two seven five
Answers
Ayla is monitoring sales after release of a tv advertisement for her new line of non-gmo snack foods. The fact that this particular ad might not cause consumers to make an immediate purchase is a result of.
Answers
The reason why the particular ad in question might not cause consumers to make an immediate purchase is a result of the lagged effect.
What is the lagged effect in marketing?In marketing, the lagged effect simply means that there is a delayed response to the advertisement of marketing campaign by consumers who are the potential market. In other words, the consumers who are the potential market might have seen the advertisement or marketing campaign, but did not buy the product or service that they were being offered.
The reasons for this can be several in number with one of them being that the product being advertised has not yet gained societal approval. This is a possible reason for the ad that Ayla watched on her new line of non - gmo snack foods. Maybe people have gotten used to GMO snack foods for so long that they have a lagged effect to advertisements encouraging them to use other snacks.
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Which of the following is NOT true of studying abroad?
O Local job opportunities become nonexistent
O Students can learn a new language
Bigger potential for international employment
O Students can pursue education abroad
Answers
Answer:
Local job opportunities become nonexistent
Explanation:
they don't become nonexistent
Why is it important for public corporations to comply with audits
Answers
Answer:
Explanation:
Accounting and auditing professionals serve an absolutely vital role in our capital markets. Transparent, informative and accurate financial reporting are the lifeblood of the capital markets and are essential for investors to make informed decisions as to how to allocate their capital.
when the marketing manager at tony's pizza decided to target households with children ages 6 to 12 to reverse the sales trend in this segment, she was converting information into a(n)
Answers
Based on the fact that the marketing manager decided to target households that had children aged 6 to 12, this meant that she converted information into an action recommendation.
What is an action recommendation?An Action Recommendation refers to when a trend is noticed on data or information that is derived for a specific purpose, such as the sales trend described, and then this information is used to make decisions that either reverse the trend, or continue it and take advantage of it.
The sales trend information showed the marketing manager that there was a need to reverse it and so she used the data to make the Action Recommendation of targeting homes with children aged 6 to 12.
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draw a two rays that are not opposite rays
Answers
Answer:
stay safe healthy and happy.
Feed Me Now
Disclaimer: The situation described in the following case study is fictional, and bears no resemblance
to any persons, businesses, or organisations, living or dead. Any such resemblance, if exists, is merely
co-incidental in nature, and is not intentional.
Feed Me Now is an online company that provides food delivery services, connecting restaurants (and
also cafes) with individuals. Feed Me Now allows restaurants which would otherwise be dine-in and
takeaway businesses to also provide home delivery and online ordering (for pick up takeaway
orders) services.
Upon signing up with the Feed Me Now platform, restaurants specify whether they will cater for
home delivery only, or both home delivery and pick up takeaway. Feed Me Now does not make any
money from online ordering, as no additional fee is charged on top of the restaurant price for pick
up takeaway orders – Feed Me Now’s income is from delivery fees and advertising on their website
and mobile application services. Restaurants can also pay to ‘promote’ themselves or specific
deals/items they are offering on Feed Me Now’s platforms.
Restaurants provide Feed Me Now with a list of menu items to be made available on the service.
Each menu item includes a name, description, price, picture, and category. Restaurants can define
their own categories for items, which can include things like "Starter", "Main", "Dessert", "Drinks"
or types of food such as "Stir-Fry", "Soup", and others. Individuals can browse the menu for each
restaurant, and each restaurant has a name and address.
Individuals can place an order through the Feed Me Now website or Feed Me Now mobile
application to any of the restaurants on the service. Each order comprises a list of items and their
quantities selected from the menu items, all of which must be from a single restaurant.
For home delivery, Feed Me Now charges a delivery fee on a per kilometre basis calculated on the
distance from the restaurant to the delivery location – the distance is calculated using an external
mapping service, which takes two street addresses and returns the road distance between them.
The delivery fee (for delivery orders) is added to the total price of the selected menu items to
determine the order total. An order may have different delivery and billing addresses (but might
not), and pick up takeaway orders do not require individuals to enter a delivery address.
Orders can be paid for through a wide range of payment methods. Payment methods notify the
ordering system when payments have been successfully completed (so that orders can be
processed). Previously used payment methods and previously placed orders can be ‘favourited’ by
individuals for quicker payment or re-ordering in the future.
Individuals can make special requests for each item in their order. Each order has a status that
describes what the current progress of the order is. Some example statuses are: "Creating order"
(while the individual is adding items to their order), "Awaiting payment" (when the individual has
finished adding items and is putting in their payment details), "Payment confirmed", "Being made",
"Ready for pickup" (regardless of whether it is ready for the driver to pick up for delivery orders, or
the individual to pick up for pick-up orders), "With driver", "Delivered" (for delivery orders), and
"Picked up" (for pick-up orders).
Each delivery order is delivered by a driver. The driver for each order is recorded, so that drivers can
be paid appropriately (similar to the delivery fee, this is calculated on a per kilometre basis) and also tips from individuals can be added to their payment for each order they deliver. Individuals are
prompted to provide a tip amount (which can be $0) after the order delivery has been completed.
Drivers are not restricted to working for particular restaurants – they are able to handle any orders
they wish to within the Feed Me Now service.
As an ICT business analyst, you will be tasked with analysing and modelling Feed Me Now’s current
business practices in order to better understand the current situation of the business, with a view
towards creating a single, updated ICT system to manage their delivery management system.
Answers
As an ICT business analyst, your role is to analyze and model Feed Me Now's current business practices to understand their existing situation and propose an updated ICT system for their delivery management.
Here are the key steps you can take: Conduct Stakeholder Interviews: Interview key stakeholders, including management, restaurant owners, delivery drivers, and customers to gather their perspectives on the existing system, pain points, and desired improvements.
Document Current Processes: Document the current processes involved in restaurant registration, menu management, order placement, delivery management, payment processing, and customer support. Identify any inefficiencies, bottlenecks, or gaps in the existing system.
Identify Requirements: Based on stakeholder interviews and process documentation, identify the functional and non-functional requirements for the updated ICT system. This may include features like user registration, menu management, order tracking, payment integration, driver management, and reporting capabilities.
Analyze Data Flows: Understand the flow of data within the current system. Identify the data entities, such as restaurants, menu items, orders, drivers, and customers. Determine the relationships and interactions between these entities and the required data attributes.
Create System Models: Develop system models, such as use case diagrams, activity diagrams, and sequence diagrams, to illustrate the interactions between system components, actors, and processes. This will help visualize the system's functionality and identify areas for improvement.
Design Database Schema: Based on the identified data entities and their relationships, design a database schema that can efficiently store and retrieve the required data. Consider data normalization, data integrity, and scalability.
Propose ICT System Architecture: Based on the requirements and system models, propose an updated ICT system architecture. This may involve selecting appropriate technologies, frameworks, and infrastructure components. Consider factors such as scalability, security, and integration with external mapping services and payment gateways.
Develop a Project Plan: Create a project plan that outlines the tasks, timelines, and resource requirements for implementing the updated ICT system. Identify dependencies, milestones, and potential risks.
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Dwight was appointed a principal for Seacoast Securities in June of 1996. He continued in the position until 2012, when he left to start his own firm. How long did Seacoast need to maintain the record of his principal designation
Answers
Answer:
16 years
Explanation:
2012-1996=16 years
How many potential threat indicators does a person who is playful and charming, consistently wins performance awards, but is occasionally aggressive in trying to access sensitive information display?
Answers
Answer: 1 indicator
Explanation:
A person who is occasionally aggressive in trying to access sensitive information display possess one indicator threat, despite being playful and charming, and onsistently winnimg performance awards.
There is one indicator of insider threat from such a person who is playful and charming, consistently wins performance awards, but sometimes tries to aggressively access sensitive information.
What is an insider threat?
An insider threat is a security risk that may be attributed to someone from within a company.
In the given case, there lies one indicator of a potential insider threat as the person involved gets aggressive when he is trying to access sensitive information about the organization which involves risk.
Hence, there is one indicator of potential insider threat in this case as the person involved shows suspicious behavior while collecting sensitive information about the company.
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What can be a benefit of using interviews to select employees to hire?
A. Insights from employees' examples
B. Accurate prediction of honesty
C. Good measurement of intelligence
D. Errors from employee bias
Answers
Answer:
B. Accurate prediction of honesty
Explanation:
Interviews are one of the most effective tools that human resource managers use to determine if a candidate is a match or not for a specific job. Flexibility is the key word here. That allows both the candidate and the interviewer, the possibility of understanding what are the skills needed for a certain job and if the candidate possesses them. When someone answers a test, you can tell if the candidate knows about the subject or not, but when he/she is interviewed, you can ask for more detail and examples that help clarify the candidate's ideas, expectations and capabilities. E.g. a candidate states that he/she knows how to use WordPress very well, and the interviewer can ask him/her about specific tasks to verify if that is true.
Answer:
A. Insights from employees’ examples
Explanation:
Just took the quiz.
An article in a newspaper explains that a new business is about to open.
Answers
Answer:
So what's the question......??????
Mary Walket, president of Rusco Products, considers $14,000 to be the minimum cash balance for operating purposes. As can be seen from the following statements, only $8,000 in cash was available at the end of 2009 . Because the company reported a large net income for the year, and also issued both bonds and common stock, the sharp decline in cash is puzzling to Ms. Walker.
The following additional information is available for the year 2009.a. Dividends totaling $9,000 were declared and paid in cash.b. Equipment was sold during the year for $8,000. The equipment had originally cost $20,000 and had accumulated depreciation of $ 10,000.c. The decrease in the Preferred Stock account is the result of a conversion of preferred stock into an equal dollar amount of common stock.d. Long-term investments that had cost $ 20,000 were sold during the year for $30,000.Required:Explain the major reasons for the decline in the company's cash balance.
Answers
1. Rusco Products
Statement of money Flows (Indirect Approach)
For the year ending New Year's Eve , 2015
Cash flows from operating activities:
Net income $30,000
Add (deduct) non cash effects on operating income
Depreciation expense $20,000 Movement in Account Depreciated account: - $50,000 - $10,000 = $40,000 - $60,000
Gain on sale of investment = $(10,000)
Loss on sale of kit = $2,000
Increase in deferred taxes = $8,000
Increase in assets = $(40,000 ) An increase should be deducted because it implies that not all sales were received in cash
Increase in inventory = $(50,000 ) a rise is deducted because cash was invested in inventory
Decrease in prepaid expenses = $4,000 A decrease are going to be added because no all expenses were paid in cash
Increase in accounts payable $63,000 a rise will be added as it implies that cash was generated from supplier credit
Decrease in accrued expenses $(9,000 ) A decrease is deducted as cash was spent to settle it
Net cash provided by operating activities $18,000
Cash flows from investing activities
Proceeds on sale of investment 30,000
Proceeds on sale of kit= 8,000
Purchase of kit = $(150,000 )
Movement in Plant and Equipment account: - $300,000 - $20,000 = $280,000 - $430,000
Net cash employed by investing activities =$(112,000)
Cash flows from financing activities:
Bonds issued 70,000
Proceeds from issuing stock = $20,000
Movement in common shares acc: - $250,000 + $(96,000 - $80,000 = 416,000) = $266,000 - $286,000
Dividends paid= $(9,000)
Net cash provided by financing activities = $81,000
Net decrease in cash =$(13,000)
Cash balance at January 1, 2015 = $21,000
Cash balance at New Year's Eve , 20= $8,000
2. The free income can be calculated from the cash flow statement like this:
Operating income =$18,000
Less: Capital expenditures =(112,000)
= Free income= $94,000
3. we will see from the cash flow statement that the company:
Managed to get a positive cash flow from operations despite the heavy investment in inventories and the increase in accounts receivable by increasing its trade credit.
The cash position declined though, due to the e purchase equipment es that was in excess of the amount raised from he bond issue.
Cash Flow Statement by the Indirect Method:
The income statement is one of the fundamental financial statements. In it, the state of the cash asset of a corporation is analyzed by reporting on how much cash was used y or provided by operating, investing, and financing activities.
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If Company A has a shareholders' deficit, which of the following can it do to improve its debt-to-equity ratio?
O increase its advertising budget to draw in more customers
O borrow money from the bank to buy new equipment
o invest in new facilities to draw in more customers
O sell off part of its inventory and/or equipment
Answers
Answer:
sell off part of its inventory and or equipment
Explanation:
Debt/Equity=
Total Shareholders’ Equity /
Total Liabilities
A supply curve slopes upward becauseO the quantity supplied of most goods and services increases over time.O an increase in price gives producers an incentive to supply a larger quantity. O as more is produced, total cost of production falls. O an increase in input prices increases supply
Answers
A supply curve slopes upward because an increase in price gives producers an incentive to supply a larger quantity.
Supply in economics refers to the quantity of a resource that businesses, producers, laborers, financial asset providers, or other economic actors are willing and able to deliver to the market or to an individual. Supply can be in the form of manufactured items, labor time, raw resources, or any other rare or valued item.
Supply is frequently graphed as a supply curve, with the price per unit on the vertical axis and the amount delivered as a function of price on the horizontal axis. This inversion of the dependent and independent variable's typical positions is an undesirable but standard practise.
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A manufacturing company provides jobs for many people in a small town where employment is not easy to find. The company has stayed in the town even though it could find cheaper workers elsewhere, because workers are loyal to the company due to the jobs it provides. Over the years, the company has developed a reputation in the town for taking care of its employees and being a responsible corporate citizen.
The manufacturing process used by the company produces a by-product that for years has flown into the town river. The by-product has been considered harmless but some people who live near the river have reported illnesses. The by-product does not currently violate any anti-pollution laws.
WHAT ARE THE ANSWERS TO THESE QUESTIONS?
What are the issues of integrity, ethics and law posed in the case study? What options does the company have, and what should it do and why?
Answers
Explanation:
Note, the term integrity often refers to the ability to keeping to one's moral principles, such as honesty. And ethics refers to the principles of right and wrong one might have.
For example, from this case, we observe that
although the company is known to have a good reputation over the years and of being a responsible corporate citizen, if it fails to act, then the company's integrity comes under question.Even though the by-product does not violate any laws, failing to take action may taint the good reputation it has had considering the fact that the company is well aware that "some people who live near the river have reported illnesses."
Giving For such example are, from this case, we observe that is:
Thus, although the company is known to have a good reputation over the years and of being a responsible corporate citizen, Then if any it fails to act, then the company's integrity comes under the question of law. Also that Even though the by-product does not violate any laws, Then it is failing to take action may taint the good reputation it has had considering the fact that the company is well aware that is "some people who live near the river have reported illnesses."Learn more about:
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